Rob:
On the recording language issue, we can agree to the following:  Instead of 
limiting it to trading, marketing and scheduling personnel, we can agree that 
it is limited to all telephone communications that are made to or from each 
party's trading floor. This is because all calls that originate out of our 
trading area are always recorded no matter who picks up on the other line.   
Does that work for you?  I'm still checking on the confirmation/transaction 
tape issue.  Also, our credit person will agree to the Moody's trigger in the 
MAC language that we discussed.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)