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Susan-
Attached is the revised credit worksheet for TGS removing the CSA. Given that we will probably not have the ISDA executed by the time Argentina transacts with TGS (by the end of the month), we will need to confirm the deal including a Deemed ISDA per Sara's suggestions. I advised Argentina that we were making no other changes to our format other than removing the CSA since this seems to be the major issue for TGS. However, we may want to hold off on sending the 2nd draft until commercial has a chance to advise TGS of our position. I want to make sure that the CSA is really the only hurdle for them before we send the revised draft down. I will advise when I have heard back from Argentina on their further discussions with the counterparty regarding the ISDA. Let's discuss if any questions. Regards, Pat ---------------------- Forwarded by Patricia Cini/HOU/ECT on 10/20/99 04:47 PM --------------------------- Enron North America Corp. From: Patricia Cini 10/19/99 06:12 PM To: Rodolfo Freyre@Enron cc: Jeff Kabel@Enron, Federico Cerisoli@Enron, William S Bradford/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT Subject: TGS ISDA Rolo- We can agree to sign the Master ISDA without the CSA. However, we will be maintaining the BBB- MAC trigger, 3rd Party Event of Default at $15MM, and the Change in Ownership provision. I do not want to agree to any of their changes other than removing the CSA. Please call me in the morning concerning the 2,500 ton/month LPG transaction regarding how we will want to confirm this deal. Regards, Pat
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