Template:Nutshell Equity Derivatives 13.2

Section 13.2. Agreements and Acknowledgments Regarding Hedging Activities.

13.2(a) If “Agreements and Acknowledgments Regarding Hedging Activities” applies each party agrees that:

(i) neither party is relying on

(A) the manner or method in which the other party hedges

(B) any communication about the other party's hedging, or

(C) any statement made by such party about its hedging

and that

(ii)

(A) each party may, but doesn't have to, hedge;

(B) any hedges are the hedging party’s proprietary positions;

(C) neither party holds its Hedge Positions for the other party, and the other party has no interest in its Hedge Positions; and

(D) each party may hedge or not in its sole discretion.

13.2(b) “Hedge Positions” means any positions in securities, derivatives or FX, any stock loans or any other arrangements a party makes to hedge Transactions, whether individually or across a portfolio.