RULE 10: SYNDICATION/PARTICIPATION

10.01 Syndication

If a standby with more than one issuer does not state to whom

presentation may be made, presentation may be made to any issuer

with binding effect on all issuers.

10.02 Participation

(a) Unless otherwise agreed between an applicant and an

issuer, the issuer may sell participations in the issuer’\'s rights against

the applicant and any presenter and may disclose relevant applicant

information in confidence to potential participants.

(b) An issuer’\'s sale of participations does not affect the obligations

of the issuer under the standby or create any rights or

obligations between the beneficiary and any participant.