Section 3
Notwithstanding the provisions specified in Part I of the
of Netting of Financial Agreements Act 2015
Schedule, the netting provision in a qualified financial agreement in respect of the qualified financial transactions referred to in section 5 shall be enforceable in accordance with the terms of the qualified financial agreement which may involve the following steps:
(a)
termination of qualified financial transactions entered into under the qualified financial agreement;
(b)
calculation of termination values owed by the parties to each other in respect of each of the qualified financial transactions under paragraph (a); and
(c)
determination of a single net amount of the termination values under paragraph (b) which becomes payable by one party to the other.