IN: This is an email
I completely forgot to ask you what the mood is like in Houston after everything that has happened. How did you meeting with Sally go? Any gossip? C'mon, you gatta have something.

What is the subject?

OUT: Follow up

IN: This is an email
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).

What is the subject?

OUT: FORM CHANGES: READ

IN: This is an email
Chris, Per our conversation, I am attaching a sample form of ISDA for both a Canadian corporate and a Canadian governmental. With the governmental, the proposed form of legal opinion attached to the ISDA Schedule would have to be modified depending on your particular situtation (see footnotes in opinion). As I also mentioned, we are making some revisions to the guaranty we are getting from Hydro-Quebec in response to comments from counsel, and we may want to make some of the same changes to guarantees we receive from any governmental guarantor. If you end up having a governmental guarantor, let me know and I'll send you down the revisions. By copy of this email to Joe Hunter on the Confirmation Desk, I am asking him to email you copies of the form of Omnibus Confirmation and Annex A thereto for an ECC/Canadian Counterparty Deal. I have to say that if you end up transacting with a governmental entity, our form of confirmation will not include the reps and warranties required to transact with such counterparties, since we never trade financial with governmentals prior to execution of a master. If you go down that road we may have to come up with some kind of form, but the best route is to get the ISDA in place first.

What is the subject?

OUT:
Canadian Sample forms of ISDA Agreements & Confirmations