Template:ISDA Master Agreement 2002 2(c): Difference between revisions

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