Paul- we went ahead and did the deal with DKR:

They bought WTI at $25.67and sold NYH 1% at $22.57
Net spread= $3.10
CY02
25 contract per month= 300,000 bbls in total.

I have requested 50K of initial margin on the deal.

In terms of the deemed ISDA, we agreed to Paul's termination clauses with the 
amendment.

change 3 to ...NAV exceeds 3 to 1
change 4 to ....$30MM and $150MM, respectively.


Carol- as soon as you can get out the deemed ISDA , I'll let my back office 
know..
Please call me with questions,
Caroline
212 702 3910