Stephanie:
Per my voice mail message, Net Asset Value should be defined as follows:

Net Asset Value means, as of the relevant date of determination, an amount 
(expressed in United States Dollars) equal to the sum of Counterparty's total 
assets minus Counterparty's total liabilities.



Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com