|
|
Enron Mail |
Sean,
There are restrictions on ECT-WR-B pledging its interest in Lost Creek LLC. ECT-WR-B is a limited purpose company and cannot act except as provided in the purposes section of its LLC Agreement (Section 2.04). This section does not permit it to pledge any of its assets. An identical provision was contained in the LLC Agreement of ECT-PR-B in the Powder River deal. We amended the ECT-PR-B LLC Agreement in December 1999 to permit a pledge to BankBoston pursuant to the project documents. Enron determined not to amend the ECT-WR-B LLC Agreement in the same way because it was anticipated that a pledge would not be required until after the B Interest financing had been paid off. If a pledge of the assets of ECR-WR-B is now required, we will need to amend its LLC Agreement, which will require the consent of the Class B Member. Before June 30, 2000 this is the Wind River trust, and consequently the consent of the noteholders and certificateholders will be required. After June 30, 2000 (as I understand it) the Class B Member will be the Condor trust vehicle. Please give me a call if you want to discuss this. Danny <===== Original Message From "Sean Bunk" <BUNKS@andrews-kurth.com< ===== <Attached please find a draft of the closing checklist for the Lost Creek conversion from construction loan to term loan. < <Please feel free to call me at (713) 220-4427 if you have any questions or if I may be of assistance. < <Danny and David: < <Are there any restrictions on the ability of ECT-WR to pledge its member interest in Lost Creek LLC? < <Sean Daniel Sullivan Andrews & Kurth L.L.P. Level 16, City Tower 40 Basinghall Street London EC2V 5DE Tel: +44 20 7382 0550 Fax: +44 20 7614 0012
|