Schedule 2, Part 1, paragraph 4(2)

In subsection (1)— “netting arrangements” means arrangements under which a number of claims or obligations can be converted into a net claim or obligation, and includes, in particular, “close-out” netting arrangements, under which actual or theoretical debts are calculated during the course of a contract for the purpose of enabling them to be set off against each other or to be converted into a net debt; “security interests” means arrangements under which one person acquires, by way of security, an actual or contingent interest in the property of another; “set-off arrangements” means arrangements under which two or more debts, claims or obligations can be set off against each other; “title transfer collateral arrangements” means arrangements under which Person 1 transfers assets to Person 2 on terms providing for Person 2 to transfer assets if specified obligations are discharged.

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Source: legislation.gov.uk · retrieved 2026-09-04