Template:Nutshell 1992 ISDA 2(c): Difference between revisions

From The Jolly Contrarian
Jump to navigation Jump to search
(Created page with "{{subst:Nutshell 2002 ISDA 2(c)}}")
 
No edit summary
 
Line 1: Line 1:
{{isdaprov|2(c)}} '''{{isdaprov|Netting of Payments}}'''. If on any date amounts would otherwise be payable by each party to the other
{{isda92prov|2(c)}} '''{{isda92prov|Netting}}'''. If on any date amounts would otherwise be payable by each party to the other
:(i) in the same currency; and  
:(i) in the same currency; and  
:(ii) under the same Transaction,  
:(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 {{isdaprov|Transactions}} by applying “{{isdaprov|Multiple Transaction Payment Netting}}” (and clause {{isdaprov|2(c)(ii)}} will therefore not apply).  
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 {{isda92prov|Transactions}} by saying clause {{isda92prov|2(c)(ii)}} will therefore not apply. This election may apply to different groups of {{isda92prov|Transaction}}s, will apply separately to each pairing of specified {{isda92prov|Offices}} and will take effect as agreed between the parties.<br>
{{isdaprov|Multiple Transaction Payment Netting}} arrangements may apply to different groups of {{isdaprov|Transaction}}s, will apply separately to each pairing of specified {{isdaprov|Offices}} and will take effect as agreed between the parties.<br>

Latest revision as of 22:41, 27 March 2020

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.