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The Word of the Day for May 19 is:=20 weird =01=07 \WEERD\ =01=07 (adjective)=20 *1 : of, relating to, or caused by witchcraft or the=20 supernatural : magical=20 2 : of strange or extraordinary character : odd, fantasti= c=20 Example sentence: "Hagar, the witch, chanted an awful incantation over her kettleful of simmering toads, with weird effect."
(Louisa= =20 May Alcott, Little Women)=20 Did you know?
You may know today's word as a generalized term for anyth= ing unusual, but "weird" also has older meanings that are mor= e specific.
"Weird" derives from the Old English noun "wyrd= ," essentially meaning "fate."
By the late 8th century, the= =20 plural "wyrde" had begun to appear in texts as a gloss for=20 "Parcae," the Latin name for the Fates -- three goddesses who spun,
| This isn't necessarily a bad thing to be... |
ARIES HOROSCOPE: Weekly For May 2000: Reassess your goals and friendships.
Things have changed.
Are you satisfied with your job, relationships, and immediate future?
May brings things to light that have been buried or disguised.
Take a cool calm steady look at what surfaces.
.
.
and decide if a change in direction is warranted.
It's clear that your work scenario needs refurbishing and your daily schedule cries out for major rehab.
But first and foremost, you'll get your second wind by dropping tension and frustration mid month, increasing the probability for better relations with friends, coworkers, and relatives.
Try to establish healthy, positive change no later than the Full Moon.
Take steps to insure your financial and business future on or before May 28.
| It's almost eerie... |
AQUARIUS HOROSCOPE: Weekly For May 15-21: You're moving away from one base of operations into another.
Your priorities and basic requirements are also shifting.
You find yourself relying less on something you've clung to in the past -- and
| What was that you were saying about change... |
May there always be work for your hands to do, May your purse always hold a coin or two.
May the sun always shine warm on your windowpane, May a rainbow be certain to follow each rain.
May the hand of a friend always be near you, And may God fill your heart with gladness to cheer you.
-- Irish Blessing
| One good turn deserves another... |
Just wanted to thank you all for showing my parents such a good time last night.
They really enjoyed meeting you and finally being able to put some faces with the names.
At one point I believe my Dad even stated, "I love this place...now we'll have to come here every Wednesday."
(An idle threat though don't worry).
They, as well as myself, are definitely fans of the topical conversational range ever present at "Steak Night".
Our own, though at times juvenile and base, version of the Algonquian Table.
Now on to the "food for thought"...I had a hard time narrowing down my selections today so please bear with the number of quotes and their seemingly unrelated themes (I just couldn't cut any more).
"Courage, it would seem, is nothing less than the power to overcome danger, misfortune, fear, injustice, while continuing to affirm inwardly that life with all its sorrows is good; that everything is meaningful even if in a sense beyond our understanding; and that there is always tomorrow."
--
| Food for thought... |
"1.
Do what's right.
Be on time, be polite, and be honest; remain free from drugs; and if you have any questions, get out your Bible.
2.
Do your best.
Mediocrity is unacceptable when you are capable of doing better.
3.
Treat others as you want to be treated.
Practice love and understanding."
| Chin-up |
Turns out my boss is going to get to Teala's at @ 5:00.
So if you want to show up earlier, say 6:00/6:30, I'm sure that would be cool.
I know Ben, Nick and possibly Sunil are planning on going so you may want to see when they are planning on getting there.
| Happy Hour |
While I don't truly fear you becoming a bitter individual as a result of these negative experiences, I do feel the highlighted section below is now more appropriate than ever.
One must keep their eyes open and use all of the wisdom they possess when they trust.
Just as I suggested that positive experiences can cause one's level of trust to grow exponentially, negative experiences can cause irreparable harm.
If you trust blindly or too willingly and that trust is violated it colours every aspect of your life.
There are too many people in this world that have become bitter and cynical, not because they were born that way but, because they handed out trust haphazardly and too many times that trust was thrown back in their face.
I don't mean to suggest from the above that one should live in a day-to-day mind-set of distrust but rather that they must really look at people and all the aspects which they posses.
I have come to the conclusion that if you spend most of your time observing and listening to people rather than always taking the lead you will learn a great deal more about them and their character.
The smallest acts and statements can in fact say the most, so always be observant.
(This includes listening to what others have to say and paying attention to the opinions of people whom you respect.)
To that end I have one last comment...I am constantly amazed and periodically reminded what fragile creatures we humans are.
That beyond the hype and self-grandizing the basic components of ourselves (our experiences, fears, cares, concerns, needs etc.)
cannot be completely disregarded and will always be a part of us.
I think that only by recognizing those components and trying to understand their origin can we truly become stronger.
| Reminder |
As you know, current firm contracts on Transwestern provide for delivery of 250 MMcf/d of gas to Topock.
In the context of the Gallup Expansion, Transwestern has entered into firm contracts for an additional 40 MMcf/d to Topock.
Once the Gallup expansion is built, Transwestern will have a total of 290 MMcf/d of firm capacity under contract to the Topock delivery point: 40 MMcf/d more than PG&E has agreed to accept while PCBs continue to be present.
Bill Cordes has asked what Transwestern's potential liability to shippers would be if PG&E's refusal to accept deliveries due to the continued presence of contaminants causes Transwestern to have to curtail firm service at PG&E/Topock.
The legal answer is that Transwestern's tariff provides for a reservation charge refund but does not limit the damages that could be sought by a shipper.
More specifically, Rate Schedule FTS-1 specifically provides for a reservation charge refund if Transwestern fails to deliver gas for a firm shipper.
In December, January, February, July and August, the shipper is entitled to a reservation charge refund for all nominated and confirmed quantities not delivered.
In all other months, the shipper is entitled to a refund only if deliveries fall below 75% of nominated/confirmed quantities for a period of 75 consecutive days.
The tariff does not preclude a shipper from seeking other damages resulting from Transwestern's failure to provide service under an FTS-1 contract.
A shipper whose firm service is curtailed would likely incur damages in addition to the reservation charge, including, for example, the cost of buying spot gas or damages resulting from the shipper's inability to fulfill contractual obligations.
Such damages could be recovered in a breach of contract action.
Not all shippers would incur such damages because some might be willing to take delivery of gas at alternate points if capacity is available at such points.
Bill has asked Steve to work with me in quantifying our potential exposure.
I could really use your help in putting a dollar amount on potential damages.
Can we meet briefly to discuss this?
I'm available after the Gallup meeting tomorrow a.m., or after lunch on Friday...or we can discuss a meeting time for next week.
