International Swaps and Derivatives Association

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2002 ISDA Master Agreement

This Agreement updates the 1992 ISDA Master Agreements and is used to document transactions between parties in different jurisdictions and/or transactions involving different currencies. The Agreement adds several new provisions, including: a new measure of damages provision, Close-out Amount, which replaces Market Quotation and Loss in the 1992 ISDA Master Agreements; a set-off provision in Section 6(f); Force Majeure Termination Event in Section 5(b)(ii); and consolidated interest and compensation provisions in Section 9. In addition, several provisions are amended, including a shortening of grace periods associated with some of the Events of Default in Section 5(a).

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