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Enron Mail |
Marc,
I agree completely and don't have any legal reason not to send the form of L/C we would require. Unfortunately, given the nature of this transaction we can't use our standard form but will have to beef it up a bit. Let me know if you're ready to send that and I'll get started on it right away - shouldn't take more than a day or so to get it ready. Mark Marc De La Roche 02/24/99 06:45 AM To: Mark - ECT Legal Taylor/HOU/ECT@ECT cc: Doug Leach/HOU/ECT@ECT Subject: Re: DPC Naphtha Hedge Mark, FYI: Ram Srivastav is the President of DPC. Can we send DPC the format of the Stdby L/C to advance the credit risk portion? We're not committing to actually putting a derivative in place, just familiarizing them with the necessary tools. The legal risk aspect will be covered when we get their outside counsel opinion sent to us. Please let me know. While I feel strongly that we need to cover all of ECT's bases, especially when dealing with the Indians, I don't want to appear to hold up the process. Let me know what you think. Marc ---------------------- Forwarded by Marc De La Roche/HOU/ECT on 02/24/99 06:40 AM --------------------------- From: Ram Srivastav@ENRON on 02/24/99 08:25 AM To: Vinayak S Bapat, Marc De La Roche/HOU/ECT@ECT cc: Pavan Dave, Doug Leach/HOU/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT, Darrell W Kinder AT ENRON_DEVELOPMENT@CCMAIL Subject: Re: DPC Naphtha Hedge While the legal openions are coming - please continue working the rest of the issues and Dont forget that MSEB has to understand and agree to any of these arrangements. Ram ______________________________ Reply Separator _________________________________ Subject: DPC Naphtha Hedge Author: Marc De La Roche/HOU/ECT at ECT Date: 2/23/99 2:55 PM Mood Stamp: FYI --------------------------------- Importance: High --------------------------------- Vinayak, We very much look forward to being able to help DPC mitigate it's fuel price risk by implementing a derivative through ECT. ECT's counsel has advised me that the format for the Standby Letter of Credit to cover ECT's exposure on the derivatives will be sent to you/DPC as soon as you provide us with an opinion from outside (non-DPC) Indian counsel on the legality of commodity derivatives in India. Pursuant to the above, please obtain a formal opinion from outside (non-DPC) Indian counsel on the legality of commodity derivatives in India, and send it to myself at your earliest convenience. Thanking you in advance, Marc
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