|
|
Enron Mail |
Jane:
Typically, we have been widely successful in convincing counterpaties (wherever located) to agree to either NY or English law to govern ISDA's because NY and England have well developed bodies of financial law and the courts are more likely to understand derivatives transactions. I also have understood from Terry Taneka at IBJ (and an ISDA director) that Japanese financial institutions regularly agree to NY and English law. I realize here we are talking about a Japanese insurance company counterparty. I think, in this instance, it is ok to agree to Japanese law and courts to get this first Japanese Weather deal documented, but I would like for us to strongly reserve with this company the right to discuss further the choice of law/jurisdiction since I presume we will be negotiating a Master Agreement with them. Also, the submission to jurisdiction clause should be non-exclusive. My previous understanding from Jeremy Pitts of B&M was that ISDA's (and the subject derivative transaction) are enforceable under Japanese law (and that netting is also generally enforceable). I also have understood from B&M that Japanese courts are very preferable to Japanese arbitrations. Please confirm these points with Jeremy before finalizing the document. We will need to finalize our thoughts about the markets we are trying to develop and what the best approach should be to choice of law/jurisdiction going forward. This would be a good topic for Mark E., David, you and I to discuss at our first group meeting. Alan Jane McBride@ENRON 10/17/2000 02:21 AM To: Alan Aronowitz/HOU/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT cc: Subject: ToaRe - Weather deal - Long form confirmation - Japanese law Dear Alan and Mark, If B&M says OK to go with Japanese law / courts, I will agree this tomorrow unless either of you have any objections. Thanks. BTW, John Sheriff will be in our office tomorrow and we are all giving presentations. Mine will be on aspects of Japanese law. Jane Ps. Thanks Alan for all the emails over night. Jane McBride Senior Legal Counsel Enron Japan Corp. Otemachi 1st Square Bldg. West 11th Floor 1-5-1 Otemachi, Chiyoda-ku Tokyo 100-0004 Japan Tel.: 81-3-5219-4500 (Main) 81-3-5219-4553 (Direct) Fax: 81-3-5219-4510 Assistant (Maggy Yamanishi) Tel.: 81-3-5219-4554 Email: Yo.Yamanishi@enron.com
|