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Enron Mail |
looks good to me - do I need to approve this in the system?
-----Original Message----- From: =09Renaud, Lindsay =20 Sent:=09Friday, July 20, 2001 11:29 AM To:=09Taylor, Mark E (Legal) Subject:=09US UNL Gas Options Mark, FYI.. Below are the updated Product Long descriptions as we discussed for U= S UNL gas options. Thanks for your help. Lindsay US UNL Gas Opt NYMEX=09 A financial Option Transaction with Enron North America Corp., under which = the Seller receives the Premium and the Buyer receives the Cash Settlement = Amount. Each calendar month during the Term of the Transaction will be a De= termination Period, provided that if the Term of the Transaction is less th= an one calendar month the Determination Period shall be the Term of the Tra= nsaction. The Notional Quantity per Determination Period shall be calculate= d from the volume submitted by Counterparty on the Website in accordance wi= th the unit of measure. The Premium shall equal the product of (i) the pric= e submitted by Counterparty via the Website, multiplied by (ii) the Notiona= l Quantity per Determination Period, multiplied by (iii) the number of Dete= rmination Periods during the Term of the Transaction. The Payment Date for = the Premium shall be 2 business days after the Trade Date of the Transactio= n. The Payment Date(s) for the Cash Settlement Amount shall be 5 business d= ays after the Cash Settlement Amount is determinable. The Cash Settlement A= mount shall be the greater of (i) zero, or (ii) the product of (a) the Noti= onal Quantity per Determination Period, multiplied by (b) the Index minus t= he Strike Price. The Option style and type shall be a European Call ("EC"). Automatic Exerci= se is Applicable. The Strike Price for the Transaction shall be as set fort= h in the Product description on the Website. The term of the Transaction sh= all correspond to the date(s) set forth in the Product description on the W= ebsite. The Exercise Period(s) shall be the last Trading Day of the NYMEX U= NL Gasoline Options Contract for the applicable Determination Period. The I= ndex for a Determination Period shall be the settlement price for the NYMEX= UNL Gasoline Futures Contract for the applicable Determination Period on t= he expiration day of the NYMEX UNL Gasoline Options Contract for such Deter= mination Period. The price is quoted in cents (US) per unit of measure, which will be the Co= ntractual Currency. The unit of measure against which the price is quoted s= hall be gallons and the quantity shown shall be the total number of 42,000 = gallons per month. US UNL Gas Opt NYMEX =20 A financial Option Transaction with Enron North America Corp., under which = the Seller receives the Premium and the Buyer receives the Cash Settlement = Amount. Each calendar month during the Term of the Transaction will be a De= termination Period, provided that if the Term of the Transaction is less th= an one calendar month the Determination Period shall be the Term of the Tra= nsaction. The Notional Quantity per Determination Period shall be calculate= d from the volume submitted by Counterparty on the Website in accordance wi= th the unit of measure. The Premium shall equal the product of (i) the pric= e submitted by Counterparty via the Website, multiplied by (ii) the Notiona= l Quantity per Determination Period, multiplied by (iii) the number of Dete= rmination Periods during the Term of the Transaction. The Payment Date for = the Premium shall be 2 business days after the Trade Date of the Transactio= n. The Payment Date(s) for the Cash Settlement Amount shall be 5 business d= ays after the Cash Settlement Amount is determinable. The Cash Settlement A= mount shall be the greater of (i) zero, or (ii) the product of (a) the Noti= onal Quantity per Determination Period, multiplied by (b) the Strike Price = minus the Index. The Option style and type shall be a European Put ("EP"). Automatic Exercis= e is Applicable. The Strike Price for the Transaction shall be as set forth= in the Product description on the Website. The term of the Transaction sh= all correspond to the date(s) set forth in the Product description on the W= ebsite. The Exercise Period(s) shall be the last Trading Day of the NYMEX U= NL Gasoline Options Contract for the applicable Determination Period. The I= ndex for a Determination Period shall be the settlement price for the NYMEX= UNL Gasoline Futures Contract for the applicable Determination Period on t= he expiration day of the NYMEX UNL Gasoline Options Contract for such Deter= mination Period. The price is quoted in cents (US) per unit of measure, whi= ch will be the Contractual Currency. The unit of measure against which the = price is quoted shall be gallons and the quantity shown shall be the total = number of 42,000 gallons per month. Lindsay Renaud EnronOnline (713) 345-3703
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