Netting Provisions. Where you give an order to enter into a purchase Transaction (a ‘Long Position’) whilst already maintaining an open position in a selling Transaction (a ‘Short Position’) in the same Instrument, or vice versa then we will treat your instruction to open the new position as an instruction to close the existing position to the extent of the size of the new position. Orders will be netted off under this clause in the order in which they are placed. If the new position is greater in size than the existing position, then the existing position will be closed in full and a new Transaction will be opened in relation to the excess size of the new position. FX: Each FX Transaction entered into by the Customer with Velocity will immediately, upon acceptance by Velocity and at their discretion, be netted with all then existing FX Transactions between the Customer and Velocity for the same paired currencies having the same settlement or delivery date so as to constitute a single FX Transaction. Further, if more than one delivery of a particular currency is to be made between the Customer and Velocity pursuant to a foreign currency contract on any single delivery date, each party shall aggregate the amounts due by it and only the difference, if any, between these aggregate amounts shall be delivered by the party owing the larger amount to the other party.
Netting Provisions i. Netting by Novation. Each foreign currency transaction made between Customer and AM UK, AM AS or any of their Affiliates will immediately, upon its being entered into, be netted with all then existing foreign currency transactions between Customer and AM UK, AM AS and their Affiliates for the same currencies so as to constitute a single foreign currency transaction.
Netting Provisions. If an Early Termination Date occurs, amounts determined in respect of all Terminated Transactions shall be aggregated with and netted against one another in performing the calculations contemplated by Section 6(e). If the calculation of the amount payable pursuant to Section 6(e) in respect of an Early Termination Date would involve the aggregation or netting of amounts determined in respect of Transactions of different types, and under applicable law amounts determined in respect of one or more types of Transactions hereunder may not be aggregated with or netted against amounts determined in respect of one or more other types of Transactions in performing such calculation, then, notwithstanding the foregoing or any other provision of this Agreement, aggregation and netting will be performed within and between types of Transactions to the fullest extent permitted by law in performing such calculation, and the set-off provisions of this Agreement and applicable law shall be applied to the resulting amount or amounts.
Netting Provisions. If an Early Termination Date is designated, amounts determined in respect of all Terminated Transactions shall, to the fullest extent permitted by law, be aggregated with and netted against one another in performing the calculations contemplated by Section 6(e) of this Agreement. Any Terminated Transaction(s) that cannot be so aggregated and netted pursuant to the application of the previous sentence shall be aggregated and netted amongst themselves to the fullest extent permitted by law. Any Terminated Transactions that cannot be so aggregated and netted amongst themselves shall instead be (and is hereby agreed always to have been) governed by, and subject to, (i) the terms and conditions set out in any relevant agreement otherwise superseded by this Agreement as referred to in Part 5(l)(a) of this Schedule or (ii) if no such agreement exists, the terms and conditions set out in the relevant Confirmation(s) with respect to such Transaction(s).
Netting Provisions. The central provisions of the Agreement which provide for close-out netting following an Event of Default are contained in Section 6 (Remedies).
Netting Provisions. 3.1 In respect of the GMRA, we refer you to Appendix 1 Part III of this Opinion.
3.2 In respect of the GMSLA, the OSLA 1994, the OSLA 1995 and the GESLA, we refer you to Appendix 2 Part III of the Opinion.
Netting Provisions. APPENDIX 1 PART III
Netting Provisions. Each and every OTC FX contract entered into by the Customer with VTI will immediately, upon acceptance by VTI and at their discretion, be netted with all then existing OTC FX contracts between the Customer and VTI for the same paired currencies having the same delivery date so as to constitute a single OTC FX contract. Further, if more than one delivery of a particular currency is to be made between the Customer and VTI pursuant to a foreign currency contract on any single delivery date, each party shall aggregate the amounts due by it and only the difference, if any, between these aggregate amounts shall be delivered by the party owing the larger amount to the other party.
Netting Provisions. If an Early Termination Date is designated, amounts determined in respect of all Terminated Transaction shall, to the fullest extent permitted by law, be aggregated with and netted against one another in performing the calculations contemplated by Section 6(e). Any Terminated Transaction(s) that cannot be so aggregated and netted shall instead be (and is hereby agreed always to have been) governed by, and subject to, the terms and conditions set out in the relevant Confirmation(s) with respect to such Transaction(s).
Netting Provisions. 4.1 The central provisions of the GMRA which provide for set off following an Event of Default are contained in paragraph 10 (Event of Default) of the Agreement, and in particular sub-paragraphs (b) to (d) of GMRA 1995 and sub-paragraphs (b) to (f) of GMRA 2000.
4.2 If an Event of Default has occurred, either because of an Act of Insolvency in respect of a party incorporated, established or formed in or with a branch in Thailand or following any other default by that party, the set off provisions of paragraph 10 of the GMRA would, subject as follows, be effective and the effect of those provisions would be that one party would be under a single obligation to pay a net amount in the Base Currency to the other party. In general, the concept of set off is recognized under Thai law as follows: Under Sections 341 to 347 of the Thai Civil and Commercial Code (CCC), obligations can be netted or set off outside insolvency (bankruptcy or reorganization) when:
(1) the obligations that are the subject of the netting are of the same nature;
(2) both of the obligations are due;
(3) the netting is not contrary to the intentions of the parties as they appear in the documentation evidencing the obligations which are the subject of the netting; and
(4) there is no defence in relation to the claim raised by the party. Netting is made by a declaration of intention by one party to the other. Notice by one party (the non-Defaulting Party) of its intention to net to the other party should provide at least the following information in the notice:
(i) the obligations and amounts owed by the non-Defaulting Party to the other party; and
(ii) the obligations and amounts owed to the non-Defaulting Party by the other party. The set off mechanism described in paragraph 10 of the GMRA is therefore, in general, consistent with the set off provisions under the CCC and the mechanism should therefore be effective outside of an insolvency. Under Section 90/33 of the TBA, in a business reorganization, if a creditor who is entitled to apply for the repayment of its debt is also indebted to the debtor at the time of issue of the business reorganization order, the creditor may exercise a right of set off, unless such creditor acquires the claim against the debtor after the court issues the reorganization order. The obligations can be set off by a declaration of intention by the other party to the business reorganization plan preparer of the first party in the same manner as described in the fore...
