-----Original Message-----
From: 	"Bruning, Dianne" <Dianne.Bruning@Bmo.com>@ENRON  
Sent:	Thursday, November 01, 2001 1:30 PM
To:	Taylor, Mark E (Legal)
Cc:	DeVeny, David
Subject:	FW: Ring Trades

Dear Mark,

I received your voicemail and apologize for the delay in responding to you.
I have reviewed the language proposed below and we agree that we are willing
to include this language in the confirmations with respect to the off market
trades in question.

Please do not hesitate to contact me directly if you need any further
information from me.

Best regards,

Di Bruning
Legal Counsel
Commodity Derivatives Group
Bank of Montreal

-----Original Message-----
From: DeVeny, David
Sent: Wednesday, October 31, 2001 4:16 PM
To: Bruning, Dianne; Whitmore, James B.
Cc: Moore, Robert B., Jr.
Subject: FW: Ring Trades


Dianne:

How should I reply to this message.

Thanks,
David

-----Original Message-----
From: Storey, Geoff [mailto:Geoff.Storey@ENRON.com]
Sent: Wednesday, October 31, 2001 3:47 PM
To: DeVeny, David
Subject: Ring Trades



David,

Thanks for your patience. We are working hard on getting Coral and BP
North America on board with the ring trades.

I have another counterparty that may want to ring out some ATM Chicago
basis. Let me know about that.

I have also enclosed the language that would tie all these trades
together.

Thanks,

Geof Storey
713-853-7058



Each of the parties to this Agreement recognizes and acknowledges that
the parties are acting and agreeing to perform their obligations
hereunder in reliance upon (i) the timely execution and delivery by
[legal name of other counterparty] ("Third Party") and Party A of a
transaction in substantially the form attached hereto as Exhibit A
("Third Party Transaction A") and would not otherwise agree to execute,
deliver and perform under this Agreement if Third Party and Party A were
not contemporaneously executing and delivering Third Party Transaction A
and (ii) the timely execution and delivery by Third Party and Party B of
a transaction in substantially the form attached hereto as Exhibit B
("Third party Transaction B") and would not otherwise agree to execute,
deliver and perform under this Agreement if Third Party and Party B were
not contemporaneously executing and delivering Third party Transaction
B. The effectiveness of this Agreement shall be subject to the condition
that contemporaneously with the execution and delivery of this Agreement
Party A and Third Party execute and deliver Third Party Transaction A
and Party B and Third Party execute and deliver Third Party Transaction
B.



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