Swaps Legal Team:

Please prepare an amendment to the existing ISDA Master Agreement between Merced Irrigation District and ENA dated 3/25/99.  Please note the changes to the agreement are in 'red' in the attached credit worksheet.

Note:  Carol St. Clair has worked on municipal ISDA's in the past [ie Benton and Franklin] that contain a 'regulatory out' clause that can also be applied in this ISDA.

Please call with any questions.

Regards,
Tracy
503-464-8755