FOREX Contracts. The Borrower shall:
FOREX Contracts. PSI and Customer will each act as principals with respect to Forex Contracts. Forex Contracts will be transacted within the non-regulated portion of Customer's PSI futures account. Customer acknowledges that Forex Contracts are not traded on or guaranteed by a regulated exchange or its clearing house and accordingly, acknowledges that trading in Forex Contracts is not subject to the same regulatory or financial protections as is trading in futures contracts. Customer represents and warrants that (a) it is authorized to enter into Forex Contracts, (b) it understands that as principal opposite PSI the parties will each be relying on the creditworthiness of the other, (c) each Forex Contract will be individually negotiated as to its material economic terms, and (d) PSI will be entitled to rely on any instructions, notices and communications that it reasonably believes to have originated with any authorized representative of Customer, including a person with a Power of Attorney over trading decisions, and Customer shall be bound thereby.
