The Master Netting Agreement is essential for parties engaging in multiple financial transactions in the Australian market who seek to manage their counterparty credit risk effectively. This agreement provides a legal framework for netting various financial obligations, reducing credit exposure and operational risk while ensuring compliance with Australian regulations, particularly the Payment Systems and Netting Act 1998. It is typically used by financial institutions, corporations, and other market participants who maintain ongoing trading relationships and require a robust legal structure for their financial dealings. The agreement covers various types of financial transactions, including derivatives, securities lending, and repurchase agreements, and includes provisions for both payment netting during normal business operations and close-out netting in default scenarios.
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1. Parties: Identification of the contracting parties and their legal status
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. Scope of Agreement: Specification of covered transactions and their treatment under the netting arrangement
5. Netting Provisions: Core provisions detailing payment netting, close-out netting, and settlement netting mechanisms
6. Events of Default: Definition of events triggering close-out netting rights
7. Close-out and Early Termination: Procedures for early termination and calculation of close-out amounts
8. Set-off Rights: Rights of parties to set off obligations against each other
9. Representations and Warranties: Standard legal representations and warranties from each party
10. Covenants: Ongoing obligations of the parties
11. Security and Credit Support: Requirements for collateral or other credit support arrangements
12. Dispute Resolution: Procedures for resolving disputes between parties
13. Governing Law and Jurisdiction: Specification of Australian law as governing law and jurisdiction provisions
14. General Provisions: Standard boilerplate clauses including notices, amendments, and assignments
1. Multi-branch Provisions: Additional provisions for parties operating through multiple branches or offices
2. Tax Provisions: Specific tax-related provisions where parties have special tax considerations
3. Electronic Trading Provisions: Provisions for electronic execution of transactions where relevant
4. Special Entity Provisions: Additional provisions for regulated entities or special status counterparties
5. Force Majeure: Provisions dealing with extraordinary events affecting performance
6. Additional Termination Events: Customized termination triggers based on specific party requirements
1. Schedule 1 - Transaction Types: List and details of all transaction types covered by the agreement
2. Schedule 2 - Covered Entities: List of affiliated entities covered by the agreement for multi-entity groups
3. Schedule 3 - Calculation Methods: Detailed methodologies for calculating close-out amounts and valuations
4. Schedule 4 - Credit Support Terms: Specific terms relating to collateral and credit support arrangements
5. Schedule 5 - Local Law Provisions: Jurisdiction-specific provisions required under Australian law
6. Appendix A - Form of Notice: Standard forms for notices under the agreement
7. Appendix B - Form of Power of Attorney: Standard form of power of attorney if required
8. Appendix C - Confirmation Templates: Templates for transaction confirmations under the agreement
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Insurance
Investment Management
Superannuation
Corporate Treasury
Asset Management
Securities Trading
Commodities Trading
Government Finance
Relevant Teams
Legal
Treasury
Risk Management
Trading
Operations
Compliance
Finance
Credit Risk
Documentation
Deal Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Legal Counsel
Risk Manager
Compliance Officer
Trading Manager
Operations Director
Credit Risk Officer
Financial Controller
Corporate Treasurer
Head of Legal
Senior Counsel
Head of Trading
Chief Risk Officer
Head of Operations
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