Common use of Forward Contract Clause in Contracts

Forward Contract. It is agreed that this Contract is a “Forward Contract” as defined in the Bankruptcy Code (11 U.S.C. Sec 101(25)). If one Party (the Defaulting Party) files a petition in bankruptcy, reorganization, or receivership; becomes insolvent or incapable of paying its debts as they become due or makes a general assignment for the benefit of creditors, the other Party (the Liquidating Party) shall have the immediate right, exercisable in its sole discretion, to liquidate this Contract and all other forward contracts (as defined in the Bankruptcy Code) then outstanding between the Parties (whether the Liquidating Party is seller or buyer thereunder) by closing out all such contracts at the then current market prices so that each contract being liquidated is terminated except for the settlement payment referred to below. The Liquidating Party shall calculate the difference, if any, between the price specified in each contract so liquidated, and the market price for the relevant Product as of the date of liquidation (as determined by the Liquidating Party in any commercially reasonable manner), and aggregate or net such settlement payments, as appropriate, to a single liquidated amount. Payment of said settlement payment will be due and payable within 1 banking day after reasonable notice of liquidation. This is in addition to any other rights and remedies which the other Party may have.

Forward Contract. It is agreed The Parties agree that this Contract is the transactions hereunder constitute a “Forward Contractforward contract” as defined in within the meaning of the United States Bankruptcy Code (11 U.S.C. Sec 101(25))and that Buyer and Seller are each “forward contract merchants” within the meaning of the United States Bankruptcy Code. If one Party (the Defaulting Party) files a petition in bankruptcy, reorganization, or receivership; becomes insolvent or incapable of paying its debts as they become due or makes a general assignment for the benefit of creditors, the other Party (the Liquidating Party) shall have the immediate right, exercisable in its sole discretion, to liquidate this Contract and all other forward contracts (as defined in the Bankruptcy Code) then outstanding between the Parties (whether the Liquidating Party is seller or buyer thereunder) by closing out all such contracts at the then current market prices so that each contract being liquidated is terminated except for the settlement payment referred to below. The Liquidating Party shall calculate the difference, if any, between the price specified in each contract so liquidated, and the market price for the relevant Product as of the date of liquidation (as determined by the Liquidating Party in any commercially reasonable manner), and aggregate or net such settlement payments, as appropriate, to a single liquidated amount. Payment of said settlement payment will be due and payable within 1 banking day after reasonable notice of liquidation. This is in addition to any other rights and remedies which the other Party may have.

Forward Contract. It is agreed that this Contract is a “Forward Contract” as defined in the Bankruptcy Code (11 U.S.C. Sec 101(25)). If one Party (the Defaulting Party) files a petition in bankruptcy, reorganization, or receivership; becomes insolvent or incapable of paying its debts as they become due due; or makes a general assignment for the benefit of creditors, ; the other Party (the Liquidating Party) shall have the immediate right, exercisable in its sole discretion, to liquidate this Contract Agreement and all other forward contracts (as defined in the Bankruptcy Code) Code then outstanding between the Parties (whether the Liquidating Party is seller or buyer thereunder) by closing out all such contracts at the then current market prices so that each contract being liquidated is terminated except for the settlement payment referred to below. The Liquidating Party shall calculate the difference, if any, between the price specified in each contract so liquidated, and the market price for the relevant Product product as of the date of liquidation (as determined by the Liquidating Party in any commercially reasonable manner), and aggregate or net such settlement payments, as appropriate, to a single liquidated amount. Payment of said settlement payment will be due and payable within 1 banking day after reasonable notice of liquidation. This is in addition to any other rights and remedies which the other Party may have.

Forward Contract. It To the extent that Xxxxx is agreed a Commercial Dealer, Xxxxx agrees that that this Contract is a “Forward Contract” as defined in the Bankruptcy Code (11 U.S.C. Sec 101(25))) and the following language of this section shall apply to the Contract. If one Party (the Defaulting Party) files shall voluntarily file a petition in bankruptcy, reorganization, or receivership or shall be forced by its creditors into bankruptcy, reorganization or receivership; , (ii) becomes insolvent or incapable of paying its debts as they become due due; or makes a general assignment for the benefit of creditors, ; the other Party (the Liquidating Party) shall have the immediate right, exercisable in its sole discretion, to liquidate this Contract Agreement and all other forward contracts (as defined in the Bankruptcy Code) Code then outstanding between the Parties (whether the Liquidating Party is seller or buyer thereunder) by closing out all such contracts at the then current market prices so that each contract being liquidated is terminated except for the settlement payment referred to below. The Liquidating Party shall calculate the difference, if any, between the price specified in each contract so liquidated, and the market price for the relevant Product commodity as of the date of liquidation (as determined by the Liquidating Party in any commercially reasonable manner), and aggregate or net such settlement payments, as appropriate, to a single liquidated amount. Payment of said settlement payment will be due and payable within 1 banking day after reasonable notice of liquidation. This is in addition to any other rights and remedies which the other Party may have.

