Akasha:
I would reword the first sentence as follows:

In response to your e-mail dated March 21st and based on all of the 
information that we have received from you thus far which essentially has 
only demonstrated that the debt of our Reference Entity's affiliates has been 
repudiated, we still lack proof of the repudiation by our Reference Entity 
(and the guarantor of such debt) of its obligations under the Guaranty that 
supports such debt.  Please provide us such information to demonstrate that a 
Credit Event has occurred.

I will be out of the office tomorrow but will be checking my voice mail.  If 
you need to consult with someone right away, please contact Sara Shackleton 
who is familiar with this deal.
 
Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com



	Akasha R Bibb@ENRON
	03/22/2001 12:39 PM
		 
		 To: Carol St Clair/HOU/ECT@ECT
		 cc: 
		 Subject: 

Carol, can you check the note below.
Thanks
Akasha


In response to your email dated March 21st, you have not proven whereby the 
guarantor( ie. the reference entity) has repudiated its obligations under the 
guarantee for the obligations mentioned in the documents sent to us, in your 
notice of Publicly Available Information..

We are still awaiting a copy of the Prospectus for the ISIN XS0109296011 
US$22.4MM floating rate notes due 2000 and a copy of the guarantee.  Again, 
we do not believe a Credit Event has yet ocurred.

Regards,