Document:

(Multicurrency?Cross Border)						Exhibit
10.1
ISDA registered trademark
International Swap Dealers Association, Inc.

MASTER AGREEMENT

dated as of March 8, 2000

MORGAN GUARANTY TRUST COMPANY OF NEW YORK
("Party A")-
and-THE BANK OF NEW YORK, acting as trustee for the MBNA MASTER CREDIT
CARD TRUST II ("Party B")

have entered and/or anticipate entering into one or more transactions
(each a "Transaction") that are or will be governed by this Master
Agreement, which includes the schedule (the "Schedule"), and the
documents and other confirming evidence (each a "Confirmation")
exchanged between the parties confirming those Transactions.

Accordingly, the parties agree as follows:?

1.	Interpretation

(a)	Definitions.  The terms defined in Section 14 and in the Schedule
will have the meanings therein specified for the purpose of this Master
Agreement.

(b)	Inconsistency.  In the event of any inconsistency between the
provisions of the Schedule and the other provisions of this Master
Agreement, the Schedule will prevail.  In the event of any
inconsistency between the provisions of any Confirmation and this
Master Agreement (including the Schedule), such Confirmation will
prevail for the purpose of the relevant Transaction.

(c)	Single Agreement.  All Transactions are entered into in reliance
on the fact that this Master Agreement and all Confirmations form a
single agreement between the parties (collectively referred to as this
"Agreement"), and the parties would not otherwise enter into any
Transactions.

2.	Obligations

(a)	General Conditions.

(i)	Each party will make each payment or delivery specified in
each Confirmation to be made by it, subject to the other
provisions of this Agreement.

(ii)	Payments under this Agreement will be made on the due date
for value on that date in the place of the account specified in
the relevant Confirmation or otherwise pursuant to this
Agreement, in freely transferable funds and in the manner
customary for payments in the required currency.  Where
settlement is by delivery (that is, other than by payment), such
delivery will be made for receipt on the due date in the manner
customary for the relevant obligation unless otherwise specified
in the relevant Confirmation or elsewhere in this Agreement.

(iii)	Each obligation of each party under Section 2(a)(i) is
subject to (1) the condition precedent that no Event of Default
or Potential Event of Default with respect to the other party has
occurred and is continuing, (2) the condition precedent that no
Early Termination Date in respect of the relevant Transaction has
occurred or been effectively designated and (3) each other
applicable condition precedent specified in this Agreement.

 (b)	Change of Account.  Either party may change its account for
receiving a payment or delivery by giving notice to the other party at
least five Local Business Days prior to the scheduled date for the
payment or delivery to which such change applies unless such other
party gives timely notice of a reasonable objection to such change.

(c)	Netting.  If on any date amounts would otherwise be payable:?

(i)	in the same currency; and

(ii)	in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation
to make payment of any such amount will be automatically satisfied and
discharged and, if the aggregate amount that would otherwise have been
payable by one party exceeds the aggregate amount that would otherwise
have been payable by the other party, replaced by an obligation upon
the party by whom the larger aggregate amount would have been payable
to pay to the other party the excess of the larger aggregate amount
over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net
amount will be determined in respect of all amounts payable on the same
date in the same currency in respect of such Transactions, regardless
of whether such amounts are payable in respect of the same Transaction.
The election may be made in the Schedule or a Confirmation by
specifying that subparagraph (ii) above will not apply to the
Transactions identified as being subject to the election, together with
the starting date (in which case subparagraph (ii) above will not, or
will cease to, apply to such Transactions from such date).  This
election may be made separately for different groups of Transactions
and will apply separately to each pairing of Offices through which the
parties make and receive
payments or deliveries.

(d)	Deduction or Withholding for Tax.

(i)	Gross-Up.  All payments under this Agreement will be made
without any deduction or withholding for or on account of any Tax
unless such deduction or withholding is required by any applicable
law, as modified by the practice of any relevant governmental
revenue authority, then in effect.  If a party is so required to
deduct or withhold, then that party ("X") will:?

		(1) 	promptly notify the other party ("Y") of such
requirement;

	(2)	pay to the relevant authorities the full amount required
to be deducted or withheld (including the full amount required
to be deducted or withheld from any additional amount paid by
X to Y under this Section 2(d)) promptly upon the earlier of
determining that such deduction or withholding is required or
receiving notice that such amount has been assessed against Y;

	(3)	promptly forward to Y an official receipt (or a certified
copy), or other documentation reasonably acceptable to Y,
evidencing such payment to such authorities; and

	(4)	if such Tax is an Indemnifiable Tax, pay to Y, in addition
to the payment to which Y is otherwise entitled under this
Agreement, such additional amount as is necessary to ensure
that the net amount actually received by Y (free and clear of
Indemnifiable Taxes, whether assessed against X or Y) will
equal the full amount Y would have received had no such
deduction or withholding been required.  However, X will not
be required to pay any additional amount to Y to the extent
that it would not be required to be paid but for:?

	(A)	the failure by Y to comply with or perform any agreement
contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

	(B)	the failure of a representation made by Y pursuant to
Section 3(f) to be accurate and true unless such failure
would not have occurred but for (I) any action taken by a
taxing authority, or brought in a court of competent
jurisdiction, on or after the date on which a Transaction
is entered into (regardless of whether such action is taken
or brought with respect to a party to this Agreement) or
(II) a Change in Tax Law.

	(ii)	Liability.  If:?

	(1)	X is required by any applicable law, as modified by
the practice of any relevant governmental revenue authority,
to make any deduction or withholding in respect of which X
would not be required to pay an additional amount to Y under
Section 2(d)(i)(4);

	(2)	X does not so deduct or withhold; and

	(3)	a liability resulting from such Tax is assessed
directly against X,

then, except to the extent Y has satisfied or then satisfies the
liability resulting from such Tax, Y will promptly pay to X the
amount of such liability (including any related liability for
interest, but including any related liability for penalties only
if Y has failed to comply with or perform any agreement contained
in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e)	Default Interest; Other Amounts.  Prior to the occurrence or
effective designation of an Early Termination Date in respect of the
relevant Transaction, a party that defaults in the performance of any
payment obligation will, to the extent permitted by law and subject to
Section 6(c), be required to pay interest (before as well as after
judgment) on the overdue amount to the other party on demand in the
same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the
date of actual payment, at the Default Rate.  Such interest will be
calculated on the basis of daily compounding and the actual number of
days elapsed.  If, prior to the occurrence or effective designation of
an Early Termination Date in respect of the relevant Transaction, a
party defaults in the performance of any obligation required to be
settled by delivery, it will compensate the other party on demand if
and to the extent provided for in the relevant Confirmation or
elsewhere in this Agreement.

3.	Representations

Each party represents to the other party (which representations will be
deemed to be repeated by each party on each date on which a Transaction
is entered into and, in the case of the representations in Section
3(f), at all times until the termination of this Agreement) that:?

(a)	Basic Representations.

	(i)	Status.  It is duly organized and validly existing under the
laws of the jurisdiction of its organization or incorporation
and, if relevant under such laws, in good standing;

	(ii)	Powers.  It has the power to execute this Agreement and any
other documentation relating to this Agreement to which it is a
party, to deliver this Agreement and any other documentation
relating to this Agreement that it is required by this Agreement
to deliver and to perform its obligations under this Agreement
and any obligations it has under any Credit Support Document to
which it is a party and has taken all necessary action to
authorize such execution, delivery and performance;

	(iii)	No Violation or Conflict.  Such execution, delivery and
performance do not violate or conflict with any law applicable to
it, any provision of its constitutional documents, any order or
judgment of any court or other agency of government applicable to
it or any of its assets or any contractual restriction binding on
or affecting it or any of its assets;

	(iv)	Consents.  All governmental and other consents that are
required to have been obtained by it with respect to this
Agreement or any Credit Support Document to which it is a party
have been obtained and are in full force and effect and all
conditions of any such consents have been complied with; and

	(v)	Obligations Binding.  Its obligations under this Agreement and
any Credit Support Document to which it is a party constitute its
legal, valid and binding obligations, enforceable in accordance
with their respective terms (subject to applicable bankruptcy,
reorganization, insolvency, moratorium or similar laws affecting
creditors' rights generally and subject, as to enforceability, to
equitable principles of general application (regardless of
whether enforcement is sought in a proceeding in equity or at
law)).

(b)	Absence of Certain Events.  No Event of Default or Potential
Event of Default or, to its knowledge, Termination Event with respect
to it has occurred and is continuing and no such event or circumstance
would occur as a result of its entering into or performing its
obligations under this Agreement or any Credit Support Document to
which it is a party.

(c)	Absence of Litigation.  There is not pending or, to its
knowledge, threatened against it or any of its Affiliates any action,
suit or proceeding at law or in equity or before any court, tribunal,
governmental body, agency or official or any arbitrator that is likely
to affect the legality, validity or enforceability against it of this
Agreement or any Credit Support Document to which it is a party or its
ability to perform its obligations under this Agreement or such Credit
Support Document.

(d)	Accuracy of Specified Information.  All applicable information
that is furnished in writing by or on behalf of it to the other party
and is identified for the purpose of this Section 3(d) in the Schedule
is, as of the date of the information, true, accurate and complete in
every material aspect.

(e)	Payer Tax Representation.  Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(e) is
accurate and true.

(f)	Payee Tax Representations.  Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(f) is
accurate and true.

4.	Agreements

Each party agrees with the other that, so long as either party has or
may have any obligation under this Agreement or under any Credit
Support Document to which it is a party:?

(a)	Furnish Specified Information.  It will deliver to the other
party or, in certain cases under subparagraph (iii) below, to such
government or taxing authority as the other party reasonably directs:?

	(i)	any forms, documents or certificates relating to taxation
specified in the Schedule or any Confirmation;

	(ii)	any other documents specified in the Schedule or any
Confirmation; and

	(iii)	upon reasonable demand by such other party, any form or
document that may be required or reasonably requested in writing
in order to allow such other party or its Credit Support Provider
to make a payment under this Agreement or any applicable Credit
Support Document without any deduction or withholding for or on
account of any Tax or with such deduction or withholding at a
reduced rate (so long as the completion, execution or submission
of such form or document would not materially prejudice the legal
or commercial position of the party in receipt of such demand),
with any such form or document to be accurate and completed in a
manner reasonably satisfactory to such other party and to be
executed and to be delivered with any reasonably required
certification,

in each case by the date specified in the Schedule or such Confirmation
or, if none is specified, as soon as reasonably practicable.

(b)	Maintain Authorizations.  It will use all reasonable efforts to
maintain in full force and effect all consents of any governmental or
other authority that are required to be obtained by it with respect to
this Agreement or any Credit Support Document to which it is a party
and will use all reasonable efforts to obtain any that may become
necessary in the future.

(c)	Comply with Laws.  It will comply in all material respects with
all applicable laws and orders to which it may be subject if failure so
to comply would materially impair its ability to perform its
obligations under this Agreement or any Credit Support Document to
which it is a party.

(d)	Tax Agreement.  It will give notice of any failure of a
representation made by it under Section 3(f) to be accurate and true
promptly upon learning of such failure.

(e)	Payment of Stamp Tax.  Subject to Section 11, it will pay any
Stamp Tax levied or imposed upon it or in respect of its execution or
performance of this Agreement by a jurisdiction in which it is
incorporated, organized, managed and controlled, or considered to have
its seat, or in which a branch or office through which it is acting for
the purpose of this Agreement is located ("Stamp Tax Jurisdiction") and
will indemnify the other party against any Stamp Tax levied or imposed
upon the other party or in respect of the other party's execution or
performance of this Agreement by any such Stamp Tax Jurisdiction which
is not also a Stamp Tax Jurisdiction with respect to the other party.

5.	Events of Default and Termination Events

(a)	Events of Default.  The occurrence at any time with respect to a
party or, if applicable, any Credit Support Provider of such party or
any Specified Entity of such party of any of the following events
constitutes an event of default (an "Event of Default") with respect to
such party:?

	(i)	Failure to Pay or Deliver.  Failure by the party to make, when
due, any payment under this Agreement or delivery under Section
2(a)(i) or 2(e) required to be made by it if such failure is not
remedied on or before the third Local Business Day after notice
of such failure is given to the party;

	(ii)	Breach of Agreement.  Failure by the party to comply with
or perform any agreement or obligation (other than an obligation
to make any payment under this Agreement or delivery under
Section 2(a)(i) or 2(e) or to give notice of a Termination Event
or any agreement or obligation under Section 4(a)(i), 4(a)(iii)
or 4(d)) to be complied with or performed by the party in
accordance with this Agreement if such failure is not remedied on
or before the thirtieth day after notice of such failure is given
to the party;

	(iii)	Credit Support Default.

(1)	Failure by the party or any Credit Support Provider of
such party to comply with or perform any agreement or
obligation to be complied with or performed by it in
accordance with any Credit Support Document if such failure
is continuing after any applicable grace period has elapsed;

(2)	the expiration or termination of such Credit Support
Document or the failing or ceasing of such Credit Support
Document to be in full force and effect for the purpose of
this Agreement (in either case other than in accordance with
its terms) prior to the satisfaction of all obligations of
such party under each Transaction to which such Credit
Support Document relates without the written consent of the
other party; or

(3)	the party or such Credit Support Provider disaffirms,
disclaims, repudiates or rejects, in whole or in part, or
challenges the validity of, such Credit Support Document;

(iv)	Misrepresentation.  A representation (other than a
representation under Section 3(e) or (f)) made or repeated or
deemed to have been made or repeated by the party or any Credit
Support Provider of such party in this Agreement or any Credit
Support Document proves to have been incorrect or misleading in
any material respect when made or repeated or deemed to have been
made or repeated;

(v)	Default under Specified Transaction.  The party, any Credit
Support Provider of such party or any applicable Specified Entity
of such party (1) defaults under a Specified Transaction and,
after giving effect to any applicable notice requirement or grace
period, there occurs a liquidation of, an acceleration of
obligations under, or an early termination of, that Specified
Transaction, (2) defaults, after giving effect to any applicable
notice requirement or grace period, in making any payment or
delivery due on the last payment, delivery or exchange date of,
or any payment on early termination of, a Specified Transaction
(or such default continues for at least three Local Business Days
if there is no applicable notice requirement or grace period) or
(3) disaffirms, disclaims, repudiates or rejects, in whole or in
part, a Specified Transaction (or such action is taken by any
person or entity appointed or empowered to operate it or act on
its behalf);

(vi)	Cross Default.  If "Cross Default" is specified in the
Schedule as applying to the party, the occurrence or existence of
(1) a default, event of default or other similar condition or
event (however
described) in respect of such party, any Credit Support Provider
of such party or any applicable Specified Entity of such party
under one or more agreements or instruments relating to Specified
Indebtedness of any of them (individually or collectively) in an
aggregate amount of not less than the applicable Threshold Amount
(as specified in the Schedule) which has resulted in such
Specified Indebtedness becoming, or becoming capable at such time
of being declared, due and payable under such agreements or
instruments, before it would otherwise have been due and payable
or (2) a default by such party, such Credit Support Provider or
such Specified Entity (individually or collectively) in making
one or more payments on the due date thereof in an aggregate
amount of not less than the applicable Threshold Amount under
such agreements or instruments (after giving effect to any
applicable notice requirement or grace period);

(vii)	Bankruptcy.  The party, any Credit Support Provider of such
party or any applicable Specified Entity of such party:?

