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Enron Mail |
Sara, This deal was binding from day one. EWEB did say that they had
authority to enter into this transaction and thought they had the necessary approvals from their board, therefore putting this language in the confirm is alarming to me, maybe the better option may be to switch the deal to physical if there is any issue with the financial. Chistian Yoder was okay with their authority to do this physically. This deal is deep in the money for us now. ---------------------- Forwarded by Holli Krebs/HOU/ECT on 11/28/2000 12:52 PM --------------------------- Sara Shackleton 11/27/2000 03:15 PM To: Holli Krebs/HOU/ECT@ECT cc: Tim Belden/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT Subject: EWEB status I spoke with Jim Deason who is reviewing our documentation, including, the ISDA Schedule, Credit Support Annex and Deemed ISDA. He will email to me EWEB's comments to our blacklined Schedule. He has not conferred with Dick Varner on the Credit Support Annex but hopes to have comments to me later this week; I offered to have Tracy or Ed available to discuss credit. Finally, he has reviewed the Deemed ISDA and will have the same comments here. HOWEVER, Jim indicated that the transaction which Holli entered into is not the type of FINANCIAL deal that EWEB has contemplated (or authorized) and that it would require special board approval. The Board meets on Dec. 5. He requested that a special provision be inserted into the confirm prior to that approval, stating that this transaction is NOT BINDING until approved by the EWEB Board (Jim will send requested language). By copy of this message, I ask that Holli advise on steps to be taken regarding execution of the Deemed ISDA confirmation. Click on this link to view the document in the Financial Trading Agreements database--<
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