Thank you.
| Confidential: PG&E/Topock issue |
I just finished having lunch with Tobin and he filled me in a bit about this morning's meeting.
I don't know how you reacted, if you were upset, etc.
but I wanted to offer this up if you were struggling with the situation.
Whatever happens and whatever is said about your move don't ever lose sight of the fact that in every aspect of this situation you conducted yourself in the best and most open manner possible.
In no way can or should your conduct be called into question.
Bearing that in mind any criticism that was expressed within the meeting this morning was beyond inappropriate.
I am sure it reflected much more poorly on the accuser than it did any of those being criticized.
Furthermore, just keep focused on what an incredible opportunity this move is going to be for you and all of the doors it will inevitably open.
There isn't a doubt in my mind that you are bound for great things, you just have to seize the opportunities that will lead to that when they come along (which is exactly what you've done).
Keep your chin up and whatever you do don't doubt yourself or your actions.
| Stand Tall |
For April 2000: Your mind is so active, inventive, and unlimited this month that you're capable of almost anything!
(You've privately believed that the rules don't necessarily apply to you.)
This month, your incredible adaptability and powers of persuasion help you shed the status quo and break out of the corral.
Unless you catch your foot in a bear trap, nothing can stop you.
People are fascinated by your mind, wit, ideas, and conversation.
(Don't forget: Oprah Winfrey is an Aquarius!)
Your views are welcomed and provoke others to investigate things they may have taken for granted.
Speak up during the first week, especially if it's to announce you're starting a new venture.
Business travel is likely during the first and third weeks, especially if contractual issues need to be finalized.
Travel is actually enjoyable this month and can open your eyes to fresh horizons.
Aquarius.
.
.
you've dragged your tin cup across the bars long enough.
I smell a prison break.
.
.
.
| monthly forecast |
I obviously didn't get up this morning to work-out...So I was wondering if you wanted to go for a run before Felicity tonight.
I should be home by 6:30 or 7:00.
Let me know.
| Evening Run? |
" To dream anything that you want to dream - that is the beauty of the human mind.
To do anything you want to do - that is the strength of the human will.
To trust yourself to test your limits - that is the courage to succeed."
" Embrace hard things and your mind will blossom."
"This is America ENRON.
We can do anything here."
-- Ted Turner Sunil Dalal
| A barrage of Inspiration |
Here is some preliminary research on the Commercial Group's question of whether we can have a tariff provision in which shippers pay cash for fuel rather than providing fuel in kind.
If you want the attachments (examples of other pipelines' tariff provisions) I will send you a hard copy.
Comments?
Are there any rate case implications I should be aware of?
| TW fuel question |
Hi Lindy.
Sorry I've not yet set up the meeting on imbalances...I feel I am still lacking focus so thought I'd run this by you for your comments before inviting people.
First of all, I believe the general topics we wanted to address were: - imbalance netting & trading - mandatory use of Park N Ride service for out of balance operators - hourly determination of imbalances Is this correct?
Next, the list of attendees: you, me, Darrell, Richard Hanagriff, Sheila Nacey (or someone else she designates).
Anyone else?
As far as timing, I am very flexible, so let me know what works for you, and I'll get it set up.
| imbalance meeting |
Via a quick phone call to Little Woodrow's I was informed that the "steak dude" (as nstepha has coined him) cooks come rain, sleet, snow or shine.
Thus, our evening out is on.
See everyone there around 7:30 p.m.
If you can't make it till later that's OK we'll save you a seat.
Besides, most of you would probably put good money down on my being there until closing.
Cheers.
| Let's get ready to rumble... |
Barring weather issues, it would appear as though we are on for Little Woodrow's tonight.
I don't believe a definite time has been set as of yet, but seeing as how they ran out of steaks last week I suggest we get there as early as possible.
Should we be rained out an alternative location will be chosen.
| Beef...It's what's for dinner. |
With the exception of Sunil no one answered the original question (Do we want to go somewhere we can eat?).
Given that the three of you sit within inches of each other, I'm going to let y'all discuss the matter and get back to me.
Anything's OK with me so just let me know what you come up with.
If you get stumped I'd be happy to offer some suggestions.
| Following directions, evidently, is much more difficult than it seems. |
Given that tonight's weather conditions may not permit dining alfresco, I was wondering if we should come up with an alternative plan.
I think the first order of business is whether or not we want to go some place we can eat or if everyone just wants to meet up post dinner.
Depending on everyone's preferences I have several suggestions.
Let me know your thoughts (regarding tonight).
| Raindrops keep falling on my head... |
With regard to the Commission's limitations on the right of first refusal, Order 637 provides for grandfathering of discounted long-term contracts that are now subject to ROFR.
The Commission's rationale was that grandfathering gives all shippers notice of the new limitation and the opportunity to re-execute current contracts.
The TW Commercial Group has asked whether we should challenge the grandfathering of existing contracts.
In limiting the right of first refusal, the Commission has expressly acknowledged that if a customer is truly captive and has no alternatives for service, it is likely that its contract will be at the maximum rate.
Shippers that are not captive and have alternatives in the marketplace do not need the protection of ROFR, and the pipeline should be able to negotiate with other interested shippers upon expiration of the contract.
In light of these conclusions, there should be no reason to grandfather the ROFR rights of shippers under existing discounted contracts.
Such shippers would not be harmed by removal of the right immediately upon the effective date of a pipeline's tariff filing to limit the right of first refusal (assuming the service contract incorporates tariff terms on an "as amended" basis).
Consistent with the Commission's order, it would not be unfair to make these shippers compete with others for the capacity upon expiration of the contract.
| Order 637: TW Comment on Rehearing Request |
As you will note from the email address, my last name is Scott.
If that is not enough information to derive my number I will have to question the level of intelligence I had previously afforded you.
However, as I hate having my illusions shattered, I'll save myself from possible disappointment and just give you the number...ext.
31455.
| The Joys of Marriage |
The Word of the Day for April 6 is:=20 ambrosia =01=07 \am-BRO-zhuh\ =01=07 (noun)=20 1 a : the food of the Greek and Roman gods b : the ointme= nt or perfume of the gods=20 *2 : something extremely pleasing to taste or smell=20 3 : a dessert made of oranges and shredded coconut=20 Example sentence: "We feasted that evening as on nectar and ambrosia; and n= ot the least delight of the entertainment was the smile of gratification with which our hostess regarded us, as we= =20 satisfied our famished appetites on the delicate fare she liberally supplied."
(Charlotte Bronte, Jane Eyre)=20 Did you know?
