Common use of Bankruptcy Code Representation Clause in Contracts

Bankruptcy Code Representation. The parties hereto intend that this Confirmation Letter shall be a “swap agreement” or a “forward contract”, a “master agreement” and a “master netting agreement” for purposes of 11 U.S.C 101(53B)Section 101 of the U.S. Bankruptcy Code as amended (the “Bankruptcy Code”) and that the rights of the parties under Section 6 of this Confirmation Letter will constitute contractual rights to liquidate Transactions, that any margin or collateral provided under any margin, collateral, security, or similar agreement related hereto will constitute a “margin payment” as defined in Section 101 of the Bankruptcy Code, and that the parties are entitled to the rights under, and protections afforded by, Sections 362, 546, 556, and 560 of the Bankruptcy Code.