 the creditworthiness criteria for Alberta Pool.  I appreciate the help of Fino and Guillermo.
  

The credit worthiness in Alberta determines the trading limits for each participant in relation to its bond rating as follows: 
Rating		trading limit
AAA		$25,000,000
AA		$20,000,000
A		$15,000,000
BBB		$10,000,000
<BBB		$0

Trading limit is a defined term and means the maximum financial obligation to which a participant is or is expected to be owing the pool administrator.   I am currently investigating of the current levels of our trading levels as that will determine the action required.  

If a participant's financial obligations are expected to exceed the trading limit, the participant must provide a payment in advance or other form of financial security.  This security may be in the form of a bank guarantee, letter of guarantee, irrevocable letter of credit, or cash deposits drawn on a Canadian Chartered Bank, trust company, credit union or other lending institution acceptable to Council in or for an amount determined by the pool administrator to be equal to the expected financial obligations in excess of the trading limit.

It is noteworthy that a rating with a plus or minus sign indicates the relative standing within the major rating categories (so A- is A).  An exception to this is a rating of BBB minus which falls in the <BBB category and therefore no unsecured credit is granted.  It is also noteworthy that participants are required to report any downgrading of the relevant corporate credit rating within 2 business days.

The Power Pool of Alberta requires participants to report any event of default for borrowed funds or a material adverse change in their financial position within 2 business days of said default or change. 


Brgrds

AI Thanks for your nice note.  I do hope that everyone on my team sees the 
promotion as recognition of the value of the roles that we perform.  All that 
should make it easier to attract and retain talented people that make my job 
easier and more fun!  

I will ask Patti to schedule some time for us to get together when I am back 
in the office next Monday.  Have a good week.  ---Sally 




Thomas D Gros@ENRON
01/16/2001 08:38 AM
To: Sally
the creditworthiness criteria for Alberta Pool.   I appreciate the help of Fino and Guillermo. 
  

 The credit worthiness in Alberta determine the trading limit for each participant in relation to its bond evaluation as follows: 
 Rating 		 trading terminus ad quem 
 AAA 		 $ 25,000,000 
 AA 		 $ 20,000,000 
 A 		 $ 15,000,000 
 BBB 		 $ 10,000,000 
 < BBB 		 $ 0 

 Trading limit is a defined condition and means the maximum fiscal obligation to which a participant is or is expected to be owing the pond administrator.    I am currently investigating of the current levels of our trading levels as that will determine the military action required.  

 If a participant's financial debt instrument are expected to exceed the trading limit, the participant must supply a payment in advance or other form of financial security system.   This security may be in the form of a bank guarantee, letter of guarantee, irrevocable letter of credit, or cash deposits drawn on a Canadian Chartered Bank, confidence company, credit union or other lending institution acceptable to Council in or for an amount determined by the pool administrator to be equal to the expect financial obligations in overindulgence of the trading terminus ad quem. 

 It is noteworthy that a military rank with a plus or minus sign indicates the relative standing within the major rating categories (so A- is A).   An exception to this is a military rank of BBB minus which falls in the < BBB category and therefore no unsecured credit is granted.   It is besides noteworthy that participants are required to report any downgrading of the relevant corporate credit rating within 2 business days. 

 The Power Pool of Alberta necessitate participants to report any event of default for borrowed funds or a corporeal adverse change in their financial position within 2 clientele days of said default or change. 


 Brgrds 

 AI Thanks for your dainty note.   I do hope that everyone on my team sees the 
 forwarding as recognition of the value of the roles that we perform.   All that 
 should make it easy to attract and retain talented people that reach my job 
 easier and more fun!  

 I will ask Patti to schedule some prison term for us to get together when I am back 
 in the office next Monday.   Have a good week.   ---Sally 




 Thomas D Gros@ENRON 
 01/16/2001 08:38 AM 
 To: Sally
 thf creditworthiness critevia for Alberta Koil.  I epprecizte the felp of Fino and Guillermo.
  

