Message-ID: <3133455.1075863203260.JavaMail.evans@thyme> Date: Thu, 8 Nov 2001 11:33:19 -0800 (PST) From: mary.cook@enron.com To: athena.alexander@enron.com, rick.antonoff@enron.com, alan.aronowitz@enron.com, morris.clark@enron.com, mary.cook@enron.com, angela.davis@enron.com, peter.del@enron.com, h..douglas@enron.com, chris.gaffney@enron.com, n..gray@enron.com, leslie.hansen@enron.com, marie.heard@enron.com, brent.hendry@enron.com, t..hodge@enron.com, greg.johnston@enron.com, tana.jones@enron.com, lech.kalembka@enron.com, peter.keohane@enron.com, c..koehler@enron.com, pinto.leite@enron.com, travis.mccullough@enron.com, lisa.mellencamp@enron.com, david.mitchell@enron.com, marissa.morelle@enron.com, harlan.murphy@enron.com, julia.murray@enron.com, gerald.nemec@enron.com, david.portz@enron.com, tanya.rohauer@enron.com, elizabeth.sager@enron.com, rahul.saxena@enron.com, frank.sayre@enron.com, michael.schuh@enron.com, sara.shackleton@enron.com, paul.simons@enron.com, carol.st.@enron.com, steve.van@enron.com, john.viverito@enron.com, marcus.von@enron.com, credit <.williams@enron.com> Subject: Form Change Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: quoted-printable X-From: Cook, Mary X-To: Alexander, Athena , Antonoff, Rick , Aronowitz, Alan , Clark, Morris , Cook, Mary , Davis, Angela , Del vecchio, Peter , Douglas, Stephen H. , Evans, Mark (London Legal) , Gaffney, Chris , Gray, Barbara N. , Hansen, Leslie , Heard, Marie , Hendry, Brent , Hodge, Jeffrey T. , Johnston, Greg , Jones, Tana , Kalembka, Lech , Keohane, Peter , Koehler, Anne C. , Leite, Francisco Pinto , McCullough, Travis , Mellencamp, Lisa , Mitchell, David , Morelle, Marissa , Murphy, Harlan , Murray, Julia , Nemec, Gerald , Portz, David , Rohauer, Tanya , Sager, Elizabeth , Saxena, Rahul , Sayre, Frank , Schuh, Michael , Shackleton, Sara , Simons, Paul , St. Clair, Carol , Van Hooser, Steve , Viverito, John , Von Bock Und Polach, Marcus , Williams, Jason R (Credit) X-cc: X-bcc: X-Folder: \SSHACKL (Non-Privileged)\Shackleton, Sara\Inbox X-Origin: Shackleton-S X-FileName: SSHACKL (Non-Privileged).pst See redlined added language which allows reasonable time to manage the clos= eout process--tracks general ISDA mechanism. The attached forms have the a= dded language. (b) Upon the occurrence and during the continuance of a Default in respect = of any Defaulting Party, Non-defaulting Group may give notice to Defaulting= Group specifying the relevant Default, declaring Defaulting Group in defau= lt of all Underlying Master Agreements and all Transactions thereunder, and= designating a date not earlier than the date such notice is effective, but= not later than 20 days after such notice is effective, upon which date eac= h Non-defaulting Party shall (i) accelerate, terminate, and liquidate, or o= therwise close-out all Transactions under its Underlying Master Agreements = as of such designated date or as soon as reasonably practicable following s= uch designated date; (ii) exercise rights of setoff, netting, and/or recoup= ment in accordance with the terms of its Underlying Master Agreements; (iii= ) retain any Collateral; (iv) with respect to each Defaulting Party, withho= ld payment and performance of each Non-defaulting Party's Obligations to ea= ch Defaulting Party to pay, secure, setoff against, net, and/or recoup such= Defaulting Party's Obligations to such Non-defaulting Party; (v) convert a= ny Obligation from one currency into another currency as set forth in Secti= on 5; and (vi) take any other action permitted by law or in equity or by it= s Underlying Master Agreements or any Transactions thereunder necessary or = appropriate to protect, preserve, or enforce its rights or to reduce any ri= sk of loss or delay. This Section 2(b) shall be referred to herein as the = "Underlying Master Agreements Close-Out." =20 Cordially, Mary Cook Enron North America Corp. 1400 Smith, 38th Floor, Legal Houston, Texas 77002-7361 (713) 345-7732 (713) 646-3393 (fax) mary.cook@enron.com