NETTING OFF Clause Samples
NETTING OFF. Where new Bills are to be drawn and accepted on the maturity date of old Bills, only the net amount as between:
(a) the amount payable on that date by the Borrower under Clause 15.8 for the account of a Lender; and
(b) the amount which that Lender is obliged on that date to make available for the account of the Borrower under Clause 15.6, need be paid or made available.
NETTING OFF. If Treasury NZ requests a new Segment of the NZ$ Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by BNZ for the account of Treasury NZ in relation to that new Segment; and
(b) the funds payable by Treasury NZ for the account of BNZ by way of repayment of the old Segment, need be paid or made available, as the case may be.
NETTING OFF. If Treasury USA requests a new Segment of the US$ Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by the Lender for the account of Treasury USA in relation to that new Segment; and
(b) the funds payable by Treasury USA for the account of the Lender by way of repayment of the old Segment, need be paid or made available, as the case may be.
NETTING OFF. If Treasury Aust. requests a new Segment of the A$ Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by the Lender for the account of Treasury Aust. in relation to that new Segment; and
(b) the funds payable by Treasury Aust. for the account of the Lender by way of repayment of the old Segment, need be paid or made available, as the case may be. FACILITY AGREEMENT --------------------------------------------------------------------------------
NETTING OFF. If Treasury Europe or Treasury UK requests a new Segment of the Euro Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by the Lender for the account of Treasury Europe or Treasury UK, as applicable, in relation to that new Segment; and
(b) the funds payable by Treasury Europe or Treasury UK, as applicable, for the account of the Lender by way of repayment of the old Segment, need be paid or made available, as the case may be. FACILITY AGREEMENT --------------------------------------------------------------------------------
NETTING OFF. If Treasury Europe or Treasury UK requests a new Segment of the Euro Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by the Lender for the account of relevant Borrower in relation to that new Segment; and
(b) the funds payable by Treasury Europe or Treasury UK, as applicable, for the account of the Lender by way of repayment of the old Segment, need be paid or made available, as the case may be.
NETTING OFF. If on the Drawing Date:
(a) a Lender is required to participate in an Advance; and
(b) a payment is due to that Lender pursuant to this clause 7, then the Agent shall (without prejudice to the Borrowers' obligation to make the payment in question pursuant to this clause 7 prior to any application pursuant to this clause and without prejudice to the Borrowers' remaining obligation in relation to such payment after any such application) apply any amount payable by such Lender to that Borrower on the Drawing Date in or towards satisfaction of the amount payable by that Borrower to such Lender on such Drawing Date pursuant to this clause 7.
NETTING OFF. Only the net amount as between:
(a) the amount payable on any Rollover Date by the Borrower to the Agent on account of a Participant; and
(b) the amount which that Participant is obliged on the Rollover Date to make available on account of the Borrower, need be paid by the Borrower or made available by that Participant, as the case may be.
NETTING OFF. If the Borrower requests a new Segment on the last day of a Funding Period of an old Segment, then only the net amount between:
(a) the funds required to be provided by the Lender for the account of the Borrower in relation to that new Segment; and
(b) the funds payable by the Borrower for the account of the Lender by way of repayment of the old Segment, need to be paid or made available, as the case may be.
NETTING OFF. If Treasury UK requests a new Segment of the Sterling Cash Advance Facility on the last day of a Funding Period of an old Segment of that Facility, then only the net amount between:
(a) the funds required to be provided by the Lender for the account of Treasury UK in relation to that new Segment; and
(b) the funds payable by Treasury UK for the account of the Lender by way of repayment of the old Segment, need be paid or made available, as the case may be.