English to Spanish Bus/Financial Investment / Securities

The parties may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts payable on the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that ***Multiple Transaction Payment Netting*** applies to the Transactions
identified as being subject to the election (in which case clause (ii) above will not apply to such Transactions).

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