Mahonia Series X Bond Form

Please provide any comments at your earliest convenience.

Thanks.

Teresa

Teresa G. Bushman
Enron North America Corp.
1400 Smith Street, EB 3835A
Houston, TX 77002
(713) 853-7895
fax (713) 646-3393
teresa.g.bushman@enron.com

----- Forwarded by Teresa G Bushman/HOU/ECT on 12/21/2000 09:15 AM -----

Joseph Deffner
12/21/2000 09:11 AM

To: Jeffrey.W.Dellapina@chase.com, "Shouse, August" <AShouse@velaw.com<,
Michael Garberding/HOU/ECT@ECT, Teresa G Bushman/HOU/ECT@ECT
cc:
Subject: Mahonia Series X Bond Form

---------------------- Forwarded by Joseph Deffner/HOU/ECT on 12/21/2000
09:10 AM ---------------------------

"Phil Bair" <pbair@jwortham.com< on 12/20/2000 10:07:25 AM
To: <Joseph.Deffner@enron.com<
cc: <Earline.Kendall@enron.com<
Subject: Mahonia Series X Bond Form

Joe-I have prepared a first round draft of the bond form for V&E to review
along with Chase. The form assumes an initial advance of $330 million, and
an effective date of 12/27/00.

Please let me know of any comments or recommended changes to the bond form.
The sureties are also reviewing today.

Thanks.

Philip N. Bair
713-346-1378 (Telephone)
713-520-1260 (Telefax)

- MahoniaXDft.doc