Re: Master netting agreement

Here it is in its current draft.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com

Elizabeth Sager
06/07/2001 02:31 PM

To: Paul_Puchot@enron.net@ENRON, Mary Cook/HOU/ECT@ECT
cc: elizabeth.sager@enron.com, Steven_McCarrel@enronxgate.enron.net
Subject: Re: Master netting agreement

By copy of this email, I am asking Mary Cook to send to you a draft of the
latest form of MNA. This MNA , I believe, is still a work in progress and is
intended to include only Master Agreements for which we are comfortable
that the underlying transactions are commodities subject to the special
bankruptcy code protections. Hope it helps.

Paul_Puchot@enron.net
06/07/2001 11:28 AM

To: elizabeth.sager@enron.com
cc: Steven_McCarrel@enronxgate.enron.net
Subject: Master netting agreement

Elizabeth,

We are working on a settlement transaction which will leave a variety of
relationships in place with a group of financially troubled companies. We'd
been
negotiating a netting agreement, and after you spoke to our group, it occurred
to us that we ought to take a look at your netting agreements for potential
use
in our transaction. Could you please forward an example of one to me? We would
be netting with multiple parties on both sides, so it will be a "rectangular"
netting arrangement, if I recall your descriptive terminology correctly.

Thanks much.

Paul Puchot