Paul:    With respect to Valentis:   (a)  Does the MAC apply to both S&P and Moody's?
(not clear from worksheet)  (b)  Are the financial covenants Events of Default or Termination Events?
(looks like these were Termination Events in AIG)  (c)  Is this deal two-way margining?
You have set 0 Thresholds but  indicated Return/Delivery for both parties.
Our discussion of last week may  have changed (we discussed one-way margining for CP only).
I'll have the same questions for CD Holdings.

Valentis
