input stringlengths 93 39k | output stringlengths 1 117 |
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At Mark's request, I am transmitting proposed changes to the collateral=20 arrangement language in the Online GTC's.
Please let me know if it meets= =20 with your approval.
8.
Collateral Arrangements.
Counterparty shall (at Enron=01,s request) fr= om=20 time to time and at Enron=01,s option either: (i) within one Business Day = of=20 such request by Enron, provide to Enron a letter of credit in respect of=20 Counterparty's obligations under any Transaction, in such form and for such= =20 amount and from such issuer, as is acceptable to Enron in its absolute=20 discretion; or (ii) within such period as is specified by Enron, provide fo= r=20 the benefit of Enron a guaranty from a party, in such form and for such=20 amount as is acceptable to Enron in its absolute discretion.
Failure so to= =20 provide such letter of credit or guaranty or any default under such letter = of=20 credit or guaranty shall constitute a default hereunder giving rise to the= =20 immediate right of termination by Enron under this Transaction.
| Revised Online Collateral Arrangement Language |
When you get back, I got a call from Koch about the Morgan "assignment".
As you recall, we are acting as agent on behalf of Morgan in connection with their commodity business.
Koch called me and they want to get a copy of the "assignment".
Since it wasn't an assignment, what should I provide them?
I don't know that I can provide them a copy of our Servicing Agreement.
What should I do?
| Morgan Guaranty |
Per Mark's approval, when we entered into the master with CGAS, we found out they never entered into a resolution approving the swap agreement or trades thereunder.
So each and everytime we do a trade with them we are going to have to get a resolution authorizing entering into the trade.
So for the executed master swap agreement list we need to put: "Need board resolution prior to trading"
| CGAS Master |
To the trading lawyers working on counterparty lists: Per the email below from Louise, the current target date for completion of counterparty lists appears to be Tuesday, October 12.
As noted below, an additional list of approved counterparties should be provided to us tomorrow.
FYI, per my conversations w/Frank Davis, the first simulation occurred this week, and an additional simulation is scheduled for next week.
| Update of Counterparty Lists |
I just got an update from the OMLX of their rules.
Do you need me to make you a copy or are you also getting updates?
Also, I get faxes of all their notices.
So far nothing I've received has been interesting.
Do you get copies of their notices?
Do you need me to send you anything I feel is worth noting?
They've also promoted me to Compliance Director, so I'm going to go in and ask Mark for a raise to match my title!
| OMLX Rules |
I thought of you this weekend.
It was the fall antique festival in Round Top and I went, but it wasn't quite as nice as the pleasant day I had with you and your family.
That was such a perfect day all around and I will treasure it.
I hope all is going well....
| Another Day in Round Top |
The document wasn't in the blue file either.
I called Tanya and asked her if she could fax us up a copy of it.
Also, I asked her to let you know what her thoughts were on the proposed amendment.
Do you want me to call Rick at BMO and let him know you're working on it?
| Bank of Montreal |
Just an FYI About a year ago Kellie Metcalf had me send a sample ISDA Master to the referenced counterparty.
She has now left ECT to go with Azurix.
I got a call from the counterparty wanting to get some bids on some options and Kellie said to pass the trade down to John Suarez.
I called John and gave him the scoop and also told him we did not have a master in place and to treat this like any other counterparty, i.e.
contact Credit for approvals before trading, etc.
I just wanted to give you a head's up, in case we get the trade, we're not surprised.
| Central Vermont Public Service Corporation |
We are getting calls from our brokers and the NYMEX telling us the brokers still have not received notification of our name change.
This is causing problems with the brokers clearing the trades on the NYMEX.
Per my voicemail several weeks ago, since you/your desk are our communications guy with the brokers, they need to receive the notice as soon as possible.
When will you be able to get this notice our of our name change?
| Notice to Brokers re: Name Change |
As far as your email questions, my responses are following: 1.
The list I have provided you is the only list that exists on financial counterparties.
There is no Excel spreadsheet to follow.
2.
Duke Energy Corporation.
At Mark's direction, I am sending his note below regarding utilities.
Again, until we do the due diligence on a utility counterparty we have no way of knowing what kind of local, state or federal regulation or approvals they may be subject to.
We currently have masters in place with only about 10 utilities/govt's.
We are in the process of negotiating another 30.
Until those masters are executed and we have the relevant resolutions, authority documents and/or legal opinions, I cannot approve them for online trading.
I have made every effort to search company websites and elicit from Credit whether a counterparty is a regulated utility or not.
If I cannot tell by the information available to me, additional due diligence will be needed to see if they are subject to local, state, or federal regulation.
Mark can override any decision I have made, I can only make decisions within the guidelines the attorneys have set for me.
3.
Montana Power Trading and Marketing Company is a subsidiary of a regulated utility.
I am unable to determine from Credit or their website what type of regulation they might be subject to.
The note is true that Credit says they are getting out of the business anyway.
4.
Petrotemex.
Per my conversations with Mark and our advice from counsel, unlike U.S. and U.K. counterparties, Mexican counterparties are not able to enter into derivative transactions unless their articles and bylaws specifically provide for these types of transactions.
We will not know this until the due diligence is completed, so I am supposed to say "no" for Mexican counterparties we do not have a master swap agreement in place with.
5.
PSEG.
It is an energy services company; however, it is also not an eligible swap participant (or "ESP").
CFTC regulation limits the derivatives trading we may do to certain types of counterparties that meet certain financial requirements (large, institutional type investors, companies, banks, etc).
Corporations and partnerships have to meet certain net worth and asset levels or we cannot trade financially with them.
Whenever I say "not ESP" or "not eligible swap participant" it means they have not met the financial net worth test.
6.
The American Coal Company.
See prior note.
| Online Derivatives Trading with Regulated Utilities |
I spoke to the fellow at legalanywhere.com today.
He will only be in the office Mon.
and Tues. of next week, so if possible, he would like to set up a demonstration with us together at your desk on the computer so he can work us through the software.
Let me know when a convenient time would be for you, maybe Tuesday sometime?
| Legal Anywhere.com |
What's the scoop on the TXU negotiation?
Brant says we're in a strong negotiation position with them right now, because they've acquired Howard's book and need our consent, and also have to post an expensive LC with us to take in those Howard trades.
He wants to know if he should use our leverage here to get that ISDA Master in place.
| TXU Energy Trading |
Brent, I am trying to track down the dealmaker on a deal in Argentina with Duke Energy International.
All I know is that Duke is trying to get a waiver from us on the confidentiality provision in the master swap agreement so they can use it on the Argentina deal.
Credit doesn't appear to know anything about the deal.
I'm don't even know if it is an EI or an ECT deal.
It may be EI because he mentioned the financing of a generator.
I don't want to waive anything until I track the business guy down.
Can you ask around and let me know.
Thanks!
| Duke Energy International |
With respect to Online Trading, Mark wanted me to follow up with you re: insurance/reinsurance company issues.
