Project Margaux - Indenture, Agency Agreement and Enron Note

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
----- Forwarded by Carol St Clair/HOU/ECT on 05/22/2000 01:18 PM -----

MWilson2@milbank.com
05/22/2000 12:53 PM

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Subject: Project Margaux - Indenture, Agency Agreement and Enron Note

Attached are drafts of the Senior Notes Indenture, the Agency Agreement and
the Enron Note.? The Indenture and the Senior Notes Indenture are based on
Enron's standard euro documentation, with the addition of security and
guarantor provisions.? You should already have seen the draft Conditions of
the Notes in the latest draft of the Offering Memorandum distributed by V&E
yesterday.

Please note that these drafts have not been reviewed by the initial
purchasers and are subject to their comments.

We look forward to receiving your comments at your earliest convenience.

Regards,

Tom Siebens/Melanie Wilson
Milbank, Tweed, Hadley & McCloy
Dashwood House
69 Old Broad Street
London? EC2M 1QS
ph.:? 020 7448 /30343022
fax:? 020 7448 3029
email: tsiebens/ mwilson2@milbank.com

<<Margaux Euro-Indenture.DOC<< <<Margaux Agency Agreement.doc<< <<Enron
Note.doc<<

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- Margaux Euro-Indenture.DOC
- Margaux Agency Agreement.doc
- Enron Note.doc