--------------------------
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-----Original Message-----
From: Richardson, James <James.Richardson@ENRON.com>
To: Ghosh, Soma <Soma.Ghosh@ENRON.com>; Moreland, Vincent <vincent.moreland@ENRON.com>; Hendry, Brent <Brent.Hendry@ENRON.com>; Lewis, James C. <james.c.lewis@enron.com>; Deffner, Joseph <Joseph.Deffner@ENRON.com>; Kumar, Rahul <Rahul.Kumar@ENRON.com>; Liu, Ying <Ying.Liu@ENRON.com>
CC: Trevino, Maricela <Maricela.Trevino@ENRON.com>; Ephross, Joel <Joel.Ephross@ENRON.com>; Bruce, Robert <Robert.Bruce@ENRON.com>; Perkins, Mary <Mary.Perkins@ENRON.com>
Sent: Tue Nov 06 09:12:33 2001
Subject: RE: Cash Vs. LC

That is great news.  We are still pressing the lawyers to see if the Enron rep letter can be signed today or in the near future.  That way we can issue under the WLB committed LC line.

Hopefully once the bank meeting concludes on Friday, some of these guys may be more amenable to us using some of the uncommitted LC capacity we have unused at this time.

Cheers,

JR


-----Original Message-----
From: Ghosh, Soma 
Sent: Tuesday, November 06, 2001 8:16 AM
To: Moreland, Vincent; Richardson, James; Hendry, Brent; Lewis, James
C.; Deffner, Joseph; Kumar, Rahul; Liu, Ying
Cc: Trevino, Maricela; Ephross, Joel; Bruce, Robert
Subject: FW: Cash Vs. LC


All,

Barclays has agreed to accept cash collateral on an ongoing basis until such time we are able to post an L/C subject to the provisions stated below. 

Under the circumstances, I think that they have been very flexible and would be unlikely to negotiate on most of the points. We would need some clarification on point 1 (onerous if it applies to all contracts under the current ISDA), we would expect 1. to only apply to SO2 transactions (written into the SO2 confirm).

Vincent, Brent, I would be grateful if you would take at a look at these points. Our timeline is to get everything signed by 1pm today.

Regards

Soma

-----Original Message-----
From: Martin.Woodhams@barclayscapital.com
[mailto:Martin.Woodhams@barclayscapital.com]
Sent: Tuesday, November 06, 2001 7:41 AM
To: Ghosh, Soma
Subject: Cash Vs. LC




	Points needed to get credit sign-off
	
	1. Failure to pay in all documentation, reduced from 3 days to 1 day
(as per 2001 new ISDA amendment)
	2. Fix dates (if needed) on all master SOX documentation. (call me
to discuss this point further)
	3. Early termination language with regard to effected party needs to
be amended on the confirms
	4. Document waiver regarding failure to deliver L/C and subsequent
event of default.
	5. Guarantees being checked, awaiting view from my legal team.


	Martin
	

	


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