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mandatory law that operate with similar effect that may apply to certain of such transactions. 1.2. În this Agreement, a "netting agreement" means any agreement for the time being în effect between the Parties (and including, without limitation, this Agreement and agreements of the kind listed în Appendix 1 to this Agreement), including such modifications and additions thereto aș may be agreed between the ECB and the Counterparty (hereinafter referred to aș the Parties) from time to time, which contains
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of such transactions. 1.2. În this Agreement, a "netting agreement" means any agreement for the time being în effect between the Parties (and including, without limitation, this Agreement and agreements of the kind listed în Appendix 1 to this Agreement), including such modifications and additions thereto aș may be agreed between the ECB and the Counterparty (hereinafter referred to aș the Parties) from time to time, which contains provisions to the effect that, should any event of default aș defined
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thereto aș may be agreed between the ECB and the Counterparty (hereinafter referred to aș the Parties) from time to time, which contains provisions to the effect that, should any event of default aș defined for the purposes of such agreement occur, there may be an early termination, liquidation, closing-out or acceleration of transactions or obligations under transactions or any analogous event (a "default termination") and the respective obligations of the Parties under such agreement may be combined, aggregated or set-off
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defined for the purposes of such agreement occur, there may be an early termination, liquidation, closing-out or acceleration of transactions or obligations under transactions or any analogous event (a "default termination") and the respective obligations of the Parties under such agreement may be combined, aggregated or set-off against each other șo aș to produce a single net balance payable by one Party to the other. 2. General 2.1. All transactions of whatever nature (hereinafter referred to aș transactions) entered into
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to produce a single net balance payable by one Party to the other. 2. General 2.1. All transactions of whatever nature (hereinafter referred to aș transactions) entered into between the Parties at any time after the date of this Agreement shall be governed by this Agreement, unless the Parties specifically agree otherwise. 2.2. The Parties acknowledge that the terms of this Agreement, all transactions governed by this Agreement, any amendments to the terms of such transactions, and the single
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payable by one Party to the other. 2. General 2.1. All transactions of whatever nature (hereinafter referred to aș transactions) entered into between the Parties at any time after the date of this Agreement shall be governed by this Agreement, unless the Parties specifically agree otherwise. 2.2. The Parties acknowledge that the terms of this Agreement, all transactions governed by this Agreement, any amendments to the terms of such transactions, and the single net balance payable under any netting
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referred to aș transactions) entered into between the Parties at any time after the date of this Agreement shall be governed by this Agreement, unless the Parties specifically agree otherwise. 2.2. The Parties acknowledge that the terms of this Agreement, all transactions governed by this Agreement, any amendments to the terms of such transactions, and the single net balance payable under any netting agreement constitute a single business and contractual relationship and arrangement. 2.3. The Counterparty hâș entered into
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between the Parties at any time after the date of this Agreement shall be governed by this Agreement, unless the Parties specifically agree otherwise. 2.2. The Parties acknowledge that the terms of this Agreement, all transactions governed by this Agreement, any amendments to the terms of such transactions, and the single net balance payable under any netting agreement constitute a single business and contractual relationship and arrangement. 2.3. The Counterparty hâș entered into this Agreement aș principal and represents
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unless the Parties specifically agree otherwise. 2.2. The Parties acknowledge that the terms of this Agreement, all transactions governed by this Agreement, any amendments to the terms of such transactions, and the single net balance payable under any netting agreement constitute a single business and contractual relationship and arrangement. 2.3. The Counterparty hâș entered into this Agreement aș principal and represents and warrants that it hâș entered and shall enter into all transactions aș principal. 2.4. This Agreement
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transactions governed by this Agreement, any amendments to the terms of such transactions, and the single net balance payable under any netting agreement constitute a single business and contractual relationship and arrangement. 2.3. The Counterparty hâș entered into this Agreement aș principal and represents and warrants that it hâș entered and shall enter into all transactions aș principal. 2.4. This Agreement is supplemental to the netting agreements entered into between the Parties prior to the date of this Agreement
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agreement constitute a single business and contractual relationship and arrangement. 2.3. The Counterparty hâș entered into this Agreement aș principal and represents and warrants that it hâș entered and shall enter into all transactions aș principal. 2.4. This Agreement is supplemental to the netting agreements entered into between the Parties prior to the date of this Agreement, and all further netting agreements and transactions entered into between the Parties after the date of this Agreement shall be supplemental to
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Agreement aș principal and represents and warrants that it hâș entered and shall enter into all transactions aș principal. 2.4. This Agreement is supplemental to the netting agreements entered into between the Parties prior to the date of this Agreement, and all further netting agreements and transactions entered into between the Parties after the date of this Agreement shall be supplemental to this Agreement. 3. Base currency The base currency for the purposes of this Agreement shall be the UȘ
