An agreement that permits netting of amounts owed under transactions governed by different agreements, often including one or more ISDA® Master Agreements. Master netting agreements take different forms and may permit netting of payments to be made under a variety of master or other trading agreements between the same parties and often between their affiliates that may have master or other trading agreements in place between one another. Some master netting agreements permit netting on a regular basis (monthly or quarterly, for example), while others permit netting only when the underlying master or other agreements are terminated.