Common use of Global netting Clause in Contracts

Global netting. 5.1. Should a default termination occur, the ECB shall, as soon as is reasonably practicable, take an account of what is due from each Party to the other under each netting agreement (including under Appendix 2 to this Agreement) in respect of which default termination has occurred and aggregate the sums due from each Party to the other under such netting agreements (including under Appendix 2 to this Agreement), in every case in or converted into the base currency, and only the net balance of the account shall be payable by the Party owing the larger aggregate sum.

Global netting. 5.1. Should a default termination occur, the ECB shall, as soon as is reasonably practicable, take an account of what is due from each Party party to the other under each netting agreement (including under Appendix appendix 2 to of this Agreementagreement) in respect of which default termination has occurred and aggregate the sums due from each Party party to the other under such netting agreements (including under Appendix appendix 2 to of this Agreementagreement), in every case in or converted into the base currency, and only the net balance of the account shall be payable by the Party party owing the larger aggregate sum.

Global netting. 5.1. Should a default termination occur, the ECB shall, as soon as is reasonably practicable, take an account of what is due from each Party party to the other under each netting agreement (including under Appendix 2 to of this Agreement) in respect of which default termination has occurred occured and aggregate the sums due from each Party party to the other under such netting agreements (including under Appendix 2 to this Agreement), in every case in or converted into the base currency, and only the net balance of the account shall be payable by the Party party owing the larger aggregate sum.

Global netting. 5.1. Should a default termination occur, the ECB shall, as soon as is reasonably practicable, take an account of what is due from each Party party to the other under each netting agreement (including under Appendix 2 to of this Agreement) in respect of which default termination has occurred and aggregate the sums due from each Party party to the other under such netting agreements (including under Appendix 2 to of this Agreement), in every case in or converted into the base currency, and only the net balance of the account shall be payable by the Party party owing the larger aggregate sum.