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<SEC-DOCUMENT>0001376986-08-000055.txt : 20081113
<SEC-HEADER>0001376986-08-000055.hdr.sgml : 20081113
<ACCEPTANCE-DATETIME>20081113115548
ACCESSION NUMBER:		0001376986-08-000055
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20081107
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081113
DATE AS OF CHANGE:		20081113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tennessee Valley Authority
		CENTRAL INDEX KEY:			0001376986
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				620474417
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52313
		FILM NUMBER:		081183561

	BUSINESS ADDRESS:	
		STREET 1:		400 WEST SUMMIT HILL DRIVE
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37902
		BUSINESS PHONE:		865-632-2101

	MAIL ADDRESS:	
		STREET 1:		400 WEST SUMMIT HILL DRIVE
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37902
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tva8-k.htm
<DESCRIPTION>TENNESSEE VALLEY AUTHORITY
<TEXT>
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      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-pagination: none; mso-layout-grid-align: none" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">UNITED
STATES</font></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE
COMMISSION</font></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Washington</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">, D.C. 20549</font></div>
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      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FORM 8-K</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-pagination: none; mso-layout-grid-align: none" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CURRENT
REPORT</font></div>
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      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-pagination: none; mso-layout-grid-align: none" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Pursuant to
Section 13, 15(d), or 37 of the Securities Exchange Act of 1934</font></div>
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      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-pagination: none; mso-layout-grid-align: none" align="center">Date of Report (Date of earliest event reported): November 7,
2008</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><img src="tva-logo.jpg" alt="">&#160;</div>
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      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-STYLE: italic">(Exact name of registrant as
specified in its charter)</font></div>
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      corporate agency of the United States created by an act of Congress</div>
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">&#160;(State
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">400 W.
      Summit Hill Drive</div>
                <div style="TEXT-ALIGN: center">Knoxville, Tennessee</div>
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;(Address of
      principal executive offices</font>)</font></div>
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                <div>&#160;</div>
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                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">&#160;(Zip
      Code)</font></div>
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      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">(865)&#160;632-2101</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-STYLE: italic">(Registrant&#8217;s telephone number,
including area code)</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">None</div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-STYLE: italic">(Former name or former address, if
changed since last report)</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none">&#160;</div>
      <div style="MARGIN: 0in 0in 3.9pt; LINE-HEIGHT: 150%; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline;" face="Wingdings">o</font>&#160; Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 3.9pt; LINE-HEIGHT: 150%; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline;" face="Wingdings">o</font>&#160; Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 6.9pt; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline;" face="Wingdings">o</font>&#160; Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none">&#160;</div>
      <div>&#160;</div>
    </div><br clear="all">
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      <div style="MARGIN: 0in 0in 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item 1.01 Entry into a Material
Definitive Agreement. </font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">On November 7, 2008, TVA executed the Third
Amendment to its Fall Maturity Credit Agreement with Bank of America, N.A., as
Administrative Agent, and Bank of America, N.A., as a Lender.&#160; The
effective date of the Third Amendment is November 10, 2008, and it renews the
Fall Maturity Credit Agreement for a term ending on November 9, 2009.&#160; The
maximum available credit under the Fall Maturity Credit Agreement, as amended,
is $1 billion.&#160; TVA has never borrowed under this credit facility. &#160;A
copy of the amendment is attached as Exhibit 99.1.</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item 9.01 Financial Statements and
Exhibits.</font></div>
      <div>&#160;</div>
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              <div style="MARGIN: 0in 0in 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit No.</font></div>
              <div>&#160;</div>
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              <div>&#160;</div>
