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EXHIBIT 4.7.1(mm)  

Upon recording, return to:

Ms. Shawne M. Keenan

Sutherland Asbill & Brennan 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 

THIRTY-EIGHTH SUPPLEMENTAL

INDENTURE

Relating to the

Amendments to the Retained Indebtedness Note

Dated as of May 1, 2007 

 
 

FIRST MORTGAGE OBLIGATIONS    

NOTE TO THE CLERK OF SUPERIOR COURT AND TAX COMMISSIONER: THIS INSTRUMENT IS A MODIFICATION OF AN OBLIGATION UNDER THE EXISTING INDENTURE. THIS INSTRUMENT DOES NOT INCREASE THE
PRINCIPAL BALANCE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE. PURSUANT TO O.C.G.A. § 48-6-65(A), NO ADDITIONAL INTANGIBLE TAX IS DUE UPON THE RECORDING
OF THIS INSTRUMENT. ALL INTANGIBLE RECORDING TAXES DUE IN CONNECTION WITH ALL OBLIGATIONS SECURED BY THE EXISTING INDENTURE HAVE PREVIOUSLY BEEN PAID.

 

        THIS THIRTY-EIGHTH SUPPLEMENTAL INDENTURE, dated as of May 1, 2007, 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 (hereinafter called the "Company"), and  U.S. BANK NATIONAL ASSOCIATION, a
national banking association, as successor to SunTrust Bank, formerly known as 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 (hereinafter
called 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); 

        WHEREAS, the Original Indenture has heretofore been amended and supplemented by thirty-seven Supplemental Indentures (the Original
Indenture, as heretofore, hereby and hereafter supplemented and modified, being herein sometimes called the "Indenture"), and the Original Indenture and the thirty-seven Supplemental Indentures have
been recorded as set forth on Schedule 1; 

        WHEREAS, that certain Retained Indebtedness Note, dated as of March 1, 1997 (the "Retained Indebtedness Note"), made by the
Company to the Federal Financing Bank ("FFB") in the original face principal amount of $2,637,781,327.45 is an Outstanding Obligation under the Indenture; 

        WHEREAS, the Company, FFB and the United States of America, acting by and through the Administrator of the Rural Utilities Service
("RUS") desire to enter into those certain Agreements Amending Note, each dated as of May 22, 2007 (each, an "Agreement Amending Note" and collectively, the "Agreements Amending Note";
capitalized terms used herein and not otherwise defined herein or in the Original Indenture shall have the meanings given such terms in the applicable Agreement Amending Note), substantially in the
forms attached hereto as Exhibits B through G; 

        WHEREAS, each Agreement Amending Note amends the Retained Indebtedness Note (the Retained Indebtedness Note as amended by such
Agreements Amending Note, the "Amended Retained Indebtedness Note"), by providing the Company with the option to extend the final maturity date of the unpaid principal balance of those advances under
the Retained Indebtedness Note that are specified on Schedule 1 of such Agreement Amending Note (each, a "Designated Advance") to a new final maturity date (the "New Final
Maturity Date") specified therein; 

        WHEREAS, to extend the final maturity date of any Designated Advance, the Company must elect to extend such advance by submitting to RUS
an Election Notice and the other terms and conditions specified in the applicable Agreement Amending Note to effect such extension must be satisfied; 

        WHEREAS, from and after the Final Maturity Extension Effective Date with respect to any Designated Advance, the final maturity date will
be extended to the New Final Maturity Date and the provisions of Article II of the applicable Agreement Amending Note will govern such Designated Advance; 

        WHEREAS, Section 12.2 A of the Original Indenture provides that, with the consent of all the Holders of the Outstanding Obligation
affected thereby (which consent is evidenced by an Act of Holders pursuant to Section 1.2 of the Original Indenture), the Company and the Trustee may enter into a Supplemental Indenture
changing the Stated Maturity of the principal of such Outstanding Obligation; 

        WHEREAS, pursuant to Section 1.20 of the Original Indenture, RUS is the Holder of the Retained Indebtedness Note because such
Retained Indebtedness Note is guaranteed by the United States of America pursuant to the Rural Electrification Act of 1936, as amended; 

2

 

        WHEREAS, as the sole Holder of the Retained Indebtedness Note, RUS has executed and delivered the Act of the Holder included in this
Thirty-Eighth Supplemental Indenture to the Company and the Trustee in accordance with Section 1.2 of the Original Indenture; 

        WHEREAS, all acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the
Agreements Amending Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid, binding and legal obligations of the Company, to secure under the Indenture the
payment of the principal of (and premium, if any) and interest on the Amended Retained Indebtedness Note, and to constitute the Indenture a valid and binding lien for the security of the
Amended Retained Indebtedness Note, in accordance with its terms, have been done and taken; and the execution and delivery of this Thirty-Eighth Supplemental Indenture has been in all respects duly
authorized by the Company. 

        NOW, THEREFORE, THIS THIRTY-EIGHTH SUPPLEMENTAL INDENTURE WITNESSES, that, to amend the Retained Indebtedness Note pursuant to the terms
of the Agreements Amending Note, to secure the payment of the principal of (and premium, if any) and interest on the Outstanding Secured Obligations, including the Amended Retained Indebtedness
Note, 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, all property described in 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 Original 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 Original Indenture, including the rights set forth in Article V thereof; 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 Original 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. 

3

 

        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 herein 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 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 Original 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 THIRTY-EIGHTH 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. 

        AND IT IS HEREBY COVENANTED AND DECLARED that the Agreements Amending Note are to be authenticated and delivered to amend the Retained
Indebtedness Note and the Trust Estate is to be held and applied by the Trustee, subject to the covenants, conditions and trusts set forth herein and in the Indenture, and the Company does hereby
covenant and agree to and with the Trustee, for the equal and proportionate benefit of all Holders of the Outstanding Secured Obligations, as follows: 

 
 

ARTICLE I    
    
    THE AGREEMENTS AMENDING NOTES    
    

Section 1.1    Retained Indebtedness Note Amended by Agreements Amending Note  

        The Retained Indebtedness Note will be amended by the Agreements Amending Note upon their execution and delivery by the Company, FFB and RUS and upon the
authentication thereof by the Trustee. 

4

 

        Pursuant
to the terms of each Agreement Amending Note, the Company may elect to extend the final maturity date of the unpaid principal balance of those Designated Advances identified in
such Agreement Amending Note. To extend the final maturity date of any Designated Advance, the Company must submit an Election Notice to RUS and the other terms and conditions specified in the
applicable Agreement Amending Note must be satisfied. 

        From
and after the Final Maturity Extension Effective Date with respect to any Designated Advance, the final maturity date will be extended to the New Final Maturity Date
specified in the applicable Agreement Amending Note and the provisions of Article II of such Agreement Amending Note will govern such Designated Advance. 

Section 1.2    Form of the Agreements Amending Note.  

        A.    Agreement No. 1 Amending Note  

        The Agreement Amending Note relating to a New Final Maturity Date of December 31, 2029 (the "Agreement No. 1 Amending Note") and the
Trustee's certificate of authentication for the Agreement No. 1 Amending Note shall be substantially in the form of Exhibit B attached hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted in the Original Indenture. 

        B.    Agreement No. 2 Amending Note  

        The Agreement Amending Note relating to a New Final Maturity Date of December 31, 2030 (the "Agreement No. 2 Amending Note"), and the
Trustee's certificate of authentication for the Agreement No. 2 Amending Note shall be substantially in the form of Exhibit C attached hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted in the Original Indenture. 

        C.    Agreement No. 3 Amending Note  

        The Agreement Amending Note relating to a New Final Maturity Date of December 31, 2031 (the "Agreement No. 3 Amending Note") and the
Trustee's certificate of authentication for the Agreement No. 3 Amending Note shall be substantially in the form of Exhibit D attached hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted in the Original Indenture. 

        D.    Agreement No. 4 Amending Note  

        The Agreement Amending Note relating to a New Final Maturity Date of December 31, 2033 (the "Agreement No. 4 Amending Note") and the
Trustee's certificate of authentication for the Agreement No. 4 Amending Note shall be substantially in the form of Exhibit E attached hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted in the Original Indenture. 

        E.    Agreement No. 5 Amending Note  

        The Agreement Amending Note relating to a New Final Maturity Date of December 31, 2034 (the "Agreement No. 5 Amending Note") and the
Trustee's certificate of authentication for the Agreement No. 5 Amending Note shall be substantially in the form of Exhibit F attached hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted in the Original Indenture. 

5

 

        F.     Agreement No. 6 Amending Note  

        The Agreement Amending Note relating to a New Final Maturity Date of December 31, 2037 (the "Agreement No. 6 Amending Note") and the
Trustee's certificate of authentication for the Agreement No. 6 Amending Note shall be substantially in the form of Exhibit G attached hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted in the Original Indenture. 

 
 

ARTICLE II    
    
    MISCELLANEOUS    
    

        Section 2.1    This Thirty-Eighth 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 as hereby supplemented and modified, is hereby confirmed. Except to the
extent inconsistent with the express terms hereof, all of the provisions, terms, covenants and conditions of the Indenture shall be applicable to the Amended Retained Indebtedness Note to the same
extent as if specifically set forth herein. All references herein to Sections, definitions or other provisions of the Original Indenture shall be to such Sections, definitions and other provisions as
they may be amended or modified from time to time pursuant to the Indenture. 

        Section 2.2    All recitals in this Thirty-Eighth Supplemental Indenture are made by the Company only and not by the
Trustee; and all of the provisions contained in the Original 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 2.3    Whenever in this Thirty-Eighth 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 and agreements
in this Thirty-Eighth 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 2.4    Nothing in this Thirty-Eighth 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 Thirty-Eighth Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in
this Thirty-Eighth Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the Holders of Outstanding Secured
Obligations. 

        Section 2.5    This Thirty-Eighth 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 2.6    To the extent permitted by applicable law, this Thirty-Eighth 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 

6

 

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: 

	 	 	2100 East Exchange Place

P. O. Box 1349

Tucker, Georgia 30085-1349,	 	 
	

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

	
 	

 

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        IN WITNESS WHEREOF, the parties hereto have caused this Thirty-Eighth Supplemental Indenture to be duly executed under seal 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/  THOMAS A. SMITH      
 Thomas A. Smith

President and Chief Executive 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      
 Witness	
 	

 	
 	

[CORPORATE SEAL]
	
 /s/  JOAN BRENNER      
 Notary Public	
 	

 	
 	

 
	
 (Notarial Seal)	
 	

 	
 	

 

	
 My commission expires:	

9/28/09
	
 	

 

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	Trustee:	 	U.S. BANK NATIONAL ASSOCIATION,

a national banking association
	
 Signed, sealed and delivered

by the Trustee in the

Presence of:	
 	

By:	
 	

/s/  JACK ELLERIN      
 Jack Ellerin

Vice President
	
 /s/  FELICIA POWELL      
 Witness	
 	

 	
 	

 
	
 /s/  SYRA I. ARZU      
 Notary Public	
 	

 	
 	

 
	
 (Notarial Seal)	
 	

 	
 	

 

	
 My commission expires:	

11/16/09
	
 	

 

[Signatures
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Act of the Holder  
    

        Pursuant to Sections 1.2, 1.20, and 12.2 A of the Original Indenture, RUS, as Holder of the Retained Indebtedness Note, does hereby consent to and
approve the terms of this Thirty-Eighth Supplemental Indenture, and this Act is delivered to the Company and the Trustee. 

	RUS:	 	United States of America,

acting through the Administrator of the Rural Utilities Service
	
 	
 	

By:	
 	

/s/  CURTIS M. ANDERSON      
 Curtis M. Anderson

Acting Administrator
	
 Signed and delivered

In the presence of:	
 	

 	
 	

 
	
 /s/  DESHAUNTA L. FRANKLIN      
 Notary Public	
 	

 	
 	

 
	
 (Notarial Seal)	
 	

 	
 	

 

	
 My commission expires:	

9/30/10
	
 	

 

 
 

Exhibit A  
    

        All property of the Company in the Counties of Appling, Ben Hill, Burke, Carroll, Clarke, Cobb, DeKalb, Floyd, Heard, Jackson, Monroe, Talbot and Toombs, State
of Georgia. 

