Document:

<PAGE>

                                                                   Exhibit 10.67

================================================================================

                                DEPOSIT AGREEMENT

                          Dated as of December 19, 2002

                                     between

                       OLD DOMINION ELECTRIC COOPERATIVE,

                                  as Depositor

                                       and

                               JPMORGAN CHASE BANK

                                  as Depositary

================================================================================

<PAGE>

                                DEPOSIT AGREEMENT

This DEPOSIT AGREEMENT (this "Agreement"), dated as of December 19, 2002 is
entered into between OLD DOMINION ELECTRIC COOPERATIVE (the "Depositor") and
JPMORGAN CHASE BANK (the "Depositary").

WHEREAS, the Depositor wishes to place the Deposit with the Depositary, and the
Depositary is prepared to accept the Deposit, subject to the terms and
conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Depositor and the Depositary, intending be legally
bound, hereby agree as follows:

1.   DEFINITIONS

1.1  In this Agreement (including the Exhibits) all terms used but not defined
     herein shall have the same meaning as defined in Appendix A to the
     Participation Agreement (as defined below). The following terms have the
     respective meanings shown opposite them:

     "Account"                   Account No. 507947533, for further credit to
                                 10203902.1, of the Depositary, ABA No.
                                 021000021, Reference Old Dominion Deposit
                                 Account.

     "Deposit"                   The aggregate of the cash deposited by the
                                 Depositor in the Account with the Depositary
                                 on the date hereof in the amount of
                                 $32,083,128.00 on the terms and conditions
                                 set forth in this Agreement, together with
                                 interest accrued thereon upon the terms set
                                 forth herein.

     "Deposit Amount"            As to any Interest Payment Date, the amount
                                 set forth opposite such date on Exhibit B.

     "First Union"               First Union National Bank of Florida.

     "Interest Payment Date"     Each date specified on Exhibit A.

     "Participation Agreement"   The Participation Agreement, dated as of
                                 February 29, 1996 among (i) the Depositor,
                                 (ii) First Union, (iii) Utrecht-America
                                 Finance Co., as Series A Lender and Agent and
                                 (iv) State Street Bank and Trust Company, not
                                 in its individual capacity but solely as
                                 Owner Trustee, as amended by Amendment No. 1
                                 to Participation Agreement, dated as of even
                                 date herewith, among such parties (other than
                                 First Union), Wachovia Bank, National
                                 Association, formerly known as First Union
                                 National Bank and

                                      -2-

<PAGE>

                                                                   Exhibit 10.67

                                 successor in interest to First Union, and
                                 Cedar Hill International Corp., as the same
                                 may be amended, supplemented or otherwise
                                 modified from time to time.

1.2  References in this Agreement to any agreement or document shall include
     references to that agreement or document as amended, supplemented and
     otherwise modified from time to time and references to parties to
     agreements shall be deemed to include the permitted successors and assigns
     of such parties.

2.   ACCEPTANCE OF DEPOSIT; INTEREST

2.1  The Depositor has deposited the Deposit in the Account with the Depositary
     on the date hereof, and the Depositary has accepted the Deposit subject to
     the terms and conditions of this Agreement.

2.2  Interest shall accrue on the Deposit at the rate of 3.47% per annum (the
     "Deposit Interest Rate"); provided, however, that the Depositary may reset
     the Deposit Interest Rate on any Permitted Prepayment Date if the Series B
     Loan Certificate is not prepaid on such date in accordance with Section 9
     hereof. Interest shall be calculated on the basis of a year of 360 days and
     12 months of 30 days each. To the extent set forth on Exhibit A under the
     column "Interest Added to Deposit" with respect to any Interest Payment
     Date, an amount equal to the portion of the interest which accrued on the
     Deposit from the preceding Interest Payment Date shown on Exhibit A shall
     not be paid on such Interest Payment Date but shall increase the amount of
     the Deposit. On each Interest Payment Date the amount of interest actually
     payable on the Deposit shall be the amount set forth on Exhibit A opposite
     such Interest Payment Date under the column "Interest Payable." Set forth
     on Exhibit B opposite each Interest Payment Date is the amount of the
     Deposit on such date, taking into account any addition of accrued interest
     to the Deposit and the payment of all interest actually payable on such
     date. Exhibit A and Exhibit B shall be amended from time to time to reflect
     any change in the Deposit Interest Rate made pursuant to this Section 2.2
     and Section 9.

2.3  The Depositor hereby directs the Depositary to pay directly to the Owner
     Trustee at its account at Wachovia Bank, National Association, Account No.
     990-399-01, ABA No. 011-000-28, Attention: Dori Anne Seakis, or to such
     other place as the Owner Trustee notifies the Depositary in writing all
     amounts payable to the Depositor in respect of the Deposit.

