Document:

EXHIBIT 4.1

 

Upon recording, return to:

Ms. Shawne M. Keenan

Eversheds Sutherland (US) LLP

999 Peachtree Street, N.E.

Atlanta, Georgia 30309-3996

 

PURSUANT TO §44-14-35.1 OF OFFICIAL CODE OF GEORGIA ANNOTATED, THIS INSTRUMENT EMBRACES,

COVERS AND CONVEYS SECURITY TITLE TO AFTER-ACQUIRED PROPERTY OF THE GRANTOR

	
 
    
	
 
    

 

OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION),

GRANTOR,

 

to

 

U.S. BANK NATIONAL ASSOCIATION,

TRUSTEE

 

SEVENTY-THIRD SUPPLEMENTAL

INDENTURE

 

Relating to

Confirming the Lien of the Indenture with respect to certain Agreements and Licenses

 

Dated as of July 26, 2017

 

FIRST MORTGAGE OBLIGATIONS

	
 
    
	
 
    

 

NOTE TO THE CLERK OF SUPERIOR COURT AND TAX COMMISSIONER OF GEORGIA:  THIS INSTRUMENT ONLY ADDS ADDITIONAL SECURITY FOR ORIGINAL INDEBTEDNESS SECURED BY THE EXISTING INDENTURE.  THIS INSTRUMENT DOES NOT INCREASE THE PRINCIPAL BALANCE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE, NOR DOES IT EXTEND THE MATURITY DATE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE.  PURSUANT TO O.C.G.A. § 48-6-65(A), NO ADDITIONAL INTANGIBLE RECORDING TAX IS DUE UPON THE RECORDING OF THIS INSTRUMENT.  ALL INTANGIBLE RECORDING TAX DUE ON THE EXISTING INDENTURE HAS BEEN PAID.

 

 

THIS SEVENTY-THIRD SUPPLEMENTAL INDENTURE, dated as of July 26, 2017, is between OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an electric membership corporation organized and existing under the laws of the State of Georgia, as grantor (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as successor to SunTrust Bank, formerly SunTrust Bank, Atlanta, as trustee (in such capacity, the “Trustee”).

 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of March 1, 1997 (the “Original Indenture”), for the purpose of securing its Existing Obligations and providing for the authentication and delivery of Additional Obligations by the Trustee from time to time under the Original Indenture (capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Original Indenture as provided in Section 1 hereof);

 

WHEREAS, the Original Indenture has heretofore been amended and supplemented by seventy-two Supplemental Indentures (the Original Indenture, as heretofore, hereby and hereafter supplemented and modified, the “Indenture”), and the Original Indenture and the seventy-two Supplemental Indentures have been recorded as set forth on Schedule 1 attached hereto;

 

WHEREAS, the Company desires to execute and deliver this Seventy-Third Supplemental Indenture, in accordance with the provisions of the Original Indenture, for the purpose of subjecting, conveying and confirming to the Trustee the lien of the Indenture with respect to the agreements and licenses more particularly described on Exhibit A attached hereto; and

 

WHEREAS, Section 12.1 of the Original Indenture provides that, without the consent of the Holders of any of the Obligations at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may enter into Supplemental Indentures for the purposes set forth in said Section 12.1, including to better assure, convey and confirm unto the Trustee any property subjected to the lien of the Indenture;

 

NOW, THEREFORE, THIS SEVENTY-THIRD SUPPLEMENTAL INDENTURE WITNESSES, that, to secure the payment of the principal of (and premium, if any) and interest on the Outstanding Secured Obligations, to confirm the lien of the Indenture upon the Trust Estate, including property purchased, constructed or otherwise acquired by the Company since the date of execution of the Original Indenture, to secure performance of the covenants therein and herein contained, and in consideration of the premises thereof and hereof, the Company by these presents does grant, bargain, sell, alienate, remise, release, convey, assign, transfer, mortgage, hypothecate, pledge, set over and confirm to the Trustee, and its successors and assigns in the trust created thereby and hereby, in trust, all property, rights, privileges and franchises (other than Excepted Property or Excludable Property) of the Company, whether now owned or hereafter acquired, of the character described in the Granting Clauses of the Original Indenture, wherever located, including all such property, rights, privileges and franchises acquired since the date of execution of the Original Indenture, including, without limitation, the agreements and licenses more particularly described on Exhibit A attached hereto, subject to all 

