IN: This is an email
Good Tuesday Morning - Comments From The Local Guys! If the market has indeed put in a bottom over the last few days, be prepared for us to 'retest' the lows. A successful test, is what is needed, followed by a meaningful rally! The market has already factored in most of the bad news from corporate America. We may also see individual stocks rise after releasing bad news. This would also prove to be very meaningful. Look to use this period to upgrade portfolios. The 30 -year bond yield is 5.57%.

What is the subject?

OUT: The Morning Market Call - Tuesday September 25th, 2001.

IN: This is an email
Pursuant to our discussion yesterday regarding the above, please find below for your consideration a suggested revision to MAC/Credit Rating trigger definition to used in all future master trading agreements or confirmations in which Enron Corp's credit rating is part of a MAC/Credit Rating trigger. "Material Adverse Change" means (i) with respect to [Enron Trading Entity], Enron Corp. (or its successor or its successor's parent company) shall have long-term, senior, unsecured debt not supported by third party credit enhancement that is rated by S&P below "BBB-" [also insert Moody's as appropriate]; I understood yesterday that we may also need to consider changing the definition of Credit Support Provider in the ISDA's. I suspect that if "Credit Support Provider" is defined as Enron Corp. in the relevant Master, then the corresponding changes noted above would also need to be made. Your further thoughts regarding this issue are welcomed. Please provide me your comments to the above language by tomorrow so we can start implementing a revised definition in our agreement templates. Regards, Alan

What is the subject?

OUT: Draft of revised definition of Material Adverse Change/Credit Rating Trigger

IN: This is an email
I talked w/ Ed McMichael about Noble WRT rescinding our termination if Noble were willing to pay in full all amounts due. Ed said he would rather cause the position to be terminated (moving the approximately $40M MTM value out of the "live" status) than he would collect the $39M of outstanding invoices. Ed's rationale is that any amounts settled (invoiced) will ultimately be collected in full w/ interest so there's no need to continue to wear the $40M MTM risk. Therefore, I will let our termination letter stand as issued and do not plan to contact Noble. Susan: please be sure to note that the termination letter was sent 3/11/02. Thanks

What is the subject?

OUT:
Noble Gas Marketing Inc