3.   REPAYMENT; WITHDRAWAL

3.1  The Deposit shall be paid in part on each Interest Payment Date in the
     amount set forth on Exhibit A opposite such Interest Payment Date under the
     column "Principal Payable."

3.2  The Deposit, together with all accrued and unpaid interest thereon, shall
     be paid to the Depositor in whole, on the earlier to occur of (i) the
     Mandatory Prepayment Date, (ii) any Permitted Prepayment Date occurring on
     or after the date that the Series B Loan

                                      -3-

<PAGE>

                                                                   Exhibit 10.67

     Certificate and all accrued interest thereon has been prepaid or repaid in
     full in accordance with the terms of the Operative Documents, (iii)
     prepayment of the Loan Certificates pursuant to Section 10.3 of the
     Participation Agreement or (iv) January 5, 2018. In no event shall the
     Deposit be paid in less than seven days from the date hereof. In addition,
     in the event that an illegality of the character described in Section 5.1
     cannot be avoided as contemplated therein within a 30-day period after the
     Depositary's notification to the Depositor, the Depositary shall repay the
     Deposit to the Depositor in whole, together with all accrued and unpaid
     interest thereon.

3.3  The Depositor may withdraw the Deposit only (i) in connection with
     repayments of the Deposit pursuant to Section 3.2 and (ii) upon the
     occurrence and during the continuation of a Depositary Credit Event that
     occurs on or after the seventh day from the date hereof. As used herein,
     "Depositary Credit Event" means that the long term, unsecured and
     unsubordinated indebtedness or deposits of the Depositary shall be rated
     lower than "A3" by Moody's Investor Services, Inc. or shall be rated lower
     than "A-" by Standard and Poor's Ratings Services.

4.   PAYMENTS

4.1  To the maximum extent permitted under Applicable Law, all payments to be
     made by the Depositary hereunder shall be paid without deduction, set-off
     or counterclaim of any kind whatsoever, nor shall the Depositary be
     entitled to exercise in respect of the Deposit any right of set-off,
     banker's lien or other like right and the Depositary hereby expressly
     waives any and all such rights and any comparable rights, with respect to
     any amounts owed to the Depositary by the Depositor, any pledgee or any
     other Person.

4.2  Any amount of the Deposit not paid when due and, to the extent permitted by
     law, interest hereunder not paid when due shall bear interest at the
     Overdue Rate for the period during which the same shall be overdue.

     All payments by the Depositary hereunder shall be made prior to 12:00 noon,
     New York City time, on each payment date specified in Sections 2.2, 3.1 and
     3.2 hereof.

4.3  If any payment hereunder is required to be made on a day which is not a
     Business Day, such payment shall be due the next succeeding Business Day
     with the same effect as if paid on the date when due and, if such payment
     is paid on such succeeding Business Day, without any additional interest on
     such amount.

5.   ILLEGALITY

5.1  If it shall become (or become apparent that it will become) unlawful for
     the Depositary to make any repayment of the Deposit or to accept or
     continue to hold the Deposit in accordance with the terms of this
     Agreement, then the Depositary shall, upon becoming aware of any of such
     circumstances, notify the Depositor, the Owner Trustee and the Agent, and
     the Depositary and the Depositor in consultation with the Owner Trustee and
     the Agent shall co-operate to take such action as may be reasonably
     available to each such

                                      -4-

<PAGE>

                                                                   Exhibit 10.67

     Person to avoid or mitigate the imposition of any such illegality, it being
     expressly understood and agreed that the Depositary shall not be obligated
     to take any action adverse to its interests nor incur any material cost or
     expense not indemnified by the Depositor to the reasonable satisfaction of
     the Depositary.

6.   ASSIGNMENT

6.1  This Agreement shall inure to the benefit of and be binding upon each of
     the parties hereto and their respective successors and permitted assigns.

6.2  The rights and duties of either party under this Agreement, including,
     without limitation, rights and duties in respect of the Deposit and any
     interest thereon, may not be assigned or transferred or pledged in whole or
     in part (save only as provided by the Deposit Pledge Agreement and the Loan
     Agreement, pursuant to any enforcement thereof, or pursuant to a merger or
     consolidation of the Depositary in accordance with applicable law), without
     the prior written consent of the other party.

7.   REPRESENTATIONS AND WARRANTIES OF THE DEPOSITARY

     As of the date hereof, the Depositary represents and warrants to the
Depositor, the Owner Trustee and the Agent that:

          (a) Organization; Authority. The Depositary is a New York state bank
     organized, validly existing and in good standing and has the full corporate
     power and authority to conduct its business as presently conducted, and to
     execute and deliver and perform its obligations under this Agreement.

          (b) Due Authorization. The execution and delivery of and performance
     by the Depositary of its obligations under this Agreement have been duly
     authorized by all necessary corporate action on the part of the Depositary
     and do not require approval or consent of, or notice to, any trustee or
     holders of any indebtedness or obligations of the Depositary or any lessor
     under any lease to the Depositary.

