Mark,

Looks good.  The product description looks fine for copying the shipping 
products that Scott Moncrieff is trading now in London.

I'm a little concerned about the line: "Each calendar month during the term 
of the Transaction will be a Determination Period"...

Is it flexible enough in changing determination periods from mid-month to 
mid-month?
As in June 15 to July 14 to represent a month?  Or will that just be another 
Long Description that we would have to draft for another product type?

Also, what if we wanted to break up the determination periods into smaller 
increments than one month?  
Let us say a 1-week or 2-week period instead of a full month.

May be something like:
"Each calendar month during the term of the Transaction will be a 
Determination Period unless otherwise specified by the Effective Dates"

That's my two cents,
Homer
x57642



From: Mark Taylor on 05/31/2001 06:25 PM
To: Joe King/Enron@EnronXGate, Homer Lin/HOU/ECT@ECT, Carlos 
Alatorre/Enron@EnronXGate
cc: Scott Moncrieff/Enron@EUEnronXGate, Robert Quick/Enron@EUEnronXGate 
Subject: Tanker Freight Long Description

Here is a draft of the US version.  Please let me know if it works for you.