Ed and Mark,   As we discussed, I spoke to Jeff Hodge and Travis McCullough about the best  way to document this deal.
We all agreed that it is better to document the  deal as a deferred payment on the sale of natural gas rather than as a loan.
Documenting the deal as a loan does not add any protection for Enron and in  fact, may be detrimental because of the various laws concerning loans and  lenders.
The protections  and remedies afforded by the Master track those  that Enron would have under a loan document.
Enron would be in no better  position to collect from NUI in the event of bankruptcy under a loan document  than under the Master Firm Purchase/Sale Agreement.
Additionally, I assume  that NUI, being a regulated utility, will not want to or be able to document  this deal as a loan.
Please let me know if you need additional information on this topic.
Stacy

NUI Deal Documentation