          (c) Legal, Valid and Binding Obligations. This Agreement has been duly
     executed and delivered by the Depositary and constitutes the legal, valid
     and binding obligation of the Depositary enforceable against the Depositary
     in accordance with its terms except as such enforcement may be limited by
     bankruptcy, insolvency, reorganization, moratorium, and other similar laws
     affecting the rights of creditors generally and by general principles of
     equity regardless of whether enforcement is pursuant to a proceeding in
     equity or at law.

          (d) Business. The Depositary is a financial institution regularly
     engaged in issuing Dollar deposits. The taking of the Deposit by the
     Depositary is in the ordinary course of its business and the Deposit ranks
     with parity to all other unsecured and unsubordinated deposits taken by the
     Depositary except deposits preferred by statute or other applicable rule or
     regulation.

                                      -5-

<PAGE>

                                                                   Exhibit 10.67

8.   REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR

     As of the date hereof, the Depositor represents and warrants to the
Depositary that:

          (a) Organization; Authority. The Depositor is a utility aggregation
     cooperative duly organized, validitly existing and in good standing under
     the laws of the Commonwealth of Virginia and has the corporate power and
     authority to carry on its business as now conducted and to enter into and
     perform its obligations under this Agreement.

          (b) Corporate Authorization. The execution and delivery by the
     Depositor of, and the performance by the Depositor of its obligations
     under, this Agreement and the depositing of the Deposit with the Depositary
     have been duly authorized by all necessary corporate action on the part of
     the Depositor.

9.   COVENANTS

     If the Depositary receives a notice of a proposed Reset Rate and proposed
     Permitted Prepayment Date from the Holders of the Series B Loan
     Certificates pursuant to Section 2.12(b) of the Loan Agreement, the
     Depositary shall deliver to Depositor within 10 days thereafter a written
     offer of a new Deposit Interest Rate to be effective for the period
     commencing as of the date that the Loan Certificates are to be amended to
     reflect the proposed Reset Rate (the "Amendment Date") and extending until
     the proposed Permitted Prepayment Date. The Depositary may not revoke or
     rescind such written offer and Depositor may accept such offer on or prior
     to the date three months prior to the Permitted Prepayment Date then in
     effect (a "Deposit Offer Termination Date"). If, on or prior to the Deposit
     Offer Termination Date, Depositor accepts the proposed Deposit Interest
     Rate for such period or the Depositor and the Depositary agree to any other
     new Deposit Interest Rate or period during which any new Deposit Interest
     Rate is to apply, then the parties hereto shall amend this Agreement
     effective as of the Amendment Date to reflect such new Deposit Interest
     Rate.

10.  MISCELLANEOUS

10.1 The Depositary is authorized to rely upon any written document provided by
     the Depositor to the Depositary which indicates the persons authorized to
     act on behalf of the Depositor until the authority for any such person is
     withdrawn by the Depositor in writing. The Depositary shall not be liable
     to the Depositor for any damages arising out of the Depositary's
     performance of, or failure to perform, its obligations under this Agreement
     unless such damages are the direct result of the Depositary's gross
     negligence or willful misconduct, and in no event shall the Depositary be
     liable for indirect, special or consequential damages. Additionally, the
     Depositary shall not be liable for any loss or damage to the Depositor
     caused by the Depositary's failure to perform its obligations under this
     Agreement or delay in performing such obligations resulting from an act of
     God, act of governmental authority, de jure or de facto, legal constraint,
     war, terrorism,

                                      -6-

<PAGE>

                                                                   Exhibit 10.67

     fire, catastrophe, or electrical, computer, mechanical or
     telecommunications failure, or failure of any agent or correspondent or any
     other cause beyond the Depositary's control.

10.2 BOTH THE DEPOSITARY AND THE DEPOSITOR HEREBY IRREVOCABLY WAIVE ALL RIGHT TO
     TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, OF WHATEVER TYPE
     OR NATURE, INCLUDING ACTIONS SOUNDING IN CONTRACT OR TORT OR BASED UPON A
     STATUTORY VIOLATION, ARISING OUT OF THIS AGREEMENT OR THE RELATIONSHIP
     ESTABLISHED HEREBY. Any action against the Depositary arising from or
     relating to this Agreement must be brought by the Depositor in state or
     (where there is subject matter jurisdiction) federal court located in the
     State of New York, County of New York.

10.3 Any provision hereof which is prohibited or unenforceable in any
     jurisdiction shall, as to such jurisdiction, be ineffective to the extent
     of such prohibition or unenforceability without invalidating the remaining
     provisions hereof or affecting the validity or enforceability of such
     provision in any other jurisdiction. Any such prohibited or unenforceable
     provision shall be replaced by a provision coming as close as possible to
     the economic intent of the prohibited or unenforceable provision.

