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GENERAL TERMS AND CONDITIONS

ENRON CREDIT DERIVATIVES

GENERAL TERMS AND CONDITIONS ("GTCs")

Annex B (United States of America)

Bankruptcy Events:

  1. the Reference Entity institutes with respect to itself or has instituted against it a proceeding seeking an order for relief, a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (a) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or (b) is not dismissed, discharged, stayed or restrained, in each case within 60 days of the institution or presentation thereof;
  2. the Reference Entity has a resolution passed authorising the institution of one of the types of proceedings specified in the foregoing paragraph (i);
  3. the Reference Entity becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; or
  4. any event with consequences similar or analogous to any of those referred to in (i) to (iii) (inclusive) above occurs in any jurisdiction outside the United States of America in relation to the Reference Entity;

Specified Local News Sources: None.

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