IN: Mark and Jeff: There is an impression circulating among some of the commercial teams that their compensation may be directly linked to asset dispositions, ie. success fees. Apparently, this may have started due to "rumors" that the London Receiver is allowing for such payments--for example, the pending Arcos turbine sale. This is unsubstantiated, but may be worthy of inquiry. Accordingly, in at least one domestic example, it is my understanding that the deal team was fairly unmotivated until they heard about the London "arrangement" and are now pursuing with great exuberance. Maybe this is a good thing, but clearly an arrangement that needs to be vetted and then communicated so people understand what the "rules" may be.

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OUT: Asset Dispositions--"Success Fees"

IN: I believe we are in agreement on the new deal amounts. I held back $1,087,409 from the MEH book. The MEH book lost $ mostly because there was $20K added to the P&L last Friday. I did not add that amount back in tonight. I don't know what it is. I'll talk to you in the morning. Let me know if there is something you want me to send you. Thanks. DG

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OUT: P&L

IN: Please take a look at the Proposed revisions to the master below. Specifically Articles 4.1, 4.2, and 4.6. My response is NO to their revisions, but since this is a credit matter, give me your thoughts. Dp

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OUT: Master Firm Purchase/Sale Agreement

IN: Jordan: Congratulations on your promotion! I am forwarding to ;you one of the Raptor 2 hedges which was to be finalized earlier this month. My most recent draft was dated October 5 and I never received comments until this morning (from Ryan Siurek) which prompted the revisions attached. Ryan is also expecting comments from Rodney Faldon. I don't know if you have been updated on the various Raptor swaps which have been created over the past few months. The attached is to hedge ESA assets. I'd be glad to give you a brief overview, as would Ryan. Thanks. Sara

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OUT:
Raptor 2 hedge