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Enron Mail |
Dear Sara,
Further to our conversation of this morning, I have spoken to our Credit Manager, Andrzej Kabarowski. We are able to significantly move negotiations forward by agreeing to your proposed $100MM Cross-Default Thresholds for Cargill-Alliant and Enron North America Corp. I can also agree to your language and a trigger of BELOW BBB- for the Additional Event of Default. Regarding the Set-Off issue, I attach language for your consideration which demonstrates our agreement to include a Non-Defaulting Party's Affiliates. This language does not, however, make Set-Off available in all instances, but rather restricts it to the market standard of set-off in cases of any Event of Default and the Credit Event Upon Merger Termination Event. In light of our agreement to the 3 major items above, we ask that you consider using the attached language in this ISDA Master Agreement between Enron North America Corp. and Cargill-Alliant LLC. Unfortunately, I still have no further information on the Guarantee from Cargill, Incorporated. We have again pressed our Corporate Treasury Dept. for a prompt response. I look forward to hearing from you again at your earliest convenience. Regards, Mara Alexander Sr. Documentation Analyst Cargill, Incorporated Tel: 952.984.3417 Fax: 952.984.3872 e-mail: Mara_Alexander@Cargill.com - SetOff.doc
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