As far as I know, this is the policy for all online trading.  Did I miss 
something?




Debbie R Brackett
10/15/99 10:34 AM
To: Justin Boyd/LON/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Stacy E 
Dickson/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT
cc: Lee Munden/LON/ECT@ECT, David Weekes/LON/ECT@ECT, Tom Moran/HOU/ECT@ECT, 
David Hardy/LON/ECT@ECT, William S Bradford/HOU/ECT@ECT, Molly 
Mathes/HOU/ECT@ECT 
Subject: Re: EOL - Master versus Online GTCs  

I understand this is our stance here in the US for financial trades......but 
why the difference in physical? English law?



David Hardy
10/15/99 09:16 AM
To: Lee Munden/LON/ECT@ECT, David Weekes/LON/ECT@ECT, Debbie R 
Brackett/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT
cc:  
Subject: EOL - Master versus Online GTCs

fyi
---------------------- Forwarded by David Hardy/LON/ECT on 15/10/99 14:17 
---------------------------


Justin Boyd
15/10/99 09:16
To: Amita Gosalia/LON/ECT@ECT, Meagan Brinkworth/LON/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, David 
Hardy/LON/ECT@ECT 
Subject: EOL - Master versus Online GTCs

The underlying contractual structure for trades effected on-line between the 
relevant Enron entity and a Counterparty is as follows:

if there is an existing Master for the particular product between the 
contracting parties, that Master will govern on-line trades.
if there is no Master between the parties, then the applicable on-line GTCs 
will apply. 

If the terms of a Master are unacceptable to us for whatever reason (e.g. due 
to insufficient credit provisions), then it may be appropriate to terminate 
that Master.  
If however, we wish to keep a Master in place but do not wish to use it for 
on-line trades, then the counterparty needs to be notified of this and give 
its consent.  Such notice could state that until the Master had been suitably 
amended (i.e. by the negotiation of new credit provisions), then the on-line 
GTCs will apply.

Justin