I fully agree with the "fade" effect.  But this looks right to me.  As I 
remember it, we were not totally happy with the Notional Quantity language 
but this was the best we could do.  We were going to make sure that whether 
the submitted volume was per day or per month was clearly reflected elsewhere 
in the long description.  Not elegant, but adequate.




David Forster
10/19/99 11:30 AM
To: Mark Taylor/HOU/ECT@ECT
cc: Jennifer deBoisblanc Denny/HOU/ECT@ECT 
Subject: Re: Paper Products  


Mark,

This is rapidly fading into a blur. 

I think we discussed this previously and came up with the following for US 
Financial Gas Options:

A Transaction under which the Option Buyer has the right, in relation to the 
Option Seller, in return for payment of the Total Premium by the Premium 
Payment Date, to receive after exercise of the Option with respect to a 
Determination Period, the Cash Settlement Amount for such Determination 
Period being, for a Put Option the Strike Price minus the Floating Price for 
such Determination Period, in respect of the Notional Quantity, and for a 
Call Option the Floating Price for such Determination Period minus the Strike 
Price in respect of the Notional Quantity. The Notional Quantity shall be the 
volume for the relevant Determination Period (calculated using the volume 
submitted by counterparty).  The Total Premium shall be the price submitted 
by Counterparty via EnronOnline multiplied by the sum of the Notional 
Quantities for each Determination Period.  Each calendar month during the 
term of the Transaction shall be a Determination Period.  The Payment Date(s) 
shall be the fifth Business Day following the date on which the Floating 
Price is determinable.The Floating Price shall be the Index. 


but, I'm not sure if this is latest version we came up with. Could you check 
your emails and confirm the latest version which you were happy with?


Thanks,

Dave





Jennifer deBoisblanc Denny
19/10/99 16:03
To: David Forster/LON/ECT@ECT
cc: Bob Crane/HOU/ECT@ECT 
Subject: Paper Products


Dave,
The first long product type description below defines a paper product. In all 
paper/pulp products, with the exception of the second one below, 
the description uses the words "volume submitted multiplied by the number of 
days".
Bob Crane of Paper / Pulp Trading, said this confusing due to the commodity 
is monthly delivey. He would like the words "multiplied by the number of 
days" removed from the long descriptions of the paper/pulp product types. 
Should we delete the whole sentence possibly? (See second desription below.)