Common use of Amendment of Credit Event Upon Merger Clause in Contracts

Amendment of Credit Event Upon Merger. Section 5(b)(iv) is hereby amended by adding the following phrase between the closing parenthesis and the semicolon at the end thereof: "provided, however, that the foregoing action or event shall not constitute a Termination Event if, in the case of a merger or consolidation of Enron Corp. with or into any Person, (1) Enron Corp. is the survivor, or (2) the surviving Person, if not Enron Corp., is organized under the laws of the United States or a state thereof and assumes all obligations of Enron Corp. hereunder, provided in each case that immediately after giving effect to such proposed merger or consolidation, no Event of Default (as such term is defined in the Credit Agreement (as defined in the Enron Guaranty), as such Credit Agreement may from time to time be amended with the consent of Party B, or if such Credit Agreement should for any reason terminate or if Party B shall object to any amendment to such Credit Agreement, the term "Event of Default" shall be as the same existed immediately prior to such termination or amendment) or event which, with the giving of notice or the lapse of time, or both, would constitute such an Event of Default, would exist or result".

Amendment of Credit Event Upon Merger. Section 5(b)(iv) is hereby amended by adding the following phrase between the closing parenthesis and the semicolon at the end thereof: "“provided, however, that the foregoing action or event shall not constitute a Termination Event if, in the case of a merger or consolidation of Enron Corp. with or into any Person, (1) Enron Corp. is the survivor, or (2) the surviving Person, if not Enron Corp., is organized under the laws of the United States or a state thereof and assumes all obligations of Enron Corp. hereunder, provided in each case that immediately after giving effect to such proposed merger or consolidation, no Event of Default (as such term is defined in the Credit Agreement (as defined referred to in the Enron Guaranty)Part 5(c) of this Schedule, as such Credit Agreement may from time to time be amended with the consent of Party B, or if such Credit Agreement should for any reason terminate or if Party B shall object to any amendment to such Credit Agreement, the term "“Event of Default" ” shall be as the same existed immediately prior to such termination or amendment) or event which, with the giving of notice or the lapse of time, or both, would constitute such an Event of Default, would exist or result"”.

Amendment of Credit Event Upon Merger. Section 5(b)(iv) is hereby amended by adding the following phrase between the closing parenthesis and the semicolon at the end thereof: "“provided”, however, that the foregoing action or event shall not constitute a Termination Event if, in the case of a merger or consolidation of Enron Corp. with or into any Person, (1) Enron Corp. is the survivor, or (2) the surviving Person, if not Enron Corp., is organized under the laws of the United States or a state thereof and assumes all obligations of Enron Corp. hereunder, provided in each case that immediately after giving effect to such proposed merger or consolidation, no Event of Default (as such term is defined in the Credit Agreement (as defined referred to in the Enron Guaranty)Part 5(d) of this Schedule, as such Credit Agreement may from time to time be amended with the consent of Party B, or if such Credit Agreement should for any reason terminate or if Party B shall object to any amendment to such Credit Agreement, the term "“Event of Default" ” shall be as the same existed immediately prior to such termination or amendment) or event which, with the giving of notice or the lapse of time, or both, would constitute such an Event of Default, would exist or result". (i) The provisions of Section 5(a)(iv), (v), (vi) and (vii) will not apply to Party A.

Amendment of Credit Event Upon Merger. Section 5(b)(iv) is hereby amended by adding the following phrase between the closing parenthesis and the semicolon at the end thereof: "“provided”, however, that the foregoing action or event shall not constitute a Termination Event if, in the case of a merger or consolidation of Enron Corp. with or into any Person, (1) Enron Corp. is the survivor, or (2) the surviving Person, if not Enron Corp., is organized under the laws of the United States or a state thereof and assumes all obligations of Enron Corp. hereunder, provided in each case that immediately after giving effect to such proposed merger or consolidation, no Event of Default (as such term is defined in the Credit Agreement (as defined referred to in the Enron Guaranty)Part 5(c) of this Schedule, as such Credit Agreement may from time to time be amended with the consent of Party B, or if such Credit Agreement should for any reason terminate or if Party B shall object to any amendment to such Credit Agreement, the term "“Event of Default" ” shall be as the same existed immediately prior to such termination or amendment) or event which, with the giving of notice or the lapse of time, or both, would constitute such an Event of Default, would exist or result".

Amendment of Credit Event Upon Merger. Section 5(b)(iv) is hereby amended by adding the following phrase between the closing parenthesis and the semicolon at the end thereof: "provided, however, that the foregoing action or event shall not constitute a Termination Event if, in the case of a merger or consolidation of Enron Corp. with or into any Person, (1) Enron Corp. is the survivor, or (2) the surviving Person, if not Enron Corp., is organized under the laws of the United States or a state thereof and assumes all obligations of Enron Corp. hereunder, provided in each case that immediately after giving effect to such proposed merger or consolidation, no Event of Default (as such term is defined in the Credit Agreement (as defined referred to in the Enron Guaranty)Part 5(c) of this Schedule, as such Credit Agreement may from time to time be amended with the consent of Party B, or if such Credit Agreement should for any reason terminate or if Party B shall object to any amendment to such Credit Agreement, the term "Event of Default" shall be as the same existed immediately prior to such termination or amendment) or event which, with the giving of notice or the lapse of time, or both, would constitute such an Event of Default, would exist or result".

Amendment of Credit Event Upon Merger. Section 5(b)(iv) is hereby amended by adding the following phrase between the closing parenthesis and the semicolon at the end thereof: "“provided”, however, that the foregoing action or event shall not constitute a Termination Event if, in the case of a merger or consolidation of Enron Corp. with or into any Person, (1) Enron Corp. is the survivor, or (2) the surviving Person, if not Enron Corp., is organized under the laws of the United States or a state thereof and assumes all obligations of Enron Corp. hereunder, provided in each case that immediately after giving effect to such proposed merger or consolidation, no Event of Default (as such term is defined in the Credit Agreement (as defined referred to in the Enron Guaranty)Part 5(d) 5(c) of this Schedule, as such Credit Agreement may from time to time be amended with the consent of Party B, or if such Credit Agreement should for any reason terminate or if Party B shall object to any amendment to such Credit Agreement, the term "“Event of Default" ” shall be as the same existed immediately prior to such termination or amendment) or event which, with the giving of notice or the lapse of time, or both, would constitute such an Event of Default, would exist or result".