Subject: Insurance
From: [email-masked]
To: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked]
Cc: [email-masked]
Date: Thu, 1 Feb 2001 08:57:00 -0800 (PST)

According to Cliff Shedd, we would be covered by insurance if we terminated 
the contract with Furnas and Furnas failed to pay the termination payment.  
However the insurers will only pay after we receive an arbitration judgement 
against them and the refuse to honor the judgement.  I assume we would also 
have to exhaust our remedies against trhe guarantor (Eletrobras).

Also, we are required to notify the underwriters immediately of a material 
default.