Subject: Defferred Premium Cap
From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Fri, 28 Sep 2001 11:49:31 -0700 (PDT)

I have made the suggested corrections and made a few minor adjustments to the format of the Deferred Premium Commodity Cap you were working on.  Please note that the Premium Payment Date is on the first page to indicate that such premium is deferred until settlement and calcuated in accordance with the Cash Settlement Amount provisions.  

After review of the structure it occurred to me that this transaction could be drafted as a modified fixed basis swap.  The swap format is much simpler to document and easier to understand the respective payment obligations.  It might make it easier for the counterparty to follow the intended payment obligations.  

Please let me know if you have any questions or comments.

Regards,
Brent

The first document is the swap format and the second is the revised cap format.