Template:Nutshell 2002 ISDA 5(e)

5(e) Head office refuses to perform branch’s obligations. If:

(i) an Illegality or a Force Majeure occurs to an Affected Party but its head office is not affected; AND

(ii) it has made the Offices representation from Section 10(a); AND

(iii) the Non-Affected Party requires the Affected Party to perform through its head office; AND

(iv) the Affected Party’s head office does not perform because of something which would, were it the Office through which the Affected Party makes payments and deliveries under the relevant Transaction, be an Illegality or a Force Majeure, and that failure would otherwise be an Failure to Pay or Credit Support Default for the Affected Party, then, as long as the Illegality/FM continues with respect to both the specified Office for the Transaction and the Affected Party’s head office, its failure will not constitute an Failure to Pay or Credit Support Default.