I spoke with Jim Deason who is reviewing our documentation, including, the 
ISDA Schedule, Credit Support Annex and Deemed ISDA.  He will email to me 
EWEB's comments to our blacklined Schedule.  He has not conferred with Dick 
Varner on the Credit Support Annex but hopes to have comments to me later 
this week; I offered to have Tracy or Ed available to discuss credit.  
Finally, he has reviewed the Deemed ISDA and will have the same comments 
here.  HOWEVER, Jim indicated that the transaction which Holli entered into 
is not the type of FINANCIAL deal that EWEB has contemplated (or authorized) 
and that it would require special board approval.  The Board meets on Dec. 
5.  He requested that a special provision be inserted into the confirm prior 
to that approval, stating that this transaction is NOT BINDING until approved 
by the EWEB Board (Jim will send requested language).  By copy of this 
message, I ask that Holli advise on steps to be taken regarding execution of 
the Deemed ISDA confirmation.  

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