	(1) is dissolved (other than pursuant to a consolidation,
amalgamation or merger); (2) becomes insolvent or is unable
to pay its debts or fails or admits in writing its inability
generally to pay its debts as they become due; (3) makes a
general assignment, arrangement or composition with or for
the benefit of its creditors; (4) institutes or has
instituted against it a proceeding seeking a judgment of
insolvency or bankruptcy or any other relief under any
bankruptcy or insolvency law or other similar law affecting
creditors' rights, or a petition is presented for its
winding-up or liquidation, and, in the case of any such
proceeding or petition instituted or presented against it,
such proceeding or petition (A) results in a judgment of
insolvency or bankruptcy or the entry of an order for relief
or the making of an order for its winding-up or liquidation
or (B) is not dismissed, discharged, stayed or restrained in
each case within 30 days of the institution or presentation
thereof; (5) has a resolution passed for its winding-up,
official management or liquidation (other than pursuant to a
consolidation, amalgamation or merger); (6) seeks or becomes
subject to the appointment of an administrator, provisional
liquidator, conservator, receiver, trustee, custodian or
other similar official for it or for all or substantially all
its assets; (7) has a secured party take possession of all or
substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied,
enforced or sued on or against all or substantially all its
assets and such secured party maintains possession, or any
such process is not dismissed, discharged, stayed or
restrained, in each case within 30 days thereafter; (8)
causes or is subject to any event with respect to it which,
under the applicable laws of any jurisdiction, has an
analogous effect to any of the events specified in clauses
(1) to (7) (inclusive); or (9) takes any action in
furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or

(viii)	Merger Without Assumption.  The party or any Credit
Support Provider of such party consolidates or amalgamates with,
or merges with or into, or transfers all or substantially all its
assets to, another entity and, at the time of such consolidation,
amalgamation, merger or transfer:?

	(1)	the resulting, surviving or transferee entity fails to
assume all the obligations of such party or such Credit
Support Provider under this Agreement or any Credit Support
Document to which it or its predecessor was a party by
operation of law or pursuant to an agreement reasonably
satisfactory to the other party to this Agreement; or

	(2)	the benefits of any Credit Support Document fail to
extend (without the consent of the other party) to the
performance by such resulting, surviving or transferee
entity of its obligations under this Agreement.

(b)	Termination Events.  The occurrence at any time with respect to a
party or, if applicable, any Credit Support Provider of such party or
any Specified Entity of such party of any event specified below
constitutes an Illegality if the event is specified in (i) below, a Tax
Event if the event is specified in (ii) below or a Tax Event Upon
Merger if the event is specified in (iii) below, and, if specified to
be applicable, a Credit Event Upon Merger if the event is specified
pursuant to (iv) below or an Additional Termination Event if the event
is specified pursuant to (v) below:?

	(i)	Illegality.  Due to the adoption of, or any change in, any
applicable law after the date on which a Transaction is entered
into, or due to the promulgation of, or any change in, the
interpretation by any court, tribunal or regulatory authority
with competent jurisdiction of any applicable law after such
date, it becomes unlawful (other than as a result of a breach by
the party of Section 4(b)) for such party (which will be the
Affected Party):?

(1)	to perform any absolute or contingent obligation to
make a payment or delivery or to receive a payment or
delivery in respect of such Transaction or to comply with
any other material provision of this Agreement relating to
such Transaction; or

(2)	to perform, or for any Credit Support Provider of such
party to perform, any contingent or other obligation which
the party (or such Credit Support Provider) has under any
Credit Support Document relating to such Transaction;

	(ii)	Tax Event.  Due to (x) any action taken by a taxing
authority, or brought in a court of competent jurisdiction, on or
after the date on which a Transaction is entered into (regardless
of whether such action is taken or brought with respect to a
party to this Agreement) or (y) a Change in Tax Law, the party
(which will be the Affected Party) will, or there is a
substantial likelihood that it will, on the next succeeding
Scheduled Payment Date (1) be required to pay to the other party
an additional amount in respect of an Indemnifiable Tax under
Section 2(d)(i)(4) (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an
amount is required to be deducted or withheld for or on account
of a Tax (except in respect of interest under Section 2(e),
6(d)(ii) or 6(e)) and no additional amount is required to be paid
in respect of such Tax under Section 2(d)(i)(4) (other than by
reason of Section 2(d)(i)(4)(A) or (B));

	(iii)	Tax Event Upon Merger.  The party (the "Burdened Party") on
the next succeeding Scheduled Payment Date will either (1) be
required to pay an additional amount in respect of an
Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of
interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
payment from which an amount has been deducted or withheld for or
on account of any Indemnifiable Tax in respect of which the other
party is not required to pay an additional amount (other than by
reason of Section 2(d)(i)(4)(A) or (B)), in either case as a
result of a party consolidating or amalgamating with, or merging
with or into, or transferring all or substantially all its assets
to, another entity (which will be the Affected Party) where such
action does not constitute an event described in Section
5(a)(viii);

	(iv)	Credit Event Upon Merger.  If "Credit Event Upon Merger" is
specified in the Schedule as applying to the party, such party
("X"), any Credit Support Provider of X or any applicable
Specified Entity of X consolidates or amalgamates with, or merges
with or into, or transfers all or substantially all its assets
to, another entity and such action does not constitute an event
described in Section 5(a)(viii) but the creditworthiness of the
resulting, surviving or transferee entity is materially weaker
than that of X, such Credit Support Provider or such Specified
Entity, as the case may be, immediately prior to such action
(and, in such event, X or its successor or transferee, as
appropriate, will be the Affected Party); or

	(v)	Additional Termination Event.  If any "Additional Termination
Event" is specified in the Schedule or any Confirmation as
applying, the occurrence of such event (and, in such event, the
Affected Party or Affected Parties shall be as specified for such
Additional Termination Event in the Schedule or such
Confirmation).

(c)	Event of Default and Illegality.  If an event or circumstance
which would otherwise constitute or give rise
to an Event of Default also constitutes an Illegality, it will be
treated as an Illegality and will not constitute an
Event of Default.

6.	Early Termination

(a)	Right to Terminate Following Event of Default.  If at any time an
Event of Default with respect to a party (the "Defaulting Party") has
occurred and is then continuing, the other party (the "Non-defaulting
Party") may, by not more than 20 days notice to the Defaulting Party
specifying the relevant Event of Default, designate a day not earlier
than the day such notice is effective as an Early Termination Date in
respect of all outstanding Transactions.  If, however, "Automatic Early
Termination" is specified in the Schedule as applying to a party, then
an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party
of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6)
or, to the extent analogous thereto, (8), and as of the time
immediately preceding the institution of the relevant proceeding or the
presentation of the relevant petition upon the occurrence with respect
to such party of an Event of Default specified in Section 5(a)(vii)(4)
or, to the extent analogous thereto, (8).

(b)	Right to Terminate Following Termination Event.

	(i)	Notice.  If a Termination Event occurs, an Affected Party
will, promptly upon becoming aware of it, notify the other party,
specifying the nature of that Termination Event and each Affected
Transaction and will also give such other information about that
Termination Event as the other party may reasonably require.

	(ii)	Transfer to Avoid Termination Event.  If either an
Illegality under Section 5(b)(i)(1) or a Tax Event occurs and
there is only one Affected Party, or if a Tax Event Upon Merger
occurs and the Burdened Party is the Affected Party, the Affected
Party will, as a condition to its right to designate an Early
Termination Date under Section 6(b)(iv), use all reasonable
efforts (which will not require such party to incur a loss,
excluding immaterial, incidental expenses) to transfer within 20
days after it gives notice under Section 6(b)(i) all its rights
and obligations under this Agreement in respect of the Affected
Transactions to another of its Offices or Affiliates so that such
Termination Event ceases to exist.

	If the Affected Party is not able to make such a transfer it will
give notice to the other party to that effect within such 20 day
period, whereupon the other party may effect such a transfer
within 30 days after the notice is given under Section 6(b)(i).

	Any such transfer by a party under this Section 6(b)(ii) will be
subject to and conditional upon the prior written consent of the
other party, which consent will not be withheld if such other
party's policies in effect at such time would permit it to enter
into transactions with the transferee on the terms proposed.

	(iii)	Two Affected Parties.  If an Illegality under Section
5(b)(i)(1) or a Tax Event occurs and there are two Affected
Parties, each party will use all reasonable efforts to reach
agreement within 30 days after notice thereof is given under
Section 6(b)(i) on action to avoid that Termination Event.

	(iv)	Right to Terminate.  If:?

	(1)	a transfer under Section 6(b)(ii) or an agreement under
Section 6(b)(iii), as the case may be, has not been effected
with respect to all Affected Transactions within 30 days after
an Affected Party gives notice under Section 6(b)(i); or

	(2)	an Illegality under Section 5(b)(i)(2), a Credit Event
Upon Merger or an Additional Termination Event occurs, or a
Tax Event Upon Merger occurs and the Burdened Party is not the
Affected Party,

either party in the case of an Illegality, the Burdened Party in
the case of a Tax Event Upon Merger, any Affected Party in the
case of a Tax Event or an Additional Termination Event if there
is more than one Affected Party, or the party which is not the
Affected Party in the case of a Credit Event Upon Merger or an
Additional Termination Event if there is only one Affected Party
may, by not more than 20 days notice to the other party and
provided that the relevant Termination Event is then continuing,
designate a day not earlier than the day such notice is effective
as an Early Termination Date in respect of all Affected
Transactions.

(c)	Effect of Designation.

	(i)	If notice designating an Early Termination Date is given under
Section 6(a) or (b), the Early Termination Date will occur on the
date so designated, whether or not the relevant Event of Default
or Termination Event is then continuing.

	(ii)	Upon the occurrence or effective designation of an Early
Termination Date, no further payments or deliveries under Section
2(a)(i) or 2(e) in respect of the Terminated Transactions will be
required to be made, but without prejudice to the other
provisions of this Agreement.  The amount, if any, payable in
respect of an Early Termination Date shall be determined pursuant
to Section 6(e).

(d)	Calculations.

	(i)	Statement.  On or as soon as reasonably practicable following
the occurrence of an Early Termination Date, each party will make
the calculations on its part, if any, contemplated by Section
6(e) and will provide to the other party a statement (1) showing,
in reasonable detail, such calculations (including all relevant
quotations and specifying any amount payable under Section 6(e))
and (2) giving details of the relevant account to which any
amount payable to it is to be paid.  In the absence of written
confirmation from the source of a quotation obtained in
determining a Market Quotation, the records of the party
obtaining such quotation will be conclusive evidence of the
existence and accuracy of such quotation.

	(ii)	Payment Date.  An amount calculated as being due in respect
of any Early Termination Date under Section 6(e) will be payable
on the day that notice of the amount payable is effective (in the
case of an Early Termination Date which is designated or occurs
as a result of an Event of Default) and on the day which is two
Local Business Days after the day on which notice of the amount
payable is effective (in the case of an Early Termination Date
which is designated as a result of a Termination Event).  Such
amount will be paid together with (to the extent permitted under
applicable law) interest thereon (before as well as after
judgment) in the Termination Currency, from (and including) the
relevant Early Termination Date to (but excluding) the date such
amount is paid, at the Applicable Rate.  Such interest will be
calculated on the basis of daily compounding and the actual
number of days elapsed.

(e)	Payments on Early Termination.  If an Early Termination Date
occurs, the following provisions shall apply based on the parties'
election in the Schedule of a payment measure, either "Market
Quotation" or "Loss", and a payment method, either the "First Method"
or the "Second Method".  If the parties fail to designate a payment
measure or payment method in the Schedule, it will be deemed that
"Market Quotation" or the "Second Method", as the case may be, shall
apply.  The amount, if any, payable in respect of an Early Termination
Date and determined pursuant to this Section will be subject to any
Set-off.

	(i)	Events of Default.  If the Early Termination Date results from
an Event of Default:?

	(1)	First Method and Market Quotation.  If the First Method
and Market Quotation apply, the Defaulting Party will pay to
the Non-defaulting Party the excess, if a positive number, of
(A) the sum of the Settlement Amount (determined by the Non-
defaulting Party) in respect of the Terminated Transactions
and the Termination Currency Equivalent of the Unpaid Amounts
owing to the Non-defaulting Party over (B) the Termination
Currency Equivalent of the Unpaid Amounts owing to the
Defaulting Party.

(2)	First Method and Loss.  If the First Method and Loss
apply, the Defaulting Party will pay to the Non-defaulting
Party, if a positive number, the Non-defaulting Party's Loss
in respect of this Agreement.

(3)	Second Method and Market Quotation.  If the Second Method
and Market Quotation apply, an amount will be payable equal to
(A) the sum of the Settlement Amount (determined by the Non-
defaulting Party) in respect of the Terminated Transactions
and the Termination Currency Equivalent of the Unpaid Amounts
owing to the Non-defaulting Party less (B) the Termination
Currency Equivalent of the Unpaid Amounts owing to the
Defaulting Party.  If that amount is a positive number, the
Defaulting Party will pay it to the Non-defaulting Party; if
it is a negative number, the Non-defaulting Party will pay the
absolute value of that amount to the Defaulting Party.

(4)	Second Method and Loss.  If the Second Method and Loss
apply, an amount will be payable equal to the Non-defaulting
Party's Loss in respect of this Agreement.  If that amount is
a positive number, the Defaulting Party will pay it to the
Non-defaulting Party; if it is a negative number, the Non-
defaulting Party will pay the absolute value of that amount to
the Defaulting Party.

(ii)	Termination Events.  If the Early Termination Date results
from a Termination Event:?

(1)	One Affected Party.  If there is one Affected Party, the
amount payable will be determined in accordance with Section
6(e)(i)(3), if Market Quotation applies, or Section
6(e)(i)(4), if Loss applies, except that, in either case,
references to the Defaulting Party and to the Non-defaulting
Party will be deemed to be references to the Affected Party
and the party which is not the Affected Party, respectively,
and, if Loss applies and fewer than all the Transactions are
being terminated, Loss shall be calculated in respect of all
Terminated Transactions.

(2)	Two Affected Parties.  If there are two Affected
Parties:?

	(A)	if Market Quotation applies, each party will
determine a Settlement Amount in respect of the
Terminated Transactions, and an amount will be payable
equal to (I) the sum of (a) one-half of the difference
between the Settlement Amount of the party with the
higher Settlement Amount ("X") and the Settlement Amount
of the party with the lower Settlement Amount ("Y") and
(b) the Termination Currency Equivalent of the Unpaid
Amounts owing to X less (II) the Termination Currency
Equivalent of the Unpaid Amounts owing to Y; and

	(B) 	if Loss applies, each party will determine its
Loss in respect of this Agreement (or, if fewer than all
the Transactions are being terminated, in respect of all
Terminated Transactions) and an amount will be payable
equal to one-half of the difference between the Loss of
the party with the higher Loss ("X") and the Loss of the
party with the lower Loss ("Y").

	If the amount payable is a positive number, Y will pay it to X;
if it is a negative number, X will pay the absolute value of
that amount to Y.

(iii)	Adjustment for Bankruptcy.  In circumstances where an
Early Termination Date occurs because "Automatic Early
Termination" applies in respect of a party, the amount determined
under this Section 6(e) will be subject to such adjustments as
are appropriate and permitted by law to reflect any payments or
deliveries made by one party to the other under this Agreement
(and retained by such other party) during the period from the
relevant Early Termination Date to the date for payment
determined under Section 6(d)(ii).

(iv)	Pre-Estimate.  The parties agree that if Market Quotation
applies an amount recoverable under this Section 6(e) is a
reasonable pre-estimate of loss and not a penalty.  Such amount
is payable for the loss of bargain and the loss of protection
against future risks and except as otherwise provided in this
Agreement neither party will be entitled to recover any
additional damages as a consequence of such losses.

7.	Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by
way of security or otherwise) by either party without the prior written
consent of the other party, except that:?

(a)	a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer
of all or substantially all its assets to, another entity (but without
prejudice to any other right or remedy under this Agreement); and

(b)	a party may make such a transfer of all or any part of its
interest in any amount payable to it from a Defaulting Party under
Section 6(e).

Any purported transfer that is not in compliance with this Section will
be void.

