With regard to the Commission's limitations on the right of first refusal, Order 637 provides for grandfathering of discounted long-term contracts that are now subject to ROFR. The Commission's rationale was that grandfathering gives all shippers notice of the new limitation and the opportunity to re-execute current contracts. The TW Commercial Group has asked whether we should challenge the grandfathering of existing contracts. In limiting the right of first refusal, the Commission has expressly acknowledged that if a customer is truly captive and has no alternatives for service, it is likely that its contract will be at the maximum rate. Shippers that are not captive and have alternatives in the marketplace do not need the protection of ROFR, and the pipeline should be able to negotiate with other interested shippers upon expiration of the contract. In light of these conclusions, there should be no reason to grandfather the ROFR rights of shippers under existing discounted contracts. Such shippers would not be harmed by removal of the right immediately upon the effective date of a pipeline's tariff filing to limit the right of first refusal (assuming the service contract incorporates tariff terms on an "as amended" basis). Consistent with the Commission's order, it would not be unfair to make these shippers compete with others for the capacity upon expiration of the contract.
Answer: Order 637: TW Comment on Rehearing Request
Susan, Could you please provide me with copies of the attached contracts. I think you received a similar request from Tom Donaho. Contact me if you have any questions. Thanks for your help. Kevin P.S. My desk # is 3234D and my telephone number is 3-6320.
Answer: Contracts
We have received the executed First Amendment to ISDA Master Agreement dated as of April 10, 2000. This amendment revises the ISDA Master Agreement with the referenced counterparty to bring the agreement up to current form standards with changes including, but not limited to: 1. Adding the Canadian Securities Acts representation; 2. Making certain changes to elections with respect to Payments on Early Termination and amending the Setoff language; 2. Makes changes to certain credit provisions, including letter of credit provisions, the form of letter of credit, the Independent Amount,, and amends the definition of "Material Adverse Change" . Copies will be distributed.
Answer: National Bank of Canada
You are in the New York Times today, page C6. Can't tell if it's good or bad cuz I don't understand business jargon. I'm about to go for a little run. It's beautiful out. Met a new professor today, Russian but nice. Ready for summer vacation already! At least we have a three day weekend. Hope you're having a good day. Cheers,
Answer:
Famous Dad