Message-ID: <14637725.1075842103005.JavaMail.evans@thyme>
Date: Thu, 6 Jul 2000 09:51:00 -0700 (PDT)
From: carol.clair@enron.com
To: russell.diamond@enron.com
Subject: Global Companies LLC
Cc: susan.bailey@enron.com
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Russell:
Here is a summary of the ownership chain of Global Companies LLC:

1. Its members are Global Petroleum Corp. ("GPC"), YPF Distribution Company 
("YPF") and Montello Oil Corporation ("Montello").  From what they sent to 
us, I could not tell the ownership percentages.

2. The affairs of Global are managed by a "Board of Governors" who are 
selected by the members.  Specifically, GPC and Montello collectively get to 
choose 3 board members and YPF gets to choose 3 board members.

I your credit worksheet, you had specified as a "MAC" trigger if YPF, SA 
fails to own at least 51% of Global Companies.  Is this the same entity as 
YPF Distribution Company?  Do you want this as a MAC or as an Additional 
Event of Default or Termination Event?

Carol