Payment Settlement Netting Clause Samples
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Payment Settlement Netting. If on any date payments in the same currency are due and payable by each Party to the other Party under this Agreement or under the Securities Lending Agreement, then, on such date, those payment obligations may be aggregated and netted against each other such that the Party with the larger payment obligation will pay to the Party with the smaller payment obligation an amount equal to the excess of the larger payment obligation over the smaller payment obligation. Each Party acknowledges and agrees that each Securities Loan shall have a term of one (1) day. Further, the Parties agree to renew the term of each Securities Loan every day unless such Securities Loan is otherwise terminated by either Party in accordance with the terms of the Agreement.
Payment Settlement Netting. If on any date payments in the same currency are due and payable by each Party to the other Party under this Agreement or under the SLAA, then, on such date, those payment obligations may be aggregated and netted against each other such that the Party with the larger payment obligation will pay to the Party with the smaller payment obligation an amount equal to the excess of the larger payment obligation over the smaller payment obligation. Each Party acknowledges and agrees that each Loan shall have a term of one (1) day. Further, the Parties agree to renew the term of each Loan every day unless such Loan is otherwise terminated by either Party in accordance with the terms of the Agreement.”
Payment Settlement Netting. If on any date payments in the same currency are due and payable by each Party to the other Party under this Agreement or under the Securities Lending Agreement, then, on such date, those payment obligations may be aggregated and netted against each other such that the Party with the larger payment obligation will pay to the Party with the smaller payment obligation an amount equal to the excess of the larger payment obligation over the smaller payment obligation.