Greetings Ms Carson: I'm giving a presentation on gas issues on Tuesday. I've got a draft of the message points that Shelly Corman circulated on 9.28 regarding "why gas prices have increased" (have those changed? ); I've got Ken Lay's gas presentation before the National Governor's Conference (9.20.00); and Gil Muhl's presentation to the AGA in Washington D.C. on 9.19.00. Are there other presentations that would useful to look at in preparation for the talk? And are there any recent analyses by CERA, PIRA etc. about gas nationally, in the West, and in California that you could forward. And if you get a chance, could you give a ring? I've got a couple of questions. As always, greatly appreciated. Best,
Answer: Gas Presentation
Rob: I am faxing to you our comments to the latest drafts of Schedules. Our credit person has agreed to make the MAC trigger as an additional Termination Event so long as (1) we limit the trigger to the S&P rating; (2) we provide a cure concept that the non-Affected Party controls subject to a cap; and (3) we remove the MAC trigger from the collateral threshold definition. I have included some proposed language. Also, with respect to the partnership agreement, I seem to recall that you were reluctant to send us a copy as we traditionally review LP agreements as a part of our due diligence. Is that still the case? I like what you did on the Termination Event but we need some comfort that you cannot alter or narrow the GP's liability that is provided by statute. Could you please give that some thought and we can talk further about it? Tomorrow is bad for me to talk but the rest of the week after tomorrow looks good if you have some time. Carol
Answer: Comments
We have received an executed Master Agreement: Type of Contract: ISDA Master Agreement (Multicurrency-Cross Border) Effective Date: March 19, 2001 Enron Entity: Enron North America Corp. Counterparty: Allegheny Energy Supply Company, LLC Transactions Covered: Approved for all products with the exception of: Foreign Exchange Confirming Entity: Enron North America Corp. Governing Law: New York CONFIRMATIONS: There is a special form of confirmation that should be used for all online and offline transactions. RESTRICTIONS: This is a TEMPORARY bridge master agreement until we can get a new ISDA Master Agreement in place. In a side letter agreement dated 3/19/01, the parties have adopted the Merrill Lynch Capital Services, Inc. ISDA Master Agreement dated 12/02/92, in effect changing the names of the parties and certain credit terms.
Answer: Allegheny Energy Supply Company, LLC
The counterparties that CPR uses in correlation to the SITARA portfolios set up, should not be set up as books, they should be set up like the example below. All the PB counterparties need to be set up like the example below. The PB should not be set up as books. Any questions or comments, please call me. Russ
Answer:
Counterparty set up for Sitara