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Enron Mail |
Am I supposed to do anything here?
----- Forwarded by Tana Jones/HOU/ECT on 06/23/2000 04:53 PM ----- Stephen H Douglas 05/31/2000 12:23 PM To: pwright@llgm.com, Lou Stoler/HOU/ECT@ECT, Cris Sherman/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Morris Richard Clark/HOU/ECT@ECT cc: Jordan Mintz/HOU/ECT@ECT Subject: Language for the Confirmation Below is slightly revised language to be included in the ISDA agreement being entered into in connection with the EEX transaction. Not having the transaction documentation to review in connection with this clause, I have bracketed several portions of the clause to be filled in as dictated by such documentation. Please call with any follow up. Steve. ---------------------- Forwarded by Stephen H Douglas/HOU/ECT on 05/31/2000 01:12 PM --------------------------- Morris Richard Clark 05/30/2000 07:24 PM To: Tana Jones/HOU/ECT@ECT cc: Stephen H Douglas/HOU/ECT@ECT Subject: Language for the Confirmation Tana, The language in the Schedule should reflect what is in our Form#3, whereby "Enron Re:" is the U.S. entity and "Swiss RE - EFR" is a Barbados entity. Also, the tax form requested should be a W-8. In addition, the following language should be added to the confirmation: United States Federal Income Tax Characterization and Reporting. The parties recognize and intend that, for United States federal income tax purposes, any payment by [Enron Re] of the [Floating - this assumes that Enron Re is paying such amount] Amount will be treated as a payment pursuant to a guaranty by [Enron Re][of the obligations of Bob West Treasure, LLC to make payments pursuant to Section ___ of the [underlying Financing Agreement between Bob West Treasure and Royal Bank of Canada - this needs to be clarifed - is the payment related to the RBC loan or the insurance payment by EFR? If it is the RBC loan then this clause is appropriate but if, alternatively, it is the EFR insurance payment, then the reference needs to be changed accordingly.]] The parties agree that to the extent either of the parties is required to report any item of income, gain, loss, deduction or credit relating to the Transaction for United States federal income tax purposes, such party shall report such item consistent with the characterization set forth above and shall not take any position on any tax return or report relating to United States federal income taxes which is inconsistent with such characterization. The parties recognize that the manner in which they have agreed to characterize the Transaction for United States federal income tax purposes may be different from the manner in which the Transaction is characterized for non-United States federal income tax purposes and for accounting, regulatory or other purposes. The provisions of this Section are not intended to affect the manner in which the parties report the Transaction for such other purposes, or the interpretation of the provisions of the Confirmation and the rights and obligations of the Parties arising hereunder, for any purposes.
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