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In non-default situations the Lenders allow the banks to have rights and
typically substantial input on waivers modifications etc. As you can imagine the IFC would not want the liability of being responsible to B banks if they changed the deal without their consent and the B banks would e uncomfortable turning over that right to a third party. They would lose control of the credit process. Richard Quek@ECT 02/18/2001 11:50 PM To: Rob G Gay/NA/Enron@ENRON cc: Subject: Re: IFC Precedents Rob, Thanks for the feedback. Does the IFC veto cover all waivers, consents, approvals, etc (except for those that require unanimous approval like changes to pricing, tenor, security, etc, of course)? On the prepayment penalties (other than the customary break-funding costs), what have you seen, in terms of the levels imposed? Regards, Richard Rob G Gay@ENRON 02/15/2001 03:48 AM To: Peter N Anderson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Richard Quek/SIN/ECT@ECT Subject: Re: IFC Precedents There are prepayment penalties associated with IFC loans. As to the lender Veto, the Veto should only apply to the banks covered by their umbrella and should not be applicable to the relationship to other MLA's or uncovered lenders. For instance if OPIC is lending $50MM, FMO $10MM, and the B banks $40MM, the voting rights should be 50% for OPIC and 50% FMO (since FMO is the lender of record for the B banks). Unanimous consent items would then require both OPIC and FMO to consent. Peter N Anderson@ENRON_DEVELOPMENT 02/14/2001 10:45 AM To: Rob G Gay/NA/Enron@Enron cc: Subject: IFC Precedents Rob- I told Richard that I had no experience with IFC. Suggested that you may have. Regards ---------------------- Forwarded by Peter N Anderson/ENRON_DEVELOPMENT on 02/14/2001 10:44 AM --------------------------- Richard Quek@ECT 02/14/2001 10:34 AM To: Peter N Anderson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Subject: IFC Precedents Peter, As you might know, we are in the midst of discussions with a group of lenders on the Bulacan project in the Philippines. The lender of record if the FMO (Netherlands Development Finance Corporation) and the structure is modelled on the IFC "A" and "B" loan structure. As the "A" loan lender, FMO is saying that they want veto rights over all decisions that are to be taken by the lenders. Do you know if the IFC has such veto rights in their facilities - will greatly appreciate your feedback on this asap. In addition, does the IFC impose prepayment penalties? Regards, Richard
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