Per our earlier conversations, I am saying "no" to online trading for all insurance/reinsurance companies we do not have a master with.
The online people have come back and said, hey wait a minute, you are already trading with insurance companies without a master, i.e.
Swiss Re.
They are wanting to open up Swiss Re for online trading and any other insurance/reins.
we are currently trading with without a master in place.
Do you have a list of those companies?
What are your feelings about that?
Can we trade online with Swiss Re?
How about any other insurance companies you are currently trading with without a master in place?
Or do you want me continue to say no?
Thanks for your help!
| Insurance Companies and Online Trading |
Mark asked me to contact you to get a copy of one of the letters we sent to outside counsel requesting updates on their legal advice to deal with the online trading issues.
We have to get similar letters out to some of the South American countries and Carribean tax shelter islands.
Much thanks!
By the way, weren't you out for vacation?
Did you have a good time?
| Online Trading |
Below are my responses to your email: 1.
Masters that limit weather trading or contain another trading limitation in the master only: per our conversation.
2.
CMS Marketing Services & Trading: Trading is limited to fixed price swaps, basis swaps, swing swaps and options.
This limitation is contained in the Company's Trading Policy, which they have provided to us.
We cannot trade anything except the types of products listed in the trading policy.
3.
Venezuela: per Mark's conv.
w/Dave Forster, we do not want to pursue the due diligence on this country at this time.
4.
Phibro, Inc.: see note #1 5.
Swiss Re: See my note 11 below.
6.
Tokyo Mitsubishi: We are preparing amendments that would be added to to the Online and regular confirmations when they go out to deal with the lack of legal terms in the master to do anything but interest rate and currency transactions.
This should solve our problem so we should be able to open them for trading any commodity.
7.
Trinidad & Tobago: same comment as #3 above.
8.
UBS AG.
They recently sold their book and got out of the energy commodity business so we should not be doing anything but FX and interest rate transactions with them.
Their master is also trading limited, and we could not trade energy commodities with them without amending it or doing a fix similar to Tokyo Mitsubishi.
9.
Aspect Resources.
I discussed this one with Mark and Bill, and we have agreed to open up Aspect for all trading under the Master.
10.
Brant-Allen: Their Board of Directors limited the trading we did with them to only the one trade we did under the master.
We cannot do any other trading with them without specific pre-approval via a new resolution from their Board of Directors.
So they are still "no" for online derivatives trading.
11.
Insurance Companies: With respect to trading with insurance/reinsurance companies without a master in place, these types of counterparties have special authority/legal issues that the online trading process does not address.
When we do trades with this type of counterparty without a master in place we get legal opinions, guarantees, articles of incorporation & bylaws and other kinds of statutory documentation to evidence the approval for this type of counterparties doing these types of transactions.
All kinds of special representations are also added to the contract based on the type of counterparty.
We therefore have to continue to say "no" to online trading based on these special handling procedures.
12.
Cox and Perkins: We could say "yes" to online derivatives trading, however, would have to treat them like any other counterparty we did not have a master in place with.
13.
Kinetic Resources.
Ditto comment 12 above.
14.
Midland Cogeneration.
Still under review as to regulated utility status.
15.
Praixair: see comment #1 above.
16.
Tembec.
The bylaws of this corporation require that all contracts for this counterparty must be executed by two officers from a list they provided to us .
I spoke to Mark about this and they could not trade online unless their Password Application was signed by two of the officers as directed above.
Another way to solve this would be to get a special resolution from Tembec's board of directors allowing only one individual to sign the Password Application.
Either way, you cannot trade online without meeting these special signatory requirements.
17.
EW Scripps.
Same comment as #1 above.
18.
Maritime Electric.
Is a Canadian utility.
No Trading.
Critical Changes to my list: 1.
Mexico: Per our conversation, we are contacting outside counsel to request legal advice as to whether online transactions are enforceable in Mexico.
However, we can still not do financial trading without having a master in place.
2.
Public Service Company of Colorado: the person that signed the master appears not to have the authority to sign the master, so until we get this resolved, we are switching them to a "no".
Per my meeting today with Credit: I've got 38 we disagree on, either as to whether they're a regulated utility or an eligible swap participant.
I'll be working on those tomorrow and will get back to you.
My Review of Your List: List #1 1.
BP Exploration & Oil Inc.: Originated from London Credit, missing from your list.
This is a counterparty that both Houston & London trade with.
ECT has a master in place with them.
Trades would roll under the ECT Master.
The master is the old ECT Form of master that limits the trading to energy price swaps and options.
No weather.
Case of Credit override.5 2.
Elf Trading: Both ECT and ECT International have masters in place and trade with this counterparty.
Mark was going to talk to Louise about what to do with these situations when we have more than one master in place.
3.
Morgan Guaranty Trust Company of New York: We've got several overlapping issues I am going to have to talk to London about.
First, here in the U.S. Morgan got out of the energy commodity business.
We, in fact, "bought their book".
We actually couldn't "buy their book" because of our low credit rating relative to Morgan, so all their trades remain in place, 'tho all payments go in and out through us and we act as servicer for their commodity business.
Their master with ECT is bad, it only covers energy price swap (not options!)
and does not have the trade option rep which means if we were to do an option transaction with them we would have to do a fix similar to the Tokyo Mitsubishi fix.
Saying all that, I don't know what, if any, trading Morgan continues to do outside the U.S.
I need to talk to London and find out.
So Morgan right now is a big open issue.
4.
Vitol S.A.: Both Houston and London trade with this counterparty.
Houston has a master with this counterparty.
Trades should be done under the master.
The master does not cover weather, so this would be another case of the Credit override.
5.
Missing counterparties from 1st list: (1) Wisconsin Electric Power Company, no master in place, not approved for trading, it is a utility, (2) Wisconsin Gas Company, no master in place, not approved for trading, it is a utility, (3) Wisconsin Power and Light Company, we do have a master in place, approved for all trading, except weather, which is not covered in the master, would have to be a Credit override, (4) Xeron, Inc., no master in place, approved for all trading.
List #2 1.
Cabot Oil & Gas: Missed "X" on final set of weather 2.
Callon Petroleum: Missed "X" on final set of weather 3.
EIL Petroleum: Missed "X" on final set of weather 4.
Fortune Energy: Missed "X" on final set of weather 5.
Plains Resources: Missed "X" on all weather 6.
PXRE Corp: deleted final set of weather, good for weather deals only 7.
St. Mary Land & Exploration: Missed "X" on final set of weather 8.
Stratum Group: Missed "X" on final set of weather 9.
Tempest Reinsurance: deleted final set of weather, good for weather deals only 10.
Twister Gas: Missed "X" on final set of weather 11.
United Salt: Missed "X" on final set of weather 12.
West Texas Gas: Missed "X" on final set of weather List #3 1.
Bargo Energy: Missed "X" on final set of weather 2.
Belco Oil & Gas: Missed "X" on final set of weather 3.
