Message-ID: <12094444.1075844794145.JavaMail.evans@thyme> Date: Tue, 15 May 2001 07:52:00 -0700 (PDT) From: susan.bailey@enron.com To: sara.shackleton@enron.com Subject: Re: ? Cc: diane.anderson@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: diane.anderson@enron.com X-From: Susan Bailey X-To: Sara Shackleton X-cc: Diane Anderson X-bcc: X-Folder: \Sara_Shackleton_Dec2000_June2001_2\Notes Folders\Notes inbox X-Origin: SHACKLETON-S X-FileName: sshackle.nsf Sara, FYI: The Confirm desk has had a difficult time in receiving confirmations for trades done with BNP Paribas. Under ENA's master with Paribas, Paribas was designated as the Confirming Party. As you will see below in an earlier email last week Diane asked for the specific language set forth in the Paribas ISDA since they ere designated a the Confirmting Party. At this time, please advise Diane since her most recent query calls for legal advise. Thanks Cordially, Susan S. Bailey Enron North America Corp. 1400 Smith Street, Suite 3806A Houston, Texas 77002 Phone: (713) 853-4737 Fax: (713) 646-3490 E:mail: Susan.Bailey@enron.com ----- Forwarded by Susan Bailey/HOU/ECT on 05/15/2001 02:45 PM ----- Diane Anderson@ENRON 05/15/2001 02:43 PM To: Susan Bailey/HOU/ECT@ECT cc: Subject: Re: ? One final question (hopefully) on this particular issue: Since the Master doesn't define promptly, I'm wondering how this effects the New York Statute of Frauds (confirmation sent within 5 days must be responded to within 3 days)? If BNP isn't even getting the confirm to us within 5 days, where do we stand with them? Can we start sending them our confirmation just so something is out there acknowledging the deal...until we receive and execute theirs? Thanks, Diane Susan Bailey@ECT 05/14/2001 08:36 AM To: Diane Anderson/NA/Enron@ENRON cc: Subject: Re: ? Diane, Here is how the operative part of the provision entitled "Procedures for Entering into Transactions." reads: "On or promptly following the date on which the parties reach agreement on the terms of a Transaction....... Paribas will promptly send to ENA a Confirmation." As you can see no specific number of days is designated, only that the confirmation will be promptly sent once the parties agree to the terms of a Transaction. Hope this helps. "Cordially, Susan S. Bailey Enron North America Corp. 1400 Smith Street, Suite 3806A Houston, Texas 77002 Phone: (713) 853-4737 Fax: (713) 646-3490 E:mail: Susan.Bailey@enron.com Diane Anderson@ENRON 05/11/2001 05:20 PM To: Susan Bailey/HOU/ECT@ECT cc: Subject: Re: ? Thanks. No rush, Monday or whenever, could you take a look at BNPParibas and see if there is any mention of how fast they'll get us their confirm. They are consistently really slow in getting them to us, and if it exists, I'd like to be able to quote the terms of the Master to them when I format my nasty letter to them. :) Thanks, Diane Susan Bailey@ECT 05/11/2001 04:58 PM To: Diane Anderson/NA/Enron@ENRON cc: Subject: Re: ? Diane, For those Counterparties that are the confirming party, I would have to say that the arrangement is on a counterparty basis, and what ENA may have negotiated. Legal would have to look at the specific Master to ascertain the timing for that counterparty who is the confirming party. Typically, ENA prefers to me the confirming party so that there is method of time to follow. But as you know some counterparties may win out and be designated as the confirming party. Therefore, if you have a specific counterparty in mind let me know and we will take look at their Master. Cordially, Susan S. Bailey Enron North America Corp. 1400 Smith Street, Suite 3806A Houston, Texas 77002 Phone: (713) 853-4737 Fax: (713) 646-3490 E:mail: Susan.Bailey@enron.com Diane Anderson@ENRON 05/11/2001 04:46 PM To: Susan Bailey/HOU/ECT@ECT cc: Subject: ? Susan, this is a general question, but I don't know if there is a specific answer for each counterparty: For counterparties that are the confirming party, is there a standard time in which the are required to send us their confirm...? ...or is it just a "best effort" type thing, specific to each CP? We have some counterparties that are great, send us their confirms T+1.....but a few take 3,4,5 days to get them here....and I'm just wondering if there is any kind of mention of this in the Master Agreement. Thanks, Diane