8.	Contractual Currency

(a)	Payment in the Contractual Currency.  Each payment under this
Agreement will be made in the relevant currency specified in this
Agreement for that payment (the "Contractual Currency").  To the extent
permitted by applicable law, any obligation to make payments under this
Agreement in the Contractual Currency will not be discharged or
satisfied by any tender in any currency other than the Contractual
Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable
manner and in good faith in converting the currency so tendered into
the Contractual Currency, of the full amount in the Contractual
Currency of all amounts payable in respect of this Agreement.  If for
any reason the amount in the Contractual Currency so received falls
short of the amount in the Contractual Currency payable in respect of
this Agreement, the party required to make the payment will, to the
extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate
for the shortfall.  If for any reason the amount in the Contractual
Currency so received exceeds the amount in the Contractual Currency
payable in respect of this Agreement, the party receiving the payment
will refund promptly the amount of such excess.

(b)	Judgments.  To the extent permitted by applicable law, if any
judgment or order expressed in a currency other than the Contractual
Currency is rendered (i) for the payment of any amount owing in respect
of this Agreement, (ii) for the payment of any amount relating to any
early termination in respect of this Agreement or (iii) in respect of a
judgment or order of another court for the payment of any amount
described in (i) or (ii) above, the party seeking recovery, after
recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the
Contractual Currency received by such party as a consequence of sums
paid in such other currency and will refund promptly to the other party
any excess of the Contractual Currency received by such party as a
consequence of sums paid in such other currency if such shortfall or
such excess arises or results from any variation between the rate of
exchange at which the Contractual Currency is converted into the
currency of the judgment or order for the purposes of such judgment or
order and the rate of exchange at which such party is able, acting in a
reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency
with the amount of the currency of the judgment or order actually
received by such party.  The term "rate of exchange" includes, without
limitation, any premiums and costs of exchange payable in connection
with the purchase of or conversion into the Contractual Currency.

(c)	Separate Indemnities.  To the extent permitted by applicable law,
these indemnities constitute separate and independent obligations from
the other obligations in this Agreement, will be enforceable as
separate and independent causes of action, will apply notwithstanding
any indulgence granted by the party to which any payment is owed and
will not be affected by judgment being obtained or claim or proof being
made for any other sums payable in respect of this Agreement.

(d)	Evidence of Loss.  For the purpose of this Section 8, it will be
sufficient for a party to demonstrate that it would have suffered a
loss had an actual exchange or purchase been made.

9.	Miscellaneous

(a)	Entire Agreement.  This Agreement constitutes the entire
agreement and understanding of the parties with respect to its subject
matter and supersedes all oral communication and prior writings with
respect thereto.

(b)	Amendments.  No amendment, modification or waiver in respect of
this Agreement will be effective unless in writing (including a writing
evidenced by a facsimile transmission) and executed by each of the
parties or confirmed by an exchange of telexes or electronic messages
on an electronic messaging system.

(c)	Survival of Obligations.  Without prejudice to Sections 2(a)(iii)
and 6(c)(ii), the obligations of the parties under this Agreement will
survive the termination of any Transaction.

(d)	Remedies Cumulative.  Except as provided in this Agreement, the
rights, powers, remedies and privileges provided in this Agreement are
cumulative and not exclusive of any rights, powers, remedies and
privileges provided by law.

(e)	Counterparts and Confirmations.

	(i)	This Agreement (and each amendment, modification and waiver
in respect of it) may be executed and delivered in counterparts
(including by facsimile transmission), each of which will be
deemed an original.

(ii)	The parties intend that they are legally bound by the terms
of each Transaction from the moment they agree to those terms
(whether orally or otherwise).  A Confirmation shall be entered
into as soon as practicable and may be executed and delivered in
counterparts (including by facsimile transmission) or be created
by an exchange of telexes or by an exchange of electronic
messages on an electronic messaging system, which in each case
will be sufficient for all purposes to evidence a binding
supplement to this Agreement.  The parties will specify therein
or through another effective means that any such counterpart,
telex or electronic message constitutes a Confirmation.

(f)	No Waiver of Rights.  A failure or delay in exercising any right,
power or privilege in respect of this Agreement will not be presumed to
operate as a waiver, and a single or partial exercise of any right,
power or privilege will not be presumed to preclude any subsequent or
further exercise, of that right, power or privilege or the exercise of
any other right, power or privilege.

(g)	Headings.  The headings used in this Agreement are for
convenience of reference only and are not to affect the construction of
or to be taken into consideration in interpreting this Agreement.

10.	Offices; Multibranch Parties

(a)	If Section 10(a) is specified in the Schedule as applying, each
party that enters into a Transaction through an Office other than its
head or home office represents to the other party that, notwithstanding
the place of booking office or jurisdiction of incorporation or
organization of such party, the obligations of such party are the same
as if it had entered into the Transaction through its head or home
office.  This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b)	Neither party may change the Office through which it makes and
receives payments or deliveries for the purpose of a Transaction
without the prior written consent of the other party.

(c)	If a party is specified as a Multibranch Party in the Schedule,
such Multibranch Party may make and receive payments or deliveries
under any Transaction through any Office listed in the Schedule, and
the Office through which it makes and receives payments or deliveries
with respect to a Transaction will be specified in the relevant
Confirmation.

11.	Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the
other party for and against all reasonable out-of-pocket expenses,
including legal fees and Stamp Tax, incurred by such other party by
reason of the enforcement and protection of its rights under this
Agreement or any Credit Support Document to which the Defaulting Party
is a party or by reason of the early termination of any Transaction,
including, but not limited to, costs of collection.

12.	Notices

(a)	Effectiveness.  Any notice or other communication in respect of
this Agreement may be given in any manner set forth below (except that
a notice or other communication under Section 5 or 6 may not be given
by facsimile transmission or electronic messaging system) to the
address or number or in accordance with the electronic messaging system
details provided (see the Schedule) and will be deemed effective as
indicated:?

	(i)	if in writing and delivered in person or by courier, on the
date it is delivered;

	(ii)	if sent by telex, on the date the recipient's answerback is
received;

	(iii)	if sent by facsimile transmission, on the date that
transmission is received by a responsible employee of the
recipient in legible form (it being agreed that the burden of
proving receipt will be on the sender and will not be met by a
transmission report generated by the sender's facsimile machine);

	(iv)	if sent by certified or registered mail (airmail, if
overseas) or the equivalent (return receipt requested), on the
date that mail is delivered or its delivery is attempted; or

	(v)	if sent by electronic messaging system, on the date that
electronic message is received,

unless the date of delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is
delivered (or attempted) or received, as applicable, after the close of
business on a Local Business Day, in which case that communication
shall be deemed given and effective on the first following day that is
a Local Business Day.

(b)	Change of Addresses.  Either party may by notice to the other
change the address, telex or facsimile number or electronic messaging
system details at which notices or other communications are to be given
to it.

13.	Governing Law and Jurisdiction

(a)	Governing Law.  This Agreement will be governed by and construed
in accordance with the law specified in the Schedule.

(b)	Jurisdiction.  With respect to any suit, action or proceedings
relating to this Agreement ("Proceedings"), each party irrevocably:?

	(i)	submits to the jurisdiction of the English courts, if this
Agreement is expressed to be governed by English law, or to the
non-exclusive jurisdiction of the courts of the State of New York
and the United States District Court located in the Borough of
Manhattan in New York City, if this Agreement is expressed to be
governed by the laws of the State of New York; and

	(ii)	waives any objection which it may have at any time to the
laying of venue of any Proceedings brought in any such court,
waives any claim that such Proceedings have been brought in an
inconvenient forum and further waives the right to object, with
respect to such Proceedings, that such court does not have any
jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing
Proceedings in any other jurisdiction (outside, if this Agreement is
expressed to be governed by English law, the Contracting States, as
defined in Section 1(3) of the Civil Jurisdiction and Judgments Act
1982 or any modification, extension or re-enactment thereof for the
time being in force) nor will the bringing of Proceedings in any one or
more jurisdictions preclude the bringing of Proceedings in any other
jurisdiction.

(c)	Service of Process.  Each party irrevocably appoints the Process
Agent (if any) specified opposite its name in the Schedule to receive,
for it and on its behalf, service of process in any Proceedings.  If
for any reason any party's Process Agent is unable to act as such, such
party will promptly notify the other party and within 30 days appoint a
substitute process agent acceptable to the other party.  The parties
irrevocably consent to service of process given in the manner provided
for notices in Section 12.  Nothing in this Agreement will affect the
right of either party to serve process in any other manner permitted by
law.

(d)	Waiver of Immunities.  Each party irrevocably waives, to the
fullest extent permitted by applicable law, with respect to itself and
its revenues and assets (irrespective of their use or intended use),
all immunity on the grounds of sovereignty or other similar grounds
from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of
injunction, order for specific performance or for recovery of
property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it
or its revenues or assets might otherwise be entitled in any
Proceedings in the courts of any jurisdiction and irrevocably agrees,
to the extent permitted by applicable law, that it will not claim any
such immunity in any Proceedings.

14.	Definitions

As used in this Agreement:?

"Additional Termination Event" has the meaning specified in Section
5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and
(b) with respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person,
any entity controlled, directly or indirectly, by the person, any
entity that controls, directly or indirectly, the person or any entity
directly or indirectly under common control with the person.  For this
purpose, "control" of any entity or person means ownership of a
majority of the voting power of the entity or person.

"Applicable Rate" means:?

(a)	in respect of obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Defaulting Party, the Default
Rate;

(b)	in respect of an obligation to pay an amount under Section 6(e)
of either party from and after the date (determined in accordance with
Section 6(d)(ii)) on which that amount is payable, the Default Rate;

(c)	in respect of all other obligations payable or deliverable (or
which would have been but for Section 2(a)(iii)) by a Non-defaulting
Party, the Non-default Rate; and

(d)	in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or
ratification of, or any change in or amendment to, any law (or in the
application or official interpretation of any law) that occurs on or
after the date on which the relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorization,
exemption, notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is
specified as such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof
or evidence of any actual cost) to the relevant payee (as certified by
it) if it were to fund or of funding the relevant amount plus 1% per
annum.

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with
Section 6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if
applicable, in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be
imposed in respect of a payment under this Agreement but for a present
or former connection between the jurisdiction of the government or
taxation authority imposing such Tax and the recipient of such payment
or a person related to such recipient (including, without limitation, a
connection arising from such recipient or related person being or
having been a citizen or resident of such jurisdiction, or being or
having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or
fixed place of business in such jurisdiction, but excluding a
connection arising solely from such recipient or related person having
executed, delivered, performed its obligations or received a payment
under, or enforced, this Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the
case of tax matters, by the practice of any relevant governmental
revenue authority) and "lawful" and "unlawful" will be construed
accordingly.

"Local Business Day" means, subject to the Schedule, a day on which
commercial banks are open for business (including dealings in foreign
exchange and foreign currency deposits) (a) in relation to any
obligation under Section 2(a)(i), in the place(s) specified in the
relevant Confirmation or, if not so specified, as otherwise agreed by
the parties in writing or determined pursuant to provisions contained,
or incorporated by reference, in this Agreement, (b) in relation to any
other payment, in the place where the relevant account is located and,
if different, in the principal financial centre, if any, of the
currency of such payment, (c) in relation to any notice or other
communication, including notice contemplated under Section 5(a)(i), in
the city specified in the address for notice provided by the recipient
and, in the case of a notice contemplated by Section 2(b), in the place
where the relevant new account is to be located and (d) in relation to
Section 5(a)(v)(2), in the relevant locations for performance with
respect to such Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith
to be its total losses and costs (or gain, in which case expressed as a
negative number) in connection with this Agreement or that Terminated
Transaction or group of Terminated Transactions, as the case may be,
including any loss of bargain, cost of funding or, at the election of
such party but without duplication, loss or cost incurred as a result
of its terminating, liquidating, obtaining or reestablishing any hedge
or related trading position (or any gain resulting from any of them).
Loss includes losses and costs (or gains) in respect of any payment or
delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early
Termination Date and not made, except, so as to avoid duplication, if
Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies.  Loss does not
include a party's legal fees and out-of-pocket expenses referred to
under Section 11.  A party will determine its Loss as of the relevant
Early Termination Date, or, if that is not reasonably practicable, as
of the earliest date thereafter as is reasonably practicable.  A party
may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the
relevant markets.

"Market Quotation" means, with respect to one or more Terminated
Transactions and a party making the determination, an amount determined
on the basis of quotations from Reference Market-makers.  Each
quotation will be for an amount, if any, that would be paid to such
party (expressed as a negative number) or by such party (expressed as a
positive number) in consideration of an agreement between such party
(taking into account any existing Credit Support Document with respect
to the obligations of such party) and the quoting Reference Market-
maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic
equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of
each applicable condition precedent) by the parties under Section
2(a)(i) in respect of such Terminated Transaction or group of
Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date.
For this purpose, Unpaid Amounts in respect of the Terminated
Transaction or group of Terminated Transactions are to be excluded but,
without limitation, any payment or delivery that would, but for the
relevant Early Termination Date, have been required (assuming
satisfaction of each applicable condition precedent) after that Early
Termination Date is to be included.  The Replacement Transaction would
be subject to such documentation as such party and the Reference
Market-maker may, in good faith, agree.  The party making the
determination (or its agent) will request each Reference Market-maker
to provide its quotation to the extent reasonably practicable as of the
same day and time (without regard to different time zones) on or as
soon as reasonably practicable after the relevant Early Termination
Date.  The day and time as of which those quotations are to be obtained
will be selected in good faith by the party obligated to make a
determination under Section 6(e), and, if each party is so obliged,
after consultation with the other.  If more than three quotations are
provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and
lowest values.  If exactly three such quotations are provided, the
Market Quotation will be the quotation remaining after disregarding the
highest and lowest quotations.  For this purpose, if more than one
quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded.  If fewer than three quotations are
provided, it will be deemed that the Market Quotation in respect of
such Terminated Transaction or group of Terminated Transactions cannot
be determined.

"Non-default Rate" means a rate per annum equal to the cost (without
proof or evidence of any actual cost) to the Non-defaulting party (as
certified by it) if it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's
head or home office.

"Potential Event of Default" means any event which, with the giving of
notice or the lapse of time or both, would constitute an Event of
Default.

"Reference Market-makers" means four leading dealers in the relevant
market selected by the party determining a Market Quotation in good
faith (a) from among dealers of the highest credit standing which
satisfy all the criteria that such party applies generally at the time
in deciding whether to offer or to make an extension of credit and (b)
to the extent practicable, from among such dealers having an office in
the same city.

"Relevant Jurisdiction" means, with respect to a party, the
jurisdictions (a) in which the party is incorporated, organized,
managed and controlled or considered to have its seat, (b) where an
Office through which the party is acting for purposes of this Agreement
is located, (c) in which the party executes this Agreement and (d) in
relation to any payment, from or through which such payment is made.

"Scheduled Payment Date" means a date on which a payment or delivery is
to be made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of
retention or withholding or similar right or requirement to which the
payer of an amount under Section 6 is entitled or subject (whether
arising under this Agreement, another contract, applicable law or
otherwise) that is exercised by, or imposed on, such payer.

"Settlement Amount" means, with respect to a party and any Early
Termination Date, the sum of:?

(a)	the Termination Currency Equivalent of the Market Quotations
(whether positive or negative) for each Terminated Transaction or group
of Terminated Transactions for which a Market Quotation is determined;
and

(b)	such party's Loss (whether positive or negative and without
reference to any Unpaid Amounts) for each Terminated Transaction or
group of Terminated Transactions for which a Market Quotation cannot be
determined or would not (in the reasonable belief of the party making
the determination) produce a commercially reasonable result.

"Specified Entity" has the meaning specified in the Schedule.

