Common use of NFC Representation Clause in Contracts

NFC Representation. Party B represents to Party A on each date and at each time on which it enters into a Transaction (which representation will be deemed to be repeated by Party B at all times while such Transaction remains outstanding) that: (A) it is a non-financial counterparty (as such term is defined in EMIR); and (B) it is not subject to a clearing obligation pursuant to EMIR in respect of such Transaction. For the purposes of this subparagraph (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.