request for info Help Site map Home Main Home Main Enron.com
GENERAL TERMS AND CONDITIONS

ENRON CREDIT DERIVATIVES

GENERAL TERMS AND CONDITIONS ("GTCs")

7. Amendments

Enron may amend or supersede the terms of these GTCs from time to time without the consent of Counterparty. If Enron amends or supersedes these GTCs without the consent of Counterparty, it will notify Counterparty of the revised terms of the GTCs on the Website or in writing. Any such revised terms will be effective only in respect of Transactions which are entered into by the parties after such notice has been given and by entering into a Transaction after such notice has been given Counterparty shall be deemed to have agreed to be bound by the revised terms.

8. General Definitions

Capitalised terms used herein but not defined shall have the meanings set forth in the ISDA Form or Master Agreement, as applicable.

"Bankruptcy Swap" means a Transaction under which the Buyer agrees to pay to the Seller, the Buyer Amounts on each Buyer Payment Date in consideration of the Seller agreeing to pay to the Buyer a pre-determined Credit Protection Settlement Amount if a Bankruptcy Event occurs in respect of the Reference Entity that is the subject of the Transaction during the Credit Protection Term.

"Credit Default Swap" means a Transaction under which the Buyer agrees to pay to the Seller, the Fixed Amount on each Fixed Rate Payer Payment Date in consideration of the Seller agreeing to pay to the Buyer the Physical Settlement Amount versus Delivery of the Portfolio if a Credit Event occurs in respect of the Reference Entity that is the subject of the Transaction on or after the Effective Date of the Transaction and on or prior to the Scheduled Termination Date of the Transaction.

"Credit Product" means the credit protection that the parties to a Bankruptcy Swap or a Credit Default Swap buy or sell in respect of the Reference Entity that is the subject of the Transaction.

"ISDA Form" has the meaning given to such term under Clause 6 (ISDA Framework).

"EnronCredit" means the website maintained by Enron which quotes prices for the Credit Products in respect of Reference Entities, located at http://www.EnronCredit.com(and/or any successor or additional addresses).

"EnronOnline" means the website maintained by Enron which quotes prices for the Credit Products in respect of Reference Entities, located at http://www.EnronOnline.com (and/or any successor or additional addresses).

"Master Agreement" has the meaning given to such term under Clause 6 (ISDA Framework).

"Website" means one or more websites maintained by Enron which quote prices for the Credit Products in respect of Reference Entities, including without limitation EnronCredit and/or EnronOnline as the context requires.

For and on behalf of Enron

_______________________________

Name:

Title:

Date:

For and on behalf of Counterparty

_______________________________

Name:

Title:

Date:

Previous Return to Table of Contents Next