Cross Timbers: Missed "X" on all weather 4.
Encore Acquisition: Missed "X" on final set of weather 5.
Norfolk Southern: You've got them restricted for everything, I've got them as "OK" for everything 6.
RMS Monte Christo: Missed "X" on final set of weather 7.
Sapient Energy: Missed "X" on final set of weather
| Response to your email |
We need to update the advice we received from Mexican counsel to address the online trading issue.
I spoke to Nony and while we're at it I'm also going to ask whether there are any other updates since they rendered their original advice.
Are there are other issue you would like to add to our request for advice?
| Update to Mexico Advice |
Bob Shults called this meeting to see what the status was for the different product groups' confirmation and GTC forms.
The two issues out of the meeting I was asked to bring to your attention were: 1.
Attaching the Online GTC's to the outgoing confirmations.
Per our discussion, it was my understanding that the GTC's would be attached to all outgoing confirmations.
That does not seem to be the general consensus.
There seems to be feedback from London that is not the case, and Janice Moore was also saying she didn't know if that's what the liquids people were going to do.
Bob Shults asked for your direction with these holdouts.
2.
The issue of the credit in the masters being overriden.
First, after our discussions yesterday, we couldn't figure out a way they could change the approval status within Credit from approved with a master to a "B" approved GTC with credit.
Second, Bob Shults thought that had been agreed to have the credit overridefor all the product areas and I told him that financial was still discussing this issue with Credit, so we would have to get back to him.
I guess the physical people are OK with that.
I don't know what discussions you have had with Jeff and Alan, but Bob Shults appears to want to have this confirmed for him.
Also, along with the credit override of the master, there is supposed to be some letter that will be sent out to the counterparties.
Who will be drafting that letter and will it be the same for all product groups?
| Online Confirmation Meeting |
Below is a confirm issue for handling.
Chris, in the future, please direct your confirmation requests to Susan Bailey, who is the current paralegal on the confirm rotation, or if the request is for an Annex B, to each of Susan Bailey, Susan Flynn and Marie Heard.
Thanks!
| N34222 with Tokyo Mitsubishi |
Per my meetings with Credit and further research, I am making the following changes to the financial counterparty approval list.
Credit/Mark, let me know if you disagree with any of my changes.
List #1 1. AES Power Inc.: no master in place, changing to "yes" , approved for financial trading 2.
CXY Energy Marketing (USA) Inc.: no master in place, changing to "yes", approved for financial trading 3.
DTE Energy Trading, Inc.: no master in place, changing to "yes", approved for financial trading 4.
Duke Energy NGL Services, Inc.: no master in place, changing to "yes", approved for financial trading List #2 1. AES Corporation: no master in place, changing to "yes", approved for financial trading 2.
Cascade Natural Gas Co.: no master in place, changing to "no", not approved for financial trading 3.
Equitable Power Services Company: no master in place, changing to "yes", approved for financial trading 4.
ICC Energy Corporation: no master in place, changing to "yes", approved for financial trading 5.
Montana Power Trading & Marketing Company: no master in place, changing to "yes", approved for financial trading 6.
PSEG Energy Technologies, Inc.: no master in place, changing to "yes", approved for financial trading 7.
Tenaska Power Services Co.: no master in place, changing to "yes", approved for financial trading 8.
The American Coal Company: no master in place, changing to "yes", approved for financial trading 9.
Thermo Cogeneration Partnership: no master in place, changing to "yes", approved for financial trading 10.
TransCanada Pipelines Limited: no master in place, changing to "no", not approved for financial trading 11.
Unitil Resources Inc.: no master in place, changing to "yes", approved for financial trading 12.
Washington Gas Energy Services, Inc.: no master in place, changing to "yes", approved for financial trading List #3 1.
AGIP Petroleum Company: no master in place, changing to "yes", approved for financial trading 2.
Ball Corporation: no master in place, changing to "yes", approved for financial trading 3.
Bank of America International Limited: no master in place, changing to "yes", approved for financial trading 4.
Comstock Resources Inc.: no master in place, changing to "yes", approved for financial trading 5.
Cyprus Amax Coal Company: no master in place, changing to "yes", approved for financial trading 6.
Heritage Gas Services, LLC: no master in place, changing to "yes", approved for financial trading 7.
Ormet Corporation: no master in place, changing to "yes", approved for financial trading 8.
Swift Energy Company: no master in place, changing to "yes", approved for financial trading Bob, there are a few others I am still re-reviewing, I will get back to you as soon as I resolve/answer my questions.
| Financial Trading List |
Another counterparty change, for Midland Cogeneration Venture Limited Partnership.
We will switch that to a "yes" but only if they accept online GTC w/o change.
This is the one where they wanted an exculpation clause for the partners, and that is totally unacceptable.
| Financial Trading List |
I just spoke to Sara Shackleton and she approved opening FPL for all financial trading.
She has also been discussing the utilities with outside counsel and we may be able to open more up for trading.
She is going to bring a copy of my list to the Legal Conference and review it, so hopefully we'll have some more changes for you next week.
| Florida Power & Light |
To remind me to discuss this with you when you get in: We received via our fax notices from the OMLX a request to provide them with information about our Y2K readiness.
When you have a minute let's look at the form together.
Probably Alan will have the answers.
| OMLX Y2K Request |
Just a note, you know, we more or less made the same changes to the Industrial Master that we made to the ISDA.
If you are using that form at all you should update it to include our changes.
I think Paul mentioned in his presentation at the seminar that you were using the Industrial as the basis form for Norway.
Anyway, if that is the case, we may need to look at that form.
See, you're always in my thoughts!
Missed you at the seminar.
I hope we'll see you at one of these soon!
| Form Changes |
I called Edmund Cooper and he is out on vacation til Monday.
Do you think I should email him the certificate, have him print it out there in London, I guess Anita has to initial the two ISDA Master Agreements for signature, then Edmund could get them initialled by Credit in London, and then bring the certificates and agreements up to Mark Frevert for signature.
What do you think?
| Master Signing |
Below are my comments to the Legal/Financial transactions only on the latest counterparty list: 1.
CMS Marketing, Services & Trading Co.- no Column L, cannot do basis transactions, that is floating, weather trades should all be approved, Column CF should be out, basis is floating, fixed price transactions only 2.
Elf Trading S.A.-should be approved for weather, why no weather?
3.
Lehman Brothers Commercial Corp.-weather should not be approved 4.
Power Authority of the State of New York-seems to be missing from list.
What happened?
5.
Richardson Products II, Ltd.-please note, we just got in the signed ISDA Master Agreement this week 6.
UBS AG - approved for interest rate and currency only-should be restricted for all other products 7.
Abitibi Consolidated-please note, we got the signed ISDA Master Agreement in this week 8.
Cross Timbers Energy Services-missed no weather 9.
EIL Petroleum-missed no weather 10.
Trafigura AG - Column DZ, US weather CDD swap is ok, Column EB, HDD weather swap is ok 11.
