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Eligible Contract Participant (view source)
Revision as of 16:34, 14 September 2017
, 14 September 2017→The Alternative “Factual Rep"
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==The Alternative “Factual Rep"== | ==The Alternative “Factual Rep"== | ||
Every now and then you come across a counterparty in some far-flung backwater (continental {{tag|Europe}}, for example) who expresses bafflement or even affrontery at the thought of subjugating itself to the law of the [[:Category:US Securities Regulation|Americans]]. That this might happen takes some [[U.S. Attorney|Americans]] by surprise. Then again, that it takes [[U.S. Attorney|Americans]] by surprise takes everyone ''else'' by surprise. It is a fruitless task trying to get the bottom of who is most justifiably surprised (but, for the record, it’s us).No matter: there is a sensible compromise. Simply have that counterparty give a rep to the factual content of the ECP rep. For example: | Every now and then you come across a counterparty in some far-flung backwater (continental {{tag|Europe}}, for example) who expresses bafflement or even affrontery at the thought of subjugating itself to the law of the [[:Category:US Securities Regulation|Americans]]. That this might happen takes some [[U.S. Attorney|Americans]] by surprise. Then again, that it takes [[U.S. Attorney|Americans]] by surprise takes everyone ''else'' by surprise. It is a fruitless task trying to get the bottom of who is most justifiably surprised (but, for the record, it’s us). No matter: there is a sensible compromise. Simply have that counterparty give a rep to the factual content of the ECP rep. For example: | ||
:“Each Party represents and warrants to the other Party that [DELETE ONE OR OTHER] it has, or is guaranteed by an entity that has, assets exceeding $10 million] [its net worth exceeds $1 million and it is entering into the contract in connection with its business].” | :“Each Party represents and warrants to the other Party that [DELETE ONE OR OTHER] it has, or is guaranteed by an entity that has, assets exceeding $10 million] [its net worth exceeds $1 million and it is entering into the contract in connection with its business].” | ||