"Ambrosia" literally means "immortality" in Greek; it is = a derivative of the Greek word "ambrotos," meaning "immorta= l," which combines the prefix "a-" (meaning "not") with=20 "-mbrotos" (meaning "mortal").
In Greek and Roman mythology, only immortals -- gods and goddesses -- could eat ambrosia.
Th=
| Webster's Word of the Day |
It occurred to me last night after you two had left that we never quantified what constitutes a "good" girl.
And, given that oversight I may have been remiss in stating that Wilson was not ready for said good girl.
Just as the opinion of women in Texas differed between you Yanks and the Texas boys at the table, I am inclined to believe that our definitions of a "good" girl may not be in line.
P.S.
-- A person in their nineties is referred to as a nonagenarian.
(We
| "Good" Girls |
Lorraine: here's what we would have to show FERC, along with some of my comments.
Let me know if you have additional ideas, and I'll turn it into a draft to send around to the usual suspects.
1.
Rate impact on TW customers; method by which TW would collect the costs of the acquired capacity.
- I assume TW would be at risk for any undercollection of revenue associated with the PNM capacity; thus there is no cost-shift potential to other shippers.
- Net costs will be separately recorded.
2.
Would acquisition of PNM capacity enable TW to gain control over access to upstream capacity and supply sources in a manner which would permit TW to limit customer choices or improperly tie use of the acquired capacity to other pipeline services?
(I think Mary Kay will be able to help us explain the "no tying" part).
3.
Would TW's marketing affiliates receive preferential treatment?
- No TW marketing affiliate will be involved in the proposed transaction - Acquisition of PNM capacity will not result in any undue preference or advantage to any affiliated entity.
4.
Will TW as a holder of capacity receive preferential treatment over PNM's customers, to the detriment of PNM's customers?
- No.
PNM will be making the capacity available to TW only during periods in which it has unused capacity available on its system, so any impact on PNM shippers should be minimal.
- Service contract under PNM's tariff does not provide for unduly preferential treatment of TW.
5.
How will capacity be managed or otherwise integrated into TW's existing open access operations?
- TW will enter into service agreements with PNM from time to time to transport gas on the portion of PNM's line from Blanco, NM (i.e., the Blanco Hub operated by TW) to Rio Puerco, NM, where PNM's system interconnects with TW's mainline.
Resulting available capacity will be posted according to TW's tariff.
- The capacity will be used to serve customers under TW's FTS-1, LFT and ITS (right?)
rate schedules from the Blanco receipt point to delivery points on TW's system.
- Lorraine -- we need to discuss our arrangement with PNM -- Would we be
| Acquisition of PNM capacity |
Sorry I've been MIA this week...new job and all.
Thought you might get a kick out of this email.
It's from that guy that is 25 but looks about 40.
And yet he resurfaces again (read the email at the bottom first then his).
Yes I will be attending the Taster's dinner this evening.
Look forward to seeing you there.
| Yes I am alive |
Oh wait, I can't go to the ball game because I couldn't take a day off from work to stand in the Enron lobby (or send my secretary to do it for me).
For all of you who have managed to snag tickets for tonight's game congratulations and you suck.
For the rest of us stuck out in the cold I suggest the only viable alternative before us is to drown our sorrows in a cold bottle of beer (or two, or three...).
I realize the mass email has been MIA the last two weeks.
For some this may have been a welcomed relief.
For others there may have been some concern that they had been cut-off from the distribution.
At present no one has been removed from the distribution, but it is undergoing an audit.
Should it be determined that it is necessary to remove an individual from the list for any reason that individual will be notified and given an explanation.
If anyone would like to know the causes for expulsion you can write to: I CAN'T BELIEVE ANYONE CARES IF THERE ON THIS DISTRIBUTION OR NOT BECAUSE THE ONLY PLACE WE SEEM TO GO IS WOODY'S EVERY THURSDAY BETWEEN 9:30 AND 10:00.
On that note, see you guys at Woody's tonight around 9:30 or 10:00.
| Take me out to the ... |
Remember those previous discussions about relaxation?
You know me well enough to know that I am not easily offended, and in fact have thoroughly enjoyed the preceding banter.
Still, I do appreciate your remembering that I am a lady.
(I have a bad habit of forgetting.)
| RELAX!!! |
The Commercial Group has asked whether they can sell daily firm for longer than a 3-month period.
This phrasing is of course misleading; TW's daily firm contracts are always for a term of just one day, but renew for consecutive one-day terms unless terminated.
The discount letter, on the other hand, grants a discounted rate for each of the one-day terms for a certain period of time (typically one month).
Steve Harris wants to be able to "sell daily firm for a one-year period."
In contractual terms all this would mean is that the contract is for renewabable one-day terms (as usual), and the discount applicable to such terms would be effective for one year.
I see no problem with this, do you?
(Apparently the current perception in marketing is that regulatory/legal was limiting daily firm to a 3-month period.)
| daily firm on TW |
No wanting to incur the wrath of Jen for failing to keep you informed.
Monte Montgomery will be playing at The Fabulous Satellite Lounge May 6.
Hopefully, we can make this one.
| Don't make the same mistake twice... |
Part I: Dress Code for Female FERC Lawyers at FERC Proceedings* Skirts must be mid-calf length and of a synthetic fabric.
All clothing worn in FERC hearing rooms must be properly aged (12 years or more).
No solid-colored garments are permitted.
Exceptions: mauve, pink, peach, teal, harvest gold.
Hair must be fuzzy, multi-colored and must partially conceal the face.
Suntan hose must be worn at all times.
Open-toed shoes (preferably in a lighter color than the hem of the skirt) are preferred.
Those with a flair for fashion are permitted to wear inexpensive animal print garments, metallic accessories or clothing with fake fur trim, so as to attract attention to one's originality.
*also applicable to female practitioners at the Texas Railroad Commission and Public Utilities Commission.
| so ya wanna be a FERC lawyer |
Mythology "The Ten Commandments of a Military Wife" 1.Thou shalt not write in ink in thy address book.
2.Thou shalt not covet choice assignments of other uniformed braches of service.
3.Love thy neighbor.
| Thought You'd Enjoy This |
DO NOT SEND YOUR STATUS UPDATES TO KITCHEN, BRADFORD, ROHAUER, JUST TO ST. CLAIR AND COOK.
WE WILL SUMMARIZE FOR THEM, THEY DO NOT WANT SEPARATE EMAILS FROM EVERYONE.
THANKS.
| Master Netting Agreements Status Upsdates: READ |
Ms. Shackleton: Attached is the standard SIA Form 151 "Agreement for Prime Brokerage Clearance Services" between First Union Securities, Inc. and Enron Credit Inc. that we discussed.
