Template:M summ Equity Derivatives 12.9(a)(xii)
Not epochally controversial, you would think, but it does sort of imply that the Hedging Party is itself a party to the Transaction — otherwise both parties are Non-Hedging Parties. But if so, then there's not really any need for the definition of Hedging Party at all.
What it is getting at is who is the dealer and who is the customer. Now in some cases a master agreement may be between two and users, but in the context of equity derivatives this is unlikely. The dealer will be delta hedging its position, and therefore essentially staying market neutral while the end user will come up by definition, not colon it's entire purpose for entering the equity derivative is to gain or lose some exposure to a Share or eqderivprov|Index}}.
JC has a lengthy essay on the relationship between dealers and customers under an ISDA Master Agreement. Two, in fact.