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makes sense to me...I know from trying to negotiate with smud on the weather
deal that they need approval to post collateral. I like the idea that they have 3 days to provide evidence that they are going to the board and then a further 7 to get it approved and posted. thanks. -----Original Message----- From: St Clair, Carol Sent: Wednesday, May 16, 2001 10:17 AM To: Rohauer, Tanya Subject: RE: SMUD EEI Master Carol St. Clair EB 3889 713-853-3989 (Phone) 713-646-3393 (Fax) carol.st.clair@enron.com ----- Forwarded by Carol St Clair/HOU/ECT on 05/16/2001 10:16 AM ----- Tracy Ngo/ENRON@enronXgate 05/16/2001 10:13 AM To: Carol St Clair/HOU/ECT@ECT cc: Subject: RE: SMUD EEI Master Given they are a muni, I am fine with this exception. In practice, we have experienced situations with certain cp's where we have had to come up with certain margining exceptions. WRT amendments, such amendments can be done within the same time period as well. I think that we could add that the cp is required to provide a representation (perhaps an officer's certificate of some sort) stating that they are going to their Board for posting of the collateral. We got that provision from another municipality. Tracy -----Original Message----- From: St Clair, Carol Sent: Wednesday, May 16, 2001 7:11 AM To: Ngo, Tracy Cc: Rosman, Stewart Subject: SMUD EEI Master Tracy: Are you sure that you are okay with extending the time to deliver collateral from 3 Business Days to 10 Business Days? I have never seen us agree to that long of a time period? What if Exposures change from the time that we request collateral and the time that they deliver it to us? If all they are doing is posting cash or amending an LC, why would they need 10 Business Days? Please call me. Carol St. Clair EB 3889 713-853-3989 (Phone) 713-646-3393 (Fax) carol.st.clair@enron.com
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