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What is the date of the law referening the Furnas right to contract for=20
energy and does it apply to their ability to contract for long term capacit= y=20 without a bid? "RKG - Renata Kogut Gurevich" <RKG@tozzini.com.br< on 12/20/2000 04:57:08 P= M To: <Richard.A.Lammers@enron.com< cc: <Andreia.Almeida@enron.com<, <James.M.Bannantine@enron.com<,=20 <Joao.Carlos.Albuquerque@enron.com<, <John.Novak@enron.com<,=20 <Jose.Bestard@enron.com<, <laine.A.Powell@enron.com<,=20 <Peter.E.Weidler@enron.com<, <Rob.G.Gay@enron.com<,=20 <Gilbert.Landsberg@shell.com.br<, <Guido.Renno@shell.com.br<,=20 <Johannes.Walzebuck@shell.com.br<, "CEB - Cl?udia Bonelli"=20 <CEB@tozzini.com.br<, "PGS - Pedro G. Seraphim" <pseraphim@tozzini.com.br<= =20 Subject: RE: PPA - Notice of Intent to Terminate Dear John, We have discussed the issues raised in the conference call today with our= =20 Litigation Department and we have come to the following conclusions: In order to assure that EPE will not loose its right to terminate the PPA, = we=20 suggest EPE to adopt one of the following solutions: (i) send to Furnas the alternative letter, which says that, although the cu= re=20 period is already over, EPE, based on the progress on the issues related to= =20 the lender consent, extends the 90-day cure period by another 30 days; or (ii) send to Furnas the Notice of Intent to Terminate tomorrow and, after t= he=20 30-day consultation period, extend such consultation period by another 30= =20 days. We believe that EPE should not send the Notice of Intent to Terminate witho= ut=20 extending either the cure or the consultation period, for the PPA and the= =20 Brazilian legislation are not clear about the possibility of EPE to exercis= e=20 its right to terminate the PPA after the 30-day consultation period. Note that both solutions will only postpone the proceeding, for EPE will ha= ve=20 to decide whether it intends to terminate the PPA or not. On the other hand, we believe that there will be no termination process=20 without arbitration, as Furnas and Eletrobr?s have already denied the=20 occurrence of a "causa de inadimplemento" under the PPA. Regarding the possibility for EPE to start the whole process again, based o= n=20 the same "causa de inadimplemento", we believe that this proceeding would b= e=20 very fragile and could be challenged by Furnas and Eletrobr?s. As a result,= =20 we do not suggest you to adopt this alternative. Finally, according to section 24 (XXII) of Federal Law No. 8,666/93, Furnas= =20 may contract the supplying of electric energy without a previous bidding=20 process. Regards, Cl?udia Bonelli <<< <Richard.A.Lammers@enron.com< 20/12/00 16:00 <<< Here are the notices to be discussed in our call today at 6pm sao paulo( andreia will confirm the time) "RKG - Renata Kogut Gurevich" <RKG@tozzini.com.br< on 12/19/2000 03:08:16 PM To: <Richard.A.Lammers@enron.com< cc: <Andreia.Almeida@enron.com<, <James.M.Bannantine@enron.com<, <Joao.Carlos.Albuquerque@enron.com<, <John.Novak@enron.com<, <Jose.Bestard@enron.com<, <laine.A.Powell@enron.com<, <Peter.E.Weidler@enron.com<, <Gilbert.Landsberg@shell.com.br<, <Guido.Renno@shell.com.br<, <Johannes.Walzebuck@shell.com.br<, "CEB - Cl?udia Bonelli" <CEB@tozzini.com.br<, "PGS - Pedro G. Seraphim" <pseraphim@tozzini.com.br< Subject: RE: PPA - Notice of Intent to Terminate Dear Sirs, Please find attached (i) last version of the letter sent to you yesterday by Pedro Seraphim and (ii) the alternative letter requested by you today. We remain at your disposal. Regards, Cl?udia