Re: Various "Morgan Stanley" master agreements

Sara:
I have not been dealing with the confirm desk on this. The only area that I
have been working with them on is "unexecuted confirms".
Carol

Sara Shackleton
05/24/2000 08:15 AM

To: Carol St Clair/HOU/ECT@ECT
cc:
Subject: Re: Various "Morgan Stanley" master agreements

Carol: Haven't you been speaking with the confirm desk about identifying
high volume transactions with "masterless" counterparties? I don't want to
duplicate work efforts. Maybe you and I can chat during the time originally
set aside for Richard (this morning). Thanks. Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 05/24/2000 08:12 AM -----

Tanya Rohauer
05/23/2000 05:44 PM

To: Sara Shackleton/HOU/ECT@ECT
cc: Rod Nelson/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT
Subject: Re: Various "Morgan Stanley" master agreements

Definitely want to upgrade #1 - its on my list of ISDA upgrades as follows:

Done: TXU, JAron
In Progress: El Paso, Occidental, Reliant
To Do: Morgan Stanley, Dynegy, Statoil, Vitol, Valero, Sempra

Can your dept provide a breakdown of type of executed masters? There are (as
of today) 423 masters - can we break out which ones are old ECT masters?
That may give us some insight in to any others that need upgrades. Also, the
confirm desk should be able to tell us the level of activity (as they did
before) to determine priority. Eventually, we would like to get to all of
these; however, establishing new documents where we have none (Cargill,
Mieco, Idacorp, PanCanadian) is my first priority.

Rod should be able to address #3.

Thanks,
Tanya

From: Sara Shackleton on 05/17/2000 08:48 AM
To: Rod Nelson/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT
cc: William S Bradford/HOU/ECT@ECT
Subject: Various "Morgan Stanley" master agreements

As a result of Jeff Nogid's request, here is a recap of the Morgan Stanley
situation:

(1) Morgan Stanley Capital Group Inc.
This is the entity for commodity trading.
(i) ECT has a Master Energy Price Swap Agreement dated 6/16/92
(ii) ECTRIC has an ISDA dated 3/2/99, but eff. 8/27/97

(2) Morgan Stanley Capital Services Inc.
Jeff Nogid requesting new master for fixed income transactions

(3) Morgan Stanley International Limited
This is the entity for equity trading. Will Nogid or Kinneman ever need
this one?

Each of these companies has a different lawyer to negotiate the agreement.

Each Morgan Stanley entity might require a separate guaranty. Anne Clark in
legal (Cap Services) will let me know.

I will put (2) in place. Do you want to pursue upgrading (1)(i) or
addressing (3)? Please let me know. Thanks. Sara