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Following the recent administration of Railtrack and the draft Memorandum to Members of 11 October circulated by ISDA (copy attached for info), a number of you have expressed a wish to formally respond to ISDA on the issues raised. I've attached the draft we propose to send to ISDA. If you could let me have any thoughts/comments on the draft as soon as possible. I'll leave the decision as to when/if to submit the letter to Bryan. Thanks and regards,

What is the subject of this email?
Draft letter to ISDA re. "Not Contingent" and convertible bonds