I am fine with the language.  We will prepare executables.

 -----Original Message-----
From: 	"Avalos, Art" <AAVALOS@pnm.com>@ENRON  
Sent:	Thursday, November 15, 2001 3:20 PM
To:	Nemec, Gerald
Subject:	RE:


Gerald, I spoke with our lawyer Robert Clark and the following 
is his additions to your language.  Please let me know if it 
is acceptable. If so, please prepare executables and forward 
for signatures. 
Thanks  Art Avalos 
"Notwithstanding anything to the contrary contained herein, this Section 
4.4 shall only allow for offset, set off, or recoupment between Company 
and Customer, but not between Company and Customer's PNM Gas Services division." 
-----Original Message----- 
From: Nemec, Gerald [mailto:Gerald.Nemec@ENRON.com << File: mailto:Gerald.Nemec@ENRON.com >> ] 
Sent: Wednesday, November 14, 2001 4:19 PM 
To: aavalos@pnm.com 
Cc: Perlingiere, Debra; Fuller, Dave; Ward, Kim S (Houston) 
Subject: 
Art,  Per our phone conversation, attached is the revised language for 
Section 4.4 of the Master Firm Agreement.  Please review and if 
acceptable, we will prepare executables and forward for signature. 
"Notwithstanding anything to the contrary contained herein, this Section 
4.4 shall only allow for offset, set off, or recoupment between Company 
and Customer, excluding Customer's PNM Gas Services division." 
********************************************************************** 
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you. 
**********************************************************************