Payment Netting. Subject to the Bank in its sole and absolute discretion allowing payment netting by the Customer, if on any date amounts would otherwise be payable: (i) in the same currency; and (ii) in respect of one or more FX Contracts, 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.
Appears in 5 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
