ECA

---------------------- Forwarded by Rob G Gay/NA/Enron on 12/11/2000 09:59 AM
---------------------------

"Jones, Matthew" <MNJ@dentonwildesapte.com< on 11/30/2000 01:25:58 PM
To: "'Rankin, Cliff (V&E)'" <crankin@velaw.com<, "'Barquin, John'"
<jbarquin@velaw.com<
cc: "'Dutton, Chris'" <Chris.M.J.Dutton@SI.shell.com<, "'Gay, Rob (Enron)'"
<rob.g.gay@enron.com<, "'Tarry, Steve (V&E)'" <starry@velaw.com<, "''Novak,
John (Enron)'" <john.novak@enron.com<, "Pirrie, Andrew"
<AYP@dentonwildesapte.com<

Subject: ECA

I attach DWS/Shell comments on the latest version of the ECA. The comments
appear in the text in bold caps, underlined.

The following also need to be included in the draft:

1. provisions for sponsor guarantee buyout, once agreed; and

2. a provision along the lines of Section 7.06 of the TBS Security
Agreement (relating to step-in to the TBS agreements) so as to give
SOTL/Enron Corp privity in relation to these rights. (This point was agreed
with Mary some time ago in one of the New York meetings.)

Consideration also needs to be given as to whether there should be express
recognition of the rights of STDC and Enron Netherlands to subscribe subdebt
under the ECA.

Regards

_____________________________________

Matthew Jones
Denton Wilde Sapte
One Fleet Place London EC4M 7WS UK
Tel: +44 (0)20 7246 7500
Fax: +44 (0)20 7246 7777
E-mail: mnj@dentonwildesapte.com
_____________________________________

<<DWSShell comments on ECA.DOC<<

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- DWSShell comments on ECA.DOC