"Specified Indebtedness" means, subject to the Schedule, any obligation
(whether present or future, contingent or otherwise, as principal or
surety or otherwise) in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any
transaction (including an agreement with respect thereto) now existing
or hereafter entered into between one party to this Agreement (or any
Credit Support Provider of such party or any applicable Specified
Entity of such party) and the other party to this Agreement (or any
Credit Support Provider of such other party or any applicable Specified
Entity of such other party) which is a rate swap transaction, basis
swap, forward rate transaction, commodity swap, commodity option,
equity or equity index swap, equity or equity index option, bond
option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, currency swap
transaction, cross-currency rate swap transaction, currency option or
any other similar transaction (including any option with respect to any
of these transactions), (b) any combination of these transactions and
(c) any other transaction identified as a Specified Transaction in this
Agreement or the relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar
tax.

"Tax" means any present or future tax, levy, impost, duty, charge,
assessment or fee of any nature (including interest, penalties and
additions thereto) that is imposed by any government or other taxing
authority in respect of any payment under this Agreement other than a
stamp, registration, documentation or similar tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination
Date (a) if resulting from a Termination Event, all Affected
Transactions and (b) if resulting from an Event of Default, all
Transactions (in either case) in effect immediately before the
effectiveness of the notice designating that Early Termination Date
(or, if "Automatic Early Termination" applies, immediately before that
Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount
denominated in the Termination Currency, such Termination Currency
amount and, in respect of any amount denominated in a currency other
than the Termination Currency (the "Other Currency"), the amount in the
Termination Currency determined by the party making the relevant
determination as being required to purchase such amount of such Other
Currency as at the relevant Early Termination Date, or, if the relevant
Market Quotation or Loss (as the case may be), is determined as of a
later date, that later date, with the Termination Currency at the rate
equal to the spot exchange rate of the foreign exchange agent (selected
as provided below) for the purchase of such Other Currency with the
Termination Currency at or about 11:00 a.m. (in the city in which such
foreign exchange agent is located) on such date as would be customary
for the determination of such a rate for the purchase of such Other
Currency for value on the relevant Early Termination Date or that later

date.  The foreign exchange agent will, if only one party is obliged to
make a determination under Section 6(e), be selected in good faith by
that party and otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event
Upon Merger or, if specified to be applicable, a Credit Event Upon
Merger or an Additional Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean
of the cost (without proof or evidence of any actual cost) to each
party (as certified by such party) if it were to fund or of funding
such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early
Termination Date, the aggregate of (a) in respect of all Terminated
Transactions, the amounts that became payable (or that would have
become payable but for Section 2(a)(iii)) to such party under Section
2(a)(i) on or prior to such Early Termination Date and which remain
unpaid as at such Early Termination Date and (b) in respect of each
Terminated Transaction, for each obligation under Section 2(a)(i) which
was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination
Date and which has not been so settled as at such Early Termination
Date, an amount equal to the fair market value of that which was (or
would have been) required to be
delivered as of the originally scheduled date for delivery, in each
case together with (to the extent permitted under applicable law)
interest, in the currency of such amounts, from (and including) the
date such amounts or obligations were or would have been required to
have been paid or performed to (but excluding) such Early Termination
Date, at the Applicable Rate.  Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of
days elapsed.  The fair market value of any obligation referred to in
clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so
obliged, it shall be the average of the Termination Currency
Equivalents of the fair market values reasonably determined by both
parties.

IN WITNESS WHEREOF the parties have executed this document on the
respective dates specified below with effect from the date specified on
the first page of this document.

MORGAN GUARANTY TRUST COMPANY OF NEW YORK --
MBNA MASTER CREDIT CARD TRUST II
(Name of Party)
(Name of Party)

By/s/ Andrew D. Brown					By:  The Bank of New
York
	Name:Andrew D. Brown		soley in its capacity as
Trustee and not in its
	Title: Vice President		 individual capacity
	Date: 3/8/00

By______________________________________		By/s/ Kelly a. Sheahan
	Name:		Name: Kelly a. Sheahan
	Title:		Title: Vice President
	Date:		Date: 3/8/00

SCHEDULE
to the
Master Agreement
dated as of March 8, 2000
between

MORGAN GUARANTY TRUST COMPANY OF NEW YORK ("Party A"),

and

THE BANK OF NEW YORK (the "Trustee")
acting as trustee for

The MBNA MASTER CREDIT CARD TRUST II ("Party B"), a trust formed
pursuant to a pooling and servicing agreement dated as of August 4,
1994 (as amended and supplemented from time to time, the "Pooling and
Servicing Agreement"), as supplemented by the Series 2000-A Supplement
dated as of March 8, 2000, each between MBNA America Bank, National
Association, as Seller and Servicer, and the Trustee (the Pooling and
Servicing Agreement, as so supplemented, the "Trust Agreement").

Part 1.  Termination Provisions

In this Agreement:

(a) "Specified Entity" shall not apply for purposes of this
Agreement.
(b) "Specified Transaction" will have the meaning specified in
Section 14 of this Agreement.
(c) The "Breach of Agreement" provisions of Section 5(a)(ii), the
"Misrepresentation" provisions of Section 5(a)(iv), the "Default
under Specified Transaction" provisions of Section 5(a)(v), the
"Cross Default" provisions of Section 5(a)(vi), the "Merger
Without Assumption" provisions of Section 5(a)(viii), the "Tax
Event" provisions of Section 5(b)(ii), "Tax Event Upon Merger"
provisions of Section 5(b)(iii), and the "Credit Event Upon
Merger" provisions of Section 5(b)(iv) will not apply to Party A
and will not apply to Party B.  Solely with respect to payments
required to be made by Party A relating to the Rapid Accumulation
Period, the word "third" in the final line of Section 5(a)(i)
shall be replaced with "5:00 p.m. New York City time of the first
(or such other time as may be mutually agreed to by Party A,
Party B and the Rating Agencies)".
(d) The "Automatic Early Termination" provisions of Section 6(a) will
not apply to Party A and will not apply to Party B.
(e) Payments on Early Termination.  For the purpose of Section 6(e)
of this Agreement, Market Quotation and the Second Method will
apply; provided, however, that in the case of an Event of Default
with respect to Party A as the Defaulting Party or a Termination
Event with respect to Party A as the sole Affected Party, the
related Settlement Amount, if negative, will be deemed to be zero
if the Market Quotation cannot be determined.
(f) Market Quotation.  Notwithstanding anything to the contrary in
the definition of Market Quotation in Section 14, in the case of
an Event of Default with respect to Party A as the Defaulting
Party or a Termination Event with respect to Party A as the sole
Affected Party, the Market Quotation, if negative, will be deemed
to be the negative quotation, if any, with the highest absolute
value received from any Reference Market-maker, even if only one
quotation is provided, with which Party B is able, using its best
efforts, to enter into a Replacement Transaction even if Party B
reasonably believes such Market Quotation would not produce a
commercially reasonable result.
(g) "Reference Market-maker" will not have the meaning specified in
Section 14, but will instead mean the following:
"Reference Market-maker" means five leading dealers in the
relevant market selected by the party determining the
Market Quotation in good faith (a) from among dealers which
are rated not lower than investment grade by S&P and
Moody's which satisfy the criteria that such party applies
generally at that time in deciding whether to offer or make
an extension of credit and (b) to the extent practicable,
from among dealers having an office in the same city.
(h) "Termination Currency" means United States Dollars ("USD").
Part 2.  Tax Representations.

(a) Representations of Party A.
(1) Payer Tax Representation.  For the purpose of Section 3(e)
of this Agreement, Party A hereby makes the following
representation:
 (i) It is not required by any applicable law, as modified
by the practice of any relevant governmental revenue
authority, of any Relevant Jurisdiction to make any
deduction or withholding for or on account of any Tax
from any payment (other than interest under Sections
2(e), 6(d)(ii) and 6(e) of this Agreement) to be made
by it to Party B under this Agreement.  In making this
representation, it may rely on:
(a) the accuracy of any representations made by Party
B pursuant to Section 3(f);
(b) the satisfaction of the agreement of Party B
contained in Section 4(a)(i) or 4(a)(iii) of this
Agreement and the accuracy and effectiveness of
any document provided by Party B pursuant to
Section 4(a)(i) or 4(a)(iii) of this Agreement;
and
(c) the satisfaction of the agreement of the Party B
contained in Section 4(d),
provided that it shall not be a breach of this
representation where reliance is placed on clause (b)
and Party B does not deliver a form or document under
Section 4(a)(iii) of this Agreement by reason of
material prejudice to its legal or commercial position.
 (ii) It (A) is entering into such Swap Transaction in the
ordinary course of its trade as, and is, either (x) a
recognized U.K. bank of (y) a recognized U.K. swaps
dealer (in either case (x) or (y)), for purposes of the
United Kingdom Inland Revenue Extra Statutory
Concession on interest and currency swaps dated
April 14, 1989), and (B) will bring into account
payments made and received in respect of such Swap
Transaction in computing its income for United Kingdom
tax purposes.
(2) Payee Tax Representations.  For the purpose of Section 3(f)
of this Agreement, Party A makes the representations
specified below:
 (i) It (A) is entering into such Swap Transaction in the
ordinary course of its trade as, and is, either (x) a
recognized U.K. bank or (y) a recognized U.K. swaps
dealer (in either case (x) or (y)), for purposes of the
United Kingdom Inland Revenue Extra Statutory
Concession on interest and currency swaps dated
April 14, 1989), and (B) will bring into account
payments made and received in respect of such Swap
Transaction in computing its income for United Kingdom
tax purpose.
 (ii) It is a banking corporation or organized under the laws
of the State of New York and is a domestic corporation
within the meaning of Sections 7701(a)(3) and
7701(a)(4) of the United States Internal Revenue Code.
(b) Representations of Party B.
(1) Payer Tax Representation.  For the purpose of Section 3(e)
of this Agreement, Party B hereby makes the following
representation:
It is not required by any applicable law, as modified by
the practice of any relevant governmental revenue
authority, of any Relevant Jurisdiction to make any
deduction or withholding for or on account of any Tax from
any payment (other than interest under Sections 2(e),
6(d)(ii) and 6(e) of this Agreement) to be made by it to
Party A under this Agreement.  In making this
representation, it may rely on:
 (i) the accuracy of any representation made by Party A
pursuant to Section 3(f) of this Agreement;
 (ii) the satisfaction of the agreement of Party A contained
in Section 4(a)(i) or 4(a)(iii) of this Agreement and
the accuracy and effectiveness of any document provided
by Party A pursuant to Section 4(a)(i) or 4(a)(iii) of
this Agreement; and
 (iii) the satisfaction of the agreement of Party A contained
in Section 4(d) of this Agreement,
provided that it shall not be a breach of this
representation where reliance is placed on clause (ii) and
Party A does not deliver a form or document under Section
4(a)(iii) by reason of material prejudice to its legal or
commercial position.
(2) Payee Tax Representations.  For the purpose of Section 3(f)
of this Agreement, Party B makes the representation
specified below:
 (i) For United States federal income tax purposes it is a
"United States Person" as defined in  7701(a)(30) of
the Internal Revenue Code.
Part 3.  Agreement to Deliver Documents.

For the purpose of Sections 3(d), 4(a)(i) and (ii) of this
Agreement, each party agrees to deliver the following documents,
as applicable:

(a) Tax forms, documents or certificates to be delivered are:

Party required
to deliver
document-Form/Document/Certificate-Date by which
to be delivered-Covered by Section 3(d) Representation
Party B-Any form or document that may be reasonably requested, and that
Party B is eligible to provide, in order to allow the requesting party
to make a payment without (or with reduced) withholding Tax.-Promptly
upon reasonable demand by the other party.-Yes
Party A-An accurate and complete signed copy of (i) Internal Revenue
Service Form W-9 and (ii) such other related forms (including any
certificate with respect thereto) as Party B may reasonably request.-
(i) Concurrently with the execution and delivery of this Agreement and
the Confirmation, (ii) prior to the expiration of the immediately
preceding form that was in full force and effect, and (iii) at any time
that a change in circumstances renders the preceding form inaccurate or
incomplete in any material respect.-Yes

(b) Other documents to be delivered are:

Party required to deliver document-Form/Document/Certificate-Date by
which to be delivered-Covered by
Section 3(d)
Party A-Opinions of counsel for Party A substantially in the form of
Exhibit A to this Schedule-Upon execution of this Agreement-Yes
Party A-An incumbency certificate with respect to the signatory of this
Agreement-Upon execution of this Agreement-Yes
Party B-An opinion of counsel for Party B substantially in the form of
Exhibit B to this Schedule-Upon execution of this Agreement-Yes
Party B-An incumbency certificate with respect to the signatory of this
Agreement-Upon execution of this Agreement-Yes
Party B-Documentary evidence of authority of The Bank of New York, as
Trustee, to act on behalf of Party B-Upon execution of this Agreement-
Yes

Part 4.  Miscellaneous.

(a) Addresses for Notices.  For the purpose of Section 12(a):
Address for notices or communications to Party A:

Address:	Morgan Guaranty Trust Company of New York
60 Wall Street
New York, New York  10260
Attention:  Global Swaps
Facsimile No.:  (212) 648-5922

Address for notices or communications to Party B:

Address:	MBNA Master Credit Card Trust II
c/o The Bank of New York, as Trustee
101 Barclay Street - 12E
New York, New York  10286
Attention:	Corporate Trust Department
Telephone No.:  (212) 815-5737
Facsimile No.:  (212) 815-5544
with a copy to:
MBNA Master Credit Card Trust II
MBNA America Bank, National Association,
as Servicer
Securitization Servicing
Wilmington, Delaware  19884-2824
Attention:	Michelle Dumont
Telephone No.:  (302) 457-0146
Facsimile No.:  (302) 457-0715
For all purposes.

(b) Process Agent.  For the purpose of Section 13(c):
Party A appoints as its Process Agent:	Not applicable.
Party B appoints as its Process Agent:	Not applicable.
(c) Offices.  The provisions of Section 10(a) will apply to this
Agreement.
(d) Multibranch Party.  For the purpose of Section 10(c) of this
Agreement.
Party A is a Multibranch Party and may act through its London,
New York and Tokyo Offices.
Party B is not a Multibranch Party.
(e) Calculation Agent.  The Calculation Agent is the Trustee, unless
otherwise specified in a Confirmation in relation to the relevant
Transaction.
(f) Credit Support Document.  Details of any Credit Support Document:
In the case of Party A: Not applicable.
In the case of Party B: Not applicable.
(g) Credit Support Provider.
In relation to Party A: Not applicable.
In relation to Party B: Not applicable.
(h) Governing Law.  This Agreement will be governed by and construed
in accordance with the laws of the State of New York (without
reference to choice of law doctrine but without prejudice to the
provisions of Section 5-1401 of the General Obligations Law of
the State of New York).
(i) Netting of Payments.  Subparagraph (ii) of Section 2(c) of this
Agreement will apply to any of the Transactions, except that it
will not apply to payments by each Party to the other if Party B
so notifies Party A ten (10) days in advance of the date such
Payments are due.
(j) "Affiliate" will have the meaning specified in Section 14 of this
Agreement, except that with respect to Party B there shall be
deemed to be no Affiliates.
Part 5.  Other Provisions.