 
 

Exhibit B  
    
    [Form of Agreement No. 1 Amending Note]    
    

 

	

	
 	
 	
FOR FFB USE ONLY:	
 	

 
	
 	
 	
Note Identifier:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	

Purchase Date:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	
FOR RUS USE ONLY:	
 	

 
	
 	
 	
RUS

Note

Number:
                                         
                 	
 	

 

	
 Date of

Original

Note	
 	

	

..(1)
	
 Maximum

Principal

Amount

of Original

Note	
 	

	

..
	
 New Final

Maturity

Date	
 	

December 31, 2029.	

 
	
 Security

Instrument	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
	
 	

 	

 

	(1)
	In
the case of a refinancing note, the date of the refinancing note. 

 
 

AGREEMENT AMENDING NOTE made as of

                             , by and among    

(the "Borrower"),
a                                    duly organized and existing under
the laws of the State of                                    ; the
FEDERAL FINANCING
BANK ("FFB"), a body corporate and instrumentality of the United States of America; and the  ADMINISTRATOR of the RURAL UTILITIES
SERVICE ("RUS"), a Rural Development
agency in the United States Department of Agriculture, successor to the Administrator of the Rural Electrification Administration ("REA"). 

1

 
 
 

PART I    
    

 
  DESCRIPTION OF ORIGINAL NOTE;
  PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION    
    

1.     Agreement Amending Note.  

        (a)   This
Agreement Amending Note amends and modifies the particular promissory note made by the Borrower payable to FFB bearing the date specified at the top of
page 1 of this Agreement Amending Note and in the maximum principal amount specified at the top of page 1 of this Agreement Amending Note (such promissory note being the
"Original Note," and the Original Note (which may be a refinancing note), as it may have heretofore been amended, modified, supplemented (including, without limitation, by
a substitute note), or restated, being the "Existing Note"), which Existing Note has heretofore been fully guaranteed by either the Administrator of RUS or his
predecessor, the Administrator of REA, as the case may be. 

        (b)   The
respective terms of the Existing Note shall remain in full force and effect as to each "Advance" (as that term is defined in the Existing Note) that is, as of
the date of this Agreement Amending Note, outstanding under and evidenced by the Existing Note until the the effective date of any extension of the final maturity of such Advance, as provided in
paragraph 2 of this Part I. 

2.     Final Maturity Extension Election.  

        (a)   For
so long as section 316 of the Rural Electrification Act of 1936 (7 U.S.C. § 940f), as such provision was added by section 774
of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2006 (Pub. L. No. 109-97) (such provision being the
"Final Maturity Extension Authority"), shall be in effect, and subject to the terms and conditions of this Part I, the Borrower may elect to
extend the final maturity of the unpaid principal balance of each of the Advances specified on Schedule I of this Agreement Amending Note (such Advances being, collectively, the
"Designated Advances," and each such Advance being, individually, a "Designated Advance"), and have the terms of Part
II of this Agreement Amending Note govern each of the Designated Advances (any such an election being a "Final Maturity Extension
Election"). As provided in the Final Maturity Extension Authority, the Borrower may make only one Final Maturity Extension Election for the Designated Advances. 

        (b)   By
executing this Agreement Amending Note, RUS acknowledges that the Borrower has tendered to RUS the amount of the fee that is required by the terms of the Final
Maturity Extension Authority in connection with extending the final maturity of the outstanding principal balances of the Designated Advances. 

3.     Conditions to Final Maturity Extension Election.  

        The terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances if and when all of the
following conditions shall have been satisfied: 

        (a)   The
Borrower shall have delivered to RUS a notice, in the form of notice attached hereto as Exhibit A, that the Borrower has made a Final Maturity
Extension Election with respect to the Designated Advances (such notice being an "Election Notice"), which notice shall: 

        (1)   identify
the Designated Advances with respect to which the Borrower has made a Final Maturity Extension Election; 

        (2)   specify
the date on which the Borrower requests that the final maturity extension of the unpaid principal balances of the Designated Advances become effective, being
also the date on 

2

 

which
the terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances (such date being the "Requested Effective
Date"), which date: 

        (A)  may
be either (i) any day on which FFB and the Federal Reserve Bank of New York are both open for business (any such day being a
"Business Day") occurring during the first 2 months of any calendar quarter, or (ii) the last day of any calendar quarter (the last day of each
calendar quarter being a "Payment Date"); 

        (B)  shall
not be earlier than 5 Business Days after FFB has delivered notice to RUS that this Agreement Amending Note has been accepted by FFB; 

        (C)  shall
not be earlier than the date of such Election Notice; 

        (D)  shall
not be earlier than 5 Business Days after the Borrower has delivered the Election Notice to RUS; and 

        (E)  shall
not be later than the first anniversary of the date of this Agreement Amending Note first above written. 

        (b)   RUS
shall have: 

        (1)   determined
that all limitations, conditions, and requirements of the Final Maturity Extension Authority have been satisfied; and 

        (2)   completed
processing the Borrower's Final Maturity Extension Election. 

        (c)   FFB
shall have received from RUS not less than 5 Business Days before the respective Requested Effective Date a notice, in the form of notice prescribed by FFB,
that RUS has completed processing of the Borrower's Final Maturity Extension Election (any such notice being an "Election Processing Completion Notice"). 

        (d)   If
(1) FFB has received from RUS an Election Processing Completion Notice with respect to the Designated Advances; and (2) FFB determines that the
aggregate discounted present value to FFB of the Designated Advances will be less after the final maturity extension than the aggregate discounted present value to FFB of the Designated Advances
before the final maturity extension, as of the Requested Effective Date, then RUS shall have tendered to FFB, on the respective Requested Effective Date, an amount equal to the reduction in the
aggregate discounted present value of the Designated Advances by an internal transfer of funds on the books of the United States Department of the Treasury. The aggregate discounted present
value of the Designated Advances shall be calculated by FFB as of the close of business on the second Business Day before the Requested Effective Date using standard calculation methods of the
United States Department of the Treasury, and the determination by FFB of the amount payable by RUS to FFB shall be final. 

4.     Borrower's Agreement Regarding Election Processing Completion Notices.  

        The Borrower hereby agrees that FFB, for its purposes, may consider any Election Processing Completion Notice delivered by RUS to FFB in accordance with Part
I of this Agreement Amending Note to be an accurate representation that the Borrower has made a Final Maturity Extension Election with respect to the Designated Advances
identified therein and evidence that RUS has completed processing that Final Maturity Extension Election. 

5.     Final Maturity Extension Effective Date; Advances Governed by Part II.  

        (a)   If
an Election Processing Completion Notice is received by FFB at least 5 Business Days before the Requested Effective Date specified by the Borrower in the
respective Election Notice, and 

3

 

all
of the other conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on such Requested Effective Date (in such event, the Requested Effective Date being the "Final
Maturity Extension Effective Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this Agreement
Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

        (b)   If
an Election Processing Completion Notice is not received by FFB at least 5 Business Days before the respective Requested Effective Date, but all of the other
conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice
(in such event, the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice being the "Final Maturity Extension Effective
Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this Agreement
Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

6.     Rescissions of Final Maturity Extension Elections.  

        The Borrower may rescind a Final Maturity Extension Election made with respect to the Designated Advances only in accordance with the provisions of this
paragraph 6. For a rescission of a Final Maturity Extension Election to be effective, both FFB and RUS must have received from the Borrower, not later than 3:30 p.m. (Washington,
DC, time) 2 Business Days before the respective Requested Effective Date, a written notice specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final
Maturity Extension Election (which must be all of the Designated Advances specified in the related Election Notice). The written rescission notice may be delivered by facsimile transmission to FFB at
(202) 622-0707, and to RUS at (202) 720-1401, or at such other facsimile number or numbers as FFB and RUS may from time to time communicate to the Borrower. In
specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final Maturity Extension Election, the Borrower must recite in the written rescission notice both the FFB
advance identifier for each of the Designated Advances (as specified for such Designated Advance in Schedule I attached hereto) and the RUS account number for each of the Designated
Advances. 

7.     Amount Due on First Payment Date After Effective Date.  

        For the Designated Advances with respect to which the Borrower makes a Final Maturity Extension Election: 

        (a)   if
the Borrower has specified in the related Election Notice a Business Day occurring during the first 2 months of any calendar quarter to be the Requested
Effective Date, and if all the conditions that apply to making such Final Maturity Extension Election have been satisfied, then the amount that is due and payable on the first Payment Date to occur
after the Final Maturity Extension Effective Date for the Designated Advances shall be an amount that is equal to a full quarterly payment that is 

4

 

due
in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this Agreement Amending Note. 

        (b)   if
the Borrower has specified in the related Election Notice the first immediately following Payment Date to be the Requested Effective Date, and if all the conditions
that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
amount that is due and payable on that Payment Date shall be an amount that is equal to a full quarterly payment that is due in accordance with the payment schedule
that applied to such Designated Advance immediately before such Final Maturity Extension Effective Date; and 

        (2)   the
amount that is due and payable on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Designated Advance shall be an amount
that is equal to a full quarterly payment that is due in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this Agreement
Amending Note. 

	8.
	Application of Final Maturity Extension Authority Fee Paid by Borrower in event that Final Maturity Extension Does Not Become
Effective.  

        In the event that the conditions that apply to making a Final Maturity Extension Election for the Designated Advances are not satisfied for any reason, and the
final maturity of the outstanding principal balances of the Designated Advances is not extended, then the fee paid by the Borrower to RUS pursuant to the Final Maturity Extension Authority for
extending the final maturity of the Designated Advances shall be applied by RUS on the first Payment Date to occur thereafter toward the next payment due on the Designated Advances. No interest shall
be earned or paid on the amount of the fee paid by the Borrower for the time that RUS holds the fee. 

5

  

 
 

PART II
  
    TERMS APPLICABLE TO EXTENDED ADVANCES    
    

1.     Promise to Pay.  

        FOR VALUE RECEIVED, the Borrower (which term includes any successors or assigns) promises to pay FFB (which term
includes any successors or assigns) at the time, in the manner, and with interest at the rates hereinafter provided, the principal amount of the Designated Advances with respect to which the Borrower
has made a Final Maturity Extension Election, as provided in paragraph 2 of Part I of this Agreement Amending Note (each Designated Advance with respect to which
the Borrower has made a Final Maturity Extension Election being, from and after the Final Maturity Extension Effective Date for such Final Maturity Date Election, an "Extended
Advance," and more than one such Outstanding Advance being "Extended Advances"). 

2.     Principal Amount of Extended Advances.  

        The principal amount of each Extended Advance governed by this Part II shall be the unpaid principal balance of the respective
Designated Advance, as determined by FFB as of the respective Final Maturity Extension Effective Date. 

3.     New Final Maturity Date for Extended Advances.  

        Each Extended Advance governed by this Part II shall mature on the date specified on page 1 of this Agreement Amending Note as
the "New Final Maturity Date" (such date being the "New Final Maturity Date" for such Extended Advance). 

	4.
	Interest Rate and Applicable Fee for Extended Advances; Computation of Interest.

        (a)   The
interest rate applicable to each Extended Advance governed by this Part II and, if the Original Note is a refinancing note, the fee
applicable to each Extended Advance governed by this Part II shall be the same interest rate that was applicable and, if the Original Note is a refinancing note, the same
fee that was applicable to the respective Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

        (b)   Subject
to paragraph 8 of this Part II, interest on each Extended Advance and, if the Original Note is a refinancing note, the fee
applicable to each Extended Advance shall accrue and be computed in the same manner as interest and, if the Original Note is a refinancing note, the fee accrued and were computed on the respective
Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

5.     Payment of Interest and, if Applicable, Refinancing Note Fee.  

        Interest accrued on the outstanding principal amount of each Extended Advance governed by this Part II and, if the Original Note is a
refinancing note, the applicable fee accrued on the outstanding principal amount of each Extended Advance governed by this Part II shall be due and payable on each Payment
Date, commencing on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance up through and including the New Final Maturity Date for such
Extended Advance. 

7

 

6.     Payment of Principal.  

        The principal amount of each Extended Advance governed by this Part II shall be payable in accordance with the following provisions: 

        (a)   Principal
payments on each Extended Advance shall begin on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance
and shall be made on each subsequent Payment Date until such Extended Advance is paid in full on or before the New Final Maturity Date. 

