Let's address this in the discussion tomorrow.  I would recommend we see how 
the Master negotiations before we proceed with the guaranty.

Bill



From: Sara Shackleton on 09/12/2000 03:48 PM
To: William S Bradford/HOU/ECT@ECT, Paul Radous/Corp/Enron@ENRON
cc:  
Subject: Credit Derivatives - DEUTSCHE BANK

ECT Investments, Inc. ("ECTI") entered into a 5-YEAR credit derivative with 
Deutsche Bank ("DB") effective 7/19/00 with a Scheduled Termination Date of 
7/19/05 (Loews Corporation is the reference credit).  DB is requiring an 
Enron Corp. guaranty.  There is no mention of guaranty terms.  [NOTE THAT IN 
A SIMILAR DEAL 3/13/00 BASED UPON THE REPUBLIC OF INDONESIA  BETWEEN THE 
PARTIES, NO GUARANTY WAS REQUESTED].

Should  ECTI post the guaranty?  Do we want a Master ISDA?

Please let me know.  Thanks.  Sara