Emerson Electric Co. - switching to approved for all products, it is not a utility.
Per my conversations with Bob Shults, I have been and am continuing to review our list of utilities with Sara Shackleton, outside counsel and the regulatory people.
I don't know when I will get you a revised list, but I hope to open a bunch of the investor owned utilities for general trading.
| My comments to latest counterparty list |
Per my conversations with Credit, the referenced counterparty is the New Jersey incorporated sub of a German company, a liquids based counterparty, and they are an eligible swap participant.
We do not have a master agreement in place with them.
I am approving them for all financial trading.
| Helm U.S. Chemical Corporation |
I have received the Unanimous Written Consent of the Board of Directors of Enron North America Corp. dated 11/10/99 appointing Dale Neuner and Robert Shults as agents and attorneys-in-fact to execute Password Applications on behalf of the Company for online trading.
The original Consent will be sent to Kate Cole for inclusion in the corporate minute book and copies will be sent to Dale and Bob.
When signing the Password Applications, Dale and Bob should sign them as "Agent and Attorney-in-Fact".
In the absence of Dale or Bob, any V.P.
or above can sign Password Applications (with initials from Legal).
If you have any questions, please do not hesitate to call me.
| Signatories for Password Applications |
It appears Susan Bailey still can not get in and edit the master swap agreement database.
She now has the icon, but no edit priviliges.
Can you please get her access.
Much thanks!
| Master Swap Agreement Database |
Can you forward to Karen a copy of the lastest Electronic Trading Agreement.
I'm not comfortable that what I have is the latest.
Much thanks!
| ETA |
In order to deal with the online trading program as well as other issues that repeatedly arise, we need to make some modifications to our Master Swap Agreement Database.
Foremost, we would like to open the Master Swap Agreement Database to any ECT, ECT Canada or ECT International employee that would like access to the information.
This would include employees in the London, Oslo, Singapore, Portland and Buenos Aires offices.
The only information we need to continue to restrict is the Legal and Credit comment section (attorney-client privilege issues).
Access to this information would continue to be limited to Legal and Credit In addition, it also very critical that only Legal and Credit have access to the Portland General masters.
Second, we will need to add some drop downs to deal with online trading issues.
Online trading will commence by the end of the month and we need to have this information and access available by that time.
In addition, we have remaining "kinks" in the database we need to resolve.
Can you let me know when you would be available to meet to discuss the changes.
Thanks for your help!
| Changes to our Master Swap Areement Database |
Pam, Per the email below, we will be terminating the transactions referenced below today.
Can you fax me the confirmations referenced in #1 below so I can make sure I have referenced them correctly.
Much thanks!
| Bank of Montreal - Termination Transactions |
Mark Taylor asked if we could make one additional change to the database.
He wants to move the "Restrictions" right after the counterparty name so it's the first thing the dealmakers see when the open an entry.
Thanks, we really appreciate your help!
| Master Swap Agreement Database |
Mark asked if you could add something else.
Could you add an additonal drop down that follows "Legal Contacts that says "Historical Contacts".
We wouldn't want anyone else to see that but Legal and Credit.
Thanks!
| Master Swap Database |
Frank, Mark asked me to handle this.
Can you forward to me the name and phone number of the person that signed the password application?
Thanks.
| EOL Customer Review |
I got a call from the Lower Colorado River Authority today asking us if we would like to put a power enabling and ISDA Master Agreement in place with them.
I spoke to Liz Sager and it appears we have already done a physical power trade with them.
Of course, we can still not do financial trading until we run through all the hoops with them.
I don't know who you directed your marketing package to, but he wanted some information on online trading and I said we would send him a packet.
Richard Ramirez Fuel and Energy Risk Management Lower Colorado River Authority 3701 Lake Austin Boulevard Austin, Texas 78703 Thanks!
| EOL-Lower Colorado River Authority |
Aquila wants to trade online under two names, Aquila Risk Management and Aquila Energy Marketing.
They have asked us to attach to their ETA, a listing, and copies, of all master agreements we have in place with those two counterparties, whether physical, financial, gas, power, etc.
Can you look those up for us and copy the relevant contracts?
Thanks for your help!
| EOL-Aquila |
Attached please find a proposed form of Termination Agreement for Canadian Imperial Bank of Commerce.
Obviously, we need to still input the trades.
Peter, It appears that our signers on the trading floor will be offsite in PRC meetings on Thursday.
I need to know ASAP when we plan on signing this because I am going to have to call around to find an officer that might be in.
| Termination Agreement - CIBC |
How did it get to be that these people are drafting their own NDA's.
I thought our agreement when we met with Dovie Keptra was that I would draft them.
I would prefer every time not to have to figure out what they've changed.
| FLAG Telecom - Enron NDA |
We have received the faxed copy of the fully executed NDA dated 12/13/00 with the referenced Counterparty.
I will send a copy to David Dupre, Matt Dawson in London for the UK files, and Kay Young for the Houston files and database.
Thanks to everyone for their help!
| NDA-Credit2B.com Inc. |
Can you please delete access to the financial trading agreement database to the following people: Anita Fam Brenda Whitehead Elizabeth Sager Jason Peters Stephanie Sever Christian Yoder Lorraine Filomeno Shari Stack Susan Flynn Lisa Lees Two people need to have their access changed from Legal Dept., to Credit Dept.
(therefore they can make Credit comments, not Legal comments): Tom Moran and Veronica Espinoza.
Also, please add a lawyer in our Group to the database with full edit access: Cheryl Nelson.
Thanks!
| Financial Trading Agreement Database |
Unless otherwise noted on a going forward basis... unless I specifically mention a physical product, all physical counterparties will be approved for all the products that Credit has approved them for.
If I have an exception, it will be noted, otherwise CONSIDER THAT THE RULE.
Most of the comments I will have relate to financial counterparties: For Financial I am not responding to Credits "declined" counterparties.
1.
AEC Storage and Hub Services, a business unit of Alberta Energy Company Ltd. BAD NAME.
There is an ISDA Master in place between ECC and Alberta Energy Company Ltd.
I will approve financial trading with this Counterparty if the Confirms go out under that name.
2.
Ashland Speciality Chemicals Company, a division of Ashland Inc. We are currently negotiating a master with this counterparty.
We earlier sent out a draft under a division name, and the counterparty came back and told us to change the name to Ashland, Inc.
So, if we trade under the Ashland, Inc. name, I can approve it for financial trading.
3.
Bayer Inc., Rubber Division-BAD NAME.
I have already approved trading under Bayer Corporation.
4.
Coast Energy Group, a division of Cornerstone Propane, L.P. - turning down to trade financial because we have already approved them for financial trading under Cornerstone Propane, L.P. 5.
Southwestern Energy Services Company-is a division of Southwestern Energy Company.
We have an ISDA Master in place with Southwestern Energy Company, which I will approve for financial trading under that name.
6.