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principal. 2.4. This Agreement is supplemental to the netting agreements entered into between the Parties prior to the date of this Agreement, and all further netting agreements and transactions entered into between the Parties after the date of this Agreement shall be supplemental to this Agreement. 3. Base currency The base currency for the purposes of this Agreement shall be the UȘ dollar or, at the ECB's option, any other currency. Wherever it is necessary în accordance with the
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supplemental to the netting agreements entered into between the Parties prior to the date of this Agreement, and all further netting agreements and transactions entered into between the Parties after the date of this Agreement shall be supplemental to this Agreement. 3. Base currency The base currency for the purposes of this Agreement shall be the UȘ dollar or, at the ECB's option, any other currency. Wherever it is necessary în accordance with the terms of this Agreement to convert
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the date of this Agreement, and all further netting agreements and transactions entered into between the Parties after the date of this Agreement shall be supplemental to this Agreement. 3. Base currency The base currency for the purposes of this Agreement shall be the UȘ dollar or, at the ECB's option, any other currency. Wherever it is necessary în accordance with the terms of this Agreement to convert amounts into the base currency, such amounts shall be converted at the
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to this Agreement. 3. Base currency The base currency for the purposes of this Agreement shall be the UȘ dollar or, at the ECB's option, any other currency. Wherever it is necessary în accordance with the terms of this Agreement to convert amounts into the base currency, such amounts shall be converted at the daily reference rate published by the ECB for the currency to be converted into the base currency or, în the absence of such reference rate, at
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of exchange at which the ECB can buy or sell, aș appropriate, such amounts with or against the base currency on such day, all aș determined by the ECB. 4. Cross acceleration Should any default termination occur under any netting agreement (including under Appendix 2 to this Agreement), then the ECB shall have the right to declare, by written notice to the Counterparty, that a default termination hâș occurred under each other netting agreement în respect of which default termination hâș
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buy or sell, aș appropriate, such amounts with or against the base currency on such day, all aș determined by the ECB. 4. Cross acceleration Should any default termination occur under any netting agreement (including under Appendix 2 to this Agreement), then the ECB shall have the right to declare, by written notice to the Counterparty, that a default termination hâș occurred under each other netting agreement în respect of which default termination hâș not occurred în accordance with the provisions
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any default termination occur under any netting agreement (including under Appendix 2 to this Agreement), then the ECB shall have the right to declare, by written notice to the Counterparty, that a default termination hâș occurred under each other netting agreement în respect of which default termination hâș not occurred în accordance with the provisions thereof. 5. Global netting 5.1. Should a default termination occur, the ECB shall, aș soon aș is reasonably practicable, take an account of what is
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accordance with the provisions thereof. 5. Global netting 5.1. Should a default termination occur, the ECB shall, aș soon aș is reasonably practicable, take an account of what is due from each Party to the other under each netting agreement (including under Appendix 2 to this Agreement) în respect of which default termination hâș occurred and aggregate the sums due from each Party to the other under such netting agreements (including under Appendix 2 to this Agreement), în every case
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netting 5.1. Should a default termination occur, the ECB shall, aș soon aș is reasonably practicable, take an account of what is due from each Party to the other under each netting agreement (including under Appendix 2 to this Agreement) în respect of which default termination hâș occurred and aggregate the sums due from each Party to the other under such netting agreements (including under Appendix 2 to this Agreement), în every case în or converted into the base currency
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under each netting agreement (including under Appendix 2 to this Agreement) în respect of which default termination hâș occurred and aggregate the sums due from each Party to the other under such netting agreements (including under Appendix 2 to this Agreement), în every case în or converted into the base currency, and only the net balance of the account shall be payable by the Party owing the larger aggregate sum. 5.2. Clause 5.1 shall continue to operate to the
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of the account shall be payable by the Party owing the larger aggregate sum. 5.2. Clause 5.1 shall continue to operate to the extent possible notwithstanding the unenforceability under applicable law of any provisions contained în any netting agreement (including under Appendix 2 of this Agreement). 6. Notices and other communications All notices, instructions and other communications to be given under this Agreement shall be effective only upon receipt and shall be made în writing (including by electronic means
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the Party owing the larger aggregate sum. 5.2. Clause 5.1 shall continue to operate to the extent possible notwithstanding the unenforceability under applicable law of any provisions contained în any netting agreement (including under Appendix 2 of this Agreement). 6. Notices and other communications All notices, instructions and other communications to be given under this Agreement shall be effective only upon receipt and shall be made în writing (including by electronic means). 7. Severability Each provision contained herein (including
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the extent possible notwithstanding the unenforceability under applicable law of any provisions contained în any netting agreement (including under Appendix 2 of this Agreement). 6. Notices and other communications All notices, instructions and other communications to be given under this Agreement shall be effective only upon receipt and shall be made în writing (including by electronic means). 7. Severability Each provision contained herein (including, without limitation, Appendix 2 to this Agreement) shall be treated aș separate from any other provision herein
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