10.4 All communications and notices provided for herein shall be in writing,
     shall be delivered (a) by personal delivery, including, without limitation,
     by overnight mail or courier service, (b) by United States mail, certified
     or registered, postage prepaid, return receipt requested, or (c) by
     facsimile confirmed by either of the methods set forth in clauses (a) or
     (b) above, and addressed to the recipient at its respective address set
     forth below or, in the case of each recipient, at such other address as
     such recipient may from time to time designate by written notice:

     If to the Depositary:
     JPMorgan Chase Bank
     270 Park Avenue, 48th Floor
     New York, New York 10017
        Attention: Michael Mak
     Fax: (212) 270-4257

     If to the Depositor:
     Old Dominion Electric Cooperative
     P. O. Box 2310
     Glen Allen, Virginia 23058-2310
        Attention: Senior Vice President of Accounting and Finance
     Fax: (804) 747-3742

                                      -7-

<PAGE>

                                                                   Exhibit 10.67

     If to the Owner Trustee:
     State Street Bank and Trust Company
     2 Avenue de Lafayette
     Sixth Floor
     Boston, Massachusetts 02111
        Attention: Manager - Corporate Trust
     Fax: (617) 662-1465

     with a copy to the Owner Participant:

     Wachovia Securities
     One Wachovia Center
     Mail Code NC0738
     Charlotte, North Carolina 28288-0738
     Facsimile No.: (704) 383-3713
     Telephone No.: (704) 383-1572
     Attention: Carrie L. Messer

     Courier Address:
     Wachovia Securities
     301 South College Street, 18th Floor
     Charlotte, North Carolina 28202

     If to the Agent:

     Utrecht-America Finance Co.
     245 Park Avenue
     New York, New York 10167
        Attention: Corporate Finance Department
     Fax: (212) 922-0969

     Such notices shall be effective, in the case of notice by facsimile, when
     the addressee receives the document in legible form, in the case of notice
     by U.S. Mail, on the fifth Business Day after posting and in the case of
     notice by personal delivery, upon receipt.

10.5 This Agreement may be executed in any number of counterparts and any single
     counterpart or set of counterparts signed, in either case, by each of the
     parties hereto shall be deemed to constitute a full and original agreement
     for all purposes.

10.6 To the extent permitted by applicable law, each of the parties hereto (i)
     hereby irrevocably submits to the nonexclusive jurisdiction of the Supreme
     Court of the State of New York, New York County (without prejudice to the
     right of any party to remove to the United States District Court for the
     Southern District of New York) and to the nonexclusive jurisdiction of the
     United States District Court for the Southern District of New York for the
     purposes of any suit, action or other proceeding arising out of this

                                      -8-

<PAGE>

                                                                   Exhibit 10.67

     Agreement, the other Operative Documents, or the subject matter hereof or
     thereof or any of the transactions contemplated hereby or thereby brought
     by any of the parties hereto or their successors or assigns, (ii) hereby
     irrevocably agrees that all claims in respect of such action or proceeding
     may be heard and determined in such New York State court, or in such
     federal court, and (iii) to the extent permitted by Applicable Law, hereby
     irrevocably waives, and agrees not to assert, by way of motion, as a
     defense, or otherwise, in any such suit, action or proceeding any claim
     that it is not personally subject to the jurisdiction of the above-named
     courts, that the suit, action or proceeding is brought in an inconvenient
     forum, that the venue of the suit, action or proceeding is improper or that
     this Agreement, the other Operative Documents, or the subject matter hereof
     or thereof may not be enforced in or by such court.

10.7 The State of New York is the Depositary's "jurisdiction" for purposes of
     Article 9 of the New York Uniform Commercial Code.

10.8 This Agreement is governed by, and shall be construed in accordance with,
     the laws of the State of New York including all matters of construction,
     validity and performance.

                            [signature page follows]

                                      -9-

<PAGE>

                                                                   Exhibit 10.67

     IN WITNESS WHEREOF, the Depositor and the Depositary have caused this
Deposit Agreement to be duly executed and delivered by their respective duly
authorized officers.

