This agreement should be split and attach individually to each of the two 
swaps.  The monetization should therefore not be dependent on both of them 
having occurred but only of the one relevant to that particular credit letter.





Angela Davis@ENRON
12/15/2000 04:02 PM
To: W David Duran/HOU/ECT@ECT, Kevin Liss/Corp/Enron@ENRON, Brad 
Alford/ECP/HOU/ECT@ECT, Lewis Worthy/HOU/ECT@ECT, Brian Kerrigan/HOU/ECT@ECT, 
David Leboe/HOU/ECT@ECT, Christopher Coffman/Corp/Enron@Enron, Todd 
Busby/NA/Enron@Enron, John Griffith/Corp/Enron@Enron, dstone@velaw.com, 
mattcook@velaw.com, mspradling@velaw.com, Lisa Mellencamp/HOU/ECT@ECT, 
arafte@bracepatt.com
cc:  

Subject: Revision of Credit Letter

Attached is a black-line of the above referenced letter.






Angela D. Davis
Enron North America Corp.
1400 Smith, Suite 3842
Houston, Texas 77002
Tele. (713) 345-8347
Fax:  (713) 646-3393
e-mail:  angela.davis@enron.com