Re: Waste Managment Inc.

Just for your background info, the other reason we use deemed ISDAs on the
interest rate & currency deals is that the omnibus was really drafted with
commodity deals in mind. I'd have to go back and look at it to see if it
would work at all for an interest rate or currency deal. Do you think I
should do that? Hopefully not or at least not til after 1/1.

Enron Capital & Trade Resources Corp.

From: Tana Jones 12/16/98 06:58 PM

To: Dale Neuner/HOU/ECT@ECT
cc: Susan Flynn/HOU/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT
Subject: Re: Waste Managment Inc.

With respect to your request for a Deemed ISDA Confirm for the referenced
counterparty, I checked with Yao, our paper guru, and he said there is no
special reason or precedence for using the Deemed ISDA confirmations for the
paper boys (unless maybe if they did a really long-dated trade). He said we
could go ahead and use the omnibus. Just because we hope to sign an ISDA,
doesn't necessarily mean we use the Deemed ISDA confirmations. In practice,
we tend to use the Deemed ISDA's for international counterparties, for the
interest rate and currency desk (because a lot of their counterparties are
banks and dealers and more familiar with the ISDA's, unlike our energy
counterparties).

Call me with any questions...