Jay:

We sent this master for execution on May 1, 2001 and the counterparty just 
responded to John with some comments.  Only one comment is credit related:  
LPC does not want to pay default interest as per the ISDA agreement.  LPC 
does not want interest compounded daily.  What is your position? 

I have made all other changes or given LPC an explanation.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com