John,  Attached is the Transco guaranty with further revisions.  The 
following items of note were revised.

1.  Transco added language stating that this is a performance guaranty.  
Enron will only provide a payment guaranty.  Enron does not have the means to 
ensure performance by the LLC.  Thus the language needs to clearly identify 
that this is a payment guaranty.  As long as Transco gets paid for the 
transport, I am not sure why this matters.

2.  Transco would be able to collect interest for late payments under their 
tariff.  Putting late payment interest in the guaranty would give Transco the 
ability to recover double interest on late payments.  Thus, the interest 
language in the guaranty was removed.  

Please review the revised guaranty.  I would be happy to discuss these issues 
with Transco's attorney's at their convenience.  Let me know if you have any 
questions.  Thanks.