This website contains links to forms of confirmation and tables of essential economic concepts on a large number of transactions (“transactions”) that Deutsche Bank (“us”) may conclude from time to time with counterparties. Any confirmation or other documentation that we provide directly to you regarding a real or potential transaction replaces the information contained on this website and, to the extent that it is inconsistent, will control this confirmation or any other documentation. In addition, the agreed terms and conditions of a transaction we enter into with you are defined in the confirmation or any other agreement that you and we enter into regarding this transaction, and may differ materially from the terms set out in the forms and tables available on or via this site. By making this site available, we will not indicate that we are prepared to make a transaction with a counterparty on any condition. Once a loyalty letter has been accepted by the ISDA, an adjacent party is required, by its agreement, to enter into a McA with other parties that have already complied with the protocol or, subject to discussion below, to stick to the date of the annual retraction. This uniform approach to the agreement is an integral part of the structure and part of the network-based protection offered by the framework agreement. The fact that all transactions are the sole contract enhances the ability to close these transactions and obtain a one-time net amount payable in the event of default. “All transactions are concluded on the basis that this master contract and all confirmations form a single agreement between the parties … and the parties would not make transactions otherwise. The principles for resolving the question of whether a person has the power to hire him are not specific to derivatives, they are derived from the traditional law of the agencies. In essence, the relevant circumstances should be examined to determine whether the person had the real or obvious power to engage him in the transaction. It is customary for the parties to exchange lists of authorized signatories of persons authorized to make confirmations and mention them in the schedule of the ISDA master contract. This does not mean, however, that this is a determination of the question of authority and that a person who is not on one of these lists may be entitled to sign a confirmation.
As part of market practice, this issue is dealt with on the condition that institutions are responsible for their own internal licensing issues and that anyone able to conduct OVER-the-counter derivatives transactions has the obvious power to do so. The framework contract also helps to reduce litigation by providing significant resources that define its contractual terms and explain the intent of the contract, thus preventing litigation from beginning and providing a neutral resource for interpreting standard contractual terms.