Template:M summ Pledge GMSLA 11.2

Multi-level set-off

Paragraph 11.2(b) sets up a set-off of amounts due under the 2010 GMSLA to create a single net payment due under the 2010 GMSLA in respect of all terminated transactions. The Non-Defaulting Party can, in turn, set that net sum off against amounts owed to or by the Defaulting Party under other agreements (such as an ISDA Master Agreement.