Offices; Multibranch Parties - ISDA Provision: Difference between revisions
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Paragraph 10 of the {{isdama}} allows parties to specify whether they are multibranch parties or not. | Paragraph 10 of the {{isdama}} allows parties to specify whether they are multibranch parties or not. | ||
Electing “multibranch party” status allows a [[counterparty]] to transact swap confirms out of various different [[branch]]es of the same [[legal entity]]. Details fans will immediately note that, from the point of view of legal and corporate philosophy — surely a subject dear to every attorney’s heart — the differing [[branch]]es of a [[legal entity]] have no distinct [[legal personality]] any more than does a person’s arm or leg have different personality from {{sex|her}} head. So being a “multibranch” party seems immaterial. | Electing “multibranch party” status allows a [[counterparty]] to transact swap confirms out of various different [[branch]]es of the same [[legal entity]]. Details fans will immediately note that, from the point of view of legal and corporate philosophy — surely a subject dear to every attorney’s heart — the differing [[branch]]es of a [[legal entity]] have no distinct [[legal personality]] any more than does a person’s arm or leg have different personality from {{sex|her}} head. So being a “multibranch” party seems immaterial. | ||