Message-ID: <20074004.1075844488789.JavaMail.evans@thyme>
Date: Wed, 20 Sep 2000 02:32:00 -0700 (PDT)
From: soma.ghosh@enron.com
To: cris.sherman@enron.com
Subject: Alberta pre-pay collateral
Cc: sara.shackleton@enron.com, catherine.clark@enron.com, 
	brian.kerrigan@enron.com
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Cris,

Following up on our conversation yesterday, I would be grateful if you would 
please confirm that from an accounting perspective we can use L/C's as 
collateral within our proposed structure. 

Having spoken with Legal & Credit, I understand that the use of cash as 
collateral creates difficulties under Canadian bankruptcy law regarding title 
to security & rights of set-off, therefore use of L/Cs would be the preferred 
route.

Sara, can we revert to using L/C as collateral within docs. 

Many thanks,

Soma