hello everyone,

A little while back Carol St. Clair, myself, and Susan Flynn worked up credit 
language that was included within the confirmation of a trade done with this 
customer.  In that credit language, a collateral threshold was not included 
on purpose.  Instead, we only required that a $25M Letter of Credit be 
provided as a condition of the trade.

We eventually came to receive the letter of credit and all was well.  But on 
Friday, the customer did another trade, against the advice of credit.  They 
have agreed to now take a credit line in all confirmations.  Therefore, 
please provide language to the confirm desk that would require the customer, 
should exposures any termination payment amount ever exceed $20M, to post 
additional or amend existing collateral by the collateral multiple.

Thanks,
brant