Mahonia rehypothecation

I have spoken with Sara re. amending our current Chase ISDA to reflect
rehypothecation. She is quite happy to move forward with this but requires
Credit's approval to amend the doc.

Additionally I have asked her to also look at the ISDA that Enron has with
Mahonia to ensure that our doc also permits rehypothecation. She is working
with Teresa Bushman on this.

Given that both docs require review, & amendments will require credit
approval, it will be beneficial for us all to meet to discuss any outstanding
issues. I have asked that a meeting be arranged early next week.to that end.

Regards,

Soma