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Enron Mail |
Ed,
Please review the below language for "threshold" and "credit rating". The= =20 main question we have is if a rating is required from both S&P and Moody's.= =20 The threshold language reads such that if a party fails to have a credit=20 rating from either entity, then the threshold will be zero. Is this your= =20 intention or does a rating from only one agency suffice? (B) =01&Threshold=018 means, with respect to Party A (a) the amount set fo= rth=20 opposite the lowest Credit Rating for Party A=01,s Credit Support Provider = on=20 the relevant date of determination; or (b) zero if on the relevant date of= =20 determination (i) the entity referred to in clause (a) above does not have = a=20 Credit Rating from either S&P or Moody's, or (ii) an Event of Default or=20 Potential Event of Default with respect to Party A has occurred and is=20 continuing: =01&Threshold=018 means, with respect to Party B (a) the amount set forth o= pposite=20 the lowest Credit Rating for Party B on the relevant date of determination;= =20 or (b) zero if on the relevant date of determination (i) the entity referre= d=20 to in clause (a) above does not have a Credit Rating from either S&P or=20 Moody's, or (ii) an Event of Default or Potential Event of Default with=20 respect to Party B has occurred and is continuing: =01&Credit Rating=018 means with respect to Party A=01,s Credit Support Pro= vider, on=20 any date of determination, the respective ratings then assigned to Party A= =01,s=20 Credit Support Provider=01,s unsecured, senior long-term debt or deposit=20 obligations (not supported by third party credit enhancement) by S&P, Moody= =01,s=20 or the other specified rating agency or agencies, and with respect to Party= =20 B, on any date of determination, the Standard & Poor=01,s Underlying Rating= then=20 assigned to Party B=01,s uninsured revenue bonds by S&P or the rating then= =20 assigned to Party B=01,s uninsured revenue bonds by Moody=01,s. Thanks, Stephanie
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