        (b)   The
amount of each quarterly payment of principal, interest, and, if the Original Note is a refinancing note, the applicable fee shall be newly computed as of the Final
Maturity Extension Effective Date, so that the amount of each such quarterly payment consisting of a principal installment and accrued interest and, if the Original Note is a refinancing note, accrued
applicable fee due and payable on the first Payment Date occurring immediately after the Final Maturity Extension Effective Date is substantially equal the amount of every other quarterly payment
("level debt service"). With respect to each Extended Advance, the newly computed level quarterly payments of principal, accrued interest, and, if the Original Note is a refinancing note, the
applicable fee shall be paid on each Payment Date occurring after the Final Maturity Extension Effective Date, beginning with the first Payment Date occurring immediately after the Final Maturity
Extension Effective Date for such Extended Advance and ending on the New Final Maturity Date. 

        (c)   The
aggregate of all quarterly payments on such Extended Advance shall be such as will pay the entire principal amount of such Extended Advance, and all interest and, if
the Original Note is a refinancing note, the applicable fee accrued thereon, on or before the New Final Maturity Date. 

7.     Business Days.  

        (a)   Whenever
any Payment Date or the New Final Maturity Date shall fall on a day that is not a Business Day, the payment that would otherwise be due on such Payment
Date or the New Final Maturity Date, as the case may be, shall be due on the first Business Day thereafter. 

        (b)   In
the event that any Payment Date for any Extended Advance falls on a day other than a Business Day, then the extension of time for making the payment that would
otherwise be due on such Payment Date shall be included in computing interest in connection with such payment and excluded in connection with the next payment. 

        (c)   In
the event that the New Final Maturity Date falls on a day other than a Business Day, then the extension of time for making the payment that would otherwise be
due on the New Final Maturity Date shall be included in computing interest in connection with such payment. 

8.     Late Charges.  

        (a)   In
the event that any payment of any amount owing on account of any Extended Advance governed by this Part II is not made when and as due
(any such amount being then an "Overdue Amount"), then the amount payable shall be such Overdue Amount plus interest thereon (such interest being the
"Late Charge") computed in accordance with this subparagraph (a). 

        (1)   The
Late Charge shall accrue from the scheduled date of payment for the Overdue Amount (taking into account paragraph 7 of this Part
II) to the actual date on which payment is made. 

        (2)   The
Late Charge shall be computed on the basis of (A) actual days elapsed from (but not including) the scheduled date of payment for such Overdue Amount
(taking into account paragraph 7 of this Part II) to (and including) the date on which payment is made, and (B) a year 

8

 

of
365 days (except in calendar years including February 29, when the basis shall be a 366-day year). 

        (3)   The
Late Charge shall accrue at a rate (the "Late Charge Rate") equal to one and one-half times the rate to be determined
by the Secretary of the Treasury taking into consideration the prevailing market yield on the remaining maturity of the most recently auctioned 13-week United States
Treasury bills. 

        (4)   The
initial Late Charge Rate shall be in effect until the earlier to occur of either (a) the date on which payment of the Overdue Amount and the amount of the
accrued Late Charge is made, or (B) the first Payment Date to occur after the scheduled date of payment for such Overdue Amount. In the event that the Overdue Amount and the amount of accrued
Late Charge are not paid on or before the next such Payment Date, then the amount payable shall be the sum of the Overdue Amount and the amount of the accrued Late Charge, plus a Late Charge on such
sum accruing at a new Late Charge Rate to be then determined in accordance with the principles of clause (3) of this subparagraph (a). For so long as any Overdue Amount remains
unpaid, the Late Charge Rate shall be re-determined in accordance with the principles of clause (3) of this subparagraph (a) on each Payment Date to occur thereafter, and
shall be applied to the Overdue Amount and all amounts of the accrued Late Charge to the date on which payment of the Overdue Amount and the amount of the accrued Late Charge is made. 

        (b)   Nothing
in subparagraph (a) of this paragraph 8 shall be construed as permitting or implying that the Borrower may, without the written consent of FFB,
modify, extend, alter or affect in any manner whatsoever (except as explicitly provided herein) the right of FFB to receive any and all payments on account of all Extended Advances governed by this
Part II on the dates specified in this Part II. 

9.     Final Due Date.  

        Notwithstanding anything in this Agreement Amending Note to the contrary, all amounts outstanding under this Agreement Amending Note on account of each Extended
Advance governed by this Part II, which amounts remain unpaid as of the new Final Maturity Date, shall be due and payable on the new Final Maturity Date. 

10.   Application of Payments.  

        Each payment made on any Extended Advance governed by this Part II shall be applied first to the payment of any Late Charge payable
under paragraph 8 of this Part II, then to the payment of any premium payable under paragraph 11 of this Part II, then to the
payment of accrued interest and the applicable fee payable under paragraph 4 of this Part II, then on account of outstanding principal, and then to the payment of
the fee payable under paragraph 2 of Part III of this Agreement Amending Note. 

11.   Prepayment Privileges and Refinancing Privileges.  

        The prepayment privileges applicable to each Extended Advance governed by this Part II shall be the same prepayment privileges
applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. If the Existing Note included refinancing privileges
applicable to the Designated Advances, the refinancing privileges applicable to each Extended Advance governed by this Part II shall be the same refinancing privileges
applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. 

9

 
 
 

PART III
  
    GENERAL    
    

1.     Payment by Electronic Funds Transfer.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, each payment on
each Extended Advance shall be paid in immediately available funds by electronic funds transfer to the account of the United States Treasury (for credit to the subaccount of RUS)
maintained at the Federal Reserve Bank of New York, or such other account as may be specified from time to time by FFB or by RUS, as loan servicing agent for FFB. 

2.     Loan Servicing Expense Fee.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, the Borrower
agrees to pay FFB an annual loan servicing expense fee, assessed by FFB pursuant to section 6(c) of the FFB Act, in the amount of one one-thousandth of one percent (0.00001) of the
aggregate unpaid principal balance of all Extended Advances on December 31 of each year. The loan servicing expense fee for each year shall be due and payable by the Borrower on the
March-31 Payment Date of the immediately following year, after taking into account any payment made on the December-31 Payment Date of the respective year. 

3.     No Novation.  

        This Agreement Amending Note shall not be deemed, construed, or interpreted for any purpose to be a novation of the Existing Note. 

4.     Security Instrument; RUS as "Holder" of Agreement Amending Note for Purposes of the Security Instrument.  

        This Agreement Amending Note shall be included as one of several notes entitled to the benefits and security of the particular security instrument or instruments
specified on page 1 of this Agreement Amending Note (such security instrument or instruments, as it or they may have heretofore been, and as it or they may hereafter be, amended, supplemented,
restated, or consolidated from time to time in accordance with its or their terms, being, collectively, the "Security Instrument"), whereby the Borrower pledged and
granted a security interest in certain property of the Borrower, described therein, to secure the payment of and performance of certain obligations owed to REA, predecessor to RUS, or to RUS, as the
case may be, as set forth in the Security Instrument. For purposes of the Security Instrument, RUS shall be considered to be, and shall have the rights, powers, privileges, and remedies of, the
holder of this Agreement Amending Note. 

5.     Existing Note Remains In Effect.  

        Excepted as modified herein, the Existing Note shall remain in full force and effect until all amounts due and payable thereunder have been paid in full. 

6.     RUS Guarantee Remains In Effect.  

        Notwithstanding the modification to the Existing Note made by this Agreement Amending Note, the Administrator of RUS hereby confirms that the guarantee set forth
at the end of the Existing Note, as modified herein, shall remain in full force and effect. 

10

 

7.     Further Amendments to Existing Note and this Agreement Amending Note.  

        To the extent not inconsistent with applicable law, the Existing Note and this Agreement Amending Note, for so long as FFB is the holder thereof, shall be subject
to further modification by such additional amendments, extensions, and renewals as may be agreed upon from time to time by FFB and the Borrower, with the approval of RUS. 

8.     Effective Date of this Agreement Amending Note.  

        This Agreement Amending Note shall not become effective until it has been executed by all of the Borrower, FFB, and the Administrator of RUS. When this Agreement
Amending Note has been so executed, it shall become effective as of the date first above written. 

9.     Severability.  

        Any provision of this Agreement Amending Note 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 of itself invalidate or render
unenforceable such provision in any other jurisdiction. 

10.   Headings.  

        The descriptive headings of the various paragraphs and subparagraphs of this Agreement Amending Note were formulated and inserted for convenience only and shall
not be deemed to affect the meaning or construction of the provisions hereof. 

11.   Counterparts.  

        This Agreement Amending Note may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all of which
together shall constitute but one and the same instrument. 

12.   Incorporation of Exhibits and Schedules.  

        Schedule I attached hereto (a listing of the "Designated Advances") and Exhibit A attached hereto (the form of "Election Notice")
collectively form an integral part of this Agreement Amending Note, and are incorporated herein by reference. 

11

 

        IN WITNESS WHEREOF, the Borrower has caused this Agreement Amending Note to be signed in its corporate name and its corporate seal to be
hereunder affixed and attested by its officers thereunto duly authorized, and FFB and the Administrator of RUS have each caused this Agreement Amending Note to be executed by their respective duly
authorized officials. 

	 SEAL:	 	 	 	 
	 	 	 	 	
OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	
 ATTEST:	
 	

 	
 	

 
	
 By:	
 	

    
	
 	

By:	
 	

    

	Name:	 	Patricia N. Nash	 	Name:	 	Thomas A. Smith
	Title:	 	Secretary	 	Title:	 	President and Chief Executive Officer
	
 	
 	

 	
 	
FEDERAL FINANCING BANK
	
 	
 	

 	
 	

By:	
 	

    

	 	 	 	 	Name:	 	Roger Kodat
	 	 	 	 	Title:	 	Vice President and Treasurer
	
 	
 	

 	
 	
UNITED STATES OF AMERICA,

acting through

the Administrator of the

Rural Utilities Service
	
 	
 	

 	
 	

By:	
 	

    

	
 	
 	

 	
 	

Name:	
 	

    

	
 	
 	

 	
 	

Title:	
 	

    

12

 
 
 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION    
    

        The Retained Indebtedness Note referred to herein, as amended by this Agreement Amending Note, is one of the Obligations referred to in the Indenture, dated as of
March 1, 1997, by Oglethorpe Power Corporation (An Electric Membership Corporation), formerly known as Oglethorpe Power Corporation
(An Electric Membership Generation & Transmission Corporation) to U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta,
as trustee. 

	 	 	U.S. BANK NATIONAL ASSOCIATION

as Trustee
	

 	
 	

By:	

    
 Vice President

13

 
 

SCHEDULE I
  
    DESIGNATED ADVANCES    
    

 
 

SCHEDULE I
  
    THE "DESIGNATED ADVANCES"    
    

	FFB

Advance

Identifier
 
	 	RUS

Account

Number
	 	Original

Advance

Date(1)
	 	Principal

Amount(2)
	 	Current

Final

Maturity

Date

	0012 0001	 	H0010	 	01/16/75	 	$	122,338,966.13	 	12/31/09
	0012 0006	 	H0040	 	06/13/75	 	 	11,731,590.04	 	12/31/09
	0012 0087	 	H0055	 	08/15/75	 	 	48,961,075.56	 	12/31/09
	0012 0061	 	H0060	 	09/02/75	 	 	4,293,165.21	 	12/31/09
	0012 0062	 	H0065	 	09/30/75	 	 	4,209,161.01	 	12/31/09
	0012 0064	 	H0075	 	12/01/75	 	 	1,832,345.81	 	12/31/09
	0012 0009	 	H0140	 	12/01/76	 	 	1,619,925.69	 	01/03/11
	0012 0010	 	H0145	 	12/30/76	 	 	3,474,178.18	 	01/03/11
	0012 0014	 	H0200	 	07/01/77	 	 	2,496,953.21	 	01/03/12
	0012 0016	 	H0220	 	09/01/77	 	 	2,813,388.32	 	01/03/12
	0012 0084	 	H0310	 	05/01/78	 	 	1,021,370.10	 	12/31/12
	0012 0018	 	H0645	 	07/13/82	 	 	14,538,048.54	 	01/03/17

	(1)
	In
the case of the "Original Note" being a refinancing note, the "Original Advance Date" for a Designated Advance should nevertheless be the date on which the respective Designated
Advance was originally made, which will be a date earlier than the date of the refinancing note.

	(2)
	In
the case of the "Original Note" being a refinancing note, the "Principal Amount" for a Designated Advance should be the principal balance of the respective Designated Advance as
specified in the refinancing note. In all other cases, the "Principal Amount" should be the amount originally disbursed. 

