Template:ISDA Master Agreement 1992 2(c): Difference between revisions

{{isdaprov|2(c)}} '''{{isdaprov|Netting}}'''. If on any date amounts would otherwise be payable:— <br>

:(ii) in respect of the same {{isdaprov|Transaction}}, <br>

by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. The parties may elect in respect of two or more {{isdaprov|Transactions}} that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such {{isdaprov|Transactions}}, regardless of whether such amounts are payable in respect of the same {{isdaprov|Transaction}}. The election may be made in the {{isdaprov|Schedule}} or a {{isdaprov|Confirmation}} by specifying that subparagraph (ii) above will not apply to the {{isdaprov|Transactions}} identified as being subject to the election, together with the starting date (in which case subparagraph {{isdaprov|2(c)(ii)}} above will not, or will cease to, apply to such {{isdaprov|Transactions}} from such date). This election may be made separately for different groups of {{isdaprov|Transactions}} and will apply separately to each pairing of {{isdaprov|Offices}} through which the parties make and receive payments or deliveries. <br>