Common use of Payment Netting Clause in Contracts

Payment Netting. All FX Transactions you instruct us to enter into are subject to payment netting. Where you instruct us to enter into an FX Transaction with the same currency and Settlement Date as an existing FX Transaction each party shall aggregate the amounts of such currency to be delivered to the other party. Only the difference between these aggregate amounts shall be delivered by the party who owes the larger aggregate amount to the other party. On the date the aggregate amount is delivered each party’s obligation to make payment of such original amounts will thereby be automatically satisfied and discharged. If the aggregate amounts are equal no delivery of that currency shall be made.