Template:Nutshell 2002 ISDA Relationship Between Parties

Relationship Between Parties: Each party represents upon execution of each Transaction that (unless otherwise agreed):

(1) Non-Reliance:

(a) It is acting for its own account, and has made its own independent decisions to enter into the Transaction having determined it is appropriate and proper having obtained such professional advice as it has considered necessary.

(b) It is not relying on the other party for any investment advice or recommendation to enter into the Transaction, and it acknowledges that information about and explanations of the terms and conditions of a Transaction will not be considered as such.

(c) Neither party gives any assurance or guarantee as to the expected results of the Transaction.

(2) Assessment and Understanding. It can assess the merits and understand (with professional advice if needed), and understands and accepts the terms and risks of the Transaction and can and does assume them.

(3) Status of Parties. The other party is not advising it or acting as a fiduciary for the Transaction.