Re: Tiger

Hey, man, what's up? Have we thought this through practically?
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 10/21/99 01:54
PM ---------------------------
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Tiger

Thanks for the email update. Sorry to hear you're sick and hope the voice
comes back soon.

I thought we discussed the l/c issue and agreed that if the l/c defaulted on
payment that we would go to cash. The question was timing, i.e. was it 2 days
or 5 days before the cash was do in. I have an appointment out of the office
at 3pm my time and won't be bale to join the call, but if it helps I can call
to follow up when I am free at aroung 5PM my time.

Let me know how the call goes.
Per

Sara Shackleton
10/21/99 01:39 PM
To: Per Sekse/NY/ECT@ECT
cc:
Subject: Tiger

Just got your voice mail. I have severe laryngitis and I cannot use my voice
today or tomorrow. Sorry. We can e-mail or speak through Marie.
Yes, we have a blackline. Marie has finished going through it and I need to
review (the lawyers blacklined the latest version over the second blackline
so we had to revert to a comparision to the first blackline!). Re: the
credit support annex, I believe all is resolved. However, I believe there is
still an L/C issue. If there is an L/C default (say the issuer is
downgraded), Tiger is insisting that we post cash immediately without the
right to post a substitute L/C within two days. I am not absolutely certain
of this, but Carol has a 2 pm call with the lawyers and I will listen. I
don't know if Tiger responded to our guaranty. I was out sick yesterday.
Hope this brings you up to date. SS