Template:Nutshell 2002 ISDA 2(c): Difference between revisions

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{{isdaprov|2(c)}} '''{{isdaprov|Netting of Payments}}'''. If on any date amounts would otherwise be payable by each party to the other
{{ISDA clausehead|2(c)|}}. 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 automatically satisfied and replaced by an obligation on the party owing the larger amount to pay the difference. <br>
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).  
The parties may net payments across multiple specified {{isdaprov|Transactions}} by designating that “{{isdaprov|Multiple Transaction Payment Netting}}” applies (and clause {{isdaprov|2(c)(ii)}} will therefore not apply). <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>
The parties can agree when any {{isdaprov|Multiple Transaction Payment Netting}} arrangement takes effect in the {{isdaprov|Schedule}}, a {{isdaprov|Confirmation}}, or, otherwise in writing. {{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}}. <br>

Latest revision as of 10:14, 1 January 2021

2(c) Netting of Payments . 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 applying “Multiple Transaction Payment Netting” (and clause 2(c)(ii) will therefore not apply). Multiple Transaction Payment Netting arrangements 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.

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