 
 

EXHIBIT A
  
    FORM OF
  
    ELECTION NOTICE    
    

 
 

ELECTION NOTICE    
    

NOTICE
TO: 

Administrator

Rural Utilities Service

United States Department of Agriculture

Room                         , South Agriculture Building

14th Street and Independence Avenue, SW

Washington, DC 20220 

        Reference
is made to the Agreement Amending Note dated as of
                                     (the "Agreement Amending
Note"), made by and among
                         [Name of Borrower] (the "Borrower"), the Federal Financing Bank ("FFB"), and the
Administrator of the Rural Utilities
Service ("RUS"). 

        1.     Identification
of advances respecting which the Borrower elect to extend the final maturity: 

Under
the terms of Part I of the Agreement Amending Note, the Borrower hereby notifies RUS that the Borrower wishes to make a "Final Maturity Extension Election" with respect to the following
"Designated Advances": 

	RUS(1)

NOTE

NUMBER
	 	RUS(1)

ACCOUNT

ADVANCE
	 	FFB(1)

NUMBER

IDENTIFIER

	    	 	 	 	 

        2.     Specification
of date on which Borrower requests that the maturity extension become effective: 

        The
Borrower requests that the extension of the final maturity of the unpaid principal balance of each advance identified above become effective on
                                     (the "Requested Effective
Date").(2) 

        3.     Certification
as to authority of signatory: 

        The
undersigned does certify, as of the date of this Election Notice, that the authority of the undersigned to make, on behalf of the Borrower, the election contained in this Election
Notice is valid and in full force and effect. 

	 	 	 	 	
 [Name of Borrower]
	
 	
 	

BY:	
 	

 	

 
	
 	
 	

 	
 	

Signature:	

	
 	
 	

 	
 	

Print Name:	

	
 	
 	

 	
 	

Title:	

	
 	
 	

 	
 	

Date:	

 
 

NOTES    
    

	(1)
	For
each Designated Advance with respect to which the Borrower elects to extend the final maturity, the Borrower must identify the Designated Advance by referencing (a) the
"RUS note number" assigned by RUS to the note under which the advance was made, (b) the "RUS account number" assigned by RUS to the Designated Advance, and (c) the "FFB advance
identifier" assigned by FFB to the Designated Advance. The FFB advance identifier for each Designated Advance is indicated on Schedules I attached to the Agreement Amending Note.

	(2)
	The
"Requested Effective Date" (a) may be any Business Day (i.e. any day on which both FFB and the Federal Reserve Bank of New York are open for business)
occurring during the first 2 months of any calendar quarter, or (b) may be the last day of any calendar quarter, and (c) may not be earlier than the
fifth Business Day after FFB has notified RUS that the Agreement Amending Note has been accepted by FFB. 

 
 

Exhibit C  
    
    [Form of Agreement No. 2 Amending Note]    
    

 

	

	
 	
 	
FOR FFB USE ONLY:	
 	

 
	
 	
 	
Note Identifier:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	

Purchase Date:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	
FOR RUS USE ONLY:	
 	

 
	
 	
 	
RUS

Note

Number:
                                         
                 	
 	

 

	
 Date of

Original

Note	
 	

	

..(1)
	
 Maximum

Principal

Amount

of Original

Note	
 	

	

..
	
 New Final

Maturity

Date	
 	

December 31, 2030.	

 
	
 Security

Instrument	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
	
 	

 	

 

	(1)
	In
the case of a refinancing note, the date of the refinancing note. 

 
 

AGREEMENT AMENDING NOTE made as of

                             , by and among    

(the "Borrower"),
a                                    duly organized and existing under
the laws of the State of                                    ; the
FEDERAL FINANCING
BANK ("FFB"), a body corporate and instrumentality of the United States of America; and the  ADMINISTRATOR of the RURAL UTILITIES
SERVICE ("RUS"), a Rural Development
agency in the United States Department of Agriculture, successor to the Administrator of the Rural Electrification Administration ("REA"). 

1

 
 
 

PART I    
    

 
  DESCRIPTION OF ORIGINAL NOTE;
  PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION    
    

1.     Agreement Amending Note.  

        (a)   This
Agreement Amending Note amends and modifies the particular promissory note made by the Borrower payable to FFB bearing the date specified at the top of
page 1 of this Agreement Amending Note and in the maximum principal amount specified at the top of page 1 of this Agreement Amending Note (such promissory note being the
"Original Note," and the Original Note (which may be a refinancing note), as it may have heretofore been amended, modified, supplemented (including, without limitation, by
a substitute note), or restated, being the "Existing Note"), which Existing Note has heretofore been fully guaranteed by either the Administrator of RUS or his
predecessor, the Administrator of REA, as the case may be. 

        (b)   The
respective terms of the Existing Note shall remain in full force and effect as to each "Advance" (as that term is defined in the Existing Note) that is, as of
the date of this Agreement Amending Note, outstanding under and evidenced by the Existing Note until the the effective date of any extension of the final maturity of such Advance, as provided in
paragraph 2 of this Part I. 

2.     Final Maturity Extension Election.  

        (a)   For
so long as section 316 of the Rural Electrification Act of 1936 (7 U.S.C. § 940f), as such provision was added by section 774
of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2006 (Pub. L. No. 109-97) (such provision being the
"Final Maturity Extension Authority"), shall be in effect, and subject to the terms and conditions of this Part I, the Borrower may
elect to extend the final maturity of the unpaid principal balance of each of the Advances specified on Schedule I of this Agreement Amending Note (such Advances being, collectively, the
"Designated Advances," and each such Advance being, individually, a "Designated Advance"), and have the terms of Part
II of this Agreement Amending Note govern each of the Designated Advances (any such an election being a "Final Maturity Extension
Election"). As provided in the Final Maturity Extension Authority, the Borrower may make only one Final Maturity Extension Election for the Designated Advances. 

        (b)   By
executing this Agreement Amending Note, RUS acknowledges that the Borrower has tendered to RUS the amount of the fee that is required by the terms of the Final
Maturity Extension Authority in connection with extending the final maturity of the outstanding principal balances of the Designated Advances. 

3.     Conditions to Final Maturity Extension Election.  

        The terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances if and when all of
the following conditions shall have been satisfied: 

        (a)   The
Borrower shall have delivered to RUS a notice, in the form of notice attached hereto as Exhibit A, that the Borrower has made a Final Maturity Extension
Election with respect to the Designated Advances (such notice being an "Election Notice"), which notice shall: 

        (1)   identify
the Designated Advances with respect to which the Borrower has made a Final Maturity Extension Election; 

        (2)   specify
the date on which the Borrower requests that the final maturity extension of the unpaid principal balances of the Designated Advances become effective, being
also the date on 

2

 

which
the terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances (such date being the "Requested
Effective Date"), which date: 

        (A)  may
be either (i) any day on which FFB and the Federal Reserve Bank of New York are both open for business (any such day being a
"Business Day") occurring during the first 2 months of any calendar quarter, or (ii) the last day of any calendar quarter (the last day of each
calendar quarter being a "Payment Date"); 

        (B)  shall
not be earlier than 5 Business Days after FFB has delivered notice to RUS that this Agreement Amending Note has been accepted by FFB; 

        (C)  shall
not be earlier than the date of such Election Notice; 

        (D)  shall
not be earlier than 5 Business Days after the Borrower has delivered the Election Notice to RUS; and 

        (E)  shall
not be later than the first anniversary of the date of this Agreement Amending Note first above written. 

        (b)   RUS
shall have: 

        (1)   determined
that all limitations, conditions, and requirements of the Final Maturity Extension Authority have been satisfied; and 

        (2)   completed
processing the Borrower's Final Maturity Extension Election. 

        (c)   FFB
shall have received from RUS not less than 5 Business Days before the respective Requested Effective Date a notice, in the form of notice prescribed by FFB,
that RUS has completed processing of the Borrower's Final Maturity Extension Election (any such notice being an "Election Processing Completion Notice"). 

        (d)   If
(1) FFB has received from RUS an Election Processing Completion Notice with respect to the Designated Advances; and (2) FFB determines that the
aggregate discounted present value to FFB of the Designated Advances will be less after the final maturity extension than the aggregate discounted present value to FFB of the Designated Advances
before the final maturity extension, as of the Requested Effective Date, then RUS shall have tendered to FFB, on the respective Requested Effective Date, an amount equal to the reduction in the
aggregate discounted present value of the Designated Advances by an internal transfer of funds on the books of the United States Department of the Treasury. The aggregate discounted present
value of the Designated Advances shall be calculated by FFB as of the close of business on the second Business Day before the Requested Effective Date using standard calculation methods of the
United States Department of the Treasury, and the determination by FFB of the amount payable by RUS to FFB shall be final. 

4.     Borrower's Agreement Regarding Election Processing Completion Notices.  

        The Borrower hereby agrees that FFB, for its purposes, may consider any Election Processing Completion Notice delivered by RUS to FFB in accordance with Part
I of this Agreement Amending Note to be an accurate representation that the Borrower has made a Final Maturity Extension Election with respect to the Designated Advances
identified therein and evidence that RUS has completed processing that Final Maturity Extension Election. 

5.     Final Maturity Extension Effective Date; Advances Governed by Part II.  

        (a)   If
an Election Processing Completion Notice is received by FFB at least 5 Business Days before the Requested Effective Date specified by the Borrower in the
respective Election Notice, and 

3

 

all
of the other conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on such Requested Effective Date (in such event, the Requested Effective Date being the "Final
Maturity Extension Effective Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this
Agreement Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

        (b)   If
an Election Processing Completion Notice is not received by FFB at least 5 Business Days before the respective Requested Effective Date, but all of the other
conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice
(in such event, the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice being the "Final Maturity Extension Effective
Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this
Agreement Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

6.     Rescissions of Final Maturity Extension Elections.  

        The Borrower may rescind a Final Maturity Extension Election made with respect to the Designated Advances only in accordance with the provisions of this
paragraph 6. For a rescission of a Final Maturity Extension Election to be effective, both FFB and RUS must have received from the Borrower, not later than 3:30 p.m. (Washington,
DC, time) 2 Business Days before the respective Requested Effective Date, a written notice specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final
Maturity Extension Election (which must be all of the Designated Advances specified in the related Election Notice). The written rescission notice may be delivered by facsimile transmission to FFB at
(202) 622-0707, and to RUS at (202) 720-1401, or at such other facsimile number or numbers as FFB and RUS may from time to time communicate to the Borrower. In
specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final Maturity Extension Election, the Borrower must recite in the written rescission notice both the FFB
advance identifier for each of the Designated Advances (as specified for such Designated Advance in Schedule I attached hereto) and the RUS account number for each of the Designated
Advances. 

7.     Amount Due on First Payment Date After Effective Date.  

        For the Designated Advances with respect to which the Borrower makes a Final Maturity Extension Election: 

        (a)   if
the Borrower has specified in the related Election Notice a Business Day occurring during the first 2 months of any calendar quarter to be the Requested
Effective Date, and if all the conditions that apply to making such Final Maturity Extension Election have been satisfied, then the amount that is due and payable on the first Payment Date to occur
after the Final Maturity Extension Effective Date for the Designated Advances shall be an amount that is equal to a full quarterly payment that is 

4

 

due
in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this Agreement Amending Note. 

        (b)   if
the Borrower has specified in the related Election Notice the first immediately following Payment Date to be the Requested Effective Date, and if all the conditions
that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
amount that is due and payable on that Payment Date shall be an amount that is equal to a full quarterly payment that is due in accordance with the payment schedule
that applied to such Designated Advance immediately before such Final Maturity Extension Effective Date; and 

        (2)   the
amount that is due and payable on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Designated Advance shall be an amount
that is equal to a full quarterly payment that is due in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this
Agreement Amending Note. 

	8.
	Application of Final Maturity Extension Authority Fee Paid by Borrower in event that Final Maturity Extension Does Not Become
Effective.  

        In the event that the conditions that apply to making a Final Maturity Extension Election for the Designated Advances are not satisfied for any reason, and the
final maturity of the outstanding principal balances of the Designated Advances is not extended, then the fee paid by the Borrower to RUS pursuant to the Final Maturity Extension Authority for
extending the final maturity of the Designated Advances shall be applied by RUS on the first Payment Date to occur thereafter toward the next payment due on the Designated Advances. No interest shall
be earned or paid on the amount of the fee paid by the Borrower for the time that RUS holds the fee. 

