IN: John: I was reviewing an amendment that Susan bailey was working on concerning the ISDA Master between ECC and Petro Canada and wanted to make sure that you were comfortable leaving as is the following provisions that are in the Schedules: 1. They have amended the definition of Specified Indebtedness. I'm not sure I understand why if we have a threshold amount they need the first part of the language and wanted your thoughts on this. Alos, does the second part of the language need to be updated or revised in any manner? 2. They have deleted the concept of Credit event Upon Merger. 3. They have added to Specified Transaction a Physical Master Agreement which makes this part of the cross default to specified transaction Event of Default trigger. Should we specify a threshold? 4. They have added an additional termination event that contains some unusual ratings triggers. For example, are we rated by the 2 bond rating services that they describe, and if not, doesn't that trigger clause (2) of this additional Termination Event? I don;'t think the cure language works and I don't understand how it works with the collateral threshold since the trigger for that to go to zero is something else. 5. I'll just note that setoff rights do not currently apply if there is a Termination Event that is caused by Tax Event or Tax Event Upon Merger. 6. In the CSA, we have permitted cash and government securities which I think is problematic given our general rule in Canada that we only take LC's. 7. There is a Minimum Transfer Amount of $500,000. Please call me when convenient to discuss further. Carol

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OUT: Petro Canada

IN: Suzanne: Please send an e-mail to all of the lawyers and paralegals in the ECT Legal Dept. asking them to reserve the conference dates and asking them to let you know their t-shirt sizes. Once you have everyone's t-shirt sizes, please give the list to Dan. Thanks,

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OUT: e-mail to conference attendees

IN: Paul, FYI, you were invited to our off-site because we felt that our businesses were so linked together and that we could all get on the same page with regard to updates, vision and relationship building. We also invited Joe and Thor as the only other non-EGM people. If you can make it would be great but we do know how difficult it is to make it over. I did hear your California request and it could happen. We haven't found the right place yet. California is experiencing serious blackouts and it could be difficult. We'll be in touch. Cheers,

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OUT: EGM offsite

IN: Hi Paul, Finally drug your file out to the basement. I have attached several different options in the Excel file below. Keep in mind that about 5 weeks after closing you will receive a check from your current lender for the existing escrow account. You can either pocket that money or "reimburse" your out put from this closing. Let me know if you need further clarification on this or any of the options. I've attached the application and forms I need for processing. I have survey, dec page and mortgage info already mostly need updated W2, paystubs and banking info.

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OUT:
Refinance options