Sara, below is the "floating price" definition we discussed. FYI, I talked
to Joe on two other issues: (1) He agreed that longer-term it would be
desirable to come up with a form-generating technology such that a definition
of "Delivery Date" is inserted only when relevant (i.e., triggered by the
particular reference price mentioned), so we will keep that in mind, and (2)
He is aware of the errors in the "Cash Settlement Amount" definition
("Multiplied" is capitalized; "price" in "Strike Price Differential" is not;
a couple of spaces don't belong, etc.). I didn't completely understand his
explanation, but it was something to the effect that this had snuck in from
an ERMS form and he is already talking to the right person about getting it
fixed.

Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com
----- Forwarded by Robert Bruce/NA/Enron on 10/26/2000 11:48 AM -----

Robert Bruce
Sent by: Robert Bruce
10/26/2000 11:48 AM

To: Larry Joe Hunter/HOU/ECT@ECT
cc:
Subject:

As we discussed, here is the language for the "Floating Price" definition:

The arithmetic average of the daily prices for all calendar days during the
Calculation Period, the price for each such calendar day being the "Flow
date: Midpoint: Citygates: Chicago - LDCs, large e-us" price as published
under the heading "Daily Price Survey" in Gas Daily

Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com