5

 
 
 

PART II
  
    TERMS APPLICABLE TO EXTENDED ADVANCES    
    

1.     Promise to Pay.  

        FOR VALUE RECEIVED, the Borrower (which term includes any successors or assigns) promises to pay FFB (which term
includes any successors or assigns) at the time, in the manner, and with interest
at the rates hereinafter provided, the principal amount of the Designated Advances with respect to which the Borrower has made a Final Maturity Extension Election, as provided in paragraph 2 of
Part I of this Agreement Amending Note (each Designated Advance with respect to which the Borrower has made a Final Maturity Extension Election being, from and
after the Final Maturity Extension Effective Date for such Final Maturity Date Election, an "Extended Advance," and more than one such Outstanding Advance being
"Extended Advances"). 

2.     Principal Amount of Extended Advances.  

        The principal amount of each Extended Advance governed by this Part II shall be the unpaid principal balance of the respective
Designated Advance, as determined by FFB as of the respective Final Maturity Extension Effective Date. 

3.     New Final Maturity Date for Extended Advances.  

        Each Extended Advance governed by this Part II shall mature on the date specified on page 1 of this Agreement Amending
Note as the "New Final Maturity Date" (such date being the "New Final Maturity Date" for such Extended Advance). 

4.     Interest Rate and Applicable Fee for Extended Advances; Computation of Interest.  

        (a)   The
interest rate applicable to each Extended Advance governed by this Part II and, if the Original Note is a refinancing note, the
fee applicable to each Extended Advance governed by this Part II shall be the same interest rate that was applicable and, if the Original Note is a refinancing
note, the same fee that was applicable to the respective Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

        (b)   Subject
to paragraph 8 of this Part II, interest on each Extended Advance and, if the Original Note is a refinancing note, the
fee applicable to each Extended Advance shall accrue and be computed in the same manner as interest and, if the Original Note is a refinancing note, the fee accrued and were computed on the respective
Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

5.     Payment of Interest and, if Applicable, Refinancing Note Fee.  

        Interest accrued on the outstanding principal amount of each Extended Advance governed by this Part II and, if the Original
Note is a refinancing note, the applicable fee accrued on the outstanding principal amount of each Extended Advance governed by this Part II shall be due and
payable on each Payment Date, commencing on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance up through and including the New Final
Maturity Date for such Extended Advance. 

6

 

6.     Payment of Principal.  

        The principal amount of each Extended Advance governed by this Part II shall be payable in accordance with the following provisions: 

        (a)   Principal
payments on each Extended Advance shall begin on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance
and shall be made on each subsequent Payment Date until such Extended Advance is paid in full on or before the New Final Maturity Date. 

        (b)   The
amount of each quarterly payment of principal, interest, and, if the Original Note is a refinancing note, the applicable fee shall be newly computed as of the Final
Maturity Extension Effective Date, so that the amount of each such quarterly payment consisting of a principal installment and accrued interest and, if the Original Note is a refinancing note, accrued
applicable fee due and payable on the first Payment Date occurring immediately after the Final Maturity Extension Effective Date is substantially equal the amount of every other quarterly payment
("level debt service"). With respect to each Extended Advance, the newly computed level quarterly payments of principal, accrued interest, and, if the Original Note is a refinancing note, the
applicable fee shall be paid on each Payment Date occurring after the Final Maturity Extension Effective Date, beginning with the first Payment Date occurring immediately after the Final Maturity
Extension Effective Date for such Extended Advance and ending on the New Final Maturity Date. 

        (c)   The
aggregate of all quarterly payments on such Extended Advance shall be such as will pay the entire principal amount of such Extended Advance, and all interest and, if
the Original Note is a refinancing note, the applicable fee accrued thereon, on or before the New Final Maturity Date. 

7.     Business Days.  

        (a)   Whenever
any Payment Date or the New Final Maturity Date shall fall on a day that is not a Business Day, the payment that would otherwise be due on such Payment
Date or the New Final Maturity Date, as the case may be, shall be due on the first Business Day thereafter. 

        (b)   In
the event that any Payment Date for any Extended Advance falls on a day other than a Business Day, then the extension of time for making the payment that would
otherwise be due on such Payment Date shall be included in computing interest in connection with such payment and excluded in connection with the next payment. 

        (c)   In
the event that the New Final Maturity Date falls on a day other than a Business Day, then the extension of time for making the payment that would otherwise be
due on the New Final Maturity Date shall be included in computing interest in connection with such payment. 

8.     Late Charges.  

        (a)   In
the event that any payment of any amount owing on account of any Extended Advance governed by this Part II is not made when and as
due (any such amount being then an "Overdue Amount"), then the amount payable shall be such Overdue Amount plus interest thereon (such interest being the
"Late Charge") computed in accordance with this subparagraph (a). 

        (1)   The
Late Charge shall accrue from the scheduled date of payment for the Overdue Amount (taking into account paragraph 7 of this Part
II) to the actual date on which payment is made. 

        (2)   The
Late Charge shall be computed on the basis of (A) actual days elapsed from (but not including) the scheduled date of payment for such Overdue Amount
(taking into account paragraph 7 of this Part II) to (and including) the date on which payment is made, and (B) a year 

7

 

of
365 days (except in calendar years including February 29, when the basis shall be a 366-day year). 

        (3)   The
Late Charge shall accrue at a rate (the "Late Charge Rate") equal to one and one-half times the rate to be determined
by the Secretary of the Treasury taking into consideration the prevailing market yield on the remaining maturity of the most recently auctioned 13-week United States
Treasury bills. 

        (4)   The
initial Late Charge Rate shall be in effect until the earlier to occur of either (a) the date on which payment of the Overdue Amount and the amount of the
accrued Late Charge is made, or (B) the first Payment Date to occur after the scheduled date of payment for such Overdue Amount. In the event that the Overdue Amount and the amount of accrued
Late Charge are not paid on or before the next such Payment Date, then the amount payable shall be the sum of the Overdue Amount and the amount of the accrued Late Charge, plus a Late Charge on such
sum accruing at a new Late Charge Rate to be then determined in accordance with the principles of clause (3) of this subparagraph (a). For so long as any Overdue Amount remains
unpaid, the Late Charge Rate shall be re-determined in accordance with the principles of clause (3) of this subparagraph (a) on each Payment Date to occur thereafter, and
shall be applied to the Overdue Amount and all amounts of the accrued Late Charge to the date on which payment of the Overdue Amount and the amount of the accrued Late Charge is made. 

        (b)   Nothing
in subparagraph (a) of this paragraph 8 shall be construed as permitting or implying that the Borrower may, without the written consent of FFB,
modify, extend, alter or affect in any manner whatsoever (except as explicitly provided herein) the right of FFB to receive any and all payments on account of all Extended Advances governed by this
Part II on the dates specified in this Part II. 

9.     Final Due Date.  

        Notwithstanding anything in this Agreement Amending Note to the contrary, all amounts outstanding under this Agreement Amending Note on account of each Extended
Advance governed by this Part II, which amounts remain unpaid as of the new Final Maturity Date, shall be due and payable on the new Final Maturity Date. 

10.   Application of Payments.  

        Each payment made on any Extended Advance governed by this Part II shall be applied first to the payment of any Late Charge
payable under paragraph 8 of this Part II, then to the payment of any premium payable under paragraph 11 of this
Part II, then to the payment of accrued interest and the applicable fee payable under paragraph 4 of this Part II, then on
account of outstanding principal, and then to the payment of the fee payable under paragraph 2 of Part III of this Agreement Amending Note. 

11.   Prepayment Privileges and Refinancing Privileges.  

        The prepayment privileges applicable to each Extended Advance governed by this Part II shall be the same prepayment privileges
applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. If the Existing Note included refinancing privileges
applicable to the Designated Advances, the refinancing privileges applicable to each Extended Advance governed by this Part II shall be the same refinancing
privileges applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. 

8

 
 
 

PART III
  
    GENERAL    
    

1.     Payment by Electronic Funds Transfer.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, each payment on
each Extended Advance shall be paid in immediately available funds by electronic funds transfer to the account of the United States Treasury (for credit to the subaccount of RUS)
maintained at the Federal Reserve Bank of New York, or such
other account as may be specified from time to time by FFB or by RUS, as loan servicing agent for FFB. 

2.     Loan Servicing Expense Fee.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, the Borrower
agrees to pay FFB an annual loan servicing expense fee, assessed by FFB pursuant to section 6(c) of the FFB Act, in the amount of one one-thousandth of one percent (0.00001) of the
aggregate unpaid principal balance of all Extended Advances on December 31 of each year. The loan servicing expense fee for each year shall be due and payable by the Borrower on the
March-31 Payment Date of the immediately following year, after taking into account any payment made on the December-31 Payment Date of the respective year. 

3.     No Novation.  

        This Agreement Amending Note shall not be deemed, construed, or interpreted for any purpose to be a novation of the Existing Note. 

4.     Security Instrument; RUS as "Holder" of Agreement Amending Note for Purposes of the Security Instrument.  

        This Agreement Amending Note shall be included as one of several notes entitled to the benefits and security of the particular security instrument or instruments
specified on page 1 of this Agreement Amending Note (such security instrument or instruments, as it or they may have heretofore been, and as it or they may hereafter be, amended, supplemented,
restated, or consolidated from time to time in accordance with its or their terms, being, collectively, the "Security Instrument"), whereby the Borrower pledged and
granted a security interest in certain property of the Borrower, described therein, to secure the payment of and performance of certain obligations owed to REA, predecessor to RUS, or to RUS, as the
case may be, as set forth in the Security Instrument. For purposes of the Security Instrument, RUS shall be considered to be, and shall have the rights, powers, privileges, and remedies of, the holder
of this Agreement Amending Note. 

5.     Existing Note Remains In Effect.  

        Excepted as modified herein, the Existing Note shall remain in full force and effect until all amounts due and payable thereunder have been paid in full. 

6.     RUS Guarantee Remains In Effect.  

        Notwithstanding the modification to the Existing Note made by this Agreement Amending Note, the Administrator of RUS hereby confirms that the guarantee set forth
at the end of the Existing Note, as modified herein, shall remain in full force and effect. 

9

 

7.     Further Amendments to Existing Note and this Agreement Amending Note.  

        To the extent not inconsistent with applicable law, the Existing Note and this Agreement Amending Note, for so long as FFB is the holder thereof, shall be subject
to further modification by such additional amendments, extensions, and renewals as may be agreed upon from time to time by FFB and the Borrower, with the approval of RUS. 

8.     Effective Date of this Agreement Amending Note.  

        This Agreement Amending Note shall not become effective until it has been executed by all of the Borrower, FFB, and the Administrator of RUS. When this Agreement
Amending Note has been so executed, it shall become effective as of the date first above written. 

9.     Severability.  

        Any provision of this Agreement Amending Note 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 of itself invalidate or render unenforceable such provision in any other jurisdiction. 

10.   Headings.  

        The descriptive headings of the various paragraphs and subparagraphs of this Agreement Amending Note were formulated and inserted for convenience only and shall
not be deemed to affect the meaning or construction of the provisions hereof. 

11.   Counterparts.  

        This Agreement Amending Note may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all of which
together shall constitute but one and the same instrument. 

12.   Incorporation of Exhibits and Schedules.  

        Schedule I attached hereto (a listing of the "Designated Advances") and Exhibit A attached hereto (the form of "Election Notice")
collectively form an integral part of this Agreement Amending Note, and are incorporated herein by reference. 

10

 

        IN WITNESS WHEREOF, the Borrower has caused this Agreement Amending Note to be signed in its corporate name and its corporate seal to be
hereunder affixed and attested by its officers thereunto duly authorized, and FFB and the Administrator of RUS have each caused this Agreement Amending Note to be executed by their respective duly
authorized officials. 