 

 

exceptions, reservations and matters of the character referred to in the Indenture, and does grant a security interest therein for the purposes expressed herein and in the Indenture subject in all cases to Sections 5.2 and 11.2 B of the Original Indenture and to the rights of the Company under the Indenture, including the rights set forth in Article V of the Original Indenture; but expressly excepting and excluding from the lien and operation of the Indenture all properties of the character specifically excepted as “Excepted Property” or “Excludable Property” in the Indenture to the extent contemplated thereby.

 

PROVIDED, HOWEVER, that if, upon the occurrence of an Event of Default, the Trustee, or any separate trustee or co-trustee appointed under Section 9.14 of the Original Indenture or any receiver appointed pursuant to statutory provision or order of court, shall have entered into possession of all or substantially all of the Trust Estate, all the Excepted Property described or referred to in Paragraphs A through H, inclusive, of “Excepted Property” in the Original Indenture then owned or thereafter acquired by the Company, shall immediately, and, in the case of any Excepted Property described or referred to in Paragraphs I, J, L, N and P of “Excepted Property” in the Original Indenture (excluding the property described in Section 2 of Exhibit B in the Original Indenture), upon demand of the Trustee or such other trustee or receiver, become subject to the lien of the Indenture to the extent permitted by law, and the Trustee or such other trustee or receiver may, to the extent permitted by law, at the same time likewise take possession thereof, and whenever all Events of Default shall have been cured and the possession of all or substantially all of the Trust Estate shall have been restored to the Company, such Excepted Property shall again be excepted and excluded from the lien of the Indenture to the extent and otherwise as hereinabove set forth and as set forth in the Indenture.

 

The Company may, however, pursuant to the Granting Clause Third of the Original Indenture, subject to the lien of the Indenture any Excepted Property or Excludable Property, whereupon the same shall cease to be Excepted Property or Excludable Property.

 

TO HAVE AND TO HOLD all such property, rights, privileges and franchises hereby and hereafter (by a Supplemental Indenture or otherwise) granted, bargained, sold, alienated, remised, released, conveyed, assigned, transferred, mortgaged, hypothecated, pledged, set over or confirmed as aforesaid, or intended, agreed or covenanted so to be, together with all the tenements, hereditaments and appurtenances thereto appertaining (said properties, rights, privileges and franchises, including any cash and securities hereafter deposited or required to be deposited with the Trustee (other than any such cash which is specifically stated in the Indenture not to be deemed part of the Trust Estate) being part of the Trust Estate), unto the Trustee, and its successors and assigns in the trust created by the Indenture, forever.

 

SUBJECT, HOWEVER, to (i) Permitted Exceptions and (ii) to the extent permitted by Section 13.6 of the Original Indenture as to property hereafter acquired (a) any duly recorded or perfected prior mortgage or other lien that may exist thereon at the date of the acquisition thereof by the Company and (b) purchase money mortgages, other purchase money liens, chattel mortgages, conditional sales agreements or other title retention agreements created by the Company at the time of acquisition thereof.

 

BUT IN TRUST, NEVERTHELESS, with power of sale, for the equal and proportionate benefit and security of the Holders from time to time of all the Outstanding 

 

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Secured Obligations without any priority of any such Obligation over any other such Obligation and for the enforcement of the payment of such Obligations in accordance with their terms.

