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The basic reason for the differences between the 1992 ISDA and the 2002 ISDA is:

• The whole Loss/Market Quotation farrago (and all that First Method and Second Method nonsense) is unique to the ’92, replaced by Close-out Amount in the ’02. That is also where Reference Market-makers, Settlement Amounts and so on come from.
• Force Majeure Event under Section 5(b)(ii) is new to the ’02.
• Illegality is built out to include the Waiting Period concept (also used in Force Majeure Event come to think of it).
• Set-off under Section 6(f) is new to the ’02.