(a) Confirmation.  Each Confirmation supplements, forms part of, and
will be read and construed as one with, this Agreement.  A form
of Confirmation is set forth as Exhibit C hereto.
(b) Waiver of Trial By Jury.  Each party waives, to the fullest
extent permitted by applicable law, any right it may have to a
trial by jury in respect of any suit, action or proceeding
relating to this Agreement.  Each party (i) certifies that no
representative, agent or attorney of the other party has
represented, expressly or otherwise, that such other party would
not, in the event of such a suit, action or proceeding, seek to
enforce the foregoing waiver and (ii) acknowledges that it and
the other party have been induced to enter this Agreement by,
among other things, the mutual waivers and certifications in this
Section.
(c) Non-Petition.  Party A hereby agrees that it will not bring any
action (whether in bankruptcy or otherwise) against Party B in
any court prior to the date which is one year and one day after
all Investor Certificates (as such term is defined in the Pooling
and Servicing Agreement), including all collateral interests and
class C interests, of Party B have been paid in full.
(d) Assignment.  In the event the long-term, senior unsecured debt
rating of Party A is lowered to below the category of BBB- by
Standard & Poor's Corporation ("S&P") or Baa3 by Moody's Investor
Services ("Moody's") or such rating agencies' then equivalent
ratings, or such ratings are withdrawn by either S&P or Moody's,
Party A shall assign and delegate its rights and obligations
under any Transaction to a replacement counterparty, subject to
the prior written direction of Party B.
(e) Provision for Payments from Party B.  Notwithstanding anything
contained in this Agreement to the contrary, any amount required
to be paid by Party B pursuant to this Agreement will be payable
only to the extent provided in subsections 4.09(a)(ii) and
4.16(e) of the Trust Agreement (as each such term is defined in
the Confirmation).  Except as expressly provided in Part 5(j)
below, the Trustee shall not be required to expend or risk its
own funds or otherwise incur any liability in connection with
this Agreement, and Party A shall not bring any claim whatsoever
against the Trustee in its individual capacity or against the
assets of the Trustee (other than the assets of the Trust).
(f) Definition of Trustee.  For purposes of this Agreement the term
"Trustee" shall mean The Bank of New York as trustee for Party B.
(g) Relationship Between Parties.  Each party will be deemed to
represent to the other party on the date on which it enters into
this Agreement that (absent a written agreement between the
parties that expressly imposes affirmative obligations to the
contrary):
(i) Non-Reliance.  It is acting for its own account, and it has
made its own independent decisions to enter into this
Agreement and as to whether this Agreement is appropriate
or proper for it based upon its own judgment and upon
advice from such advisers as it has deemed necessary.  It
is not relying on any communication (written or oral) of
the other party as investment advice or as a recommendation
to enter into this Agreement; it being understood that
information and explanations related to the terms and
conditions of this Agreement shall not be considered
investment advice or a recommendation to enter into this
Agreement.  No communication (written or oral) received
from the other party shall be deemed to be an assurance or
guarantee as to the expected results of this Agreement.
(ii) Assessment and Understanding.  It is capable of assessing
the merits of and understanding (on its own behalf or
through independent professional advice), and understands
and accepts, the terms, conditions and risks of this
Agreement.  It is also capable of assuming, and assumes,
the risks of this Agreement.
(iii) Status of Parties.  The other party is not acting as a
fiduciary for or as adviser to it in respect of this
Agreement.
(h) Additional Representations.  Each of Party A and Party B
represents that it is an "eligible swap participant" as defined
in Commodities Futures Trading Commission Rule 35.1(b)(2) (17
C.F.R. 35.1(b)(2)).
(i) Limited Recourse.  It is expressly understood and agreed by the
parties hereto that (i) this Agreement and each Transaction
entered into pursuant to this Agreement is entered into by The
Bank of New York, not individually or personally but solely as
Trustee of the MBNA Master Credit Card Trust II (the "Trust") in
the exercise of the powers and authority conferred and vested in
it, (ii) the representations, undertakings and agreements herein
made on the part of the Trust are made and intended not as
personal representations, undertakings and agreements by the
Trustee but are made and intended for the purpose of binding only
the Trust, (iii) nothing herein contained shall be construed as
creating any liability on the Trustee, individually or
personally, to perform any covenant either expressed or implied
contained herein on the part of the Trust, all such liability, if
any, being expressly waived by the parties who are signatories to
this Agreement and by any Persons claiming by, through or under
such parties; provided, however, that the Trustee shall be liable
in its individual capacity for its own willful misconduct or
gross negligence and (iv) under no circumstances shall the
Trustee be personally liable for the payment of any indebtedness
or expenses of the Trust or be liable for the breach or failure
of any obligation, representation, warranty or covenant made or
undertaken by the Trust under this Agreement.
The parties executing this Schedule have executed the Master
Agreement and have agreed as to the contents of this Schedule.

MORGAN GUARANTY TRUST COMPANY
OF NEW YORK

By:  /s/Andrew D. Brown
Name: Andrew D. Brown
Title: Vice President

MBNA MASTER CREDIT CARD TRUST II
THE BANK OF NEW YORK, solely in its
capacity as trustee and not in its
individual capacity

By:  /s/Kelly A. Sheahan
Name:  Kelly A. Sheahan
Title:  Vice President
EXHIBIT A to Schedule
[Form of Opinion of Counsel for Party A.]

							[date]

MBNA Master Credit Card Trust II
c/o The Bank of New York
101 Barclay Street
New York, New York 10286
Attention:	Kelly Sheahan-Paci

Dear Ladies and Gentlemen:

This opinion is furnished to you in connection with the Master
Agreement (the "Agreement") between Morgan Guaranty Trust Company of
New York ("Morgan") and ___________ (the "Counterparty") dated as of
___________.  Terms defined in the Agreement and used but not defined
herein have the meanings given to them in the Agreement.
I am Vice President and Assistant General Counsel of Morgan and have
represented Morgan in connection with the Agreement and the
transactions contemplated thereby.  In connection with the delivery of
this opinion, I have examined (a) executed copies of the Agreement and
(b) copies, certified or otherwise identified to my satisfaction, of
such documents, corporate records, certificates of public officials and
other instruments, and have conducted such investigation of fact and
law, as I have deemed necessary or appropriate for the opinions
expressed herein.  In rendering the opinions expressed below, I have
assumed the due authorization, execution and delivery of the Agreement
by each of the parties thereto other than Morgan and I have assumed and
have not verified that the signatures (other than signatures of
officers of Morgan) on all documents that I have examined are genuine.
Based on the foregoing, I am of the opinion that:
(1) Morgan is a banking corporation, duly organized, validly
existing and in good standing under the laws of the State of New
York.
(2) Morgan has full corporate power and authority to execute
and deliver the Agreement and to perform its obligations
thereunder and the Agreement has been duly authorized, executed
and delivered by Morgan.
(3) No consents, authorizations or approvals are required for
the execution and delivery by Morgan of the Agreement and the
performance of its obligations thereunder, and no other action
by, and no notice to or filing with, any governmental authority
or regulatory body is required for such execution, delivery or
performance.
(4) The execution, delivery and performance by Morgan of the
Agreement do not and will not contravene any law or governmental
regulation or order presently binding on Morgan or its articles
of incorporation or bylaws or contravene any provision of or
constitute a default under any indenture, contract or other
instrument to which Morgan is a party or by which Morgan is
bound.
(5) The Agreement constitutes the legal, valid and binding
obligation of Morgan enforceable in accordance with its terms
(except as enforcement thereof may be limited by bankruptcy,
reorganization, insolvency, moratorium or other laws affecting
the enforcement of creditors' rights generally and by general
equitable principles).
With respect to clause (5) above, I express no opinion
regarding the legality, validity, binding effect or enforceability of
Section 6(e) of the Agreement insofar as it purports to obligate a
party, on termination of the Agreement, to pay an amount in excess of
that measured by the lowest quotation from a Reference Market-maker.
In addition, in connection with any such Early Termination on the
grounds of default, a court might limit the non-defaulting party's
recovery to its actual damages in the circumstances, imposing its own
settlement procedures in lieu of the provisions of Section 6(e) of the
Agreement.
I am a member of the bar of the State of New York and the
opinions expressed herein are limited to the laws of the State of New
York and the Federal laws of the United States of America.
I am furnishing this letter to you in my capacity as
Counsel for Morgan and this opinion may not be relied upon by or
furnished to any other person without my prior written consent.
							Very truly yours,

EXHIBIT B to Schedule

[Form of Opinion of Counsel for Trustee]
EXHIBIT C to Schedule

Date:	March 8, 2000
To:	The Bank of New York acting as
	Trustee for the
	MBNA Master Credit Card Trust II
	Telephone: (212) 815-5732
	Telecopier: (212) 815-5999

From:	Morgan Guaranty Trust Company of New York

Subject:	Swap Transaction

The purpose of this communication is to set forth the terms
and conditions of the swap transaction entered into on the Trade Date
referred to below (the "Swap Transaction"), between THE BANK OF NEW
YORK (the "Trustee") acting as trustee for the MBNA MASTER CREDIT CARD
TRUST II ("Party B"), but only as relates to the Class A 7.35% Asset
Backed Certificates, Series 2000-A (the "Trust") and Morgan Guaranty
Trust Company of New York ("Party A").  This communication constitutes
a "Confirmation" as referred to in the Swap Agreement specified below.

This Confirmation supplements, forms part of, and is
subject to, the Master Agreement dated as of March 8, 2000, between
Party A and Party B (the "Master Agreement").  All provisions contained
in, or incorporated by reference to, such Master Agreement shall govern
this Confirmation except as expressly modified below.

This Confirmation and the Schedule to the Master Agreement
(the "Schedule") each incorporate the definitions and provisions
contained in (i) the 1991 ISDA Definitions (as supplemented by the 1998
Supplement) (as published by the International Swaps and Derivatives
Association, Inc.) (the "Definitions"), without regard to any amendment
to the Definitions subsequent to the date hereof, and (ii) the Series
2000-A Supplement dated as of March 8, 2000 (the "Supplement") to the
Pooling and Servicing Agreement dated as of August 4, 1994 by and
between MBNA America Bank, National Association, as Seller and
Servicer, and The Bank of New York, as Trustee (as amended, the
"Pooling and Servicing Agreement", together with the Supplement, the
"Trust Agreement"), and relating to the Trust, Series 2000-A ("Series
2000-A") and, in particular, for the purposes hereof, the Class A 7.35%
Asset Backed Certificates, Series 2000-A (the "Class A Certificates").
In the event of any inconsistency between the definitions in the
Supplement and any of the Definitions, the Schedule or this
Confirmation, the definitions in the Supplement will govern; in the
event of any inconsistency between this Confirmation and either the
Schedule or the Definitions, this Confirmation will govern; and in the
event of any inconsistency between the Schedule and the Definitions,
the Schedule will govern.

The terms of this particular Swap Transaction to which this
Confirmation relates are as follows:
Morgan Deal No.:-427857
Trade Date:-March 8, 2000
Effective Date:-The Closing Date for Series 2000-A.
Termination Date:-The Scheduled Payment Date; provided, however, that
in the event that the Rapid Amortization Period commences as a result
of a Trust Pay Out Event, the Termination Date will be the earlier of
(i) the date on which the Notional Amount is zero and (ii) the
Scheduled Payment Date.
Fixed Amounts:-
Fixed Rate Payer:-Party A.
Fixed Rate:-7.35%
Fixed Amount for Initial
Fixed Rate Payer Payment Date:-$4,815,781.25
Fixed Amount:-For each Fixed Rate Payer Payment Date other than the
Initial Fixed Rate Payer Payment Date, an amount calculated on a
formula basis for that Fixed Rate Payer Payment Date as follows:
Fixed Rate
Fixed     =NotionalxFixed
AmountAmount Rate
12
Fixed Rate Notional
Amount:-For the Initial Fixed Rate Payer Payment Date, $637,500,000
(the initial outstanding principal balance of the Class A
Certificates), and for each Fixed Rate Payer Payment Date thereafter
the outstanding principal balance of Class A Certificates as of the
Record Date immediately preceding such Fixed Rate Payer Payment Date.
Fixed Rate Payer
Payment Dates:-Each Transfer Date.
Initial Fixed Rate
Payer Payment Date:-April 14, 2000.

Floating Amounts:-
Floating Rate Payer:
-Party B.
Calculation Periods:-For the Initial Floating Rate Payer Payment Date,
the period from and including the Effective Date through the day
preceding the first Distribution Date; and for each Floating Rate Payer
Payment Date thereafter, each Calculation Period will be the period
from and including the previous Distribution Date through the day
preceding the current Distribution Date.
Floating Rate Payer
Payment Dates:-Each Transfer Date.
Initial Floating Rate Payer
Payment Date:-April 14, 2000.
Floating Rate Option:-USD-LIBOR-BBA; provided, however, that the last
sentence of the definition of  "USD-LIBOR-Reference Banks" is hereby
amended to replace the penultimate use of "that Reset Date" with "the
day that is two London Banking Days preceding that Reset Date."
Reset Dates:-Means, with respect to the Initial Floating Rate Payer
Payment Date, the Effective Date, and with respect to each Floating
Rate Payer Payment Date thereafter, the first day of the related
Calculation Period for such Floating Rate Payer Payment Date.
Designated
Maturity:-One month.
Floating Rate
Spread:-
Floating Rate
Notional Amount:-For the Initial Floating Rate Payer Payment Date,
$637,500,000 (the initial outstanding principal balance of the Class A
Certificates), and for each Floating Rate Payer Payment Date thereafter
the outstanding principal balance of the Class A Certificates as of the
Record Date immediately preceding such Floating Rate Payer Payment
Date.
Floating Rate
Day Count Fraction:-Actual/360.

Compounding:-Not Applicable.
Calculation Agent:-Trustee.
Business Days:-New York and Newark, Delaware.
Credit Support Document:-Not Applicable.
Other Provisions:-If at any time during the Term of the Swap
Transaction Party A's long-term, senior unsecured debt rating is
reduced below AA- by S&P, or is withdrawn by S&P, the Trustee at the
written instruction of the Servicer, on behalf of the Trust shall
establish and maintain with a Qualified Institution, in the name of the
Trust for the benefit of the Class A Certificateholders, the interest
reserve account as a segregated trust account held for the benefit of
Class A Certificateholders (the "Interest Reserve Account").  Within
thirty days of such reduction or withdrawal, Party A shall fund the
Interest Reserve Account in an amount equal to one-twelfth of the
product of (a) the Fixed Rate, and (b) the Fixed Rate Notional Amount
as of the Record Date preceding such reduction or withdrawal for
reinvestment in accordance with the Supplement; provided, however, that
if subsequent to such deposit Party A receives evidence satisfactory to
it that such reduction or withdrawal ceases to exist, any amount on
deposit in the Interest Reserve Account shall be returned to Party A on
the subsequent Transfer Date.  The failure of Party A to adequately
fund the Interest Reserve Account within thirty days of such reduction
or withdrawal shall not constitute an Event of Default pursuant to the
provisions of subsection 5(a) or a Termination Event pursuant to the
provisions of subsection 5(b).  Party A shall treat the amount on
deposit in the Interest Reserve Account as its money for tax purposes.
After establishment of the Interest Reserve Account, in the event there
shall occur an Early Termination Date as a result of an Event of
Default with respect to Party A as the Defaulting Party or a
Termination Event with respect to Party A as the Affected Party, the
funds then contained in the Interest Reserve Account will be deposited
into the Finance Charge Account to the extent provided in the
Supplement.  Upon termination of the Interest Reserve Account as
provided in the Supplement after payment of all amounts owing to the
Series 2000-A Certificateholders that are payable from such account,
the Trustee will release all amounts on deposit therein to Party A.
-If Party B notifies Party A that netting of payments will not apply to
any of the Transactions pursuant to Part 4(i) of the Schedule, each
payment obligation of Party B under Section 2(a)(i) of the Master
Agreement in respect of this Swap Transaction shall be subject to the
condition precedent that in respect of each such payment obligation
each amount payable by Party A with respect to this Swap Transaction
shall be paid by Party A by 12:00 p.m., New York City time, on the
relevant Fixed Rate Payer Payment Date.
London Banking Day:-New York, New York and London, England.
Governing Law:  -New York.
Offices:-Party A is a Multibranch Party.
-Party B is not a Multibranch Party.
Payment Instructions
for Party A USD:-Morgan Guaranty Trust Co of New York
ABA 021000238
Favour:  Morgan Guaranty Trust Co of New York, London Branch
Account No.:  670 07 054
Reference:  Swaps Group
-All inquiries regarding payments and/or rate resettings only should be
sent to:
-Morgan Guaranty Trust Company of New York
60 Victoria Embankment
London.  EC4Y0JP

Attention:Derivatives Processing Center
Telephone:011 44 171 325 3783
Facsimile:011 44 171 325 7400
Telex:896631 MGT G
Cable:Morganbank
Please quote the Morgan Deal Number
indicated above.
All inquiries regarding confirmations
should be sent to:
Morgan Guaranty Trust Company of New
York
60 Wall Street
New York, New York  10260
Attention:Vola Grilli
Telephone:1-212-648-6712
Facsimile:1-212-648-5117
Please quote the Morgan Deal Number
indicated above.
Payment Instructions
for the Trust in USD:
-Bank of New York, New York ABA# 021000018
A/C of MBNA Master Credit Card Trust II
Series 2000-A
A/C#  234381

Please confirm that the foregoing correctly sets forth the terms
of our agreement with respect to the Swap Transaction by signing in the
space provided below and sending a copy of the executed Confirmation to
us.
It has been a pleasure working with you on this transaction and
we look forward to working with you again in the future.

