Please find attached a slightly revised version of the Bridge, marked up
against the version distributed with the e-mail attached below.

The amendments are intended to clarify the Automatic Early Termination point
(discussed below).

As stated in the previous e-mail, the deadline for final comments is the
close of business, London time, on Friday, 6th July.  After that time, the
proposed Bridge will be distributed to the Strategic Documentation Review
Task Force.  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> .

Regards,
John.

 <<Cross-Agreement bridge7.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:	John Berry
		Sent:	26 June, 2001 08:41
		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
		Subject:	RE: Master Agreement Structural Issues
Working Group Meeting, June 18

		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!

		 << File: Cross-Agreement bridge5.doc >>  << File:
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 bridge7.doc