Forward Contract. It To the extent that Seller is agreed a Commercial Dealer, Xxxxxx agrees that this Contract Agreement is a “Forward Contract” as defined in the Bankruptcy Code [(11 U.S.C. Sec 101(25))] and the following language applies. If one Party party (the “Defaulting Partyparty”) files a petition in bankruptcy, reorganization, or receivership; becomes insolvent or incapable of paying its debts as they become due due; or makes a general assignment for the benefit of creditors, ; the other Party party (the “Liquidating Party”) shall have the immediate right, exercisable in its sole discretion, to liquidate this Contract Agreement and all other forward contracts (as defined in the Bankruptcy Code) Code then outstanding between the Parties (whether the Liquidating Party is seller or buyer thereunder) by closing out all such contracts at the then current market prices so that each contract being liquidated is terminated except for the settlement payment referred to below. The Liquidating Party shall calculate the difference, if any, between the price specified in each contract so liquidated, and the market price for the relevant Product commodity as of the date of liquidation (as determined by the Liquidating Party in any commercially reasonable manner), and aggregate or net such settlement payments, as appropriate, to a single liquidated amount. Payment of said settlement payment will be due and payable within 1 one (1) banking day after reasonable notice of liquidation. This is in addition to any other rights and remedies which the other Party party may have.

Forward Contract. It To the extent that Buyer is agreed a Commercial Dealer, Buyer agrees that that this Contract is a “Forward Contract” as defined in the Bankruptcy Code (11 U.S.C. Sec 101(25))) and the following language of this section shall apply to the Contract. If one Party (the Defaulting Party) files shall voluntarily file a petition in bankruptcy, reorganization, or receivership or shall be forced by its creditors into bankruptcy, reorganization or receivership; , (ii) becomes insolvent or incapable of paying its debts as they become due due; or makes a general assignment for the benefit of creditors, ; the other Party (the Liquidating Party) shall have the immediate right, exercisable in its sole discretion, to liquidate this Contract Agreement and all other forward contracts (as defined in the Bankruptcy Code) Code then outstanding between the Parties (whether the Liquidating Party is seller or buyer thereunder) by closing out all such contracts at the then current market prices so that each contract being liquidated is terminated except for the settlement payment referred to below. The Liquidating Party shall calculate the difference, if any, between the price specified in each contract so liquidated, and the market price for the relevant Product commodity as of the date of liquidation (as determined by the Liquidating Party in any commercially reasonable manner), and aggregate or net such settlement payments, as appropriate, to a single liquidated amount. Payment of said settlement payment will be due and payable within 1 banking day after reasonable notice of liquidation. This is in addition to any other rights and remedies which the other Party may have.

Forward Contract. It is agreed that this Contract Agreement is a “Forward Contract” and the Parties are “forward contract merchants” as defined in the Bankruptcy Code (11 U.S.C. Sec 101(25)), and the following language of this section shall apply to the Contract. If one Party (the Defaulting Party) files a petition in bankruptcy, reorganization, or receivership; becomes insolvent or incapable of paying its debts as they become due due; or makes a general assignment for the benefit of creditors, ; the other Party (the Liquidating Party) shall have the immediate right, exercisable in its sole discretion, to liquidate this Contract and all other forward contracts (as defined in the Bankruptcy Code) Code then outstanding between the Parties (whether the Liquidating Party is seller Seller or buyer Buyer thereunder) by closing out all such contracts at the then current market prices so that each contract being liquidated is terminated except for the settlement payment referred to below. The Liquidating Party shall calculate the difference, if any, between the price specified in each contract so liquidated, and the market price for the relevant Product Goods as of the date of liquidation (as determined by the Liquidating Party in any commercially reasonable manner), and aggregate or net such settlement payments, as appropriate, to a single liquidated amount. Payment of said settlement payment will be due and payable within 1 banking day after reasonable notice of liquidation. This is in addition to any other rights and remedies which the other Party may have.