Default Interest; Other Amounts - 1992 ISDA Provision

2002 ISDA

There is no provision 2(e) in the 2002 ISDA Master Agreement. Default interest is instead calculated pursuant to Section 9(h)(ii)(2) (Interest and Compensation) of the 2002 ISDA.

1992 ISDA

Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party that defaults in the performance of any
payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on demand in the same currency
as such overdue amount, for the period from (and including) the original due date for payment to (but
excluding) the date of actual payment, at the Default Rate. Such interest will be calculated on the basis of
daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation
of an Early Termination Date in respect of the relevant Transaction, a party defaults in the performance of
any obligation required to be settled by delivery, it will compensate the other party on demand if and to the
extent provided for in the relevant Confirmation or elsewhere in this Agreement.

ISDA Section 2(a)(iii) Protocol

This provision of the 1992 ISDA would be brought into line with the 2002 ISDA provision relating to Interest and Compensation under the current Protocol wording. For more information please see the commentary around Section 2(a)(iii).