Riggs National Corporation & Subsidiaries (f.k.a. Riggs National Bank and Subsidiaries) - Page 29

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          served as its deputy chairmen.  A senior executive at Citibank,             
          William Rhodes (Rhodes), represented Citibank in its role as the            
          BAC's chairman.                                                             
               The BAC also appointed certain coordinating banks in various           
          sectors of the international financial community.  The BAC members          
          and coordinating banks would advise foreign lenders of the status           
          of the negotiations.  Also, any foreign lender could raise any              
          issue in connection with the proposed phase II restructuring that           
          it wished with the BAC.                                                     
               The BAC adopted a set of operating rules concerning its                
          deliberations and its negotiation of the phase II restructuring.            
          The BAC would formulate its position only by reaching a unanimous           
          consensus among the BAC members.  It would further negotiate with           
          the Brazilians only those issues pertaining to the phase II                 
          restructuring that it considered to be of importance to all of the          
          foreign lenders, as a group, in effectuating the restructuring; it          
          would not negotiate with the Brazilians those issues that it felt           
          concerned only some of the foreign lenders.  However, on those              
          issues which it would not negotiate, but which it believed were             
          important issues to certain foreign lenders, the BAC would advise           
          the Brazilians of the issue's existence and its importance to some          
          of the foreign lenders.                                                     
               During the phase II negotiations, perhaps the most contentious         
          issue the BAC dealt with was the issue of new money to be provided          
          to Brazil. Under the proposed phase II CGA, all foreign lenders             




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