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  closingout 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 setoff against each other so as to produce a single net balance payable by one party to the other 