Template:M summ 2002 ISDA 14
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.
14 Definitions
Additional Representation
Additional Termination Event
Affected Party
Affected Transactions
Affiliate
Agreement
Applicable Close-out Rate
Applicable Deferral Rate
Automatic Early Termination
Burdened Party
Change in Tax Law
Close-out Amount
Confirmation
consent
Contractual Currency
Convention Court
Credit Event Upon Merger
Credit Support Document
Credit Support Provider
Cross-Default
Defaulting Party
Designated Event
Determining Party
Early Termination Amount
Early Termination Date
electronic messages
English law
Event of Default
Force Majeure Event
General Business Day
Illegality
Indemnifiable Tax
law
Local Business Day
Local Delivery Day
Master Agreement
Merger Without Assumption
Multiple Transaction Payment Netting
Non-affected Party
Non-default Rate
Non-defaulting Party
Office
Other Amounts
Payee
Payer
Potential Event of Default
Proceedings
Process Agent
rate of exchange
Relevant Jurisdiction
Schedule
Scheduled Settlement Date
Set-off
Specified Entity
Specified Indebtedness
Specified Transaction
Stamp Tax
Stamp Tax Jurisdiction
Tax
Tax Event
Tax Event Upon Merger
Terminated Transactions
Termination Currency
Termination Currency Equivalent
Termination Event
Termination Rate
Threshold Amount
Transaction
Unpaid Amounts
Waiting Period