Document:

ex10-15.htm

    
      

      

    

    EXHIBIT
10.15

    

    TVA
Contract No. 00069956, Supp. No. 3

    

    

    AGREEMENT

    Between

    TENNESSEE
VALLEY AUTHORITY

    And

    SEVEN
STATES SOUTHAVEN, LLC

    

    

    THIS AGREEMENT, dated as of April 17, 2009
(Agreement), is entered into by and between SEVEN STATES SOUTHAVEN, LLC (Southaven), a
limited liability company created and existing under the Laws of the State of
Delaware, and TENNESSEE VALLEY AUTHORITY
(TVA), a corporate agency and instrumentality of the United States Government
created and existing under and by virtue of the Tennessee Valley Authority Act
of 1933, as amended, 16 U.S.C. §§ 831-831ee (2006).

    

    WITNESSETH:

    

    WHEREAS, TVA and Seven States Power Corporation
(Seven States Power) entered into a Joint Ownership Agreement dated April 30,
2008, numbered as TVA Contract No. 00069956, which was subsequently amended by
Supplement No. 1 dated September 2, 2008 and Supplement No. 2 dated September
30, 2008 (as so amended, the JOA); and

    

    WHEREAS, on September 30, 2008, Seven States
Power designated Southaven as the “Designated Entity” under the JOA, assigned
all its rights under the JOA to Southaven and specified the Elected Percentage
under the JOA to be equal to 90%; and

    

    WHEREAS, Supplement No. 2 to the JOA provides
that in the event the Designated Entity takes title to a portion of the Elected
Percentage less than 90% at the First Seven States Closing, then the Designated
Entity has the option to take title to the remainder, or any portion thereof, of
the Elected Percentage up to a total ownership interest equal to 90% at a Second
Seven States Closing, which must occur no earlier than January 2, 2009 and on
later than May 9, 2009; and

    

    WHEREAS, the First Seven States Closing
occurred September 30, 2008 for a portion of the Elected Percentage, resulting
in Southaven obtaining a total ownership interest equal to 69.69%;
and

    

    WHEREAS, Southaven has notified TVA of its
desire to take title to an additional 20.31% portion of the Purchased Assets,
for a total ownership interest of 90%, at a Second Seven States Closing;
and

    

    WHEREAS, the Second Seven States Closing has
occurred on the date hereof, with payment by Southaven to TVA of the additional
Seven States Purchase Price for the additional 20.31% interest to make up the
entire 90% Elected Percentage;

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    NOW,
THEREFORE, for and in consideration of the premises, the mutual covenants
and agreements set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, TVA and Southaven
agree as follows:

    

    
      	
              1.  

            	
              The
      Elected Percentage is hereby confirmed by both parties to be 90% as of the
      date hereof for all purposes under the
JOA.

            

    

    

    
      	
              2.  

            	
              The
      Buy Back Option under the JOA is hereby confirmed by both parties to
      require, if exercised, TVA to repurchase all of Seven States’ right,
      title, and interest in and to the Purchased Assets acquired by Seven
      States in both the First Seven States Closing and the Second Seven States
      Closing.

            

    

    

    
      	
              3.  

            	
              Both
      parties hereby confirm that the “Loan” referred to in Section 5(e) of the
      JOA includes, without limitation, the $324,995,818 Term Loan and the
      $94,714,666 Incremental Term Loan A, each under that certain Credit
      Agreement, dated as of September 30, 2008, between Southaven, Seven States
      Power, JPMorgan Chase Bank, National Association, and the other lenders
      indentified therein, the proceeds of which have been advanced to Southaven
      on the date hereof.

            

    

    

    
      	
              4.  

            	
              Both
      parties hereby confirm that the “Seven States Purchase Price”, as defined
      in the JOA, equals $419,710,484.

            

    

    

    
      	
              5.  

            	
              To
      the knowledge of each of TVA and Southaven, there are no existing defaults
      under the JOA.

            

    

    

    
      	
              6.  

            	
              All
      other terms and conditions of the JOA shall be and remain unchanged except
      as specifically provided herein.

            

    

    

    
      	
              7.  

            	
              Capitalized
      terms used in this Agreement, including the recitals, and not otherwise
      defined herein, shall have the respective meanings set forth in the
      JOA.

            

    

    

    

    [Signatures
Appear on the Following Page]

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    

    IN WITNESS WHEREOF, Southaven and TVA
have caused this Agreement to be executed by their duly authorized
representatives as of the date first above written.

