I have not yet had a response from Argentine counsel.  I will speak with them 
again.  Sara




"GAYOL, Pablo J." <PG@marval.com.ar> on 10/21/99 04:55:43 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:  
Subject: RV: Argentina: public utilities and other regulated entities




Dear Sara,

 Unfortunately, we haven%t recieve your fax with the Municipal
Schedule. Could you please be so kind to sent it to us again? Thank you vey
much.

Regards,

Pablo Gayol



>
>
> Hope you are well!  I had a wonderful vacation in L.A.  I never made it to
> either the Norton Simon or the Getty; I'll just have to plan another trip
> to the
> west coast.
>
> In connection with your recent review of our standard ISDA Schedule,
> Credit
> Support Annex and legal opinion (the "Documents"), could you please advise
> as
> the whether additional provisions are required or advisable in any of the
> Documents when our counterparty is an Argentine public utility,
> municipality or
> other type of regulated entity.  In the U.S., we use the ISDA
> Multicurrency -
> Cross Border boilerplate and incorporate most of the ISDA municipal
> language and
> some of our own into the Schedule for municipals and governmental
> entities.
> However, for public utilities which are general corporates (and not
> governmentally owned), we take a different approach and incorporate
> language
> which might trigger an "Additional Termination Event" for "regulatory type
> developments" (e.g., orders issued by a public utility commission) which
> would
> cause or might cause our master agreement to become void or unenforceable
> or
> similar swap agreements to become void or unenforceable.  For example:
>
> "The filing of a motion, pleading, application or other similar action in
> any
> proceeding or action by Party B, a commission, regulatory agency or other
> entity
> having jurisdiction over Party B, in respect of Party B, or in respect of
> any
> other similarly situated entity organized under the laws of the state(s)
> in
> which Party B is located or regulated, to the effect that performance
> under this
> Agreement or one or more Transactions hereunder or similar agreements is
> unlawful or that this Agreement or one or more Transactions hereunder or
> similar
> agreements are void or voidable."
>
> By fax, I will send you our Municipal Schedule.
>
> Please advise as to changes in both the (i) Schedule and (ii) legal
> opinion for
> both (a) public utilities (corporates, non-governmental) and governmental
> entities (municipals, public agencies, governmental utilities, etc.).
> Please
> call if you have any questions.  Regards.  Sara
>
>
>
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