Attached hereto is the form of letter confirming our understanding of the Put 
Option's impact on the calculation of the OC Ratios for the ENA CLO.  Please 
review and provide me with any questions or comments at your earliest 
convenience.  The final form of the Put Agreement, including the Schedule and 
Confirmation will be circulated early tomorrow.  We hope to have all the 
necessary documentation finalized before the end of the week.



Anne C. Koehler
Sr. Counsel, ENA
EB 3832
713-853-3448