When a crude financial derivative transaction is subject to an ISDA Master agreement, the use of the language "NYMEX Trading Day" in reference to Floating Price does not fit the correct definitional ISDA structure.  It should be "Commodity Business Day".  Please see that the appropriate financial derivative confirmation templates are revised accordingly.  If you have any questions, please call.

Currently, the use of NYMEX Trading Day is correct when used with a GTC/Annex A financial omnibus form as it does fit the definitional structure.  We will advise if and when this is changed.

Thank you.
-----Original Message-----
From: Fondren, Mark 
Sent: Wednesday, September 12, 2001 11:42 AM
To: Cook, Mary
Subject: Y14087.1