---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on 
08/06/99 11:26 AM ---------------------------


Sara Shackleton
08/06/99 08:56 AM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc:  
Subject: Re: Restriced Master Agreements  

1.  Finance deals for total return swaps may not have had such language.
   2.  A couple of masters may have excluded trade option exemption with 
respect to counterparty or used our "deemed" language.
   3.  Maybe some of Shari's weather masters excluded commodity items.
   4.  Credit Lyonnais AAA Master didn't address commodities.  Are there 
other AAA masters and/or bank masters like this?
   5.  The paralegals may remember something.


   
	
	
	From:  Mark - ECT Legal Taylor                           08/05/99 07:14 PM
	

To: Sara Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT
cc:  
Subject: Restriced Master Agreements

Do you remember negotiating any master agreements for ECT that did not 
contain the necessary elements for trading energy commodity derivatives?  In 
particular I'm thinking about things like the trade opiton exemption 
representations and the commodity derivatives definitions provisions.