  The impact of finite cycles on the phantom modulus in an otherwise perfect
network is computed exactly. It is shown that pending cycles reduce the phantom
modulus of the network by $kT/V$ independent of junction functionality. The
correction for nonpending cycles is larger than estimated previously within
this particular approximation of the surrounding network structure. It is
discussed that loop formation inevitably leads to streched chain conformations,
if the loops are built step by step as part of the network structure. All
network loops tend to contract simultaneously to optimize conformations, which
leads to an increasing stretch of chains in larger loops that can be observed
in computer simulations. Possible other corrections to the phantom modulus that
were left aside in previous work are discussed briefly.