    

    

    
      	 
      	
              SEVEN
      STATES SOUTHAVEN, LLC,

            
	 
      	
              a
      Delaware limited liability company

            
	 
      	 
      
	 
      	
              By:           /s/
      Jack W. Simmons

            
	 
      	
              Name:      Jack
      W. Simmons

            
	 
      	
              Title:        President
      and Chief Executive Officer

            
	 
      	 
      
	 
      	 
      
	 
      	
              TENNESSEE
      VALLEY AUTHORITY

            
	 
      	 
      
	 
      	
              By:           /s/
      John G. Trawick

            
	 
      	
              Name:      John
      G. Trawick

            
	 
      	
              Title:       Vice
      President, Strategy, Pricing & Contracts

            
	 
      	 
      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Signature
Page to Supplement No. 3 to Joint Ownership Agreementex10-17.htm

    
      

      

    

    EXHIBIT
10.17

    

    
 

    

    FIRST
AMENDMENT TO LEASE AGREEMENT

    (Southaven
Power Plant)

    

    

    THIS FIRST AMENDMENT TO LEASE AGREEMENT is
executed to be effective as of the 17th day
of April, 2009, by and between SEVEN STATE
SOUTHAVEN, LLC, (“Seven States”) a Delaware limited liability company, as
owner and lessor, and TENNESSEE VALLEY
AUTHORITY ("TVA"), a corporate agency and instrumentality of the United
States Government created and existing under and by virtue of the Tennessee
Valley Authority Act of 1933, as
amended, 16 U.S.C. Sections 831-831ee (2006), and acting as to real
property as agent and in the name of the United States of America, as
lessee.

    

    WITNESSETH:

    

    WHEREAS, Seven States and TVA entered into that
certain Lease Agreement dated September 30, 2008 (the “Lease”) pursuant to which
TVA leases from Seven States the “Leased Premises,” which consist of Seven
States’ 69.69% undivided ownership interest in the Purchased Assets, as more
particularly defined in the Lease; and

    

    WHEREAS, on the date hereof, Seven States has
acquired an additional 20.31% undivided ownership interest in the Purchased
Assets, bringing Seven States’ ownership interest in the Purchased Assets up to
90%; and

    

    WHEREAS, the parties hereto desire to confirm
that the “Leased Premises” now includes Seven States’ entire 90% undivided
interest in the Purchased Assets as of the date hereof and that the Lease, as
hereby amended, is effective to create a lease from Seven States to TVA of the
entire “Leased Premises”;

     

    NOW,
THEREFORE, for and in consideration of the premises and other good and
valuable consideration, the receipt and legal sufficiency of which are hereby
acknowledged, the parties agree to amend the Lease as follows: 

    

    
      	
              1.  

            	
              Seven
      States and TVA hereby acknowledge and agree that as of the date hereof,
      the “Leased Premises” shall consist of Seven States’ entire 90% undivided
      ownership interest in the Purchased
Assets.

            

    

    

    
      	
              2.  

            	
              Seven
      States and TVA acknowledge and agree that beginning on the date hereof,
      the “Monthly Amortization Costs” portion of Basic Rent shall be calculated
      on the basis of an Elected Percentage equal to 90%, with such Monthly
      Amortization Costs for April, 2009 being pro-rated based on 16/30th
      of the month at an Elected Percentage equal to 69.69% and the other
      14/30th
      of the month at an Elected Percentage equal to
  90%.

            

    

    

    
      	
              3.  

            	
              Seven
      States and TVA acknowledge and agree that beginning on the date
      hereof, the Elected Percentage shall be equal to 90% for all other
      purposes under the Lease.

            

    

    

    
      	
              4.  

            	
              Except
      as modified hereby, all other terms and conditions of the Lease remain in
      full force and effect, and the parties expressly reaffirm and confirm
      their ongoing obligations
thereunder.

            

    

    

    [Signatures
Appear on the Following Page]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    

    IN
WITNESS WHEREOF, the parties have executed this First Amendment to Lease
Agreement to be effective as of the date and year first above
written.

    

    

    
      	 
      	
              SEVEN
      STATES SOUTHAVEN, LLC,

            
	 
      	
              a
      Delaware limited liability company

            
	 
      	 
      
	 
      	
              By:           /s/ Jack W. Simmons

            
	 
      	
              Name:      Jack
      W. Simmons

            
	 
      	
              Title:        President
      and Chief Executive Officer

            
	 
      	 
      
	 
      	 
      
	 
      	
              TENNESSEE
      VALLEY AUTHORITY

            
	 
      	 
      
	 
      	
              By:           /s/ John G. Trawick

            
	 
      	
              Name:      John
      G. Trawick

            
	 
      	
              Title:        Vice
      President, Strategy, Pricing & Contracts

            
	 
      	 
      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Signature
Page to First Amendment to Lease Agreement

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