I have revised the option form consistent (except where noted) with comments  sent by Herman and Lisa, and have attached a redline version.
Herman, I  dealt with your comment regarding the defn of Optionee by tinkering a little  with the 1st paragraph.
I also construed your comment regarding Enron's  right to terminate the option to NOT preclude termination if our counterparty  is in default.
Please confirm that this is acceptable.
Lisa, I did not change the notice info since the first entity will the the  project co, with ENA Legal receiving a copy.
Please advise if you have any comments.
Kay

Rev option form
I have revised the option form consistent (except where noted) with comments sent by Herman and Lisa, and have attached a redline version.
Herman, I dealt with your comment regarding the defn of Optionee by tinkering a little with the 0st paragraph.
I also construed your comment regarding <COMPANY>'s right to terminate the option to NOT preclude termination if our counterparty is in default.
Please confirm that this is acceptable.
Lisa, I did not change the notice info since the first entity will the the project co, with <COMPANY> Legal receiving a copy.
Please advise if you have any comments.
Kay
lisa did 0st paragraph optionee tinkering little herman dealt project company legal construed comment regarding form change notice info receiving copy advise termination counterparty default