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Enron Mail |
Cris,
Following up on our conversation yesterday, I would be grateful if you would please confirm that from an accounting perspective we can use L/C's as collateral within our proposed structure. Having spoken with Legal & Credit, I understand that the use of cash as collateral creates difficulties under Canadian bankruptcy law regarding title to security & rights of set-off, therefore use of L/Cs would be the preferred route. Sara, can we revert to using L/C as collateral within docs. Many thanks, Soma
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