I have revised the option form consistent (except where noted) with comments sent by Herman and Lisa, and have attached a redline version.  Herman, I dealt with your comment regarding the defn of Optionee by tinkering a little with the 1st paragraph.  I also construed your comment regarding Enron's right to terminate the option to NOT preclude termination if our counterparty is in default.  Please confirm that this is acceptable.

Lisa, I did not change the notice info since the first entity will the the project co, with ENA Legal receiving a copy.

 

Please advise if you have any comments.

Kay