Message-ID: <5283496.1075844569523.JavaMail.evans@thyme>
Date: Tue, 26 Sep 2000 10:44:00 -0700 (PDT)
From: sara.shackleton@enron.com
To: scott.sefton@enron.com, ryan.siurek@enron.com, gordon.mckillop@enron.com, 
	bob.butts@enron.com, gregory.adams@enron.com, mary.kimball@enron.com, 
	frank.stabler@enron.com, randy.young@enron.com
Subject: swap on Ponderosa shares of Enron International Brazil 2000 Ltd.
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Attached is a first draft of the swap for the Raptor 2 structure.  Please 
consider the following questions and I will amend the confirmation 
accordingly:

1.  I have bracketed the concept of multiple notices for purposes of multiple 
partial terminations and therefore multiple Valuation Dates.  Before we 
eliminate this concept, I just want to make certain that everyone is in 
agreement as to how this swap will terminate.  [Do we want partial 
terminations based upon partial asset sales?]

2.  Assuming that termination occurs upon sale of 100% of the assets, I need 
to be sure that the word "sale" is sufficient.  Should we use "financial 
close" or some other term of art?  I have concerns that a sale may be 
contingent or subject to some waiting period.