	 SEAL:	 	 	 	 
	 	 	 	 	
OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	
 ATTEST:	
 	

 	
 	

 
	
 By:	
 	

    
	
 	

By:	
 	

    

	Name:	 	Patricia N. Nash	 	Name:	 	Thomas A. Smith
	Title:	 	Secretary	 	Title:	 	President and Chief Executive Officer
	
 	
 	

 	
 	
FEDERAL FINANCING BANK
	
 	
 	

 	
 	

By:	
 	

    

	 	 	 	 	Name:	 	Roger Kodat
	 	 	 	 	Title:	 	Vice President and Treasurer
	
 	
 	

 	
 	
UNITED STATES OF AMERICA,

acting through

the Administrator of the

Rural Utilities Service
	
 	
 	

 	
 	

By:	
 	

    

	
 	
 	

 	
 	

Name:	
 	

    

	
 	
 	

 	
 	

Title:	
 	

    

11

 
 
 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION    
    

        The Retained Indebtedness Note referred to herein, as amended by this Agreement Amending Note, is one of the Obligations referred to in the Indenture, dated as of
March 1, 1997, by Oglethorpe Power Corporation (An Electric Membership Corporation), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation &
Transmission Corporation) to U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee. 

	 	 	U.S. BANK NATIONAL ASSOCIATION

as Trustee
	

 	
 	

By:	

    
 Vice President

12

 
 

SCHEDULE I
  
    DESIGNATED ADVANCES    
    

 
 

SCHEDULE I
  
    THE "DESIGNATED ADVANCES"    
    

	FFB

Advance

Identifier
 
	 	RUS

Account

Number
	 	Original

Advance

Date(1)
	 	Principal

Amount(2)
	 	Current

Final

Maturity

Date

	0012 0019	 	H0150	 	12/30/76	 	$	4,952,959.35	 	01/03/11
	0012 0094	 	H0300	 	03/31/78	 	 	39,795.46	 	12/31/12
	0012 0095	 	H0315	 	05/01/78	 	 	21,929.30	 	12/31/12
	0012 0096	 	H0330	 	06/01/78	 	 	61,929.90	 	12/31/12
	0012 0097	 	H0730	 	09/06/83	 	 	2,980,217.15	 	01/02/18

	(1)
	In
the case of the "Original Note" being a refinancing note, the "Original Advance Date" for a Designated Advance should nevertheless be the date on which the respective Designated
Advance was originally made, which will be a date earlier than the date of the refinancing note. 
	(2)
	In
the case of the "Original Note" being a refinancing note, the "Principal Amount" for a Designated Advance should be the principal balance of the respective Designated Advance as
specified in the refinancing note. In all other cases, the "Principal Amount" should be the amount originally disbursed. 

 
 

EXHIBIT A
  
    FORM OF
  
    ELECTION NOTICE    
    

 
 

ELECTION NOTICE    
    

NOTICE
TO: 

Administrator

Rural Utilities Service

United States Department of Agriculture

Room                         , South Agriculture Building

14th Street and Independence Avenue, SW

Washington, DC 20220 

        Reference
is made to the Agreement Amending Note dated as of
                                     (the "Agreement
Amending Note"), made by and among 
                        [Name of Borrower] (the "Borrower"), the Federal Financing Bank ("FFB"), and the
Administrator of the Rural Utilities Service ("RUS"). 

        1.     Identification
of advances respecting which the Borrower elect to extend the final maturity: 

Under
the terms of Part I of the Agreement Amending Note, the Borrower hereby notifies RUS that the Borrower wishes to make a "Final Maturity Extension Election" with respect to the following
"Designated Advances": 

	RUS(1)

NOTE

NUMBER
	 	RUS(1)

ACCOUNT

NUMBER
	 	FFB(1)

ADVANCE

IDENTIFIER

	    	 	 	 	 

        2.     Specification
of date on which Borrower requests that the maturity extension become effective: 

        The
Borrower requests that the extension of the final maturity of the unpaid principal balance of each advance identified above become effective
on                                    (the "Requested
Effective Date").(2) 

        3.     Certification
as to authority of signatory: 

        The
undersigned does certify, as of the date of this Election Notice, that the authority of the undersigned to make, on behalf of the Borrower, the election contained in this Election
Notice is valid and in full force and effect. 

	 	 	 	 	
 [Name of Borrower]
	
 	
 	

BY:	
 	

 	

 
	
 	
 	

 	
 	

Signature:	

	
 	
 	

 	
 	

Print Name:	

	
 	
 	

 	
 	

Title:	

	
 	
 	

 	
 	

Date:	

 
 

NOTES    
    

	(1)
	For
each Designated Advance with respect to which the Borrower elects to extend the final maturity, the Borrower must identify the Designated Advance by referencing (a) the
"RUS note number" assigned by RUS to the note under which the advance was made, (b) the "RUS account number" assigned by RUS to the Designated Advance, and (c) the "FFB advance
identifier" assigned by FFB to the Designated Advance. The FFB advance identifier for each Designated Advance is indicated on Schedules I attached to the Agreement Amending Note.

	(2)
	The
"Requested Effective Date" (a) may be any Business Day (i.e. any day on which both FFB and the Federal Reserve Bank of New York are open for business)
occurring during the first 2 months of any calendar quarter, or (b) may be the last day of any calendar quarter, and (c) may not be earlier than the
fifth Business Day after FFB has notified RUS that the Agreement Amending Note has been accepted by FFB. 

 
 

Exhibit D  
    
    [Form of Agreement No. 3 Amending Note]    
    

 

	

	
 	
 	
FOR FFB USE ONLY:	
 	

 
	
 	
 	
Note Identifier:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	

Purchase Date:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	
FOR RUS USE ONLY:	
 	

 
	
 	
 	
RUS

Note

Number:
                                         
                 	
 	

 

	
 Date of

Original

Note	
 	

	

..(1)
	
 Maximum

Principal

Amount

of Original

Note	
 	

	

..
	
 New Final

Maturity

Date	
 	

December 31, 2031.	

 
	
 Security

Instrument	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
	
 	

 	

 

	(1)
	In
the case of a refinancing note, the date of the refinancing note. 

 
 

AGREEMENT AMENDING NOTE made as of

                             , by and among    

(the "Borrower"),
a                                    duly organized and existing under
the laws of the State of                                    ; the
FEDERAL FINANCING
BANK ("FFB"), a body corporate and instrumentality of the United States of America; and the  ADMINISTRATOR of the RURAL UTILITIES
SERVICE ("RUS"), a Rural Development
agency in the United States Department of Agriculture, successor to the Administrator of the Rural Electrification Administration ("REA"). 

1

 
 
 

PART I    
    

 
  DESCRIPTION OF ORIGINAL NOTE;
  PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION    
    

1.     Agreement Amending Note.  

        (a)   This
Agreement Amending Note amends and modifies the particular promissory note made by the Borrower payable to FFB bearing the date specified at the top of
page 1 of this Agreement Amending Note and in the maximum principal amount specified at the top of page 1 of this Agreement Amending Note (such promissory note being the
"Original Note," and the Original Note (which may be a refinancing note), as it may have heretofore been amended, modified, supplemented (including, without limitation, by
a substitute note), or restated, being the "Existing Note"), which Existing Note has heretofore been fully guaranteed by either the Administrator of RUS or his
predecessor, the Administrator of REA, as the case may be. 

        (b)   The
respective terms of the Existing Note shall remain in full force and effect as to each "Advance" (as that term is defined in the Existing Note) that is, as of
the date of this Agreement Amending Note, outstanding under and evidenced by the Existing Note until the the effective date of any extension of the final maturity of such Advance, as provided in
paragraph 2 of this Part I. 

2.     Final Maturity Extension Election.  

        (a)   For
so long as section 316 of the Rural Electrification Act of 1936 (7 U.S.C. § 940f), as such provision was added by section 774
of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2006 (Pub. L. No. 109-97) (such provision being the
"Final Maturity Extension Authority"), shall be in effect, and subject to the terms and conditions of this Part I, the Borrower may
elect to extend the final maturity of the unpaid principal balance of each of the Advances specified on Schedule I of this Agreement Amending Note (such Advances being, collectively, the
"Designated Advances," and each such Advance being, individually, a "Designated Advance"), and have the terms of
Part II of this Agreement Amending Note govern each of the Designated Advances (any such an election being a "Final Maturity Extension
Election"). As provided in the Final Maturity Extension Authority, the Borrower may make only one Final Maturity Extension Election for the Designated Advances. 

        (b)   By
executing this Agreement Amending Note, RUS acknowledges that the Borrower has tendered to RUS the amount of the fee that is required by the terms of the Final
Maturity Extension Authority in connection with extending the final maturity of the outstanding principal balances of the Designated Advances. 

3.     Conditions to Final Maturity Extension Election.  

        The terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances if and when all of
the following conditions shall have been satisfied: 

        (a)   The
Borrower shall have delivered to RUS a notice, in the form of notice attached hereto as Exhibit A, that the Borrower has made a Final Maturity
Extension Election with respect to the Designated Advances (such notice being an "Election Notice"), which notice shall: 

        (1)   identify
the Designated Advances with respect to which the Borrower has made a Final Maturity Extension Election; 

        (2)   specify
the date on which the Borrower requests that the final maturity extension of the unpaid principal balances of the Designated Advances become effective, being
also the date on 

2

 

which
the terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances (such date being the "Requested
Effective Date"), which date: 

        (A)  may
be either (i) any day on which FFB and the Federal Reserve Bank of New York are both open for business (any such day being a
"Business Day") occurring during the first 2 months of any calendar quarter, or (ii) the last day of any calendar quarter (the last day of each
calendar quarter being a "Payment Date"); 

        (B)  shall
not be earlier than 5 Business Days after FFB has delivered notice to RUS that this Agreement Amending Note has been accepted by FFB; 

        (C)  shall
not be earlier than the date of such Election Notice; 

        (D)  shall
not be earlier than 5 Business Days after the Borrower has delivered the Election Notice to RUS; and 

        (E)  shall
not be later than the first anniversary of the date of this Agreement Amending Note first above written. 

        (b)   RUS
shall have: 

        (1)   determined
that all limitations, conditions, and requirements of the Final Maturity Extension Authority have been satisfied; and 

        (2)   completed
processing the Borrower's Final Maturity Extension Election. 

        (c)   FFB
shall have received from RUS not less than 5 Business Days before the respective Requested Effective Date a notice, in the form of notice prescribed by FFB,
that RUS has completed processing of the Borrower's Final Maturity Extension Election (any such notice being an "Election Processing Completion Notice"). 

        (d)   If
(1) FFB has received from RUS an Election Processing Completion Notice with respect to the Designated Advances; and (2) FFB determines that the
aggregate discounted present value to FFB of the Designated Advances will be less after the final maturity extension than the aggregate discounted present value to FFB of the Designated Advances
before the final maturity extension, as of the Requested Effective Date, then RUS shall have tendered to FFB, on the respective Requested Effective Date, an amount equal to the reduction in the
aggregate discounted present value of the Advances by an internal transfer of funds on the books of the United States Department of the Treasury. The aggregate discounted present value of the
Designated Advances shall be calculated by FFB as of the close of business on the second Business Day before the Requested Effective Date using standard calculation methods of the United States
Department of the Treasury, and the determination by FFB of the amount payable by RUS to FFB shall be final. 

4.     Borrower's Agreement Regarding Election Processing Completion Notices.  

        The Borrower hereby agrees that FFB, for its purposes, may consider any Election Processing Completion Notice delivered by RUS to FFB in accordance with Part
I of this Agreement Amending Note to be an accurate representation that the Borrower has made a Final Maturity Extension Election with respect to the Designated Advances
identified therein and evidence that RUS has completed processing that Final Maturity Extension Election. 

5.     Final Maturity Extension Effective Date; Advances Governed by Part II.  

        (a)   If
an Election Processing Completion Notice is received by FFB at least 5 Business Days before the Requested Effective Date specified by the Borrower in the
respective Election Notice, and 

3

 

all
of the other conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on such Requested Effective Date (in such event, the Requested Effective Date being the "Final
Maturity Extension Effective Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this
Agreement Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

        (b)   If
an Election Processing Completion Notice is not received by FFB at least 5 Business Days before the respective Requested Effective Date, but all of the other
conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice
(in such event, the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice being the "Final Maturity Extension Effective
Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this
Agreement Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

6.     Rescissions of Final Maturity Extension Elections.  

        The Borrower may rescind a Final Maturity Extension Election made with respect to the Designated Advances only in accordance with the provisions of this
paragraph 6. For a rescission of a Final Maturity Extension Election to be effective, both FFB and RUS must have received from the Borrower, not later than 3:30 p.m. (Washington,
DC, time) 2 Business Days before the respective Requested Effective Date, a written notice specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final
Maturity Extension Election (which must be all of the Designated Advances specified in the related Election Notice). The written rescission notice may be delivered by facsimile transmission to FFB at
(202) 622-0707, and to RUS at (202) 720-1401, or at such other facsimile number or numbers as FFB and RUS may from time to time communicate to the Borrower. In
specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final Maturity Extension Election, the Borrower must recite in the written rescission notice both the FFB
advance identifier for each of the Designated Advances (as specified for such Designated Advance in Schedule I attached hereto) and the RUS account number for each of the Designated
Advances. 

