I will be on vacation from 12/21 to 12/27 and will back in on Tuesday, 
12/28.  I have discussed the contents of the credit worksheets for the 
physical and financial contracts with Stuart Zisman and Sara Shackleton, 
respectively.  Should there be any further credit issues/concerns, please 
direct them to Pat Cini (x5-7130) or Bill Bradford (x3-3831) in credit.  I 
have informed Pat Cini of the status of both contracts and the relating 
credit provisions for each.

Regards,
Tracy
---------------------- Forwarded by Tracy Ngo/HOU/ECT on 12/20/99 05:28 PM 
---------------------------
   
	Enron North America Corp.
	
	From:  Marie Heard                           12/20/99 05:26 PM
	

To: Rodney Malcolm/HOU/ECT@ECT, Stuart Zisman/HOU/ECT@ECT, Elizabeth 
Sager/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT, Tracy Ngo/HOU/ECT@ECT 

Subject: Project Moosehead - ISDA Master Agreement

Tracy Ngo requested that we delete the cross default threshold applying to 
each of EPMI and Merrill Lynch Capital Services, Inc. and have this threhold 
amount apply only to the credit support providers of EPMI and Merrill Lynch 
Capital Services, Inc.  We have made this change to our draft ISDA Master 
Agreement.  Are there any other comments or revisions to the draft?