Message-ID: <8840824.1075844491986.JavaMail.evans@thyme>
Date: Wed, 13 Sep 2000 02:07:00 -0700 (PDT)
From: lee.jackson@enron.com
To: larry.hunter@enron.com
Subject: Re: Shell Chemical - Index language
Cc: sara.shackleton@enron.com, kevin.meredith@enron.com
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one suggestion on the last sentence.

"In the event that the settlement price published by the Monomers Market=20
Report includes both a high and low price then the Floating Price shall be=
=20
the arithmetic average of such high and low prices."

thanks, lee


  =20
=09
=09
=09From:  Larry Joe Hunter                           09/12/2000 06:42 PM
=09

To: Sara Shackleton/HOU/ECT@ECT
cc: Kevin Meredith/Corp/Enron@ENRON, Lee Jackson/HOU/ECT@ECT=20
Subject: Shell Chemical - Index language

Sara,

We have a Counterparty with a request to adjust our Floating Price language=
=20
for Propylene so that a couple of things will be specified. =20
1) the published rate is currently one price only.  They do not specify a=
=20
high and low (But it is possible that a high and low do get published)
2) the publication calls the price "settlement" price in the description.=
=20
Therefore, this Counterparty wishes to see that language included.=20

Current:
The Floating Price for each Calculation Period shall be the arithmetic=20
average of the high and low price of Propylene - chemical grade in=20
Cents/Pound published under the headings =01&North America Product Prices f=
or=20
the applicable month: CG Propylene Contract=018 in the month-end issue of=
=20
Chemical Market Associates, Inc.=01,s Monomers Market Report for the applic=
able=20
Calculation Period

Suggested
The Floating Price for each Calculation Period shall be the settlement pric=
e=20
for the applicable Calculation Period of Propylene - chemical grade in=20
Cents/Pound published under the headings =01&North America Product Prices f=
or=20
the applicable month: CG Propylene Contract=018 in the month-end issue of=
=20
Chemical Market Associates, Inc.=01,s Monomers Market Report for the applic=
able=20
Calculation Period.  In the event that Monomers Market Report publishes bot=
h=20
a high and low price then the Floating Price shall be the arithmetic averag=
e=20
of such high and low prices.

Give me a call in the morning and I'll get you a copy of the CMAI publicati=
on.

Thanks,
Joe