TVA

Joe:

Susan Bailey (X34737) will be drafting the TVA master. I don't think it will
go out today; maybe, tomorrow. Please feel free to call Susan (or me) if you
have any questions.

Negotiations proceed more quickly when legal has the name, phone number and
email address for the counterparty's LAWYER (I know you tried!). If the
counterparty is truly anxious to trade, the commercial guys will pressure the
legal department to pay attention to the documents and keep the ball
rolling. Otherwise, things will sit around and go nowhere.

Just remember that an ISDA negotiation is USUALLY longer with a governmental
entity because ENA requires more information (legal opinion, copies of
statutes, authority in the form of a full Board resolution, etc.) and
government lawyers may be short staffed. Sometimes the counterparty will
hire outside counsel which may go more quickly, but not always.

If a counterparty is totally organized and familiar with financial trading
documents, the negotiations may end within a week (but I have never seen this
happen with a governmental). Otherwise, it simply depends on the issues.

Sara