Thanks for the feedback on the ISDA I got from Alan and Shari. I perhaps did 
not put the suggested changes in the ISDA Schedule in their full context. 
Recently we have received 2 ISDAs which included provisions that incorporate 
by reference Australian Addendum that relate to FX, currency and interest 
products and the like. Normally we only reference the Addenda that relate to 
electricity and commodities. The ralionale for seeking of this alternative 
ISDA form was to allow us the discretion have these provisions remain whilst 
following an agreed Enron trading form. Whilst EAPL is not authorised to 
trade these products we would have the flexibility to do so if the situation 
were to change in the future.  By way of comparison we include provisions to 
allow trading in respect of non-electricity commodities but do not do so.

Anyway as Shari and I discussed perhaps it is better that we drop the 
amendments to produce an alternative Australia ISDA with a broader scope.  l 

       




Alan Aronowitz@ECT
02/15/2000 08:36 AM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT
cc: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 

Subject: Australia ISDA Schedule

David Minns has recently sent to me a proposal to revise the ISDA Schedule 
being currently used in Australia ("Proposal").

Today, I am going to forward the Proposal (which includes a redline against 
the current version, a memo from David justifying the changes, and a note 
from our outside counsel) to the two of you, our in-house experts, under a 
copy of this e-mail. I believe I'm in agreement with the changes posed by 
David. Please advise me and David if you have any issues with the 
modifications he is proposing. Mallesons our law firm in Sydney, has reviewed 
the changes and approved of them.

If we do not hear back within a week, we will assume that the changes are 
acceptable from your standpoint and begin using the form in its revised state.

Thanks in advance for your help.

Alan