Re: ISDA Worksheet: Public Utility District of Clark County,

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I'm supposed to get their comments today, I thought there was a section on
margining in the draft I sent them. Let me investigate and I'll let you
know. Also, there are some seriuos legal questions regarding their authority
to do a pure financial transaction. I'll keep you up to date on this too.

Jason R Williams@ENRON
01/25/2001 07:50 AM
To: Tana Jones/HOU/ECT@ECT
cc: Tracy Ngo/PDX/ECT@ECT, Christian Yoder/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Dave Fuller/PDX/ECT@ECT

Subject: ISDA Worksheet: Public Utility District of Clark County, Washington

Tana -

Attached is the ISDA worksheet for Clark County, Washington. You will note
that this worksheet indicates no collateral threshold, as Clark County is a
counterparty that will require a contract where we maintain no collateral
rights. NOTE TO TRACY AND DAVE: If you feel like we can get Clark County
PUD to agree to margin rights, then we should (obviously) try to put a draft
in front of them with a threshold and margin rights. Please let me know your
thoughts on this issue.

Thanks,

Jay