Thanks Chris.  I've taken a quick look at these and my reaction is (1) as to the definitions of specified transaction, we will probably not want to sign on to the expansive provision as an end-user, but it may make sense from the dealers' perspective and (2) we have needed exactly what is being proposed regarding the calculation of termination payments for some time and I view this as a major step forward.  Bottom line, I don't think we will be advocating the MFA position.

 -----Original Message-----
From: 	Long, Chris  
Sent:	Friday, July 06, 2001 8:26 AM
To:	Taylor, Mark E (Legal)
Subject:	ISDA Documents

Mark - I am sure you aware of this, but wanted to let you know that MFA asked for our help.  FYI.

----- Forwarded by Chris Long/Corp/Enron on 07/06/2001 09:23 AM -----


	"McCarty, Patrick" <patrickm@mfainfo.org> 07/03/2001 11:16 AM 	   To: "'chris.long@enron.com'" <chris.long@enron.com>  cc: "Gaine, Jack" <jgg@mfainfo.org>  Subject: ISDA Documents	




	Chris,

		Good to talk with you today.  Attached please find the end
user letters objecting to some of the proposed changes to the ISDA Master
Agreement.  As I mentioned, MFA, the UK Association of Corporate Treasurers,
the Committee for the Investment of Employee Benefit Assets (CIEBA) and the
End Users of Derivatives Council (the old EUDA) have all sent letters to
ISDA saying that they have problems with some of the proposed changes.  We
met with ISDA once, back in March.  CIEBA and EUDC have both asked for
meetings with ISDA.  Not sure if there has been any meetings or whether they
are scheduled.

		Obviously we believe that the documents need to be fair to
end users.  We believe it is in ISDA's best interests to not go forward with
changes which end users object to.  Any assistance you can provide on this
point would be appreciated.

		 <<ISDA Package 4.2.01.doc>>  <<CIEBA.ISDALetter.doc>>
<<Dow.Jones.6.15.01.doc>>

		By the way, I don't have a copy of the EUDC letter, but the
Dow Jones article references it as being sent in May.

		Have a great 4th.  Hope the twins are sleeping well.  Please
let me know if we at MFA can be of any assistance to you.

		Regards,

		Pat



 - ISDA Package 4.2.01.doc << File: ISDA Package 4.2.01.doc >> 
 - CIEBA.ISDALetter.doc << File: CIEBA.ISDALetter.doc >> 
 - Dow.Jones.6.15.01.doc << File: Dow.Jones.6.15.01.doc >>