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Enron Mail |
---------------------- Forwarded by Tana Jones/HOU/ECT on 10/08/99 04:54 PM=
=20 --------------------------- =20 =09Enron North America Corp. =09 =09From: Tana Jones 10/04/99 10:55 AM =09 To: David Forster/LON/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT cc: Mark E Taylor/HOU/ECT@ECT=20 Subject: Revised Online Collateral Arrangement Language At Mark's request, I am transmitting proposed changes to the collateral=20 arrangement language in the Online GTC's. Please let me know if it meets= =20 with your approval. 8. Collateral Arrangements. Counterparty shall (at Enron=01,s request) fr= om=20 time to time and at Enron=01,s option either: (i) within one Business Day = of=20 such request by Enron, provide to Enron a letter of credit in respect of=20 Counterparty's obligations under any Transaction, in such form and for such= =20 amount and from such issuer, as is acceptable to Enron in its absolute=20 discretion; or (ii) within such period as is specified by Enron, provide fo= r=20 the benefit of Enron a guaranty from a party, in such form and for such=20 amount as is acceptable to Enron in its absolute discretion. Failure so to= =20 provide such letter of credit or guaranty or any default under such letter = of=20 credit or guaranty shall constitute a default hereunder giving rise to the= =20 immediate right of termination by Enron under this Transaction. =20
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