Template:Isda 14 summ

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 {{{{{1}}}|Close-out Amount}} in the ’02. That is also where Reference Market-makers, Settlement Amounts and so on come from.
• {{{{{1}}}|Force Majeure Event}} under Section {{{{{1}}}|5(b)(ii)}} is new to the ’02.
• {{{{{1}}}|Illegality}} is built out to include the {{{{{1}}}|Waiting Period}} concept (also used in {{{{{1}}}|Force Majeure Event}} come to think of it).
• {{{{{1}}}|Set-off}} under Section {{{{{1}}}|6(f)}} is new to the ’02.

A list of the definitions

Here, for handy reference, is a list of all the definitions used in this edition of the ISDA Master Agreement: {{{{{1}}} Section 14 TOC}}