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Enron Mail |
---------------------- Forwarded by John Enerson/HOU/ECT on 02/14/2001 04:37
PM --------------------------- John Enerson 11/14/2000 02:24 PM To: Randy Petersen/HOU/ECT@ECT, Richard Lydecker/Corp/Enron@Enron, Wayne Mays/PDX/ECT@ECT cc: Subject: Can Fibre Lackawanna Letter of Credit Attached is my first attempt to frame the applicable provisions regarding Enron's obligation to increase its Stabilization Fund letter of credit by $4.5 million on the Completion Date. It appears that the major issues are (1) can they pass the Endurance Benchmark (24 day test) and (ii) that the estimated cost to complete the facility is in excess of amounts in the Interest Subaccount, Construction Fund, and Equity Contribution Account. I am currently thinking that if it cost more than $4.5 million to complete the facility, senior lenders may not want to pursue completion in order to obtain our $4.5 million.
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