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Date: Wed, 14 Nov 2001 15:18:40 -0800 (PST)
From: gerald.nemec@enron.com
To: aavalos@pnm.com
Subject: 
Cc: debra.perlingiere@enron.com, dave.fuller@enron.com, 
	houston <.ward@enron.com>
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Art,  Per our phone conversation, attached is the revised language for Section 4.4 of the Master Firm Agreement.  Please review and if acceptable, we will prepare executables and forward for signature.
"Notwithstanding anything to the contrary contained herein, this Section 4.4 shall only allow for offset, set off, or recoupment between Company and Customer, excluding Customer's PNM Gas Services division."