Subject: TVA
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Tue, 28 Nov 2000 05:55:00 -0800 (PST)

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