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Sara,
I left you a voice mail message regarding the above. If Bear Stearns is insistent on its consents/waiver provision, does that mean that ENE cannot modify the provision or does it mean that there is some opportunity to counter with minor changes. The provision in totality does not need to be deleted, but in order to have our setoff/counterclaim provision work properly, we cannot waive all of our defenses. I am assuming that there are mutual obligations on both sides of the table. If that is the case, then it is not unreasonable for ENE to request having reservation of defenses of its subs. I have taken the liberty of modifying the Bear Stearns provision as appropriate. Let me know your thoughts. Clem Sara Shackleton@ECT 02/12/2001 09:59 AM To: Clement Abrams/Corp/Enron@ENRON cc: Subject: Bear Stearns guaranty Clem: Just wondering if I could have a response today on Bear Stearns. Gary Hickerson is anxioius to get this resolved today so that ENA can begin reducing margin rates with Bear. Thanks. 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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