RE: ,
 Gerald, I spoke with our lawyer Robert Clark and the following 
is his additions to your language.  Please let me know if it 
is acceptable. If so, please prepare executables and forward 
for signatures. 
Thanks  Art Avalos 
"Notwithstanding anything to the contrary contained herein, this Section 
4.4 shall only allow for offset, set off, or recoupment between Company 
and Customer, but not between Company and Customer's PNM Gas Services division." 
-----Original Message----- 
From: Nemec, Gerald [mailto:Gerald.Nemec@ENRON.com ] 
Sent: Wednesday, November 14, 2001 4:19 PM 
To: aavalos@pnm.com 
Cc: Perlingiere, Debra; Fuller, Dave; Ward, Kim S (Houston) 
Subject: 
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." 
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gerald.nemec@enron.com