Sara,

Paul wants to know if we have any objections to the attached form of 
confirmation.  Please let me know if you have any concerns.  Thank you!  
---------------------- Forwarded by Laurel Adams/HOU/ECT on 07/31/2000 05:00 
PM ---------------------------
   
	
	
	From:  Paul Pizzolato                           07/31/2000 09:32 AM
	

To: Tom Doukas/NA/Enron@ENRON, Laurel Adams/HOU/ECT@ECT, Jeff 
Kinneman/HOU/ECT@ECT
cc:  
Subject: TR Bond Swap Confirmation


---------------------- Forwarded by Paul Pizzolato/HOU/ECT on 07/31/2000 
09:22 AM ---------------------------


Greg.Mackay@ubsw.com on 07/27/2000 01:48:39 PM
To: paul.pizzolato@enron.com
cc:  
Subject: TR Bond Swap Confirmation


     Paul,
     Please find attached a blank template Bond Total Return Swap Master
     Confirm and the adjoining Supplemental Confirm.  It has been updated
     to take three hours for you to accept or reject the Market Value set
     by the Calculation Agent.
     Please call with any questions or concerns.  Hope to get a trade on
     ASAP.

     Thanks and Regards,




     Greg MacKay

 - ect_supp.doc
 - ect_ma~1.doc

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