Enron Mail

From:sara.shackleton@enron.com
To:kevin.howard@enron.com, kevin.garland@enron.com, kristina.mordaunt@enron.com,james.ginty@enron.com, ryan.siurek@enron.com, annmarie.tiller@enron.com, brent.vasconcellos@enron.com, stephen.douglas@enron.com, gordon.mckillop@enron.com
Subject:Raptor swap
Cc:
Bcc:
Date:Thu, 17 Aug 2000 04:25:00 -0700 (PDT)

All: I have once again revised the confirm for the EBS Raptor deal. There
will be only one swap transaction: Harrier I LLC/Talon I LLC.
Please note the following changes:

(1) the Initial Equity Notional Amount has been corrected
(2) I have expanded the definition of Cash Dividends
(3) I have ADDED a provison for "Payment Obligations" to avoid confusion for
those of you unfamiliar with the 1996 Equity Definitions. Since I have
removed the interest payment feature, the only payments changing hands will
be upside/dividends and downside. The "Equity Amount Payer" pays the upside
(difference between Initial Price (on the relevant Valuation Date) and Final
Price) and dividends; the other party pays the downside.
(4) I have retained the concept of multiple optional termination dates.
(5) Kevin: I NEED the Harrier account/notice information.

This confirm should serve as a template for additional Raptor equity share
swaps so please review and comment. Thanks. Sara