The Master Netting Agreement is a crucial document for entities engaging in multiple financial transactions in India, providing legal certainty for netting arrangements under Indian law. This agreement becomes necessary when parties anticipate ongoing financial dealings and need to manage counterparty risk efficiently. It encompasses various transaction types including derivatives, securities lending, and repurchase agreements, while ensuring compliance with Indian regulatory requirements, particularly the Bilateral Netting of Qualified Financial Contracts Act, 2020. The document includes comprehensive provisions for close-out netting, payment netting, and set-off rights, making it essential for risk management in financial institutions and corporate treasury operations within the Indian jurisdiction.
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1. Parties: Identification of the contracting parties and their legal status
2. Background: Context of the agreement and relationship between parties
3. Definitions and Interpretation: Comprehensive definitions of terms used and interpretation rules
4. Scope of Agreement: Types of transactions covered and application of netting provisions
5. Netting Arrangements: Detailed mechanisms for payment netting, close-out netting, and set-off rights
6. Events of Default: Comprehensive list of default triggers and consequences
7. Early Termination: Procedures and calculations for early termination scenarios
8. Close-out Amount: Methodology for calculating settlement amounts upon close-out
9. Set-off Rights: Rights and procedures for setting off obligations
10. Representations and Warranties: Standard and specific representations by both parties
11. Covenants: Ongoing obligations of the parties
12. Transfer and Assignment: Rules regarding transfer of rights and obligations
13. Notices: Communication procedures and contact details
14. Governing Law and Jurisdiction: Choice of Indian law and jurisdiction provisions
15. Dispute Resolution: Procedures for resolving disputes
16. General Provisions: Standard boilerplate clauses including severability, amendments, etc.
1. Multi-branch Provisions: Required when parties operate through multiple branches or offices
2. Credit Support Arrangements: Include when parties agree to provide collateral or other credit support
3. Special Entity Provisions: Required when one party is a regulated entity like a bank or insurance company
4. Foreign Exchange Provisions: Include for cross-border transactions subject to FEMA regulations
5. Tax Provisions: Detailed tax clauses needed for complex cross-border arrangements
6. Electronic Trading Provisions: Include when parties engage in electronic trading platforms
7. Agent Provisions: Required when any party acts through an agent
1. Schedule 1 - Transaction Types: List and specifications of covered transaction types
2. Schedule 2 - Offices: List of authorized offices/branches for each party
3. Schedule 3 - Events of Default and Termination Events: Detailed listing of triggers and consequences
4. Schedule 4 - Close-out Amount Calculations: Detailed methodology for close-out calculations
5. Schedule 5 - Contact Details: Comprehensive contact information for notices
6. Appendix A - Form of Confirmation: Standard form for transaction confirmations
7. Appendix B - Credit Support Documentation: Forms and procedures for credit support arrangements
8. Appendix C - Local Law Provisions: Specific provisions required under Indian law
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