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2005 LAWS OF MARYLAND
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Ch. 568
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1. DOCUMENTS ONE OR MORE TRANSACTIONS BETWEEN
THE PARTIES TO THE CONTRACT OR AGREEMENT FOR OR INVOLVING ONE OR MORE
QUALIFIED FINANCIAL CONTRACTS; AND
2. PROVIDES FOR THE NETTING OR LIQUIDATION OF
QUALIFIED FINANCIAL CONTRACTS OR THE PRESENT OR FUTURE PAYMENT
OBLIGATIONS OR PAYMENT ENTITLEMENTS UNDER QUALIFIED FINANCIAL
CONTRACTS, INCLUDING LIQUIDATION OR CLOSE-OUT VALUES RELATING TO THE
OBLIGATIONS OR ENTITLEMENTS, AMONG THE PARTIES TO THE NETTING
AGREEMENT.
(II) "NETTING AGREEMENT" INCLUDES A MASTER AGREEMENT
THAT, TOGETHER WITH ALL SCHEDULES, CONFIRMATIONS, DEFINITIONS, AND
ADDENDA TO AND TRANSACTIONS UNDER ANY THEREOF, SHALL BE TREATED AS
ONE NETTING AGREEMENT.
(6) "QUALIFIED FINANCIAL CONTRACT" MEANS A COMMODITY
CONTRACT, FORWARD CONTRACT, REPURCHASE AGREEMENT, REVERSE
REPURCHASE AGREEMENT, SECURITIES CONTRACT, SWAP AGREEMENT, OR ANY
SIMILAR AGREEMENT THAT THE COMMISSIONER DETERMINES BY REGULATION OR
ORDER TO BE A QUALIFIED FINANCIAL CONTRACT FOR PURPOSES OF THIS
SUBTITLE.
(7) (I) "REPURCHASE AGREEMENT" OR "REVERSE REPURCHASE
AGREEMENT" MEANS AN AGREEMENT, INCLUDING RELATED TERMS, THAT PROVIDES
FOR THE TRANSFER OF CERTIFICATES OF DEPOSIT, ELIGIBLE BANKERS'
ACCEPTANCES, OR SECURITIES THAT ARE DIRECT OBLIGATIONS OF, OR THAT ARE
FULLY GUARANTEED AS TO PRINCIPAL AND INTEREST BY, THE UNITED STATES OR
AN AGENCY OF THE UNITED STATES AGAINST THE TRANSFER OF FUNDS BY THE
TRANSFEREE OF THE CERTIFICATES OF DEPOSIT, ELIGIBLE BANKERS'
ACCEPTANCES, OR SECURITIES WITH A SIMULTANEOUS AGREEMENT BY THE
TRANSFEREE TO TRANSFER TO THE TRANSFEROR CERTIFICATES OF DEPOSIT,
ELIGIBLE BANKERS' ACCEPTANCES, OR SECURITIES AS DESCRIBED ABOVE IN THIS
SUBPARAGRAPH (I) AT A CERTAIN DATE NOT LATER THAN 1 YEAR AFTER THE
TRANSFERS OR ON DEMAND, AGAINST THE TRANSFER OF FUNDS.
(II) FOR PURPOSES OF THE DEFINITIONS OF "REPURCHASE
AGREEMENT" AND "REVERSE REPURCHASE AGREEMENT" IN SUBPARAGRAPH (I) OF
THIS PARAGRAPH, THE ITEMS THAT MAY BE SUBJECT TO A REPURCHASE
AGREEMENT OR A REVERSE REPURCHASE AGREEMENT INCLUDE
MORTGAGE-RELATED SECURITIES, A MORTGAGE LOAN, AND AN INTEREST IN A
MORTGAGE LOAN, AND DO NOT INCLUDE ANY PARTICIPATION IN A COMMERCIAL
MORTGAGE LOAN UNLESS THE COMMISSIONER DETERMINES BY REGULATION OR
ORDER TO INCLUDE THE COMMERCIAL MORTGAGE LOAN PARTICIPATION.
(8) (I) "SECURITIES CONTRACT" MEANS A CONTRACT FOR THE
PURCHASE, SALE, OR LOAN OF A SECURITY, INCLUDING:
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- 3232 -
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