Template:Nutshell 2002 ISDA 5(e)
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5(e) Head office unable to perform branch’s obligations. If:
- (i) an Illegality or a Force Majeure occurs a branch of an Affected Party other than its head office; AND
- (ii) it has representated that its head office will be liable for all branch obligations (per Section 10(a))[1]; AND
- (iii) the Non-Affected Party asks the Affected Party to perform through its head office; AND
- (iv) the Affected Party cannot perform because its head office would also be subject to an Illegality or a Force Majeure if tried to do so, then as long as that situation prevails, that failure will not count as a Failure to Pay or Credit Support Default for the Affected Party.
- ↑ When — and why — would it not make that rep? Search me.