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<br />negotiations, we have been operating on the fundamental premise that none of <br />the interim resolutions regarding these other subsidiary issues are final until the <br />franchise agreement is signed. <br /> <br />The Commission's intention with respect to the MOU is a fundamental <br />issue in the negotiations, and the Company would like to have a clear <br />understanding of the Commission's intention. Your letter says that the <br />Commission does not believe it is repudiating the MOU. At the same time, <br />however, the Commission is demanding substantial additional PEG funding as a <br />condition of reaching agreement on a renewal, and these demands are directly <br />contrary to the express terms of the MOU. The Commission's two positions are <br />inconsistent with each other and simply cannot coexist. Either both parties must <br />commit to stand by our obligations in the MOU, or we agree to terminate the <br />MOU and start over. Please understand that if the Commission insists on <br />additional PEG funding beyond that specified in the MOU, we consider that to be <br />a repudiation of the agreement and a choice to pursue the latter option. <br /> <br />We request that the Commission clarify its intention with respect to <br />honoring the terms of the MOU as written. After you have provided this guidance <br />to us, we will be ready to sit down with the Commission again to make a fresh <br />effort to negotiate the terms of a franchise renewal. <br /> <br />We look forward to hearing from you about how the Commission would <br />like to proceed. <br /> <br />Sincerely, <br /> <br />cc: Jeidi Arnson <br />Kathi Donnelly-Cohen <br /> <br />j)~b ~ <br /> <br />David G. seYk1 <br /> <br />2 <br />