It should say either; therefore, if one were to disappear, an Event of 
Default would occur.  This was the intent and is probably consistent with 
that in the Master Power agmt.



 -----Original Message-----
From:  Shackleton, Sara  
Sent: Monday, April 09, 2001 5:22 PM
To: Sacks, Edward
Subject: Cargill Alliant master

Ed:  For the Additional Event of Default (ratings trigger), do you intend the 
MAC to apply when only one or both credit ratings disappear?


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com