Re: US Jet Kero Swap -

That looks good to me.

Dale Neuner on 01/31/2000 05:43:30 PM
To: Mark E Taylor/HOU/ECT@ECT
cc:
Subject: Re: US Jet Kero Swap -

How's this:

A US Jet Kerosene financial Swap Transaction with Enron North America Corp.
under which the Seller pays a
Floating Price and the Buyer pays the price submitted by Counterparty on the
website (the Fixed Price) in respect
of the Notional Quantity per Determination Period. The Notional Quantity per
Determination Period shall be the
volume submitted by Counterparty on the website. Each calendar month during
the term of the Transaction
will be a Determination Period. The Payment Date(s) will be 5 business days
after the Floating Price is
determinable. The Floating Price shall be the Index for the relevant
Determination Period.
The term of the Transaction shall be from the Effective Date of 01 Apr 2000
to the Termination Date of 30 Jun 2000.
The Index for a Determination Period shall be the mean of daily official
settlement prices for Jet Kerosene
located in the table "Product Price Assessments" and published under the
headings "US Gulf Coast: Pipeline"
and opposite the caption "Jet/Kero 54" as published in Platt's Oilgram Price
Report for each day within such
Determination Period.
The price is quoted in cents (US) per unit of measure which will be the
Contractual Currency.
The unit of measure against which the price is quoted shall be gallons and
the volume shown shall be in total
number of Barrels per month.

Sent by: Mark E Taylor
To: Dale Neuner/HOU/ECT@ECT
cc:
Subject: Re: US Jet Kero Swap -

My only concern is that the Floating Price is the Index for the Determination
Period (which is a month) but the Index is a daily index. Should we be
taking the average for the month?

Dale Neuner on 01/31/2000 05:10:41 PM
To: Mark E Taylor/HOU/ECT@ECT
cc: Bjorn Hagelmann/HOU/ECT@ECT, Patrick Markey/HOU/ECT@ECT
Subject: US Jet Kero Swap -

Bjorn - as requested.

Mark - we are finished building the Jet Kero product and have all approvals
and uploads. Please offer final review
so that I can release this product:

US Jet Kero Swap Platts GC 54 Apr-Jun00 c/Gl-b

A US Jet Kerosene financial Swap Transaction with Enron North America Corp.
under which the Seller pays a
Floating Price and the Buyer pays the price submitted by Counterparty on the
website (the Fixed Price) in respect
of the Notional Quantity per Determination Period. The Notional Quantity per
Determination Period shall be the
volume submitted by Counterparty on the website. Each calendar month during
the term of the Transaction will
be a Determination Period. The Payment Date(s) will be 5 business days after
the Floating Price is determinable.
The Floating Price shall be the Index for the relevant Determination Period.
The term of the Transaction shall be from the Effective Date of 01 Apr 2000
to the Termination Date of 30 Jun 2000.
The Index for a day shall be the mean of daily official settlement prices
for Jet Kerosene located in the
table "Product Price Assessments" and published under the headings "US Gulf
Coast: Pipeline" and opposite
the caption "Jet/Kero 54" as published in Platt's Oilgram Price Report for
such day.
The price is quoted in cents (US) per unit of measure which will be the
Contractual Currency.
The unit of measure against which the price is quoted shall be gallons and
the volume shown shall be in
total number of Barrels per month.