Template:M comp disc 2002 ISDA Close-out Amount
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A comparison between the 1992 ISDA and the 2002 ISDA can be found on the ISDA Comparison page.
ISDA’s crack drafting squad™ introduced the Close-out Amount into the 2002 ISDA to correct the total trainwreck of a close-out methodology set out in the 1992 ISDA. In the “good old days”, you valued Terminated Transactions were valued according to Market Quotation or Loss and those un-intuitive and — well, flat-out nutso — First and Second Methods.