IN: This is an email
Tanya: There's no short answer with these people! I think we are fine with their setoff language (part A only) because the NDP always has the option to permit setoff to other agreements between the parties as to amounts payable by the Payee to the Payer (where the Payer owes money under the ISDA to the Payee). So here's my recommendation: (1) Call your friend Andre and hear what he has to say. He has some kind of suggestion about Part (B) and limiting the NDP's payment to the DP to be based upon satisfaction that "nondisputed" amounts having been paid by the DP. Will he also raise the "other agreements" issue here? Not a clue. (2) If Cargill leaves part A in tact and we agree to change part B, I'M FINE. (I'm fine without part B, actually) (3) The potential problem is that Cargill and ENA view part A differently, right off the bat. I think Cargill is wrong because they don't read part A as applying to "other agreements between the parties". But Cargill proposed part A and it DOES apply to "other agreememts between the parties." I don't want to start off on the wrong foot so I'm sure I'll have to discuss this again with Marty. Thanks for your continued help. Sara

What is the subject?

OUT: Cargill, Incorporated - the final SETOFF discussion

IN: This is an email
Your packages for the Enron Center Garage are ready for pick-up at EB305, please make sure that you bring your current parking card with you at the time of pick-up, we will exchange your access card for a transponder. ( We will fax a memo to the Garage, so that you will be able to get out of the garage at the end of the day). Thank you,

What is the subject?

OUT: Enron Center Garage

IN: This is an email
John: Listed below are questions that the banks have asked us to address in the meeting scheduled for tomorrow morning at 10:00am in Room 20C2. JPMorgan Chase and Citi/SSB are doing due diligence for a short term liquidity facility. They have specifically asked for a better understanding of the T&M business. I suspect you have a canned presentation that you use. That will be fine. They are very focused on cash generation. Trading & marketing business: a) What effect of a global slowdown on the business both short-term and long-term? b) If capital is restricted to T&M companies in general, can ENE continue to grow volumes? c) What happens to ENE's earnings & cash flow if volume growth slows / declines - is there an annuity part of the business? (How much of future cash flow has been monetized through pre-paid transactions?) d) What happened to ENE in Europe during the quarter (volumes grew substantially and no earnings growth)? i) Is this a long-term phenomenon? ii) Can / will something similar happen in North America e) What is the status of global deregulation? i) Scaling back venture in Japan? ii) Reports that gas competition in Germany is facing difficulties iii) Laying off people in Europe f) What is current VaR - if not lower than at 12/00 & 6/01 - why not?

What is the subject?

OUT:
Meeting 10/24 at 10:00am JPMorgan/Chase and Citi/SSB