Bonelli Renata Kogut Gurevich <<< <Richard.A.Lammers@enron.com< 19/12/00 14:21 <<< Pedro and Claudia-This letter is fine . As an alternative, I would like you to prepare another letter today that extends the 90 day period of inadimplemento by another 30 days. the tone of the letter should be " based on the progress we have seen toward resolution of the issues related to the lender consent we hereby agree to extend the period of inadimplemento another 30 days to give the parties and opportunity to resolve these matters prior to deliver of the notice of intent to terminate" . I would like you to have this letter ready by 5p.m , today if possible so I can clear it onmy global task list call tonite. Andreia -please contact Claudia today and ask her to please try to comply with this request and ask her to participate in today's global task list call for the first few minutes "PGS - Pedro G. Seraphim" <pseraphim@tozzini.com.br< on 12/18/2000 08:25:48 PM To: <Richard.A.Lammers@enron.com<, <Guido.Renno@shell.com.br< cc: <John.Novak@enron.com<, <laine.A.Powell@enron.com<, <Gilbert.Landsberg@shell.com.br<, <Johannes.Walzebuck@shell.com.br<, "CEB - Cl?udia Bonelli" <CEB@tozzini.com.br<, "PGS - Pedro G. Seraphim" <pseraphim@tozzini.com.br<, "RKG - Renata Kogut Gurevich" <RKG@tozzini.com.br< Subject: RE: PPA - Notice of Intent to Terminate Attached is a revised draft notice, which became more of a warning than a notice, and which also was corrected as suggested by Guido Renno. The PPA does not contain a provision stating the delay in enforcing a right should not be deemed a waiver of that right. But also, it does not require that the notice of intent to terminate be served right after the 90-day cure period. Therefore, we can wait to send the actual notice of intent to terminate. A remark: the cure period is of 90 days and not 120. It expires in the next couple of days if not already. I am not sure what strength this warning could have, maybe not much more than a threat. I understand that starting the termination process is a very serious step, with a lot of implications, and I fully respect the decision of just sending the warning. I would only ask whether this task would not be better achieved by informal contacts rather than a formal letter. A small correction: notices may be served by courts or by notaries, but that is not required by law unless in specific circumstances. The PPA does not provide for any formal notification procedure, and thus there would be no need to do it by courts or notaries. If you need to discuss any point on this document during Tuesday or Wednesday, please look for Cl?udia Bonelli, as I will be out of town. Again, the full text of the notice is pasted into this e-mail, in case you have any problem opening the attached MS Word file. Regards, Pedro "[local e data] Eletrobr?s - Centrais El,tricas Brasileiras S.A. Av. Pres. Vargas, 409, 13=15 andar 20071-003 Rio de Janeiro, RJ fax n=15: 21-221-5073 At.: Dr. Jos, Alexandre Nogueira de Rezende Furnas Centrais El,tricas S.A. Rua Real Grandeza, 219, 12=15 andar, Bl. A 22283-900 Rio de Janeiro, RJ fax n=15: 21-286-8095 At.: Dr. Celso Ferreira Ref.: Contrato Sup 1.7.5.0130 ("PPA") - Considera??o de T,rmino do Contrato Prezados Senhores, Fazemos referncia . Notifica??o de Inadimplemento encaminhada pela EPE em?2= 1 de setembro de 2000, a partir de quando foi iniciado um PER?ODO DE?SANEAM= ENTO de 90 dias, nos termos da Cl?usula Vig,sima S,tima do PPA.?Aludido PER= ?ODO DE SANEAMENTO j? se encontra findado sem que a CAUSA DE?INADIMPLEMENTO= tenha sido remediada por FURNAS ou