 

UPON CONDITION that, until the happening of an Event of Default and subject to the provisions of Article V of the Original Indenture, and not in limitation of the rights elsewhere provided in the Indenture, including the rights set forth in Article V of the Original Indenture, the Company shall be permitted to (i) possess and use the Trust Estate, except cash, securities, Designated Qualifying Securities and other personal property deposited, or required to be deposited, with the Trustee, (ii) explore for, mine, extract, separate and dispose of coal, ore, gas, oil and other minerals, and harvest standing timber, and (iii) receive and use the rents, issues, profits, revenues and other income, products and proceeds of the Trust Estate.

 

THE INDENTURE, INCLUDING THIS SEVENTY-THIRD SUPPLEMENTAL INDENTURE, is intended to operate and is to be construed as a deed passing title to the Trust Estate and is made under the provisions of the laws of the State of Georgia relating to deeds to secure debt, and not as a mortgage or deed of trust, and is given to secure the Outstanding Secured Obligations.  Should the indebtedness secured by the Indenture be paid according to the tenor and effect thereof when the same shall become due and payable and should the Company perform all covenants contained in the Indenture in a timely manner, then the Indenture shall be canceled and surrendered.

 

GENERAL PROVISIONS

 

Section 1.              Supplemental Indenture.

 

This Seventy-Third Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture, and shall form a part thereof, and the Original Indenture, as heretofore supplemented and modified and as hereby supplemented and modified, is hereby confirmed.  All capitalized terms used in this Seventy-Third Supplemental Indenture but not defined herein shall have the same meanings ascribed to them in the Original Indenture, as such terms may have been or may be amended or modified from time to time pursuant to the Indenture, except in cases where the context clearly indicates otherwise.  All references herein to Sections, Articles, definitions or other provisions of the Original Indenture shall be to such Sections, Articles, definitions or other provisions as they may be amended or modified from time to time pursuant to the Indenture.

 

Section 2.              Recitals.

 

All recitals in this Seventy-Third Supplemental Indenture are made by the Company only and not by the Trustee; and all of the provisions contained in the Indenture, in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect hereof as fully and with like effect as if set forth herein in full.

 

Section 3.              Successors and Assigns.

 

Whenever in this Seventy-Third Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles IX and XI of the Original Indenture, be deemed to include the successors and assigns of such party, and all the covenants 

 

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and agreements in this Seventy-Third Supplemental Indenture contained by or on behalf of the Company or by or on behalf of the Trustee shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such parties, whether so expressed or not.

 

Section 4.              No Rights, Remedies, Etc.

 

Nothing in this Seventy-Third Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the Holders of the Outstanding Secured Obligations, any right, remedy or claim under or by reason of this Seventy-Third Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof.

 

Section 5.              Counterparts.

 

This Seventy-Third Supplemental Indenture may be executed in several counterparts, each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument.

 

Section 6.              Security Agreement; Mailing Address.

 

To the extent permitted by applicable law, this Seventy-Third Supplemental Indenture shall be deemed to be a Security Agreement and Financing Statement whereby the Company grants to the Trustee a security interest in all of the Trust Estate that is personal property or fixtures under the Uniform Commercial Code, as adopted or hereafter adopted in one or more of the states in which any part of the properties of the Company are situated.

 

The mailing address of the Company, as debtor, is:

 

Oglethorpe Power Corporation

(An Electric Membership Corporation)

2100 East Exchange Place

Tucker, Georgia 30084-5336

 

and the mailing address of the Trustee, as secured party, is:

 

U.S. Bank National Association

Attention:  Corporate Trust Services

1349 West Peachtree Street, NW

Suite 1050, Two Midtown Plaza

Atlanta, Georgia  30309

 

[Signatures Begin on Next Page]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Seventy-Third Supplemental Indenture to be duly executed as of the day and year first written above.

