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[QUOTE]Originally posted by BooDog: [QB] [b]NOT a buy recommendation[/b] SCA 1.17 Entry into a Material Definitive Agreement Item 1.01 Entry into a Material Definitive Agreement On September 29, 2008, Syncora Guarantee Inc. ("Syncora Guarantee"), the financial guarantee insurance wholly-owned subsidiary of Syncora Holdings Ltd. (the "Company"), entered into an agreement (the "Agreement") with J.P. Morgan Securities Inc. ("JPMorgan") and Weil, Gotshal & Manges LLP ("WGM") pursuant to which JPMorgan will assist Syncora Guarantee in identifying and analyzing potential strategic alternatives with respect to Syncora Guarantee's portfolio of credit default swap and financial guarantee contracts (the "Contracts"), including any commutation, termination, amendment or restructuring of exposures pursuant to Section 6.12 of the Master Transaction Agreement, dated July 28, 2008, among the Company, Syncora Guarantee, Syncora Guarantee Re Ltd., XL Capital Ltd., certain affiliates of XL Capital Ltd. and certain financial institutions that are counterparties to credit default swap contracts with Syncora Guarantee. JPMorgan will receive fees totaling US$10 million for its financial advisory services under the Agreement based on specified bench marks and may be eligible for an additional discretionary bonus of US$10 million, payable in the sole discretion of Syncora Guarantee, upon consummation of a restructuring with any of certain specified counterparties. [/QB][/QUOTE]
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