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Enron Mail |
The events in the Underlying Master Agreements that should be excluded from the definition of an event of default that would trigger an Underlying Master Agreements Close-Out are as follows:
(i) the unexcused failure of a party to deliver a specified quantity of a commodity; (ii) a change in the extent to which a party is regulated; and (iii) events described in Section 3(f) ("Default under Relevant Transaction") and 3(g) ("Material Adverse Change") of the GT&C for the sale and purchase for Flat UK Beach Trades. In addition, all third party debt cross default thresholds in the UMAs should be revised to be $100,000,000. Also, please incorporate the language regarding the Commodity Exchange Act provided in the e-mail attached below. Please forward a copy of the draft to me, Lech, and all of the addresses cc'd above. Thanks, Harlan E. Murphy Enron Wholesale Services - Legal 1400 Smith Street, EB 3811 Houston, Texas 77002 Tel: 713.345.2679 Fax: 713.646.3490 E-mail: Harlan.Murphy@Enron.com -----Original Message----- From: "Lech Kalembka" <Lech.Kalembka@cwt.com<@ENRON Sent: Tuesday, November 27, 2001 2:24 PM To: Cook, Mary; Murphy, Harlan Cc: David Mitchell Subject: BNP Regarding the commodity law issue, we suggest the following language: "The rights of the Parties under Sections 3, 4 and 7 of this Agreement are subject to, and qualified by, the applicable provisions of the Commodity Exchange Act, 7 U.S.C. Sec. 1 et seq., and the rules and regulations thereunder." This could be new section or, perhaps, folded into existing boilerplate. Please let me know if you have any questions or comments. Lech Kalembka Cadwalader, Wickersham & Taft 100 Maiden Lane New York, NY 10038 Tel.: (212) 504-6918 Fax: (212) 504-6666 E-mail: lech.kalembka@cwt.com ============================================================================== NOTE: The information in this email is confidential and may be legally privileged. If you are not the intended recipient, you must not read, use or disseminate the information. Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by Cadwalader, Wickersham & Taft for any loss or damage arising in any way from its use. ==============================================================================
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