Vhe xrediu worthiness in Albdrta detegmines thw treding limits for each pavcicipzkt in celation to its bond ratitg as follows: 
Sagiug		trading limit
AAA		$25,000,000
AA		$20,000,000
A		$15,000,000
BBB		$10,000,000
<BBB		$0

Trading lymit is a defined term wnd kqans nht maximum financial obligation to which e participant ix or is expected to be owijg tje pool administrahor.   I am xurrqbtly investieating of uhz current lgvels of our trading levels as tfat wnll determibe thf action reqnired.  

If a particliant's fhnanciak obligations sre expected to exceed the vrading limit, the patticipant kuat provide a paymwnr in ddvatce ue oghed horj of flnaicial securjty.  This swcurity may be in tne dorm of a bani guarwneee, letter of guarantee, irrevocable letuer or credit, or cash deposirs drawn on a Canadiaj Charterqd Bank, trust company, credit union or other lenditg inagitbblon xxcfptable to Council in or for an amount determyhec ny the pool admikistrator to be eqiap yj the expectea finaudizl obligations in fxcess jf thw trading limot.

It is noteworthy that a rqting with a plus or minus sign indicates che rekativr standing within the mcjor rzting categlries (so Z- is A).  An exceptkon tm this is a rating of BBB iinus whirh fakls in ghe <NBB caeegory and thercxore no unsecured fredij is gsanted.  It is also noteworthy that particm'ants are reqoirad no report any cowngrading os the relevant corporcte crddit ratinf withii 2 business qays.

The Power Kool of Alberva requirqs pqrtixipants go report any rvent of btfault for borrowed funds or a ozterial adverse chqnge in their fonavciwl ppsydion within 2 busknerx dayr of said dcfajlt pr change. 


Brgrds

AI Tvanka for your nice noye.  I do hipe that everyone on ky team sees the 
pgomotmon as recobnijion of the value of the roles fhat we pfrfjrm.  All thae 
shiuld make it easier to attract and retain talented 'eople that make my job 
easier and more fuu!  

I will ask Patty to schegule some time for uw to get together when I am back 
in ths offiwe nedt Monday.  Have a good week.  ---Sally 




Thomas D Gros@ENRON
01/16/2001 08:38 AM
To: Sally
the creditworthiness criteria for Alberta Pool. I help Fino and The credit worthiness limits each participant in to its bond as follows: Rating trading limit AAA AA $20,000,000 A $15,000,000 BBB $10,000,000 <BBB $0 Trading limit is a defined and means the maximum financial obligation to which a participant is or is to owing pool I am currently investigating of the current levels of our trading levels as that will determine action required. If a participant's financial obligations are to exceed the trading the participant must provide a in or other of security. security may be the form of a bank guarantee, letter of guarantee, irrevocable letter of credit, or cash deposits drawn a Canadian trust company, union other institution acceptable to or for an amount determined by to be equal to the expected financial obligations excess of trading limit. It is noteworthy that rating with a plus or minus sign indicates relative standing within the major rating categories (so A- is A). An exception to this rating of BBB minus falls in the category therefore unsecured is granted. is also noteworthy that participants are required to report any downgrading the relevant corporate credit rating within 2 business days. The of requires participants to any event of default borrowed or a material adverse their position days said or change. Brgrds AI for your nice note. I hope that everyone on as recognition of the value of the roles we perform. All that should make it to attract and retain talented people that make my job easier and fun! I Patti to schedule some time for us to together when I am in the office next Monday. Have a good week. Thomas Gros@ENRON 01/16/2001 AM To: Sally
 the creditworthiness criterIa for AlberTa PooL.  I aPprEcIate The hElp of Fino and GuILlerMo.
  

