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Enron Mail |
-------------------------- Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net) -----Original Message----- From: Richardson, James <James.Richardson@ENRON.com< To: Ghosh, Soma <Soma.Ghosh@ENRON.com<; Moreland, Vincent <vincent.moreland@ENRON.com<; Hendry, Brent <Brent.Hendry@ENRON.com<; Lewis, James C. <james.c.lewis@enron.com<; Deffner, Joseph <Joseph.Deffner@ENRON.com<; Kumar, Rahul <Rahul.Kumar@ENRON.com<; Liu, Ying <Ying.Liu@ENRON.com< CC: Trevino, Maricela <Maricela.Trevino@ENRON.com<; Ephross, Joel <Joel.Ephross@ENRON.com<; Bruce, Robert <Robert.Bruce@ENRON.com<; Perkins, Mary <Mary.Perkins@ENRON.com< Sent: Tue Nov 06 09:12:33 2001 Subject: RE: Cash Vs. LC That is great news. We are still pressing the lawyers to see if the Enron rep letter can be signed today or in the near future. That way we can issue under the WLB committed LC line. Hopefully once the bank meeting concludes on Friday, some of these guys may be more amenable to us using some of the uncommitted LC capacity we have unused at this time. Cheers, JR -----Original Message----- From: Ghosh, Soma Sent: Tuesday, November 06, 2001 8:16 AM To: Moreland, Vincent; Richardson, James; Hendry, Brent; Lewis, James C.; Deffner, Joseph; Kumar, Rahul; Liu, Ying Cc: Trevino, Maricela; Ephross, Joel; Bruce, Robert Subject: FW: Cash Vs. LC All, Barclays has agreed to accept cash collateral on an ongoing basis until such time we are able to post an L/C subject to the provisions stated below. Under the circumstances, I think that they have been very flexible and would be unlikely to negotiate on most of the points. We would need some clarification on point 1 (onerous if it applies to all contracts under the current ISDA), we would expect 1. to only apply to SO2 transactions (written into the SO2 confirm). Vincent, Brent, I would be grateful if you would take at a look at these points. Our timeline is to get everything signed by 1pm today. Regards Soma -----Original Message----- From: Martin.Woodhams@barclayscapital.com [mailto:Martin.Woodhams@barclayscapital.com] Sent: Tuesday, November 06, 2001 7:41 AM To: Ghosh, Soma Subject: Cash Vs. LC Points needed to get credit sign-off 1. Failure to pay in all documentation, reduced from 3 days to 1 day (as per 2001 new ISDA amendment) 2. Fix dates (if needed) on all master SOX documentation. (call me to discuss this point further) 3. Early termination language with regard to effected party needs to be amended on the confirms 4. Document waiver regarding failure to deliver L/C and subsequent event of default. 5. Guarantees being checked, awaiting view from my legal team. Martin ------------------------------------------------------------------------ For more information about Barclays Capital, please visit our web site at http://www.barcap.com. Internet communications are not secure and therefore the Barclays Group does not accept legal responsibility for the contents of this message. Although the Barclays Group operates anti-virus programmes, it does not accept responsibility for any damage whatsoever that is caused by viruses being passed. Any views or opinions presented are solely those of the author and do not necessarily represent those of the Barclays Group. Replies to this email may be monitored by the Barclays Group for operational or business reasons. ------------------------------------------------------------------------
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