Common use of Forward Contract Merchant Clause in Contracts

Forward Contract Merchant. The Parties agree that the Agreement is a “forward contract merchant” within the meaning of the United States Bankruptcy Code, all setoffs, netting and liquidations contemplated hereunder constitute “settlement payments” as set forth in Sections 101 and 741 of the United States Bankruptcy Code and each payment or transfer of Performance Assurance is a “margin payment”, “settlement payment” or transfer within the meaning of Section 101 of the United States Bankruptcy Code for the purposes of and as used in such Code.

Forward Contract Merchant. The Parties agree that the Agreement is a “"forward contract merchant” " within the meaning of the United States Bankruptcy Code, all setoffs, netting and liquidations contemplated hereunder constitute “"settlement payments” " as set forth in Sections 101 and 741 of the United States Bankruptcy Code and each payment or transfer of Performance Assurance is a “"margin payment”", “"settlement payment” " or transfer within the meaning of Section 101 of the United States Bankruptcy Code for the purposes of and as used in such Code.