Renaissance Reinsurance Ltd. (RRL) ,
 All,

RRL, a new counterparty, has applied for EOL access to trade gas, crude and 
weather derivatives. Since the company is "A" rated by S&P and has strong 
operating performance, Credit does not have any issues extending a tentative 
threshold of $10MM. The issue resides in the confirmation of the deals. All 
weather transactions must be confirmed under an ISDA or Deemed ISDA, and then 
we encounter netting problems with the Deemed ISDA and the normal EOL 
confirm.  I am going to prepare and ISDA worksheet to start the negotiation 
process. In the interim, all deals MUST BE confirmed under a Deemed ISDA.


Darren Vanek
tom.moran@enron.com, walter.guidroz@enron.com, brent.hendry@enron.com, 