Attached are clean and redline versions of the "without margining" master netting agreement.
The redline is    just for your review to discern the changes.
I have also included a clean version without the user notes.
I will distribute a process memo tomorrow.
Please note that even though this does not include margining provisions, the agreement still provides for the reciprocal grant of the security interest in each Group's own payments (see 6 b) and thus, you still need to coordinate with Lech Kalembka at Cadwalader for its perfection.

Enron Master Netting Agreements
