8.2 Netting of Net Credit and Net Debit Balances
The Settlement Bank shall, on behalf of all Principals which it represents, settle with CDP on a net-net basis on each Settlement Day. The aggregated Net Credit Balance of all Principals which settle through the Settlement Bank and which have Net Credit Balance(s) on that Settlement Day shall be set-off against the aggregated Net Debit Balance of all Principals which settle through the same Settlement Bank and which have Net Debit Balance(s) on that Settlement Day to achieve a single Net-Net Debit Balance payable by the Settlement Bank to CDP or a single Net-Net Credit Balance payable by CDP to the Settlement Bank for that Settlement Day.
The Settlement Bank shall subscribe to CDP's communications system for on-line access to monitor the Net Debit Balance or Net Credit Balance of each Principal which the Settlement Bank represents. The Settlement Bank shall be responsible for collecting the Net Debit Balances from, and paying the Net Credit Balances to, the Principals represented by the Settlement Bank.