Thanks for your reply Cheryl.

Could you both clarify something for me. 

We use the termination log as the basis for terminating our physical and financial deals.  Now, if the log shows the counterparty as terminating the ISDA - do we terminate only financial deals?  Does this mean physical deals, unless specified in the log, remain as live deals?

We're just a bit confused as to how we should be using the log to terminate deals.

Thanks,
Shifali
x35170

 -----Original Message-----
From: 	Lindeman, Cheryl  
Sent:	Monday, March 25, 2002 3:19 PM
To:	Sharma, Shifali
Subject:	RE: Garden State Paper

I think that the termination on Dec. 14th may have been a termination of the GSP - ENA financial ISDA, not the physical deal.

Cheryl Lindeman
1400 Smith Street EB 3842
Houston, Texas 77002
Phone:  (713) 345-2849
Fax:  (713) 646-3393
cheryl.lindeman@enron.com



 -----Original Message-----
From: 	Sharma, Shifali  
Sent:	Monday, March 25, 2002 3:16 PM
To:	Lindeman, Cheryl
Subject:	Garden State Paper

Cheryl,

We have a physical recyled paper deal (YM6441.1) with Garden State that was done on 02 February, 2002.  

The Termination log that Stephanie Panus sends us shows the termination date for Garden State as 14 December, 2001.  Does this mean that this particular deal is valid and do we keep it on the books as a live deal?

Thanks,
Shifali
x35170