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Enron Mail |
a) We have used language (Catequil Partners, LP for example) where the MAC
applies first the S&P rating, if no S&P rating exists, then Moody's, then if Enron has no rating from either agency. Please use the same language here. I expect this will be the standard for the hedge funds. b) Let's try for Events of Default. If they protest, I'm okay with making them Termination events. c) Yes, my thinking on the deal changed when I realized we would be holding cash and not LCs. So there will be two way margining. Yes, we want the monthly statement language, and the engineering/reserve reports. All of the above also applies for CD Holdings. -----Original Message----- From: Shackleton, Sara Sent: Monday, April 23, 2001 9:56 AM To: Radous, Paul Subject: Valentis Paul: With respect to Valentis: (a) Does the MAC apply to both S&P and Moody's? (not clear from worksheet) (b) Are the financial covenants Events of Default or Termination Events? (looks like these were Termination Events in AIG) © Is this deal two-way margining? You have set 0 Thresholds but indicated Return/Delivery for both parties. Our discussion of last week may have changed (we discussed one-way margining for CP only). I'll have the same questions for CD Holdings. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) sara.shackleton@enron.com
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