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

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 <NUMBER> 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.
apply moody clear aig default termination events way margining cp valentis does week changed discussed financial covenants delivery parties discussion questions cd holdings