                                  DEPOSITOR:

                                  OLD DOMINION ELECTRIC COOPERATIVE

                                  By: /s/ Daniel M. Walker
                                     -------------------------------------------
                                     Daniel M. Walker
                                     Vice President of Accounting and Finance

                                  DEPOSITARY:

                                  JPMORGAN CHASE BANK

                                  By: /s/ Michael P. Mak
                                     -------------------------------------------
                                     Name: Michael P. Mak
                                     Title: Vice President

                                      -10-

<PAGE>

                                                                   Exhibit 10.67

                                                                        EHIBIT A
                                                                              to
                                                               Deposit Agreement

                              INTEREST PAYMENT DATE

Interest Payment     Interest     Interest Added     Interest       Principal
      Date           Accrued        to Deposit       Payable         Payable
----------------   ------------   --------------   ------------   -------------
    5-Jan-03          49,479.31           0.00        49,479.31      562,259.91
    5-Jan-04       1,093,774.12           0.00     1,093,774.12      581,166.75
    5-Jan-05       1,073,607.64      84,871.15       988,736.49            0.00
    5-Jan-06       1,076,552.67     543,329.88       533,222.79            0.00
    5-Jan-07       1,095,406.21     981,742.05       113,664.16            0.00
    5-Jan-08       1,129,472.66     158,123.15       971,349.51            0.00
    5-Jan-09       1,134,959.53     165,317.75       969,641.78            0.00
    5-Jan-10       1,140,696.06     172,839.71       967,856.35            0.00
    5-Jan-11       1,146,693.60      38,671.24     1,108,022.36            0.00
    5-Jan-12       1,148,035.49           0.00     1,148,035.49      113,218.35
    5-Jan-13       1,144,106.81           0.00     1,144,106.81      116,643.39
    5-Jan-14       1,140,059.29           0.00     1,140,059.29      121,970.07
    5-Jan-15       1,135,826.93           0.00     1,135,826.93      127,519.49
    5-Jan-16       1,131,402.00           0.00     1,131,402.00      133,321.62
    5-Jan-17       1,126,775.74           0.00     1,126,775.74      139,387.76
    5-Jan-18       1,121,938.98           0.00     1,121,938.98   32,332,535.57

                                      A-1

<PAGE>

                                                                       EXHIBIT B
                                                                              to
                                                               Deposit Agreement

                                DEPOSIT AMOUNTS

Interest Payment
      Date                                              Deposit Amount
----------------                                        --------------

    5-Jan-03                                             31,520,868.09
    5-Jan-04                                             30,939,701.33
    5-Jan-05                                             31,024,572.48
    5-Jan-06                                             31,567,902.36
    5-Jan-07                                             32,549,644.41
    5-Jan-08                                             32,707,767.55
    5-Jan-09                                             32,873,085.30
    5-Jan-10                                             33,045,925.01
    5-Jan-11                                             33,084,596.25
    5-Jan-12                                             32,971,377.90
    5-Jan-13                                             32,854,734.50
    5-Jan-14                                             32,732,764.44
    5-Jan-15                                             32,605,244.95
    5-Jan-16                                             32,471,923.33
    5-Jan-17                                             32,332,535.57
    5-Jan-18                                                      0.00

                                      B-1<PAGE>

                                                                   Exhibit 10.68

================================================================================

                            Deposit Pledge Agreement

                          Dated as of December 19, 2002

                                     between

                       Old Dominion Electric Cooperative,
                                   as Pledgor

                                       and

                      State Street Bank and Trust Company,
                       not in its individual capacity, but
                       solely as Owner Trustee, as Pledgee

                        Clover Unit 1 Generating Facility
                                       and
                                Common Facilities

================================================================================

<PAGE>

                            DEPOSIT PLEDGE AGREEMENT

          This DEPOSIT PLEDGE AGREEMENT, dated as of December 19, 2002 (this
"Agreement"), between OLD DOMINION ELECTRIC COOPERATIVE, a utility aggregation
cooperative organized under the laws of the Commonwealth of Virginia, as pledgor
(the "Pledgor"), and STATE STREET BANK AND TRUST COMPANY, a state-chartered
trust company organized and existing under the laws of the Commonwealth of
Massachusetts not in its individual capacity, but solely as Owner Trustee under
the Trust Agreement, as pledgee (the "Pledgee").

          WHEREAS, the Pledgor, the Pledgee, First Union National Bank of
Florida ("First Union") and Utrecht-America Finance Co., entered into a
Participation Agreement, dated as of February 29, 1996, as amended by Amendment
No. 1 to Participation Agreement, dated as of the date hereof, between such
parties (other than First Union), Wachovia Bank, National Association (formerly
known as First Union National Bank, successor-in-interest to First Union) and
Cedar Hill International Corp. (as amended and in effect from time to time, the
"Participation Agreement");

          WHEREAS, the Pledgor, as lessee, and the Pledgee, as lessor have
entered into the Equipment Operating Lease and the Foundation Operating Lease;
and

          WHEREAS, the Pledgor has deposited the Deposit with JPMorgan Chase
Bank (the "Depositary"), pursuant to the Deposit Agreement, dated as of December
19, 2002 (the "Deposit Agreement"), which Deposit the Pledgor is willing to
pledge to the Pledgee to secure its obligations under the Equipment Operating
Lease and the Foundation Operating Lease.

          NOW, THEREFORE, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

SECTION 1. DEFINED TERMS; GENERAL PROVISIONS.

