1. The Society, as principal in respect of amounts due to it as principal payee under any Insurance transaction, or as agent of any other participant, may demand and/or collect from any participant any moneys which are, or which appear to the Society to be, due on any settlement date from that participant (whether as agent or principal) to any other participant or participants (whether as agent or principal) (each a ‘‘payee’’) under any System transaction.
2. The Society may give a receipt (which may be conditional) on behalf of any participant for moneys collected under [1. above].
3. The Society, as principal in respect of amounts due from it as principal payor under any insurance transaction, or as agent of any other participant may pay or procure payment of any of the amounts referred to under [1. above] to the relevant payee.
4. The Society may, in making payments to and collecting payments from participants, pursuant to [1. and 3. above], aggregate and net all such payments in accordance with [Consolidated Requirements Part 2 > General Operational Matters > Central Accounting > Central Accounting System > Settlement of System transactions].
5. Subject to [Consolidated Requirements Part 2 > General Operational Matters > Central Accounting > Central Accounting System > Settlement of System transactions], payments under System transactions shall be made by participants in full and without set-off, deduction or counterclaim.