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Enron Mail |
Mark;
I thought you should see this - Sara ----- Forwarded by Sara Shackleton/HOU/ECT on 12/21/2000 12:40 PM ----- Shari Stack 12/21/2000 12:31 PM To: Sara Shackleton/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Veronica Espinoza/Corp/Enron@ENRON, Russell Diamond/HOU/ECT@ECT, Rudwell Johnson/NA/Enron@ENRON, Tom Moran/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enr cc: Tracy Ngo/PDX/ECT@ECT Subject: Re: Edison Mission Marketing & Trading, Inc. I have agreed with Tracy that I will handle this email for the Swap Group. Shari Tracy Ngo 12/21/2000 11:57 AM To: Shari Stack/HOU/ECT@ECT cc: Subject: Edison Mission Marketing & Trading, Inc. ---------------------- Forwarded by Tracy Ngo/PDX/ECT on 12/21/2000 10:03 AM --------------------------- Tracy Ngo 12/20/2000 10:54 PM To: Susan Bailey/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron cc: Sara Shackleton/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Veronica Espinoza/Corp/Enron@ENRON, Russell Diamond/HOU/ECT@ECT, Rudwell Johnson/NA/Enron@ENRON, Tom Moran/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT Subject: Edison Mission Marketing & Trading, Inc. Edison Mission Marketing & Trading, Inc. ("EMMT") has agreed to provide to ENA two (2) separate guaranty agreements: (i) the first guaranty from Edison Mission Energy for four (4) specific swaps that were previously entered into with ENA, and (ii) the second guaranty from Edison Mission Midwest Holdings Co. for other financial transactions (previously entered into and for new swaps). EMMT had previously provided to me their guaranty format (which actually looks like a combination of a previously accepted physical power gty and the financial guaranty format that ENA sends with ISDA drafts). I have taken EMMT's format and took a stab at reviewing/commenting on their format by following our accepted format. There are two guaranty format attachments below that have my red-lined comments for ENA financial legal's review. The third attachment is my suggestion to add the 4 executed confirms for the Edison Mission Energy gty as a Schedule A to the gty (for your review and comments as well). In summary and for clarification, the terms for both guaranties are as follows: (i) Guarantor: Edison Mission Midwest Holdings Co. Covered CP: Edison Mission Marketing & Trading, Inc. Beneficiary: Enron North America Corp. Effective Date of Gty: August 28, 2000 Execution Date of Gty: December 21, 2000 (or as soon as possible) Expiry Date: open Amount: $15,000,000 Products Covered: swaps, options, or other financially-settled derivative transactions (NO executed ISDA) (ii) Guarantor: Edison Mission Energy Covered CP: Edison Mission Marketing & Trading, Inc. Beneficiary: Enron North America Corp. Execution and Effective Date of Gty: December 21, 2000 (or as soon as possible) Expiry Date: January 31, 2002 Amount: $35,000,000 Specific Financial Transactions Covered: four (4) specific confirms. Transaction ID's are: NA8930.1, NA9105.1, NA9106.1, NC8086.1 (NO executed ISDA) I made efforts on wearing my "legal hat" by the red-lined comments to the guaranty format. Feel free to modify/accept/add comments, etc. I would appreciate your immediate attention to the requested reviews. I am available in Portland at 503-464-8755 or (cell 503-807-5633) should you have any questions regarding the aforementioned. In the essence of time, Credit is requesting that legal provide comments given that there is NO EXECUTED MASTER ISDA. It is critical that we accept the guaranties first once negotiated, and pursue an ISDA early next year. Thanks for all of your prompt attention regarding this matter. Regards, Tracy
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