Creditor asserting an exception has burden of proof.
(i)    (1)—Substantially Contemporaneous Exchange.  Parties need to intend that this be a contemporaneous exchange and it must be substantially contemporaneous.  (Most jurisdictions say that if parties clearly understood that payment would come later—even just the next day, that is not intent to have contemporaneous exchange.  Leg history shows that such intent is in transaction where payment with check and check bounces so you come and give cash).
(ii)    (2)—Ordinary course payments.  Debt needs to be incurred in ordinary course, payment needs to be in ordinary course and terms of payment need to be ordinary business terms.  Following factors to consider:
(1)    If debtor is behind on bill and only paying b/c being threatened w/ discontinuance of service, that doesn’t look like ordinary course.
(2)    If debtor has to use a large amount of income to catch up on a bill in one month, that might not be in ordinary course.
(3)    May look industry wide or just at the company to see if something is in the ordinary course.
(4)    Regular loan payment looks like it is in ordinary course.
(5)    Payment to an insider might take it out of ordinary course status.
(iii)    (3)—purchase money/enabling loan.  Won’t avoid as a preference when creditor has PMSI that is perfected on or before 20 days after the debtor receives possession of the prop.
(iv)    (4)—new value
(v)    (5)—floating lien.  For transfers made in relation to a floating lien (ie, transfer of SI in after acquired prop), take amount that creditor is under-secured on b/r day and subtract amount that creditor was under-secured 90 days before b/r or 1 year b/4 b/r if made to an insider or on the date on which new value was first given under the SA creating the SI if that is later than first two dates.  If you get a positive amount, that will be avoidable as a preference b/c that is the amount that the creditor was able to improve his position.  Note that if you are fully secured on relevant look-back day, you can never be better off on b/r day.
(vi)    (6)—statutory lien
(vii)    (7)—bona fide alimony/child support payment
(viii)    (8)—if debtor has mainly consumer debts, and value of transfer is less than $600.