|
|
Enron Mail |
Tanya:
I just received a revised draft of the ISDA Schedule. There is just 1 point that I want to raise with you. You may recall that in Credit Event Upon Merger we created a special exception for them in connection with their upcoming reorg which stated that either the transferee or its Credit Support Provider would have to have a Credit Rating of BBB- or better OR Baa3 or better. They now have added this same concept as a carve-out/exception to the "transfer" provisions in section 7, such that upon any transfer, the other party cannot withhold its consent to such transfer if the transferee provides a Guaranty from an entity that meets the above ratings test. Are you okay with this as a general carve out for all types of transfers? Our typical language is that we can withhold our consent unless the transferee provides a satisfactory guaranty to us. Carol
|