Document:

Ex-10.7 Void Walk Away Agreement

 

Exhibit 10.7

This Void Walk Away Agreement has been filed to provide investors with information regarding its
terms. It is not intended to provide any other factual information about the Tennessee Valley
Authority. The representations and warranties of the parties in this Void Walk Away Agreement were
made to, and solely for the benefit of, the other parties to this Void Walk Away Agreement. The
assertions embodied in the representations and warranties may be qualified by information included
in schedules, exhibits or other materials exchanged by the parties that may modify or create
exceptions to the representations and warranties. Accordingly, investors should not rely on the
representations and warranties as characterizations of the actual state of facts at the time they
were made or otherwise.

 

 

VOID WALK AWAY AGREEMENT

     THIS AGREEMENT is effective as of the date it is executed by the last party to execute it and
is made and entered into among MEMPHIS LIGHT, GAS AND WATER DIVISION (“Board”), acting for itself
and on behalf of the CITY OF MEMPHIS, TENNESSEE (“Municipality”), a municipal corporation created
and existing under and by virtue of the laws of the State of Tennessee, and TENNESSEE VALLEY
AUTHORITY (“TVA”), a corporation created and existing under and by virtue of the Tennessee Valley
Authority Act of 1933, as it exists on the date of execution of this agreement;

WITNESSETH;

     WHEREAS, TVA and Board have entered into a Commitment Agreement dated November 19, 2003 and
Supplement No. 95 dated November 19, 2003 to their Power Contract TV-65726A, dated December 26,
1984; and

     WHEREAS, the Commitment Agreement and Supplement No. 95 are subject to certain conditions
precedent prior to their becoming effective; and

     WHEREAS, those conditions precedent have now been satisfied;

     NOW, THEREFORE, for and in consideration of the premises and of the mutual agreements set
forth below, and subject to the provisions of the Tennessee Valley Authority Act of 1933, as it
exists on the date of execution of this agreement, the parties agree as follows:

     1. Each of the conditions precedent listed in Sections 4(a) through 4(f) of
the Commitment Agreement has now been satisfied.

     2. TVA
and Board have executed Supplement No. 96 of even date
herewith pursuant to which they have carried out the one-time adjustment of the
Monthly Savings under Supplement No. 95 and of certain other terms and/or
figures in Supplement No. 95 contemplated by Section 5 of the Commitment
Agreement. The execution of Supplement No. 96 satisfies the condition precedent
specified in Section 4(f) of the Commitment Agreement. TVA and Board hereby
waive any remaining termination rights under Section 5 of the Commitment
Agreement.

 

 

     3. The execution of the instant agreement satisfies the conditions precedent specified
in Section 4(g) of the Commitment Agreement. Accordingly, Supplement No. 95, as modified by
Supplement No. 96, shall become effective upon the execution of
this agreement.

     IN WITNESS WHEREOF, the parties have caused this agreement to be executed by their duly
authorized officers, as of the day and year first above written.

2

 

	 	 	 	 	 	 	 
	 	 	MEMPHIS LIGHT, GAS AND WATER DIVISION

 AND
	 	 
	 	 	CITY OF MEMPHIS, TENNESSEE	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Herman Morris Jr.
 

President of Light, Gas and Water Division
	 	 
	 
	 	 	 	 	 	 
	 	 	Date: November 20, 2003	 	 
	 
	 	 	 	 	 	 
	 	 	TENNESSEE VALLEY AUTHORITY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John M. Hoskins	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date: November 20, 2003	 	 

3Ex-10.8 Power Contract Supplement No. 96

 

Exhibit 10.8

This Power Contract Supplement has been filed to provide investors with information regarding its
terms. It is not intended to provide any other factual information about the Tennessee Valley
Authority. The representations and warranties of the parties in this Power Contract Supplement
were made to, and solely for the benefit of, the other parties to this Power Contract Supplement.
The assertions embodied in the representations and warranties may be qualified by information
included in schedules, exhibits or other materials exchanged by the parties that may modify or
create exceptions to the representations and warranties. Accordingly, investors should not rely on
the representations and warranties as characterizations of the actual state of facts at the time
they were made or otherwise.

