This looks a lot better to me.  What do you guys think?
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on 
07/21/99 01:33 PM ---------------------------


Justin Boyd
07/21/99 12:56 PM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT, Scott Sefton/LON/ECT@ECT, Louise 
Kitchen/LON/ECT@ECT, William S Bradford/HOU/ECT@ECT, David 
Weekes/LON/ECT@ECT, David Hardy/LON/ECT@ECT, 
andrew.wilkinson@cliffordchance.com, Edmund Cooper/LON/ECT@ECT
cc:  
Subject: Proposed revised collateral clause for Online GTCs

Following my earlier conversation with Mark Taylor I have revised the text, 
as attached.  This limits the form of collateral to letters of credit.

Comments/questions.........

Thanks

Justin