Common use of Representations of the Customer Clause in Contracts

Representations of the Customer. The Customer represents and warrants to the Bank as of the date of the Agreement and as of the date of each Transaction governed by the Agreement that: (i) the Customer is a sophisticated investor able to evaluate the risks of foreign exchange transactions; (ii) the Customer understands and is able to assume the risk of loss associated with foreign exchange transactions; (iii) the Customer is the sole, absolute owner of the Collateral; (iv) the Collateral is not and will not at any time be subject to any adverse claim or any lien except for the security interest granted to the Bank hereby (unless otherwise expressly agreed in writing by the Bank and the Customer); (v) all authorizations, consents, approvals and licenses of, and filings and registrations with, any governmental authority required under applicable law or regulations for the Customer to pledge the Collateral as provided herein and to make and perform this Agreement have been obtained and are in full force and effect; (vi) the obligation of the Customer to pledge Collateral hereunder constitutes the legal, valid and binding obligation of the Customer, and is enforceable against the Customer in accordance with the terms of this Agreement; (vii) Customer has made and will make (or has authorized Advisor to make) its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction pursuant to this Agreement) based upon its own judgment and upon any advice from such advisors as it has deemed necessary, and not upon advice of or actions in foreign exchange markets by the Bank or its affiliates; (viii) Customer has notified the Bank of any material adverse change in its financial condition since the date of the most recent financial statement or report that it has provided to the Bank; (ix) Customer has sufficient assets (and in the applicable Currencies) as necessary to effect settlement of all Transactions governed by this Agreement; (x) it is in compliance with, and its assets are being invested in accordance with, all investment policies and restrictions applicable to it in its most recent prospectus and statement of additional information; and (xi) it is not, nor is it "controlled" by an "investment company", each within the meaning of the Investment Company Act of 1940; (xii) the assets of the Customer are not comprised of plan assets subject to the Employee Retirement Income Security Act of 1974, as amended; (xiii) the Advisor has the full power and authority to commit the Customer to Transactions and conclude Transactions (including the delivery of collateral) on behalf of the Customer on such terms and conditions as the Advisor may determine in its sole discretion; and (xiv) no representation or warranty contained in this Agreement or any other document or instrument furnished to the Bank in connection herewith contains any untrue statement of any material fact as of the date when made or omits to state any material fact necessary to make the statements herein or therein not misleading as of the date when made.

Representations of the Customer. The Customer represents and warrants to the Bank as of the date of the Agreement and as of the date of each Transaction governed by the Agreement that: (i) the Customer is a sophisticated investor able to evaluate the risks of foreign exchange transactions; (ii) the Customer understands and is able to assume the risk of loss associated with foreign exchange transactions; (iii) the Customer is the sole, absolute owner of the Collateral; (iv) the Collateral is not and will not at any time be subject to any adverse claim or any lien except for the security interest granted to the Bank hereby (unless otherwise expressly agreed in writing by the Bank and the Customer); (v) all authorizations, consents, approvals and licenses of, and filings and registrations with, any governmental authority required under applicable law or regulations for the Customer to pledge the Collateral as provided herein and to make and perform this Agreement have been obtained and are in full force and effect; (vi) the obligation of the Customer to pledge Collateral hereunder constitutes the legal, valid and binding obligation of the Customer, and is enforceable against the Customer in accordance with the terms of this Agreement; (vii) Customer has made and will make (or has authorized Advisor to make) its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction pursuant to this Agreement) based upon its own judgment and upon any advice from such advisors as it has deemed necessary, and not upon advice of or actions in foreign exchange markets by the Bank or its affiliates; (viii) Customer has notified the Bank of any material adverse change in its financial condition since the date of the most recent financial statement or report that it has provided to the Bank; (ix) Customer has sufficient assets (and in the applicable Currencies) as necessary to effect settlement of all Transactions governed by this Agreement; (x) it is in compliance with, and its assets are being invested in accordance with, all investment policies and restrictions applicable to it in its most recent prospectus and statement of additional information; and (xi) it is not, nor is it "controlled" by an "investment company", each within the meaning of the Investment Company Act of 1940; (xii) the assets of the Customer are not comprised of plan assets subject to the Employee Retirement Income Security Act of 1974, as amended; (xiii) the Advisor has the full power and authority to commit the Customer to Transactions and conclude Transactions (including the delivery of collateral) on behalf of the Customer on such terms and conditions as the Advisor may determine in its sole discretion; and (xiv) no representation or warranty contained in this Agreement or any other document or instrument furnished to the Bank in connection herewith contains any untrue statement of any material fact as of the date when made or omits to state any material fact necessary to make the statements herein or therein not misleading as of the date when made.. 10