pela GARANTIDORA.??Como j? esclarecido = na Notifica??o de Inadimplemento de 21 de setembro de?2000, o inadimplement= o , decorrente do descumprimento por Furnas de suas?obriga??es, conforme de= scritas na Cl?usula Vig,sima, Par?grafo Segundo, e?no Anexo 9 do PPA, bem c= omo na Cl?usula 4 do Termo de Cess?o e?Transferncia, celebrado em 27 de abr= il de 1999, e ainda da falha da Eletrobr?s, na qualidade de GARANTIDORA solid?ria, em garantir as obriga??es de Furnas, conforme previsto na Cl?usula Quadrag,sima Primeira do PPA. Em virtude do acima exposto, vimos por meio desta ressaltar que, nos termos da Cl?usula Vig,sima S,tima, Par?grafo Quinto do PPA, a EPE poder? a qualquer momento emitir uma NOTIFICA_?O DE T_RMINO, uma vez que o PER?ODO DE CONSULTA j? se encontra findado, sem que a CAUSA DE INADIMPLEMENTO tenha sido sanada. Atenciosamente, [...] C?pia: Overseas Private Investment Corporation Nancy Rivera Manager Project Finance Kreditanstalt f_r Wiederaufbau Karl-Heinz Welman Vice President - Export & Project Finance" <<< <Richard.A.Lammers@enron.com< 13/12/00 21:10 <<< thank you for your quick response. Pedro and Claudia- Please incorporate Guido's suggestion but let me know if this causes problems with keeping the clock at 120 days if the partners choose this action on Janurar 21. Guido and johannes- we will only send this letter to Furnas/Eletrobras if we have not resolved our issues by the end of next week and I will certainly circle back Johannes beforehand. Guido.Renno@shell.com.br on 12/13/2000 07:24:56 PM To: Johannes.Walzebuck@shell.com.br, Richard.A.Lammers@enron.com cc: John.Novak@enron.com, Richard.A.Lammers@enron.com, pseraphim@tozzini.com.br, CEB@tozzini.com.br, RKG@tozzini.com.br, Gilbert.Landsberg@shell.com.br, laine.A.Powell@enron.com Subject: RE: PPA - Notice of Intent to Terminate As far as I know Notifica??o,legaly speaking,must be done" via judicial" or through a notary's office.I suggest to sent a simple letter warning Eletrobras and Furnas about the possibilities of application of the clauses 20 and 4,as referred in the attached letter's copy already send to them.It is recommend as well to sent Eletrobras" letter to Jos, Alexandre Nogueira de Rezende,sice Raimundo already left the company. Guido.Renno@shell.com.br Tel:(55 21) 559 7769 < Subject: RE: PPA - Notice of Intent to Terminate < < < the wording is intended to match precisely what is in the contract.We are < in no way commited to terminate when this letter is sent and we need to < make sure we preserve the opportinity to terminate if we are not done by < next week. Therefore ,I vote to keep the language the same.Please call if < you would like to discuss.We also need to set up a time to talk about the < options. < < < < < Johannes.Walzebuck@shell.com.br on 12/12/2000 10:27:03 PM < < To: John.Novak@enron.com, Richard.A.Lammers@enron.com, < pseraphim@tozzini.com.br < cc: CEB@tozzini.com.br, RKG@tozzini.com.br, < Gilbert.Landsberg@shell.com.br, Guido.Renno@shell.com.br, < laine.A.Powell@enron.com < Subject: RE: PPA - Notice of Intent to Terminate < < < Gentlemen, < < thanks for the draft letter. It may be my misunderstanding of the < language, < but in my view we should try to find a formulation which is less demanding < than the term inten??o de t,rmino do CONTRATO. < < We still have to find a strategy in the JV for the case of an < unsatisfactory < response of Furnas. Termination is not necessarily the best alternative. < My < recommendation would be to phrase Considera??o de t,rmino do CONTRATO. < This < still gives a signal, but is not starting a mechanism