 

	
Company:
    	
 
    	
OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP   CORPORATION), an   electric membership corporation organized under the laws of the State of   Georgia
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Elizabeth B. Higgins
    
	
 
    	
 
    	
 
    	
Elizabeth   B. Higgins
    
	
 
    	
 
    	
 
    	
Executive   Vice President and
    
	
 
    	
 
    	
 
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signed,   sealed and delivered by the Company in the presence of:
    	
 
    	
Attest:
    	
/s/   Patricia N. Nash
    
	
 
    	
 
    	
Patricia   N. Nash
    
	
 
    	
 
    	
 
    	
Secretary
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Anne F. Appleby
    	
 
    	
 
    	
[CORPORATE   SEAL]
    
	
Witness
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Sharon H. Wright
    	
 
    	
 
    	
 
    
	
Notary   Public
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
(Notarial   Seal)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
My   commission expires:
    	
October 22,   2019
    	
 
    	
 
    	
 
    
					

 

[Signatures Continue on Next Page]

 

 

[Signatures Continued from Previous Page]

 

	
Trustee:
    	
 
    	
U.S. BANK NATIONAL ASSOCIATION, a national banking association
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Jack Ellerin
    
	
Signed   and delivered by the Trustee in the Presence of:
    	
 
    	
 
    	
Authorized   Agent
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Felicia Powell
    	
 
    	
 
    	
 
    
	
Witness
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Mary Easton
    	
 
    	
 
    	
 
    
	
Notary   Public
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
(Notarial   Seal)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
My   commission expires:
    	
April 13,   2018
    	
 
    	
 
    	
 
    
					

 

 

Exhibit A

 

All of the Company’s right, title and interest in, to and under each of the following agreements and licenses (in each case, as the same may have been and may be amended, supplemented or otherwise modified from time to time):

 

Amended and Restated Services Agreement, dated as of July 20, 2017, between Georgia Power Company, for itself and as agent for Oglethorpe Power Corporation (An Electric Membership Corporation), Municipal Electric Authority of Georgia, MEAG Power SPVJ, LLC, MEAG Power SPVM, LLC, MEAG Power SPVP, LLC and the City of Dalton, Georgia, acting by and through its Board of Water, Light and Sinking Fund Commissioners, and Westinghouse Electric Company LLC and WECTEC Global Project Services Inc.

 

Facility IP License in the Event of a Triggering Event, dated as of July 20, 2017, between Georgia Power Company, for itself and as agent for Oglethorpe Power Corporation (An Electric Membership Corporation), Municipal Electric Authority of Georgia, MEAG Power SPVJ, LLC, MEAG Power SPVM, LLC, MEAG Power SPVP, LLC and the City of Dalton, Georgia, acting by and through its Board of Water, Light and Sinking Fund Commissioners, and Westinghouse Electric Company LLC and WECTEC Global Project Services Inc.

 

IP License, dated as of July 20, 2017, between Georgia Power Company, for itself and as agent for Oglethorpe Power Corporation (An Electric Membership Corporation), Municipal Electric Authority of Georgia, MEAG Power SPVJ, LLC, MEAG Power SPVM, LLC, MEAG Power SPVP, LLC and the City of Dalton, Georgia, acting by and through its Board of Water, Light and Sinking Fund Commissioners, and Westinghouse Electric Company LLC and WECTEC Global Project Services Inc.

 

Settlement Agreement, dated as of June 9, 2017, by and among Toshiba Corporation and Georgia Power Company, Oglethorpe Power Corporation (An Electric Membership Corporation), Municipal Electric Authority of Georgia, and the City of Dalton, Georgia, acting by and through its Board of Water, Light and Sinking Fund Commissioners

 

A-1

 

Schedule 1

 

RECORDING INFORMATION

FOR

 

                                         COUNTY, GEORGIA

 

	
DOCUMENT
    	
 
    	
RECORDING
   INFORMATION
    	
 
    	
DATE OF
   RECORDING
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Original Indenture
    	
 
    	
 
    	
 
    	
