RVI - Portfolio CDS No.1 (Equity Tranche) ,
 Jeff - you should receive in the next day or so a Security Agreement from our 
lawyers in Bermuda (Appleby Spurling) which has to be executed on behalf of 
ENA.  I have approved these docs - in short the agreement grants us security 
in a Reinsurance Contract which supports RVI's obligation under the Credit 
Default Swap.

I would be grateful if you could sign where necessary and forward all copies 
by courier directly to Sharon White at the following address:

Sharon White
Conyers Dill & Perman
Clarendon House
PO Box HM 666
Hamilton 
Bermuda

Sara - I would be grateful if you could provide the requisite legal 
initials.  On a separate point - Sara - can you confirm that Greg Whalley has 
the authority to sign on behalf of ENA - if so can you have someone fax me a 
copy of the signatory authority.
 
If you have any questions give me buzz.

Many tks

Denis


PS - Drop me a mail when the docs have gone so I can chase-up with Sharon.


---------------------- Forwarded by Denis O'Connell/LON/ECT on 21/02/2001 
18:42 ---------------------------


Tonesan Furbert <TFurbert@ASK.BM>@ASK.BM> on 16/01/2001 19:55:38
Sent by: Alex Ratteray <ARatteray@ASK.BM>
To: "'Denis.O'Connell@enron.com'" <Denis.O'Connell@enron.com>
cc: SEWhite@cdp.bm 

Subject: Enron


Dear Dennis

I hope the New Year is treating you well.  I confirm that I have received
today 2 copies of the Security Agreement duly executed for and on behalf of
the R.V.I.. Guaranty Co., Ltd. and acknowledged and agreed by Continental
Insurance Company.  Please confirm our delivery instructions.  Are these
documents to be couriered to Jeff Kinnaman at Enron North America Corp.,
1400 Smith's Street, Houston, Texas 77002, USA, Tel: 1 713 853 5398

I look forward to hearing from you.

With kind regards

Tonesan Amissah-Furbert
Partner
41 Cedar Avenue, Hamilton HM 12
P O Box HM 1179, Hamilton HM EX
Bermuda
Email: tfurbert@ask.bm
Direct Telephone: +441 298-3201
Direct Fax: +441 298-3336
http:\\www.ask.bm
http:\\www.justaskinc.bm





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