Hey, man, what's up?  Have we thought this through practically?
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 10/21/99 01:54 
PM ---------------------------
To: Sara Shackleton/HOU/ECT@ECT
cc:  
Subject: Re: Tiger  

Thanks for the email update. Sorry to hear you're sick and hope the voice 
comes back soon.

I thought we discussed the l/c issue and agreed that if the l/c defaulted on 
payment that we would go to cash. The question was timing, i.e. was it 2 days 
or 5 days before the cash was do in. I have an appointment out of the office 
at 3pm my time and won't be bale to join the call, but if it helps I can call 
to follow up when I am free at aroung 5PM my time.

Let me know how the call goes.
Per




Sara Shackleton
10/21/99 01:39 PM
To: Per Sekse/NY/ECT@ECT
cc:  
Subject: Tiger

Just got your voice mail.  I have severe laryngitis and I cannot use my voice 
today or tomorrow.  Sorry.  We can e-mail or speak through Marie.  
Yes, we have a blackline.  Marie has finished going through it and I need to 
review (the lawyers blacklined the latest version over the second blackline 
so we had to revert to a comparision to the first blackline!).  Re: the 
credit support annex, I believe all is resolved.  However, I believe there is 
still an L/C issue.  If there is an L/C default (say the issuer is 
downgraded), Tiger is insisting that we post cash immediately without the 
right to post a  substitute L/C within two days.  I am not absolutely certain 
of this, but Carol has a 2 pm call with the lawyers and I will listen.  I 
don't know if Tiger responded to our guaranty.  I was out sick yesterday.  
Hope this brings you up to date.  SS