I have spoken to or heard from Mark Taylor, Bill Bradford, Mark Haedicke, Leslie Hansen this morning. Here is the update:

- Mark H. expects all documentation (templates only) to be complete and signed off this week. UBS legal is now apparantly also feeling the heat.
- Bryan Murtaugh will be on site tomorrow night. They will work on getting Bryan's approval on final contract forms for all documents (physical, financial, GTC, Master, Adoption) through Thursday and Friday.
- Bill will have credit clauses and headroom identified for Master and GTC for the Top 30 customers by end of this week, and for the entire list you gave him by beginning of next week.

- My interpretation of this is that we will be in a position to start assembling custom Master Agreement early next week.

I have stressed the importance of getting this finalised quickly, and pointed out that the commercial teams have been assigned to customers and are waiting only for legal documents.


Dave