Q: Pursuant to our discussion yesterday regarding the above, please find below for your consideration a suggested revision to MAC/Credit Rating trigger definition to used in all future master trading agreements or confirmations in which Enron Corp's credit rating is part of a MAC/Credit Rating trigger. "Material Adverse Change" means (i) with respect to [Enron Trading Entity], Enron Corp. (or its successor or its successor's parent company) shall have long-term, senior, unsecured debt not supported by third party credit enhancement that is rated by S&P below "BBB-" [also insert Moody's as appropriate]; I understood yesterday that we may also need to consider changing the definition of Credit Support Provider in the ISDA's. I suspect that if "Credit Support Provider" is defined as Enron Corp. in the relevant Master, then the corresponding changes noted above would also need to be made. Your further thoughts regarding this issue are welcomed. Please provide me your comments to the above language by tomorrow so we can start implementing a revised definition in our agreement templates. Regards, Alan
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A: Draft of revised definition of Material Adverse Change/Credit Rating Trigger

Q: Mark and David, Below is my first stab at the organization memo. I didn't over focus on specific wording and I am not sure how you want to address the various groups that will be affected. I believe we need to address all of them by name and they should probably be in alpha order as to not upset anyone on the order. I also didn't know any other information that you may want to include with regard to the successes from the group year to date. Greg, Jeff and I are getting together for lunch tomorrow to discuss the New Works organization. I think that this should come from Enron's office of the Chairman vs. the business units because it does affect 2 different lines of business and it will have more impact and clarity for the other groups especially, my departure from Net Works. After you guys pretty this up (and destroy it) please send it back via email and i'll make sure and coordinate with Whalley. Thanks,
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A: draft org. memo

Q: Attached is the file to be used for demand invoice verification for December 2001 capacity release transactions. If you have any questions, please feel free to contact me. Thanks,
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A: Transwestern Capacity Release Report for December 2001 Reservation Invoices

Q: Here is what we reported for consolidated Canada as of Nov. 17. Listed amounts are in thousands. Jun July Aug Sept Oct Nov YTD 274 -4,672 5,115 990 -2,517 -6,708 27,552
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A:
Consolidated Canadian P&L by Month