Very truly yours,

J.P. MORGAN SECURITIES INC., as
agent for
MORGAN GUARANTY TRUST COMPANY
OF NEW YORK

By:  /s/ Cheryl Frank
Name: Cheryl Frank
Title: Associate

Agreed and Accepted by:
MBNA MASTER CREDIT CARD TRUST II,
THE BANK OF NEW YORK, solely
in its capacity as trustee and not
in its individual capacity

By:  /s/ Kelly A. Sheahan
Name: Kelly A. Sheahan
Title: Vice President

	2	ISDAr 1992
DOCSDC1:100271.1STOCK PURCHASE AGREEMENT
                      By and between
            International Mercantile Corporation
                          and
               Micromatix.com Incorporated

     This Stock Purchase Agreement (the "Agreement") is effective
this 6th day of September,  1999, by and between International
Mercantile Corporation, a Missouri corporation (the "Buyer"), Red
River Trading Company, Inc., a Maryland corporation (the "Seller"),
and Micromatix.com Incorporated, a Delaware corporation
("Micromatix" or the "Company." International Mercantile
Corporation is a publicly-traded corporation (symbol OTCBB: IMTL).

     WHEREAS, Seller owns, free and clear of all adverse claims,
all of the issued and outstanding capital shares of Micromatix; and

     WHEREAS, Seller desires to sell, and Buyer desires to
purchase, all of the issued and outstanding capital shares of
Micromatix in a tax-free reorganization, for the consideration and
upon the terms and subject to the conditions hereinafter set forth;

     NOW, THEREFORE, in consideration of the premises, the
provisions and the respective agreements hereinafter set forth, the
parties hereto hereby agree as follows:

1.   Purchase and Sale of Stock.

     1.1     Agreement to Purchase and Sell.  Upon the terms and
subject to the conditions set forth in this Agreement and in
reliance upon the representations, warranties, covenants, and
agreements contained herein, on the Closing Date (as hereinafter
defined), Seller shall sell, grant, convey, assign, transfer, and
deliver to Buyer, and Buyer shall purchase and acquire from Seller,
all of the issued and outstanding shares of capital stock of the
Company (collectively, the "Micromatix Shares").  The exact number
of Micromatix Shares to be sold by Seller hereunder is as follows:
100 shares of common stock, $.01 par value.

     1.2     Purchase Price.  At Closing (as hereinafter defined), the
Company will be purchased by Buyer and held as a wholly-owned
subsidiary.  The Buyer and Seller agree that the aggregate Purchase
Price is the sum of one million three hundred seventy-five thousand
Dollars ($1,375,000.00) U.S. (the "Purchase Price").

     1.3     Terms of Payment.   The Purchase price will be paid by
the buyer as follows:

        1.3.1   The Purchase Price will be paid by the Buyer
                through the delivery of one million (1,000,000)
                shares of Class B common stock of International
                Mercantile Corporation (the "IMTL Stock"), at a
                deemed price of U.S. $1.00 per share and one
                million five hundred thousand (1,500,000) shares of
                Class A common stock of International Mercantile
                Corporation, at a present market value of twenty-
                five cents ($0.25) U. S. per share (collectively,
                the IMTL stock).
        1.3.2   All of the issued and outstanding Micromatix Shares
                shall be exchanged for the IMTL Stock.  As a class,
                the International Mercantile Corporation Class B

                                     1

<PAGE>   EX-10.1

                common stock, including without limitation the IMTL
                Stock, carries a voting preference of 51 votes per
                share, but has no other preference rights or
                obligations, including those with respect to
                payment of dividends, conversion, redemption, and
                liquidation value, over and above the rights and
                obligations afforded the International Mercantile
                Corporation Class A common shareholders.
        1.3.3   Upon the expiration of Buyer's Put Option as
                defined hereinbelow, Seller shall have the option
                to purchase, for the aggregate sum of one dollar
                ($1.00) U. S., thirty percent (30.0%) of the IMTL
                Class B common shares then held by FSR, consisting
                of three hundred thousand (300,000) IMTL Class B
                common shares as of the date of Closing, subject to
                adjustment for stock splits or other share
                issuances subsequent to Closing.

     1.4     Post Closing Adjustments to Purchase Price.  Not
Applicable.

     1.5     Buyer's Put Option on Micromatix Shares.

     1.5.1   If, in Buyer's sole and exclusive opinion,
within 12 months of the Date of Closing, and given the
financial resources that (a) Buyer has committed to provide
the Company in accordance with this Agreement; and (b) the
Company has committed to raise on its own, the Company has
materially failed to implement its business plan (attached as
Exhibit 1.5 hereto), including without limitation failure to
achieve such performance benchmarks as assets, stockholder's
equity, revenues, earnings, market capitalization, and/or
stock price, then, at Buyer's sole and exclusive option, and
upon Buyer's written notice to Seller, Buyer may put all of
Buyer's Micromatix Shares back from Seller, and Seller shall,
within 10 days of receipt of such notice, return to Buyer all
of the IMTL Shares received by Seller pursuant to this
Agreement.

     1.5.2   In the event that Buyer elects to exercise its
put option (the "Buyer's Put Option"), then the fair value of
any and all assets invested into the Company by the Buyer or
by third-parties secured by the Buyer's efforts, shall be
evidenced by a promissory note (the "Promissory Note") payable
from the Company to the Buyer.  The Promissory Note shall bear
interest at the Wall Street Journal prime rate of interest
plus one percent (1.0%), fixed as of the last business day
prior to Buyer's notice to Seller of Buyer's intention to
exercise its put option. The Promissory Note shall be and
guaranteed by the Seller and secured by all of the capital
stock and assets of the Company, and both Seller and the
Company hereby grant to Buyer a security interest in such
capital stock and assets.  The Promissory Note shall be fully
amortized and payable in 24 equal monthly installments
beginning 30 day's from the date of Buyer's notice to Seller.
 Buyer agrees to subordinate to the note to the any bona fide
debt financing secured by the Company subsequent to the
exercise of the Buyer's Put Option.   All non-cash assets
invested into the Company shall be returned to the Buyer or
Buyer's designee concurrently with the execution of the
Promissory Note and the exercise of Buyer's Put Option.  Until
the expiration of Buyer's Put Option, all assets invested in
the Company (whether cash or other assets) shall be itemized
by Buyer to Seller from time-to time and shall be subject to
seller's approval prior to investment.

     1.5.3   If, within 12 months of Closing, in Buyer's
sole  and exclusive opinion, the Company has materially
satisfied its performance obligations with respect to
implementing the business plan, then Buyer's Put Option shall
expire unexercised.

                                     2

<PAGE>   EX-10.1

     1.6     Seller's Put Option on IMTL Stock.

         1.6.1   If Buyer fails to invest, or cause to be
invested, an additional $350,000 in equity into the Company on
or before November 30, 1999, then Seller shall have the
unilateral right to put all of Seller's IMTL Stock back to
Buyer, and Buyer shall, within 10 days of receipt of such
notice, return to Seller all of the Micromatix Shares received
by Buyer pursuant to this Agreement.

         1.6.2   In the event that Seller elects to exercise its
put option (the "Seller's Put Option"), then the fair value of
any and all assets invested into the Company by the Buyer or
by third-parties secured by the Buyer's efforts, shall be
evidenced by a promissory note in accordance with the same
terms and conditions stated in Section 1.5.2.  All non-cash
assets shall be returned to Buyer or Buyer's designee in
accordance with the terms of Section 1.5.2.

         1.6.3   If Buyer has invested, or caused to be
invested, an additional $350,000 into the Company on or before
November 30, 1999, then Seller's Put Option shall expire
unexercised.

     1.7     Closing.  The closing of the purchase and sale of the
Micromatix Shares provided herein (the "Closing") will be at the
offices of the Buyer at 10:00 a.m., local time, on September 2,
1999, or at such other place or at such other date and time as
Seller and Buyer may mutually agree.  Such date and time of Closing
is herein referred to as the "Closing Date".

     1.8     Company Acquisitions Prior and Subsequent to Closing.
Not Applicable.

     1.9     Additional Terms and Conditions.

        1.9.1   Subsequent to Closing, but prior to the
expiration of Buyer's Put Option as described in Section 1.5
herein, Seller agrees that

             (a)     any merger, consolidation, reorganization,
        dissolution, liquidation, winding up, or sale of all or
        substantially all of the Company's assets shall require
        the approval of Buyer's board of directors; and

             (b)     Seller shall not sell, encumber, liquidate, or
        otherwise dispose of the IMTL Shares without the approval
        of the Buyer's board of directors.

             (c)     The rights of approval granted in this section
        1.8.1 shall expire with the expiration of Buyer's Put
        Option as described in Section 1.5 herein.

        1.9.2   As soon as possible, but in no event later than
60 days subsequent to Closing, Buyer shall conduct its annual
stockholder and board of director's meeting.  At such meeting,
Seller agrees to vote to support resolutions calling for the
following:

             (a)     the 2 to 1 reverse split of the International
        Mercantile Corporation Class B common stock, such that
        subsequent to such split there shall be only one million
        (1,000,000) shares of Class B common stock issued and

                                     3

<PAGE>   EX-10.1

        outstanding;

             (b)     the payment of a stock dividend to the Buyer's
        shareholders consisting of the 11,000 issued and
        outstanding common shares of University Mortgage, Inc.
        ("UMI") owned by Buyer as of the date of such dividend
        declaration;

             (c)     The issuance to Frederic Richardson of one
        million five hundred thousand (1,500,000) shares or, at
        the election of the board of directors, options for
        shares of International Mercantile Corporation Class A
        common stock in consideration for services rendered as
        chairman of the corporation;

            (d)     the creation by Buyer of an employee stock
        ownership plan and/or employee stock option plan to
        facilitate the hiring and retention of key employees;

            (e)     the execution of an irrevocable investment
        agreement with Swartz Institutional Finance providing for
        the sale of five million dollars ($5,000,000) of
        International Mercantile Corporation Class A common
        stock;

            (f)     the ratification of all actions taken by the
        Buyer's officers and directors since September 1998
        through the date of Closing.

            (g)     The change of International Mercantile
        Corporation's name to Micromatix.com, Inc., or
        a derivative thereof.

            (h)     The redomestication of International
        Mercantile Corporation to the State of Delaware.

        1.9.3   At Closing, Timothy Jewell and Bernard Cary
    shall be elected to the Buyer's board to directors to fill
    vacancies created by the resignations of Ed Hutya and Walt De
    Ronde.  Until the sooner of the expiration of Buyer's Put
    Option, or the resignation of one or more of the following
    named individuals, the board of directors of International
    Mercantile Corporation shall consist of Frederic Richardson
    (Chairman), Max Apple (Chairman Emeritus), Timothy Jewell,
    Bernard Cary, George Weast and Michael Scott Hess, unless
    otherwise approved by the unanimous consent of the holders of
    International Mercantile Corporation Class B common stock; and

        1.9.4   At Closing, Timothy Jewell shall be elected to
    serve as President/CEO of Buyer, filling the vacancy caused by
    the resignation of Michael Scott Hess.  Bernard Cary shall be
    elected to serve as Vice President and Chief Operating
    Officer, a newly created position.  Within five business days
    subsequent to Closing, the company shall enter into mutually
    agreeable employment contracts with Timothy Jewell, Bernard
    Cary, Frederic Richardson, and Michael Scott Hess.

	1.9.5	At Closing, unless otherwise agreed between the
    parties, Buyer shall invest, or cause to be invested, $150,000
    into the Company as equity capital.

        1.9.6   As soon as possible after Closing, but in no
    event later than December 31, 1999, unless otherwise agreed
    between the parties, Buyer shall invest, or cause to be
    invested,  an additional $350,000 in equity into the Company

                                     4

<PAGE>   EX-10.1

2.	Representations and Warranties of Seller.

Each Seller, as to itself only, represents and warrants to
Buyer as follows:

     2.1     Subsidiaries; Existence; Good Standing; Corporate
Authority; Compliance With Law.

        2.1.1  The Company has no subsidiaries.

        2.1.2  The Company is a private corporation duly
    incorporated, validly existing and in good standing under the
    laws of the State of Delaware. The Company has all requisite
    corporate power and authority to own its properties and carry
    on its business as now conducted. The Company is not in
    default with respect to any order of any court, governmental
    authority, or arbitration board or tribunal to which the
    Company is a party or is subject, and the Company is not in
    violation of any laws, ordinances, governmental rules, or
    regulations to which it is subject. The Company has obtained
    all licenses, permits, and other authorizations and has taken
    all actions required by applicable laws or governmental
    regulations in connection with its business as now conducted.

    2.2     Validity and Effect of Agreements.  This Agreement
constitutes, and all agreements and documents contemplated hereby
when executed and delivered pursuant hereto for value received will
constitute, the valid and legally binding obligations of Seller
enforceable in accordance with their terms, and the Buyer hereby is
granted the right of specific performance. The execution and
delivery of this Agreement does not and the consummation of the
transactions contemplated hereby will not (a) require the consent
of any third party (except as set forth in Section 5.1 of this
Agreement), (b) result in the breach of any term or provision of,
or constitute a default under, or result in the acceleration of or
entitle any party to accelerate (whether after the giving of notice
or the lapse of time or both) any obligation under, or result in
the creation or imposition of any lien, charge, pledge, security
interest or other encumbrance upon any part of the property of the
Company pursuant to any provision of, any order, judgment,
arbitration award, injunction, decree, indenture, mortgage, lease,
license, lien, or other agreement or instrument to which Seller or
the company is a party or by which any of them is bound, or violate
or conflict with any provision of the Bylaws or Articles/
Certificate of Incorporation of the Company as amended to the date
of this Agreement.

    2.3     Capitalization.  The Company has the following capital
structures:

                               Authorized Capital    Issued Capital
                               ------------------    --------------
Micromatix.com Incorporated    1,000 Common Shares   100 Common Shares

No shares other than listed herein will be presently issued and
outstanding as of the Closing Date. Except for rights granted
pursuant to this Agreement and as described in Schedule 2.3.3
attached hereto, there are no outstanding rights, warrants,
options, subscriptions, agreements or commitments giving anyone any
right to require the Company to sell or issue, or the Seller to
sell, any capital stock or other securities.

     2.4     Records.  The corporate minute books of the Company to be
delivered to Buyer at the Closing shall contain true and complete
copies of the Articles of Incorporation, as amended to the Closing
Date, bylaws, as amended to the Closing Date, and the minutes of

                                     5

<PAGE>   EX-10.1

all meetings of directors and shareholders and certificates
reflecting all actions taken by the directors or shareholders
without a meeting, from the date of incorporation of the Company to
the Closing Date.

