Clem:  Attached to the end of this string of emails is the Bear, Stearns & Co.  ("Bear") form of guaranty.
My only issue is with Section 1.
Consents,  Waivers and Renewals of the Bear guaranty which Bear insists upon .
Although  Bear will agree to the Enron form of guaranty,  our Par.
4 Setoffs and  Counterclaims problematic in light of Bear's waiver provision.
I'd like to  discuss with you.
ENA has agreed to a Securities Lending arrangement with Bear and the ENE  guaranty (capped at $25million and restricted to ENA's arrangements with  Bear) is part of that "package".
FYI, several Enron companies have accounts with Bear.
When do you think we could discuss?

Bear Stearns Guarantee. I'll call to follow up tomorrow a.m.