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          <tr style="MSO-YFTI-IROW: 1; MSO-YFTI-LASTROW: yes;">
            <td valign="top" width="103" bgcolor="transparent" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #d4d0c8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: 1px solid; WIDTH: 77.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: 1px solid; MSO-BORDER-ALT: solid windowtext .5pt; MSO-BORDER-TOP-ALT: solid windowtext .5pt">
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              <div style="MARGIN: 0in 0in 0pt">Third Amendment Dated as of November 10,
      2008, to the Fall Maturity Credit Agreement Dated as of May&#160;17, 2006,
      and Amended as of November 2, 2006, and November 2, 2007, Among TVA, Bank
      of America, N.A., as Administrative Agent, Bank of America, N.A., as a
      Lender, and the Other Lenders Party Thereto. </div>
              <div>&#160;</div>
              <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              <div>&#160;</div>
            </td>
          </tr>
      </table>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">* </font>Schedule 1.01 has been
omitted.&#160; The Tennessee Valley Authority hereby undertakes to furnish
supplementally copies of the omitted schedule upon request by the Securities and
Exchange Commission.</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
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      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SIGNATURE</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
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              <div style="MARGIN: 0in 0in 0pt">Date: November 12, 2008</div>
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              <div>&#160;</div>
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      <div>&#160;</div>
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      <div>&#160;</div>
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    <div>&#160;</div>
    <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 200%; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3">EXHIBIT INDEX</font></font></div>
    <div>&#160;</div>
    <div style="MARGIN: 0in 0in 0pt">&#160;</div>
    <div>&#160;</div>
    <div style="MARGIN: 0in 0in 0pt">This exhibit is filed pursuant to Item 1.01
hereof.</div>
    <div style="MARGIN: 0in 0in 0pt">&#160;</div>
    <div style="MARGIN: 0in 0in 0pt">&#160;</div>
    <div>&#160;</div>
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              <div style="MARGIN: 0in 0in 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit No.</font></div>
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              <div style="MARGIN: 0in 0in 0pt">Third Amendment Dated as of November 10,
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      and Amended as of November 2, 2006, and November 2, 2007, Among TVA, Bank
      of America, N.A., as Administrative Agent, Bank of America, N.A., as a
      Lender, and the Other Lenders Party Thereto. </div>
              <div>&#160;</div>
              <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              <div>&#160;</div>
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    <div>&#160;</div>
    <div style="MARGIN: 0in 0in 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">* </font>Schedule 1.01 has been
omitted.&#160; The Tennessee Valley Authority hereby undertakes to furnish
supplementally copies of the omitted schedule upon request by the Securities and
Exchange Commission.</div>
    <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EXHIBIT
<TEXT>
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      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Exhibit
99-1</font></div>
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      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">THIRD
AMENDMENT</font></div>
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      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: Arial">&#160;<font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#160;&#160; THIS THIRD AMENDMENT
(this &#8220;</font></font></font><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="TEXT-DECORATION: underline"><font size="+0" style="FONT-SIZE: 9pt; FONT-FAMILY: arial; TEXT-DECORATION: underline">Amendment</font></font>&#8221;) dated as of November 10, 2008 to the Credit
Agreement referenced below is among TENNESSEE VALLEY AUTHORITY, a wholly owned
corporate agency and instrumentality of the United States of America (the &#8220;<font style="TEXT-DECORATION: underline">Borrower</font>&#8221;), the Lenders identified on
the signature pages hereto and BANK OF&#160;AMERICA, N.A., as a Lender and as
Administrative Agent.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">W I T N E S S E T
H</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
WHEREAS, pursuant to the Fall Maturity Credit Agreement dated as of May 17, 2006
(as amended as of November 2, 2006 and as of November 2, 2007, and as further
amended, modified and supplemented from time to time, the &#8220;</font><font style="TEXT-DECORATION: underline">Credit Agreement</font>&#8221;) among the Borrower,
the Lenders identified therein and the Administrative Agent, the Lenders agreed
to make extensions of credit to the Borrower; and</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
WHEREAS, the parties have requested certain modifications to the Credit
Agreement and the parties have agreed to the requested modifications on the
terms and conditions set forth herein. </font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="TEXT-DECORATION: underline">Defined Terms</font>.&#160; Capitalized terms
used herein but not otherwise defined herein shall have the meanings provided to
