The Tranzonic Companies

Edmund,

Below is the standard information we always have in every email when we get a
master swap agreement executed. With this email Global Counterparty can open
the counterparty. We then immediately send the master swap agreement and
other documentation down in the attached memo. If we get the master in
signed but we're waiting on critical additional documentation (like the
guaranty or perhaps a legal opinion on a governmental) we hold off on sending
the email. Sometimes the file may not be complete because we are waiting on
incumbency certificates (which we do not consider critical in most
circumstances) so we may send the email, send down whatever executed
documentation we have, while we wait on the certificates. We used to wait to
send the executed documents down until we had the whole package completed,
but they can't approve the counterparty without getting the master. Does
this make sense?...

I am now going to look for one with special instructions...

Below is my standard memo to Global Contract with any kind of executed
documents I send down to them. Also, a new procedral thing that is evolving
here in Houston, we used to send Global Contracts the originally executed
guarantees, but Credit is not the gatekeeper and recordkeeper of all
guarantees so we will be sending the originals to them in the future (with a
copy in the Global Contract file)

----- Forwarded by Tana Jones/HOU/ECT on 06/01/2000 10:56 AM -----

Susan Flynn
04/22/2000 10:52 AM

To: Jefferson D Sorenson/HOU/ECT@ECT, Laurel Adams/HOU/ECT@ECT, Andrea R
Guillen/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT, David P Dupre/HOU/ECT@ECT,
Chris Walker/HOU/ECT@ECT, Jarrod Cyprow/HOU/ECT@ECT, Pamela
Sonnier/HOU/ECT@ECT, Sheetal Patel/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT, Harry
Bucalo/HOU/ECT@ECT, Charlie Hoang/HOU/ECT@ECT, Bob Bowen/HOU/ECT@ECT, William
S Bradford/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Nidia
Mendoza/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Rod
Nelson/HOU/ECT@ECT, Russell Diamond/HOU/ECT@ECT, Tracy Ngo/HOU/ECT@ECT, John
Suttle/HOU/ECT@ECT, Tracy Ngo/HOU/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Molly
Harris/HOU/ECT@ECT, Christopher Smith/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT,
Molly Harris/HOU/ECT@ECT, Kevin P Radous/HOU/ECT@ECT, Veronica
Espinoza/Corp/Enron@ENRON, Edward Sacks/Corp/Enron@Enron, Marie
Heard/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Mary
Solmonson/HOU/ECT@ECT, Marilyn Colbert/HOU/ECT@ECT, Yolanda
Cordova-Gilbert/HOU/ECT@ECT, Diane Ellstrom/HOU/ECT@ECT, Lynn E
Shivers/HOU/ECT@ECT, Willie Harrell/HOU/ECT@ECT, Bill D Hare/HOU/ECT@ect,
Jason Moore/HOU/ECT@ECT, Leslie Reeves/HOU/ECT@ECT, Dianne Seib/CAL/ECT@ECT,
Samuel Schott/HOU/ECT@ECT, Anthony Campos/HOU/ECT@ECT, Julie
Meyers/HOU/ECT@ECT, Mary G Gosnell/HOU/ECT@ECT, Bernice
Rodriguez/HOU/ECT@ECT, Connie Sutton/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT,
Willie Harrell/HOU/ECT@ECT, Anthony Campos/HOU/ECT@ECT, Carrie
Southard/HOU/ECT@ECT, Frank L Davis/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT,
Lisa Gillette/HOU/ECT@ECT, Amber Ebow/HOU/ECT@ECT, Adnan
Patel/Corp/Enron@ENRON
cc:
Subject: The Tranzonic Companies

We have received the following executed Master Agreement:

Type of Contract: ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date: March 21, 2000

Enron Entity: Enron North America Corp.

Counterparty: The Tranzonic Companies

Transactions Covered: Approved for all products except: weather, pulp and
paper, and foreign exchange.