Common use of NETTING OFF Clause in Contracts

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 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.