Message-ID: <28574777.1075844562948.JavaMail.evans@thyme>
Date: Thu, 17 Aug 2000 04:25:00 -0700 (PDT)
From: sara.shackleton@enron.com
To: kevin.howard@enron.com, kevin.garland@enron.com, kristina.mordaunt@enron.com, 
	james.ginty@enron.com, ryan.siurek@enron.com, 
	annmarie.tiller@enron.com, brent.vasconcellos@enron.com, 
	stephen.douglas@enron.com, gordon.mckillop@enron.com
Subject: Raptor swap
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All:  I have once again revised the confirm for the EBS Raptor deal.  There 
will be only one swap transaction:  Harrier I LLC/Talon I LLC.   
Please note the following changes:

(1)  the Initial Equity Notional Amount has been corrected
(2)  I have expanded the definition of Cash Dividends
(3)  I have ADDED a provison for "Payment Obligations" to avoid confusion for 
those of you unfamiliar with the 1996 Equity Definitions.  Since I have 
removed the interest payment feature, the only payments changing hands will 
be upside/dividends and downside.  The "Equity Amount Payer" pays the upside 
(difference between Initial Price (on the relevant Valuation Date) and Final 
Price) and dividends; the other party pays the downside.
(4)  I have retained the concept of multiple optional termination dates.
(5) Kevin:  I NEED the Harrier account/notice information.

This confirm should serve as a template for additional Raptor equity share 
swaps so please review and comment.  Thanks.  Sara