Re: EOL CP's with Masters using GTC's ,
 Thanks for your email.   It is important on a going forward basis that if we 
veer from any restriction that Legal has placed on a counterparty (e.g. if 
Credit says it is ok to trade weather under a GTC instead of a master) that 
Legal hear before we trade so we all make sure we are on the same 
understanding as to whether any restriction should be waived.  In response to 
your email I have the following comments:

1.  The New York Times Company:  cannot trade derivatives online at all.  
Their board resolution and master agreement require that two specific 
officers must enter into the trade together on a telephone call.  They cannot 
trade any other way without revising their board resolution and agreement.  
All their  trades must be done by telephone.
2.  San Diego Gas & Electric Company:  the California PUC said that utilities 
such as San Diego cannot enter into derivatives transactions at all!
3.  Aspect Resources:  can enter into derivative transactions.  We want the 
transactions to roll up under the existing ISDA Master Agreement between ECT 
and Aspect.
4.  Brant-Allen Industries:  Is shut down, more or less, for all financial 
trading.  They cannot enter into another derivative transactions with us, 
either on the phone or online, until, prior to entering into the trade, they 
provide us with a board resolution approving the trade or derivative trading 
in general.  The board resolution they provided with the signed master 
agreement only approved the one trade we entered into at that time.
5.  Cox & Perkins:    We had a master with this counterparty and they have 
informed us i writing that they didn't want to trade with us anymore.  In 
reality, if they did another trade, Legal will need to be contacted and we 
probably would try and reactive the master and roll the trade up under the 
master if possible.  Credit, keep us informed if they do trade.
6.  Sonoco Products:  We should not be trading with them at all until we 
resolve this payment dispute.  Sara Shackleton was working on that.  We do 
have a master with them, and if we resolve the payment dispute and begin 
trading with them, the trade should roll up under the existing master.
karen.lambert@enron.com