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Enron Mail |
----- Forwarded by Tana Jones/HOU/ECT on 07/13/2000 08:53 AM -----
Edmund Cooper 07/13/2000 03:49 AM To: Tana Jones/HOU/ECT@ECT cc: Subject: Swiss Re and Enron North America Corporation Tana, could you do me a massive favour and arrange for the below referenced ISDA faxed over to me. Thanks, Ed ---------------------- Forwarded by Edmund Cooper/LON/ECT on 07/13/2000 09:51 AM --------------------------- Enron Capital & Trade Resources Corp. From: James.Clarry@AllenOvery.com 07/12/2000 06:20 PM To: Edmund.Cooper@enron.com cc: Subject: Swiss Re and Enron North America Corporation Edmund, Gordon Boozer at Swiss Re has suggested that we use the existing ISDA Master Agreement between Swiss Re and ENA as a template for the EnronCredit.com Schedule. Denis and I agree that this is a reasonable approach, provided that we carve-out any business / reps / credit terms peculiar to ENA. I should be grateful if you would send me a copy of the ENA-Swiss Re Schedule by e-mail / fax (0207 330 9999) at your earliest convenience. Many thanks, James |------------| | (*) Normal | | ( ) High | |------------| |--------------------| | [ ] Return receipt | |--------------------| Edmund.Cooper@enron.com From: 04/07/2000 14:40 Memo From: Priority: To: James Clarry cc: Clare Godson, Denis.O'Connell bcc: Subject Re: Bank ISDA credit : ________________________________________ On point 2. below, I would leave this blank for the moment and add in a later draft. Thanks, Edmund (Embedded Enron Capital & Trade Resources Corp. image moved to file: From: James.Clarry@AllenOvery.com pic24946.pcx) 07/04/2000 12:17 PM To: Edmund.Cooper@enron.com cc: Clare.Godson@AllenOvery.com, Denis.O'Connell@enron.com Subject: Re: Bank ISDA credit Edmund, Two further questions: 1. Automatic Early Termination. The Policies and Concessions Guidelines table indicates that AET should be applied / disapplied in accordance with the recommendations contained in the ISDA netting opinions, as summarised by the matrix recently provided to Enron by Cathy Ryan. However, where the matrix indicates that AET is "Recommended", but is not "Necessary", what do you want us to specify? Please note that generally we think that Automatic Early Termination should not apply unless there is some legal advantage in including it (ie. where local counsel has indicated that it is necessary/strongly recommended in order to enforce close-out netting under the particular insolvency rules applicable to the counterparty). This is because there are practical disadvantages associated with it. The main disadvantages are: (a) the fact that it cannot be waived by the Non-defaulting Party, which therefore loses its discretion as to whether and when to terminate; and (b) the risk that Early Termination will occur without the knowledge of the Non-defaulting Party. As far as we are aware, Automatic Early Termination is currently only necessary in relation to counterparties located in Denmark. As a result, you may wish to consider disapplying Automatic Early Termination in relation to counterparties in all other jurisdictions. Please note that we understand that Automatic Early Termination is recommended (although it is not necessary) for counterparties located in Singapore, Switzerland, Japan and the Netherlands. As a result of these recommendations, you may prefer that Automatic Early Termination continues to apply. Please let me know how you would like me to revert to proceed in the first draft of the Schedules where AET is recommended, but not necessary.. 2. Date of the Agreement. I should be grateful if you would provide us with details of the date of the first trade for each counterparty where EnronCredit.com Limited has an existing trading relationship with the counterparty. If we have not received this information before the first draft Schedules and cover faxes are ready for distribution, then we will add these details in a later draft. I look forward to hearing from you. Many thanks, James |------------| | (*) Normal | | ( ) High | |------------| |--------------------| | [ ] Return receipt | |--------------------| Edmund.Cooper@enron.com From: 03/07/2000 11:24 Memo From: Priority: To: James Clarry cc: bcc: Subject Bank ISDA credit : ________________________________________ James, additional credit details for you. Thanks, Edmund ---------------------- Forwarded by Edmund Cooper/LON/ECT on 07/03/2000 12:26 PM --------------------------- (Embedded image moved to file: From: Rod Nelson pic03035.pcx) 06/30/2000 05:22 PM To: Edmund Cooper/LON/ECT@ECT, Paul Simons/LON/ECT@ECT, Denis O'Connell/LON/ECT@ECT cc: Subject: Bank ISDA credit (See attached file: Bank Masters List.xls) (See attached file: pic03035.pcx) (See attached file: Bank Masters List.xls) ====================================================================== This email is confidential and may also be privileged. If you are not the intended recipient please notify us immediately by telephoning +44 (20) 7330 3000 and requesting the Technology Services Helpdesk. You should not copy it or use it for any purpose nor disclose its contents to any other person. Allen & Overy One New Change London EC4M 9QQ Tel:+44 (20) 7330 3000 Fax: +44 (20) 7330 9999 General Email: Helpdesk@allenovery.com www: http://www.allenovery.com Allen & Overy is a solicitors' partnership. A list of the names of partners and their professional qualifications is open to inspection at the above office. The partners are either solicitors or registered foreign lawyers. ====================================================================== - pic24946.pcx - pic03035.pcx - Bank Masters List.xls ====================================================================== This email is confidential and may also be privileged. If you are not the intended recipient please notify us immediately by telephoning +44 (20) 7330 3000 and requesting the Technology Services Helpdesk. You should not copy it or use it for any purpose nor disclose its contents to any other person. Allen & Overy One New Change London EC4M 9QQ Tel:+44 (20) 7330 3000 Fax: +44 (20) 7330 9999 General Email: Helpdesk@allenovery.com www: http://www.allenovery.com Allen & Overy is a solicitors' partnership. A list of the names of partners and their professional qualifications is open to inspection at the above office. The partners are either solicitors or registered foreign lawyers. ======================================================================
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