Common use of Derivatives Clause in Contracts

Derivatives. Section 3.13 of the Seller Disclosure Letter sets forth a complete and correct list of all Derivative Transactions (including each outstanding commodity hedging position) entered into by Seller or for the account of any of its customers as of the date of this Agreement. All Derivative Transactions were, and any Derivative Transactions entered into after the date of this Agreement will be, entered into in accordance with applicable Laws, and in accordance with the investment, securities, commodities, risk management and other policies, practices and procedures employed by Seller, and were, and for any Derivative Transactions entered into after the date hereof will be, entered into with counterparties believed at the applicable time of execution of the applicable Derivative Transaction to be (i) financially responsible and (ii) able to understand (either alone or in consultation with their advisers) and bear the risks of such Derivative Transactions. Seller has duly performed all of its obligations under the Derivative Transactions to the extent that such obligations to perform have accrued, and, to Seller’s Knowledge, there are no breaches, violations, collateral deficiencies, requests for collateral or demands for payment, or defaults or allegations or assertions of such by any party thereunder.

Derivatives. Section 3.13 of the Seller Disclosure Letter sets forth a complete and correct list of all Derivative Transactions (including each outstanding commodity hedging position) entered into by any Seller or for the account of any of its their customers as of the date of this Agreementhereof. All Derivative Transactions were, and any Derivative Transactions entered into after the date of this Agreement hereof will be, entered into in accordance with applicable Laws, and in accordance with the investment, securities, commodities, risk management and other policies, practices and procedures employed by SellerSellers, and were, and for any Derivative Transactions entered into after the date hereof will be, entered into with counterparties believed at the applicable time of execution of the applicable Derivative Transaction to be (i) financially responsible and (ii) able to understand (either alone or in consultation with their advisers) and bear the risks of such Derivative Transactions. Seller has Sellers have duly performed all of its their respective obligations under the Derivative Transactions to the extent that such obligations to perform have accrued, and, to Seller’s Sellers’ Knowledge, there are no breaches, violations, collateral deficiencies, requests for collateral or demands for payment, or defaults or allegations or assertions of such by any party thereunder.