If you have any questions or concerns, please don't hesitate to contact me.
Thank you for your help,
| Prime Brokerage Clearance Services Agreement |
Sara - there are outstanding issues in this table.
I am trying to determine the following today: Does the Paribas loan cover initial and variation margin?
My reading of the docs is that the loan does.
The back office tells me that Paribas only funds initial margin under this loan.
How much is EDF's loan for?
The number has been reduced and I am not sure where it stands.
Documentation for Fimat Customer Agreement.
Sarah
| Margin Lines draft |
Sara- I am sorry to hear Frank has left.. have you spoken to him, is he OK?
How are you doing?
Can you please tell me how you are dealing with counterparties who still have exposure to Enron?
I know all contracts are null and void.. what is the process for them to take off deals.
The only counterparties I have with any exposure are: tudor wexford I am asking for them specifically.
Also, on monies we owe counterparties.. like tudor and catequil, what is the process they must go through?
Thanks very much,
| counterparty processes |
Sara, Gary wants to remove Andy from the current list of officers for ECT Investments, Inc.
He would like this filing done as soon as possible.
Thanks Sheila
| Remove Andrew S. Fastow from ECT Investments, List of officers |
Sara, I wanted to follow up with you to find out if you are still planning to send an example contract to me for transactions involving RMT.
If you plan to send it interoffice mail, I am in EB 1709.
Thanks,
| RMT Contracts |
As you are aware a "safety net" type of provision has been included in the master netting agreement to attempt to convert any underlying master agreement one way payment provision to a two way payment provision.
However, this is only a safety net and should not be relied upon.
It may not cover every particular definitional/form structure in an underlying master agreement.
Please be sure to review the underlying master.
It is probably always best to draft a contract specific amendment to convert to 2way payment since this is a critical issue to effect properly the closeout netting and setoff provisions of the master netting agreement.
The specific amendment can be included in the master netting or accomplished as a separate amendment to the underlying master agreement.
Any questions, call me.
| READ: RE CONVERSION OF 1 WAY PAYMENTS TO TWO WAY PAYMENTS |
1.
Be sure to verify that the underlying contracts do not allow cherry picking under any default scenario.
If it does, amend the express language.
2.
We have made 2 changes to the netting agreement forms on the basis of further review by Leslie Hansen of some provisions in our trading forms.
The first change is in paragraph 2(a) to clarify the definition of Default.
The second change is in paragraph 14(b) to delete the day limitation on claims of Force Majeure.
We feel this should not be included in any physical contract that will be included in a master netting agreement, especially because of the current international situation and security concerns.
See attached reline version to read the changes.
3.
No changes have been made to the Collateral Annex.
4.
Attached below are the new forms.
Rather than continue with forms with and without the user notes, I put the user notes in a separate document.
They are not at the back of the forms.
Simpler.
The attached forms are Master Netting & Security Agmnt 10 h a v1 (to use without collateral annex) and Master Netting & Security Agmnt 10 h v1 (to use with collateral annex).
| FORM CHANGES: READ |
Since Wednesdays and Thursdays are not good meeting days, please email me with your 1st & 2nd preferences so that I can better accomodate your needs.
ALSO, PLEASE ADVISE ME TODAY IF YOU ARE GOING TO HAVE CONFLICTS THIS THURSDAY, AS WE WILL CANCEL THIS WEEK'S MEETING BASED ON YOUR RESPONSES.
(I NEED 24 HOURS TO CANCEL THE FOOD)
| Attorney Roundtable Meeting Changes |
See the new versions of the netting agreement forms below.
All that has been done is to move the Force Majeure concept to paragraph 2(a) from 14(b).
This allows the daily limit concept to stand in the UMAs, but it won't elevate to a default under the master netting arrangements.
In certain instances if you want to "kill" the day limitation completely in the underlying agreement, you can always use the previous 14(b) language from the emailed docs earlier today.
The docs remain at v1 (version 1).
| FORM CHANGE AGAIN! |
Sara - I have read the loan documentation and believe that Pariabs should be financing our variation margins not just our initial margin.
Would you look at the docs and give me your opionion?
The accountants tell me that in practice, Pariabs will only fund initial margin.
Thanks, Sarah
| Paribas facility |
...and I was only 30 seconds late for my Parent - Teacher Conference.
Great driving performance by Bob Litterman (yesterday's carpool driver).
Marriage still in tact for another day (and another Enron adventure).
Thanks again
| Thank you one and all for making the Fed Wire deadline... |
Sara, I would like to get together soon to discuss the Clorox ISDA and the comments we sent back to them.
I also received a Confidentiality Agreement from Ivex Packaging Corporation that I need to get back to them.
I will have someone bring it by your office to review.
Thanks,
| Clorox & Ivex CA |
Get Connected with e-Statements.
Sign up for Electronic Statements from Enron Federal Credit Union by November 15 to be entered into a contest to win a Palm Vx!
Log on to www.enronfcu.com to apply or for more information.
| EFCU Gets You Connected |
Fimat accepted the Enron Corp guarantee so our trading line with then will be increased tomorrow (to approximately $15-16 million from $11 million.)
Fimat will have our trading line up to $20 million as soon as they complete their internal credit process.
The Soc Gen money is priced as follows: Original margin: LIBOR Variation margin: LIBOR + 5 bp Warren will call John directly when the line is increased.
Thanks to everyone for all their help.
Sarah
| Fimat/Soc Gen |
Sara, I will request a copy from SNL but I also want to give this a few days so we can see what happens with Enron.
Gary did approve yesterday.
Sheila
| snl |
Sara, We sent you a copy of the prior SNL agreement.
Selena confirmed with Gary today that he wants to go forward.
The cost is $5,000 a year.
sg
| SNL |
Effective Monday, November 19, Mark Haedicke will office in the new building.
His location will be: ECS 06788 (sixth floor, office number 788).
My new location will be ECS 06785 (just outside Mark's office).
Our telephone numbers and fax number will remain the same.
| Move to Enron Center South |
Master Netting Group: I just want to personally thank all of you for all of your hard work the past few weeks in addressing our counterparties' requests for Master Netting Agreements.
We have been able to sign up a number of them as a result of your efforts and have managed to keep certain counterparties from cutting us off in trading.
Thanks again for your efforts and for putting up with one fire drill after another!
Hopefully we all learned alot in the process.
| Message from Carol St. Clair |
Tom: EGLI is holding a $420,000 LC that expires 12/21/01 covering a deal with Energy Service Providers LLC.
According to our records, this deal has terminated.
Have we been paid?
Are we owed anything?
