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1.2 in this agreement , a » netting agreement « means any agreement for the time being in effect between the parties ( and including , without limitation , this agreement and agreements of the kind listed in appendix 1 of this agreement ) , including such modifications and additions thereto as may be agreed between the ecb and the counterparty ( hereinafter referred to as the » parties «) from time to time , which contains provisions to the effect that , should any event of default as 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 so as to produce a single net balance payable by one party to the other .
1.2 in this agreement , a « netting agreement » means any agreement for the time being in effect between the parties ( and including , without limitation , this agreement and agreements of the kind listed in appendix 1 of this agreement ) , including such modifications and additions thereto as may be agreed between the ecb and the counterparty ( hereinafter referred to as the « parties » ) from time to time , which contains provisions to the effect that , should any event of default as 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 so as to produce a single net balance payable by one party to the other .