     Capitalized terms used in this Agreement (including the recitals) and not
otherwise defined herein shall have the respective meanings specified in
Appendix A to the Participation Agreement. All references to sections herein are
to sections of this Agreement unless otherwise indicated and the words "herein,"
"hereof" and "hereunder" and other words of similar import refer to this
Agreement as a whole and not to any particular section or other subdivision. The
general provisions of Appendix A to the Participation Agreement also shall apply
to this Agreement.

SECTION 2. PLEDGE.

     Section 2.01. Pledge of Deposit and Deposit Agreement. To secure the
Secured Deposit Claims (defined below), the Pledgor hereby transfers, assigns
and pledges to the Pledgee for its benefit, and grants to the Pledgee a security
interest in, all of the Pledgor's right, title and interest, whether now owned
or hereafter acquired, in, to, and under the Deposit, the Deposit Account and
the Deposit Agreement, including, without limitation, all funds on deposit from
time to time in the Deposit Account, the rights of the Depositor to receive all
amounts payable under the Deposit Agreement in accordance therewith or withdrawn
from the Deposit Account

<PAGE>

and to give or receive any notice, warrant, waiver or approval or take any other
action under the Deposit Agreement, all instruments or certificates evidencing
the Deposit, all interest, cash, instruments or other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for,
any or all of the Deposit or the Deposit Account, and all proceeds thereof (the
"Pledged Collateral").

SECTION 3. SECURED DEPOSIT CLAIMS.

     The purpose of this pledge is to secure the Pledgor's obligation (whether
now or hereafter existing) under the Equipment Operating Lease and the
Foundation Operating Lease to pay Basic Rent, Foundation Basic Rent, the
Purchase Option Price, the Foundation Purchase Option Price, Walk Away Payment
and Foundation Walk Away Payment, Termination Value, and amounts defined by
reference to Termination Value under the Equipment Operating Lease and
Foundation Operating Lease. All of the foregoing obligations shall be referred
to as "Secured Deposit Claims."

     Without limiting the generality of the foregoing, this Agreement secures
the payment of all amounts that constitute part of the Secured Deposit Claims
and would be payable to the Pledgee under the Equipment Operating Lease and the
Foundation Operating Lease but for the fact that they are unenforceable or not
allowable due to (a) the existence of a bankruptcy, insolvency, reorganization,
arrangement or moratorium involving the Pledgor or (b) other laws relating to or
effecting the enforcement of creditors' rights generally against the Pledgor.

SECTION 4. REMEDIES

     Section 4.01. Rights of the Pledgee. Upon the happening and during the
occurrence of any Event of Default under the Equipment Operating Lease or the
Foundation Operating Lease, the Pledgee may (in addition to any other actions
permitted under the other Operative Documents or by statute or at law or in
equity) exercise any rights or remedies granted hereunder. The Pledgee may
enforce the right of pledge created hereby to the fullest extent possible in
accordance with, and shall be entitled to all rights, remedies and benefits
afforded to pledgees under, the laws of the State of New York. To the extent
necessary to realize the benefit of the pledge effected by this Agreement, the
Pledgor authorizes the Pledgee to exercise any of its rights under the Deposit
Agreement or with respect to the Deposit Account.

     Section 4.02. Filings. The Pledgor agrees that it shall, at its own
expense, execute, deliver and authorize any financing statement, assignment or
other document reasonably requested by the Pledgee or the Holder of the Series B
Loan Certificate to perfect, protect, enforce, or otherwise give effect to the
Pledgee's rights and remedies hereunder.

     Section 4.03. Attorney-in-Fact. If the Pledgor is unable or unwilling to
sign such financing statements, assignments or other documents and to file
financing statements or other public notices or recording with the appropriate
authorities, as and when reasonably requested by counsel to the Pledgee, the
Pledgor hereby authorizes the Pledgee to sign, authorize or deliver as the
Pledgor's true and lawful agent and attorney-in-fact any such assignments,
financing statement or other documents and to make any such filings.

     Section 4.04. The Pledgee's Duties. The powers conferred on the Pledgee
hereunder are solely to protect its interest in the Pledged Collateral and shall
not impose any duty upon it to

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<PAGE>

exercise any such powers. Except for the accounting for monies actually received
by it hereunder, the Pledgee shall have no duty as to the Pledged Collateral or
other matters relative to the Pledged Collateral, whether or not the Pledgee has
or is deemed to have knowledge of such matters, or as to the taking of any
necessary steps to preserve rights against any parties or any other rights
pertaining to the Pledged Collateral; provided, however, that, if delivery or
presentment of the Pledged Collateral to any other Person is required in
connection with any distribution in respect of the Pledged Collateral, the
Pledgee shall, at the Pledgor's expense, cooperate to effect such delivery. The
Pledgee shall be deemed to have exercised reasonable care in the custody and
preservation of the Pledged Collateral in its possession if such Pledged
Collateral is accorded treatment substantially equal to that which Pledgee
accords similar property.