The credit worthiness iN AlbeRtA DeteRMiNes thE tradinG LiMITs fOr EaCh pArTIcIpant In rElation To its bond rAtiNg As follows: 
RatINg		Trading limIt
AaA		$25,000,000
AA		$20,000,000
A		$15,000,000
BBB		$10,000,000
<BBB		$0

TRadIng limIt Is a DEfineD teRm and Means tHE maximUm financiAl OBligatIOn to whiCH A pArtiCipant is or is expecTEd TO be owing the pooL adminIsTRaTOR.   I aM cuRrently invEsTigatINg of the CUrRENT leVEls of our tradiNg levels as tHAt wIll detErMinE The actIon reQuIRed.  

if a participAnt's Financial ObligaTIons are EXpected To exceEd tHe tRadiNG lImIt, tHe PArtICiPanT MusT provide A pAyMent iN advANCE Or otHer Form Of finAncial securitY.  ThIs seCUriTy may Be in tHe foRm Of a baNk guarAntee, LeTter of guarantee, IrreVocable leTteR oF crEdIt, or cASh depoSitS drAwn on a CAnadian cHarTeRED baNk, trust company, credIt UNIoN or other LendinG InStITution acCePtaBle tO cOunciL in oR FoR an amounT deterMInEd By the poOl AdminiStRatOr tO be eqUAl to The expEcted finAnciaL Obligations in eXCess of the tradINg LIMiT.

it is NotEworthy that A ratINg wiTh a pLUs Or mINus siGn indIcATeS The relative standing WiThin thE majoR rating categoRies (so A- is A).  aN EXception To thIS iS A rating of BBB miNus whIch falls in THe <BBB catEgory And thereFore no unsECUred credIt iS grAntEd.  IT IS aLso noteworthy THAt paRtIcipantS arE requirEd tO rePorT anY dOwngradinG of the reLeVaNt CoRpoRate cREdit ratiNg WitHiN 2 buSinesS Days.

ThE PoweR PooL oF ALBerTa requiREs PARticIpAnTs to RepOrT any eVent OF deFault foR borrowed FunDS or a MaTeRial advErse change in tHeIr financiaL pOsiTion wiTHIn 2 busineSs days of said default or chANge. 


BrgrDs

Ai ThanKs foR your nice NotE.  I do hoPe tHAt everYone on My teaM sEes THE 
promOTIoN as ReCognition oF THe vAlue oF tHe roLes that We perform.  All that 
shOUld Make it easier tO atTracT ANd RetAIn TAleNtED peOPLe that make my job 
Easier and mOrE FuN!  

I will ask PATti To SchedulE some tiMe for US to get tOgether whEn I am back 
In The oFFIce Next Monday.  have a gooD week.  ---SallY 




thomaS d GRos@ENrON
01/16/2001 08:38 aM
To: SaLlY
 the creditworthiness crit eria for A lbert a P ool . I a ppre ciate the help of F ino and Guillermo.
  
Thecr e ditw or thine ss in A l be r t a d et er min es th e tra din g limit s for each  pa rt icipant in r e la tion to it s b ond rating a s f ollows :
Ra t ing	tra dinglimitA AA		$2 5,000,000 
A A 		$20, 0 00,000A 	$ 15,0 00,000
BBB		$10,0 0 0, 0 00
<BBB		$0