such terms in the Credit Agreement.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; LINE-HEIGHT: 12pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="TEXT-DECORATION: underline">Amendments</font>.&#160; The
Credit Agreement is amended in the following respects:</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; LINE-HEIGHT: 12pt"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The Aggregate Commitments are permanently reduced from $1,250,000,000 to
$1,000,000,000.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; LINE-HEIGHT: 12pt"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The definition of &#8220;Applicable Rate&#8221; in Section 1.01 of the Credit Agreement is
amended to read as follows:</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt 1in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font size="+0" style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8220;</font><font style="TEXT-DECORATION: underline">Applicable Rate</font>&#8221; means, for any day,
the percentages per annum set forth on <font style="TEXT-DECORATION: underline">Schedule 1.01</font> based upon the S&amp;P
Debt Rating and the Moody&#8217;s Debt Rating then in effect.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt 1in"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">The Applicable Rate
shall be determined by the Administrative Agent based on the lower of the
S&amp;P Debt Rating and Moody&#8217;s Debt Rating then in effect.&#160; Each change in
the Applicable Rate shall be effective on and as of the date of such change and
shall be applicable to all existing Loans and to any new Loans made on and after
the date thereof.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt 1in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">Notwithstanding the
foregoing, at any time that either the Moody&#8217;s Debt Rating is lower than Aa3
</font><font style="TEXT-DECORATION: underline">or </font>the S&amp;P Debt
Rating is lower than AA-, the Applicable Rate shall be increased to (a) with
respect to the LIBOR Rate Loans, three percent (3.00%), (b) with respect to Base
Rate Loans, three percent (3.00%), and (c) with respect to the Commitment Fee,
three-fourths of one percent (0.75%).</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
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      <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; LINE-HEIGHT: 12pt"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">2.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The definition of &#8220;Base Rate&#8221; in Section 1.01 of the Credit Agreement is amended
to read as follows:</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt 1in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#8220;</font><font style="TEXT-DECORATION: underline">Base Rate</font>&#8221; means for any day a
fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate
plus one and one-half of one percent (1.5%), (b) the LIBOR Rate for an Interest
Period of 30 days plus one and one-half of one percent (1.5%) and (c) the Prime
Rate.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160; 2.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; The definitions
of &#8220;Pricing Increase Condition&#8221; and &#8220;Prime Rate&#8221; are added to Section 1.01 of
the Credit Agreement to read as follows:</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt 1in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#8220;</font><font style="TEXT-DECORATION: underline">Pricing Increase Condition</font>&#8221; means any
of the following: (a) the aggregate outstanding principal amount of Loans
exceeds an amount equal to 25% of the Aggregate Commitments or (b) the aggregate
outstanding principal amount of Loans exceeds $0 on the date of determination
and on each of the 59 consecutive calendar days preceding the date of
determination. </font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt 1in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#8220;</font><font style="TEXT-DECORATION: underline">Prime Rate</font>&#8221; means, for any day, the
rate of interest in effect for such day as publicly announced from time to time
by Bank of America as its &#8220;prime rate.&#8221;&#160; The &#8220;prime rate&#8221; is a rate set by
Bank of America based upon various factors including Bank of America's costs and
desired return, general economic conditions and other factors, and is used as a
reference point for pricing some loans, which may be priced at, above, or below
such announced rate.&#160; Any change in the &#8220;prime rate&#8221; announced by Bank of
America shall take effect at the opening of business on the day specified in the
public announcement of such change.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; LINE-HEIGHT: 12pt"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">2.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The definition of &#8220;Maturity Date&#8221; in Section 1.01 of the Credit Agreement is
amended to read as follows:</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#8220;</font><font style="TEXT-DECORATION: underline">Maturity Date</font>&#8221; means November 9,
2009.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160; 2.6&#160;&#160;&#160;&#160;&#160;&#160;&#160; Schedule 1.01 is
added as a schedule to the Credit Agreement to read as set forth on Exhibit A
hereto.&#160; </font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font size="+0" style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160; 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="TEXT-DECORATION: underline">Extension of Waiver</font>.&#160; Pursuant to
<font style="TEXT-DECORATION: underline">Section 6.01(b)</font> of the Credit
