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Enron Mail |
Dee:
We are working on the blackline. Since the "deal" that you mentioned yesterday has no bearing on the master between ENA and FUNB, there is no emergency at hand. A few things to note: (1) regarding "Procedures for entering into Transactions," my suggestion is that you consider a reasonable time period in which to respond upon receipt of a confirmation. It is in both parties best interest to have an executed (and therefore enforceable) writing This can be accomplished by under the NY General Obligations law by our agreement as to a "deemed response" if a party will not sign a trade confirmation. (2) regarding the concept of "Specified Transaction", ENA has reconsidered the earlier concession to exclude most Termination Events as Specified Conditions. It is not ENA's position to unwind Transactions upon the occurrence of these events, and, therefore, each party ought to be able to rely upon the protections afforded it under the related provisions. Regarding the Credit Event Upon Merger, FUNB is protected with the amendment which we make to Section 5(b)(iv). I hope that the blackline will resolve our outstanding issues. 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
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