Snyder

John:
Here is a summary of the 2 Snyder Agreements. As we discussed last week,
there is one trade (a basis swap that will expire in August 2004) that they
want to remain under the 1194 Master. Let me know what you want to do.

!. 1994 Agreement

cross default threshold - $10,000,000 for Snyder and $25,000,000 for us
automatic termination if bankruptcy occurs
setoff includes affiliates
collateral is LC's only
collateral threshold - credit rating matrix
Below BB- - 0
BB- $2,500,000
BB $5,000,000
BB+ $6,000,000
BBB- to BBB+ $10,000,000
A- and above $15,000,000

$15,000,000 Enron Guaranty

2. 1996 ISDA Agreement

cross default threshold - $50,000,00 for us and $25,000,000 for them
no automatic termination upon bankruptcy
setoff includes affiliates
collateral includes LC's and cash
collateral threshold - $10,000,000 for both parties
MAC trigger is below BBB- for us and BB- or below for them
no Enron Guaranty

Carol