Tennessee Valley Authority
EX-10.13 LEASEHOLD SECURITY AGREEMENT
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<TYPE>EX-10.13
<SEQUENCE>17
<FILENAME>g04656exv10w13.htm
<DESCRIPTION>EX-10.13 LEASEHOLD SECURITY AGREEMENT
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<TITLE>Ex-10.13 Leasehold Security Agreement</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;10.13
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Leasehold Security 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 Leasehold Security Agreement
were made to, and solely for the benefit of, the other parties to this Leasehold Security
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.
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>FINAL</B></FONT>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Leasehold
Security Agreement </B></FONT><B>(A1)</B>
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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of September&nbsp;26, 2003

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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">made by

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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NVG </B><FONT style="font-variant: SMALL-CAPS"><B>Network </B></FONT><B>I </B><FONT style="font-variant: SMALL-CAPS"><B>Statutory Trust,</B></FONT><BR>
as the Debtor

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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">to

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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Tennessee Valley Authority,</B></FONT><BR>
as the Secured Party

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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Lease
of Control, Monitoring</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>and Data Analysis Network</B></FONT>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD colspan="5" align="left">ARTICLE I &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INCORPORATION OF RECITALS; DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">ARTICLE II &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECURITY AGREEMENT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">ARTICLE III &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECURITY AGREEMENT EVENTS OF DEFAULT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD colspan="5" align="left">ARTICLE IV &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REMEDIES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 4.01</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights of the Secured Party</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 4.02</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Debtor&#146;s Rights</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 4.03</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delay or Omission Not a Waiver</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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    <TD align="left" valign="top">Section 4.04</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restoration of Rights and Remedies</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 4.05</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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    <TD align="left" valign="top">Section 4.06</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 4.07</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Early Termination</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 4.08</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Secured Party&#146;s Duties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD colspan="5" align="left">ARTICLE V &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MISCELLANEOUS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 5.01</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendments and Waivers</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 5.02</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 5.03</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Survival</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 5.04</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors and Assigns</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 5.05</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Business Day</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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    <TD align="left" valign="top">Section 5.06</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governing Law</TD>
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    <TD align="right">6</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 5.07</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Severability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts</TD>
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    <TD align="right">6</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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    <TD align="left" valign="top">Section 5.09</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Headings and Table of Contents</TD>
    <TD>&nbsp;</TD>
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    <TD align="right">6</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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    <TD align="left" valign="top">Section 5.10</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Further Assurance</TD>
    <TD>&nbsp;</TD>
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    <TD align="right">6</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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    <TD align="left" valign="top">Section 5.11</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effectiveness</TD>
    <TD>&nbsp;</TD>
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    <TD align="right">6</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 5.12</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Release</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 5.13</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subordination</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section 5.14</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation of Liability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left"><U>Attachments</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Attachment A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Description of the Network</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEASEHOLD SECURITY AGREEMENT (A1)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
