Revised Ghost Swap Documents

please print these for me. thanks. ss
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 12/14/99 01:33
PM ---------------------------

"DALLAS GUEST ACCOUNT #2" <DGUEST2@andrews-kurth.com< on 12/13/99 09:47:37 AM
To: Catherine Clark/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Donald W
Herrick/HOU/ECT@ECT, Gareth Bahlmann/HOU/ECT@ECT, Alicia
Goodrow/Corp/Enron@ENRON, Sara Shackleton/HOU/ECT@ECT,
Vbuckley@lockeliddell.com, mniebruegge@mayerbrown.com, pbrito@mayerbrown.com,
eawilburn@prickett.com, Tamullen@prickett.com, Facciolo@rlf.com,
Kenton@rlf.com, clint.carlin@us.arthurandersen.com, scottla@us.cibc.com,
wolfmark@us.cibc.com, Jlawler@wilmingtontrust.com
cc: "DAVID BARBOUR" <BARBD@andrews-kurth.com<, "DALLAS GUEST ACCOUNT #2"
<DGUEST2@andrews-kurth.com<, "DEBORAH LOWE" <LOWED@andrews-kurth.com<, "SCOTT
OLSON" <OLSOS@andrews-kurth.com<, "TOM POPPLEWELL" <POPPT@andrews-kurth.com<,
"MARTHA WELMAKER" <WELMM@andrews-kurth.com<
Subject: Revised Ghost Swap Documents

I attach the swap confirmation and schedule, marked against the versions
previosly circulated.

The amendments reflect:

1. The relevant provisions of the August Citibank Revolver

2. The fact that Enron Corp. is now the direct swap counterparty.

3. Comments from Enron in-house counsel. In particular, I am told that a
simplified payment provision is now generally being used in the swap confirm
(see Section 2)

Please call with any questions or comments.

Danny Sullivan 214 659 4409

- 216480.wpd
- 216444v5.wpd
- 216480.doc
- 216444v5.doc