Frank:
I spoke with her attorney yesterday and believe that I addressed her concerns 
with the ETA, GTC and Password Application forms.  She is going to add 
language to the Password Application that makes it clear that any GTC is 
considered to be "signed" and "in writing" if they are required by the 
Website to click on it.  Her main concern given the fact that we now have a 
Master in place with them is that they are not asked to accept the terms of a 
GTC and I assured her that so long as she has a Master in place that covers 
the product that she wants to trade that they will not be asked to accept a 
GTC.  Anyway, putting this language in the PA seemed to make her feel 
better.  Once you receive the PA from her why don't you fax it to me  and I 
will let you know if it is acceptable.

Also, as I discussed with Stephanie yesterday, they wanted to do a "test" run 
on the Website to check to make sure that they would not be asked to accept a 
GTC.  I told her that the only way to do this would be to click on a product 
description once they get their password.  I understand that you and Tana 
will coordinate with each other when the time comes to make sure that the 
ISDA Master that they executed gets coded into the Website at the proper time 
so that when they do click on a product description, no GTC appears.

Please call me if you have any questions. 

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com