     2.5     Officers and Directors; Bank Accounts; Powers of
Attorney; Insurance.  The officers and directors of the Company are
as set forth in Schedule 2.5. Schedule 2.5 also sets forth (a) the
name of each bank, savings institution or other person with which
the Company has an account or safe deposit box and the names and
identifications of all persons authorized to draw thereon or have
access thereto, (b) the names of all persons, if any, holding
powers of attorney from the Company and a summary statement of the
terms thereof, and (c) a list of all insurance policies owned by
the Company (other than those required to be listed in Schedule
2.14 hereof), together with a brief statement of the coverage
thereof.

     2.6     Financial Statements.  Seller has furnished to Buyer (a)
an unaudited balance sheet of the Company as of September 2, 1999
(the "Unaudited Balance Sheet"), and (b) an unaudited income
statement of the Company for the eight months ending August 31,
1999 (the "Unaudited Income Statement "). The Unaudited Balance
Sheet and Unaudited Income Statement referred to above are
hereinafter collectively referred to as the "Financial Statements".
The Financial Statements fully and fairly set forth the financial
condition of the Company as of the dates indicated, and the results
of its operations for the periods indicated, in accordance with
generally accepted accounting principles consistently applied,
except as otherwise stated therein and in the related reports of
independent accountants and other data, copies of which are
attached hereto as Exhibit 2.6.

     2.7     Undisclosed Liabilities.  The Company has no liabilities
or obligations whatsoever, either accrued, absolute, contingent, or
otherwise, which are not reflected or provided for in the Financial
Statements except (a) those arising after the date of the Unaudited
Balance Sheet which are in the ordinary course of business, in each
case in normal amounts and none of which is materially adverse, and
(b) as and to the extent specifically described in the Schedules
hereto.

     2.8     Absence of Certain Changes or Events Since the Date of
the Unaudited Balance Sheet.  Since the date of the Unaudited
Balance Sheet, the Company has not, with the exception of those
items enumerated on Schedule 2.8 which is attached hereto and made
a part hereof:

        2.8.1  incurred any obligation or liability (fixed or
     contingent), except normal trade or business obligations
     incurred in the ordinary course of business and consistent
     with past practice, none of which is materially adverse, and
     except in connection with this Agreement and the transactions
     contemplated hereby;

        2.8.2  discharged or satisfied any lien, security
     interest or encumbrance or paid any obligation or liability
     (fixed or contingent), other than in the ordinary course of
     business and consistent with past practice;

        2.8.3  mortgaged, pledged or subjected to any lien,
     security interest or other encumbrance any of its assets or
     properties (other than mechanic's, materialman's, and similar
     statutory liens arising in the ordinary course of business and
     purchase money security interests arising as a matter of law
     between the date of delivery and payment);

                                     6

<PAGE>   EX-10.1

        2.8.4  transferred, leased or otherwise disposed of any
    of its assets or properties except for a fair consideration in
    the ordinary course of business and consistent with past
    practice or, except in the ordinary course of business and
    consistent with past practice, acquired any assets or
    properties;

        2.8.5  canceled or compromised any debt or claim, except
    in the ordinary course of business and consistent with past
    practice;

        2.8.6  waived or released any rights of material value;

        2.8.7  transferred or granted any rights under any
    concessions, leases, licenses, agreements, patents,
    inventions, trademarks, trade names, service marks or
    copyrights or with respect to any know-how;

        2.8.8  made or granted any wage or salary increase
    applicable to any group or classification of employees
    generally entered into any employment contract with, or made
    any loan to, or entered into any material transaction of any
    other nature with any officer or employee of the Company;

        2.8.9  entered into any transaction, contract or
    commitment, except in the ordinary course of business;

        2.8.10  suffered any casualty loss or damage (whether or
    not such loss or damage shall have been covered by insurance)
    which affects in any material respect its ability to conduct
    business; or

        2.8.11  declared any dividends or bonuses, or authorized
    or affected any amendment or restatement of the Article of
    Incorporation or bylaws of the Company or taken any steps
    looking toward the dissolution or liquidation of the Company.
    Between the date of this Agreement and the Closing hereunder,
    the Company will not, without the prior written consent of
    Buyer, do any of the things listed in Sections 2.8.1 through
    2.8.11 above.

    2.9     Taxes.  The Company (a) has duly and timely filed or
caused to be filed all federal, state, local, and foreign tax
returns (including, without limitation, consolidated and/or
combined tax returns) required to be filed by it prior to the date
of this Agreement which relate to the Company or with respect to
which the Company or the Assets or properties of the Company are
liable or otherwise in any way subject, (b) has paid or fully
accrued for all taxes shown to be due and payable on such returns
(which taxes are all the taxes due and payable under the laws and
regulations pursuant to which such returns were filed), and (c) has
properly accrued for all such taxes accrued in respect of the
Company or the assets and properties of the Company for periods
subsequent to the periods covered by such returns. No deficiency in
payment of taxes for any period has been asserted by any taxing
body and remains unsettled at the date of this Agreement. Copies of
all federal, state, local, and foreign tax returns of the Company
have been made available for inspection by Buyer.

     2.10    Title To Micromatix Shares.  The Micromatix Shares are
duly authorized, validly issued, fully paid and nonassessable and
are owned by Seller free and clear of all liens, encumbrances,
charges, assessments and adverse claims.  The Micromatix Shares are
subject to no restrictions with respect to transferability to Buyer
in accordance with the terms of this Agreement.  Upon transfer of

                                     7

<PAGE>   EX-10.1

the Micromatix Shares by Seller, Buyer will, as a result, receive
good and marketable title to all 100 percent of the Micromatix
Shares, free and clear of all security interests, liens,
encumbrances, charges, assessments, restrictions, and adverse
claims.

    2.11    Title to Property and Assets.  The Company has good and
marketable title to all of the properties and assets used by it in
the conduct of its business (including, without limitation, the
properties and assets reflected in the Balance Sheets except any
thereof since disposed of for value in the ordinary course of
business) and none of such properties or assets is, except as
disclosed in said Balance Sheets or the Schedules hereto, subject
to a contract of sale not in the ordinary course of business, or
subject to security interests, mortgages, encumbrances, liens, or
charges of any kind or character.

    2.12    Condition of Personal Property.  All tangible personal
property, equipment, fixtures and inventories included within the
assets of the Company or required to be used in the ordinary course
of business are in good, merchantable, or in reasonable repairable
condition and are suitable for the purposes for which they are
used. No value in excess of applicable reserves has been given to
any inventory with respect to obsolete or discontinued products.
All of the inventories and equipment, including equipment leased to
others, are well maintained and in good operating condition.

    2.13    Real Estate.  Schedule 2.13 contains a list of all real
property owned by the Company or in which the Company has a
leasehold or other interest and of any lien, charge, or encumbrance
thereupon.  Such Schedule also contains a substantially accurate
description identifying all such real property and the significant
rental terms (including rents, termination dates, and renewal
conditions). The improvements upon such properties and use thereof
by the Company conforms to all applicable lease restrictions,
zoning, and other local ordinances.  To the best of Seller's
knowledge, the Company's real property (the "Property") does not
contain any hazardous substance; the Seller has not conducted or
authorized the generation, transportation, storage, treatment or
disposal at the Property of any hazardous substance; that the
Seller has not received any notice of and has no knowledge that any
government authority or any employee or agent thereof, or any
private citizen, has determined, or threatens to determine, or made
any claim in any form, that there is a presence, release, threat of
release, placement on or in the Property, or the generation,
transportation, storage, treatment or disposal at the Property, of
any hazardous substance.  For purposes of this paragraph,
"hazardous substance" means any matter giving rise to liability
under any local, state or federal law, ordinance or regulation or
any common law theory based on nuisance or strict liability; does
not contain unacceptable levels of natural asbestos; has not been
used as a grave site, fill or borrow area; does not contain
underground storage tanks on the Property;

    2.14    List of Contracts and Other Data.  Schedule 2.14 sets for
the following:

        2.14.1  all collective bargaining agreements, employment
    and consulting agreements, executive compensation plans, bonus
    plans, profit-sharing plans, deferred compensation agreements,
    employee pension or retirement plans, employee stock purchase
    and stock option plans, group life insurance, hospitalization
    insurance or other plans or arrangements providing for
    benefits to employees of the Company.

                                     8

<PAGE>   EX-10.1

        2.14.2  all contracts, understandings, and commitments,
    (including, without limitation, mortgages, indentures, and
    loan agreements) to which the Company is a party, or to which
    it or any of its assets or properties are subject and which
    are not specifically referred to herein.

        2.14.3  the names and current annual compensation rates
    of all employees of the Company; and

    True and complete copies of all documents and complete
descriptions of all oral understandings, if any, referred to in
Schedules 2.13 and 2.14 have been provided or made available to
Buyer and its counsel.

    2.15    No Breach or Default.  The Company is not in default
under any contract to which it is a party or by which it is bound,
nor has any event occurred which, after the giving of notice or the
passage of time or both, would constitute a default under any such
contract. Seller have no reason to believe that the parties to such
contracts will not fulfill their obligations under such contracts
in all material respects or are threatened with insolvency.

    2.16    Litigation.  Except as set forth in Schedule 2.16, there
are no actions, suits or proceedings with respect to the Company
involving claims by or against Seller or the Company which are
pending or threatened against Seller or the Company, at law or in
equity, or before or by any federal, state, municipal or other
governmental department, commission, board, bureau, agency, or
instrumentality. No basis for any action, suit, or proceeding
exists, and there are no orders, judgments, injunctions, or decrees
of any court or governmental agency with respect to which Seller or
the company has been named or to which Seller or the Company is a
party, which apply, in whole or in part, to the business of the
Company, or to any of the assets or properties of the Company or
the Micromatix Shares or which would result in any material adverse
change in the business or prospects of the Company.

    2.17    No Brokers.  Neither Seller nor the Company has entered
into any contract, arrangement or understanding with any person or
firm which may result in the obligation of Buyer or the Company to
pay any finder's fees, brokerage or agent's commissions, or other
like payments in connection with the negotiations leading to this
Agreement or the consummation of the transactions contemplated
hereby, and neither Seller nor the Company is aware of any claim or
basis for any claim for payment of any finder's fees, brokerage or
agent's commissions, or other like payments in connection with the
negotiations leading to this Agreement or the consummation of the
transactions contemplated hereby.

    2.18    Investment Representation.  The Seller represents that it
understands that (a) the Micromatix Shares being acquired by Buyer
pursuant to this Agreement have not been registered under the
Securities Act of 1933, as amended, and are being issued in
reliance upon an exemption afforded by Section 4(2) thereof for a
transaction by an issuer not involving any public offering, (b)
such Micromatix Shares must be held indefinitely unless a
subsequent disposition thereof is registered under the Securities
Act of 1933, as amended, or is exempt from such registration, (c)
such Micromatix Shares will bear a legend to such effect, and (d)
Seller will make a notation on its transfer books to such effect.
Each Buyer further represents that (i) such Micromatix Shares are
being acquired for investment and without any present view toward
distribution thereof to any other person, (ii) it will not sell or
otherwise dispose of such Micromatix Shares except in compliance
with the registration requirements or exemption provisions under
the Securities Act of 1933, as amended, the rules and regulations
thereunder, and as otherwise set forth by the Securities and

                                  9

<PAGE>   EX-10.1

Exchange Commission, (iii) it has knowledge and experience in
financial and business matters and that he is capable of evaluating
the risks and merits of an investment in Micromatix Shares, (iv) it
has consulted with counsel to the extent deemed necessary, as to
all matters covered by this Agreement and has not relied upon
Seller for any explanation of the application of the various
federal or state securities laws with regard to the acquisition of
such Micromatix Shares, (v) it has investigated and is familiar
with the affairs, financial condition, and prospects of the
Company, and has been given sufficient access to and has acquired
sufficient information about the Company to reach an informed and
knowledgeable decision to acquire such Micromatix Shares, and (vi)
it is able to bear the economic risks of such an investment.

    2.19    Independent Legal Advice.  The Company and the Seller
have sought and will continue to seek independent legal advice in
this transaction.

    2.20    No Misrepresentations or Omissions.  No representation or
warranty by Seller in this Article 2 or in any other Article or
Section of this Agreement, or in any certificate or other document
furnished or to be furnished by Seller pursuant hereto, contains or
will contain any untrue statement of a material fact or omits or
will omit to state a material fact necessary in order to provide
Buyer with accurate information as to the Company.

3.	Representations and Warranties of Buyer.  Buyer represents and
warrants to Seller as follows:

    3.1     Existence; Good Standing; Corporate Authority; Compliance
with Law.  Buyer is a publicly-traded corporation.  Buyer is duly
incorporated, validly existing, and in good standing under the laws
of the State of Missouri.  Buyer is duly licensed or qualified to
do business as a foreign corporation and is in good standing under
the laws of all other jurisdictions in which the character of the
properties owned or leased by it therein or in which the
transaction of its business makes such qualification necessary.
Buyer has all requisite corporate power and authority to own its
properties and carry on its business as now conducted. Buyer is not
in default with respect to any order of any court, governmental
authority, or arbitration board or tribunal to which Buyer is a
party or is subject, and Buyer is not in violation of any laws,
ordinances, governmental rules or regulations to which it is
subject. Buyer has obtained all licenses, permits, or other
authorizations and has taken all actions required by applicable
laws or governmental regulations in connection with its business as
now conducted.

    3.2     Authorization; Validity and Effect of Agreements.  The
execution and delivery of this Agreement and all agreements and
documents contemplated hereby by Buyer, and the consummation by it
of the transactions contemplated hereby, have been duly authorized
by all requisite corporate action. This Agreement constitutes, and
all agreements and documents contemplated hereby when executed and
delivered pursuant hereto for value received will constitute, the
valid and legally binding obligations of Buyer enforceable in
accordance with their terms. The execution and delivery of this
Agreement does not and the consummation of the transactions
contemplated hereby will not (a) require the consent of any third
party (except as set forth in Section 5.2 of this Agreement), (b)
result in the breach of any term or provision of, or constitute a
default under, or result in the acceleration of, or entitle any
party to accelerate (whether after the giving of notice or the
lapse of time or both) any obligation under, or result in the
creation or imposition of any lien, charge, pledge, security
interest or other encumbrance upon any part of the property of the
Company pursuant to any provision of, any order, judgment,
arbitration award, injunction, decree, indenture, mortgage, lease,

                                10

<PAGE>   EX-10.1

license, lien, or other agreement or instrument to which Buyer is a
party or by which it is bound, and (c) violate or conflict with any
provision of the bylaws or Articles of Incorporation of Buyer as
amended to the date of this Agreement.

4.      Other Covenants and Agreements.

    4.1     Indemnification by Seller.  Upon the terms and subject to
the conditions set forth in Section 4.1, Seller agrees to indemnify
and hold Buyer harmless from and against, and will reimburse Buyer
on demand for, any payment, loss, cost, or expense (including
reasonable attorney's fees and reasonable costs of investigation
incurred in defending against any such payment, loss, cost, or
expense, or claim therefor) made or incurred by Buyer at any time
after the Closing Date in respect of:

        4.1.1  any and all losses, damage, costs or deficiencies
    directly or indirectly resulting from any misrepresentation,
    breach of warranty or non-fulfillment of any covenant on the
    part of such Seller under this Agreement or from any
    misrepresentation in or omission from any certificate or other
    instrument furnished or to be furnished to Buyer hereunder;
    and

        4.1.2  any and all actions, suits, proceedings, demands,
    assessments, judgements, costs and legal and other expenses
    incidental to the foregoing, and Buyer is hereby authorized,
    at its option, to settle such claims and make any payment in
    relation thereto as may be reasonable in the circumstances.

