Dear Mark,

Thanks for your thoughts and mark up.  I agree with the points that you 
make.  I've redone the definition which l think now covers the SP and BP 
amounts.  I've run it by Slaughter's and they are happy with it.  Let me know 
if you are and then we can knock it on the head!!

Best wishes, Edmund.




   
	
	
	From:  Mark Taylor                           03/02/2000 01:52 AM
	

To: Edmund Cooper/LON/ECT@ECT
cc:  

Subject: EOL Credit Derivatives - Long Descriptions

Edmund - 

I have reviewed the long descriptions I was given for the credit derivatives 
(I can't tell if they are current) and have substantial comments - I have 
attached what I have come up with (sorry it's in 2 pieces).  Basically I 
don't think we should be restating something in the Long Description that is 
already covered (sometimes with different language) in the GTC - this only 
creates an ambiguity and is not necessary to form a complete contract.  My 
other concern - and I have not been able to draft language to fix it - is 
that I can't find any definition of the Seller Payment amount and I don't 
think the Buyer Payment language works  -  can you give me a call so we can 
discuss my concerns?