The first one looks ok to me as long as someone has checked the accuracy of the reference to Gas Daily.

I have trouble with the second one.  This really looks like a basis swap so I think we need to start with basis swap language.  Can you call me on this one?

 -----Original Message-----
From: 	Walker, Chris  
Sent:	Thursday, September 20, 2001 11:58 AM
To:	Taylor, Mark E (Legal)
Cc:	Lozano, Melba; Meredith, Kevin
Subject:	New Gas Daily index

Mark,

Please see the 2 new Gas Daily indexes requested by Pete Keavey. He is considering replacing the existing HeHub products with this new electronic trading index.  Let us know if the language looks OK.

Thanks,

CW
3-7533

US Gas Daily     HHub Elec               Oct01           USD/MM

A financial Swap Transaction with Enron North America Corp., under which the Seller pays a Floating Price and the Buyer pays the price submitted by Counterparty on the Website (the Fixed Price) in each case in respect of the Notional Quantity per Determination Period.  Each calendar month during the term of the Transaction will be a Determination Period. The Notional Quantity per Determination Period is the volume submitted multiplied by the number days in the relevant Determination Period.  The Payment Date(s) will be 5 business days after the Floating Price is determinable. The Floating Price shall be the average of the Index for each day in the relevant Determination Period.
The term of the Transaction shall correspond to the date(s) set forth in the Product description on the Website.
The Index for a day shall be the price published on such calendar day under the heading "Electronic Trading Indices" in the Henry Hub section of Gas Daily, or if a calendar day is not a Business Day then the price used shall be the price published on the next succeeding Business Day.
The price is quoted in US Dollars per unit of volume, which will be the Contractual Currency.
The unit of measure against which the price is quoted shall be millions of British thermal units and the quantity shown shall be in millions of BTUs per day.

US Gas Daily     IF GD/D Hhub Elec       Oct01           USD/MM

A financial Swap Transaction with Enron North America Corp., under which the Seller pays a Floating Price and the Buyer pays the price submitted by Counterparty on the Website (the Fixed Price) in each case in respect of the Notional Quantity per Determination Period.  Each calendar month during the term of the Transaction will be a Determination Period. The Notional Quantity per Determination Period is the volume submitted multiplied by the number days in the relevant Determination Period.  The Payment Date(s) will be 5 business days after the Floating Price is determinable. The Floating Price shall be the average of the Index for each day in the relevant Determination Period.
The term of the Transaction shall correspond to the date(s) set forth in the Product description on the Website.
The Fixed Price shall be the South Louisiana - Henry Hub price as listed in the section entitled "Market Center Spot-Gas Prices", published in the first issue in such month of Inside Ferc's Gas Market Report, modified by the price submitted by the Counterparty on the Website, for the applicable Determination Period. The Index for a day shall be the Daily Midpoint price published on such calendar day under the heading "Electronic Trading Indices" in the Henry Hub section of Gas Daily,or if a calendar day is not a Business Day then the price used shall be the Daily Midpoint price published on the next succeeding Business Day.
The price is quoted in US Dollars per unit of volume, which will be the Contractual Currency.
The unit of measure against which the price is quoted shall be millions of British thermal units and the quantity shown shall be in millions of BTUs per day.