IN: Mark: I've been asked whether ENA can enter into derivatives with an Indian company. Do you have research regarding legality/enforceability since the 1997 global review which ENA conducted through Allen & Overy? Thanks. Sara

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OUT: Derivatives trading in India

IN: Can you set up a mid for all deals at a location of NBPL/Peoples and PGLC/NBPL. The intramonth curve Chi./N/Border and the gas daily curve is GDC-Chi./N/Bord. Can you tell me how many deals are currently in the system for these two locations. Sorry to rush you, but I need these in for calcing tonight. Thanks. PL 3-7376

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OUT: new mid in sitara

IN: Reagan, I haven't received an email from David Hunt yet. I will make the changes you and I discussed last week, and perhaps we will get David's changes sometime today. Kay

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OUT: Clarksdale

IN: Hope you are well! I had a wonderful vacation in L.A. I never made it to either the Norton Simon or the Getty; I'll just have to plan another trip to the west coast. In connection with your recent review of our standard ISDA Schedule, Credit Support Annex and legal opinion (the "Documents"), could you please advise as the whether additional provisions are required or advisable in any of the Documents when our counterparty is an Argentine public utility, municipality or other type of regulated entity. In the U.S., we use the ISDA Multicurrency - Cross Border boilerplate and incorporate most of the ISDA municipal language and some of our own into the Schedule for municipals and governmental entities. However, for public utilities which are general corporates (and not governmentally owned), we take a different approach and incorporate language which might trigger an "Additional Termination Event" for "regulatory type developments" (e.g., orders issued by a public utility commission) which would cause or might cause our master agreement to become void or unenforceable or similar swap agreements to become void or unenforceable. For example: "The filing of a motion, pleading, application or other similar action in any proceeding or action by Party B, a commission, regulatory agency or other entity having jurisdiction over Party B, in respect of Party B, or in respect of any other similarly situated entity organized under the laws of the state(s) in which Party B is located or regulated, to the effect that performance under this Agreement or one or more Transactions hereunder or similar agreements is unlawful or that this Agreement or one or more Transactions hereunder or similar agreements are void or voidable." By fax, I will send you our Municipal Schedule. Please advise as to changes in both the (i) Schedule and (ii) legal opinion for both (a) public utilities (corporates, non-governmental) and governmental entities (municipals, public agencies, governmental utilities, etc.). Please call if you have any questions. Regards. Sara

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OUT:
Argentina: public utilities and other regulated entities