Paul 

On the issue of whether we have any objection to using EPTL as the entity, we 
have no objection. The only thing to consider is that in creating the 
inability to net exposures, it may increase the problem of utilising credit 
limits.

Lee




Paul Simons
26/01/2000 18:14
To: David Weekes/LON/ECT@ECT
cc: Lee Munden/LON/ECT@ECT 

Subject: Re: GTCs  

Thanks, David - we'll put in collateral provisions along the line of the 
short, one-sided (in our favour!) ones we have in the Online GTCs for our 
other products.

There are 2 other credit related issues we'll need to resolve as soon as poss
whether you're comfortable using EPTL (plse see my earlier mail)
whether we need a change in control provision in the GTCs and, if so, in what 
form (see Slaughters mail which I'll send you now)

Thanks

Paul



David Weekes
26/01/2000 17:05
To: Paul Simons/LON/ECT@ECT
cc:  

Subject: Re: GTCs  

Paul

Apologies for not getting back sooner.  Yes we will want a version of the 
GTC,s to give us collateral rights.

Regards

David 



Paul Simons
25/01/2000 17:25
To: Bryan Seyfried/LON/ECT@ECT, Omer Muftuler/LON/ECT@ECT
cc: Louise Kitchen/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT, David 
Weekes/LON/ECT@ECT, Lee Munden/LON/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Edmund 
Cooper/LON/ECT@ECT 

Subject: GTCs

Just a quick note to let you know that I have discussed the GTCs again with 
outside counsel and will be in a position to circulate revised drafts for 
comment either late tonight or first thing tomorrow morning.  As you know the 
GTCs are being reformatted to relect the country of the reference entity 
rather than that of the counterparty.  Though not difficult, this is 
logistically tricky.

The main outstanding issue will be resolving form of  the tax  provision we 
need to include in the GTC.

Credit may also still be an issue ie do we need the right to call for 
collateral, especially where we are the buyer of the credit product and 
concerned about the seller's creditworthiness?  Grateful if credit could 
opine on this so the relevant provisions can be added quickly tomorrow if 
needed.

Many thanks

Paul