The revised form of ISDA exhibit.doc (which contains the credit support annex 
and letter of credit forms) has been moved into the attorney forms bank under 
atty.fms/current forms/isdaexh.doc.  The old form of ISDAexh.doc is now under 
"old forms" in the attorney forms bank as atty.fms/old forms/oldISDAexh.doc.  
Again, per my last email, the revised Multicurrency Schedule is already in 
attorney forms.  You may want to circulate blacklined drafts.  The Index to 
the swap forms is now also located in the attorney forms bank for your 
reference for the most current forms.  It is called "formlist.doc."

London and Singapore, FYI, in addition to making changes to the ISDA 
collateral annex, we made changes to the MAC definitions (which we inserted 
into ISDAexh.doc for ease of the paralegals) and made changes to the letter 
of credit terms, as well as the form of Letter of Credit.   We also added in 
an alternative "Credit Support Amount" provision on the front page of the 
ISDA credit support annex to deal with situations when we do not want to 
return the Credit Support Amount during the term of the Master Agreement.

We moved the guaranty forms (Enron Corp. and Counterparty) as a separate 
document(s) in the attorney forms bank, atty.fms/current forms/guaranty.doc.  
The guaranty form was revised to (1) make it cover both confirms and masters 
so we don't need two separate forms on an ongoing basis, and (2) we changed 
the procedures for timing of demands made on Enron (deleting the 15 day 
period).  We are also discussing adding an assignment provision to the Enron 
Corp. guaranty with Clement and will keep you posted.

We are close to finalizing changes to the Industrial Master, as well as 
making changes to the Omnibus form of confirmation.
Also, by the end of the day I will have moved our standard forms of 
Secretary's Certificates into the attorney forms bank.