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Enron Mail |
FYI.
----- Forwarded by Eddy Daniels/NA/Enron on 05/22/2001 08:53 AM ----- Eddy Daniels 05/22/2001 08:53 AM To: Vladimir Gorny/Enron@EnronXGate, Paul Radous/Enron@EnronXGate cc: John Novak/SA/Enron@Enron, Federico Cerisoli/SA/Enron@Enron, Erwin Landivar/SA/Enron@Enron Subject: New YPF GSA vs. 10/98 GSA Please find attached the most current draft of the renegotiated YPF GSA reflecting the new commercial terms reached in the past few weeks with YPF and Andina compared against 10/98 GSA. Here are a few highlights of the revised deal: 1. significant reduction in price (Article 2) 2. delivery point for all gas now inlet of GTB (Article 13) shifting all upstream transportation cost to Sellers 3. 55% take or pay with 5 year makeup (increased from 1 year makeup) (Articles 1 & 4) 4. increased annual damages cap from $4 million to $20 million (Article 6) 5. added concept of joint proportional liability (not joint & several) -- effectively, YPF is liable for 50% of the damages caused by Andina, and vice versa (Article 6) 6. increased flexibility in event of PPA termination or change in Brazilian law (ToP to 0% and repricing option) (Article 20) 7. increased exclusivity obligation from 75% to 100% (upon expiry of Vintage ST) (Article 8) 8. L/C required in event of SCC payment default inceased from $12.5 million to $20 million (Article 9) 9. added permitted assignments in event of sale of EPE and to Sellers affiliates/aggregator (Article 16) 10. Sellers to sign consent re financing at GSA closing -- Banks' put option should disappear (Article 16) The issues that are still being refined are damges during commissioning (Sellers want reduced cap) and details/mechanics of the repricing option in Article 20. Fede & Erwin are planning to circulate a 1st draft of the DASH on Friday. Please let me know if I can answer any questions or provide any additional info. in the meantime. We expect to be in position to sign the new GSA by late next week (June 1 at the latest). Regards, Eddy Daniels Edmund D. Daniels Senior Counsel Enron North America Corp. 1400 Smith, EB 3813 Houston, Texas 77002 713.345.4753 (direct) 713.646.3490 (telecopy) ----- Forwarded by Eddy Daniels/NA/Enron on 05/22/2001 08:11 AM ----- "Nazro, Phillips" <pnazro@velaw.com< 05/21/2001 09:35 PM To: "'Celina Ozorio (E-mail)'" <Celina.Ozorio@enron.com<, "Lefler, Dean" <dlefler@velaw.com<, "'Federico Cerisoli (E-mail)'" <Federico.Cerisoli@enron.com<, "'Eddy Daniels (E-mail)'" <eddy.daniels@enron.com<, "'Erwin Landivar (E-mail)'" <Erwin.Landivar@enron.com< cc: Subject: RE: ARGSA - vs. 10/98 GSA ? Attached please find the May 21st draft marked against the 1998 GSA? (for real this time)? ? Phillips Nazro Vinson & Elkins L.L.P. 600 Congress Avenue, Suite 2700 Austin, Texas 78701-3200 Phone: (512) 495-8639 Fax: (512) 236-3486 pnazro@velaw.com ? ? - Austin_200420_1.DOC
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