Sara:

In terms of time references, the convention in Canada is that all time
references are to Toronto time.  In addition, with respect to defaults, the
Canadian practice (including Merrill Lynch Canada's) as to fails on the
initial delivery will depend on the duration of the trade.  For long dated
trades, the trade will be revised to reflect the original duration less the
delay for the initial delivery.  For short dated trades, payment will be
made as if the securities had been delivered.

If you require additional information, please contact me.

Regards,

Marcelo A. Cosma
Office of General Counsel--Canada
Tel.:  1-416-369-7478
Fax:  1-416-369-4551
E-mail:  marcelo_cosma@ca.ml.com

This email message is intended for the addressee only.  It may contain
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-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Monday, February 12, 2001 11:57 AM
To: marcelo_cosma@ca.ml.com
Subject: repo agreement with Enron North America Corp.


Marcelo:

Just checking to see if you had any information for me (default, time
zone).  Regards.


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com