Common use of Master Netting Clause in Contracts

Master Netting. Despite any other Term of this Schedule or elsewhere, the net payment obligation which arises under the other provisions of this Schedule 2 must first be applied in setting off against amounts standing to the credit or debit of the Account, so that the Balance will be increased or decreased by application for that netted obligation’s amount, unless ZERO Securities Pty Ltd in its discretion waives that to some or all of the extent of that amount. Client acknowledges that ZERO Securities Pty Ltd would not agree to the Account but for each of the Client and ZERO Securities Pty Ltd being bound by this master netting.