We have determined that we will begin papering some pure SWAPS on the ENA 
"deemed ISDA" form of agreement because our business people do not believe 
that our counterparties will ever want to do multiple swaps with us, and 
they'll be generally "scared off" by the ISDA form agreements.  Question for 
you: The confirmation of the "deemed ISDA" provides as follows:  "This 
Confirmation is a complete and binding agreement between you and us as to the 
Transaction.  Until a Master Agreement is executed by you and us, all 
currently existing swap, option or other financially-settled derivative 
transactions between the parties shall be governed by the terms and 
conditions set forth in any Annex attached hereto...."  Given this language, 
are we obligated to present the counterparty with a form of ISDA Master 
Agreement and more or less "go through the motions" in this regard?  Please 
advise at your earliest convenience...Marianne