Tenaska Marketing Canada, a division of TMV Corp.-already approved trading under TMV Corp. 7.
Trammochem, a division of Transammonia Inc. - BAD NAME.
I already approved them on the first list, and their master is in the name of Transammonia Inc., acting through it Division Trammochem.
FIX NAME!
For Power 1.
City of Riverside - per Leslie Hansen, they are permitted to trade pursuant to a GTC with collateral - subject to recieving override letter.
| Approval List for Week Ending 12/3/99 |
Someone must be cleaning out their office, because a notice of a restructuring from Black Stone Holdings Parnership mysteriously showed up on my desk, with no note.
I have no idea if Credit knows about this BECAUSE IT IS SO OLD!
The notice dated 4/19/99, says effective 7/1/98, Black Stone Holdings Partnership transferred all of its assets and liabilities to Black Stone Minerals Company L.P., a Delaware Limited Partnership.
Let me know whether or not Credit knew about this already...if not, I'll send a copy down to you.
It was my understanding from way back when that they were no longer trading under the Blackstone financial master, so this may be moot.
If we are trading with them again, we never did get the corporate documents on the partnership from them and we may want to use this as an excuse to get them.
| Surprise Documents |
We have two new lawyers that have joined our Group today: Francisco Pinto-Leite and Frank Sayre.
They will need access to the Financial Trading Agreement Database.
In addition, I am still waiting to hear that Cheryl Nelson has been granted access to the Financial Trading Database.
Can you let me know what the scoop is...?
Also, I left you a message this morning about my new database for online documents...when can we expect a roll out of that?
People keep sending me documents and I have no place to record them...
Thanks, as usual for your help!
| Financial Trading Agreement Database |
Attached for your approval is the form of Enron Corp. Guaranty in favor of the referenced Counterparty, which guarantees the obligations of ENA under an ISDA Master Agreement.
We will need the standard executed copy.
In addition, we will need the following closing documents: Certificate of Incumbency.
Upon approval and execution, please call me at x33399 to pick up the documents.
Thank you for your assistance in this matter.
| Deutsche Bank Guaranty |
Type of Contract: ISDA Master Agreement (Multicurrency-Cross Border) Effective Date: December 27, 2000 Enron Entity: Enron Canada Corp. Counterparty: Enron Canada Power Corp.
Transactions Covered: Approved for all products.
Confirming Entity: Enron Canada Corp. Governing Law: Alberta Copies will be distributed.
| Enron Canada Corp./Enron Canada Power Corp. |
We have received copies of a Certificate of Merger filed with the Delaware Secretary of State on 12/22/00, effective 12/31/00, wherein El Paso Merchant Energy-Gas, L.P. (Global Counterparty #72297), a Delaware limited partnership, merged with and into El Paso Merchant Energy, L.P. (Global Counterparty #53350), a Delaware limited partnership, with El Paso Merchant Energy, L.P. (Global Counterparty #53350) as the surviving corporation.
By virtue of this merger, the ISDA Master Agreement dated 12/01/99 should now reflect El Paso Merchant Energy, L.P. as the Counterparty.
In connection with this merger, Credit will be getting a new parent guaranty from the Counterparty.
Upon its receipt, copies will be distributed.
Copies of the Certificate of Merger will be distributed.
| Merger - El Paso Merchant Energy, L.P. |
Teresa Mandola with the EnronOnline Team has received a call from the TVA.
They would like to start trading physical power online with us immediately and would like to see a copy of the Enabling Agreement they have in place for power.
Can someone from the power team provide this to them.
Teresa's number is x39807.
Thanks!
| TVA |
I just got off the phone with Aquila's Kansas City attorney about online trading issues and he said he would like to get an ISDA Master in place with us.
He said the contact to negotiate is their Calgary attorney, Carissa Browning at (403) 543-7188.
I told him I would pass on the request to our Credit team.
Much thanks!
| Aquila Canada Corp. |
Mark Taylor asked me to contact you about the referenced NDA.
He said you were the lawyer for Dealbench.
I'm a paralegal that works with Mark, and we got a call from a member of the Online Team, Dave Samuels, who said that "a lawyer" was working on an NDA for Dealbench, and he wanted to confirm that the agreement reflected Enron Net Works, not Dealbench, as the Enron counterparty.
Is this something you are working on and familiar with?
If so, can you provide me with a copy of what you are working on?
We appreciate your help!
| NDA for Bridge Telerate |
On the attached list: CMS Marketing, Services and Trading Company: Credit is opening them up for Can & US gas, which I am fine with.
I already had them open for financial.
Make sure they're shut down for physical power.
Westpac: I just approved that one on the 1/5/01 list.
There should be no changes from that list.
Enron Australia has an ISDA Master in place with them, as does ENA, so we are OK with them transacting all financial, including all Australia financial.
| Counterparty Approval List for 1/9/01 |
Mark Greenberg, and attorney in our Group, has reviewed your comments and made some minor changes.
If these changes meet with you approval, please fax a signed copy of the agreement to me at fax no.
(713) 646-3490 and I will, in turn, have it executed by Enron.
If you need to talk to me about the changes please call me at (713) 853-3399.
Mark is out of the office today, but will return Tuesday.
If you need to talk to him, his direct dial no.
is (713) 345-8897.
| NDA- Globalview |
We are trying to locate the following agreements IMMEDIATELY for a RUSH project for Louise Kitchen and I understand Mark Holsworth prepared them fro the EnronOnline team.
Specifically we are looking for agreements with: Agency.com Octopi?
D'arcy, Masius, Benton & Bowles USA, Inc. We have a copy of this signed by the counterparty, but not fully executed by Enron Corp.
If you have a fully executed copy in your files we would love to get one.
Otherwise, I have a xerox of the copy signed by them and we could send it up to you to get it signed by Enron Corp. Much thanks for your help!
| RUSH HELP NEEDED |
Dave Samuels thought I might want to confirm this with you.
I have a copy of an MOU in my files with Aether, but no records of us having signed any agreements with them.
Have you?
| Aether Systems |
Attached is a list of the EnronOnline documents I am aware of.
Please let me know if there are any additional agreements that have not been included.
I have bolded those documents I am still trying to obtain copies of (and the person who might be aware of them).
If you have copies can you please provide them to me ASAP.
Thanks for your help.
| RUSH-EnronOnline Agreements |
I just got a call from Stuart Rosman, who is meeting with the referenced counterparty right now.
NCPA would like to get a password in place today to start trading, and there seems to be some confusion as to what types of transactions they can do online.
Per my earlier approval, this counterparty can trade any physical products under the credit terms established by Credit.
They, however, cannot trade financial until we get an ISDA Master in place (and have told Stuart they are currently not interested in trading financial).
Stuart said he would be calling Carrie in about 1/2 to make sure this message is conveyed to her.
If anyone is aware of any problems here, please convey them to Carrie ASAP!
| URGENT- Northern California Power Agency |
At the request of Sara Shackleton, I am attaching the link that will provide you access the the financial trading agreement database.
