Paul 

This is something that we have discussed a little in London and what I 
believe is required is an umbrella netting and cross default agreement sign 
by all parties. However, this is difficult to draft and is questionable to 
its enforceability, especially with Swiss entities. I guess this is Legal's 
call.

Lee


   


From:  Paul Radous @ ENRON                                                    
         09/08/2000 14:42	
	
	
	                           
	

To: Lee Munden/LON/ECT@ECT
cc: David Hardy/LON/ECT@ECT, Neil R Anderson/LON/ECT@ECT, Sara 
Shackleton/HOU/ECT@ECT 

Subject: Re: Vitol S.A.  

Agreed.  However, if we have to negotiate separate ISDAs, we will have to 
incorporate different threshold amounts.  My question is, Is there any way we 
can draft these documents such that only one, overall threshold could be set 
under which all Vitol exposure can be aggregated?



Lee Munden@ECT
08/09/2000 08:27 AM
To: Paul Radous/Corp/Enron@ENRON
cc: David Hardy/LON/ECT@ECT, Neil R Anderson/LON/ECT@ECT, Sara 
Shackleton/HOU/ECT@ECT 

Subject: Re: Vitol S.A.  

Paul 

I have always believed that Vitol SA and Vitol SA Inc are one and the same 
company anyway. IE the later is simply a US branch.

Lee


   


From:  Paul Radous @ ENRON                                                    
         09/08/2000 14:19	
	
	
	                           
	

To: Lee Munden/LON/ECT@ECT
cc: David Hardy/LON/ECT@ECT, Neil R Anderson/LON/ECT@ECT, Sara 
Shackleton/HOU/ECT@ECT 

Subject: Re: Vitol S.A.  

Okay.  I will inform the ENA commercial team that they will need to allocate 
the total available line with ECTRIC.  I believe separate masters with 
separate credit thresholds will be required.  Though I would appreciate input 
from legal if we can somehow net Vitol S.A. (Swiss) with its US unit, Vitol 
S.A. Inc. under one master and thus set only one, global limit without the 
need to allocate.



Lee Munden@ECT
08/09/2000 03:42 AM
To: Paul Radous/Corp/Enron@ENRON
cc: David Hardy/LON/ECT@ECT, Neil R Anderson/LON/ECT@ECT 

Subject: Vitol S.A.

Paul 

Yes, we have received figures for end 12/99 plus unaudited figs for 31/5/00. 
I believe Neil is doing the analysis and will input them into CAS - credit  
Analysis shortly.

Lee
---------------------- Forwarded by Lee Munden/LON/ECT on 09/08/2000 09:43 
---------------------------
   


From:  Paul Radous @ ENRON                                                    
         08/08/2000 21:22	
	
	
	                           
	

To: Lee Munden/LON/ECT@ECT
cc:  

Subject: Vitol S.A.


Lee

Just wanted to follow up and see if we have received the updated financials 
yet from Vitol.

Paul