Paul:  There is already a definition of "Liabilities" in the hedge fund 
template.  We will enhance the existing definition to add the last phrase 
"...as would ...GAAP" and delete the "Liabilities" portion from your NAV 
definition.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com



	Paul Radous/ENRON@enronXgate
	04/25/2001 04:14 PM
		 
		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: 
		 Subject: Net Asset Value

"Net Asset Value" means as of the relevant time of determination, an amount 
(expressed in United States Dollars) equal to the sum of Party B's Assets 
minus Liabilities.  "Assets" means all assets and "Liabilities" means all 
liabilities, as would generally be classified as such in accordance with 
generally accepted accounting principles.