    4.2     Indemnification by Buyer.  Upon the terms and subject to
the conditions set forth in Section 4.2, Buyer agrees to indemnify
and hold Seller harmless from and against, and will reimburse
Seller on demand for, any payment, loss, cost, or expense
(including reasonable attorney's fees and reasonable costs of
investigation incurred in defending against any such payment, loss,
cost, or expense, or claim therefor) made or incurred by Seller at
any time after the Closing Date in respect of:

        4.2.1  any and all losses, damage, costs or deficiencies
    directly or indirectly resulting from any misrepresentation,
    breach of warranty or non-fulfillment of any covenant on the
    part of such Seller under this Agreement or from any
    misrepresentation in or omission from any certificate or other
    instrument furnished or to be furnished to Seller hereunder;
    and

        4.2.2  any and all actions, suits, proceedings, demands,
    assessments, judgements, costs and legal and other expenses
    incidental to the foregoing, and Seller is hereby authorized,
    at its option, to settle such claims and make any payment in
    relation thereto as may be reasonable in the circumstances.

    4.3     Tax Indemnity.  Upon the terms and subject to the
conditions set forth in Section 4.3, Seller agrees to indemnify and
hold Buyer and the Company harmless against, and will reimburse
Buyer (or the Company if Buyer so requests) on demand for:

        4.3.1  any and all tax deficiencies in respect of
    federal, state, local, and foreign sales, use, income, or
    franchise tax or taxes based on or measured by income,
    including any interest or penalties thereon and legal fees and
    expenses incurred by Buyer and the Company with respect to the
    taxable year ended December 31, 1998, and all prior taxable
    years; and

                                11

<PAGE>   EX-10.1

        4.3.2  any and all such taxes, interest, penalties, and
    legal fees and expenses in respect of the period from January
    1, 1999 up to and including the Closing Date, but only to the
    extent that such deficiencies, taxes, interest, penalties, and
    legal fees and expenses exceed, in the aggregate, the amount
    of the aggregate reserves for such taxes, if any, shown as
    liabilities on the Unaudited Balance Sheet.

    The indemnity provided for in this Section 4.3 shall be
independent of and in addition to any other indemnity provision of
this Agreement and, anything in this Agreement to the contrary
notwithstanding, shall survive until the expiration of the
applicable statutes of limitation for the taxes referred to herein.

5.	Conditions of Closing.

    5.1     Buyer's Conditions of Closing.  The obligation of Buyer
to purchase and pay for the Micromatix Shares shall be subject to
and conditioned upon the satisfaction at the Closing of each of the
following conditions:

        5.1.1  All representations and warranties of Seller
   contained in this Agreement and the Schedules hereto shall be
   true and correct at and as of the Closing Date, Seller shall
   have performed all agreements and covenants and satisfied all
   conditions on their part to be performed or satisfied by the
   Closing Date pursuant to the terms of this Agreement, and
   Buyer shall have received a certificate of the Seller dated
   the Closing Date to such effect.

        5.1.2  There shall have been no material adverse change
   since the date of the Unaudited Balance Sheet in the financial
   condition, business or affairs of the Company or any
   affiliate, and the Company or any affiliate shall not have
   suffered any material loss (whether or not insured) by reason
   of physical damage caused by fire, earthquake, accident, or
   other calamity which substantially affects the value of its
   assets, properties or business, and Buyer shall have received
   a certificate of the Seller dated the Closing Date to such
   effect.

        5.1.3  Seller shall have delivered to Buyer a Certificate
   of the Secretary of State (or other authorized officer) of the
   Company's and each Affiliate's respective jurisdiction of
   incorporation certifying as of a date reasonably close to the
   Closing Date that the Company or such Affiliate, as the case
   may be, has filed all required reports, paid all required fees
   and taxes, and is, as of such date, in good standing and
   authorized to transact business as a domestic corporation.

        5.1.4  Seller shall have delivered to Buyer certificates
   and other instruments representing all of the Micromatix
   Shares, duly endorsed for transfer or accompanied by
   appropriate stock powers (in either case executed in blank or
   in favor of Buyer with the execution thereof guaranteed by a
   bank or trust company), together with all other documents
   necessary or appropriate to validly transfer the Micromatix
   Shares to Buyer free and clear of all security interests,
   liens, encumbrances, and adverse claims.

        5.1.5  Neither any investigation of the Company by Buyer,
   nor the Schedules attached hereto or any supplement thereto
   nor any other document delivered to Buyer as contemplated by
   this Agreement, shall have revealed any facts or circumstances

                                12

<PAGE>   EX-10.1

   which, in the sole and exclusive judgment of Buyer and
   regardless of the cause thereof, reflect in an adverse way on
   the Company or its financial condition, assets, liabilities
   (absolute, accrued, contingent, or otherwise), reserves,
   business, operations, or prospects.

        5.1.6  No suit, action, investigation, inquiry, or other
   proceeding by any governmental body or other person or legal
   or administrative proceeding shall have been instituted or
   threatened which questions the validity or legality of the
   transactions contemplated hereby.

        5.1.7  As of the Closing, there shall be no effective
   injunction, writ, preliminary restraining order, or any order
   of any nature issued by a court of competent jurisdiction
   directing that the transactions provided for herein or any of
   them not be consummated as so provided or imposing any
   conditions on the consummation of the transactions
   contemplated hereby, which is unduly burdensome on Buyer.

   5.2     Seller's Conditions of Closing.  The obligation of Seller
to sell the Micromatix Shares shall be subject to and conditioned
upon the satisfaction at the Closing of each of the following
conditions:

        5.2.1  All representations and warranties of Buyer
   contained in this Agreement shall be true and correct at and
   as of the Closing Date and Buyer shall have performed all
   agreements and covenants and satisfied all conditions on its
   part to be performed or satisfied by the Closing Date pursuant
   to the terms of this Agreement; and Seller shall have received
   a certificate of Buyer dated the Closing Date to such effect.

        5.2.2  Buyer shall have effected payment of the Purchase
   Price in accordance with this Agreement.

        5.2.3  Buyer shall have delivered to Seller certificates
   representing the IMTL Stock to be issued pursuant to Section
   1.3 of this Agreement.

        5.2.4  Buyer shall have delivered to Seller a certificate
   of its corporate secretary certifying:

            (a)  Resolutions of its Board of Directors
        authorizing execution of this Agreement and the
        execution, performance, and delivery of all agreements,
        documents, and transactions contemplated hereby; and

            (b)  The incumbency of its officers executing this
        Agreement and all agreements and documents contemplated
        hereby.

        5.2.5  As of the Closing, there shall be no effective
   injunction, writ, preliminary restraining order, or any order
   of any nature issued by court of competent jurisdiction
   directing that the transactions provided for herein or any of
   them not be consummated as so provided or imposing any
   conditions on the consummation of the transactions
   contemplated hereby, which is unduly burdensome on Seller.

                                13

<PAGE>   EX-10.1

6.	Termination and Abandonment; Arbitration.

    6.1     Methods of Termination.  The transactions contemplated
herein may be terminated and/or abandoned at any time before or
after approval thereof by Seller and Buyer, in accordance with the
following:

        6.1.1  not later than Closing, by mutual consent of Buyer
     and Seller;

        6.1.2  not later than Closing, by Buyer if any of the
     conditions provided for in Section 5.1 hereof shall not have
     been met or waived in writing by Buyer prior to such date.

    6.2     Procedure Upon Termination.  In the event of termination
and/or abandonment by Buyer, pursuant to Section 6.1 or 6.2 hereof,
written notice thereof shall forthwith be given to the other party
and the transactions contemplated by this Agreement shall be
terminated and/or abandoned, without further action by Buyer or
Seller. If the transactions contemplated by this Agreement are
terminated and/or abandoned as provided herein:

        6.2.1  Each party will redeliver all documents, work
    papers, and other material of any other party relating to the
    transactions contemplated hereby, whether so obtained before
    or after the execution of this Agreement, to the party
    furnishing the same; and

        6.2.2  No party hereto shall have any liability or
    further obligation to any other party to this Agreement except
    as stated in this Section 6.2, as the case may be; provided,
    however, that: (a) if such termination and/or abandonment is a
    result of the failure of any condition set forth in Section
    5.1 hereof, then Buyer shall be entitled to recover from
    Seller all out-of-pocket costs which Buyer has incurred
    (including reasonable attorney's fees, accounting fees, and
    expenses); and (b) if such termination and/or abandonment is a
    result of the failure of any condition set forth in Section
    5.2 hereof, then Seller shall be entitled to recover from
    Buyer all out-of-pocket costs which Seller has incurred
    (including reasonable attorney's fees, accounting fees, and
    expenses).

    6.3     Arbitration.  In the event of any dispute arising out of
this Section 6 only, the parties shall then submit the dispute to
binding arbitration in accordance with the Rules of the American
Arbitration Association, the parties agreeing to each pay one-half
of the costs of the arbitration and to pay its own expenses
including its own legal fees.  The parties agree that the
arbitrator shall be an independent certified public accountant or
attorney with experience in public merger transactions.

7.	Miscellaneous.

    7.1     Notices.  Any notice required or permitted hereunder
shall be in writing and shall be sufficiently given if personally
delivered or mailed by certified or registered mail, return receipt
requested, addressed as follows:

    If to Buyer:

        International Mercantile Corporation
        P.O. Box 1810
        Brookville, MD  20832

        Attention:  Frederic Richardson, Chairman

                                14

<PAGE>   EX-10.1

     With Copies to:

        Art Fillmore            816-571-1700
        David Levenson          202-857-1757
        Doug Luizio             215-665-9300

     If to Seller:

        Red River Trading Company, Inc.
        P.O. Box 359
        Crownsville, MD  21032

        Attention:  Timothy Jewell, President

     With Copies to:

        John Harman, Coggins Harman & Hewitt
        8905 Fairview Road, Suite 600
        Silver Spring, MD  20910

    7.2     Execution of Additional Documents.  The parties hereto
will at any time, and from time to time after the Closing Date,
upon request of the other party, execute, acknowledge and deliver
all such further acts, deeds, assignments, transfers, conveyances,
powers of attorney, and assurances as may be required to carry out
the intent of this Agreement, and to transfer and vest title to any
Micromatix Shares being transferred hereunder, and to protect the
right, title, and interest in and enjoyment of all of the
Micromatix Shares sold, granted, assigned, transferred, delivered,
and conveyed pursuant to this Agreement; provided, however, that
this Agreement shall be effective regardless of whether any such
additional documents are executed.

    7.3     Binding Effect, Benefits.  This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto
and their respective heirs, successors, executors, administrators,
and assigns. Notwithstanding anything contained in this Agreement
to the contrary, nothing in this Agreement, expressed or implied,
is intended to confer on any person other than the parties hereto
or their respective heirs, successors, executors, administrators,
and assigns any rights, remedies, obligations or liabilities under
or by reason of this Agreement.

    7.4     Entire Agreement.  This Agreement, together with the
Exhibits, Schedules, and other documents contemplated hereby,
constitute the final written expression of all of the agreements
between the parties, and is a complete and exclusive statement of
those terms. It supersedes all understandings and negotiations
concerning the matters specified herein. Any representations,
promises, warranties, or statements made by either party that
differ in any way from the terms of this written Agreement and the
Exhibits, Schedules, and other documents contemplated hereby, shall
be given no force or effect. The parties specifically represent,
each to the other, that there are no additional or supplemental
agreements between them related in any way to the matters herein
contained unless specifically included or referred to herein. No
addition to or modification of any provision of this Agreement
shall be binding upon any party unless made in writing and signed
by all parties.

                                15

<PAGE>   EX-10.1

    7.5     Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of Maryland
exclusive of the conflict of law provisions thereof.

    7.6     Survival.  All of the terms, conditions, warranties, and
representations contained in this Agreement shall survive, in
accordance with their terms, delivery by Buyer of the consideration
to be given by him hereunder and delivery by Seller of the
consideration to be given by them hereunder, and shall survive the
execution hereof and the Closing hereunder.

    7.7     Counterparts.  This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original
but all of which shall constitute one and the same instrument.
Until manually signed counterparts have been exchanged between the
parties, the parties agree to be bound by counterparts delivered by
facsimile containing facsimile representations of actual signatures
affixed by the parties.

    7.8     Headings.  Headings of the Articles and Sections of this
Agreement are for the convenience of the parties only, and shall be
given no substantive or interpretive effect whatsoever.

    7.9     Waivers.  Either Buyer or Seller may, by written notice
to the other; (a) extend the time for the performance of any of the
obligations or other actions of the other under this Agreement; (b)
waive any inaccuracies in the representations or warranties of the
other contained in this Agreement or in any document delivered
pursuant to this Agreement; (c) waive compliance with any of the
conditions or covenants of the other contained in this Agreement;
or (d) waive performance of any of the obligations of the other
under this Agreement. Except as provided in the preceding sentence,
no action taken pursuant to this Agreement, including without
limitation any investigation by or on behalf of any party, shall be
deemed to constitute a waiver by the party taking such action of
compliance with any representations, warranties, covenants, or
agreements contained in this Agreement.  The waiver by any party
hereto of a breach of any provision hereunder shall not operate or
be construed as a waiver of any prior or subsequent breach of the
same or any other provision hereunder.

    7.10    Merger of Documents.  This Agreement and all agreements
and documents contemplated hereby constitute one agreement and are
interdependent upon each other in all respects.

    7.11    Incorporation of Exhibits and Schedules.  All Exhibits
and Schedules attached hereto are by this reference incorporated
herein and made a part hereof for all purposes as if fully set
forth herein.

    7.12    Severability.  If for any reason whatsoever, any one or
more of the provisions of this Agreement shall be held or deemed to
be inoperative, unenforceable, or invalid as applied to any
particular case or in all cases, such circumstances shall not have
the effect of rendering such provision invalid in any other case or
of rendering any of the other provisions of this Agreement
inoperative, unenforceable, or invalid.

    7.13    Assignability.  Neither this Agreement nor any of the
parties' rights hereunder shall be assignable to any party hereto
without the prior written consent of the other parties hereto.

                                16

<PAGE>   EX-10.1

     IN WITNESS WHEREOF the respective parties hereto have hereunto
affixed their respective hands and/or seals on the day, month, and
year first above written.

FOR: INTERNATIONAL MERCANTILE CORPORATION ("BUYER")

/s/Frederic Richardson                                        9/6/99
by: Frederic Richardson, Chairman                              Date

FOR: RED RIVER TRADING COMPANY, INC. ("SELLER")

/s/Timothy Jewell                                             9/6/99
by:  Timothy Jewell, President                                 Date

FOR: MICROMATIX.COM INCORPORATED ("COMPANY")

/s/Timothy Jewell                                              9/6/99
by:  Timothy Jewell, President                                  Date

                                17

<PAGE>   EX-10.1

                     STOCK PURCHASE AGREEMENT
                         By and between
               International Mercantile Corporation
                              and
                   Micromatix.com Incorporated

                            ADENDUM

It is hereby agreed that the transaction referenced in the Stock
Purchase Agreement dated September 6, 1999 shall be accounted for
as a capital transaction with no recognition of goodwill or other
intangible assets.  This transaction is a recapitalization of
Micromatix.com, Inc. (the predecessor company) and not a business
combination.  As such, all historical data shall be that of
Micromatix.com, Inc.  A Reverse Merger.

FOR: INTERNATIONAL MERCANTILE CORPORATION ("BUYER")

/s/Frederic Richardson                        /s/
by: Frederic Richardson, Chairman             Witness

Date  9/6/99                                  Date   9/6/99

FOR: MICROMATIX.COM INCORPORATED ("COMPANY")

/s/ Timothy Jewell                           /s/
by:  Timothy Jewell, President               Witness

Date  9/6/99                                  Date   9/6/99

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