Enron Mail

From:veerle.vercaigne@kbc.be
To:bwalsh@isda.org
Subject:Re: 2001 ISDA Master Agreement Protocol
Cc:ametter@enron.com, alec.cohen@enron.com, apapesch@enron.com,areynaud@enron.com, anne_benco.folland@enron.com, beat.gabahuler@enron.com, david.benton@enron.com, candace.barrett@enron.com, carol.schwartz@enron.com, levinec@enron.com, ccerria@enron.com
Bcc:ametter@enron.com, alec.cohen@enron.com, apapesch@enron.com,areynaud@enron.com, anne_benco.folland@enron.com, beat.gabahuler@enron.com, david.benton@enron.com, candace.barrett@enron.com, carol.schwartz@enron.com, levinec@enron.com, ccerria@enron.com
Date:Tue, 25 Sep 2001 05:02:57 -0700 (PDT)

Kimberley,

Further to your email of this morning:
- I totally agree with the protocol approach for the Euro annexes
- As to the intention to change the approach for the other annexes, i.e.
develop a new master agreement: as already indicated in my previous mail,
we support this approach
- Force

ctoria.binavince@socgen.com'>victoria.binavince@socgen.com'=20
Cc: Kimberly Summe; Emily Jelich=20
Subject: 2001 ISDA Master Agreement Protocol=20
This email is to update you on the status of the 2001 ISDA Master Agreement=
=20
Protocol (the "Protocol"). As part of the Protocol, there were four annexe=
s=20
that addressed the disappearance of the 12 national currency units on=20
January 1, 2002 and the introduction of the euro. These four annexes have=
=20
been separated from the Protocol and published on our website on September=
=20
24 as the 2001 Euro Protocol. The adherence period for the 2001 Euro=20
Protocol is September 24 to November 30, 2001. It was important to move=20
forward with the 2001 Euro Protocol, given the specific nature of the timin=
g=20
of the introduction of the euro.=20
With respect to Annexes 1 through 8, we propose drafting a new ISDA Master=
=20
Agreement rather than moving forward with a Protocol. The continuing debat=
e=20
on the details of Annexes 1 to 8, the relevance of the Protocol for these=
=20
provisions and the interest in moving forward with a new ISDA Master=20
Agreement are some of the reasons for this recommendation. An extraordinar=
y=20
amount of effort has gone into preparing the Protocol and will provide a=20
strong basis for proceeding with a new ISDA Master Agreement. Please let m=
e=20
know what your thoughts are on this suggested approach.=20
With respect to Annex 9, the Force Majeure Annex, we propose posting a Form=
=20
of Amendment and the Force Majeure provisions (as well as the Commentary) o=
n=20
our website. This would allow firms to incorporate such language into thei=
r=20
Master Agreements on the basis of bilateral negotiation. Any views you may=
=20
have in light of the events of September 11 would be welcome. =20
Lastly, with respect to Annex 10, the Tax Protocol, our Tax Committee will=
=20
be contacted on Tuesday to determine how to proceed with respect to those=
=20
issues. Any views on this issue would also be welcome.=20
Please contact me as soon as possible to share your views. I can be reache=
d=20
by email or by phone at 212-332-1203.=20
Thank you in advance.=20
Kimberly Summe=20
General Counsel=20
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