Nothing fatal. Here are some thoughts/comments on the AMA for your general 
consideration:

2.2 (d) Bank accounts/bookkeeping.  I've previously been advised that Corp 
performs this function.    Issues which arise: will the money be invested 
overnight, who has signature authority, etc.  We have a draft services 
agreement prepared for Peoples which can serve as a "go by" if you decide you 
need a separate doc.

2.2 (b)Billing/collection.  Responsibility generally should stop at sending 
nastygrams.  No duty to hire lawyers, etc.

2.2 (f) Insurance.  In Texas, you have to have licenses to buy/sell insurance 
and adjust claims.  Current language may be soft enough to not violate 
licensing laws.

2.2 (g) cost of filing for licenses and permits not included in defn of 
Marketing Expenses, but there's some catch all language that might help.

2.3  Accountants may like it to be clear that we can't hire/fire O & M 
contractor, set O & M policies, or dispatch plant.

3.2   If there are multiple transactions in a short period, these may be 
captured in one document, not one document for each transaction.

 It would be helpful if the EEIM for use with others explains our agency 
role. (may be in there - didn't review a copy) Is the Owner a power marketer 
yet?  Are we helping them get EEIM's with the Approved Counterparties, or are 
they on their own?

 Will Enron sign on behalf of Owner for Contractor (Enron) transactions 
(sounds silly)?  Is there an EEIM in the works between EPMI and Owner?  

3.3 (f) I suspect by now you've figured out profits, etc, relating to "day 
of" transactions.  

3.4  last line - should it be interruptible instead of contingent?  Assume 
Owner has transmission risk?

Is there a "no third party beneficiary" clause?  I might have missed it.  Not 
life or death.

Interesting structure.  Could I get a copy of the final document?

Thanks,

Kay