Edmund - I have reviewed the long descriptions I was given for the credit derivatives (I can't tell if they are current) and have substantial comments - I have attached what I have come up with (sorry it's in 2 pieces). Basically I don't think we should be restating something in the Long Description that is already covered (sometimes with different language) in the GTC - this only creates an ambiguity and is not necessary to form a complete contract. My other concern - and I have not been able to draft language to fix it - is that I can't find any definition of the Seller Payment amount and I don't think the Buyer Payment language works - can you give me a call so we can discuss my concerns?
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EOL Credit Derivatives - Long Descriptions