Would we have any grounds for drawing prior to the expiry date?
| LC's |
Sara, Please let me know if the ISDA Master Agreement between RMT and Enron Japan Corp. is ready for execution.
The file is with you for your for initials.
You may not have initialed-off on the agreement yet -- because you were going to check with Mark as to possibly adding in the online language.
| Enron Japan Corp. |
Tom: Tanya told me that you were researching these counterpaerties with respect to the LC's that we are holding that expire 12/31/01.
Is that true?
Do we have any right to draw?
| Vitol and Ballpur Industries |
Features/Toxic Bonds Headed For A Fall ; Companies issued special zero-coupon bonds, assuming th= ey'd never have to pay them off.
Now shareholders could be on the hook for = a $65 billion tab.
Janice Revell 11/26/2001 Fortune Magazine Time Inc. 131 (Copyright 2001) It was an irresistible proposition: Borrow billions of dollars, pay no inte= rest, reap millions in tax breaks, and then wait for the debt to simply dis= appear.
That was the promise of zero-coupon convertible bonds, and companie= s from Enron to Merrill Lynch binged on what seemed like free money.=20 But, of course, there was a catch: For this scenario to play out, a company= 's stock price had to rise sharply--and quickly.
That's because investors b=
| Article |
We are moving ahead with finalizing a Master Netting Agreement that will cover all physical and financial agreements between BNP Paribas and Enron, except for the exchange agreements pertaining to NYMEX and LME trading.
The agreements to be included under this arrangement are listed below.
The intent is to complete the agreement by close of business on Tuesday, November 27.
We have communicated this to Bart Schouest at BNP Paribas and to BNP Paribas' counsel in New York.
1.
ISDA Master Agreement dated effective as of June 28, 1995 between Enron North America Corp., formerly Enron Capital & Trade Resources Corp., and BNP Paribas, formerly Banque Paribas (as the same may have been or may be amended, restated, supplemented of otherwise modified from time to time, and including all Transactions, schedules, annexes, and confirmations thereunder, collectively).
2.
Interest Rate and Currency Exchange Agreement dated effective as of January 16, 1992 between Enron Corp. and BNP Paribas, formerly Banque Paribas.
3.
ISDA Master Agreement dated effective as of February 22, 2000 between Enron Capital & Trade Resources International Corp. and BNP Paribas.
4.
ISDA Master Agreement effective as of April 4, 2000 between Enron Credit Limited and BNP Paribas.
5.
General Terms & Conditions governing transactions executed between Enron Capital & Trade Resources Limited and BNP Paribas.
6.
General Terms & Conditions governing online transactions executed between Enron Capital & Trade Resources Limited and BNP Paribas for the Sale and Purchase for Flat UK Beach Trades.
Please address any questions or concerns to me ASAP.
Regards,
| BNP Paribas Master Netting Agreement |
Hi, Sara.
I hope you had a wonderful holiday weekend.
During our discussion on 11/14, you asked that we provide you with a prime brokerage fee schedule.
I'm working with one of the trading assistants to find one for you, but we're having some difficulty.
If I'm unable to supply you with a fee schedule, is there a specific way you would like to word Paragraph 9 "Fees and Charges" (other than the phrase "as agreed by the parties from time to time")?
If you would like to keep your previously proposed wording, I can run it by Legal one more time with an explanation of the difficulty we're having.
Thanks so much for your patience,
| Agreement for Prime Brokerage Clearance Services |
Monica: Here is the letter that needs to go out this afternoon.
Please inform Enserco that we will have arrangements in place to have the LC held by a Qualified Institution.
Sara and I will work with Mary Perkins on this.
| Enserco Letter |
Lisa and Liz; I am very concerned about the way that credit is handling and coordinating = with us on margin issues.
For over a week we have been waiting for them to= compile and send to us information on LC's that are due to expire at the e= nd of December.
We finally received a very cryptic spreadsheet this aftern= oon which requires alot of follow up in order for us to determine what our = rights are.
I get the sense that credit assumes that since we are in bankr= uptcy we will never have the right to draw on LC's that we are holding when= in fact we know that this is not necessarily true.
For example, this afte= rnoon I found out that we are holding an $8 million LC for trades done with= Enserco under an ISDA.
The drawing condition is a failure to pay.
Under = the ISDA, they were required to renew this LC within 20 Business days of th= e expiry date which is 12/31.
If they don't renew I'm hoping that we can d= eclare an Event of Default, terminate, request payment of a termination pay= ment and if they don't pay draw.
I'm not sure that by following all of the= cure periods in the ISDA we can be in a position to draw on the 31st.
Tha= t's just one example.
Do you have any thoughts on this?
| Credit issues |
Sara We have a bid on the 91,674 MLMG shares held in account # 102-25786-USD-27 at Bear Stearns.
.
Paul Voigt from Jefferies (00 1 203 708 5800) showed us a bid of $2.25 several days ago.
The bid now may be $1.50 only due to size of the holding & illiquidity in the name.
We've discussed selling this position with Mike Breughel & Alexander Sheers at Bear Stearns, and Alexander has asked for you to talk to Bears directly.
Can you call Alex & ask if one of the Bears prime brokers can contact Jefferies to execute the trade, and also to arrange for the proceeds to be paid back to our Citibank account in London.
Thanks
| MLMG shares in Bears |
tanya: Just a quick update on the LC situation.
We sent a renewal request to Enserco yesterday and they said they would get back to us tomorrow.
If they don't renew by tomorrow I think that we should send them a notice of Event of Default letter which would give them until Wednesday to cure.
If not cured by Wednesday, we could terminate and be in a position to draw on Thursday/Friday.
Who can I coordinate with next week on this?
Leslie Reeves is checking on a few of them that owe payments this week to see if they have paid.
On Vitol, Tom is obtaining a copy of the LC and seeing if they have paid.
He is also checking into Ballarpur.
Greg Johnston e-mailed me to say that they were handling EPCORE and Engage.
We have concluded that nothing can be done on Energy Service Providers, Trafigura and Glencore.
| LC's |
Mark, Could you please check to see if we ever got paid by Vitol under contract YC2758.1.
The contract was a sale by Enron Clean Fuels Company to Vitol S.A. Inc for 30,000 bbls +/- 5% of MTBE @ $.7225/gal.
We are currently holding a letter of credit for this transaction which expires on 12/28/01.
Regards,
| Vitol - YC2758.1 |
Mary and Sara, Attached is a schedule I set up to track wires which I have sent out from the Prime Brokers since October 25th.
For non Equity Trading areas, we contacted them to say we wanted to sent money back, got their approval and re-affirmed wiring instructions.