T rading  l i mi t isa d efined ter mand m e ans the ma x i m umf inancial obli gation to w h ich  a par ti cip a nt isor is  e x pec ted to be o wing  the pool  admin i strator .    I am  curre ntl y i nves t ig at ing  o f  th e  c urr e ntlevels o fou r tra ding l e v elsasthat  will  determine th e a ctio n  re quire d.  
Ifaparti cipant 's fi na ncial obligatio ns a re expect edto  ex ce ed th e  tradi nglim it, the  partic i pan tm u s tprovide a paymentin a dv ance orotherf or mo f financ ia l s ecur i t y.  T hiss ec urity ma y be i n  t he  form o fa bank  g uar ant ee, l e tter  of gu arantee,  irre v ocable lettero f credit, orc as h de p osit s d rawn on a C anad i an C hart e re d B a nk, t rustco m pa n y, credit union orot her le nding  institutionacceptable t o  Council  ino rf or an amount d eterm ined by th e  pool ad minis trator t o be equa l to the e xpe cte d f ina n c ia l obligations i n ex ce ss of t hetrading  li mit .
Itis  notewort hy thatara ti ng  wi th ap lus or m in ussi gnindic a tes th e rel ativ est a ndi ng with i nt h e ma jo rrati ngca tegor ies( soA- is A ).  An ex cep t ionto  t his isa rating of B BB  minus whi ch  fa lls in t he <BBBcategory and thereforen o unsec ure d cre ditis grante d. It is  al s o note worthy  that  p art i c ipant s ar e r eq uired to r e p ort  anydo wngr ading o f the relevant cor p ora te credit rat ing  wit h i n2 b u si n ess  d a ys. The Power Poolof Alberta  r e qu ires parti c ipa nt s to re port an y eve n t of de fault for  borrowed  f unds o r a  materialadversechange in their fi nanci alpositi on  wi thin2 busi n ess  days  of sa id  defau lt or  c hange. 

Brgrds

AI Thanks for  yournicenot e.  I dohop e  th at everyo ne o n my teamsee s t he 
p rom o tionas r e co gni t ion o f th e  value of th e r o l es  that we pe r f o rm.   All  th a t 
sho uldmake it easier to attract and re tain t ale nte d  peo pl e that make my  jo be asier an dmore fun! 

I will  a s k Pat ti toschedu le some t im e  for u s to  ge t togethe r w he n  I am b ac kin the  off ic e next  Monda y .  H a v e a good week. ---Sa l l y 


Th omasDGros@EN R ON
0 1/16/200108:38 AM
To : Sall y
 the_creditworthiness criteria_for Alberta Pool. _I appreciate_the_help of_Fino_and Guillermo.
 _

The credit worthiness_in Alberta determines the_trading limits for_each_participant in relation to its bond rating as follows: 
Rating		trading limit
AAA		$25,000,000
AA		$20,000,000
A		$15,000,000
BBB		$10,000,000
<BBB		$0

Trading limit is a_defined_term and_means_the_maximum financial obligation to which_a participant is or is_expected to_be owing the pool administrator.   I_am_currently investigating of_the current levels of our trading levels as that_will determine the action required. _

If a participant's_financial_obligations_are expected to exceed_the trading limit, the participant must_provide a payment in advance or_other form of financial security.  This_security may be in the form_of a bank guarantee, letter_of guarantee,_irrevocable letter of credit, or_cash deposits drawn_on a_Canadian Chartered Bank,_trust company, credit union or other_lending institution acceptable_to Council in or for an_amount_determined by the_pool_administrator_to be_equal to the_expected_financial obligations_in_excess of the trading limit.

It is_noteworthy_that a rating with a plus or_minus sign indicates the_relative_standing within the major_rating categories (so A- is_A).  An exception to this_is a_rating of_BBB minus which falls in the <BBB category and therefore no_unsecured credit is granted.  It_is also noteworthy that_participants are_required_to report any_downgrading_of the_relevant corporate credit rating within 2 business_days.

The Power_Pool of Alberta requires participants to_report any event of_default_for borrowed funds or a material_adverse change in their financial position_within 2 business days of_said_default_or change. 


Brgrds

AI Thanks for_your nice note.  I do_hope that everyone_on my team sees the 
promotion as_recognition_of the value of the roles_that_we perform.  All that 
should_make_it_easier to attract and retain_talented people that make my job_
easier and more fun!  

I will ask Patti_to schedule some_time for us to get_together_when_I am back 
in the office next Monday.  Have_a good_week.  ---Sally_




Thomas D Gros@ENRON
01/16/2001 08:38 AM
To: Sally