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Of course. You probably forgot that SITA requested both
settlement'termination in Euros. SS Tanya Rohauer 11/30/2000 10:34 AM To: Sara Shackleton/HOU/ECT@ECT cc: Subject: Re: SITA How can the contractual currency be USD and the invoicing be in FF as indicated below. I guess I don't really care what currency is used as ECTRIC will be responsible for hedging its currency risk with Hickerson; however, shouldn't the contractual and termination currency be the same? From: Sara Shackleton on 11/30/2000 10:26 AM To: Tanya Rohauer/HOU/ECT@ECT cc: Subject: Re: SITA Tanya: Is Lee the right person to approve this change for SITA? Remember, SITA is acutally with ECTRIC (nto ENA) and SITA wanted to settle in Euros. Thanks. Sara ----- Forwarded by Sara Shackleton/HOU/ECT on 11/30/2000 10:23 AM ----- Lee Munden 11/30/2000 09:44 AM To: Sara Shackleton/HOU/ECT@ECT cc: Subject: Re: SITA Sara Sorry for delayed response. Tom says below that the invoice is likely to be in French Francs (FF) , therefore, I would have thought that having contractual currency as FF (or Euro as / when it replaces the FF) is the most sensible. As the early termination value is likely to be calculated in FF or Euro, I think that this would not be a problem either. Please feel free to give me a call if you wish to discuss 207 783 6755 regards Lee ---------------------- Forwarded by Lee Munden/LON/ECT on 30/11/2000 15:41 --------------------------- Enron Europe From: Tom Bruce-Jones 29/11/2000 08:13 To: Lee Munden/LON/ECT@ECT cc: Subject: Re: SITA FF Lee Munden 27/11/2000 18:04 To: Tom Bruce-Jones/LON/ECT@ECT cc: Subject: Re: SITA Tom What currency will we invoice in? Lee Enron Europe From: Tom Bruce-Jones 27/11/2000 16:07 To: Lee Munden/LON/ECT@ECT cc: Subject: SITA Lee As you are perhaps aware, the Master for this CP has been arranged thru Houston. Would you cast your eye over the comments laid out below and revert to either Sara or Tanya with your comments. As background, Houston has negotiated all the docs and were intending to trade out of Houston. This CP has now been handed over to us and all trades will be generated from here. Any help much appreciated. Tom ---------------------- Forwarded by Tom Bruce-Jones/LON/ECT on 27/11/2000 16:06 --------------------------- From: Michael Moulton@ENRON COMMUNICATIONS on 27/11/2000 06:57 PST To: Tom Bruce-Jones/LON/ECT@ECT cc: Subject: SITA ----- Forwarded by Michael Moulton/Enron Communications on 11/27/00 06:05 AM ----- Sara Shackleton@ECT 11/22/00 01:41 PM To: Tanya Rohauer/HOU/ECT@ECT cc: Michael Moulton/Enron Communications@Enron Communications Subject: SITA Tanya: SITA now insists on having the Termination Currency and the Contractual Currency, except as otherwise agreed in any Transaction/Confirmation, as the Euro. They will not agree to USD. [By the way, SITA's lawyers had already agreed to USD] Effectively, if we agree to this, the trader will need to confirm each deal in USD (Contractual Currency) but if we early terminate, the currency will be Euro's (Termination Currency). What do you want to do? Other than the Enron Corp. guaranty, we are finished. Sara
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