SECTION 5. Directions of Payment; DISCHARGE.

     Section 5.01. Directions of Payment.

          (a) The Pledgor has directed the Depositary in Section 2.3 of the
Deposit Agreement to pay directly to the Pledgee at its account identified
therein, or such other place as the Pledgee notifies the Depositary in writing,
all amounts payable to the Pledgor in respect of the Deposit.

          (b) On the date hereof, the Pledgee has directed the Depositary to pay
all amounts directed to it as contemplated by Section 5.01(a) to the Series B
Lender pursuant to a payment instruction dated the date hereof (the "Series B
Deposit Payment Instruction"). The foregoing direction by the Pledgee may be
revoked by the Pledgee at any time following written notice to the Depositary.
Nothing in this Section 5.01(b) or the Series B Deposit Payment Instruction
shall diminish the obligation of Old Dominion to pay Rent under the Equipment
Operating Lease or Foundation Rent under the Foundation Operating Lease (except
to the extent satisfied through any such application of funds as provided in
this Section 5.01).

     Section 5.02. Discharge. The Pledgee agrees that when the Secured Claims
shall have been fully paid and discharged, the Pledgee, at the written request
and cost of the Pledgor, shall immediately confirm the release of the Pledged
Collateral of any pledge, Lien and security interest created pursuant to this
Agreement and of all claims that the Pledgee may have hereunder.

SECTION 6. REPRESENTATIONS AND WARRANTIES.

     Section 6.01. Holder. The Pledgor represents and warrants that it is the
legal and beneficial owner of the Deposit and the Deposit Account and that
neither the Deposit nor the Deposit Account is subject to any pledge, Lien or
security interest or any other right of any third party, except as provided by
the Operative Documents.

     Section 6.02. Rights in the Deposit. The Pledgor represents and warrants
that assuming that the Pledgee maintains control over the Deposit and the
Deposit Account, the pledge of the Deposit and the Deposit Account under this
Agreement vests in the Pledgee a valid security interest therein as contemplated
by this Agreement.

                                       3

<PAGE>

SECTION 7. COVENANT OF THE PLEDGOR.

     The Pledgor shall not, without the prior written consent of the Pledgee (a)
sell, assign, pledge or otherwise dispose of, or grant any option with respect
to, the Deposit or the Deposit Account or (b) create or permit any Lien upon or
with respect to the Deposit, the Deposit Account or any other Pledged
Collateral, except for the pledge created hereby.

SECTION 8. MISCELLANEOUS.

     Section 8.01. Amendments and Waivers. No term, covenant, agreement or
condition of this Agreement may be terminated, amended or compliance therewith
waived (either generally or in a particular instance, retroactively or
prospectively) except by an instrument or instruments in writing executed by the
party against whom enforcement of such change is sought.

     Section 8.02. Notices. Unless otherwise expressly specified or permitted by
the terms hereof, all communications and notices provided for herein to a party
hereto shall be in writing or by a telecommunications device capable of creating
a written record, and any such notice shall become effective (a) upon personal
delivery thereof, including, without limitation, by overnight mail or courier
service, (b) in the case of notice by United States mail, certified or
registered, postage prepaid, return receipt requested, upon receipt thereof, or
(c) in the case of notice by such a telecommunications device, upon transmission
thereof, provided such transmission is promptly confirmed by either of the
methods set forth in clauses (a) or (b) above, in each case addressed to such
party at its address set forth below or at such other address as such party may
from time to time designate by written notice to the other parties hereto:

If to the Pledgor:

     Old Dominion Electric Cooperative
     4201 Dominion Boulevard
     Glen Allen, Virginia 23060

     Facsimile No.: (804) 747-3742
     Telephone No.: (804) 747-0592
     Attention:  Senior Vice President of Accounting and Finance

If to the Pledgee:

     State Street Bank and Trust Company
     2 Avenue de Lafayette
     Sixth Floor
     Boston, Massachusetts 02111

     Facsimile No.: (617) 662-1465
     Telephone No.: (617) 662-1698
     Attention:  Manager - Corporate Trust

                                       4

<PAGE>

with a copy to the Agent:

     Utrecht-America Finance Co.
     245 Park Avenue
     New York, New York 10167

     Facsimile No.: (212) 922-0969
     Telephone No.: (212) 916-7800
     Attention:  Corporate Finance Department

     Section 8.03. Survival. All warranties, representations, indemnities and
covenants made by either party hereto, herein or in any certificate or other
instrument delivered by either such party or on the behalf of either such party
under this Agreement shall be considered to have been relied upon by the other
party hereto and shall survive the consummation of the transactions contemplated
hereby regardless of any investigation made by either party or on behalf of
either party.

