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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Sara Shackleton X-To: Tanya Rohauer X-cc: X-bcc: X-Folder: \Sara_Shackleton_Dec2000_June2001_2\Notes Folders\Sent X-Origin: SHACKLETON-S X-FileName: sshackle.nsf Tanya: First Union has asked for the following: Choice 1: Minimum Transfer Amount of $500,000/Rounding of $10,000 Choice 2: Minimum Transfer Amount of $250,000/Rounding of $10,000 We're almost done. Please email response tonight, if possible. Many thanks. Sara P.S. Do you have about 30 minutes to chat about all the things we seem to be voice/emailing about? 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 Tanya Rohauer 01/22/2001 08:01 PM To: Sara Shackleton/HOU/ECT@ECT cc: Subject: Re: First Union National Bank ("FUNB") ISDA's with ENA and Enron Corp. On the thresholds, I will agree to their matrix with one change for BBB-. Revised looks like this: 25MM AAA 20MM A or above 15MM BBB+ or above 10MM BBB 5MM BBB- 0 below BBB- Rounding at 10K is fine. I would prefer to leave our Min Trf amount the way it is (only changes the threshold, in effect). Or, I am amenable to one amount for everyone (say 100K instead of our 0). Do I need to look at Inser B and C? From: Sara Shackleton on 01/22/2001 02:04 PM To: Tanya Rohauer/HOU/ECT@ECT cc: Subject: First Union National Bank ("FUNB") ISDA's with ENA and Enron Corp. Tanya: I spoke with FUNB on Friday. We are waitng for credit when you have some time. Thanks. Sara 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 ----- Forwarded by Sara Shackleton/HOU/ECT on 01/22/2001 02:03 PM ----- Sara Shackleton 01/11/2001 05:34 PM To: Tanya Rohauer/HOU/ECT cc: Subject: First Union National Bank ("FUNB") ISDA's with ENA and Enron Corp. Tanya: I know you're swamped so I'll try to make this easy and you can answer "yes" or "no", etc. 1. Is First Union National Bank the correct name? (as opposed to First Union National Bank, Charlotte) 2. Threshold for cross default: We used $100,000,000 for ENE and $50,000,000 for FUNB. FUNB wants $100,000,000. 3. Documents to be delivered: FUNB will produce audited/consolidated financials for First Union Corporation. We requested FUNB financials. 4. With respect to the ENA master only (the CSA): (i) FUNB wants to post 10-year government bonds in addition to cash and L'C's (ii) I sent you the FUNB matrix Is it acceptable? (iii) FUNB wants to revise the MAC trigger to include "Baa3 by Moody's" and "failure to have a Credit Rating from either S&P or Moody's". (iv) FUNB wants to revise the definition of "Qualified Institution" to include not only the rating we assign, but also "having assets in excess of $10 billion" and also not subject to approval by the non-downgraded party (v) FUNB wants all demands for delivery or return of collateral to be made on a Valuation Date. I think we should retain language that demands can be made on or after a Valuation Date. But I think we could agree that demands be made prior to 5 pm New York time. 5. With respect to the ENA master only (the Enron Corp. guaranty in favor of First Union National Bank): (i) FUNB wants a $30,000,000 cap (as opposed to the $15,000,000 cap we proposed) Two different FUNB people keep calling me, one on the ENA front and the other with respect to ENE. Now you know why your assistance is always greatly appreciated. Sara 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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