email_body: 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.
  
subject_line: Valentis
  