"Following Business Day Convention" means the convention for adjusting any 
relevant date if it falls on a day that is not a Business Day (when 
commercial banks settle payments is USD in N.Y., for our purposes) to the 
first following day that is a Business Day or a trading day for the relevant 
floating price source.  I hope I have given you a simple description.  


   
	Enron North America Corp.
	
	From:  Davis Thames                           04/10/2000 11:45 AM
	

To: Sara Shackleton/HOU/ECT@ECT
cc: pmelcher@aol.com 
Subject: Interest rate swap M255739

Sara,

Patti Melcher, ENA's counterparty in the swap, called to ask me for a 
definition of the "Following Business Day Convention" referenced on page 2 of 
her confirmation.  I had not received my copy of ISDA yet, and so could not 
answer the question.  Would you mind forwarding back to both of us?

Thanks & regards,
Davis Thames
x31492
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