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Tracy: Just spoke with Michelle Sternberg. Allegheny does not want to carve out setoff benefit for ENA because it cannot take advantage of the setoff benefit. I told her that we still wanted the provision for ENA and could continue business under the old Merrill "deemed arrangement" which has whatever setoff provision we negotiated. She'll speak with Yair.
-----Original Message----- From: Ngo, Tracy Sent: Tuesday, October 16, 2001 2:29 PM To: Shackleton, Sara Subject: RE: ENRON/ALLEGHENY ISDA please let me know what the physical power attorney advises...this is news to me. yes, we need to at minimum setoff our affiliates with the cp. -Tracy -----Original Message----- From: Shackleton, Sara Sent: Tuesday, October 16, 2001 12:23 PM To: Ngo, Tracy Cc: Heard, Marie Subject: FW: ENRON/ALLEGHENY ISDA Tracy: Let me know what you think. I'll check with a lawyer from the physical power group. Also, we should at a minimum, preserve setoff with respect to ENA's affiliates. Sara -----Original Message----- From: "Sternberg, Michelle" <MSternberg@aeglobalmarkets.com<@ENRON Sent: Tuesday, October 16, 2001 2:18 PM To: Shackleton, Sara Cc: Yaish, Yair Subject: RE: ENRON/ALLEGHENY ISDA Sara - I have spoken with our in-house regulatory specialist and she has informed me that we cannot agree to include our regulated or non-regulated Affiliates in Set Off under the Public Utility Holding Company Act without getting approval from the SEC. Please advise if we can proceed on the ISDA with carving out Affiliates in Set Off, as per our original request. Regards, Michelle Allegheny Energy Global Markets Office of General Counsel 909 Third Avenue, 32nd Floor New York, New York 10022 (T) 212-224-8718 (F) 212-224-8446/8711 -----Original Message----- From: Sternberg, Michelle Sent: Friday, October 12, 2001 3:35 PM To: 'Sara.Shackleton@enron.com' Cc: Yaish, Yair Subject: RE: ENRON/ALLEGHENY ISDA Sara - I am checking internally if we can agree to the below. I will get back to you in the beginning of next week. Regards, Michelle Allegheny Energy Global Markets Office of General Counsel 909 Third Avenue, 32nd Floor New York, New York 10022 (T) 212-224-8718 (F) 212-224-8446/8711 -----Original Message----- From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com] Sent: Tuesday, October 09, 2001 7:38 PM To: MSternberg@aeglobalmarkets.com Cc: Marie.Heard@enron.com Subject: RE: ENRON/ALLEGHENY ISDA Michelle: With respect to your setoff request, we cannot agree to eliminate setoff for your non-regulated affiliates. Perhaps you could provide us with the regulated affiliate(s) for a carve out. I look forward to hearing from you. Regards. Sara Shackleton Enron Wholesale Services 1400 Smith Street, EB3801a Houston, TX 77002 Ph: (713) 853-5620 Fax: (713) 646-3490 -----Original Message----- From: "Sternberg, Michelle" <MSternberg@aeglobalmarkets.com<@ENRON [mailto:IMCEANOTES-+22Sternberg+2C+20Michelle+22+20+3CMSternberg+40aeglobalm arkets+2Ecom+3E+40ENRON@ENRON.com] Sent: Wednesday, September 26, 2001 11:14 AM To: Shackleton, Sara Cc: Heard, Marie Subject: ENRON/ALLEGHENY ISDA Sara - As per Marie's instructions, please find attached a blackline incorporating the changes that will be required to be made in the final form of ISDA (modifications to the Notice and Set-Off provisions). The attached is the last version that I have but if the changes are acceptable, I would suggest that you take the changes and incorporate it into your form of agreement since it is the final version. <<ENRON ISDA.REVISED 9.26.01.doc<< Once reviewed, please let me know if the changes are acceptable - at which point you can forward to me a revised Schedule (without the signature page) via e-mail and I can have the agreement countersigned and replace the Schedule with your revised Schedule. Thank you for your patience. Regards, Michelle - ENRON ISDA.REVISED 9.26.01.doc << File: ENRON ISDA.REVISED 9.26.01.doc << ********************************************************************** This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you. **********************************************************************
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