IOU's and "Additional Event of Default"

Mark: I just received a copy of my "IOU/municipal" chart from last year with
an undated note from you about our omnibus format/IOU's. I would like to
speak with you especially since I'm speaking with credit about municipals on
Wednesday.

As a practical matter, I'm not sure whether we even transact with utilities
on the omnibus. Perhaps Tana can answer the question as to online trading
and the confirmation desk as to offline trading. Secondly, I'm not sure how
often the Additional Event of Default is successfully negotiated into the
ISDA Agreement. The latter point might be worth an email to the lawyers.

Do you have a few minutes today?

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