The standard procedure for simulating correlated default times using a copula framework involves the following sequential steps:

1. Estimating parameters: This initial step involves estimating the individual probability of default (marginal distributions) and the correlation structure among the assets in the portfolio.
2. Generating default time simulations: Using the estimated parameters, correlated random variables are simulated and then mapped to default times using a chosen copula (e.g., Gaussian copula).
3. Computing the credit losses: Finally, based on the simulated default times, the actual credit losses for the portfolio or the different tranches are evaluated and computed.

Therefore, estimating parameters, generating default time simulations, and computing the credit losses correctly describes the simulation procedure.