<B>LEASEHOLD SECURITY AGREEMENT (A1) </B>(this &#147;<U>Security
Agreement</U>&#148;) dated as of September 26, 2003, made by <B>NVG NETWORK I STATUTORY TRUST</B>, a Delaware statutory trust (together with its
successors and permitted assigns, the &#147;<U>Debtor</U>&#148; or &#147;<U>Owner Lessor</U>&#148;), to <B>TENNESSEE VALLEY
AUTHORITY, </B>a wholly owned corporate agency and instrumentality of the United States (in such
capacity, the &#147;<U>Secured Party</U>&#148; or &#147;TVA&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS, </B>TVA, the Debtor, Wachovia Mortgage Corporation, Wells Fargo Delaware Trust Company, in
the capacities set forth therein, and Wilmington Trust Company, as trustee under two indentures,
have entered into the Participation Agreement dated as of September&nbsp;22, 2003 (the
&#147;<U>Participation Agreement</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS, </B>the Network consists of certain equipment utilized in connection with the operation of
the Secured Party&#146;s transmission system, and software used in connection with such equipment,
including the Software Rights, located in the States of Tennessee, Kentucky, Georgia and
Mississippi;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS, </B>TVA has leased an undivided interest equal to the Owner Lessor&#146;s Percentage in the Network
(other than the Software Rights), to the Owner Lessor, and the Owner Lessor has leased the
Undivided Interest from TVA, pursuant to the Head Lease;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS, </B>TVA has assigned, or granted a license to use, the Software Rights, to the Owner Lessor,
and the Owner Lessor has accepted such assignment, or grant of a license to use, the Software
Rights from TVA, pursuant to the Head Lease;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS, </B>the Owner Lessor has subleased the Undivided Interest and assigned its interest in the
Software Rights to TVA pursuant to the Network Lease;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Network is more particularly described in Attachment A, such Attachment being attached
to and made a part of this Security Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS, </B>the Owner Lessor is granting and conveying to the Secured Party a security interest in the
collateral defined herein as security for certain obligations of the Owner Lessor pursuant to the
Network Lease, subject and subordinate to the Lease Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW, THEREFORE, </B>in consideration of the foregoing premises, the mutual agreements herein contained,
and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GRANTING CLAUSE</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To secure (a)&nbsp;the performance and observance by the Debtor of its obligations pursuant to Section
10 of the Participation Agreement and Section&nbsp;4.2 of the Network Lease not to interfere<BR>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with or interrupt the quiet enjoyment of the use, operation and possession of the Network, and (b)
the performance and observance by the Debtor of its obligations
pursuant to Sections&nbsp;15.2 and 16.2
of the Network Lease to deliver the Owner Lessor&#146;s Interest (including the Undivided Interest and
the Software Rights) to the Secured Party in connection with the payment of the Early Purchase
Price or the Purchase Option Price, as applicable, or other consideration due therefor (such
obligations are collectively referred to hereinafter as the &#147;<U>Secured Obligations</U>&#148;), the
Debtor hereby, subject and subordinate to the Lease Indenture, grants, bargains, sells and conveys
and warrants to the Secured Party and grants to the Secured Party a security interest in and lien
upon all right, title and interest of the Secured Party in, to and
under the following described
property (being hereinafter referred to collectively as the
&#147;<U>Collateral</U>)&#148;:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;all right, title and interest of the Debtor in the Owner Lessor&#146;s Interest, including the
Undivided Interest and the Software Rights; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;all direct or indirect proceeds of the foregoing of whatever kind or nature, in each case
whether now owned or existing or hereafter acquired and wherever located, including all claims
against third parties for destruction, loss or damage to any of the foregoing or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TO
HAVE AND TO HOLD the Collateral for the benefit of the Secured Party to secure the Secured
Obligations and all other obligations imposed upon the Debtor by this Security Agreement, subject
to the terms and conditions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE DEBTOR FURTHER COVENANTS AND AGREES as follows:
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE I</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INCORPORATION OF RECITALS; DEFINITIONS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
recitals set forth above are incorporated in this Article&nbsp;I as if set forth in this Article&nbsp;I
in their entirety. Capitalized terms used in this Security Agreement, including the granting clause
and the recitals, and not otherwise defined herein shall have the respective meanings set forth in
Appendix&nbsp;A to the Participation Agreement. The general provisions of Appendix&nbsp;A shall apply to
terms used in this Security Agreement and specifically defined herein.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE II</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SECURITY AGREEMENT</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debtor hereby grants to the Secured Party a security interest in the Collateral, whether now
owned or hereafter acquired. This Security Agreement is a security agreement under, and in
accordance with, the Uniform Commercial Code of New York for the benefit of the Secured Party, and
(b)&nbsp;shall support any financing statement showing the Secured Party&#146;s interest as the Secured Party
with respect to the Collateral.
