– the definition of “other contractual amounts,” which refers to the sums owed to the party who charges the aary costs at the expense of an amount of notice due by that party and which is defined as: payable (on that date, in the future or after the eventuality) by the beneficiary [the party entitled to pay the advance amount of termination] to the payer (regardless of the currency , the place of payment or the booking office of the commitment) … under another agreement between the payer and the payer or the instruments or companies that are stopped or executed by one party or for the benefit of the other party”; And does the ugly duckling become a beautiful swan? I think it`s fine with time. I am very much in favour of the 2002 agreement and I consider it to be a great improvement over the 1992 agreement, and more importantly, in line with the current state of the non-prescription derivatives market. The European derivatives market is currently very saturated and naturally tends to give greater priority to the treatment of the famous 1992 agreement than to try to negotiate the lesser-known 2002 agreement. Man dear quarters it believed that the 1992 Agreement already provides adequate protection and there is no need to change. Some major North American and European banks introduced the 2002 agreement as their agreement of choice with new counterparties. However, when a counterparty insists on negotiating a 1992 agreement, it will generally accept. While banks prefer the shorter grace period of a local business day or a local delivery day in the event of default or delivery of the default and the additional 15-day schedule in two default bankruptcies, they are not popular with small counterparties in companies, emerging countries and hedge funds. Banks have often shortened the delivery times for hedge funds under the 1992 isda Master Agreement Schedules, so hedge funds should have less reason to oppose it. Cooke J acknowledged that for the purposes of the master agreement, “compensation and implementation are two distinct concepts.” Compensation refers to amounts earned under the master contract (before or after the end of operations), while the offsets (in certain circumstances) are payable under another agreement to reduce the amount of the early termination, which is in itself the result of a closing session after early termination.