OUC

Among other things they want an unlimited collateral threshold, and moreover
Sara has quite a legal objections to there format. They have a loosely
written ISDA with J Aron, although Goldman provides them financing, so this
ISDA can be loosely written because they have recourse on the financing side.

Russell

---------------------- Forwarded by Russell Diamond/HOU/ECT on 11/21/2000
10:34 AM ---------------------------

From: George N Gilbert 11/21/2000 10:25 AM

To: William S Bradford/HOU/ECT@ECT
cc: Russell Diamond/HOU/ECT@ECT, Fred Lagrasta/HOU/ECT@ECT
Subject: OUC

Bill, could Fred and I have a meeting with yourself and Russell to discuss
credit provisions for Orlando Utilities Commission. We are trying to
finalize a master swap agreement. OUC wants 4 counterparties to hedge with
and they have requested Enron be one of them. We can go into particulars
when we meet.

Thank You for your time.
GNG