Treasury was contacted when the money was coming in and to what account.
Please do not hesitate to call if you have questions.
I can provide copies of any wire requests you would like.
Sheila 3-3210
| Wire Request Schedule from Oct 25th to current |
Monica: Please fax this letter to Enserco and send the original by overnite delivery.
Also, please fax a copy to their attorney Richard Esterkin at 877 432-9652.
Call me if you have any questions and thanks for your help.
| Enserco |
Tana and Marie: We need over here copies of the following agreements so that we can send out default notices to counterparties that have failed to post margin.
Margin letters were sent out on November 27 and margin is due by the end of today: Media General, Inc. - 7-13-2000 ISDA Societe Generale Paris 12-9-97 Master Swap Agreement Wabash Valley Power Association 1-10-2001 Master Energy Purchase and Sale Agreement El Paso Electric Company 1-22-2001 Master Power Agreement Merced Irrigation District 3-25-99 ISDA Eugene Water & Electric Board (City of Eugene) 10-30-2000 ISDA City of Shasta Lake 11-21-2000 Master power Agreement City of Sanata Clara California 9-10-99 Master Power Agreement Snohomish PUD No.
1 1-26-2001 Master Power Agreement Valley Electric Association Inc. 2-13-2001 Master power Agreement Colorado River Commission 6-6-2000 Master Power Agreement
| Contracts For Default Letters |
Rich, May I get a status on the requests from last week for the $944,239.43 for the Hedge Book and the $1,493,287.81 for Enron Credit?
The Order I sent for ENA basically allows us to continue to use bank accounts which existed prior to Bankruptcy.
For Enron Credit, I sent supporting documentation which supports that the account was managed and funded by Enron Credit and we had been working for 10 months to get it moved from the ENA family to Enron Credit.
Regards,
| Status on ENA $944,239.43 and Enron Credit $1,493,287.81 |
Bill and Ed: Here's an update: - Enserco Energy has renewed their LC.
I should be getting a faxed copy shortly and bill will receive the original.
- Kim Theriot confirmed that there are no outstanding trades with Simpson Tacoma Kraft Company.
- Leslie Reeves confirmed that there are no outstanding amounts due by Metromedia Energy.
Has anyone found the LC?
I have asked Kim T. to locate the trade docs.
- Leslie Reeves confirmed that The Energy Authority closed out their positions with ENA.
- Energy Production Corp.'s LC automatically renews for 1 year periods unless we received a notice from Chase of its intention not to renew 90 days prior to expiration.
Is all of this info consistent with credit's records?
That leaves Niagra Mohawk Energy Marketing, El Paso Electric, Rising Star Energy LLC and LG&E Energy Marketing.
Out of those CP's, only LG&E owes us a payment.
I am waiting to hear back from Leslie regarding payments owed by Niagra and Rising Star.
I have asked Kim to sends me the trading docs from Niagra.
Alan Aronowitz is working with someone in credit or settlements on the Vitol LC.
| LC Update |
Sara: Here are drafts of the Certificates and Sight Drafts for Niagara Mohawk, El Paso electric, LG&E Energy Marketing and Energy Production Corp. (just in case it wasn't renewed).
I have put together files for each of these that include copies of the LC, the underlying trading docs and any correspondence that has been sent.
Except for Niagara Mohawk which requires copies of the invoices and that the certificate be on "letterhead" there don't appear to be any other special requirements.
Leslie Reeves will be faxing the invoices to us.
I will be in tomorrow until around 11.
Thanks for your help on this.
All of these docs are in a file called Enron Restructuring.
| LC Docs |
Sara, As we discussed, we would like to notify our customers of our current status and our ability to look after them.
Here is a brief summary of the services contracts and obligations that we currently have along with the notification letter we would like to send them.
Please let us know if we are ok to send these out.
Thanks,
| Services Contracts |
Ed and Bill: Per Leslie reeves, we did receive a payment from LG&E Energy Marketing so the only issue remaining on them is whether the LC has been renewed.
As Ed reported, El Paso renewed their LC so there is nothing to do on that.
With respect to Enserco, I faxed the proposed new LC to ed and spoke with Don Perkins, their credit manager (303) 568-3255.
I told him that he may be receiving a call from you regarding Fortis, the Issuer.
I also told him that drawing condition #1 would have to change to take out the reference to delivery of natural gas and he agreed.
He was also going to talk to Lynn Evans, his attorney, about the procedures that need to be followed under 'Special Instructions" as I do not think that we should be sending anything to Fortis.
More to come tomorrow.
Ed: Please e-mail me, Sara and Jeff a description of where things stand with Niagara based on their payment today as it sounds complicated and may require us to piece together all of the contracts we have with them before deciding how to proceed.
Did you have any luck confirming the status of the Chase LC?
Sara, Let's meet in the morning.
We also will probably here from Lyn Evans, Enserco's lawyer.
| LC Update |
Ms. Shackleton: Jonathan Fronda of Fortis Capital Corp. may be reached by phone at 203-705-5806.
Please contact me at 303-568-3255 if you have any further questions.
Sincerely,
| Contact Info. |
Sara, Thought you might find this useful.
We've added in the valuation we showed in Infinity for each of our counterparties (Clara ran the valuations as off the Early Termination date referenced in the log).
Please let me know if you have questions.
Thanks.
| Termination master log |
Sara, David, Goldman Sachs Credit, and I have tentatively scheduled a conference call for this Thursday, Jan 3rd, at 1:30 Houston time, 2:30 NY time.
We will be discussing our funds we have requested from Goldman Sachs of $944,239.43 for Enron North America and $1,493,287.81 for Enron Credit Inc.
Please confirm.
Joanne has put on your schedule.
Regards,
| goldman sachs Conference call |
Susan, please substitute the setoff language set forth in the attached to each of the referenced items in the swap form bank.
If there are any other items in the swap form bank that you think also need the new language, please advise.
There may be additional language for a Canadian alternative; Peter is reviewing this further with Canadian counsel.
Susan, also please note that as I update the US Industrial I will include this new language, but for now, put it in the current US Industrial form.
After you have substituted the language, please provide me with one copy of each form for a final check.
Thank you.
Mark Taylor: This language has not been implemented in EOL.
| New Setoff Language in Isda Forms |
Sara/ Bob, Further to my discussions with Sara yesterday evening, and in the absence of any email from both of you to the contrary, I conclude that the confirms as they stand now should be OK from a legal perspective, subject to the credit approval of the entities.
As I mentioned yesterday, Treasa's contact at CSFB here is trying to retain CSFB International as the counter-party as was the case for the 2000 transaction earlier.
