Custodian Language

Susan:
I'm not sure that what I told you to do in the CSA Annex with respect to
Custodians and their qualifications work so for now let's keep it out and go
back to our old language.

Sara and Mark:
Shari had a counterparty point out to her that in our CSA Annex language
where we talk about the circumstances under which a party can "hold"
collateral, all of our triggers are based on something happening to our
counterparty and nothing is said about what would happen if a Custodian holds
the colateral and fails to be creditworthy. Do you have any thoughts on
this? At first I thought that we should require the Custodian to be a
Qualified institution but I'm not sure that that is the right approach. Let
me know what you think.
Carol