Clem: I know that you sent Sheila Glover a form of ENE guaranty a few weeks ago. Sheila forwarded it to Bear and we received Bear's form which is unacceptable. However, if ENE has outstanding guaranties in favor of Bear, I would need to know since we may be able to use a previously negotiated form. Can you let me know if ENE has ever issued such a guaranty? Thanks. SS

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Bear Stearns Companies, Inc. and all affiliates ("Bear")