fw : re : cash vs . lc - - - - - - - - - - - - - - - - - - - - - - - - - -
sent from my blackberry wireless handheld ( www . blackberry . net )
- - - - - original message - - - - -
from : richardson , james
to : ghosh , soma ; moreland , vincent ; hendry , brent ; lewis , james c . ; deffner , joseph ; kumar , rahul ; liu , ying
cc : trevino , maricela ; ephross , joel ; bruce , robert ; perkins , mary
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 so 2 transactions ( written into the so 2 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 lpm today .
regards
soma
- - - - - original message - - - - -
from : 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
for more information about barclays capital , please
visit our web site at http : / / www . barcap . com .
internet communications are not secure and therefore the barclays
group does not accept legal responsibility for the contents of this
message . although the barclays group operates anti - virus programmes ,
it does not accept responsibility for any damage whatsoever that is
caused by viruses being passed . any views or opinions presented are
solely those of the author and do not necessarily represent those of the
barclays group . replies to this email may be monitored by the barclays
group for operational or business reasons .
fw : re : cash vs . lc
- - - - - - - - - - - - - - - - - - - - - - - - - -
sent from my blackberry wireless handheld ( www . blackberry . net )
- - - - - original message - - - - -
from : richardson , james
to : ghosh , soma ; moreland , vincent ; hendry , brent ; lewis , james c . ; deffner , joseph ; kumar , rahul ; liu , ying
cc : trevino , maricela ; ephross , joel ; bruce , robert ; perkins , mary
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 so 2 transactions ( written into the so 2 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 lpm today .
regards
soma
- - - - - original message - - - - -
from : 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
for more information about barclays capital , please
visit our web site at http : / / www . barcap . com .
internet communications are not secure and therefore the barclays
group does not accept legal responsibility for the contents of this
message . although the barclays group operates anti - virus programmes ,
it does not accept responsibility for any damage whatsoever that is
caused by viruses being passed . any views or opinions presented are
solely those of the author and do not necessarily represent those of the
barclays group . replies to this email may be monitored by the barclays
group for operational or business reasons .
