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." <delene.travella@funb.com>
	01/23/2001 06:40 PM
		 
		 To: "'Sara.Shackleton@enron.com'" <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