Below is the memo from ISDA that needs to be read in conjunction with that 
Master Netting Agreement.
---------------------- Forwarded by Tana Jones/HOU/ECT on 09/08/99 08:26 AM 
---------------------------


Robert Pickel <RPICKEL@isda.org> on 09/08/99 07:46:21 AM
To: Tana Jones/HOU/ECT@ECT
cc:  
Subject: FW: Strategic Documentation Review



Here is the copy of the e-mail you called about yesterday.

Bob Pickel

> -----Original Message-----
> From: Corrinne Greasley
> Sent: Friday, September 03, 1999 9:41 AM
> To: 'gabriel@ms.com'; 'cberkowitz@us.ca-indosuez.com';
> 'david.bloom@hsbcgroup.com'; 'ulrich.bosch@db.com';
> 'TRICIA.BOWDEN@CITICORP.COM'; 'fcaputo@bci.it'; Jane Carlin;
> 'Joseph.Carrico@ib.bankgesellschaft.de'; 'clarke_michael@jpmorgan.com';
> 'alec.cohen@creditlyonnais.co.uk'; 'colonna@gruppocredit.it';
> 'Ernst.Decker@BHF-BANK.com'; 'pierre.fiset@socgen.com';
> 'kate.fitzgerald@chase.com'; 'scott.l.flood@ssmb.com';
> 'beat.gabathuler@zkb.ch'; 'chip.goodrich@db.com';
> 'zgriswold@exchange.ml.com'; 'marjorie.gross@chase.com';
> 'harvey@sbcm.com'; 'uwejahn@commerzbank.com';
> 'emily.jelich@royalbank.com'; 'kkopelman@bear.com';
> 'stephen_kruft@swlssre.com'; 'ruth.laslo@wdr.com';
> 'james_lettiere@paribas.com'; 'levinec@hugheshubbard.com';
> 'lewis_david@jpmorgan.com'; 'llove@westpac.com.au'; 'majoan@ms.com';
> 'robert.mancini@gs.com'; 'david.h.miller@bankofamerica.com';
> 'mmunro@dow.com'; 'rmurphy@genre.com'; 'fnolan@lehman.com';
> 'ulrich.parche@hypovereinsbank.de'; 'charles.ross-stewart@wdr.com';
> 'ericr@capital-re.com'; 'ricardo.salaman@gs.com';
> 'garland_sims@lnotes5.bankofny.com'; 'robert.m.spielman@db.com';
> 'janet_strickland@paribas.com'; 'teruo.tanaka@jpmorgan.com';
> 'mtaylo1@ect.enron.com'; 'ravi.tennekoon@uk.abnamro.com';
> 'thompson_don@jpmorgan.com'; 'bruce_ungar@fp.cibc.com';
> 'mvincigu@lehman.com'; 'jeremy.walsh@stanchart.com';
> 'michael.wood@dresdner-bank.de'; 'david.wysoki@barcap.com'; David Benton;
> Jeff Golden; 'richard.tredgett@allenovery.com'; Robert Pickel; Josh Cohn;
> Daniel Cunningham; Kianga Ellis; 'carol.schwartz@aexp.com';
> 'paul_a_thomas@faniemae.com'; 'glenn.goggins@gecapital.com';
> 'ccerria@hess.com'; 'joe.hamilton@moorecap.com'; 'Adam_Metter@sfmny.com';
> 'susan_demaio@tigerfund.com'; Alex Hunt; Angela Papesch
> Cc: Barbara Hanlon
> Subject: Strategic Documentation Review
>
> Attached for your review and comment is a draft letter prepared on behalf
> of the Master Agreement Structural Issues Working Group.
>
> The letter, addressed to The Bond Market Association (the "BMA"), reflects
> the Working Group's review and discussion of the BMA's draft Master
> Netting Agreement which, together with supporting guidance notes, is
> available on the BMA's website: www.bondmarkets.com.  Copies of the
> marked-up agreement and selected pages from the guidance notes are being
> distributed by fax.
>
> We would appreciate any comments you may have on either the letter itself
> or the drafting amendments in the mark-up documents.  Owing to the 10th
> September comment deadline imposed by the BMA, please forward your
> comments (by e-mail or fax) to Richard Tredgett at Allen & Overy
> (richard.tredgett@allenovery.com; (fax) +44 171 330 9999) or me
> (rpickel@isda.org; (fax) +1 212 332 1212) on or before Thursday, 9th
> September, 1999.
>
>
> Regards,
> Robert Pickel
>
>
>  <<BMAdraft.doc>>
>

 - BMAdraft.doc