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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Sara Shackleton X-To: Mark Taylor X-cc: X-bcc: X-Folder: \Sara_Shackleton_Dec2000_June2001_1\Notes Folders\Sent X-Origin: SHACKLETON-S X-FileName: sshackle.nsf FYI ---------------------- Forwarded by Sara Shackleton/HOU/ECT on 02/02/2000 04:11 PM --------------------------- David Minns@ENRON_DEVELOPMENT 02/02/2000 03:39 PM To: Sara Shackleton/HOU/ECT@ECT cc: Alan Aronowitz@ECT Subject: Re: Australian counterparties - Guaranty in connection with ISDA Master Swap Agreement Sara, US legal opinions on guaranties is a hot issue for us. We needed to get one when we were first granted our licence to trade electricity derivatives in 1998 from Cadwalader Wickersham and Taft. It advises on the enforcability of a guaranty under NY law in NY. I will fax it to you. I was planning on getting an updated opinion as our guaranty form has developed. Also there are several counterparties who are insisting on an individual opinion, which to date we have not been willing give. I am also working through Clement Abrams to get a legal opinion From Vincent and Elkins on the enforceability of judgment in Australian court in respect of a Guaranty in NY. That is a more complicated exercise. Anyway to answer your question it is customary to an extent. A number of law firms advise their clients to get to cover themselves. Who is the counterparty? Sara Shackleton@ECT 02/03/2000 04:47 AM To: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Subject: Australian counterparties - Guaranty in connection with ISDA Master Swap Agreement I am negotiating an ISDA on behalf of ENA with an Australian corporate insisting upon a legal opinion (enforceability) with respect to the Enron Corp. guaranty. Is this a customary request by Australian corporates that you would normally grant? If so, who has issued the opinion? I look forward to your reply. Regards. Sara
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