Consolidated Papers

Please reassign this file this morning and ask the responsible paralegal to
bring the file in my office to discuss. Thanks. Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 11/02/2000 08:34 AM -----

Tanya Rohauer
11/02/2000 07:36 AM

To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Consolidated Papers

Sara,

The desk has transacted two five year swaptions. Do you recall where we were
on the ISDA? Negotiations had cooled significantly in light of the
structured Skeena deal dying; however, now may be a good tome to resurrect.
I have made the ISDA a condition precedent to exercise of the swaption. I
seem to recall the open issue was the definitions for the financial covenants
of the MAC clause (cross border lease, etc.). I seem to recall that they
didn't provide us with some of the definitions within the definitions. I
will pull my file to see if I can determine where we are. Please let me know
what your file indicates.

Thanks.