 

 

AGREEMENT

Among

MEMPHIS LIGHT, GAS AND WATER DIVISION

CITY OF MEMPHIS, TENNESSEE

And

TENNESSEE VALLEY AUTHORITY

			
	Date: November 20, 2003
	 	TV-65726A, Supp. No. 96

     THIS AGREEMENT, made and entered into among MEMPHIS LIGHT, GAS AND WATER DIVISION (Board),
acting for itself and on behalf of the CITY OF MEMPHIS, TENNESSEE (Municipality), a municipal
corporation created and existing under and by virtue of the laws of the State of Tennessee, and
TENNESSEE VALLEY AUTHORITY (TVA), a corporation created and existing under and by virtue of the
Tennessee Valley Authority Act of 1933, as it exists on the date of execution of this agreement;

WITNESSETH:

     WHEREAS, TVA and Board have entered into a Commitment Agreement dated November 19, 2003 and
Supplement No. 95 dated November 19, 2003 to their Power Contract TV-65726A, dated December 26,
1984; and

     WHEREAS, the Commitment Agreement provides for a one-time adjustment of certain of the terms
of Supplement No. 95; and

     WHEREAS, TVA and Board now wish to make such one-time adjustment;

     NOW, THEREFORE, for and in consideration of the premises and of the mutual agreements set
forth below, and subject to the provisions of the Tennessee Valley Authority Act of 1933, as it
exists on the date of execution of this agreement, the parties agree as follows:

     1. Board and TVA have agreed to make a one-time adjustment, pursuant to Section 5 of
the Commitment Agreement, of the Monthly Savings under Supplement No. 95 in order to preserve the
economics of the Prepayment Transaction, as well as to adjust certain other terms and/or figures
under Supplement No. 95, as provided herein.

 

 

     2. The Monthly Savings under Supplement No. 95 shall be $12,140,400
(1/12 of an Annual Savings amount of $145,684,806 and 1/180 of a Total Savings
amount of $2,185,272,098) for all purposes under Supplement No. 95.

     3. The Baseload under Supplement No. 95 shall be 928,671 kWh for each
hour of each year of the Prepaid Period for all purposes under Supplement No. 95.

     4. The Reserved kWh under Supplement No. 95 shall be 122,027,315,960
kWh of Baseload capacity over the Prepaid Period for all purposes under
Supplement No. 95.

     5. The Monthly Reserved kWh under Supplement No. 95 shall be
677,929,533 kWh of Baseload capacity for such month for all purposes under
Supplement No. 95.

     6. If the wire transfer pursuant to Section 2 of the Commitment
Agreement occurs before the first day of the month following the month in which
the conditions precedent identified in Section 4, Conditions Precedent, of the
Commitment Agreement have been satisfied, then the following additional
adjustment shall be made: the Monthly Savings under Supplement No. 95 for the
first month of the Prepaid Period only shall be increased by an amount equal to
$1,083,333 times a fraction in which the numerator is the number of days by which
the wire transfer preceded the first of the month and the denominator is 30. In
addition, the Monthly Savings for the first month of the Prepaid Period only shall
be decreased by $1,916,307 to reflect certain necessary adjustments on which Board
and TVA have mutually agreed, and further increased or decreased to reflect any
other necessary adjustment(s) on which Board and TVA shall mutually agree in
writing prior to the completion of the wire transfer.

     7. Except as expressly set out above, nothing in this agreement shall affect the other
terms of Supplement No. 95 or the Power Contract.

     IN WITNESS WHEREOF, the parties have caused this agreement to be executed by their
duly authorized officers, as of the day and year first above written.

2

 

	 	 	 	 	 	 	 
	 	 	MEMPHIS LIGHT, GAS AND WATER DIVISION	 	 
	 	 	AND	 	 
	 	 	CITY OF MEMPHIS, TENNESSEE	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Herman Morris Jr.
 

President of Light, Gas and Water Division
	 	 
	 
	 	 	Date: November 20, 2003
	 	 
	 
	 	 	 	 	 	 
	 	 	TENNESSEE VALLEY
AUTHORITY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark O. Medford	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date: November 20, 2003	 	 

3Ex-10.9 Overview of TVA's 09/26/03 Lease

 

Exhibit 10.9

OVERVIEW OF TVA’S SEPTEMBER 26, 2003, LEASE AND LEASEBACK OF CONTROL,

MONITORING, AND DATA ANALYSIS NETWORK WITH RESPECT TO TVA’S TRANSMISSION

SYSTEM IN TENNESSEE, KENTUCKY, GEORGIA, AND MISSISSIPPI

On September 22, 2003, TVA entered into four substantially similar Participation Agreements among
various parties which led to closing of four substantially similar lease and leaseback transactions
on September 26, 2003. Each of the four lease and leaseback transactions covered an undivided
interest in the Control, Monitoring, and Data Analysis Network. The four lease and leaseback
transactions accounted for the entire Control, Monitoring, and Data Analysis Network. The
following material contracts with respect to this transaction are set out as follows:

The September 22, 2003, Participation Agreement is set out in Exhibit 10.10.

The
September 26, 2003, Network Lease Agreement is set out in Exhibit 10.11.

The
September 26, 2003, Head Lease Agreement is set out in Exhibit 10.12.

The September 26, 2003, Leasehold Security Agreement is set out in Exhibit 10.13.

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