Kaye:  Please print out the 3 docs for me.  Thanks.  SS
----- Forwarded by Sara Shackleton/HOU/ECT on 08/15/2000 09:00 AM -----

	Sara Shackleton
	08/15/2000 08:59 AM
		 
		 To: Kevin Howard/Enron Communications, Kevin Garland/Enron Communications, 
Kristina Mordaunt/Enron Communications, James Ginty/Enron Communications, 
AnnMarie Tiller/Corp/Enron, Brent Vasconcellos/Corp/Enron, Ryan 
Siurek/Corp/Enron
		 cc: 
		 Subject: Raptor:  Talon/Harrier/EBS Investments, L.L.C.

All:  Attached are the following docs:
 (1)  Talon I LLC/Harrier I LLC equity swap confirm
 (2)  Harrier I LLC/EBS Investments, L.L.C. equity swap confirm
 (3)  revised ISDA Master Agreement Schedule for Harrier I LLC and EBS 
Investments, L.L.C.

Please review and provide me with your comments.  I do not have all necessary 
address and account information.
The swaps are subject to the  ISDA 1996 Equity Derivatives Definitions.  
Section 7.4 (of those Definitions) contains the payment obligations and 
provides that the Equity Amount Payer pays a positive Equity Amount and "the 
other party" pays the absolute value of a negative Equity Amount.  Also, I 
believe that Accounting Issue 00-19 is inapplicable to this Total Return Swap 
or else we may have issues with the "Extraordinary Events" elections.  
Sara
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