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SECURITY AGREEMENT EVENTS OF DEFAULT</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the following events shall constitute a &#147;<U>Security Agreement Event of Default</U>&#148; so long as
the same shall be continuing:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the failure of the Debtor to perform its obligations set forth in Section&nbsp;10 of the
Participation Agreement or Section&nbsp;4.2 of the Network Lease not to interfere with or interrupt the
quiet enjoyment of the use, operation and possession of the Network, which failure shall have
resulted in the loss of possession of the Undivided Interest and the Software Rights by the
Secured Party; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the failure of the Debtor to perform its obligations set forth in Sections&nbsp;15.2 or 16.2
of the Network Lease to deliver to the Secured Party the Owner Lessor&#146;s Interest (including the
Undivided Interest and the Software Rights) in connection with the Secured Party&#146;s exercise of the
Early Purchase Option or Purchase Option after tender by the Secured Party of the payment of the
Early Purchase Price or the Purchase Option Price, as applicable, and all other amounts due in
connection therewith.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE IV</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REMEDIES</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.01 </B><I>Rights of the Secured Party. </I>If a Security Agreement Event of Default shall have
occurred and be continuing, the Secured Party may, subject to Section&nbsp;4.02, exercise, at its option
and in addition to any other rights and remedies the Secured Party may have at law or in equity,
any one or more or all, and in any order, any of the following remedies, it being expressly
understood that no remedy herein conferred is intended to be exclusive of any other remedy or
remedies, but that each and every remedy is cumulative and is in addition to every other remedy
given herein or now or hereafter existing at law or in equity or by
statute:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Secured Party may, upon written notice to the Debtor, take possession of all or any part of
the Collateral and may exclude therefrom the Debtor and all persons claiming under it, and may
exercise all remedies available to a secured party under the UCC of New York or any State in which
the Collateral is located or any other provision of Applicable Law. The Secured Party may proceed
to enforce the rights of the Secured Party by directing payment to it of all moneys payable under
any agreement or undertaking constituting a part of the Collateral, by proceedings in any court of
competent jurisdiction to recover damages for the breach hereof or for the appointment of a
receiver or for sale of all or any part of the Collateral or for foreclosure of the Owner Lessor&#146;s
interest, the Undivided Interest and the Software Rights, and by any other action, suit, remedy or
proceeding authorized or permitted by this Security Agreement, at law or in equity, or whether for
the specific performance of any agreement contained herein, or for an injunction against the
violation of any of the terms hereof, or in aid of the exercise of any power granted hereby or by
law, and in addition, may foreclose upon, sell, assign, transfer and deliver, from time to time to
the extent permitted by Applicable Law, all or any part of the Collateral or any interest therein,
at any private sale or public auction with or
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">without demand, advertisement or notice (except as herein required or as may be required by law) of
the date, time and place of sale and any adjournment thereof, for cash or credit or other property,
for immediate or future delivery and for such price or prices and on
such terms as the Secured
Party, in its unfettered discretion, may determine, or as may be required by law, so long as the
Debtor is afforded a commercially reasonable opportunity to bid for all or such part of the
Collateral in connection therewith; <I>provided </I>that 20&nbsp;days shall be deemed to be a commercially
reasonable opportunity to bid for purposes of this Section&nbsp;4.01. The Secured Party may file such
proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Secured Party asserted or upheld in any bankruptcy, receivership or other judicial
proceedings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Secured Party may proceed to protect and enforce this Security Agreement and the Secured
Obligations by action, suit or proceedings at law, in equity or in bankruptcy, or for the specific
performance of the Debtor&#146;s obligations under Section&nbsp;10 of the Participation Agreement, Sections
4.2, 15.2 or 16.2 of the Network Lease, or in execution or aid of any power herein granted or for
foreclosure hereunder or thereunder, or for appointment of a receiver or receivers of the
Collateral or any part thereof, or for the recovery of judgment for the Secured Obligations or for
the enforcement of any other proper, legal or equitable remedy available under Applicable Law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.02 </B><I>The Debtor&#146;s Rights. </I>Subject to Section&nbsp;4.07 and notwithstanding Section&nbsp;4.01, the
Debtor shall, to the extent set forth in Section&nbsp;18 of the Network Lease, have the right to
exercise the remedies set forth in such Section&nbsp;18, including to the extent permitted therein the
sale of the Undivided Interest and the Software Rights, all without regard to any rights granted to
the Secured Party hereunder (other than the Secured Party&#146;s rights to the proceeds of any such sale
under Section&nbsp;4.07) or under Applicable Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.03 </B><I>Delay or Omission Not a Waiver. </I>No delay or omission by the Secured Party in the
exercise of any right or remedy hereunder accruing upon any Security Agreement Event of Default