     Section 8.04. Successors and Assigns. (a) This Agreement shall be binding
upon and shall inure to the benefit of, and shall be enforceable by, the parties
hereto and their respective successors and assigns as permitted by and in
accordance with the terms hereof. Each time a successor Owner Trustee is
appointed in accordance with the terms of the Trust Agreement and Section 5.5 of
the Participation Agreement, such successor Owner Trustee shall, without further
act, succeed to all rights, duties, immunities and obligations of the
predecessor Owner Trustee hereunder, and the predecessor Owner Trustee shall be
released from all further duties and obligations hereunder, all without the
necessity of any consent or approval by the Pledgor and without in any way
altering the terms of this Agreement or the rights or obligations of the Pledgee
hereunder. The Pledgor shall, at its expense (except as otherwise provided in
Section 5.5 of the Participation Agreement), upon receipt of written notice of
the appointment of a successor Owner Trustee under the Trust Agreement, promptly
make such modifications and changes to reflect such appointment as shall be
reasonably requested by such successor Owner Trustee in any instruments relating
to this Agreement, all in form and substance reasonably satisfactory to such
successor Owner Trustee.

          (b) Except as expressly provided herein or in any other Operative
Document, the Pledgor may not assign its interests herein without the consent of
the Pledgee. Except as expressly provided in the Operative Documents, the
Pledgee may not assign its interests herein during the Term of the Equipment
Operating Lease or the Foundation Operating Lease without the consent of the
Pledgor.

     Section 8.05. Business Day. Notwithstanding anything herein to the
contrary, if the date on which any payment is to be made pursuant to this
Agreement is not a Business Day, the payment otherwise payable on such date
shall be payable on the next succeeding Business Day with the same force and
effect as if made on such scheduled date and (provided such payment is made on
such succeeding Business Day) no interest shall accrue on the amount of such
payment from and after such scheduled date to the time of such payment on such
next succeeding Business Day.

                                       5

<PAGE>

     Section 8.06. Governing Law. This Agreement shall be in all respects
governed by and construed in accordance with the laws of the State of New York
including all matters of construction, validity and performance.

     Section 8.07. Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
Applicable Law, but if any provision of this Agreement shall be prohibited by or
invalid under Applicable Law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

     Section 8.08. Counterparts. This Agreement may be executed in any number of
counterparts, each executed counterpart constituting an original but all
together only one Agreement.

     Section 8.09. Headings. The headings of the sections of this Agreement are
inserted for purposes of convenience only and shall not be construed to affect
the meaning or construction of any of the provisions hereof.

     Section 8.10. Further Assurances. Each party hereto will promptly and duly
execute and deliver such further documents to make such further assurances for
and take such further action reasonably requested by any party to whom such
first party is obligated, all as may be reasonably necessary to carry out more
effectively the intent and purpose of this Agreement.

     Section 8.11. Limitations of Liability. It is expressly understood and
agreed by and between the Pledgor and the Pledgee and their respective
successors and permitted assigns, that all representations, warranties and
undertakings of the Pledgee hereunder shall be binding upon the Pledgee only in
its capacity as Owner Trustee under the Trust Agreement, and neither the Pledgee
in its individual capacity nor any past, present or future Affiliate, partner,
officer, director, owner, shareholder, agent or employee of it or in any thereof
or of any partner thereof or their legal representatives, successors or assigns
shall be liable for any breach thereof; and all Persons having any claim against
the Pledgee by reason of the transactions contemplated hereby shall look only to
the Trust Estate for payment or satisfaction thereof.

     Section 8.12. Effectiveness of Agreement. This Agreement has been dated as
of the date first above written for convenience only. This Agreement shall be
effective on the date of execution and delivery by each of the Pledgee and the
Pledgor.

                        [Signatures Follow on Next Page]

                                       6

<PAGE>

          IN WITNESS WHEREOF, the Pledgor and the Pledgee have caused this
Deposit Pledge Agreement to be duly executed and delivered by their respective
officers thereunto duly authorized.

                                     OLD DOMINION ELECTRIC COOPERATIVE,
                                     as Pledgor

                                     By: /s/ Daniel M. Walker
                                         ---------------------------------------
                                     Name:  Daniel M. Walker
                                     Title: Senior Vice President of Accounting
                                            and Finance

                                     STATE STREET BANK AND TRUST COMPANY,
                                     not in its individual capacity, but solely
                                     as Owner Trustee under the Trust Agreement,
                                     as Pledgee

                                     By: /s/ Patrick E. Thebado
                                         ---------------------------------------
                                     Name:  Patrick E. Thebado
                                     Title: Vice President

Acknowledged by:

JPMORGAN CHASE BANK

By: /s/ Michael P. Mak
    ---------------------------------
Name:  Michael P. Mak
Title: Vice President

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