SCHRODERS AS A SIGNIFICANT LENDER IN ITS OWN RIGHT WILL ENSURE
THAT IT AND THE LENDERS ARE FULLY PROTECTED.
PARA II SUBSTITUTE THE FOLLOWING:-
''DEPARTMENT OF INDUSTRY AND LAZARDS IN THEIR CAPACITY AS
ADVISERS TO DEPARTMENT OF INDUSTRY WILL BE FULLY INVOLVED IN THE
LOAN NEGOTIATIONS."'
PARA 111
SUBSTITUTE THE FOLLOWING :-
''FULL ACCOUNT WILL BE TAKEN OF THE WISHES OF CLP/EE AS TO THE MEMBERS OF THE BANKING SYDNICATE 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 THESE CIRCUMSTANCES, THAT GEC'S VIEWS WOULD ALSO BE TAKEN INTO ACCOUNT. THE INVITATION TO JOIN THE SYNDICATE SHOULD BE MADE BY SCHRODERS.
PARA IV - PARA IV SHOULD BE DELETED ENTIRELY.
PARA V SUBSTITUTE THE FOLLOWING:-
#
''IN THE PUBLICITY FOLLOWING LOAN SIGNATURE SCHRODERS WOULD BE
SHOWN AS MANAGERS OF THE LOAN AND AGENT BANK AND LAZARDS AS
ADVISERS TO THE DEPARTMENT OF INDUSTRY."
4. IN VIEW OF THE EXCEPTIONALLY LIMITED TIME THAT IS AVAILABLE TO COMPLETE THE LOAN WE FIND IT DIFFICULT TO UNDERSTAND WHY SCHRODERS HAS BEEN PREVENTED FROM COMMENCING THEIR DISCUSSIONS
WITH ECGD FOR 22 DAYS.
5. THIS DELAY IS SERIOUSLY JEOPARDISING THE CHANCE OF THE CREDIT BEING COMPLETED BY THE END OF MARCH AND MAY WELL PREJUDICE THE SUCCESSFUL COMPLETION OF PROJECT 77.
6. WE TRUST THAT YOU WILL NOW RECTIFY THIS SITUATION BY ENSURING THAT ALL PARTIES FULLY CO-OPERATE WITH SCHRODERS RATHER THAN CAUSING THEM AND US FURTHER DIFFICULTIES.
7. MANY THANKS FOR YOUR ASSISTANCE WHICH IS SINCERELY APPRECIATED.
ENDS
2. SEE M.I.F.T.
MARCH