Justin -

Further to our conversation yesterday I have reviewed the existing HDD Swap 
GTC's.  In contrast to the Financial GTC's which when read with the ETA are 
drafted on the basis that the GTC's only apply if an ISDA has not been 
executed,  the HDD Swap GTC's have been drafted to work in unison with the 
ISDA framework.  The HDD Swap GTC together with the specific documentation 
for each transaction constitutes a Confirmation under the ISDA Form.   I have 
made some drafting changes in this regard the most important of which is the 
carve out of the language in the ETA which provides that GTC's will only 
apply if an ISDA has been executed. 

Incidentally - with respect to the ETA - it seems to provide that the 
relevant GTC's will apply in respect of a Transaction if an ISDA is not in 
place on the trade date of such transaction, however it does not seem to make 
any provision for circumstances where an ISDA/Master Agreement is entered 
into subsequent to the execution of a Transaction.   In such circumstances on 
a literal interpretation of the ETA, the pre-existing Transaction would 
continued to be governed by the GTC but future Transactions would be governed 
by the ISDA/Master Agreement.  From a netting perspective this is not ideal.  
Is this the intention ?

Give me a shout when you have had a chance to review the attached.

Denis