Enron Mail

From:carol.clair@enron.com
To:elizabeth.sager@enron.com
Subject:Setoff language
Cc:sara.shackleton@enron.com, mark.taylor@enron.com
Bcc:sara.shackleton@enron.com, mark.taylor@enron.com
Date:Tue, 12 Oct 1999 07:49:00 -0700 (PDT)

Elizabeth:
We are in the process of negotiating 2 ISDA masters with a counterparty, 1
with ENA and 1 with PGE. In looking at our setoff language, it would appear
as if under certain circumstances the application of such language would
result in PGE subsidizing ENA's payment obligations. How would you suggest
we handle this? If we do nothing and such provision is unenforceable and we
rely on our severability language, are we okay?
Carol