Please call me if you have any questions about the information contained in the database.
Link -->
| Financial Trading Agreement Database Link |
Attached is the First Amendment to License Agreement which extends the term of the contract to March 31, 2001.
My understanding is that you will be sending it directly to FT. Once they have signed off on the form, let me know and I will get Mark Greenberg to initial it and get it signed by an officer of EnronOnline.
Call me at x33399 if you have any questions or if I can be of further assistance.
| Financial Times Energy Amendment |
At the request of Darren Vanek in Credit, we have done some preliminary due diligence regarding the ability of The Public Service Company of New Mexico to enter into financial transactions.
Based on our conversations with them and review of their Board Resolution, it appears: 1.
They are an investor owned utility, not a governmental entity 2.
Their Board Resolution ONLY approves electricity futures, options or swaps, and gas or oil futures, options or swaps.
3.
THEY CANNOT ENTER INTO FINANCIAL TRANSACTIONS OVER 18 MONTHS.
It is imperative that anyone trading with this counterparty be made aware of this restriction Please call me if you have any questions.
| Public Service Company of New Mexico |
There are two general forms that the online team uses for NDAs.
The first form is bilateral and used when both parties are disclosing confidential business information.
The second is a unilateral, Enron Protected Party form and more thoroughly protects Enron's interests.
The second form should be used when Enron is the only party disclosing confidential information.
When you would like to execute an NDA with an outside party, please email me the following information: 1.
Which form you would like to use 2.
General description of the confidential information to be shared 3.
Counterparty's legal name 4.
Counterparty's address 5.
Contact name at Counterparty 6.
How/where you would like me to send NDA and appropriate information (fax or email and number or address).
| NDA Information |
The NYMEX will hold the following classes in Houston in June.
Those of you so inclined might want to reserve a seat now, as they go fast.
All the February classes are already booked.
You can call the NYMEX at 713/658-9292 if you would like to attend.
1.
Introduction to NYMEX Products-held June 7 2.
Intermediate Hedging-June 14 (Intro a prerequisite) 3.
Intermediate Options-June 17 (Intro a prerequisite)
| FYI-NYMEX Training |
Per my conversation with Peter earlier today, below is a list of classes that Mark may want to coordinate his Houston secondment with so he can attend some.
Internal Classes: Basics of Risk Management: 4/26 - 4/27 filling up-act quickly Derivatives 1: 4/17 - 4/18 filling up-act quickly 5/8 - 5/9 - lots of room still here The internal classes book up quickly.
Everything between now and April is already full with large waiting lists.
If he is really interested he should try and sign up for classes immediately.
He can do that by going to the "Development Center" Icon (aka "Ernie").
Then he can sign up on the computer.
External NYMEX Class: I checked with the local NYMEX office, and their next classes are as follows: June 7 - Introduction to NYMEX Products June 14 - Intermediate Hedging (intro class a prerequisite) June 17 - Intermediate Options (intro class a prerequisite) Like the internal classes, the NYMEX classes also fill quickly.
Their February classes are already full.
As I also mentioned, the first weekend in April is when the Roundtop Antiques Festival is.
It is a great way to see the countryside outside of Houston, all the local towns around Roundtop also have antique festivals at that time.
The wildflowers should be in bloom, and that is alway impressive.
With the cold weather and rain, we might have a really good year for wildflowers this year.
Anyway, the above may help Mark get the most out of his time in Houston.
| Mark Powell's Secondment |
I just spoke to Dave Fuller in the Portland Office about a potential 10 year deal he wants to do as soon as possible with the referenced entity.
As we all know, because of the legal issues that arose out of the "Orange County" litigation, no financial trades should be entered into with any governmental entity before legal due diligence of the counterparty has been completed and an ISDA Master is in place.
Also, besides the usual issues surround the governmental's authority to enter into derivative transactions, we also need to determine whether this entity can enter into transactions as long as 10 year w/o prior voter approval.
Credit, if you will send the credit worksheet directly to me I will prepare a draft ASAP and Sara will review it.
Dave should be calling you with the information.
Christian, if you have done any due diligence already on this counterparty we would appreciate any assistance/documents you can provide.
Thank you all for your assistance with this.
| Public Utility District of Clarke County, Washington |
Just a reminder that I'm going to be in a little late tomorrow.
I'm going over to the old TCB Bank bldg.
at 9:00am to sign my loan papers.
| A reminder |
Per a conversation I just had with Saul Laureles, an attorney with Chamberlain, Hrdlicka, who has been hired to assist Apache/Shell with the assignment of the Fletcher Challenge business.
He said: Fletcher Challenge would like to assign their petro business to Shell Holdings for a short time (like one day or so).
Shell would then immediately transfer the agreement/transactions to Apache.
He proposes we get a new master in place with Apache, since Apache is a better credit than Fletcher Challenge.
He said he will send me some letter showing how he would like to do this, along with a draft Apache ISDA (without collateral, of course, since Apache is such a good credit).
I told him that I can't speak for Credit, but we probably are going to have a big problem on that last point.
We never enter into masters without a collateral annex attached.
I'll keep you posted when I hear from him.
| Fletcher Challenge/Apache Assignment |
At the request of Mike Bridges, I am attaching our proposed form of Non-Disclosure Agreement.
If the enclosed meets with your approval, please sign the NDA and return it to me via fax (713) 646-3490.
If you have any comments or questions, please do not hesitate to call me at (713) 853-3399.
| NDA - IntercontinentalExchange |
Dave, Attached is the Schedule to the ISDA Master Agreement.
The document you faxed me was the preprinted form of ISDA Master Agreement.
That document, TOGETHER with the attached Schedule is your full "ISDA Master Agreement".
Also attached to this Schedule is the form of Enron Corp. Guaranty and proposed form of Legal Opinion to be issued by Clark County PUD #1.
It is my understanding that you will provide these documents directly to the counterparty.
Again, the whole package above must be provided to the counterparty or you will not have a complete set of documents.
Call me if you have any questions.
| ISDA for Clark County PUD #1 |
At the request of Jake Staffel, I am attaching our proposed form of Non-Disclosure Agreement.
If the enclosed meets with your approval, please sign the NDA and return it to me via fax (713) 646-3490.
If you have any comments or questions, please do not hesitate to call me at (713) 853-3399.
| NDA - Paperloop Inc. |
Please provide the following lawyers with a guest ID to the above website.
The individuals listed next to the products will check any online GTC's (we think there are none), and/or short or long product descriptions to determine whether we are happy with the language/contract terms.
Mark Taylor Mark Greenberg Stacy Dickson-nat gas Shari Stack-power Wayne Gresham-coal Brent Hendry-weather John Viverito-emissions
| TradeSpark, L.P. Website |
The Finance Group is trying to locate some really old "Master Agreements" done in 1995.
We looked around and we didn't have any masters in place for the counterparties, but I was thinking maybe they really weren't "Master Agreements" but our old style confirmations.
