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
Hi John, As per our conversation last week, I just wanted to double check on a potential raise before the deal closes on Friday. I know that more than a few non-promotional raises have been offered and accepted for the transfer to UBS, and I'd like to make absolutely sure that I'm not eligible for one. As Cowan says, potentially the bonus pool may be much bigger next year, which is great, but it's not for sure. And given the promises Enron has dolled out over the years, it doesn't mean that much right now, especially considering it's in UBS's best interest for us not to make a killing in the first year in order to buy out the company at a lower price. Thanks,

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OUT: UBS

IN: This is an email
Attached is Enron North America Corp.'s suggested revisions to your pro forma confidentiality agreement. Please review and let us know if the suggested revisions are approved. Thanks for your help,

What is the subject?

OUT:
Confidential Agreement Revisions -- Rio Bravo Pipeline Open Season