The Master Agreement Structural Issues Working Group met as planned on 18th
June.  As you know, the purpose of the meeting was to try to finalise the
terms of the Cross-Agreement Bridge.

A few substantive comments were made in the meeting, so I am distributing a
slightly revised draft (marked up copy and clean copy) together with a
request for final comments by the close of business, London time, on Friday,
6th July.  Please send comments to me at jberry@isda-eur.org
<mailto:jberry@isda-eur.org>  and to Peter Werner at pwerner@isda-eur.org
<mailto:pwerner@isda-eur.org> .

The amendments to the draft reflect the view expressed in the meeting that,
where parties have specified Automatic Early Termination to apply in their
Master Agreement, parties should have the ability to provide that a Bridging
Event will occur immediately upon the deemed designation of an Early
Termination Date pursuant to the Automatic Early Termination provisions.  In
other words, if parties choose this option, and an Early Termination Date is
deemed to occur automatically under the ISDA Master Agreement, there would
be no opportunity to "disapply" the bridging provisions.  The bridging
provisions would also apply automatically.

It is likely that the Strategic Documentation Review Task Force will meet
soon to discuss the work products of the different groups of the Strategic
Documentation Review that have been looking at ISDA's Master Agreement.  At
that point, the efforts of this group will come under further scrutiny, so
please do take this opportunity to review the attached final draft!

 <<Cross-Agreement bridge5.doc>>  <<Cross-Agreement bridge6.doc>>

Kind regards,
John.

John Berry
International Swaps and Derivatives Association, Inc.
One New Change, London, EC4M 9QQ
Tel: +44 20 7330 3550
Fax: +44 20 7330 3555
e-mail: jberry@isda-eur.org
http://www.isda.org


		-----Original Message-----
		From:	John Berry
		Sent:	05 June, 2001 17:35
		To:	John Berry; Cynthia Richards; Angela Papesch
(Asia-Pacific Office); 'beat.gabathuler@zkb.ch';
'joseph.carrico@ib.bankgesellschaft.de'; 'charles.ross-stewart@ubsw.com';
David Benton; 'David Wysoki'; 'ernst.decker@bhf-bank.com'; 'fcaputo@bci.it';
'gabriel.benincasa@msdw.com'; 'harvey@sbcm.com'; Kimberly Summe;
'lewis_david@jpmorgan.com'; 'Mark Taylor'; Richard Tredgett; Robert Pickel;
'svenokur@lehman.com'; Peter Werner
		Cc:	Anna Elia
		Subject:	Master Agreement Structural Issues Working
Group Meeting, June 18

		Please note that the next meeting of the Master Agreement
Structural Issues Working Group will take place at ISDA's European office in
London on Monday, 18th June at 4.00 p.m., London time (11 a.m., New York
time).  Telephone conference facilities will be provided for those who
cannot attend the meeting (details to be circulated in due course) but, as
always, attendance in person is encouraged.

		The purpose of the meeting will be to try to finalise the
terms of the Bridge that takes an "agreement" (rather than a "transaction")
approach.

		I attach both a clean and a marked-up version of the latest
draft of the Bridge, together with some slides I used at a recent meeting of
ISDA's European Energy and Developing Products Committee, and the minutes
for that meeting.

		Please let my secretary, Anna Elia (aelia@isda-eur.org
<mailto:aelia@isda-eur.org> ), know if you plan to attend the meeting.

		Kind regards,
		John.

		 << File: Cross-Agreement bridge4.doc >>  << File:
Cross-Agreement bridge3.doc >>  << File: ISDA Bridge Presentation.ppt >>  <<
File: Cross-Agreement Bridge memo.doc >>

		John Berry
		International Swaps and Derivatives Association, Inc.
		One New Change, London, EC4M 9QQ
		Tel: +44 20 7330 3550
		Fax: +44 20 7330 3555
		e-mail: jberry@isda-eur.org
		http://www.isda.org


 - Cross-Agreement bridge5.doc 
 - Cross-Agreement bridge6.doc