7.     Amount Due on First Payment Date After Effective Date.  

        For the Designated Advances with respect to which the Borrower makes a Final Maturity Extension Election: 

        (a)   if
the Borrower has specified in the related Election Notice a Business Day occurring during the first 2 months of any calendar quarter to be the Requested
Effective Date, and if all the conditions that apply to making such Final Maturity Extension Election have been satisfied, then the amount that is due and payable on the first Payment Date to occur
after the Final Maturity Extension Effective Date for the Designated Advances shall be an amount that is equal to a full quarterly payment that is 

4

 

due
in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this Agreement Amending Note. 

        (b)   if
the Borrower has specified in the related Election Notice the first immediately following Payment Date to be the Requested Effective Date, and if all the conditions
that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
amount that is due and payable on that Payment Date shall be an amount that is equal to a full quarterly payment that is due in accordance with the payment schedule
that applied to such Designated Advance immediately before such Final Maturity Extension Effective Date; and 

        (2)   the
amount that is due and payable on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Designated Advance shall be an amount
that is equal to a full quarterly payment that is due in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this
Agreement Amending Note. 

	8.
	Application of Final Maturity Extension Authority Fee Paid by Borrower in event that Final Maturity Extension Does Not Become
Effective.  

        In the event that the conditions that apply to making a Final Maturity Extension Election for the Designated Advances are not satisfied for any reason, and the
final maturity of the outstanding principal balances of the Designated Advances is not extended, then the fee paid by the Borrower to RUS pursuant to the Final Maturity Extension Authority for
extending the final maturity of the Designated Advances shall be applied by RUS on the first Payment Date to occur thereafter toward the next payment due on the Designated Advances. No interest shall
be earned or paid on the amount of the fee paid by the Borrower for the time that RUS holds the fee. 

5

 
 
 

PART II
  
    TERMS APPLICABLE TO EXTENDED ADVANCES    
    

1.     Promise to Pay.  

        FOR VALUE RECEIVED, the Borrower (which term includes any successors or assigns) promises to pay FFB (which term
includes any successors or assigns) at the time, in the manner, and with interest at the rates hereinafter provided, the principal amount of the Designated Advances with respect to
which the Borrower has made a Final Maturity Extension Election, as provided in paragraph 2 of Part I of this Agreement Amending Note (each Designated
Advance with respect to which the Borrower has made a Final Maturity Extension Election being, from and after the Final Maturity Extension Effective Date for such Final Maturity Date Election, an
"Extended Advance," and more than one such Outstanding Advance being "Extended Advances"). 

2.     Principal Amount of Extended Advances.  

        The principal amount of each Extended Advance governed by this Part II shall be the unpaid principal balance of the respective
Designated Advance, as determined by FFB as of the respective Final Maturity Extension Effective Date. 

3.     New Final Maturity Date for Extended Advances.  

        Each Extended Advance governed by this Part II shall mature on the date specified on page 1 of this Agreement Amending
Note as the "New Final Maturity Date" (such date being the "New Final Maturity Date" for such Extended Advance). 

4.     Interest Rate and Applicable Fee for Extended Advances; Computation of Interest.  

        (a)   The
interest rate applicable to each Extended Advance governed by this Part II and, if the Original Note is a refinancing note, the
fee applicable to each Extended Advance governed by this Part II shall be the same interest rate that was applicable and, if the Original Note is a refinancing
note, the same fee that was applicable to the respective Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

        (b)   Subject
to paragraph 8 of this Part II, interest on each Extended Advance and, if the Original Note is a refinancing note, the
fee applicable to each Extended Advance shall accrue and be computed in the same manner as interest and, if the Original Note is a refinancing note, the fee accrued and were computed on the respective
Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

5.     Payment of Interest and, if Applicable, Refinancing Note Fee.  

        Interest accrued on the outstanding principal amount of each Extended Advance governed by this Part II and, if the Original
Note is a refinancing note, the applicable fee accrued on the outstanding principal amount of each Extended Advance governed by this Part II shall be due and
payable on each Payment Date, commencing on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance up through and including the New Final
Maturity Date for such Extended Advance. 

6

 

6.     Payment of Principal.  

        The principal amount of each Extended Advance governed by this Part II shall be payable in accordance with the following provisions: 

        (a)   Principal
payments on each Extended Advance shall begin on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance
and shall be made on each subsequent Payment Date until such Extended Advance is paid in full on or before the New Final Maturity Date. 

        (b)   The
amount of each quarterly payment of principal, interest, and, if the Original Note is a refinancing note, the applicable fee shall be newly computed as of the Final
Maturity Extension Effective Date, so that the amount of each such quarterly payment consisting of a principal installment and accrued interest and, if the Original Note is a refinancing note, accrued
applicable fee due and payable on the first Payment Date occurring immediately after the Final Maturity Extension Effective Date is substantially equal the amount of every other quarterly payment
("level debt service"). With respect to each Extended Advance, the newly computed level quarterly payments of principal, accrued interest, and, if the Original Note is a refinancing note, the
applicable fee shall be paid on each Payment Date occurring after the Final Maturity Extension Effective Date, beginning with the first Payment Date occurring immediately after the Final Maturity
Extension Effective Date for such Extended Advance and ending on the New Final Maturity Date. 

        (c)   The
aggregate of all quarterly payments on such Extended Advance shall be such as will pay the entire principal amount of such Extended Advance, and all interest and, if
the Original Note is a refinancing note, the applicable fee accrued thereon, on or before the New Final Maturity Date. 

7.     Business Days.  

        (a)   Whenever
any Payment Date or the New Final Maturity Date shall fall on a day that is not a Business Day, the payment that would otherwise be due on such Payment
Date or the New Final Maturity Date, as the case may be, shall be due on the first Business Day thereafter. 

        (b)   In
the event that any Payment Date for any Extended Advance falls on a day other than a Business Day, then the extension of time for making the payment that would
otherwise be due on such Payment Date shall be included in computing interest in connection with such payment and excluded in connection with the next payment. 

        (c)   In
the event that the New Final Maturity Date falls on a day other than a Business Day, then the extension of time for making the payment that would otherwise be
due on the New Final Maturity Date shall be included in computing interest in connection with such payment. 

8.     Late Charges.  

        (a)   In
the event that any payment of any amount owing on account of any Extended Advance governed by this Part II is not made when and as
due (any such amount being then an "Overdue Amount"), then the amount payable shall be such Overdue Amount plus interest thereon (such interest being the
"Late Charge") computed in accordance with this subparagraph (a). 

        (1)   The
Late Charge shall accrue from the scheduled date of payment for the Overdue Amount (taking into account paragraph 7 of this Part
II) to the actual date on which payment is made. 

        (2)   The
Late Charge shall be computed on the basis of (A) actual days elapsed from (but not including) the scheduled date of payment for such Overdue Amount
(taking into account paragraph 7 of this Part II) to (and including) the date on which payment is made, and (B) a year 

7

 

of
365 days (except in calendar years including February 29, when the basis shall be a 366-day year). 

        (3)   The
Late Charge shall accrue at a rate (the "Late Charge Rate") equal to one and one-half times the rate to be determined
by the Secretary of the Treasury taking into consideration the prevailing market yield on the remaining maturity of the most recently auctioned 13-week United States
Treasury bills. 

        (4)   The
initial Late Charge Rate shall be in effect until the earlier to occur of either (a) the date on which payment of the Overdue Amount and the amount of the
accrued Late Charge is made, or (B) the first Payment Date to occur after the scheduled date of payment for such Overdue Amount. In the event that the Overdue Amount and the amount of accrued
Late Charge are not paid on or before the next such Payment Date, then the amount payable shall be the sum of the Overdue Amount and the amount of the accrued Late Charge, plus a Late Charge on such
sum accruing at a new Late Charge Rate to be then determined in accordance with the principles of clause (3) of this subparagraph (a). For so long as any Overdue Amount remains
unpaid, the Late Charge Rate shall be re-determined in accordance with the principles of clause (3) of this subparagraph (a) on each Payment Date to occur thereafter, and
shall be applied to the Overdue Amount and all amounts of the accrued Late Charge to the date on which payment of the Overdue Amount and the amount of the accrued Late Charge is made. 

        (b)   Nothing
in subparagraph (a) of this paragraph 8 shall be construed as permitting or implying that the Borrower may, without the written consent of FFB,
modify, extend, alter or affect in any manner whatsoever (except as explicitly provided herein) the right of FFB to receive any and all payments on account of all Extended Advances governed by this
Part II on the dates specified in this Part II. 

9.     Final Due Date.  

        Notwithstanding anything in this Agreement Amending Note to the contrary, all amounts outstanding under this Agreement Amending Note on account of each Extended
Advance governed by this Part II, which amounts remain unpaid as of the new Final Maturity Date, shall be due and payable on the new Final Maturity Date. 

10.   Application of Payments.  

        Each payment made on any Extended Advance governed by this Part II shall be applied first to the payment of any Late Charge
payable under paragraph 8 of this Part II, then to the payment of any premium payable under paragraph 11 of this
Part II, then to the payment of accrued interest and the applicable fee payable under paragraph 4 of this Part II, then on
account of outstanding principal, and then to the payment of the fee payable under paragraph 2 of Part III of this Agreement Amending Note. 

11.   Prepayment Privileges and Refinancing Privileges.  

        The prepayment privileges applicable to each Extended Advance governed by this Part II shall be the same prepayment privileges
applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. If the Existing Note included refinancing privileges
applicable to the Designated Advances, the refinancing privileges applicable to each Extended Advance governed by this Part II shall be the same refinancing
privileges applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. 

8

 
 
 

PART III
  
    GENERAL    
    

1.     Payment by Electronic Funds Transfer.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, each payment on
each Extended Advance shall be paid in immediately available funds by electronic funds transfer to the account of the United States Treasury (for credit to the subaccount of RUS)
maintained at the Federal Reserve Bank of New York, or such
other account as may be specified from time to time by FFB or by RUS, as loan servicing agent for FFB. 

2.     Loan Servicing Expense Fee.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, the Borrower
agrees to pay FFB an annual loan servicing expense fee, assessed by FFB pursuant to section 6(c) of the FFB Act, in the amount of one one-thousandth of one percent (0.00001) of the
aggregate unpaid principal balance of all Extended Advances on December 31 of each year. The loan servicing expense fee for each year shall be due and payable by the Borrower on the
March-31 Payment Date of the immediately following year, after taking into account any payment made on the December-31 Payment Date of the respective year. 

3.     No Novation.  

        This Agreement Amending Note shall not be deemed, construed, or interpreted for any purpose to be a novation of the Existing Note. 

4.     Security Instrument; RUS as "Holder" of Agreement Amending Note for Purposes of the Security Instrument.  

        This Agreement Amending Note shall be included as one of several notes entitled to the benefits and security of the particular security instrument or instruments
specified on page 1 of this Agreement Amending Note (such security instrument or instruments, as it or they may have heretofore been, and as it or they may hereafter be, amended, supplemented,
restated, or consolidated from time to time in accordance with its or their terms, being, collectively, the "Security Instrument"), whereby the Borrower pledged and
granted a security interest in certain property of the Borrower, described therein, to secure the payment of and performance of certain obligations owed to REA, predecessor to RUS, or to RUS, as the
case may be, as set forth in the Security Instrument. For purposes of the Security Instrument, RUS shall be considered to be, and shall have the rights, powers, privileges, and remedies of, the
holder of this Agreement Amending Note. 

5.     Existing Note Remains In Effect.  

        Excepted as modified herein, the Existing Note shall remain in full force and effect until all amounts due and payable thereunder have been paid in full. 

6.     RUS Guarantee Remains In Effect.  

        Notwithstanding the modification to the Existing Note made by this Agreement Amending Note, the Administrator of RUS hereby confirms that the guarantee set forth
at the end of the Existing Note, as modified herein, shall remain in full force and effect. 

