Sara:

Apologies for the delay.  As discussed, attached please find a revised
markup of the propsed Appendix to the repo documentation between Enron North
America and Merrill Lynch Canada.  The base document would be the IDA
standard form.  If the documentation is satisfactory, I will arrange for
executed copies to be forwarded to your attention.

 <<DOC0123C.doc>>

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

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 - DOC0123C.doc