NETTING OFF. If Treasury NZ requests a new Segment of the NZ$ Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by BNZ for the account of Treasury NZ in relation to that new Segment; and
(b) the funds payable by Treasury NZ for the account of BNZ by way of repayment of the old Segment, need be paid or made available, as the case may be.
NETTING OFF. If Treasury USA requests a new Segment of the US$ Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by the Lender for the account of Treasury USA in relation to that new Segment; and
(b) the funds payable by Treasury USA for the account of the Lender by way of repayment of the old Segment, need be paid or made available, as the case may be.
NETTING OFF. Where new Bills are to be drawn and accepted on the maturity date of old Bills, only the net amount as between the amounts payable on that date:
(a) by the Borrower under clause 9.2 for the account of a Participant; and
(b) by that Participant for the account of the Borrower under clause 8.6, need be paid.
NETTING OFF. If a Borrower requests a new Segment of the Sterling Advance Facility, the Euro Cash Advance Facility, the NZ$ Cash Advance Facility, the US$ Cash Advance Facility or the Market Rate Advance Facility or a Segment of the Xxxx Facility comprising Bills which are to be discounted by the Lender on the last day of a Funding Period of an old Segment of the same Facility (in the same currency), then only the net amount between:
(a) the funds required to be provided by the Lender or BNZ, as the case may be, for the account of that Borrower in relation to that new Segment; and
(b) the funds payable by that Borrower for the account of the Lender or BNZ, as applicable by way of repayment of the old Segment, need be paid or made available, as the case may be.
NETTING OFF. If Treasury Europe or Treasury UK requests a new Segment of the Euro Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by the Lender for the account of Treasury Europe or Treasury UK, as applicable, in relation to that new Segment; and
(b) the funds payable by Treasury Europe or Treasury UK, as applicable, for the account of the Lender by way of repayment of the old Segment, need be paid or made available, as the case may be. FACILITY AGREEMENT --------------------------------------------------------------------------------
NETTING OFF. Only the net amount as between:
(a) the amount payable on any Rollover Date by the Borrower to the Agent on account of a Participant; and
(b) the amount which that Participant is obliged on the Rollover Date to make available on account of the Borrower, need be paid by the Borrower or made available by that Participant, as the case may be.
NETTING OFF. If Treasury UK requests a new Segment of the Sterling Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by the Lender for the account of Treasury UK in relation to that new Segment; and
(b) the funds payable by Treasury UK for the account of the Lender by way of repayment of the old Segment, need be paid or made available, as the case may be.
NETTING OFF. If Treasury Aust. requests a new Segment of the A$ Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by the Lender for the account of Treasury Aust. in relation to that new Segment; and
(b) the funds payable by Treasury Aust. for the account of the Lender by way of repayment of the old Segment, need be paid or made available, as the case may be. FACILITY AGREEMENT --------------------------------------------------------------------------------
NETTING OFF. If Treasury Europe or Treasury UK requests a new Segment of the Euro Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by the Lender for the account of relevant Borrower in relation to that new Segment; and
(b) the funds payable by Treasury Europe or Treasury UK, as applicable, for the account of the Lender by way of repayment of the old Segment, need be paid or made available, as the case may be.
NETTING OFF. If Treasury UK requests a new Segment under which the Lender is to accept and discount the Bills comprising that Segment on the last day of a Funding Period of an old Segment under which the Lender had accepted and discounted Bills then only the net amount between:
(a) the funds required to be provided by the Lender for the account of Treasury UK in relation to that new Segment; and
(b) the funds payable by Treasury UK for the account of the Lender by way of repayment of the old Segment, need be paid or made available, as the case may be.
