Veronica:

There shouldn't be a legal reason why we can't do this, however, we will need copies of all the Enron Corp. guaranties (and any amendments thereto), together with details of all contracts that will be covered.  Also, has Oneok Energy Marketing and Trading Company, L.P. provided any incoming guaranties and, if so, do we want to consolidate those?

Marie

 -----Original Message-----
From: 	Espinoza, Veronica  
Sent:	Friday, September 07, 2001 3:21 PM
To:	Bailey, Susan; Boyd, Samantha; Heard, Marie; Panus, Stephanie
Subject:	ONEOK Gty

Legal Team--

ONEOK Energy Marketing and Trading Company, L.P. would like to replace the current Gty's that Enron has issued to them and receive one overall gty to cover the financial and physical business with ENA, ECC, ENA Upstream Company, LLC, EPMI, EES and EGLI.  This would include the trading executed under the ISDA, GISB, and GTC's.  In executing this new gty, we would simultaneously cancel the existing outgoing Gty's that we have out to them already.  The cap amount on this new Gty would be $75MM.

Can you please advise whether this is acceptable or not so that I can tell the counterparty--we're currently avoiding posting cash on a Margin call as ONEOK will accept a higher Gty amount to cover their exposure.

Thanks,

Veronica