Message-ID: <22227815.1075844905127.JavaMail.evans@thyme>
Date: Mon, 22 Jan 2001 10:26:00 -0800 (PST)
From: sara.shackleton@enron.com
To: delene.travella@funb.com
Subject: Enron North America Corp. ("ENA") ISDA with First Union National
 Bank ("FUNB")
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Hi, Dee:

A few pieces of information from credit.

1.  With respect to ENA's swap counterparty, we note that the rated entity 
per S&P is "First Union National Bank, Charlotte".  You need to let us know 
which entity is in fact the swap party.

2.  Regarding Threshold for cross default, $100,000,000 is fine.

3.  Regarding financials, if you want to provide us with First Union Corp. 
financials, we will need a guaranty and credit will switch to the guarantor.

4.  10 year bonds are OK with a haircut (probably 90 or 95%).

5.  Credit is still reviewing the matrix 

6.  Your changes to the MAC trigger are fine.

7.  Your comments to our definition of "Qualified Institution" have been 
rejected.

8.  The $30,000,000 cap on the Enron Corp. guaranty is fine.

I'll try to follow up with you tomorrow.  

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