Agreement the Borrower is required to deliver to the Administrative Agent the
financial statements described therein within 45 days after the end of each of
the first three fiscal quarters of each fiscal year of the Borrower.&#160; The
Borrower failed to deliver the financial statements described therein for the
fiscal quarter ended June 30, 2008 by the date required for delivery.&#160; The
Required Lenders hereby waive:</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; LINE-HEIGHT: 12pt; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
until (but excluding) December 29, 2008 any Default or Event of Default arising
under </font><font style="TEXT-DECORATION: underline">Section 8.01(c)</font> or
<font style="TEXT-DECORATION: underline">Section 8.01(d)</font> of the Credit
Agreement solely as a result of the failure by the Borrower to comply with <font style="TEXT-DECORATION: underline">Section 6.01(b) </font>of the Credit
Agreement for the fiscal quarter ended June 30, 2008;</font></div>
      <div>&#160;</div>
      <div><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any Default or Event of Default
arising under </font><font style="TEXT-DECORATION: underline">Section
8.01(b)(ii)</font> or <font style="TEXT-DECORATION: underline">Section
8.01(d)</font> of the Credit Agreement solely as a result of the failure by the
Borrower to provide notice under <font style="TEXT-DECORATION: underline">Section 6.03</font>(a) of the Credit
Agreement of the occurrence of a Default resulting from the </font></div>
      <div>&#160;</div>
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      <div>&#160;</div>
      <div><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">failure by the Borrower to
comply with <font style="TEXT-DECORATION: underline">Section 6.01(b)</font> of
the Credit Agreement for the fiscal quarter ended June 30, 2008;
and</font></div>
      <div>&#160;</div>
      <div><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
(iii)&#160;&#160;&#160;&#160;&#160;&#160; until (but excluding) December 29,
2008, any condition precedent in </font><font style="TEXT-DECORATION: underline">Section 4.02</font> of the Credit Agreement
that would not be satisfied solely as a result of (A) the failure by the
Borrower to comply with <font style="TEXT-DECORATION: underline">Section
6.01(b)</font> of the Credit Agreement for the fiscal quarter ended June 30,
2008 and (B) the failure by the Borrower to provide notice under <font style="TEXT-DECORATION: underline">Section 6.03(a)</font> of the Credit
Agreement of the occurrence of a Default resulting from the failure by the
Borrower to comply with <font style="TEXT-DECORATION: underline">Section
6.01(b)</font> of the Credit Agreement for the fiscal quarter ended June 30,
2008.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="TEXT-DECORATION: underline">Conditions
Precedent.</font>&#160; This Amendment shall become effective as of the date set
forth above upon satisfaction of each of the following conditions
precedent:</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;
receipt by the Administrative Agent of counterparts of this Amendment executed
by the Borrower and the Lenders; and</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;
receipt by the Administrative Agent of resolutions of the Borrower evidencing
the authority of the Borrower to enter into this Amendment certified by the
Secretary or by an Assistant Secretary of the Borrower to be true and correct as
of the date hereof.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="TEXT-DECORATION: underline">No Other Changes</font>.&#160; Except as
expressly modified hereby, all of the terms and provisions of the Loan Documents
shall remain in full force and effect.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="TEXT-DECORATION: underline">Reaffirmation of Representations and
Warranties</font>.&#160; Except for the representations and warranties referred
to in Section 2 of the August 27, 2008 Waiver among the parties relating to the
Credit Agreement, the Borrower represents and warrants that each representation
and warranty set forth in the Loan Documents is true and correct in all material
respects as of the date hereof (except those that expressly relate to an earlier
period).</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="TEXT-DECORATION: underline">Counterparts; Delivery</font>.&#160; This
Amendment may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed an original and it shall not be necessary
in making proof of this Amendment to produce or account for more than one such
counterpart.&#160; Delivery of an executed counterpart of this Amendment by
facsimile or other electronic imaging means shall be effective as an
original.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="TEXT-DECORATION: underline">Governing Law</font>.&#160; Except for those
sections that specifically reference a federal statute or regulation, this
Amendment shall be deemed to be a contract made under, and for all purposes
shall be construed in accordance with, the laws of the State of Tennessee. The
foregoing notwithstanding, to the extent the following defenses would be
available to the Borrower under federal law, then such defenses shall be
available to the Borrower in connection with this Amendment: (i) non-liability
for punitive damages, (ii) exemption from anti-trust laws, (iii) the Borrower
cannot be contractually bound by representation of an employee made without
actual authority, (iv) presumption that government officials have acted in good
faith and (v) limitation on the application of the doctrine of equitable
estoppel to the government.&#160; For the avoidance of doubt, the Credit