Thanks very much for your help.
Regards
| Oil Prepay Rollover |
Sara, I was just following up on what the status of our review of the "Three-way" agreement and referral agreement contracts that we are pursuing with Plains Resources, in order to facilitate small producer hedging.
If you could give me a call or reply with where we stand, I would appreciate it.
Thanks Mark
| Status of Plains/Enron contracts |
Rex - Here is an estimate of the equity forwards that we'd like to repurchase over the next couple of months.
The dates will probably be a little different, but this should give you an idea as to the timing and sequencing.
If you need anything else, feel free to give me a call.
CF
| Estimate of Equity Forward Repurchases |
Mr. Bromberg, If you can send us the revised legal opinion as discussed, we will prepare the Master Agreement for execution and forward to Thay Bishop.
If you have any questions, please call either myself or Sara Shackleton (713-853-5620).
We look forward to receiving the opinion and completing the ISDA agreement.
| ISDA Master Agreement |
Greg, Derek Lynn suggested I get with you to discuss changing the authorized signatories on the Enron Canada Corp primebroker account at Morgan Stanley.
I am not sure who in the Canada office has the authority to determine who should be authorized to trade or transfer funds from this account.
Please give me a call in the morning to discuss.
I can be reached at 713-853-1439.
Thanks,
| Enron Canada Corp. Primebroker account |
To All - Some weeks ago we initiated the process of amending various agreements with Sempra Energy in order to enable Enron trading entities to confirm transactions with Sempra through CommodityLogic's ConfirmLogic module.
I understand that little to no communications have been undertaken concerning these amendments.
The reason for the lack of responsiveness by Sempra may be in part due to the fact that Sempra has - just recently - released a product within their internet site that enables online confirmation of Sempra transactions.
This product is part of a suite of portfolio products called "SempraLive" and can be found at www.sempratrading.com.
We are currently looking into the background of the development of this product as some concerns have been raised based upon similarities of certain aspects of the Sempra product and the ConfirmLogic product.
Please let me know if any disussions take place concering the CommodityLogic amendments with Sempra.
Thanks.
| Sempra |
Swaps Legal Team: Please prepare an amendment to the existing ISDA Master Agreement between Merced Irrigation District and ENA dated 3/25/99.
Please note the changes to the agreement are in 'red' in the attached credit worksheet.
Note: Carol St. Clair has worked on municipal ISDA's in the past [ie Benton and Franklin] that contain a 'regulatory out' clause that can also be applied in this ISDA.
Please call with any questions.
Regards,
| Amendment Request to Merced ISDA |
Barry: We have calls into both Anne and Treasa to discuss the pending rollover and need for a $200 million increase of the existing CSFB prepay.
As soon as I hear from them, I will let you know.
CSFB and our internal counsel independently agree that the mechanism is in place to quickly and efficiently handle the increase, but as yet CSFB does not have credit approval.
While Osmar and James committed to give me an update on the credit approval process over the weekend, they were clear that the final answer likely will not come until Monday.
As a fallback, can Joe's deal with Chase be increased under the terms and conditions we discussed Friday evening?
Is DB (Paul Cambridge) an alternative?
Aside from CSFB, Chase, Citi and DB, I don't know if any of the other tier one institutions have the ability or capability to respond in the time available.
Possibly Barclays but I understand that their commodity derivative group is just getting started.
If you have any thoughts let me know.
I will give you an update when I speak to London or CSFB.
| CSFB Prepay |
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No-shows will be charged $50.00.
Seats fill up fast!
To reserve a seat, please call Stephanie E. Taylor at 5-7928.
| Hoover's & MindBranch Training |
November 30, 2001 Sara, Mr. McKeogh asked me to e-mail this to you immediately.
If you have any problems, please let me know.
Thanks.
Patricia - CLSAGR_JEwpd.wpd
| Clsoing Agreement |
Attached is a spreadsheet which shows the counterparties that have been sent letters.
We are in the process of researching and re-faxing letters which came back as "busy" on the fax.
You will see that those have not been marked as being sent.
Call with any questions.
Kim Theriot x.
31771
| Spreadsheet Outlining Counterparty Letters |
Please consider the distribution list of this email as the Enron working group for the CSFB Prepay.
I have included James Moran at CSFB and ask that James advise us as to the individuals within CSFB that should receive documents.
Mary Cook, in coordination with Sara Shackleton, hopes to distribute this evening a marked copy of the swap confirmations that address the margin issues that were discussed today.
Term, rates, amount, and settlement dates will be blank but will need to address the expanded transaction.
The existing $150 will mature in one year while the incremental $200 will mature the first week of April 2002.
The confirmations will be based on the CSFB International Master ISDA agreement.
We will have to determine the optimal method to address the CSFB Cayman Island entity.
James Moran: We would like to schedule a time with your internal counsel as early as possible on Tuesday to discuss the modifications.
Please advise us as to availability.
Treasa: We have a call scheduled for 7:30 am Houston time with Houston (Paul Garcia) and London (Ann Hicks) cash management to discuss the funds flow mechanics.
Could you confirm with your traders the appropriate settlement period and any limitations of the existing deal.
I assume that we have to price the existing $150 and the incremental $200 on September 26 to settle on Friday September 28.
There can be no slippage.
Could you also distribute a draft of the prepay script?
Mary and Sara: We will need to confirm who will be executing the documents for Enron, confirms as well as corporate guaranty?
Mary Perkins: I will need to update you as well and discuss some other aspects of the transaction.
My contact information is below.
My home phone number is 281-480-5968.
| CSFB Prepay |
Please see attached first drafts of confirmations for ENA CSFBI and ENA Morgan.
We should try to discuss these drafts as early as possible tomorrow.
I currently do not think I have a Morgan contact on this distribution list.
Who will forward to Morgan?
Esmeralda, will you please set up the foregoing group as a contacts group for me, name it CSFBI Prepay.
Clement, this is to close this week.
| Enron/CSFBI/Morgan Prepay |
Hi Beth, Chris Glaas had forwarded the confirmation formats (including your required changes) that you had sent out to him yesterday evening.
At the same time, our lawyers in Houston have circulated a copy of the confirmation yesterday.
Principally, they are the same that we circulated earlier, except that some of the defined terms in their confirm is more aligned to the Master Energy Swap Agreement.
For e.g.
Determination Period, Trading Day, etc..
I am attaching a copy of their draft for your perusal.
Could you kindly have a look at this latest draft and discuss any possible changes to this, including the legal changes you required in yesterday's draft, with our lawyers Mary Cook (713 345 7732) or Sara Shackleton (713 853 5620) directly.
