Brad and John: We have not sent out the ISDA draft on energen because I need calrification  on the following points:  1.
Is the $75MM Guaranty cap meant to cover both physical and financial  combined or are we doing separate Guarantys each with a $75MM cap amount?
2.
How does the $50MM collateral threshold work?
I noticed in the physical  master that it appears as if we subtract from the $50MM threshold our  exposure under the ISDA to arrive at the Counterparty's threshold, although  the language in the physical says "the exposure" and it is not clear whose  exposure they are talking about.
Is that how it is suppposed to work?
Carol

Energen