Enron Mail

From:sara.shackleton@enron.com
To:scott.sefton@enron.com, ryan.siurek@enron.com, gordon.mckillop@enron.com,bob.butts@enron.com, gregory.adams@enron.com, mary.kimball@enron.com, frank.stabler@enron.com, randy.young@enron.com
Subject:swap on Ponderosa shares of Enron International Brazil 2000 Ltd.
Cc:
Bcc:
Date:Tue, 26 Sep 2000 10:44:00 -0700 (PDT)

Attached is a first draft of the swap for the Raptor 2 structure. Please
consider the following questions and I will amend the confirmation
accordingly:

1. I have bracketed the concept of multiple notices for purposes of multiple
partial terminations and therefore multiple Valuation Dates. Before we
eliminate this concept, I just want to make certain that everyone is in
agreement as to how this swap will terminate. [Do we want partial
terminations based upon partial asset sales?]

2. Assuming that termination occurs upon sale of 100% of the assets, I need
to be sure that the word "sale" is sufficient. Should we use "financial
close" or some other term of art? I have concerns that a sale may be
contingent or subject to some waiting period.