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Enron Mail |
A seemingly unresolved issue is our right to prepay before the end of the
term of the swaps. I believe this is something we want commercially, but what is not clear to me is how we envision this working commercially. In other words, although any swap can be bought out, I do not believe the ISDA documentation contemplates agreed terms for buy-out. Rather, the party seeking to get out early asks for the counterparty's offer and hits the offer or not. If RBC or Swapco was not willing to make an we are willing to transact at, we might not be able to get out. Perhaps Sara could advise if my interpretation of the ISDA is right and, if so, Brian and Soma can confirm how they see prepayment working without a specified prepayment right. PK
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