Agreement, as amended by this Amendment, shall continue to be governed by
Section 10.14 <font style="TEXT-DECORATION: underline">Governing Law:
Jurisdiction: Etc</font>. and not by Section 8, <font style="TEXT-DECORATION: underline">Governing Law</font>, of this
Amendment.</font></div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; tab-stops: -.5in; mso-hyphenate: none">&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; tab-stops: -.5in; mso-hyphenate: none" align="center"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">[Signature Page
Follows]</font></div>
      <div>&#160;</div>
    </div>
    <div>&#160;</div>
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    <div><br clear="all">&#160;</div>
    <div style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
Third Amendment to Fall Maturity Credit Agreement to be duly executed and
delivered as of the date first above written.</font></div>
    <div>&#160;</div>
    <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&#160;</div>
    <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&#160;</div>
    <div>&#160;</div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="45%" style="BORDER-COLLAPSE: collapse; mso-yfti-tbllook: 480; mso-padding-alt: 0in 5.4pt 0in 5.4pt">
          <tr style="MSO-YFTI-IROW: 0; MSO-YFTI-FIRSTROW: yes;">
            <td valign="top" width="15%" bgcolor="transparent" style="BORDER-RIGHT: #d4d0c8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #d4d0c8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #d4d0c8; WIDTH: 113.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #d4d0c8">
              <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">BORROWER:</font></div>
            </td>
            <td valign="top" width="25%" bgcolor="transparent" style="BORDER-RIGHT: #d4d0c8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #d4d0c8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #d4d0c8; WIDTH: 261pt; PADDING-TOP: 0in; BORDER-BOTTOM: #d4d0c8">
              <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font size="+0" style="FONT-SIZE: 9pt; FONT-FAMILY: arial">TENNESSEE VALLEY
      AUTHORITY</font></div>
            </td>
          </tr>
          <tr style="HEIGHT: 4pt; MSO-YFTI-IROW: 1;">
            <td valign="top" width="15%" bgcolor="transparent" style="BORDER-RIGHT: #d4d0c8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #d4d0c8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #d4d0c8; WIDTH: 113.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #d4d0c8">
              <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&#160;</div>
            </td>
            <td valign="top" width="25%" bgcolor="transparent" style="BORDER-RIGHT: #d4d0c8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #d4d0c8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #d4d0c8; WIDTH: 261pt; PADDING-TOP: 0in; BORDER-BOTTOM: #d4d0c8">
              <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&#160;</div>
            </td>
          </tr>
          <tr style="HEIGHT: 2pt; MSO-YFTI-IROW: 2;">
            <td valign="top" width="15%" bgcolor="transparent" style="BORDER-RIGHT: #d4d0c8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #d4d0c8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #d4d0c8; WIDTH: 113.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #d4d0c8">
              <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&#160;</div>
            </td>
            <td valign="top" width="25%" bgcolor="transparent" style="BORDER-RIGHT: #d4d0c8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #d4d0c8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #d4d0c8; WIDTH: 261pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; MSO-BORDER-BOTTOM-ALT: solid windowtext .5pt">
              <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">/s/ John M.
      Hoskins</font></div>
            </td>
          </tr>
          <tr style="MSO-YFTI-IROW: 3;">
            <td valign="top" width="15%" bgcolor="transparent" style="BORDER-RIGHT: #d4d0c8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #d4d0c8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #d4d0c8; WIDTH: 113.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #d4d0c8">
            </td>
            <td valign="top" width="25%" bgcolor="transparent" style="BORDER-RIGHT: #d4d0c8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #d4d0c8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #d4d0c8; WIDTH: 261pt; PADDING-TOP: 0in; BORDER-BOTTOM: #d4d0c8; MSO-BORDER-TOP-ALT: solid windowtext .5pt">
              <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Name:&#160; John
      M. Hoskins</font></div>
            </td>
          </tr>
          <tr style="MSO-YFTI-IROW: 4; MSO-YFTI-LASTROW: yes;">
            <td valign="top" width="15%" bgcolor="transparent" style="BORDER-RIGHT: #d4d0c8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #d4d0c8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #d4d0c8; WIDTH: 113.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #d4d0c8">
            </td>
            <td valign="top" width="25%" bgcolor="transparent" style="BORDER-RIGHT: #d4d0c8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #d4d0c8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #d4d0c8; WIDTH: 261pt; PADDING-TOP: 0in; BORDER-BOTTOM: #d4d0c8">
              <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: arial">Title:&#160;&#160;&#160;&#160;
      Senior Vice President and Treasurer</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&#160;</div>
    <div>&#160;</div>
    <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&#160;</div>
    <div>&#160;</div>
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