Template:Nutshell 1992 ISDA 2(c)

2(c) Netting. 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 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 saying clause 2(c)(ii) will therefore not apply. This election may apply to different groups of Transactions, will apply separately to each pairing of specified Offices and will take effect as agreed between the parties.