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.

ISDA Comments