Rob: I received the documents and Susan Flynn will get them executed along with the Enron Guaranty and the other certificates and get them back to you next week. My question for you is when you consider the agreement to be effective for trading purposes? I'm assuming you want to wait for the Enron Guaranty and that any trades done before the Guaranty is sent to you would not be confirmed under the Master. Please let me know your thoughts on this. I have asked Enron's counsel to process the Guaranty ASAP. Thanks. Carol

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ISDA Master