Please find attached a slightly revised (by Joe Carrico) draft of the
ISDA/GMRA Insolvency Bridge, which takes the approach, if a Bankruptcy Event
of Default occurs, of deeming relevant repo transactions to be Transactions
under the ISDA Master Agreement.  While we wish to focus our discussion
tomorrow on the draft "Cross-Agreement Bridge", we would be happy to hear
some further discussion on this type of approach.


 <<GMRA insolvency bridge-20March01.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


  -----Original Message-----
  From: Cynthia Richards [mailto:CRICHARDS@isda.org]
  Sent: 19 March, 2001 20:28
  To: Angela Papesch; beat.gabathuler@zkb.ch;
charles.ross-stewart@ib.bankgesellschaft.de; David Benton; David Wysoki;
ernst.decker@bhf-bank.com; fcaputo@bci.it; gabriel.benincasa@msdw.com;
harvey@sbcm.com; John Berry; Kimberly Summe; lewis_david@jpmorgan.com; Mark
Taylor; Richard Tredgett; Robert Pickel; svenokur@lehman.com
  Subject: Master Agreement Structural Issues Working
Group Meeting, Wednesd ay, March 21 at 9:00 a.m. (NY time)  2:00 p.m.
(London time)


  In reference to the above mentioned subject, for those who
cannot attend
  this meeting in person please note the call in information:

  International call  865 544 0268

  Domestic call    800 680 2473

  Participation Code  409 685

  Host Code  311 114

 - GMRA insolvency bridge-20March01.doc