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COMMENT: ECGD HAVE OF COURSE ALREADY BEEN WORKING ON THE
FIRST DRAFT AGREEMENT WHICH WILL BE READY FOR DISCUSSION
WITH SCHRODERS AS LENDERS THIS WEEK. SO NO TIME HAS IN
PRACTICE BEEN LOST AND THE AGREEMENT SHOULD BE READY
SIGNATURE IN ACCORDANCE WITH OUR TIMETABLE:
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THE DEPARTMENT OF INDUSTRY WILL BE FULLY INVOLVED IN ECGD'S
LOAN NEGOTIATIONS WITH SCHRODERS:
FULL ACCOUNT WILL BE TAKEN OF THE WISHES OF CLP/ESSO AS TO THE MEMBERS OF THE BANKING SYNDICATE SUBJECT TO THE BANKS', AND THE TERMS OFFERED, BEING ACCEPTABLE IN ACCORDANCE WITH ECGD'S NORMAL CRITERIA, THOUGH WE WOULD EXPECT, AS IS USUAL IN SUCH CIRCUMSTANCES, THAT GEC'S VIEWS WOULD ALSO BE TAKEN INTO ACCOUNT. THE INVITATION TO JOIN THE SYNDICATE WOULD
BE MADE BY SCHRODERS:
COMMENT: ECGD WOULD NOT EXPECT THE SYNDICATION TO BE SO FRAGMENTED THAT SPEEDY NEGOTIATION WAS PREJUDICED:
IN PUBLICITY FOLLOWING LOAN SIGNATURE SCHRODERS WILL BE SHOWN AS ARRANGERS OF THE FINANCE MANAGERS OF THE LOAN AND AGENT BANK AND LAZARDS AS ADVISERS TO THE DEPARTMENT OF
INDUSTRY.
COMMENT: AS YOU HAVE RECOGNISED LAZARDS WILL REMAIN AS OUR
ADVISERS THROUGHOUT:
I HOPE YOU WILL AGREE THAT WE CAN PROCEED ON THE BASIS OF THESE ARRANGEMENTS. AS SOON AS THEY HAVE BEEN CONFIRMED AS ACCEPTABLE TO YOU, ECGD WILL ARRANGE A DISCUSSION WITH SCHRODERS.
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