Subject: NUI
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked], [email-masked]
Date: Wed, 11 Apr 2001 04:09:00 -0700 (PDT)

Since NUI Utilites, Inc. is the rated entity, we are no longer requiring the 
$50MM NUI Corp gty for this transaction.  However, the financial swap (which 
should be 40,000/day total for May-Oct) is being documented under  the NUI 
Energy Brokers, Inc. existing ISDA.  Sara has modified to cross default the 
confirmation to the Credit Agreement.  Stacy, please share the language you 
are using for the Transaciton Agreement to compensate for the Credit 
Agreement expiry in December with Sara so the financial confirmation can be 
modified as well.  We also need to modify the financial confirmation to state 
that for this transaction only, NUI must be the Guarantor not NUI Capital.  
Then we must get a deal specific gty from NUI Utilites to cover this trade - 
probably $10MM.  This all arises because the finc/phys gty we were working on 
is out the window since NUI Utilities is the rated entity with associated 
balance sheet and the NUI Corp is not needed.  Please advise asap and call 
with any questions.

Thanks,
Tanya