netting arrangement

Definitions over time (1)

1. 02/07/2014 – 20/07/2017 Article 2, Bank Recovery and Resolution Directive (BRRD) Scope: Whole act

   1. For the purposes of this Directive the following definitions apply:

   ‘netting arrangement’ means an arrangement under which a number of claims or obligations can be converted into a single net claim, including close-out netting arrangements under which, on the occurrence of an enforcement event (however or wherever defined) the obligations of the parties are accelerated so as to become immediately due or are terminated, and in either case are converted into or replaced by a single net claim, including ‘close-out netting provisions’ as defined in point (n)(i) of Article 2(1) of Directive 2002/47/EC and ‘netting’ as defined in point (k) of Article 2 of Directive 98/26/EC;

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