Message-ID: <5786346.1075844910566.JavaMail.evans@thyme> Date: Tue, 13 Feb 2001 05:22:00 -0800 (PST) From: sara.shackleton@enron.com To: paul.radous@enron.com Subject: RE: Enron North America Corp. ("ENA") ISDA with First Union Natio nal Bank ("FUNB") Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Sara Shackleton X-To: Paul Radous X-cc: X-bcc: X-Folder: \Sara_Shackleton_Dec2000_June2001_2\Notes Folders\Sent X-Origin: SHACKLETON-S X-FileName: sshackle.nsf 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 ----- Forwarded by Sara Shackleton/HOU/ECT on 02/13/2001 01:22 PM ----- "Travella, Delene M." 01/23/2001 06:40 PM To: "'Sara.Shackleton@enron.com'" cc: Subject: RE: Enron North America Corp. ("ENA") ISDA with First Union Natio nal Bank ("FUNB") Hi Sara, Thanks for your email. Please see responses below: Delene M. Travella Vice President Capital Markets, Derivatives Telephone: (704) 383-8778 Facsimile: (704) 383-0575 email: delene.travella@funb.com > -----Original Message----- > From: Sara.Shackleton@enron.com [SMTP:Sara.Shackleton@enron.com] > Sent: Monday, January 22, 2001 7:26 PM > To: delene.travella@funb.com > Subject: Enron North America Corp. ("ENA") ISDA with First Union > National Bank ("FUNB") > > 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. > [Travella, Dee] The swap party is First Union National Bank. "First Union National Bank, Charlotte" is not a legal entity. If S&P is including the city where we are headquartered as part of our legal name, they are incorrect. Is it possible for you to forward the S&P document that you are referring to and I will have our corporate relations people look into it. > 2. Regarding Threshold for cross default, $100,000,000 is fine. > [Travella, Dee] Thanks. > > > 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. > [Travella, Dee] First Union National Bank doesn't prepare annual statements. We can provide quarterly call reports (with year-to-date information), which is also available on the FDIC page (www.fdic.gov). First Union Corporation's annual financial statements are available on EDGAR and First Union Corporation's home page (First Union National Bank is a principal subsidiary). > 4. 10 year bonds are OK with a haircut (probably 90 or 95%). [Travella, > Dee] -ok > > 5. Credit is still reviewing the matrix [Travella, Dee] -ok > > 6. Your changes to the MAC trigger are fine. [Travella, Dee] -ok > > 7. Your comments to our definition of "Qualified Institution" have been > rejected. [Travella, Dee] Do you know what the objection is? > > 8. The $30,000,000 cap on the Enron Corp. guaranty is fine. [Travella, > Dee] Thanks > > I'll try to follow up with you tomorrow. [Travella, Dee] Look forward > to hearing from you, Dee > 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