Thanks John for the comments.  That leaves it up to legal to answer Susan's 
question.  Carol, any thoughts?

Jane McBride
Senior Legal Counsel
Enron Japan Corp.

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



	John Suttle@ENRON_DEVELOPMENT
	Sent by: John Suttle@ENRON_DEVELOPMENT
	2001/02/26 09:16
		
		 To: Jane McBride/AP/Enron@ENRON
		 cc: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT@ENRON, Alan 
Aronowitz@ECT, Carol St Clair@ENRON, Mark Taylor@ECT
		 Subject: Re: Enron: ISDA Schedules

Jane - 

Not to back-pass the issue, I think this is generally a Legal question.  From 
the Credit perspective, our concern is Enron's ability to:
- Call for collateral
- Receive it and hold it
- Have title to it/perfect it in case of default
- Retain it in the case of bankruptcy to offset exposures

If we agree to accept it in yen or dollars, in Japan or the U.S., from my 
perspective, it is important that we simply identify the necessary legal, tax 
and operational procedures, then implement the processes that allow Enron to 
accomplish the above criteria.

If I need to address these issues in greater detail, or if you need anything 
further, please let me know.

John Suttle

 




Jane McBride@ENRON
02/26/2001 10:36 AM
To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Alan Aronowitz/HOU/ECT@ECT, John  Suttle, Carol St Clair, Mark 
Taylor/HOU/ECT@ECT 
Subject: Re: Enron: ISDA Schedules  

Dear Susan,

I am not really sure what the answer is to your question and I am not really 
sure whether these decisions are ultimately made by legal or credit although 
I suspect the latter.

John or Carol, do you have any thoughts?

Jane McBride
Senior Legal Counsel
Enron Japan Corp.

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



	Susan Musch@ENRON_DEVELOPMENT
	2001/02/24 07:21
		
		 To: Jane.McBride@enron.com
		 cc: Edwin.T.Whatley@BAKERNET.com, Paul.TYO.Davis@BakerNet.com, 
Yukinori.Watanabe@BAKERNET.com, Jeremy.Pitts@BAKERNET.com, Jeff 
Blumenthal/Enron@EnronXGate
		 Subject: Re: Enron: ISDA Schedules

Jane,

I am guessing that in practice, Enron Japan would not accept the tender for 
collateral in the US for transactions it enters into in Japan.  However, 
would you please confirm this?

Best regards,
Susan




Edwin.T.Whatley@BAKERNET.com on 02/23/2001 03:13:15 AM
To: smusch@enron.com, Jane.McBride@enron.com
cc: Paul.TYO.Davis@BakerNet.com, Yukinori.Watanabe@BAKERNET.com, 
Jeremy.Pitts@BAKERNET.com 

Subject: Enron:  ISDA Schedules



Dear Susan and Jane:

Please see attached, best regards, Ed



Edwin.T.Whatley@bakernet.com
Phone: 81-3-3796-5857 Fax:81-3-3479-4224
Registered in Japan as an Attorney at Foreign Law;  Jurisdiction of  Primary
Qualification--California; Designated Law--Washington, D.C. and All U.S. 
States
Except Louisiana
This is an e-mail from Baker & McKenzie - Tokyo Aoyama Law Office (Qualified
Joint Enterprise Offices).  The contents of this e-mail may be privileged and
confidential and are intended only for the use of the addressee.  No one else
may copy, forward, disclose or use all or any of it in any form.  If you are 
not
an intended recipient, please notify us immediately (by reply e-mail) and 
delete
this e-mail from your system. Thank you.


 - Enron-sm10.doc
Message-ID: <OFCF340DD0.8125722C-ON862569F9.008254E8@enron.com>
From: Susan.Musch@enron.com
To: Edwin.T.Whatley@bakernet.com
Cc: Paul.Davis@bakernet.com, Jeff.Blumenthal@enron.com,  
Jane.McBride@enron.com
Subject: ISDA Schedules
Date: Wed, 21 Feb 2001 08:43:34 +0800
Return-Receipt-To: Susan.Musch@enron.com
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
Content-Type: multipart/mixed; 
boundary="----_=_NextPart_002_01C09D78.DAD2FA70"

Ed,

I am attaching the memo that you wrote last May on the Japanese tax
consequences of financially settled derivative transactions and physically
settled transactions.  I have also attached copies of current ISDA and
Credit Support Annex ("CSA") Schedules.  I need you to review the ISDA and
CSA Schedules and revisit and comment on your attached advice as necessary.

Also, I need you to give more specific advice with respect to collateral.
We generally take and give as collateral either cash or letters of credit.
We should assume that cash may be pledged in Dollars or Yen and that it may
be held in the US or Japan.

As always, I appreciate your help with this matter.  Would you please let
me know if you can provide comments by your close of business on Thursday?

Best regards,
Susan



(See attached file: ISDA Schedule - Japan.doc)(See attached file: CSA -
Japan.doc)


---------------------- Forwarded by Susan Musch/ENRON_DEVELOPMENT on
02/20/2001 05:54 PM ---------------------------


Edwin.T.Whatley@BAKERNET.com on 05/11/2000 04:38:03 AM

To:   smusch@enron.com
cc:   Paul.TYO.Davis@BakerNet.com, Yukinori.Watanabe@BAKERNET.com,
      Jeremy.Pitts@BAKERNET.com, Shimon.Takagi@BAKERNET.com,
      Kohji.Mori@BAKERNET.com, Shinichi.Kobayashi@BAKERNET.com

Subject:  Enron Online



Dear Susan:

Please see attached.  Best regards, Ed



Edwin.T.Whatley@bakernet.com
Phone: 81-3-3796-5857 Fax:81-3-3479-4224
Registered in Japan as an Attorney at Foreign Law;  Jurisdiction of
Primary
Qualification--California; Designated Law--Washington, D.C. and All U.S.
States
Except Louisiana
This is an e-mail from Baker & McKenzie - Tokyo Aoyama Law Office
(Qualified
Joint Enterprise Offices).  The contents of this e-mail may be privileged
and
confidential and are intended only for the use of the addressee.  No one
else
may copy, forward, disclose or use all or any of it in any form.  If you
are not
an intended recipient, please notify us immediately (by reply e-mail) and
delete
this e-mail from your system. Thank you.


(See attached file: Enron-sm09a.doc)



 - ISDA Schedule - Japan.doc
 - CSA - Japan.doc
 - Enron-sm09a.doc