Where a transfer of value is made by associated operations carried out at different times, it is treated as having been made at the time of the last of them1. Where, however, any one or more of the earlier operations also constitutes a transfer of value made by the same transferor, the value transferred by the earlier operations is treated as reducing the value transferred by all the operations taken together except to the extent that the transfer constituted by the earlier operations but not that made by all the operations taken together is exempt
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