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Enron Mail |
Robert: Susan Flynn told me that your client is objecting to the deletion of
the first part of the first sentence in the "Setoff" language. I just wanted to explain why we are requesting this change. In reviewing our forms during the latter part of 1999, we made a number of changes to both our ISDA Schedule and CSA. One of these changes was the deletion of the preamble language contained in the setoff provision. We concluded that the phrase "Without affecting ...., all payments will be made without setoff ...;provided, however," actually negated the effect of setoff which we WANT to occur UPON THE DESIGNATION OR THE DEEMED DESIGNATION of an Early Termination Date. What purpose do you think the phrase serves if left in the setoff provision? Please feel free to give me a call at 713/853-5620. Thanks. Sara
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