Re: Enron Corp. ISDA master agreements

CSFB International

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
----- Forwarded by Sara Shackleton/HOU/ECT on 02/02/2001 01:58 PM -----

Tanya Rohauer
10/26/2000 02:43 PM

To: Sara Shackleton/HOU/ECT@ECT
cc: Clint Freeland/Corp/Enron@Enron, Samantha Boyd/NA/Enron@Enron, Stephanie
Panus/NA/Enron@Enron, Susan Bailey/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT
Subject: Re: Enron Corp. ISDA master agreements

The only change from our previous conversation is the addition of a bilateral
additional event of default tied to a debt rating (below BBB-) of the
counterparty or the guarantor if applicable.

Guarantors:
1. Lehman Brothers Holdings Inc.
2. not required; entity rated AA
3. not requried; entity rated AA
4. Bear Stearns Cos. Inc.
5. Morgan Stanley Dean Witter & Co.
6. not required; entity rated AA

Please call if you have any questions.

Thanks,
Tanya

From: Sara Shackleton on 10/26/2000 01:25 PM
To: Tanya Rohauer/HOU/ECT@ECT
cc: Clint Freeland/Corp/Enron@Enron, Samantha Boyd/NA/Enron@Enron, Stephanie
Panus/NA/Enron@Enron, Susan Bailey/HOU/ECT@ECT
Subject: Enron Corp. ISDA master agreements

Tanya: Based upon our earlier conversation, I will begin preparing masters
for the following parties with (1) no CSA, (2) bilateral cross-default at
US$100 million and (3) uncapped (or min US$100 million cap) guaranties for
counterparties required to post guaranties. The parties on Clint's list are:

(1) Lehman Brothers Finance S.A. [have form of master and a form of guaranty
from Lehman Brothers Holdings Inc.] - Stephanie Panus

(2) Credit Suisse First Boston International [no form of master]

(3) Deutsche Bank AG [have a form of master from ENA negotiations]

(4) Bear Stearns International Limited [no form of master] - Samantha Boyd

(5) Morgan Stanley Capital Services Inc. [may develop form from ENA
negotiations]

(6) Credit Agricole Indosuez S.A.

Tanya: Please let me know if any of the foregoing require parent guaranties.

Clint: Please identify the lawyer to whom I should address comments. Also,
are there any others? ENE has an agreement with Toronto Dominion, NY Branch.

Samantha: Please assign Credit Suisse and Deutsche Bank and let me know who
is handling.