IOU's: Online Trading

I have reviewed Tana's list of North American utilities and have the
following comments:

(1) I have tried to eliminate all governmentals and regulated entities.
However, I suggest that we ask Kevin Leitao to take a quick review for
obvious errors. (However, I don't want Kevin to prepare unlimited research
on our behalf. I'll discuss with him).

(2) I suggest that we ask Canadian counsel to review Canadian utilities on
authority/regulatory issues. In my experience, Canadian outside counsel was
reluctant to even comment on utilities located in provinces other than
outside counsel's domicile.

(3) The online omnibus does not contain the ISDA Section 3© rep as to
absence of litigation. This rep drags in governmental bodies and all
agencies (hence, a state PUC). Thus, online parties will rep as to authority
to transact each time they trade but we will not know about potential PUC
issues. (Under the ISDA, a party would have to notifiy us of a "Regulatory
Development" and we may have an Event of Default for failure to notify; we
may also have a Termination Event under our current format).