,7.NOVATION OF OPPOSING CONTRACTS. Whenever theremay exist in any Customer Account two or more open and opposite Contracts providing in ,whole or in part for the purchase and sale of the same Foreign Currency, Cross Currency Pairs or Metal Contracts on the same Value Date, such ,Contracts shall automatically be canceled and replaced by an obligation to settle only the net difference between amounts payable in respect of the ,relevant currencies under the relevant Contracts, and/or the net difference between the quantities of the relevant currency deliverable there under.,8.SETTLEMENT