Subject: Re: Shell Chemical - Index language
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Wed, 13 Sep 2000 02:07:00 -0700 (PDT)

one suggestion on the last sentence.

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

thanks, lee

   

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

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

Sara,

We have a Counterparty with a request to adjust our Floating Price language 
for Propylene so that a couple of things will be specified.  
1) the published rate is currently one price only.  They do not specify a 
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. 
Therefore, this Counterparty wishes to see that language included. 

Current:
The Floating Price for each Calculation Period shall be the arithmetic 
average of the high and low price of Propylene - chemical grade in 
Cents/Pound published under the headings &North America Product Prices for 
the applicable month: CG Propylene Contract8 in the month-end issue of 
Chemical Market Associates, Inc.,s Monomers Market Report for the applicable 
Calculation Period

Suggested
The Floating Price for each Calculation Period shall be the settlement price 
for the applicable Calculation Period of Propylene - chemical grade in 
Cents/Pound published under the headings &North America Product Prices for 
the applicable month: CG Propylene Contract8 in the month-end issue of 
Chemical Market Associates, Inc.,s Monomers Market Report for the applicable 
Calculation Period.  In the event that Monomers Market Report publishes both 
a high and low price then the Floating Price shall be the arithmetic average 
of such high and low prices.

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

Thanks,
Joe