Peter and Greg:
One of our counterparties is questioning why we won't accept cash collateral
in Canada. They claim that under the current state of the law, holding cash
collateral is the method for perfecting. Please advise. Should we ask
Stikeman to update their advice to us on this?

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com