Jeff says Floating Price language is ok.  SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 07/22/99 02:40 
PM ---------------------------
   
	Enron Capital & Trade Resources Corp.
	
	From:  Jeff Harbert                           07/21/99 06:28 PM
	

To: Sara Shackleton/HOU/ECT@ECT
cc: Dale Neuner/HOU/ECT@ECT 
Subject: Re: Merita  

From the contract specification documentation provided by the OM to us I 
would say that for the "pulpex futures contract", reference to the term
"Daily Settlement Price" is the same as reference to "daily closing price" or 
"last traded price" for the Pulpex Futures Contract after reading contract 
specification section 2.1.13 of their documentation.  The OM simply defines 
it as the last traded price on each business day.  However, "Daily Settlment 
Price" for the pulpex options contract per contract specification 2.2.6 
defines it as the mid price of the closing bid and offer price.  
Give me your fax number and I'll send the documentation to you for review.

That being said I think your floating price language is OK and we should move 
forward in order to close the books on this one.

Thanks for your help.

JH.



Sara Shackleton
07/16/99 09:36 AM
To: Jeff Harbert/HOU/ECT@ECT
cc:  
Subject: Merita

Please review and let's talk.  Thanks.  SS