Subject: Tax Side Agreement for Credit Netting Agreements
From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Wed, 31 Oct 2001 15:36:55 -0800 (PST)

Mary,

I have attached a revised agreement ("Acknowledgement") and schedule that should be used with respect to those master credit netting agreements that involve both Enron Canada Corp.and ENA.  Rather than doing a separate Acknowledgement for each different credit netting agreement, I think we should be o.k. entering into one global agreement between ENA and ECC and merely updating the attached schedule (Marie is keeping me updated as we add additional counterparties).  We should try to execute the Acknowledgement simultaneous to the execution of the master credit netting agreements (since these are merely executed internally, this should not pose a problem).

Once you have had a chance to review, please let me know if you have any questions and/or comments. 

Marie -- can you please take a look at the schedule (the second attachment) and let me know the dates that the underlying masters were executed.  Thanks.

MRC