Attached are the latest drafts of 3 of the Cross-Guarantee agreements.  I 
have the other nine as well, in case you need them.  The agreements are 
basically identical with one exception.  The debt to Enron in Raptor 3 
(approx. $259MM) is excluded from the Guarantees.  You may also note that 
this debt is not represented on the DPRs which I sent earlier.  This is 
because the formation of Raptor 3 was a failed FAS 125 transaction, therefore 
we did not get sale treatment and can't recognize the debt in looking at 
credit capacity.  Let me know if you have questions or if you need the other 
nine guarantees.  Thanks,
Ron



----- Forwarded by Ron Baker/Corp/Enron on 01/03/2001 09:40 AM -----

	"Kornreich, Craig" <ckornreich@velaw.com>
	12/18/2000 04:55 PM
		 
		 To: "Curry, Alicia" <acurry@velaw.com>, "Mintz, Jordan (Enron)" 
<jordan.mintz@enron.com>, "'joel.ephross@enron.com'" <joel.ephross@enron.com>
		 cc: "'kevin.d.jordan@enron.com'" <kevin.d.jordan@enron.com>, 
"'george.mckean@enron.com'" <george.mckean@enron.com>, 
"'ryan.siurek@enron.com'" <ryan.siurek@enron.com>, "Patel Trushar (Enron)" 
<trushar.patel@enron.com>, "Tiller, AnnMarie (Enron)" 
<annmarie.tiller@enron.com>, "'brent.vasconcellos@enron.com'" 
<brent.vasconcellos@enron.com>, "'ron.baker@enron.com'" 
<ron.baker@enron.com>, "'clint.walden@enron.com'" <clint.walden@enron.com>, 
"'alan.quaintance@enron.com'" <alan.quaintance@enron.com>, "Spradling, Mark" 
<MSpradling@velaw.com>, "Halbert, Elaine" <ehalbert@velaw.com>
		 Subject: RE: Cross-Guarantees


Attached please find drafts of the 3 remaining Raptor Guaranty Agreements
(i.e., those where Pronghorn is the beneficiary).

Regards,

Craig S. Kornreich
Vinson & Elkins L.L.P.
2300 First City Tower
1001 Fannin Street
Houston, TX 77002
Ph (713) 758-4816
Fax (713) 615-5862
E-mail: ckornreich@velaw.com




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 - Talon (I) ifo Pronghorn (III) Cross-Guarantee.DOC
 - Timberwolf (II) ifo Pronghorn (III) Cross-Guarantee (v.2).DOC
 - Bobcat (IV) ifo Pronghorn (III) Cross-Guarantee.DOC