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{{quote|''The issuer represents that it is: | {{quote|''The issuer represents that it is: | ||
:(i) an entity established within the European Union and accordingly shall [[from time to time]] [[for the time being]] be [[deemed]] to be, and therefore shall, for such aforementioned times be, a [[non-financial counterparty]] ([[for the purposes of]] and as such term is defined in EU [[EMIR]]) and | :''(i) an entity established within the European Union and accordingly shall [[from time to time]] [[for the time being]] be [[deemed]] to be, and therefore shall, for such aforementioned times be, a [[non-financial counterparty]] ([[for the purposes of]] and as such term is defined in EU [[EMIR]]) and | ||
:(ii) an entity established outside the United Kingdom and therefore not subject to UK [[EMIR]] but that, [[to the best of its knowledge and belief]], having given due and proper consideration to its status, would [[constitute]] a [[non-financial counterparty]] (as such term is defined in UK [[EMIR]]) ''were'' it to be established in the United Kingdom, which it is not, and were UK [[EMIR]] to apply to it, which it does, [[from time to time]] and [[for the time being]], not. | :''(ii) an entity established outside the United Kingdom and therefore not subject to UK [[EMIR]] but that, [[to the best of its knowledge and belief]], having given due and proper consideration to its status, would [[constitute]] a [[non-financial counterparty]] (as such term is defined in UK [[EMIR]]) ''were'' it to be established in the United Kingdom, which it is not, and were UK [[EMIR]] to apply to it, which it does, [[from time to time]] and [[for the time being]], not. | ||
Furthermore the issuer covenants that, for so long as this Agreement is in [[full force and effect]] it will do nothing to breach the aforementioned [[representation]]s regarding the status it has under EU [[EMIR]] and the status it would have under UK [[EMIR]] were it actually to be subject to UK [[EMIR]], which it is, for the time being, not.}} | ''Furthermore the issuer covenants that, for so long as this Agreement is in [[full force and effect]] it will do nothing to breach the aforementioned [[representation]]s regarding the status it has under EU [[EMIR]] and the status it would have under UK [[EMIR]] were it actually to be subject to UK [[EMIR]], which it is, for the time being, not.}} | ||
If you can summon the mental fortitude it is always worth fighting this kind of drafting. | If you can summon the mental fortitude it is always worth fighting this kind of drafting. |