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Enron Mail |
Yes, without doubt. The ETA can't be amended on a counterparty by
counterparty basis and it says that any applicable master agreement will control. Leslie Hansen is also working on a draft. If you get something from Justin, please forward a copy to me and Leslie. Thanks, Mark David Forster 10/19/99 08:24 AM To: Mark Taylor/HOU/ECT@ECT cc: Subject: Re: EOL - Master versus Online GTCs Mark, What is your position regarding U.S. financial EOL trades? Do you want to adopt the same position? (i.e. to override a master, we need a letter sent to the customer)? I believe Justin is drafting something for the physical side. Shall I forward a copy to you when it is complete? Thanks, Dave ---------------------- Forwarded by David Forster/LON/ECT on 19/10/99 14:25 --------------------------- Justin Boyd 19/10/99 08:40 To: David Forster/LON/ECT@ECT cc: Subject: Re: EOL - Master versus Online GTCs Dave, Please see below, particularly my original e-mail. In case you didn't know, Jeff Hodge is the lawyer who heads physical power and gas trading in the US. Justin ---------------------- Forwarded by Justin Boyd/LON/ECT on 19/10/99 08:40 --------------------------- From: Jeffrey T Hodge on 18/10/99 15:50 CDT To: Debbie R Brackett/HOU/ECT@ECT cc: Justin Boyd/LON/ECT@ECT, Stacy E Dickson/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Lee Munden/LON/ECT@ECT, David Weekes/LON/ECT@ECT, Tom Moran/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, William S Bradford/HOU/ECT@ECT, Molly Mathes/HOU/ECT@ECT Subject: Re: EOL - Master versus Online GTCs I am in receipt of your e-mail with respect to the above-referenced topic. It seems to me that the position Justin Boyd outlined is the one that will need to be followed in the US for physical trades. The Trading Partner Agreement which a party will agree to on-line specifically states that if a master exists between the parties, then that master will govern any on-line transactions. For those parties who have masters that have been deemed insufficient, something will have to be done to override the Trading Partner Agreement. That is what Justin is suggesting-a procedure to override unacceptable masters. If that does not answer your questions, please give me a call. Thanks, Jeff Debbie R Brackett 10/15/99 10:34 AM To: Justin Boyd/LON/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Stacy E Dickson/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT cc: Lee Munden/LON/ECT@ECT, David Weekes/LON/ECT@ECT, Tom Moran/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, William S Bradford/HOU/ECT@ECT, Molly Mathes/HOU/ECT@ECT Subject: Re: EOL - Master versus Online GTCs I understand this is our stance here in the US for financial trades......but why the difference in physical? English law? David Hardy 10/15/99 09:16 AM To: Lee Munden/LON/ECT@ECT, David Weekes/LON/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT cc: Subject: EOL - Master versus Online GTCs fyi ---------------------- Forwarded by David Hardy/LON/ECT on 15/10/99 14:17 --------------------------- Justin Boyd 15/10/99 09:16 To: Amita Gosalia/LON/ECT@ECT, Meagan Brinkworth/LON/ECT@ECT cc: Mark Taylor/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, David Hardy/LON/ECT@ECT Subject: EOL - Master versus Online GTCs The underlying contractual structure for trades effected on-line between the relevant Enron entity and a Counterparty is as follows: if there is an existing Master for the particular product between the contracting parties, that Master will govern on-line trades. if there is no Master between the parties, then the applicable on-line GTCs will apply. If the terms of a Master are unacceptable to us for whatever reason (e.g. due to insufficient credit provisions), then it may be appropriate to terminate that Master. If however, we wish to keep a Master in place but do not wish to use it for on-line trades, then the counterparty needs to be notified of this and give its consent. Such notice could state that until the Master had been suitably amended (i.e. by the negotiation of new credit provisions), then the on-line GTCs will apply. Justin
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