Forward Contract and Master Netting Agreement Sample Clauses

Forward Contract and Master Netting Agreement. The Parties acknowledge that this Agreement is a Forward Contract and Master Netting Agreement, the Parties are Forward Contract Merchants and Master Netting Agreement Participants with respect to this Agreement, and, accordingly, the Parties hereto are entitled to the protections of the Safe Harbor Provisions of the Bankruptcy Code. The Parties therefore agree that this Agreement may be terminated and the remedies hereunder exercised by either Party upon the commencement of a proceeding by the other Party under any chapter of the Bankruptcy Code, and that the automatic stay of Section 362(a) of the Bankruptcy Code shall not apply to such termination or to the exercise of the remedies set forth herein.
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Forward Contract and Master Netting Agreement. A. Each Party acknowledges and agrees that (i) the transaction(s) contemplated herein constitute “forward contracts” within the meaning of the Bankruptcy Code; (ii) this Agreement constitutes a “master netting agreement” within the meaning of the Bankruptcy Code; (iii) each Party is a “financial participant” within the meaning of the Bankruptcy Code; (iv) all payments made or to be made by one party to the other Party pursuant to this Agreement constitute “settlement payments” within the meaning of the Bankruptcy Code; and (v) this Section XXIII entitles each Party the contractual right to “cause the liquidation, termination, or acceleration” of the transactions contemplated herein within the meaning of Bankruptcy Code Sections 556, 560 and 561. B. Each Party acknowledges and agrees that, upon a Party becoming Bankrupt, the other Party shall be entitled to exercise its rights and remedies under this Agreement in accordance with the safe harbor provisions of the Bankruptcy Code set forth in, inter alia, Sections 362(b)(6), 362(b)(17), 362(b)(27), 546(e), 548(d)(2), 556, 560 and 561 thereof. C. Each Party acknowledges and agrees that, for purposes of this Agreement, the other Party is not a “utility” as such term is used in Section 366 of the Bankruptcy Code, and each Party agrees to waive and not to assert the applicability of the provisions of Section 366 of the Bankruptcy Code in any bankruptcy proceeding wherein such Party is a debtor. In any such proceeding, each Party further agrees to waive the right to assert that the other Party is a provider of last resort. D. Each Party covenants that it shall not dispute its status as a “forward contract merchant” for purposes of this Agreement within the meaning of the Bankruptcy Code.
Sample 1
Forward Contract and Master Netting Agreement. Notwithstanding any other provision of this Agreement, the Parties acknowledge that this Agreement is a forward contract and master netting agreement within the meaning of the safe harbor provisions of the Bankruptcy Code. Accordingly, the Parties agree, notwithstanding any other provision 317 REGIONAL VICE PRESIDENT – X REGULATORY & PRICING
Sample 1
Forward Contract and Master Netting Agreement. Notwithstanding any other provision of this Agreement, the Parties acknowledge that this Agreement is a forward contract and master netting agreement within the meaning of the safe harbor provisions of the Bankruptcy Code. Accordingly, the Parties agree, notwithstanding any other provision in this Agreement, that this Agreement may be terminated, and remedies exercised hereunder by either Party upon the commencement of a proceeding by the other Party under any chapter of the Bankruptcy Code, and that the automatic stay of Section 362(a) of the Bankruptcy Code shall not apply to such termination or to the exercise of the remedies set forth herein.
Sample 1
Forward Contract and Master Netting Agreement. The Parties acknowledge that thethis Agreement is a forward contract as that term is defined in Section 101(25) of the Bankruptcy CodeForward Contract, the Parties are Forward Contract Merchants and Master Netting Agreement Participants, both generally and with respect to deliveries of Energy pursuant to this Agreement, and, accordingly, the Parties hereto are entitled to the protections of the Safe Harbor Provisions of the Bankruptcy Code. The Parties therefore agree that this Agreement may be terminated and the remedies hereunder exercised by either Party upon the commencement of a proceeding by the other Party under any chapter of the Bankruptcy Code in accordance with Section E.ARTICLE 2: , and that the automatic stay of Section 362(a) of the Bankruptcy Code shall not apply to such termination or to the exercise of the remedies set forth herein.
Sample 1

Related to Forward Contract and Master Netting Agreement

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