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Enron Mail |
Hi Sheila,
I'm happy to take care of this, I just want to make sure I'm not stepping on anyone's toes. Is anyone else working on this? Kay ---------------------- Forwarded by Kay Mann/Corp/Enron on 06/19/2000 09:12 AM --------------------------- Brian D Barto@ENRON_DEVELOPMENT 06/19/2000 07:54 AM To: Kay Mann@ENRON, Robin Veariel@ECT cc: Gavin Gaul/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT Subject: ENRON LETTER OF CREDIT REQUEST Kay: Braden supplied the exhaust stacks for the eight GE 7EA machines in Illinois. They are preparing to submit their letter of credit so they can get paid the final 5%. It is to be valid through the end of the warranty period. I will make sure that the dates work. Please tell me if you approve of this form of LOC. The purchase order requires Braden to: "provide an irrevocable, on demand, letter of credit ... issued by a U.S. bank acceptble to Buyer, with a credit rating of A or better and with a validity period through the completion of the 12 month warranty period. I am also sending this form to Robin Veariel. Robin, (i) is it ok that an affiliate of Braden is issuing the LOC?; (ii) is the bank issuing this LOC worth a flip?; and (iii) any comments on the form? Gavin: Are they done delivering everything, and what LD's are they into? They have submitted all of their invoices and we are holding the last 5% pending completion of work, receipt of lien waiver and LOC. LD's paid are not a condition to releasing the retention, so you should try to close them out before they get all their cash in hand. Drawing LDs against the LOC would deplete the funds available for warranty work if you ever needed them for that. BB ---------------------- Forwarded by Brian D Barto/ENRON_DEVELOPMENT on 06/19/2000 07:38 AM --------------------------- Curtis Hicks <CHICKS@braden.com< on 06/16/2000 03:36:45 PM To: bbarto@ei.enron.com cc: Enron - Gavin Gaul <gavin.gaul@enron.com<, Stan White <SWhite@braden.com< Subject: ENRON LETTER OF CREDIT REQUEST Brian, Attached please review and advise acceptance for the revised draft LOC. We have eliminated the effective date being subject to receipt of final payment. Hopefully this draft LOC is acceptable. If so, Braden could issue the formal LOC early next week. Regards, Curt < <<LOCREQU23 Enron 888901.doc<< < < - LOCREQU23 Enron 888901.doc
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