Alan, have you looked at these opinions for Japan, Korea or Singapore?  Are 
they helpful?  Let me know.  Mark
---------------------- Forwarded by Mark E Haedicke/HOU/ECT on 02/16/2000 
11:55 AM ---------------------------


Corrinne Greasley <CGREASLEY@isda.org> on 02/15/2000 05:03:14 PM
To: 
cc:  
Subject: ISDA Legal Opinions


Legal Opinion Contacts:

In the interest of fulfilling ISDA members requests for the prompt delivery
of its legal opinions the latest volume of opinions is available in PDF file
format.  This electronic format should allow Legal Opinion Contacts to
distribute copies to other persons within their organizations more easily.
Only bound copies of the opinions will be distributed by post.  A free copy
of Adobe Acrobat Reader, which launches the PDF file format program, can be
obtained from the following Adobe web site:
http://www.adobe.com/products/acrobat/readstep.html.

A copy of the update legal opinion discussing the enforceability of the
termination, bilateral close-out netting and multibranch close-out netting
provisions of the 1987 and 1992 ISDA Master Agreements for Australia  can be
obtained from the ISDA website at the following address:
http://www.isda.org/lo2000/ausupdate.pdf     This document is password
protected and can be accessed by typing in the following password: AU718914.


Also available from the ISDA web site are the 1999 legal opinion updates for
the following 31 jurisdictions:

Austria  Belgium  Bermuda   Canada  Cayman
Islands
Denmark England  Finland  France  Hong Kong
Ireland  Italy   Japan  Luxembourg
Malaysia
Netherlands  Netherlands Antilles New Zealand Norway
Philippines
Portugal Scotland  Singapore South Africa
South Korea
Spain   Sweden   Switzerland Taiwan
Thailand
United States

This document from the ISDA web site at the following address:
http://www.isda.org/lo2000/netupdate.pdf   This document is
password-protected and can be accessed by entering the following password:
NU718914.

Please note that both the revised opinion for Australia and the netting
opinion updates will be available on the ISDA web site for one week.  The
opinions will be removed from the web site on Tuesday, February 22, 2000 at
5:00pm New York time.

Members are reminded that the ISDA legal opinions are intended for use by
ISDA members only .

We have recently given Primary Contacts at our member firms the option of
directing the legal opinions to a different individual at the firm. In the
past the opinions were automatically sent to the Primary Contact even though
another person at the institution may have been most interested in the
opinions. For this reason, going forward the opinions and updates will be
sent to the Legal Opinion Contacts at our member institutions. Where a Legal
Opinion Contact was not designated by an institution, the Primary Contact
will continue to receive the opinions and updates.

Regional and Documentation Contacts have been notified that this volume of
opinions has been distributed and of its availability from Legal Opinion
Contacts electronically.

ISDA is pleased to provide this new opinion delivery service to its members
and we welcome any comments or questions you may have. If you encounter any
problems accessing the documents from the ISDA web site please contact us by
return e-mail or by telephone on 212 332 1200.


Regards
Robert Pickel
General Counsel