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Enron Mail |
Ben and Kay, given that 2 of the LOCs are for the Intergen deal, once the
sale occurs on the 18th of January you will need to have the LOCs reissued/assigned to CA Development I and II. -----Original Message----- From: Clark, Catherine Sent: Thursday, January 11, 2001 7:24 PM To: Jacoby, Ben; Tweed, Sheila; Mann, Kay Cc: Engeldorf, Roseann; Bills, Lisa Subject: Letter of Credit from GE for LM6000s The accounting group received a set of 3 faxes from GE with information on Letters of Credit issued by GE with E-Next Generation as the beneficiary. These documents need to be countersigned and I don't know if anything else is required to "activate" the LOCs. I'll fax copies to you all. The documents are: LOC 1: $4,289,200 (for the 6 Fountain Valley turbines, since the amount is 5% of the total turbine cost) LOC 2: $717,600 (for Intergen turbine 1) LOC 3: $717,600 (for Intergen turbine 2) This is in accordance with the LM6000 purchase agreement (Section 6.1.3) where GE must provide Retention Letters of Credit (the Retention Amount is 5% of the purchase price) when E-Next Generation pays GE the final progress payment (this final payment is scheduled to go out on 1/16/01). The LOC docs need to be counter-signed within 30 days and then forwarded to the E-Next Generation, since they are the beneficiary. -Catherine x3-9943
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