 
    
	
First Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Second Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Third Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fourth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fifth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Seventh Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Eighth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Ninth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Tenth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Eleventh Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Twelfth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Thirteenth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fourteenth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fifteenth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixteenth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Seventeenth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Eighteenth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Nineteenth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Twentieth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Twenty-First Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Twenty-Second Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Twenty-Third Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Twenty-Fourth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    

 

 

	
DOCUMENT
    	
 
    	
RECORDING
   INFORMATION
    	
 
    	
DATE OF
   RECORDING
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Twenty-Fifth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Twenty-Sixth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Twenty-Seventh Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Twenty-Eighth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Twenty-Ninth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Thirtieth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Thirty-First Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Thirty-Second Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Thirty-Third Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Thirty-Fourth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Thirty-Fifth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Thirty-Sixth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Thirty-Seventh Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Thirty-Eighth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Thirty-Ninth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fortieth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Forty-First Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Forty-Second Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Forty-Third Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Forty-Forth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Forty-Fifth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Forty-Sixth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Forty-Seventh Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Forty-Eighth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Forty-Ninth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fiftieth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fifty-First Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fifty-Second Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fifty-Third Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fifty-Fourth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fifty-Fifth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fifty-Sixth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    

 

 

	
DOCUMENT
    	
 
    	
RECORDING
   INFORMATION
    	
 
    	
DATE OF
   RECORDING
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Fifty-Seventh Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fifty-Eighth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Fifty-Ninth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixtieth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixty-First Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixty-Second Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixty-Third Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixty-Fourth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixty-Fifth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixty-Sixth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixty-Seventh Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixty-Eighth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Sixty-Ninth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Seventieth Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Seventy-First Supplemental Indenture
    	
 
    	
 
    	
 
    	
 
    
	
Seventy-Second Supplemental IndentureEXHIBIT 4.2

 

AMENDMENT NO. 1 TO LOAN GUARANTEE AGREEMENT

 

This Amendment No. 1 to Loan Guarantee Agreement, dated as of June 4, 2015 (this “Agreement”), is between Oglethorpe Power Corporation (An Electric Membership Corporation), an electric membership corporation organized and existing under the laws of the State of Georgia (the “Borrower”) and the U.S. Department of Energy, an agency of the United States of America, acting by and through the Secretary of Energy (or appropriate authorized representative thereof) (“DOE”).

 

WHEREAS, the Borrower and DOE have entered into that certain Loan Guarantee Agreement, dated as of February 20, 2014 (such agreement, as amended, amended and restated, restated, supplemented or otherwise modified from time to time, the “Loan Guarantee Agreement”).

 

WHEREAS, the Borrower and DOE desire to amend the Loan Guarantee Agreement as provided below;

 

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

 

Section 1.                                          Definitions.

 

Capitalized terms used and not defined in this Agreement have the meanings provided in the Loan Guarantee Agreement.  Unless otherwise indicated, all section references are to the Loan Guarantee Agreement.

 

Section 2.                                          Amendments.

 

The Borrower and DOE by their respective signatures below hereby amend the Loan Guarantee Agreement by deleting Section 4.2.8 (Title Continuation) in its entirety and replacing it with the following new Section 4.2.8 (Title Continuation):

 

4.2.8. Title Continuation.

 

DOE shall have received a construction bringdown endorsement insuring that the Mortgage Indenture remains a first priority Lien on the Borrower’s fee title (subject only to Permitted Liens and the December 2013 Mechanic’s Lien Exception), under the relevant laws of the State of Georgia, and on the Borrower’s Undivided Interest in and to the Project Site (subject only to Permitted Liens and the December 2013 Mechanic’s Lien Exception) as is necessary for the development of the Project.  Such endorsement shall be delivered to DOE on a date (i) not earlier than eight (8) Business Days and not later than six (6) Business Days prior to the relevant Advance Date in the case of an Advance in an amount less than $500,000,000; (ii) not earlier than ten (10) Business Days and not later

 

 

than eight (8) Business Days prior to the relevant Advance Date in the case of an Advance in an amount equal to or greater than $500,000,000 and less than $2,000,000,000; and (iii) not earlier than fifteen (15) Business Days and not later than thirteen (13) Business Days prior to the relevant Advance Date in the case of an Advance in an amount equal to or greater than $2,000,000,000.  Further, such endorsement shall amend the title insurance policy by extending the “Date of Policy” to a date that is not earlier than fifteen (15) Business Days prior to the delivery date to DOE.

