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Enron Mail |
Carol St. Clair
EB 3889 713-853-3989 (Phone) 713-646-3393 (Fax) carol.st.clair@enron.com ----- Forwarded by Carol St Clair/HOU/ECT on 06/01/2001 09:46 AM ----- boldham@reliant.com 06/01/2001 09:27 AM To: Carol.St.Clair@enron.com cc: Edward.Sacks@enron.com, janet-greene@reliantenergy.com, Wendy.Conwell@enron.com, bhamilton@reliant.com, wwaller@reliant.com, rclevenger@reliant.com Subject: Re: Update Carol: Thankyou for the attached. I believe the governing law for each issuing surety will be the law where the surety is domiciled, but let me do some checking and confirm this. Also, will get back to you on your comments Re the language in our recommended bond form...probably Monday or Tuesday next week. Thanks for your continued efforts in this matter. Bill Oldham Director, Insurance Risk Management Reliant Energy Incorporated Telephone No.713/207-3131 FAX No. 713/207-3251 email: bill-oldham@reliantenergy.com Carol.St.Clair @enron.com To: bill-oldham@reliantenergy.com cc: janet-greene@reliantenergy.com, Edward.Sacks@enron.com, 06/01/01 09:02 Wendy.Conwell@enron.com AM Subject: Update Bill: I spoke with our outside counsel yesterday and we have some more follow up work that we need to do on our side. One issue that may be of some importance to us in our analysis is determining what the governing law of the surety bond will be for each issuer, and more importantly, whether we can have the bonds governed by Texas law. Can you answer this for me? Also, with respect to the form of the bond itself, as we mentioned at the meeting, the language in the third paragraph which states that "if the Principal shall promptly and faithfully provide the Firm energy as defined in the Confirm, hen this obligation shall be null and void," does not work for us. Has anyone come up with alternative language? Finally, with respect to the Notice of Claim, we would like for the certification to say something like, "an Event of Default has occurred under the Master Agreement" rather than tie it to a specific default under the Confirmation. Does that work for the sureties? I look forward to hearing from you. Carol St. Clair EB 3889 713-853-3989 (Phone) 713-646-3393 (Fax) carol.st.clair@enron.com
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