MULTILATERAL NETTING Sample Clauses

MULTILATERAL NETTING. (A) Each party agrees that the occurrence of any of the following events shall constitute a netting event ("NETTING EVENT") and for purposes of Paragraphs IV(A)(1), (2), (3), and (4), Counterparty will be the party with respect to which the Netting Event has occurred, and for the purposes of Paragraph IV(A)(5), Company will be the party with respect to which the Netting Event has occurred ("EVENT PARTY"). (1) Guarantor fails to comply with or perform its obligations under the Guarantee and such failure is continuing after the lapse of any applicable grace period; (2) Guarantor disaffirms, disclaims, repudiates, or rejects, in whole or in part, or challenges the validity of, or otherwise dishonors the Guarantee; (3) the Guarantee terminates or fails or ceases to be in full force and effect at any time during the term of any FX Transaction; (4) any event or condition analogous to an event or condition to Paragraph II(A)(2) herein occurs with respect to Guarantor; or (5) any event or condition analogous to an event or condition to Paragraph II(A)(2) herein occurs with respect to Company. (B) Upon the occurrence of a Netting Event, an Event of Default and a Close-Out Date shall be deemed automatically to occur on the Business Day next following the Netting Event with respect to each FX Transaction between Company and each and every Counterparty, and a Close-Out Amount with respect to all FX Transactions between Company and each and every Counterparty shall be determined in accordance with Paragraph III(B). Any such Close-Out Amount payable may, at the option of the party that is not the Event Party ("NON-EVENT PARTY"), be reduced by its set-off against any other Close-Out Amounts payable by any other Counterparty to Company or be reduced by its set-off against any other Close-Out Amounts payable by Company to any other Counterparty (as the case may be). (C) If an obligation is unascertained, the Non-event Party may in good faith estimate that obligation and set-off in respect of the estimate, subject to the Non-event Party accounting to the other party when the obligation is ascertained. These set-off provisions shall be without prejudice and in addition to any right of set-off otherwise available to a party (whether by operation of law, contract, or otherwise).
View Source

Related to MULTILATERAL NETTING

  • Cash Management System On or prior to the Closing Date and until the Termination Date, Borrower will establish and maintain the cash management system described in Schedule D. All payments in respect of the Collateral shall be made to or deposited in the blocked or lockbox accounts described in Schedule D in accordance with the terms thereof.

  • Cash Management Systems On or prior to the Closing Date, Borrowers will establish and will maintain until the Termination Date, the cash management systems described in Annex C (the “Cash Management Systems”).

  • Cash Management Services Funds received by Transfer Agent in the course of performing its services hereunder will be held in demand deposit bank accounts or money market fund accounts in the name of Transfer Agent (or its nominee) as agent for the Funds.

  • Netting If on any date amounts would otherwise be payable:— (i) in the same currency; and (ii) in respect of the same Transaction, 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 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 Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries.

  • EEA Financial Institution No Loan Party is an EEA Financial Institution.