14 Effectiveness of Netting Obligations to make Payments or Deliveries

After the commencement of insolvency proceedings in relation to a party to a netting agreement, any provisions of the agreement:

(a) by which obligations of the parties to make payments or deliveries; or
(b) relating to the making of payments or deliveries;

under the agreement, or a qualified financial instrument to which the agreement applies, are converted into net claims or obligations or otherwise netted (including through entry by the parties into or the requirement that they enter into a transaction of the kind referred to in paragraph (e) of the definition of netting) take effect in accordance with the terms of the netting agreement.

Derived (as from 19th October 2017).