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Enron Mail |
Leslie -
Thanks for the heads up. I believe the way CL is set up, each annex to the Electronic Services Agreement contemplates that it will, to the extent necessary, be an amendment to the "Other Agreements," whether those agreements are the master trading agreement, the general terms and conditions or some other agreement that binds the parties. Specifically for Confirm. Central, the contemplation is that the Counterparty will have agreed to the terms of the annex and the appropriate commodity specific exhibit prior to being able to "e-confirm" through the Module. Since the exhibit is intended to address the additional terms applicable to confirmations for that commodity, there would be no need to send out anything once the counterparty "e-confirms" a trade. From what you wrote, it sounds as though EnronOnline is agreeing with a counterparty to send the GTC's applicable to the EnronOnline trade. It is not intended by the annex or the individual exhibits that CL will modify the agreement between Enron and the counterparty as to the actual trade, only as to the specific method of confirmation. If it is done electronically through CL, then only the terms of the module applicable to the electronic confirmation will be put in force. I will look at this a bit further, but am not sure there is really an issue. Mark Senior Counsel, ENA Phone: 713-345-8897 Facsimile: 713-646-3940 E-Mail: Mark.Greenberg@enron.com Leslie Hansen@ECT 12/07/2000 01:20 PM To: Mark Greenberg/NA/Enron@ENRON cc: Mark Taylor/HOU/ECT@ECT Subject: Commodity Logic Issues Mark: I'm finalizing my comments and will forward to you by the end of the week so that you will have them when you return on Monday. I attended the NetWorks staff meeting this afternoon and wanted to apprise you of a comment made by Louise Kitchen. Louise is concerned that the Commodity Logic legal documentation will require a revamping of the EnronOnline system to some extent. She noted that at least in Europe, we have contractually obligated ourselves to sending a hard-copy of the on-line GTC with transaction confirmations and that the Confirm Central module will not comply with this requirement. I'm not familiar with this issue insofar as it relates to European counterparties. I think you should discuss this issue with Justin Boyd to get a better understanding. However, I know that in the US we have not contractually obligated any Enron entity to a specific form of confirmation. I think we should meet to discuss this issue after you have had a conversation with Justin Boyd and then should set up a time to discuss the issue further with Louise. Let me know what you think. Leslie
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