We still have outstanding issues under French law.  Netting Transactions may 
not be possible (i.e., may not be enforceable)  with any of the French 
counterparties even if you have an ISDA in place.  If netting is not a 
concern, then we can have separate and unrelated transactions.  Are you going 
to push an ISDA for SITA?   Let's discuss.  Michael will have to encourage 
his counterparties to respond to our French counsel; SITA never did.  Sara




Tanya Rohauer
07/15/99 05:48 PM
To: Tana Jones/HOU/ECT@ECT, Marie Heard/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT, 
Susan Bailey/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT 
Subject: Vivendi, S.A.

Please prepare a draft ISDA based on the attached credit worksheet. Please 
deliver draft to Michael Moulton. Sara, this is another French company.

Thanks,
Tanya