Template:Nutshell 2002 ISDA 2(c)

2(c) Netting of Payments. If on any date amounts would otherwise be payable by each party to the other

(i) in the same currency; and

(ii) under the same Transaction,

then those obligations will be automatically satisfied and replaced by an obligation on the party owing the larger amount to pay the difference.
The parties may net payments across multiple specified Transactions by designating that “Multiple Transaction Payment Netting” applies (and clause 2(c)(ii) will therefore not apply).
The parties can agree when any Multiple Transaction Payment Netting arrangement takes effect in the Schedule, a Confirmation, or, otherwise in writing. Multiple Transaction Payment Netting arrangements may apply to different groups of Transactions will apply separately to each pairing of specified Offices.