The two counterparties were State Street Bank, as Trustee for Cash I, and Citibank as Agent, for Cash I.
The Agreements were listed in the closing documents as "Interest Rate Agreement" and "Commodity Swap Agreement".
Can you look around and see if you have some really old active trades out there for either of those counterparties...?
So not to confuse you, about 2 or so years ago, we did some deals for State Street for the Cash VI Project.
The master for Cash VI is actually is listed in the Financial Trading Database.
Thanks for your help!
| Missing Docs |
Taffy, Mary is the new lawyer in charge of the paralegals (someone needs to keep us in line, being the wild and crazy gals we are!).
Can you put these re-occuring meetings on my calendar and call it "Paralegal Lunch Meeting".
Thanks!
| Recurring Lunch Meetings |
Bob, In order to be able to draft the Aquila assignments below, I am going to need the contract list which shows the contracts the trades were originally under and which contract they will be under when we assign them.
Can you for that list to me ASAP so I can get started drafting the assignments.
It make take some time.
Thanks!
| Aquila Assignment |
Harry, Since physical steel is a new online product, I need to know from you wheth= er=20 you are aware of any reason why any existing counterparty should not be abl= e=20 to trade physical steel.
From your perspective, I would consider whether= =20 there is any legal reason barring a counterparty incorporated out of the US= =20 from buying physical steel, or whether you are aware of any current=20 litigation, payment disputes or other similar legal reasons which would=20 prevent an existing counterparty from trading physical steel.
Also, on a going forward basis, is there any legal impediments for any new= =20 counterparties trading physical steel?
| Profiles for Steel Physical Products |
We have received the following executed Master Agreement: Type of Contract: ISDA Master Agreement (Multicurrency-Cross Border) Effective Date: December 29, 2000 Enron Entity: Enron North America Corp. Counterparty: Deutsche Bank AG Transactions Covered: Approved for all products, including FX Confirming Entity: Deutsche Bank AG Calculation Agent: Deutsche Bank AG Governing Law: New York Approved Branches For Deutsche Bank: Brussels, Frankfurt, London, New York, Paris, Singapore, Sydney, Tokyo Agency Relationship: Deutsche Bank AG may act as Agent for Deutsche Bank Securities, if they are specified as acting in such agency capacity in a Confirmation.
PAYMENT NETTING: Cross transaction payment netting only applies to Commodity Transactions.
There is no payment netting for non-commodity transactions.
| Deutsche Bank AG |
We have received a letter dated 2/6/01from Chamberlain, Hrdlicka, counsel to Fletcher Challenge, with respect to the acquisition of Fletcher Challenge by Shell Overseas Holdings Limited, and Shell's proposed subsequent assignment of the Fletcher Challenge Canadian nat gas trades to Apache Corporation.
I am sending copies of this letter to Russell Diamond, Mary Cook, Greg Johnston & Joe Hunter.
Russell, I need to know if we would agree to the assignment of the trades to Apache.
Russell, Mary: With respect to such assignment, we have an old ERMS ISDA Local Currency Master Agreement in place.
Do we want to continue to transact w/Apache under this master, or use this as leverage to get a revised ISDA master in place?
Among the issues I quickly spotted in the Apache master were: 1.
It's a Local Currency Form, so we cannot transact cross border/cross currency products under it 2.
We have a 3rd Party Cross Default to Enron Corp. of $25,000,000 3.
We've got market quotation instead of loss for terminations 4.
No arbitration language 5.
Hard to believe, but we've made no choice of law election (maybe I'm blind) 6.
Don't have trade option rep (which probably doesn't matter anymore) 7.
ISDA Defintions refer to 1987 Interest Rate & Currency Exchange Agreement-time to update 8.
Setoff language old and doesn't have affiliate language in it 9.
Market Disruption Events not standard 10.
Old "ERMS" Collateral Annex 11.
$10,000,000 Exposure Threshold-is this sufficient all this business?
12. Credit Event Upon Merger triggers -0- threshold
| ECC/Fletcher Challenge Acquisition/Assignment |
We have received the following executed documents from Counterparty: 1.
Amendment to EnronOnline Electronic Trading Agreement dated 1/9/01, executed by Alliant Energy Corporate Services, Inc. as authorized agent for and on behalf of IES Utilities, Inc. Interstate Power Company and Wisconsin Power and Light Company 2.
Consent and Acknowledgement executed 2/5/01 by each of IES Utilities Inc., Interstate Power Company and Wisconsin Power & Light Company acknowledging that Alliant Energy Corporate Services, Inc. is acing as authorized agent on behalf of such utilities with respect to the ETA and Password Application 3.
Password Application (EnronOnline only to have copy) A copy of this documentation will be sent to Lisa Lees and Shari Stack.
| ETA Amendment - Alliant Energy Corporate Services, Inc. |
I just got a call from Sheri Thomas with EnronOnline checking on the status of your reviews.
When each of you has completed the review of your products can you let me know, so we can sign off on that product.
Sheri is being pressured by our traders to get this up and is also getting daily calls from the President of Tradespark.
She would like to have everyone's sign off by Friday if possible.
Can you let me know whether this will present any problem.
Thanks!
| TradeSpark, L.P. Website |
I have created a "Forms" sub-subdirectory under my "Confidentiality" subdirectory.
You can now find the latest online forms there if you need one and I'm not around.
The other forms in my confidentiality subdirectory are earlier drafts of the forms.
| Online/Network NDA Forms |
At the request of John Pavetto, I am attaching our proposed form of Non-Disclosure Agreement.
If the agreement meets with your approval, please execute it and return it to me via fax no.
(713) 646-3490.
I will have it executed by Enron and return a copy to you via fax.
If you have any comments or questions please do not hesitate to call me at (713) 853-3399.
| NDA - GE Global eXchange Services |
I just got off the phone with Margaret Lester, a contract administrator at Dynegy, and Harlan Murphy, an attorney she works with.
There was some misinformation communicated to them about EOL, and I told them the only way we would trade online with them was under the existing master, not under the online GTCs, we wanted the bankruptcy protection the master affords.
They want to replace the old ERMS Master with an ISDA and I told them we would be happy to generate the master.
Can I get some credit from you so I can turn around a master quickly, or we will have to work off their form, which will then become an ISDA comparison which will be a lot more work in the long run.
Much thanks as usual for your prompt help!
| Dynegy Marketing and Trade |
I just spoke to Brent and he still cannot get into the website.
Can you get with TradeSpark and figure out what the problem is and how can we get our people access.
Thanks.
| TradeSpark Website |
Can you please let me know whether the new attorneys in our group have edit access to the database, Frank Sayre, Francisco Pinto Leite and Cheryl Nelson.
I think Cheryl just tried to add a note and couldn't.
Thanks.
| Master Swap Agreement Access |
Jason, our new computer floortech, has discovered why we can't get into the system.
