netting
as defined in Directive 2014/59/EU of the European Parliament and of the Council of 15 May…, Article 2(1), point (98) (Definitions)
‘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;
Install the extension for EUR-Lex
Also defined in
- Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and… 31998L0026, Article 2, point (k)
the conversion into one net claim or one net obligation of claims and obligations resulting from transfer orders which a participant or participants either issue to, or receive from, one or more other participants with the result that only a net claim can be demanded or a net obligation be owed