Template:ISDA Master Agreement 2002 10: Difference between revisions
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{{isdaprov|10}}. '''{{isdaprov|Offices; Multibranch Parties}}''' <br> | {{isdaprov|10}}. '''{{isdaprov|Offices}}; {{isdaprov|Multibranch Parties}}''' <br> | ||
:{{isdaprov|10(a)}} If Section {{isdaprov|10(a)}} is specified in the {{isdaprov|Schedule}} as applying, each party that enters into a {{isdaprov|Transaction}} through an <br>{{isdaprov|Office}} other than its head or home office represents to and agrees with the other party that, notwithstanding the place <br>of booking or its jurisdiction of incorporation or organisation, its obligations are the same in terms of recourse against <br>it as if it had entered into the {{isdaprov|Transaction}} through its head or home office, except that a party will not have recourse <br>to the head or home office of the other party in respect of any payment or delivery deferred pursuant to Section {{isdaprov|5(d)}} <br>for so long as the payment or delivery is so deferred. This representation and agreement will be deemed to be <br>repeated by each party on each date on which the parties enter into a {{isdaprov|Transaction}}. <br> | :{{isdaprov|10(a)}} If Section {{isdaprov|10(a)}} is specified in the {{isdaprov|Schedule}} as applying, each party that enters into a {{isdaprov|Transaction}} through an <br>{{isdaprov|Office}} other than its head or home office represents to and agrees with the other party that, notwithstanding the place <br>of booking or its jurisdiction of incorporation or organisation, its obligations are the same in terms of recourse against <br>it as if it had entered into the {{isdaprov|Transaction}} through its head or home office, except that a party will not have recourse <br>to the head or home office of the other party in respect of any payment or delivery deferred pursuant to Section {{isdaprov|5(d)}} <br>for so long as the payment or delivery is so deferred. This representation and agreement will be deemed to be <br>repeated by each party on each date on which the parties enter into a {{isdaprov|Transaction}}. <br> | ||
:{{isdaprov|10(b)}} If a party is specified as a {{isdaprov|Multibranch Party}} in the {{isdaprov|Schedule}}, such party may, subject to clause (c) below, <br>enter into a {{isdaprov|Transaction}} through, book a {{isdaprov|Transaction}} in and make and receive payments and deliveries with respect to <br>a {{isdaprov|Transaction}} through any Office listed in respect of that party in the {{isdaprov|Schedule}} (but not any other Office unless <br>otherwise agreed by the parties in writing). <br> | :{{isdaprov|10(b)}} If a party is specified as a {{isdaprov|Multibranch Party}} in the {{isdaprov|Schedule}}, such party may, subject to clause (c) below, <br>enter into a {{isdaprov|Transaction}} through, book a {{isdaprov|Transaction}} in and make and receive payments and deliveries with respect to <br>a {{isdaprov|Transaction}} through any Office listed in respect of that party in the {{isdaprov|Schedule}} (but not any other Office unless <br>otherwise agreed by the parties in writing). <br> | ||
:10(c) The {{isdaprov|Office}} through which a party enters into a {{isdaprov|Transaction}} will be the {{isdaprov|Office}} specified for that party in the <br>relevant {{isdaprov|Confirmation}} or as otherwise agreed by the parties in writing, and, if an {{isdaprov|Office}} for that party is not specified <br>in the {{isdaprov|Confirmation}} or otherwise agreed by the parties in writing, its head or home office. Unless the parties <br>otherwise agree in writing, the {{isdaprov|Office}} through which a party enters into a {{isdaprov|Transaction}} will also be the {{isdaprov|Office}} in which <br>it books the {{isdaprov|Transaction}} and the {{isdaprov|Office}} through which it makes and receives payments and deliveries with respect to <br>the {{isdaprov|Transaction}}. Subject to Section {{isdaprov|6(b)(ii)}}, neither party may change the {{isdaprov|Office}} in which it books the {{isdaprov|Transaction}} or <br>the Office through which it makes and receives payments or deliveries with respect to a {{isdaprov|Transaction}} without the prior <br>written consent of the other party. <br> | :10(c) The {{isdaprov|Office}} through which a party enters into a {{isdaprov|Transaction}} will be the {{isdaprov|Office}} specified for that party in the <br>relevant {{isdaprov|Confirmation}} or as otherwise agreed by the parties in writing, and, if an {{isdaprov|Office}} for that party is not specified <br>in the {{isdaprov|Confirmation}} or otherwise agreed by the parties in writing, its head or home office. Unless the parties <br>otherwise agree in writing, the {{isdaprov|Office}} through which a party enters into a {{isdaprov|Transaction}} will also be the {{isdaprov|Office}} in which <br>it books the {{isdaprov|Transaction}} and the {{isdaprov|Office}} through which it makes and receives payments and deliveries with respect to <br>the {{isdaprov|Transaction}}. Subject to Section {{isdaprov|6(b)(ii)}}, neither party may change the {{isdaprov|Office}} in which it books the {{isdaprov|Transaction}} or <br>the Office through which it makes and receives payments or deliveries with respect to a {{isdaprov|Transaction}} without the prior <br>written consent of the other party. <br> | ||
Revision as of 16:53, 20 September 2012
10. Offices; Multibranch Parties
- 10(a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an
Office other than its head or home office represents to and agrees with the other party that, notwithstanding the place
of booking or its jurisdiction of incorporation or organisation, its obligations are the same in terms of recourse against
it as if it had entered into the Transaction through its head or home office, except that a party will not have recourse
to the head or home office of the other party in respect of any payment or delivery deferred pursuant to Section 5(d)
for so long as the payment or delivery is so deferred. This representation and agreement will be deemed to be
repeated by each party on each date on which the parties enter into a Transaction. - 10(b) If a party is specified as a Multibranch Party in the Schedule, such party may, subject to clause (c) below,
enter into a Transaction through, book a Transaction in and make and receive payments and deliveries with respect to
a Transaction through any Office listed in respect of that party in the Schedule (but not any other Office unless
otherwise agreed by the parties in writing). - 10(c) The Office through which a party enters into a Transaction will be the Office specified for that party in the
relevant Confirmation or as otherwise agreed by the parties in writing, and, if an Office for that party is not specified
in the Confirmation or otherwise agreed by the parties in writing, its head or home office. Unless the parties
otherwise agree in writing, the Office through which a party enters into a Transaction will also be the Office in which
it books the Transaction and the Office through which it makes and receives payments and deliveries with respect to
the Transaction. Subject to Section 6(b)(ii), neither party may change the Office in which it books the Transaction or
the Office through which it makes and receives payments or deliveries with respect to a Transaction without the prior
written consent of the other party.