---------------------- Forwarded by Carol St Clair/HOU/ECT on 05/09/2000 
08:33 AM ---------------------------


JEveling@milbank.com on 05/09/2000 07:43:56 AM
To: sdwyer@enron.com, mabboudy@enron.com, aedgley@enron.com, 
mevans@enron.com, plord@enron.com, baiken@enron.com, bglisan@enron.com, 
mike.jakubik@enron.com, jbadillo@enron.com, jginty@enron.com, 
donette.dewar@enron.com, alvaro.camarero@enron.com, sschard@enron.com, 
dscott@dlj.com, rcabes@dlj.com, scott.sefton@enron.com, 
carol.st.clair@enron.com, dhemsey@dlj.com, jball@dlj.com, pwoodbur@dlj.com, 
rpiskadl@dlj.com, nora.dobin@enron.com, bherman@dlj.com, 
melissa.p.allen@arthurandersen.com, cclementdavies@velaw.com, 
jeldredge@velaw.com, smacgibbon@velaw.com, tchandler@velaw.com, 
mschimberg@velaw.com, mkidwell@velaw.com, awright@velaw.com, 
eosterberg@velaw.com, mrh@mm-brig.mottmac.com, jl1@mm-brig.mottmac.com
cc: TSiebens@milbank.com, PFletcher@milbank.com, TDavis@milbank.com, 
BKayle@milbank.com, LKeene@milbank.com, FKneip@milbank.com, 
FPuleo@milbank.com, ERayner@milbank.com, MWilson2@milbank.com, 
AWalker@milbank.com, JEveling@milbank.com 
Subject: Project Margaux - Revised Swap Documentation




Please find attached below clean and black-lined versions of the Swap 
Confirmation (against May 4 version) and the Swap Assignment Agreement 
(against April 20 version).? No changes have been made to the Schedule to the 
ISDA Master Agreement since the last circulation of that document.

Also attached is an extract from the draft Participation Agreement dealing 
with Partial Prepayment of Floating Amount Payment and Full Prepayment under 
the Swap.

We understand that clean copies of these documents are being distributed to 
the Equity investors this afternoon. 

Regards 

James Eveling 

 <<REDLINEv9v5.DOC>>  <<#20040754 v9 - Draft Swap Confirmation.doc>>  
<<#20040756 v3 - Margaux Swap Assignment Agreement.doc>>  <<#20040756 vRED - 
Margaux Swap Assignment Agreement.rtf>>  <<#20040963 v1 - Rider - ARTICLE VII 
- OTHER AGREEMENTS.doc>> 

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 - REDLINEv9v5.DOC
 - #20040754 v9 - Draft Swap Confirmation.doc
 - #20040756 v3 - Margaux Swap Assignment Agreement.doc
 - #20040756 vRED - Margaux Swap Assignment Agreement.rtf
 - #20040963 v1 - Rider - ARTICLE VII - OTHER AGREEMENTS.doc