- ARPA1.txt 
     I have no further comment, from UBS Legal standpoint, on either the
     one-way or two-way ISDA Credit Support Annex Paragraph 13, pending
     the text to come defining "Material Adverse Change".

     Will have comments on the Gas Annex tomorrow and the Power Annex as
     soon as possible after I receive it.

     I will be in Stamford tomorrow at 203.719.8958.

     Best regards.


______________________________ Reply Separator _________________________________
Subject: Final Collateral Annexes
Author:  Carol.St.Clair (Carol.St.Clair@ENRON.com) at unix,mime
Date:    2/4/02 5:30 PM


Enclosed are final versions of the Physical Gas Collateral Annex and the One Way
 and Two way Schedules to the ISDA Credit support Annex.  Elizabeth Sager will b
e e-mailing the Power Collateral Annex.


 <<UBS Credit Support Annex Version 3 One Way FINAL 2-4.doc>>  <<UBS Credit Supp
ort Annex Version 5 Two Way FINAL 2-4.doc>>  <<NETCO Gas Master Credit Support A
nnex Version 3 FINAL 2-4.doc>>

Carol St. Clair
EB 4539
713-853-3989 (phone)
713-646-3393 (fax)
281-382-1943 (cell phone)
8774545506 (pager)
281-890-8862 (home fax)
carol.st.clair@enron.com



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 - UBS-Credit-Support-Annex-Version-3-One-Way-FINAL-2-4.doc 
 - UBS-Credit-Support-Annex-Version-5-Two-Way-FINAL-2-4.doc 
 - NETCO-Gas-Master-Credit-Support-Annex-Version-3-FINAL-2-4.doc 

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