shall impair any such right or remedy or constitute a waiver of any other Security Agreement Event
of Default or be deemed to be in acquiescence therein. Every right and remedy given by this Article
IV or by Applicable Law to the Secured Party may be exercised from time to time, and as often as
may be deemed expedient, by the Secured Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.04 </B><I>Restoration of Rights and Remedies. </I>If the Secured Party has instituted any proceeding
to enforce any right, power or remedy under this Security Agreement and such proceeding has been
discontinued or abandoned or for any reason has been determined adverse to the Secured Party, then
the Debtor and the Secured Party shall, subject to any determination in such proceeding, be
restored to their former positions hereunder and all rights, remedies and powers of the Secured
Party shall continue as if no such proceeding has been instituted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.05 </B><I>Attorney-in-Fact. </I>The Debtor hereby appoints and constitutes the Secured Party as the
true and lawful attorney-in-fact of the Debtor for the purpose of taking any action permitted by
this Security Agreement in connection with the enforcement of the Lien of this Security Agreement,
with full power (in the name of the Debtor or otherwise), at any time following any Security
Agreement Event of Default and during the continuance thereof, to ask, require, demand and receive
any and all amounts and claims for amounts due and to become due
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">under or arising out of the Collateral or any portion thereof, to endorse any check or other
instrument or order in connection therewith and to file any claim or take any action or institute
any proceeding to collect any portion of the Collateral. Upon the written instructions of the
Secured Party, the Debtor shall execute any financing statement (and any continuation statement
with respect to any such financing statement), or any other document necessary for the Secured
Party to obtain the full benefits of the Lien of this Security Agreement and as may be specified in
such instructions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.06 </B><I>Filings. </I>The Debtor authorizes the Secured Party to file, and agrees that upon
request of the Secured Party if shall, at its own expense, execute and deliver, all financing
statements presented to it in final form necessary to perfect the Secured Party&#146;s interest in the
Collateral or any other document presented to it in final form reasonably requested by the Secured
Party to perfect, protect, enforce, or otherwise give effect to the Secured Party&#146;s rights and
remedies hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.07 </B><I>Early Termination. </I>The Lien of this Security Agreement on the Collateral shall
terminate upon any sale of the Debtor&#146;s interest in the Undivided Interest and Software Rights
pursuant to, or as permitted by, the Network Lease, including Section&nbsp;18 thereof, but such Lien in
favor of Secured Party shall, subject to Section&nbsp;5.12, continue in the proceeds of any sale
pursuant to Section&nbsp;18 of the Network Lease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.08
</B><I>The Secured Party&#146;s</I> <I>Duties. </I>The powers conferred on the Secured Party hereunder are
solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise
any such powers. Except for the accounting for monies actually received by it hereunder, the
Secured Party shall have no duty as to the Collateral or other matters relative to the Collateral,
whether or not the Secured Party 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 Collateral.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE V</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MISCELLANEOUS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.01
</B><I>Amendments and Waivers. </I>No term, covenant, agreement or condition of this Security
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 each party hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.02 </B><I>Notices. </I>Any notices, requests or communications hereunder shall be given or made in
accordance with the provisions of Section&nbsp;15.5 of the Participation Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.03 </B><I>Survival. </I>Except as expressly set forth herein, the warranties and covenants made by
each party hereto shall not survive the expiration or termination of this Security Agreement in
accordance with its terms.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.04 </B><I>Successors and Assigns.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;This Security 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 permitted assigns as
permitted by and in accordance with the terms hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Except as expressly provided herein or in the other Operative Documents, no party hereto may
assign its interests herein without the consent of the other parties hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.05
</B><I>Business Day. </I>Notwithstanding anything herein to the contrary, if the date on which
any payment is to be made pursuant to this Security 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 <I>(provided </I>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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.06 </B><I>Governing Law. </I>This Security Agreement shall in all respects be governed by and
construed in accordance with the laws of the State of New York to the extent not inconsistent with
Federal law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.07 </B><I>Severability. </I>Any provision of this Security Agreement that 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, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.08 </B><I>Counterparts. </I>This Security Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall he an original, but all
