BWT Transaction

I looked at the EFR-ENA Schedule in connection with Gordon Boozer's
comments. I see no problems except:

1. The document is expressed to be governed by the law of the"United
Kingdom." I have never seen this formulation and think it should say
"England," as I believe there are in fact multiple legal systems (e.g.,
Scottish) within the U.K.

2. I am not sure why all collateral except LCs was deleted. Was this
agreed by EFR? If so, OK. If not, could the CSA provide for other
collateral as Gordon requested. It is unusual for SR entities to use LCs
in non-reinsurance situations and would probably cost them less to post
Treasuries. Here it is of course unlikely that EFR will have to post
anything, since EFR will always be in the money to some extent.

3. Did you switch to the English law form of CSA?

Regards