14. Warranties and Representations:
Each party warrants and represents that as of the date hereof and as at the date of the
commencement of each Pricing Period:
Non-Reliance. It has made its own independent decisions to enter into that Transaction
and as to whether that Transaction is appropriate or proper for it based upon its own
judgment and upon advice from such advisers as it has deemed necessary. It is not relying
on any communication (written or oral) of the other party as investment advice or as a
recommendation to enter into that Transaction, it being understood that information and
explanations related to the terms and conditions of a Transaction will not be considered
investment advice or a recommendation to enter into that Transaction. No communication
(written or oral) received from the other party will be deemed to be an assurance or guarantee
as to the expected results of that Transaction.
Assessment and Understanding. It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and
accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming,
and assumes, the risks of that Transaction.
Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect
of that Transaction.
Eligible Commercial Entity and Eligible Contract Participant. It constitutes an "eligible
commercial entity" and "eligible contract participant", as such terms are defined in the
Commodity Exchange Act (7 USC Sec. 1a (11) and (12)).
Swap Agreement. (1) This Agreement and any Transaction entered into hereunder constitutes
a "swap agreement" within the meaning of the Commodity Exchange Act, as amended, (7
USC Sec. 1 et. seq.) and its underlying Regulations (17 CFR Sec. 1 et. seq.); and (2) this
Agreement and any Transaction entered into hereunder constitutes a ''swap agreement''
within the meaning of the United States Bankruptcy Code (11 USC Sec. 101(53B) (2000)).
Line of Business. It has entered into this Agreement (including each Transaction) in
conjunction with its line of business (including financial intermediation services) or the
financing of its business.