which would be < difficult to stop. < < I have also copied Guido Renno, who is most familiar with Furnas clientele < and can help us in phasing a " getinho style " letter , giving the message < tha we need to come to solution, but with a gentle touch in the words. < Guido, appreciate your view on the draft letter to Furnas/Eletrobras. < < Regards < Johannes < < < < < ---------- < < From: PGS - Pedro G. Seraphim[SMTP:pseraphim@tozzini.com.br] < < Sent: Monday, December 11, 2000 3:00 PM < < To: John.Novak@enron.com; Richard.A.Lammers@enron.com; Walzebuck, < < Johannes BRAZIL-G < < Cc: CEB@tozzini.com.br; RKG@tozzini.com.br < < Subject: Notice of Intent to Terminate < < < < <<File: TFTS-#1612-v-1-NOTIFICA??O_DE_INTEN??O_DE_T?RMINO.DOC<< < < Attached, please find a draft notice for your review. I tried to keep < the < < same style of the September 21st notice, with the correct references to < < the PPA. . I do this because we < < have been through some problems lately with our new e-mail servers. < < < < Regards, < < Pedro < < < < [local e data] < < < < < < Eletrobr?s - Centrais El,tricas Brasileiras S.A. < < Av. Pres. Vargas, 409, 13=15 andar < < 20071-003 Rio de Janeiro, RJ < < fax n=15: 21-221-5073 < < At.: Dr. Raimundo Barreto Bastos < < < < Furnas Centrais El,tricas S.A. < < Rua Real Grandeza, 219, 12=15 andar, Bl. A < < 22283-900 Rio de Janeiro, RJ < < fax n=15: 21-286-8095 < < At.: Dr. Celso Ferreira < < < < < < Ref.: Contrato Sup 1.7.5.0130 ("PPA") - Notifica??o de Inten??o de < T,rmino < < < < Prezados Senhores, < < < < Fazemos referncia . Notifica??o de Inadimplemento encaminhada pela EPE?= < em?< < 21 de setembro de 2000, a partir de quando foi iniciado um PER?ODO= DE?< < SANEAMENTO de 90 dias, nos termos da Cl?usula Vig,sima S,tima do PP= A.?< < Considerando ter aludido PER?ODO DE SANEAMENTO findado sem que a CAU= SA?< DE?< < INADIMPLEMENTO tenha sido remediada por FURNAS ou pela GARANTID= ORA, vem?< a?< < EPE . presen?a de V.Sas. notificar a inten??o de t,rmino d= o CONTRATO,?< nos?< < termos da Cl?usula Vig,sima S,tima, Par?grafo Segundo= .?< <?< < Como j? esclarecido na Notifica??o de Inadimplemento de 21 de set= embro?< de?< < 2000, o inadimplemento , decorrente do descumprimento por Fu= rnas de?suas?< < obriga??es, conforme descritas na Cl?usula Vig,sima, Par?g= rafo Segundo,?< e?< < no Anexo 9 do PPA, bem como na Cl?usula 4 do Termo de= Cess?o e?< < Transferncia, celebrado em 27 de abril de 1999, e ainda da fa= lha da < < Eletrobr?s, na qualidade de GARANTIDORA solid?ria, em garantir as < < obriga??es de Furnas, conforme previsto na Cl?usula Quadrag,sima < Primeira < < do PPA. < < < < Esta notifica??o consiste em uma NOTIFICA_?O DE INTEN_?O DE T_RMINO < < conforme disposto na Cl?usula Vig,sima S,tima do PPA, determinando, < assim, < < o in?cio do PER?ODO DE CONSULTA de 30 (trinta) dias, nos termos da < < Cl?usula Vig,sima S,tima, Par?grafo Terceiro. < < < < Uma vez decorrido o PER?ODO DE CONSULTA sem que a CAUSA DE < INADIMPLEMENTO < < tenham sido sanadas, a EPE poder? emitir uma NOTIFICA_?O DE T_RMINO, nos < < termos da Cl?usula Vig,sima S,tima, Par?grafo Quinto. < < < < Atenciosamente, < < < < < < [...] < < < < < < C?pia: Overseas Private Investment Corporation < < Nancy Rivera < < Manager Project Finance < < < < Kreditanstalt f_r Wiederaufbau < < Karl-Heinz Welman < < Vice President - Export & Project Finance < < < < < < < < < < < < (See attached file: TFTS-#1612-v-2-NOTIFICA_?O_DE_INTEN_?O_DE_T_RMINO.DOC) (See attached file: TERM1.DOC) (See attached file: TERM2.DOC)
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