John: Here is a summary of the 2 Snyder Agreements. As we discussed last week, there is one trade (a basis swap that will expire in August 2004) that they want to remain under the 1194 Master. Let me know what you want to do. !. 1994 Agreement cross default threshold - $10,000,000 for Snyder and $25,000,000 for us automatic termination if bankruptcy occurs setoff includes affiliates collateral is LC's only collateral threshold - credit rating matrix Below BB- - 0 BB- $2,500,000 BB $5,000,000 BB+ $6,000,000 BBB- to BBB+ $10,000,000 A- and above $15,000,000 $15,000,000 Enron Guaranty 2. 1996 ISDA Agreement cross default threshold - $50,000,00 for us and $25,000,000 for them no automatic termination upon bankruptcy setoff includes affiliates collateral includes LC's and cash collateral threshold - $10,000,000 for both parties MAC trigger is below BBB- for us and BB- or below for them no Enron Guaranty Carol
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Snyder