---------------------- Forwarded by David L Fairley/HOU/ECT on 08/19/99 06:59 
PM ---------------------------


Claire Broido
08/19/99 04:52 PM
To: David L Fairley/HOU/ECT@ECT, Oscar Dalton/HOU/ECT@ECT
cc: Peter Heintzelman/HOU/ECT@ECT, Wanda Curry/HOU/ECT@ECT, Elsa 
Piekielniak/HOU/ECT@ECT 
Subject: AEC Credit Reserve

Christopher Smith gave us updated credit reserve prices for the AEC payment 
obligation to ECT.  


  Pmt Type  Annuity Pmt Credit Reserve

Immediate Pmt, 3 yrs (11/1/99-10/1/02) $261,905/mo $225,000

Immediate Pmt, 5 yrs (11/1/99-10/1/04) $172,701/mo $390,000

Delayed Pmt, 3 yrs (12/1/01-11/1/04) $291,982/mo $550,000

Delayed Pmt, 5 yrs (12/1/01-11/1/06) $186,173/mo $685,000


As Pete Heintzelman will be on vacation for the next week, please call me if 
you have any questions.

Thanks,

Claire Broido
X 3 0390