Template:Nutshell Equity Derivatives 13.1

13.1. Non-Reliance. If “Non-Reliance” applies then each party represents to the other that:

(a) it is entering into such Transaction as principal;

(b) the other party is not its fiduciary;

(c) it is not relying upon any representations not made in writing under the ISDA Master Agreement or any Confirmations;

(d) it has sought such independent advice as it considers necessary, and it has made its own decisions based upon that advice and its own judgment and not upon anything said or done by the other party; and

(e) it fully understands the Transaction and is willing and able to assume the attendant risks.