IN: here I come! I will see you tomorrow morning. Anytime in particular that I should be there? 8am? Just let me know. Let Amy and Theresa know that I am looking forward to working with them. See ya!

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OUT: Ready...set...

IN: We need to finalize. Legal opinion needs to come from Mark Haedicke (my recollection is that he may not need the back up). Have we requested the guaranty? Thanks. Sara

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OUT: ISDA documents

IN: Here are the most recent versions from Clifford Chance. They were sent to Sullivan & Cromwell yesterday to be "Americanized" and are still drafts with a number of open issues yet to be resolved - so we can easily make changes as necessary to solve issues you may raise. The PA = Password Application - to be signed by counterparty & sent to us before a password is issued. The ETA = Electronic Trading Agreement - to be agreed to online before trading is permitted. The ROETA = Read Only ETA - to be agreed to online by persons wishing access to the site to view but not trade (probably misnamed - should be ROPA or something that doesn't sound like they'll be able to trade).

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OUT: Online Trading Agreements

IN: Yesterday evening I phoned both the state of Arizona ( agency for stations 1 and 2) and Region 9 EPA ( agency for stations 3 and 4) concerning the status of when the air permits would be issued by both agencies for the Redrock expansion. I was surprised to find out that both agencies stated a 2-4 month delay prior to issuance. They cited back log of other permits, public comment periods, and workload as being the main reasons. I am particularily disappointed because there were pre meetings with both agencies identifying what was to be included in each application package, and even after the applications were submitted in March of this year, each agency came back and asked for different information that from what was discussed at each meeting. I have a call into the state of Arizona ( construction is to begin at Station 2 and they have jurisdiction for this station) to see if we can initiate some construction activities such as laying pipe and building foundations prior to receiving the permit. I have been given these types of approvals from other agencies in the past, but these types of approvals are extremely narrow and restrictive. If this flys I am sure that they will require us to make sure the turbine is not brought on site until the permit has been issued. I know this will require written approval from the agency, but this may allow us to proceed on schedule and avoid any delays. Ill keep you apprised of this issue.

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OUT:
Air Permit Delay, Red Rock Expansion