Non Financial Counterparty Representation
1) You represent and warrant to us on the effective date of this Agreement and each time on which you enter into an Uncleared OTC Derivative Contract with us (which representation and warranty will be deemed to be repeated by you at all times while any Uncleared OTC Derivative Contract remains outstanding between you and us) that:
(a) You are either (i) a Non-Financial Counterparty or (ii) an entity established outside the European Union that, to the best of your knowledge and belief, having given true and proper consideration to its status, would constitute a Non-Financial Counterparty if it were established in the European Union; and
(b) You are not subject to a clearing obligation pursuant to EMIR (or, if you are an entity specified under Clause (ii) above, you would not be subject to a clearing obligation if you were established in the European Union) in respect of such Transaction. For the purposes of this Clause (b) of this representation, it is assumed that the Transaction is of a type that has been declared to be subject to the clearing obligation in accordance with Article 5 of EMIR and is subject to the clearing obligation in accordance with Article 4 of EMIR (whether or not in fact this is the case), and that any transitional provisions in EMIR are ignored.
2) Disapplication of NFC Representation: You must notify us in writing immediately following any notification that you (or an entity in your group) make to ESMA or to the relevant competent authority under Article 10 of EMIR or upon becoming aware that any of the representations in clause 1 above has ceased to be true. From and including the date on which you have effectively notified us that any of the representations in clause 1 above has ceased to be true, such representation is reapplied and you will no longer be deemed to give such representation(s).
3)Reapplication of NFC Representation: Where you have previously disapplied any of the representations in Clause 1 immediately above by having notified us in accordance with Clause 2 you must notify us immediately in the event that such representation becomes true again. From and including the date on which you have effectively notified us that a representation you have previously disapplied has become true again, such representation is reapplied and you will be deemed to give such representation(s) at the times specified in Clause 1.