ISDA 2000 Supplement to the 1993 Commodity Derivatives Definitions

Bob:

Thanks for the memo and we should discuss in a future meeting dedicated to
form changes.

If we adopt the 2000 Definitions in our Schedule, we will also need to change
the existing reference in Part 6(f)(iii) to "Negotiated Fallback" (to Section
7.5©(iv))

Also, the term "Relevant Price" is used in the "Negotiated Fallback"
definition. We should clarify whether we need to retain Part 6(f)(iv) of the
Schedule when using "Negotiated Fallback" or whether we intend that "Fallback
Reference Dealers" be an entirely separate and distinct fallback (i.e. the
4th fallback in our Schedule).

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com