I think these guys are trying to create a $35M line ($15M Collateral 
Threshold from the ISDA Credit Support Annex and a separate $20M line for the 
Global agency trading).  All trading with Cargill will be subject to the ISDA 
Master Agreement and Credit Support Annex.

Wendi and I discussed briefly and we'll call you later.  It seems that Wendi 
has spoken with Mark Rubenstein who handles credit and there is some 
confusion.

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



	Caroline Abramo@ENRON
	03/02/2001 10:46 AM
		 
		 To: Wendi LeBrocq/Corp/Enron, Sara Shackleton/HOU/ECT@ECT
		 cc: 
		 Subject: RE: POA/ Cargill line...

what do you think?
---------------------- Forwarded by Caroline Abramo/Corp/Enron on 03/02/2001 
11:44 AM ---------------------------


Joe_Lardy@cargill.com on 03/02/2001 10:39:03 AM
To: Caroline.Abramo@enron.com
cc: dlm@globaladvisors.co.uk, Sara.Shackleton@enron.com, 
Wendi.LeBrocq@enron.com 

Subject: RE: POA/ Cargill line...


Currently Cargill and Enron have a 15MM collateral threshold.  If
possible, I think the cleanest way to run this biz would be to put a
box around the prime broker biz.  We would still operate under the
master isda but could set up a mutually agreeable credit support annex
for this biz.  We would still keep the 20,000,000 line referenced in
Schedule B of the POA agreement.  The line in the POA is a seperate and
distinct measure from the daily collateral.  The 20 mill reflects gross
exposure.  Let me know if you think this is reasonable and workable.
We too, are open to suggestion as the Global and Enron relationships
are very important and a high priority to us.

Thanks
Joe

-----Original Message-----
From: Caroline.Abramo@enron.com [mailto:Caroline.Abramo@enron.com]
Sent: Friday, March 02, 2001 7:26 AM
To: lardy, joe /xtwn
Cc: dlm@globaladvisors.co.uk; Wendi.LeBrocq@enron.com;
Sara.Shackleton@enron.com
Subject: POA/ Cargill line...


Joe-  a few things regading the POA/ Cargill line..

I am going to find out how much line we currently have available... you
probably already have this.  We should allocate a piece to Global which
would solve the problem of other Cargill people using the line, putting
us
over the limit, without me knowing...

We could change the language of the POA to this... we will not go over
Global's piece of the Cargill line...I think this would solve our main
concern...

Please let me know... we are eager to keep trading with Global and
yourselves...

Regards,
Caroline