Offices; Multibranch Parties - ISDA Provision: Difference between revisions

:(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>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>

:(b) If a party is specified as a {{isdaprov|Multibranch Party}} in the {{isdaprov|Schedule}}, such party may, subject to clause {{isdaprov|10(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 {{isdaprov|Office}} listed in respect of that party in the {{isdaprov|Schedule}} (but not any other {{isdaprov|Office}} unless <br>otherwise agreed by the parties in writing).  <br>