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The Manley-Rowe equations for a lossless varactor network yield little information for the two-frequency case. With the assumption of a linear signal termination, it is shown that the ratio of signal and pump frequencies must be M/2, where M is an integer. For M odd, a regenerative network is possible at the signal frequency. For M even, the network is possibly regenerative or nonregenerative. Other frequency ratios are not possible; frequency division is not possible except for regenerative division by 2. The effects of strong pumping are predictable if the varactor characteristic is given.