 

Section 3.                                          Representations and Warranties of Borrower.

 

Borrower by its signature below hereby represents and warrants, as of the date hereof, that:

 

a.             it is an electric membership corporation duly incorporated, validly existing and in good standing under the laws of the State of Georgia, and has all requisite corporate power and authority to execute, deliver, perform and observe the terms and conditions of this Agreement;

 

b.             this Agreement is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms, subject to Bankruptcy Laws and general principles of equity, regardless of whether enforcement is considered in a proceeding at law or in equity; and

 

c.             the Borrower has duly authorized, executed and delivered this Agreement, and neither its execution and delivery hereof nor its consummation of the transactions contemplated hereby nor its compliance with the terms hereof (i) contravenes its Organizational Documents, (ii) contravenes any Governmental Rules where such contravention would reasonably be expected to have a Material Adverse Effect or a material adverse effect on the ability of the Project to be completed, (iii) contravenes or results in any breach or constitutes any default under any Governmental Judgment, where such contravention, breach or default would reasonably be expected to have a Material Adverse Effect or a material adverse effect on the ability of the Project to be completed, (iv) contravenes or results in any breach or constitutes any default under, or results in or requires the creation of any Lien upon any of its revenues, properties or assets under, any agreement or instrument to which it is a party or by which it or any of its revenues, properties or assets may be bound, except where such contravention, breach or default would not reasonably be expected to have a Material Adverse Effect or a material adverse effect on the ability of the Project to be completed or (v) requires the consent or approval of any Person which has not been obtained.

 

Section 4.                                          Miscellaneous

 

a.             This Agreement is a Loan Document.  The Loan Guarantee Agreement, as amended by this Agreement, is and shall continue to be in full force and effect and is hereby in all respects ratified.

 

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b.             This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed and interpreted in accordance with, the Federal law of the United States of America. To the extent that Federal law does not specify the appropriate rule of decision for a particular matter at issue, it is the intention and agreement of the parties hereto that the law of the State of New York (without giving effect to its conflict of laws principles (except Section 5-1401 of the New York General Obligations Law)) shall be adopted as the governing Federal rule of decision.

 

c.             This Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument.

 

d.             Delivery of an executed counterpart of a signature page of this Agreement by telecopy or portable document format (“PDF”) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

[Remainder of page intentionally blank.  Signature pages follow.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by their respective duly authorized officers or representatives as of the day and year first above written.

 

	
 
    	
U.S. DEPARTMENT OF ENERGY,
    
	
 
    	
as Guarantor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeffrey Walker
    
	
 
    	
Name:
    	
Jeffrey Walker for   Robert C. Marcum
    
	
 
    	
Title:
    	
Acting Director,   Portfolio Management Division
    

 

[Amendment No. 1 to Loan Guarantee Agreement - Signature Page]

 

 

	
 
    	
OGLETHORPE POWER CORPORATION
    
	
 
    	
(AN ELECTRIC MEMBERSHIP CORPORATION),
    
	
 
    	
as Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Elizabeth B.   Higgins
    
	
 
    	
Name:
    	
Elizabeth B. Higgins
    
	
 
    	
Title:
    	
Executive Vice   President and
    
	
 
    	
 
    	
Chief Financial Officer
    

 

[Amendment No. 1 to Loan Guarantee Agreement - Signature Page]

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