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Evening Guys,


I began to research the 1703 / 1705 sections of the Loan Guarantee Program
and included a brief (and cribbed) overview of each in the attached
document. I think it would be more beneficial to get feedback from Yvan on
his discussion with Steve Spinner (at DOE) before spending time digging
through the federal register (given Yvan’s expertise on Ormazabal and Steve
Spinner’s on the DOE programs). That way we’ll have a clear understanding of
the synergies and can assist Yvan in preparing the appropriate
documentation.


Let me know what you guys think of that approach.


Best,


Mike


Mike Muldoon

Rosemont Seneca Partners, LLC

1010 Wisconsin Ave., NW

Suite 705

Washington, DC 20007

(202) 333-1880

mmuldoon@rosemontseneca.com <eschwerin@obblaw.com>

*P** **Consider the environment before printing this email.***


*From:* Abel Navarro Homet [mailto:abel@transatlanticeg.com]
*Sent:* Thursday, August 19, 2010 2:27 AM
*To:* 'Mike Muldoon'; Hunter Biden; Devon Archer; Eric Schwerin; Lorenzo
Roccia; Pio Mortera Nales
*Subject:* RV: USA - DOE "1705" Loan Guarantee Program first read


Hi Mike

I am here with Hunter and we were discussing that it would be good to take a
look to this program for Ormazabal. I am going to go through it this morning
and get some idea of what it would be interesting for the company. The dead
line application form is on august 31st so we don't have much time. Hunter
would like you to take a look at it and have a small report done before the
end of the week. I also will be sending my ideas to all you guys. Thanks.
Regards

Abel

Enviado desde mi BlackBerry® de Vodafone
------------------------------

*From: *Yvan Giroud <ygi@ormazabal.com>

*Date: *Tue, 17 Aug 2010 19:06:46 -0400

*To: *Lorenzo Roccia<lorenzo@transatlanticeg.com>; Roberto Fernández
Medrano<rfm@ormazabal.com>

*Cc: *Abel Navarro Homet<abel@transatlanticeg.com>; ebm@uniblok.com<
ebm@uniblok.com>; Pio Mortera Nales<pio@transatlanticeg.com>;
ReidFitzgerald<reid@transatlanticeg.com>

*Subject: *USA - DOE "1705" Loan Guarantee Program first read


Lorenzo, Roberto,


I had a first look at part I of the DOE Loan Guarantee Program online
application (https://www.doeloan.com/doe/common/Applicant/Applicant.aspx) to
prepare my call to Steven Spinner of DOE.


We may consider apply under section 1703 – Manufacturing Systems and
Components Projects. The program would guarantee 80% of aggregate principals
and interests.


Preliminary application (“Part I”) is due by August 31, 2010. Equity
requirement is at least 20% of total project cost. There is also a
requirement to pay prevailing wage rates as per the Davis-Bacon Act,
http://www.wdol.gov/, ($32 + $12 fringe benefits hourly rate in Iowa). I
have not found any MWBE consideration or personal guaranty requirement.


Fees are as follows:

- $125k application fee (25% with part I application and 75% with part
II)

- 0.5% facilitation fee (25% at signing, 75% at closing)

- $50k to $150k maintenance fee (yearly)


Application requirements the following elements:

1. Credit rating of the project (S&P, Moody’s or Fitch)

2. Latitude / Longitude of the manufacturing site

3. Off-take agreements (pre-arranged orders or sales)

4. Revenue projection

5. Environmental Impact Assessment

6. Project sponsor’s right to the Intellectual Property (in this case
Orma-Transatlantic Inc.)

7. Job creation estimate

8. Technical & project descriptions

9. Summary business and financial plans

10. OMB Application (not sure what it is)


I plan to call Steve Spinner tomorrow to explore further those 10 items and
determine whether they are mandatory for the initial August 31 deadline and
how critical they are to a successful application.


Best regards,


Yvan


Yvan

T +1 203 983 8176

C +1 203 339 1548


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