No problema!



	Karen A Cordova@EES
	05/21/2001 10:20 AM
		
		 To: Tana Jones/HOU/ECT@ECT
		 cc: 
		 Subject: Re: Credit Support Annex

Can't thank you enough!

Karen



From: Tana Jones@ECT on 05/21/2001 10:17 AM
To: Karen A Cordova/HOU/EES@EES
cc: Marianne Castano/HOU/EES@EES, James E Keller/HOU/EES@EES 
Subject: Re: Credit Support Annex  

Attached is "Annex B.doc" which we use to prepare Annex B which contains the 
credit provisions we attach to a Confirmation when such is requested for 
omnibus financial confirmations.  About mid-way through the US Annex B is 
about 4 selections of collateral annexes depending on whether the credit is 
one-way or two-way and whether the collateral requested is letters of credit 
only or letters of credit and cash.  Following that is form of letter of 
credit.  We have an Annex B form for US counterparties and Canadian 
counterparties.  I have attached both.   The law in Canada currently does not 
favor taking cash in Canada and WE DO NOT TAKE CASH (this obviously is quite 
problematic for us!).  Our current advice from Canadian counsel is that Cash 
must be perfected in a way similar to filing a UCC.  The Canadian and US 
lawyers are re-reviewing this situation and I will let you know when/if this 
advice changes.





	Karen A Cordova@EES
	05/21/2001 10:00 AM
		 
		 To: Tana Jones/HOU/ECT@ECT
		 cc: 
		 Subject: Credit Support Annex

Tana -

Does a Credit Support Annex exist for transactions perfected on the long form 
(omnibus) confirmation?  Is there such an animal?  If you have something like 
that, can I get a copy?

Thanks again, Karen