We are hoping to get the actual dates, barrels etc.
soon.
Thanks very much for your help.
Rajaram Jamadagni Enron Europe Global Finance
| ENA - MS Confirmation Formats |
I have delivered my request for withdrawal to the 16th Floor receptionist (which I believe is Zulie's desk) for delivery to Pam, but the instructions appear to say that Renee is to get the request form....if Renee is the required recipient, please make sure that it is delivered to her.
I would hope that under the circumstances the Plan Committee would authorize these transfers without delay so that the requested wire transfers can be made today.
Sincerely
| 1994 deferral plan withdrawal |
Legal, Per the request of Stewart Rosman, please prepare an ISDA between Public Utility District Number One of Grays Harbor and ENA.
Credit concerns should be addressed to Tracy Ngo or myself.
Thank you,
| PUD No.1 of Grays Harbor - ISDA request |
Good Afternoon Sara, Per our discussion, attached is the ISDA Confirmation currently being used for the B of A head office FX trades.
We did have a trade executed today for value 9/27/01, wherein we need to send out a ISDA Confirmation.
Please send me the revised version upon the completion of your review.
Thanks!!
Enjoy your afternoon!
| B of A Confirmation |
Dear Sara: Hope all is well.
I apologies for the delay in reverting to you.
In any event, I have "marked-up" ENA's proposed documentation with some amendments.
Please note that I have based my response on the recently executed ISDA Agreement between CSFBi and Enron Credit Limited.
Please note that I will need to discuss with our credit the proposed threshold amounts.
I will revert to you on this point shortly.
Additionally, I would like to discuss with you in detail the events of default relating to the custodian.
Once you have had an opportunity to review the attached document, please kindly contact me to discuss this matter further.
As always I thank you for your cooperation.
Kind regards
| ISDA Master Agreement between CSFB, London branch and Enron North America Corp. |
Please make a note to discuss later: we don't want my deal to automatically get covered under the CSFB isda by way of the Existing Transactions clause.
It can be moved into the ISDA, but will need some tinkering to do so.
Just put this note in the file as a remineder Thanks.
| Make Note CSFB ISDA |
I have made the suggested corrections and made a few minor adjustments to the format of the Deferred Premium Commodity Cap you were working on.
Please note that the Premium Payment Date is on the first page to indicate that such premium is deferred until settlement and calcuated in accordance with the Cash Settlement Amount provisions.
After review of the structure it occurred to me that this transaction could be drafted as a modified fixed basis swap.
The swap format is much simpler to document and easier to understand the respective payment obligations.
It might make it easier for the counterparty to follow the intended payment obligations.
Please let me know if you have any questions or comments.
Regards,
| Defferred Premium Cap |
Stephanie and Sara - We currently have several deals on the books with National Energy Group, Inc. that we confirmed under omnibus confirms.
The initial two deals that we did with them, TAGG numbers QY8453 and QY9133, required independent amounts and had the credit language attached.
I have attached those annexes below.
We have since executed the following trades: VH0606 VH0931 VH0969 VH0982 VT5854 VT5861 Our positions with this counterparty have gone deep in the money to them, and they have asked us to send them back the collateral.
While I am not thrilled about doing this, I understand that this is a commercial issue and we probably need to do this to be responsive to the customer.
If you hadn't guessed by now, this is a Lagrasta customer, so I am getting the requisite incentive from Fred to get this done.
In concert with the return of their collateral, I want to send them a document that allows us to call for margin again if their positions start moving back in ENA's favor.
I want to be able to call them if their position moves any less than $3 million in their favor.
Right now, the positions are over $6 MM in National Energy Group's favor; I want to call them if that exposure changes to anything less than $3 MM in their favor.
This would still give us some "cushion".
What do we need to do to make this happen?
JRW
| National Energy Group, Inc. |
Gary Hickerson has authorized the addition of Deutsche Bank for Futures Trading.
We have been using Carr Futures in the European Market but Carr Futures no longer has the presence and coverage needed; whereas, Deutsche Bank can fulfill our trading needs at competitive clearing rates.
I will forward the account opening documentation to Legal when received.
Sheila
| New Futures Broker Request - Deutsche Bank |
Congratulations to everyone on making it through Q3 more or less intact and a big thank-you to those who pulled us through with all your hard work.
Given the continued increase in the number and variety of transactions coming to us from the Global Finance and VPP teams, we are going to have to revise our staffing procedures and ask each of the lawyers in the group to take on some of this burden.
If any of you receive a request to handle one of these deals, please refer the requester to me or at least let me know so that we can equitably distribute the load.
Mary and Anne will be scheduling training sessions for the entire group during which they will go over some of the most common structures and the issues that they have faced recently to help us on our way.
As with all of our work, I expect that we will each be available to the others in the group to bounce ideas around and help with thorny issues.
Mark Taylor Vice President and General Counsel Enron Wholesale Services 1400 Smith Street - EB3892 Houston, Texas 77008 (713)853-7459 (713)646-3490 (fax)
| Finance Transaction Staffing |
After discussions with Elizabeth Sager and Leslie Hansen, we have developed a few additions to the EOL Paperless Confirm Amendment form to clarify that (1) neither party shall (not just that neither party is required to) send paper confirms, and (2) the transaction's records on EOL control over any conflicting terms in the underlying Governing Agreement.
I have attached a draft below of a Consent and Agreement for Idacorp with the proposed changes in italics (see Para.
1(a)(i) and 3).
We made this last change in anticipation of revised EOL power product definitions, which new definitions will conflict with important terms (such as the force majeure clause) in the Power Master.
If you don't want any of these proposed changes to be made to the form as a whole, and would prefer that they be handled in the Power Annex so as to apply only to Power, please let me know.
Janet
| Suggested revisions to EOL Paperless Confirm Amendment text |
Tom, Attached below is a revised draft contract and an updated Annex A that should address your legal department's concerns.
If there are additional enquiries, Mr. Graham should speak directly to Sara Shackleton at 713-853-5620 or Brent Hendry at 713-853-7124 in our legal department.
Thanks,
| Revised Contract |
Sara, I'm attaching a draft of the futures agreement to "get the ball rolling" again.
I believe I have included the terms you indicated were most important.
One item I would like to bring to your attention is the arbitration clause.
Morgan Stanley prefers to litigate disputes, but I can agree to NFA arbitration rather than litigation.
I know New York is our preferred location, and Texas is yours, so I thought that holding the arbitration in Chicago might equally inconvenience us.
Please let me know if this works for you.
Regards,
| Commodity Futures Customer Agreement |
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