Enron Mail

From:carol.clair@enron.com
To:stephanie.panus@enron.com
Subject:Net Asset Value
Cc:sara.shackleton@enron.com
Bcc:sara.shackleton@enron.com
Date:Thu, 15 Mar 2001 08:17:00 -0800 (PST)

Stephanie:
Per my voice mail message, Net Asset Value should be defined as follows:

Net Asset Value means, as of the relevant date of determination, an amount
(expressed in United States Dollars) equal to the sum of Counterparty's total
assets minus Counterparty's total liabilities.



Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com