Message-ID: <3590504.1075859123915.JavaMail.evans@thyme> Date: Mon, 26 Nov 2001 10:50:41 -0800 (PST) From: julia.murray@enron.com To: carol.st.@enron.com, elizabeth.sager@enron.com Subject: FW: B of A setoff provisions Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Murray, Julia X-To: St. Clair, Carol , Sager, Elizabeth X-cc: X-bcc: X-Folder: \Elizabeth_Sager_Jan2002\Sager, Elizabeth\Deleted Items X-Origin: Sager-E X-FileName: esager (Non-Privileged).pst fyi [Murray, Julia] Original Message----- From: Ephross, Joel Sent: Monday, November 26, 2001 12:43 PM To: Murray, Julia Cc: Mintz, Jordan Subject: B of A setoff provisions According to Mary, we do not have a written agreement with B of A. Notwithstanding that, from time to time B of A sends out standard Ts and Cs regarding corporate accounts. The last one available, effective October 2001, contains a setoff provision. This purports to allow the bank a right of setoff, either before or after an event of default, and to apply both to the bank, and its affiliates. [It does not purport to apply to the debtor or any of its affiliates, except in circumstances not applicable here -- such as sole proprietor, or partnership situations.]