Subject: Enron North America Corp. confirmations with Bear Stearns & Co Inc. ("BS&Co.") and Bear Stearns International Limited ("BSIL")
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Mon, 8 Oct 2001 14:04:09 -0700 (PDT)

Gil:

(1)  the BS&Co. confirm references the "Irrevocable Sell Order dated August 9, 2001".  Please forward a copy.  This apparently contains definitions for (multiple) Sell Order Execution Dates.

(2)  according to your notes, the BSIL "Standard Terms and Conditions of Business" is subject to review by a UK lawyer.  Please advise of your conclusions. Forward executed version (which is incorporated into the confirms).

(3)  the BS&Co. confirm references the Customer Agreement and incorporates this as a Credit Support Document.   Please forward executed verison.  [BS&Co. also claims that deals pursuant to your Customer Agreement are Specified Transactions for purposes of OTC derivative transactions]

(4)  portions of the confirm do not match the unexecuted Term Sheet which you gave me.  Was a Term Sheet executed?  Is there an ENE guaranty which is supposed to be a Credit Support Document under the confirm?

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490