such counterparts shall together constitute but one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.09 </B><I>Headings and Table of Contents.</I> The headings of the Articles and Sections of this
Security Agreement and the Table of Contents are inserted for purposes of convenience only and
shall not be construed to affect the meaning or construction of any of the provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.10 </B><I>Further Assurance. </I>Each party hereto shall promptly and duly execute and deliver such
further documents and assurances for and take such further action reasonably requested by any party
to whom the Debtor is obligated, at the sole cost of the Debtor, all
as may be reasonably necessary
to carry out more effectively the intent and purpose of this Security Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.11 </B><I>Effectiveness. </I>This Security Agreement has been dated as of the date first above
written for convenience only. This Security Agreement shall be effective as of the date set forth
on the signature page hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.12 </B><I>Release. </I>At such time as all amounts secured hereby have been paid in full and the
Debtor has fully performed all of the covenants, obligations and agreements of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Debtor secured hereby, or such amounts are no longer payable and such obligations have terminated,
the Secured Party shall at the request of the Debtor, but at the expense of the Secured Party,
release the Lien hereof on the Collateral.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.13 </B><I>Subordination. </I>The Secured Party hereby acknowledges that the Lien of this Security
Agreement is subject and subordinate to the Lien of the Lease Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.14
</B><I>Limitation of Liability. </I> It is expressly understood and agreed by the parties hereto
that (a)&nbsp;this Security Agreement is executed and delivered by the Trust Company, not individually
or personally but solely as trustee of the Debtor under the Trust Agreement, in the exercise of the
powers and authority conferred and vested in it pursuant thereto, (b)&nbsp;each of the representations,
undertakings and agreements herein made on the part of the Debtor is made and intended not as
personal representations, undertakings and agreements by the Trust Company, but is made and
intended for the purpose for binding only the Debtor, (c)&nbsp;nothing herein contained shall be
construed as creating any liability on the Trust Company, individually or personally, to perform
any covenant either expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto or by any Person claiming by, through or under the parties
hereto and (d)&nbsp;under no circumstances shall the Trust Company, be personally liable for the payment
of any indebtedness or expenses of the Debtor or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by the Debtor under this
Security Agreement.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF, </B>the Debtor and the Secured Party have caused this Leasehold Security
Agreement to be duly executed, sealed and delivered by their respective officers thereunto duly
authorized on the dates below their respective signatures but effective as of September&nbsp;26, 2003.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>NVG NETWORK I STATUTORY TRUST, </B>as<BR>
Debtor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Wells Fargo Delaware Trust Company,</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">not in its individual capacity but solely as</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Owner Trustee under the Trust Agreement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Ann Roberts Dukart</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Ann Roberts Dukart
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date: SEP 24 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Leasehold Security Agreement (A1)
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TENNESSEE VALLEY AUTHORITY, </B>as</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Secured Party</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John M. Hoskins</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: John M. Hoskins
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:Senior Vice President and Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Leasehold Security Agreement (A1)
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONTROL, MONITORING AND DATA ANALYSIS NETWORK<BR>
LEASEHOLD SECURITY AGREEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The September&nbsp;26, 2003, Leasehold Security Agreement (Al) is made by NVG Network I Statutory Trust,
as the debtor and the Tennessee Valley Authority (&#147;TVA&#148;) as the secured party has been filed. Each
of the four Leasehold Security Agreements is substantially similar, except as noted below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Leasehold Security Agreement (Al) is made by NVG Network I Statutory Trust, as the debtor and TVA
as the secured party. Leasehold Security Agreement (Al) covers an
undivided 26.640926641 percent interest in the Control, Monitoring and Data Analysis Network
(&#147;Network&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Leasehold Security Agreement (A2) is made by NVG Network II Statutory Trust, as the debtor and TVA
as the secured party. Leasehold Security Agreement (A2) covers an
undivided 33.462033462 percent interest in
the Network.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Leasehold Security Agreement (A3) is made by NVG Network III Statutory Trust, as the debtor and TVA
as the secured party. Leasehold Security Agreement (A3) covers an
undivided 21.879021879 percent interest in
the Network.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Leasehold Security Agreement (A4) is made by NVG Network IV Statutory Trust, as the debtor and TVA
as the secured party. Leasehold Security Agreement (A4) covers an
undivided 18.018018018 percent interest
in the Network.
</DIV>



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