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in addition , the mutual obligations of the participant and the ecb shall automatically be set off against each other , and the party owing the higher amount shall pay to the other the difference .
in addition , the mutual obligations of the participant and the ecb shall automatically be set off against each other , and the party owing the higher amount shall pay to the other the difference .

global netting 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 of this agreement ) in respect of which default termination has occured 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 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 of this agreement ) in respect of which default termination has occured 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 .