Message-ID: <12240632.1075844920960.JavaMail.evans@thyme> Date: Mon, 9 Apr 2001 11:03:00 -0700 (PDT) From: sara.shackleton@enron.com To: tanya.rohauer@enron.com Subject: RE: S&P and Moody's ratings Cc: carol.clair@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: carol.clair@enron.com X-From: Sara Shackleton X-To: Tanya Rohauer X-cc: Carol St Clair X-bcc: X-Folder: \Sara_Shackleton_Dec2000_June2001_2\Notes Folders\Sent X-Origin: SHACKLETON-S X-FileName: sshackle.nsf Tanya: Do we need to differentiate between the MAC as used in the CSA and in the Schedule (as an "Additional Event of Default") with respect to the disappearance of a credit rating from either S&P or Moody's (or both) based on your usage in power masters? I believe that we agreed that for purposes of the CSA (when S&P and Moody's are indicated on the credit worksheet), both ratings must disappear to trigger the MAC. For purposes of an Additional Event of Default, should we just pose the question to credit? 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 04/09/2001 05:47 PM ----- Edward Sacks/ENRON@enronXgate 04/09/2001 05:31 PM To: Sara Shackleton/HOU/ECT@ECT cc: Subject: RE: Cargill Alliant master It should say either; therefore, if one were to disappear, an Event of Default would occur. This was the intent and is probably consistent with that in the Master Power agmt. -----Original Message----- From: Shackleton, Sara Sent: Monday, April 09, 2001 5:22 PM To: Sacks, Edward Subject: Cargill Alliant master Ed: For the Additional Event of Default (ratings trigger), do you intend the MAC to apply when only one or both credit ratings disappear? 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