Dave the following are PNM's Wholesale Power Marketing's comments: 
1)  Please spell out "Public Service Company of New Mexico Wholesale Power Marketing 
     throughout the Enfolio. 
2)  Section 2.3 should also include your customer's recording equipment and tape as well. 
3)  Section 4.1 (iv) ...apply to any "Party" ... should be capitalized. 
4)  Section 4.1 "last sentence"  ...Notify Party or "its" Affiliates.... 
5)  Section 4.4, please include the following sentence at the end: 
Provided, however, that it is not the purpose of this Section 4.4 to provide for or to permit the 
setoff of obligations by ENRON against Counterparty for obligations of the PNM Gas Services 
under contracts between ENRON and the PNM Gas Services or against the PNM Gas Services 
for the obligations of the Counterparty under this Master Agreement. 
6)  Section 6.2 A. first sentence "....and (iii) such New Tax is due ..." remove comma (,) 
7)  Section 8.3 & 8.5, Appendix 1: Arbitration, Disputes, Procedures and Award , Texas Law 
     is being used.  Our proposal is a neutral state such as New York.