Sara,

Previously we have agreed upon "CURRENCY REFERENCE DEALERS" as the first 
disruption fallback, and ""CURRENCY MUTUAL AGREEMENT" as the 2nd disruption 
fallback.  It appears that EMTA has created a "BRL Industry Survey Rate" 
(BRL11).  Merrill feels that this definition is replacing the Currency 
Reference dealers definition--or at least setting out a clear methodology for 
determining the rate.  Also, Shari always preferred that we use the mutual 
agreement rather then calculation agent determination of settlement rate.  
The ISDA template defaults to Calculation Agent.  Do you prefer that we 
continue on asking people for mutual agreement, or are you o.k. with 
Calculation agent determination of settlement rate?  Trading has no 
preference on that matter.  

I am faxing you a current ML non-deliverable deal with this new language in 
it for your review.  Please let me know if the confirm is o.k. to sign, or if 
you have any issues we need to address.  

Thanks!

See the below attachments for the new definition and the history surrounding 
it.  
---------------------- Forwarded by Laurel Adams/HOU/ECT on 06/12/2000 11:41 
AM ---------------------------


"Ahn, Michael (CICG - NY SWAPS)" <MAhn@exchange.ml.com> on 06/12/2000 
07:47:08 AM
To: "'laurel.adams@enron.com'" <laurel.adams@enron.com>
cc:  
Subject: FW: Brazil (from Starla Cohen)


Hi Laurel,

Please take a look at the following documents sent by EMTA.  Only difference
is that we have not included the "unscheduled holiday" provisions as there
has not been a clear cut consensus among counterparties whether to use
Preceding or Following.

Please contact me if you have any problems.

I will try to sort through my e-mails if I find additional information on
the BRL templates.

Thank you

Michael Ahn
tele: 212-449-5967
fax:  212-449-2019

> -----Original Message-----
> From: EMTANYC [SMTP:emtanyc@emta.org]
> Sent: Tuesday, November 09, 1999 11:59 AM
> To: Undisclosed.Recipients@emta.org
> Subject: Brazil (from Starla Cohen)
>
> 4 Documents attached. <<Brl11-8.doc>>  <<Brlsmfin.doc>>  <<Brlmtfin.doc>>
>  <<Brltmfin.doc>>

 - Brl11-8.doc
 - Brlsmfin.doc
 - Brlmtfin.doc
 - Brltmfin.doc