Mr. Davis: Susan Flynn passed on to me your comments to the ISDA draft. Please call me when you are ready to discuss. With respect to the Guaranty amendment that we had requested, it is just meant to clarify in the termination section that if the Guaranty is terminated then the Guarantor is still responsible for all of the Counterparty's obligations with respect to any transactions that were entered into prior to the termination date, even if such obligations are incurred after the termination date. I do not feel that the termination language, as currently written in both the WPS and Enron Guarantys clearly reflects this concept as the language as currently written states that the Guaranty "is revocable only with respect to liabilities occurring on or after the termination date." I look forward to hearing from you.
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ISDA Comments