He spoke to the Tradespark people and Tradespark is an NT system, and they won't have Microsoft 2000 compatibility for several months.
We cannot install NT on each of your individual computers, Jason says you can only have one system at any given time, so I have asked him to locate an unused terminal on the floor and install NT on that computer.
As soon as we have it up and running, I will let you know and you will have to do your review at that terminal.
Thanks for your patience.
| Tradespark Website Access |
I checked with my boss Mark Taylor, VP and General Counsel, and he said it was OK to send you our templates forms.
Per our Confirmation Desk, there are many more Physical templates for all of these commodities, but these are the basic Firm delivery templates.
Nat Gas/Liquids-Financial: Nat Gas-Physical: Power Financial: Power Physical: Coal Financial: Same as Nat Gas Financial Still waiting on Coal Physical and Liquids Physical.
| Confirmation Templates |
If you like, I can get you database access that will allow you to review the comments between Legal & Credit.
We do not give this level of access to non-Legal & Credit people because we are trying to limit certain information for client-attorney privilege (not to mention the business people give away our negotiating positions!).
If you would like this level of access, let me know and I will put in a request.
This level of access will also give you edit capability, so you need to be careful not to change things by mistake.
| Financial Trading Agreement Database |
Attached is my proposed form of Guaranty to cover the US & UK business with Paribas.
Tanya, please note, per our discussion I have increased the guaranty amount to $50mm.
We have also added ECTRL to the Guaranty.
Please let me know if it meets with your approval and I will forward it to Paribas in NY.
| BNP Paribas Guaranty |
Attached please find the referenced counterparty approval lists.
Per my conv.
w/Frank and Leslie Hansen's emails, on a going forward basis, U.S. based counterparties should not be approved for European based physical power products, and vice versa.
I don't know how you want to handle that, I have not "Xed" out European physical power from the attached list.
What should we do on a going forward basis?
| Counterparty Approvals for 12/16 and 12/17 |
I called Steve Douglas to check on who should be our tax contacts, and he said he, Jeff Blumenthal and Morris Clark can certainly help us with trading related tax issues.
However, he is grooming Susan Musch to become the lead trading tax person, so we might want to start calling her.
Her ph no.
is x56010.
| Tax Contacts |
Jay, To reconfirm my conversation yesterday with Reid Grossman, a consultant hired by the referenced counterparty to negotiate their trading documents with us: 1.
PUD #1 would also like to get gas and power trading agreements in place with us.
Per my conversation with Dave Fuller yesterday, the physical trading agreements are of a higher priority than the financial trading agreement.
2.
They would like to get a draft of a collateral annex from us.
Their suggested trading threshold for themselves was in the $3.5-5mm range.
3.
They would already be in default of the MAC's you sent me in the credit worksheet dated 1/25/01.
We need to revisit the MACs.
4.
They think a 3rd party debt threshold of $1mm is too low for them, they suggested a threshold of $10mm.
5.
The agreement provides for annual and quarterly financial statements.
I don't think they have quarterly.
You need talk to them about what they can/will provide.
If you would like to talk to Reid directly, his ph no.
is 509/252-5096.
By the way, Reid is an old buddy of Bill Bradford from Reid's Avista/PG&E days, and Reid sends his regards to Bill.
If you see Bill pass this message on...
| Public Utility District No. 1 of Clark County, Washington |
Attached is an email I got from the lawyer for Fletcher Challenge.
Obviously, he is on a short time frame, so we need to respond rather quickly.
Russell, we need some direction from Credit on how we want to proceed on this assignment.
Do you want to meet to go over this, and maybe give Bert a call, or what...?
Please let us know.
| Assignment of Fletcher Challenge Swaps; Response to inquiry letter |
At the request of Rahil Jafry, I am attaching a copy of our proposed First Amendent to License Agreement, which extends the term from February 28, 2001 to April 30, 2001.
If the Amendment meets with your approval, please execute it and return it to me via fax no.
(713) 646-3490.
If you have any questions or comments please call me at (713) 853-3399 or Rahil at (713) 853-3206.
We look forward to hearing from you.
| Amendment to License Agreement |
Keegan, please include me (as well as all members of the team) on any distributions when members of the Swap Group are going to be out of the office.
This would include Mark Taylor, Sara Shackleton, Carol St. Clair, Mary Cook, Francisco Pinto Leite, Cheryl Nelson, Bob Bruce, Frank Sayre, Susan Bailey, Samantha Boyd & Stephanie Panus.
Thanks.
| Cheryl Nelson |
At the request of Dan Diamond, I am attaching our proposed form of Non-Disclosure Agreement.
If the enclosed meets with your approval, please execute the agreement and return it to me via fax no.
(713) 646-3490.
I will then have it executed by an officer of EnronOnline.
If you have any comments or questions please do not hesitate to call me at (713) 853-3399, or Mark Greenberg, Senior Counsel, at (713) 345-8897.
We look forward to hearing from you.
| NDA - Carr Futures, Inc. |
If you do not have access yet to the Financial Trading Agreement Database, this link should get you access.
Hopefully when you open up your computer tomorrow you will now have an icon to get in.
Credit people, if you do not have edit capability let me know and I will get you access.
Link -->
| Financial Trading Agreement Database Link |
Attached is our proposed form of Non-Disclosure Agreement.
Please let me know if I didn't get the company name correct.
Thanks for your help with this.
| NDA - Ernst & Young |
At the request of Mike Bridges, I am attaching our proposed form of Non-Disclosure Agreement.
If the enclosed meets with your approval, please execute the agreement and return it to me via fax no.
(713) 646-3490.
I will then have it executed by an officer of Enron.
If you have any comments or questions please do not hesitate to call me at (713) 853-3399, or Mark Greenberg, Senior Counsel, at (713) 345-8897.
We look forward to hearing from you.
| NDA - Deloitte & Touche |
Your fax of the signed NDA did not come through all the way, I only got part of the first page.
Could you please refax back the whole document so I can get it signed by Enron.
Thanks!
| NDA - GreenAsh Corporation |
Deutsche Bank has gotten back to me and is vacillating on what they want to do with the Bankers Trust trades.
In particular, they haven't thought through what they want to do with the online trades, don't like on online documentation, and now they think they may want to do a full novation of the trades once they decide how to resolve this.
So, until we hear back from them (they said in about a week), just let the Bankers Trust financial trades and master sit.
| Bankers Trust/Deutsche Bank |
I have received the fully executed Termination Agreement dated as December 15, 1999, effective as of December 17, 1999, terminating certain transactions under the ISDA Master Agreement.
The ISDA Master Agreement remains in full force and effect.
Copies will be distributed.
| Canadian Imperial Bank of Commerce |
Mark Greenberg asked me to send you the Password Application to be used for the brokers.
Actually, there will not be a Password Application.
What they will be signing instead is the attached Fee Agreement.
Any questions, call me, Mark Taylor or Mark Greenberg...
| "PA" for Brokers |
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