Template:Isda 14 summ
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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 {{{{{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.
{{{{{1}}} Section 14 TOC}}