BEC-8: It is my understanding that Appendix A has been added to the Form of Guaranty so that all outstanding Agreements with ComEd and all Guaranteed Obligations are consolidated under a single Guaranty. Can you provide more detail on the following sentence taken from the Form of Guaranty? “The maximum aggregate liability of the Guarantor found in Section 1 of this Guaranty shall be applicable to the Guaranteed Obligations under each of the Agreement(s) listed above.”

You are correct that Appendix A has been added to the Form of Guaranty so that the obligations of Seller under several agreements may constitute Guaranteed Obligations covered by the single Guaranty. As such, there will be a single Guaranty to cover the credit exposure of Seller across the agreements listed in Appendix A. In this case, the amount of the Guaranty needs to be specified in Section 1 of this new Guaranty. The Guaranty amount should be no more than the Collateral Threshold Amount applicable to the Guarantor provided in Section I, Subsection A of Paragraph 10 to the Collateral Annex as amended in the Cover Sheet. For example, if the Guarantor is rated BBB- by S&P and Fitch and Baa3 by Moody’s, then the Guaranty amount to be indicated in the new Guaranty should be no greater than the Maximum Collateral Threshold Amount, which is the lower of 6% of the Guarantor’s tangible net worth and $20,000,000.