Pending execution of a master agreement, Amoco transactions continue to be  documented under the omnibus.
Willie has brought to my attention three  issues which continue to be raised by Amoco:  1.
Procedures for entering into Transactions: deletion of response within 2  Business Days after receipt of confirmation and failure to respond as  conclusive evidence of Transaction  2.
Setoff:  there doesn't seem to be an "Affliliate" issue but I'm not  certain of their comment to setoff applicable against a "derivative amount"  (are they attempting to prevent setoff against physical amounts owing?
or  only trying to clarify that unpaid "derivative amounts" can be setoff against  other amounts due?)
3.
Choice of law:  change to NY  I thought you could address these issues in your negotiations and let Willie  know how to handle.
I've left confirm in your office.
Thanks.
Sara

BP Amoco Corporation ("Amoco")