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As you may already know, Shari Stack will be handling this for ECT. SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 05/10/99 06:12 PM --------------------------- Mark Evans 05/06/99 09:17 PM To: Sara Shackleton/HOU/ECT@ECT cc: jdavies@linklaters.com, fxavier@linklaters.com, Mark - ECT Legal Taylor/HOU/ECT@ECT, Treasa Kirby/LON/ECT@ECT, Philippe Penet/LON/ECT@ECT, tyates@velaw.com Subject: RIVERSIDE 6 Sara, I hope you have now received instructions from your commercial swaps team to put together an ISDA currency swap and confirm which ECT Corp will be providing to either Enron Europe Power 3 Limited or a subsidiary of that company. The subsidiary will be receiving dollars under a bond issue and paying pounds out (a spot transaction I believe) but will then receive pounds income which it will need to convert to dollars to pay interest on the bonds. The precedent document is the Sutton Bridge currency swap. Can you please confirm you have been instructed and let us know your timing for issuing a document. The sooner we can see this next week the better. The bond trustee will as usual require the swap to be backed with legal opinions from Enron in-house counsel (Mark Haedicke) re due execution and from V&E (Terry Yates) re enforceability. My understanding is that the swap will not be guaranteed by Corp (correct Julian?). Linklaters are representing Enron - Julian Davies and Fran Xavier (tel: 171 456 2000). Could you please send them your fax, telephone and email details. Linklaters have kindly agreed to prepare a first draft of the Mark Haedicke opinion and to send it out to you Sara. Thank you. I look forward to hearing from you. Mark
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