IN: This is an email
As a point in clarification, in Section 2(a) of the Master Netting Agreement the parenthetical "(including automatic termination, if applicable)" should be deleted. Here are the new forms with the deletion made in them. Since the form is amending the underlyings to not include automatic termination, the parenthetical should no longer be included. Further, see the attached once again revised process (hopefully this will be the last revision for a time!). Changes are in bold and deal with the gas receivables financing and credit sign-off. To the extent a counterparty will agree to a 25th of the month effective date, do so, as it fits our physical gas billing cycle and makes it easier to pull out the receivable from the gas receivable financing.

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OUT: Revision to Master Netting Forms
QUESTION: Alicia and Trina: Here are my thoughts on the latest drafts of the swap docs: Put Confirm 1. Looks like some type of price protection mechanism is contemplated in the Master Derivatives Agreement and I'm assuming it would go into this confirm 2. In the definitions of ISDA and Equity Definitions, please add amendments and supplements Harrier/Talon Schedule 1. We need to discuss footnotes 2, 3, 6, 9, 12, 13 2. I think that the mechanics for putting up the LC that is described in the Additional Termination Event that was added as clause (iv) needs to be drafted somewhere to address, for example, drawing conditions, what happens when Enron's credit rating improves, the comment made in footnote 6 etc. 3. In Part 4, Section (a) and in all of the notice sections the notice that goes to the AGC of the Trading Group goes to Enron North America Corp. not Enron Corp. 4. In Part 5, Section (l)(Recording) please add after the word "parties" the phrase "in connection with the Transactions hereunder." 5. In Part 5, Section (o) (Confidentiality), is the class of permitted discloses in clause (iv) too broad? Talon/Enron Schedule 1. In Part 1, Section (h) should a carve out from the definition of Identified Event be the new Termination Event that was added? 2. Why is Part 5, Section (n) in this Schedule? 3. Same comments as above Master Derivatives Agreement 1. Is the defined term Net Premiums worded right for purposes of the $400,000,000 limitation? For some reason, I'm thinking that a and b should be reversed. Talon Note 1. In Section 3.2, I'm not sure that the reference in the second paragraph to Part 5(m)(i) of the Enron Schedule applies since the setoff rights only benefit Enron and its affiliates. Also, what does it mean to refer to the Enron Guaranty here? Enron Guaranty 1. In Section 4, I think that it is fair for them to request that setoff only apply to the Guaranteed Agreements and unless I'm missing something, I think we can give on that point. That's all that I have. Have you discussed with Ben the point that we talked about last week concerning the difference between the calculation of "Net Talon Loss" versus "Loss"? I'm available tomorrow to talk about these points. Carol
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ANS: Comments to Swap Docs
We definitely have enough people for a party. I haven't heard back from some people yet, I'll keep trying. I hope to have some responses when I get home from work tonight. Atached is of list of the status so far: What do you think?
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answer: Church Gourmet Dinner
QUESTION: I'd like to inquire about the Dow Jones index price database currently being maintained by the Fundamentals group. It's come to my attention - by virtue of the fact that I receive the Dow Jones data each afternoon - that several people are interested in having access to those figures. I've had requests from mid-marketing, trading, and scheduling, and am working with IT to put the NP-15 and SP-15 data online. Cara Semperger, in particular, relies on the index prices in order to run one of her reports. I'm wondering if it would be possible to give these people access to your database, or maybe if your group would benefit from the data I receive. Your spreadsheet looks like a compilation of the documents I receive from Dow Jones, and one might be more useful for an individual or group than the other. I don't have a preference either way - I'm more than happy to compile the reports in a separate folder. Please let me know what works best for you. (I sit in the middle of the room between Tracy Ngo and Val Sabo.) Thanks,
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ANS:
Dow Jones Index Prices - Database Access