Message-ID: <20648387.1075842102512.JavaMail.evans@thyme>
Date: Wed, 5 Jul 2000 05:11:00 -0700 (PDT)
From: carol.clair@enron.com
To: stephen.douglas@enron.com, rhett.jackson@enron.com
Subject: Commercial Risk Reinsurance Company Limited
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X-From: Carol St Clair
X-To: Stephen H Douglas, Rhett Jackson
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Steve and/or Rhett:
We are trying to finalize an ISDA with the above counterparty which is  a 
Bermuda company.  They made 1 tax comment to our Schedule.  Currently, they 
rep to us that Each payment received or to be received by them in connect 
with the Master Agreement will not be effectively connected with its conduct 
of a trade or business in the US.  They want to add the following to this rep:

Each payment to be received by it in connection with the Master Agreement 
will be either foreign source income under the Code or portfolio interest 
within the meaning of Section 881(c) of the Code or gain derived from the 
cash settlement of an option.

Is this okay?  As my days are numbered here if there is any way that I could 
get some feedback on this this week that would be great so that at least I 
can respond to them.  Thanks.

Carol