IN: This is an email
Edmund - I have reviewed the long descriptions I was given for the credit derivatives (I can't tell if they are current) and have substantial comments - I have attached what I have come up with (sorry it's in 2 pieces). Basically I don't think we should be restating something in the Long Description that is already covered (sometimes with different language) in the GTC - this only creates an ambiguity and is not necessary to form a complete contract. My other concern - and I have not been able to draft language to fix it - is that I can't find any definition of the Seller Payment amount and I don't think the Buyer Payment language works - can you give me a call so we can discuss my concerns?

What is the subject?

OUT: EOL Credit Derivatives - Long Descriptions
QUESTION: No meeting today but here's the update. We had our meeting with AZ Public Service on Friday 11/16. Here's the highlights: 30 year term is not a deal killer Rates & fuel are high but San Juan gas price helps They like the pressure guarantee They like being able to swing the volume within the day APS has electric line ROW that may include underground ROW going south towards El Paso. If so, we may be able to use this path to reach Panda and the El Paso system at a reduced cost. APS will check it out and get back with me. Next steps: meetings are being set up with Duke, Sempra, and PG&E for the week after Thanksgiving. El Paso / FERC full requirments debate: A straw man settlement proposal was floated at FERC by one of the FR shippers. FERC still wants the parties to negotiate a settlement but so far there has been little progress.
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ANS: Sun Devil Update no meeting 11/19 or 11/26
Personal & Confidential Marc: Given your message to me the other night, as well as recent communications between your commercial personnel and our credit group, I want to again review the NPW disclosure issues with you, Scott Freeman/Joe Armbrust and Joe Cialone. I believe that it is essential that we discuss the disclosure issues today, and will be traveling tomorrow. Please let me know this afternoon when we might be able to talk. Thanks,
Q: What is a potential subject line for this email?
answer: NPW Disclosure
Howard, during a recent strategy meeting we had several questions as to how the virtual process will be implemented, and how that will change the markets we trade. In particular, we are curious about the resolution of certain issues including system integrity insofar as SCUC is concerned and how ancillary costs will be passed. Obviously, we certainly are still very curious about the latest expected start-date. Please let us know your thoughts on these issues and any others you feel relevant. Thanks.
Answer: Virtual Bidding in NYISO
Here is an email: John and Molly: I have reviewed the ISDA Master that we have with Range Resources and here is a summary of the steps that need to be taken assuming that we have already notified them that they needed to post collateral: 1. An Event of Default occurs upon their failure to post collateral within 2 Business Days after notice of such failure is given to them by us. 2. Once an Event of Default occurs, then we can elect an early Termination Date. The "Loss: method applies here. As I mentioned in my voice mail, we need to coordinate closely with whoever will be doing the Loss calculation (and it should not be Fred or someone in his group) to make sure that they have the appropriate back up. We would send a notice declaring an Early Termination Date once the Event of Default had occurred and then subsequently provide them with our calculation of the Termination Amount. As I mentioned in my voice mail message, I need copies of all of the letters that we have sent to them along with copies of the confirmations of all outstanding trades. All notices will need to be sent by federal express delivery such that they won't be effective until the day after they have been sent out.
What is a potential subject line for this email?
A: Range Resources
QUESTION: Here's a revised version of the severence/policy memo. Michele, should we discuss how to address the severence plan in an email? I included an alternative here to direct people to a website with the plan.
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ANS:
Severence/Policy Memo