Message-ID: <31536380.1075845807319.JavaMail.evans@thyme>
Date: Thu, 11 Jan 2001 13:15:00 -0800 (PST)
From: lisa.bills@enron.com
To: ben.jacoby@enron.com, kay.mann@enron.com
Subject: RE: Letter of Credit from GE for LM6000s
Cc: roseann.engeldorf@enron.com, catherine.clark@enron.com, 
	sheila.tweed@enron.com
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X-From: Lisa Bills
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Ben and Kay, given that 2 of the LOCs are for the Intergen deal, once the 
sale occurs on the 18th of January you will need to have the LOCs 
reissued/assigned to CA Development I and II.

 -----Original Message-----
From:  Clark, Catherine  
Sent: Thursday, January  11, 2001 7:24 PM
To: Jacoby, Ben; Tweed, Sheila; Mann, Kay
Cc: Engeldorf, Roseann; Bills, Lisa
Subject: Letter of Credit from GE for LM6000s

The accounting group received a set of 3 faxes from GE with information on 
Letters of Credit issued by GE with E-Next Generation as the beneficiary.  
These documents need to be countersigned and I don't know if anything else is 
required to "activate" the LOCs.  I'll fax copies to you all.
The documents are:
LOC 1: $4,289,200  (for the 6 Fountain Valley turbines, since the amount is 
5% of the total turbine cost)
LOC 2: $717,600  (for Intergen turbine 1)
LOC 3: $717,600 (for Intergen turbine 2)

This is in accordance with the LM6000 purchase agreement (Section 6.1.3) 
where GE must provide Retention Letters of Credit (the Retention Amount is 5% 
of the purchase price) when E-Next Generation pays GE the final progress 
payment (this final payment is scheduled to go out on 1/16/01).

The LOC docs need to be counter-signed within 30 days and then forwarded to 
the E-Next Generation, since they are the beneficiary. 

-Catherine
x3-9943