Tanya: I just received a revised draft of the ISDA Schedule.
There is just 1 point  that I want to raise with you.
You may recall that in Credit Event Upon  Merger we created a special exception for them in connection with their  upcoming reorg which stated that either the transferee or its Credit Support  Provider would have to have a Credit Rating of BBB- or better OR Baa3 or  better.
They now have added this same concept as a carve-out/exception to  the "transfer" provisions in section 7, such that upon any transfer, the  other party cannot withhold its consent to such transfer if the transferee  provides a Guaranty from an entity that meets the above ratings test.
Are  you okay with this as a general carve out for all types of transfers?
Our  typical language is that we can withhold our consent unless the transferee  provides a satisfactory guaranty to us.
Carol

PSE&G
