Template:Nutshell Equity Derivatives 13.1: Difference between revisions

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Section {{eqderivprov|13.1}}. '''{{eqderivprov|Non-Reliance}}'''. If “{{eqderivprov|Non-Reliance}}” is specified as applicable in the related {{eqderivprov|Confirmation}}, then [[unless agreed to the contrary]] expressly and in writing in the related {{eqderivprov|Confirmation}} for a {{eqderivprov|Transaction}} and notwithstanding any communication that each party ([[and/or]] its {{eqderivprov|Affiliates}}) may have had with the other party, each party to a {{eqderivprov|Transaction}} represents to the other party that: <br>
{{eqderivprov|13.1}}. '''{{eqderivprov|Non-Reliance}}'''. If “{{eqderivprov|Non-Reliance}}” applies then each party represents to the other that: <br>
:(a) it is entering into such {{eqderivprov|Transaction}} as principal (and not as agent or in any other capacity); <br>
:(a) it is entering into such {{eqderivprov|Transaction}} as [[principal]]; <br>
:(b) neither the other party nor any of its {{eqderivprov|Affiliates}} or agents are acting as a fiduciary for it; <br>
:(b) the other party is not its [[fiduciary]]; <br>
:(c) it is not relying upon any representations except those expressly set forth herein or in the [[ISDA Master Agreement]] (including the related {{eqderivprov|Confirmations}} between them); <br>
:(c) it is not relying upon any representations not made in writing under the {{isdama}} or any {{eqderivprov|Confirmation}}s; <br>
:(d) it has consulted with its own legal, regulatory, tax, business, investments, financial, and accounting advisors to the extent that it has deemed necessary, and it has made its own investments, hedging, and trading decisions based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the other party or any of its {{eqderivprov|Affiliates}} or agents; and <br>
:(d) it has sought such independent advice as it considers necessary, and it has made its own decisions based upon that advice and its own judgment and not upon anything said or done by the other party; and <br>
:(e) it is entering into such {{eqderivprov|Transaction}} with a full understanding of the terms, conditions and risks thereof and it is capable of and willing to assume those risks. <br>
:(e) it fully understands the {{eqderivprov|Transaction}} and is willing and able to assume the attendant risks. <br>

Latest revision as of 11:36, 13 May 2022

13.1. Non-Reliance. If “Non-Reliance” applies then each party represents to the other that:

(a) it is entering into such Transaction as principal;
(b) the other party is not its fiduciary;
(c) it is not relying upon any representations not made in writing under the ISDA Master Agreement or any Confirmations;
(d) it has sought such independent advice as it considers necessary, and it has made its own decisions based upon that advice and its own judgment and not upon anything said or done by the other party; and
(e) it fully understands the Transaction and is willing and able to assume the attendant risks.
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