9

 

7.     Further Amendments to Existing Note and this Agreement Amending Note.  

        To the extent not inconsistent with applicable law, the Existing Note and this Agreement Amending Note, for so long as FFB is the holder thereof, shall be subject
to further modification by such additional amendments, extensions, and renewals as may be agreed upon from time to time by FFB and the Borrower, with the approval of RUS. 

8.     Effective Date of this Agreement Amending Note.  

        This Agreement Amending Note shall not become effective until it has been executed by all of the Borrower, FFB, and the Administrator of RUS. When this Agreement
Amending Note has been so executed, it shall become effective as of the date first above written. 

9.     Severability.  

        Any provision of this Agreement Amending Note 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 of itself invalidate or render unenforceable such provision in any other jurisdiction. 

10.   Headings.  

        The descriptive headings of the various paragraphs and subparagraphs of this Agreement Amending Note were formulated and inserted for convenience only and shall
not be deemed to affect the meaning or construction of the provisions hereof. 

11.   Counterparts.  

        This Agreement Amending Note may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all of which
together shall constitute but one and the same instrument. 

12.   Incorporation of Exhibits and Schedules.  

        Schedule I attached hereto (a listing of the "Designated Advances") and Exhibit A attached hereto (the form of "Election Notice")
collectively form an integral part of this Agreement Amending Note, and are incorporated herein by reference. 

10

 

        IN WITNESS WHEREOF, the Borrower has caused this Agreement Amending Note to be signed in its corporate name and its corporate seal to be
hereunder affixed and attested by its officers thereunto duly authorized, and FFB and the Administrator of RUS have each caused this Agreement Amending Note to be executed by their respective duly
authorized officials. 

	 SEAL:	 	 	 	 
	 	 	 	 	
OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	
 ATTEST:	
 	

 	
 	

 
	
 By:	
 	

    
	
 	

By:	
 	

    

	Name:	 	Patricia N. Nash	 	Name:	 	Thomas A. Smith
	Title:	 	Secretary	 	Title:	 	President and Chief Executive Officer
	
 	
 	

 	
 	
FEDERAL FINANCING BANK
	
 	
 	

 	
 	

By:	
 	

    

	 	 	 	 	Name:	 	Roger Kodat
	 	 	 	 	Title:	 	Vice President and Treasurer
	
 	
 	

 	
 	
UNITED STATES OF AMERICA,

acting through

the Administrator of the

Rural Utilities Service
	
 	
 	

 	
 	

By:	
 	

    

	
 	
 	

 	
 	

Name:	
 	

    

	
 	
 	

 	
 	

Title:	
 	

    

11

 
 
 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION    
    

        The Retained Indebtedness Note referred to herein, as amended by this Agreement Amending Note, is one of the Obligations referred to in the Indenture, dated as of
March 1, 1997, by Oglethorpe Power Corporation (An Electric Membership Corporation), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation &
Transmission Corporation) to U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee. 

	 	 	U.S. BANK NATIONAL ASSOCIATION

as Trustee
	

 	
 	

By:	

    
 Vice President

12

 
 

SCHEDULE I
  
    DESIGNATED ADVANCES    
    

 
 

SCHEDULE I
  
    THE "DESIGNATED ADVANCES"    
    

	FFB

Advance

Identifier
 
	 	RUS

Account

Number
	 	Original

Advance

Date(1)
	 	Principal

Amount(2)
	 	Current

Final

Maturity

Date

	0012 0020	 	H0155	 	01/27/77	 	$	25,549,825.63	 	01/03/12
	0012 0001	 	H0205	 	07/01/77	 	 	1,931,045.80	 	01/03/12
	0012 0023	 	H0225	 	09/01/77	 	 	1,500,172.62	 	01/03/12
	0012 0024	 	H0235	 	09/30/77	 	 	2,483,366.37	 	01/03/12
	0012 0025	 	H0365	 	06/29/79	 	 	12,019,570.51	 	12/31/13
	0012 0026	 	H0385	 	06/30/80	 	 	16,000,051.76	 	12/31/14
	0012 0027	 	H0535	 	09/15/81	 	 	18,356,369.80	 	12/31/15
	0012 0028	 	H0615	 	05/20/82	 	 	11,261,678.41	 	01/03/17
	0012 0029	 	H0625	 	06/17/82	 	 	13,605,064.45	 	01/03/17
	0012 0121	 	H0680	 	01/24/83	 	 	32,914,948.40	 	01/02/18
	0012 0122	 	H0690	 	03/17/83	 	 	25,889.677.83	 	01/02/18

	(1)
	In
the case of the "Original Note" being a refinancing note, the "Original Advance Date" for a Designated Advance should nevertheless be the date on which the respective Designated
Advance was originally made, which will be a date earlier than the date of the refinancing note.

	(2)
	In
the case of the "Original Note" being a refinancing note, the "Principal Amount" for a Designated Advance should be the principal balance of the respective Designated Advance as
specified in the refinancing note. In all other cases, the "Principal Amount" should be the amount originally disbursed. 

 
 

EXHIBIT A
  
    FORM OF
  
    ELECTION NOTICE    
    

 
 

ELECTION NOTICE    
    

NOTICE
TO: 

Administrator

Rural Utilities Service

United States Department of Agriculture

Room                         , South Agriculture Building

14th Street and Independence Avenue, SW

Washington, DC 20220 

        Reference
is made to the Agreement Amending Note dated as of
                                     (the "Agreement
Amending Note"), made by and among 
                        [Name of Borrower] (the "Borrower"), the Federal Financing Bank ("FFB"), and the
Administrator of the Rural Utilities Service ("RUS"). 

        1.     Identification
of advances respecting which the Borrower elect to extend the final maturity: 

Under
the terms of Part I of the Agreement Amending Note, the Borrower hereby notifies RUS that the Borrower wishes to make a "Final Maturity Extension Election" with respect to the following
"Designated Advances": 

	RUS(1)

NOTE

NUMBER
	 	RUS(1)

ACCOUNT

NUMBER
	 	FFB(1)

ADVANCE

IDENTIFIER

	    	 	 	 	 

        2.     Specification
of date on which Borrower requests that the maturity extension become effective: 

        The
Borrower requests that the extension of the final maturity of the unpaid principal balance of each advance identified above become effective
on                                    (the "Requested
Effective Date").(2) 

        3.     Certification
as to authority of signatory: 

        The
undersigned does certify, as of the date of this Election Notice, that the authority of the undersigned to make, on behalf of the Borrower, the election contained in this Election
Notice is valid and in full force and effect. 

	 	 	 	 	
 [Name of Borrower]
	
 	
 	

BY:	
 	

 	

 
	
 	
 	

 	
 	

Signature:	

	
 	
 	

 	
 	

Print Name:	

	
 	
 	

 	
 	

Title:	

	
 	
 	

 	
 	

Date:	

 
 

NOTES    
    

	(1)
	For
each Designated Advance with respect to which the Borrower elects to extend the final maturity, the Borrower must identify the Designated Advance by referencing (a) the
"RUS note number" assigned by RUS to the note under which the advance was made, (b) the "RUS account number" assigned by RUS to the Designated Advance, and (c) the "FFB advance
identifier" assigned by FFB to the Designated Advance. The FFB advance identifier for each Designated Advance is indicated on Schedules I attached to the Agreement Amending Note.

	(2)
	The
"Requested Effective Date" (a) may be any Business Day (i.e. any day on which both FFB and the Federal Reserve Bank of New York are open for business)
occurring during the first 2 months of any calendar quarter, or (b) may be the last day of any calendar quarter, and (c) may not be earlier than the
fifth Business Day after FFB has notified RUS that the Agreement Amending Note has been accepted by FFB. 

 
 

Exhibit E  
    
    [Form of Agreement No. 4 Amending Note]    
    

 

	

	
 	
 	
FOR FFB USE ONLY:	
 	

 
	
 	
 	
Note Identifier:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	

Purchase Date:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	
FOR RUS USE ONLY:	
 	

 
	
 	
 	
RUS

Note

Number:
                                         
                 	
 	

 

	
 Date of

Original

Note	
 	

	

..(1)
	
 Maximum

Principal

Amount

of Original

Note	
 	

	

..
	
 New Final

Maturity

Date	
 	

December 31, 2033.	

 
	
 Security

Instrument	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
	
 	

 	

 

	(1)
	In
the case of a refinancing note, the date of the refinancing note. 

 
 

AGREEMENT AMENDING NOTE made as of

                             , by and among    

(the "Borrower"),
a                                    duly organized and existing under
the laws of the State of                                    ; the
FEDERAL FINANCING
BANK ("FFB"), a body corporate and instrumentality of the United States of America; and the  ADMINISTRATOR of the RURAL UTILITIES
SERVICE ("RUS"), a Rural Development
agency in the United States Department of Agriculture, successor to the Administrator of the Rural Electrification Administration ("REA"). 

1

 
 
 

PART I    
    

 
  DESCRIPTION OF ORIGINAL NOTE;
  PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION    
    

1.     Agreement Amending Note.  

        (a)   This
Agreement Amending Note amends and modifies the particular promissory note made by the Borrower payable to FFB bearing the date specified at the top of
page 1 of this Agreement Amending Note and in the maximum principal amount specified at the top of page 1 of this Agreement Amending Note (such promissory note being the
"Original Note," and the Original Note (which may be a refinancing note), as it may have heretofore been amended, modified, supplemented (including, without limitation, by
a substitute note), or restated, being the "Existing Note"), which Existing Note has heretofore been fully guaranteed by either the Administrator of RUS or his
predecessor, the Administrator of REA, as the case may be. 

        (b)   The
respective terms of the Existing Note shall remain in full force and effect as to each "Advance" (as that term is defined in the Existing Note) that is, as of
the date of this Agreement Amending Note, outstanding under and evidenced by the Existing Note until the the effective date of any extension of the final maturity of such Advance, as provided in
paragraph 2 of this Part I. 

2.     Final Maturity Extension Election.  

        (a)   For
so long as section 316 of the Rural Electrification Act of 1936 (7 U.S.C. § 940f), as such provision was added by section 774
of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2006 (Pub. L. No. 109-97) (such provision being the
"Final Maturity Extension Authority"), shall be in effect, and subject to the terms and conditions of this Part I, the Borrower may
elect to extend the final maturity of the unpaid principal balance of each of the Advances specified on Schedule I of this Agreement Amending Note (such Advances being, collectively, the
"Designated Advances," and each such Advance being, individually, a "Designated Advance"), and have the terms of Part
II of this Agreement Amending Note govern each of the Designated Advances (any such an election being a "Final Maturity Extension
Election"). As provided in the Final Maturity Extension Authority, the Borrower may make only one Final Maturity Extension Election for the Designated Advances. 

        (b)   By
executing this Agreement Amending Note, RUS acknowledges that the Borrower has tendered to RUS the amount of the fee that is required by the terms of the Final
Maturity Extension Authority in connection with extending the final maturity of the outstanding principal balances of the Designated Advances. 

3.     Conditions to Final Maturity Extension Election.  

        The terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances if and when all of
the following conditions shall have been satisfied: 

        (a)   The
Borrower shall have delivered to RUS a notice, in the form of notice attached hereto as Exhibit A, that the Borrower has made a Final Maturity
Extension Election with respect to the Designated Advances (such notice being an "Election Notice"), which notice shall: 

        (1)   identify
the Designated Advances with respect to which the Borrower has made a Final Maturity Extension Election; 

        (2)   specify
the date on which the Borrower requests that the final maturity extension of the unpaid principal balances of the Designated Advances become effective, being
also the date on 

2

 

which
the terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances (such date being the "Requested
Effective Date"), which date: 

        (A)  may
be either (i) any day on which FFB and the Federal Reserve Bank of New York are both open for business (any such day being a
"Business Day") occurring during the first 2 months of any calendar quarter, or (ii) the last day of any calendar quarter (the last day of each
calendar quarter being a "Payment Date"); 

        (B)  shall
not be earlier than 5 Business Days after FFB has delivered notice to RUS that this Agreement Amending Note has been accepted by FFB; 

        (C)  shall
not be earlier than the date of such Election Notice; 

        (D)  shall
not be earlier than 5 Business Days after the Borrower has delivered the Election Notice to RUS; and 

        (E)  shall
not be later than the first anniversary of the date of this Agreement Amending Note first above written. 

        (b)   RUS
shall have: 

        (1)   determined
that all limitations, conditions, and requirements of the Final Maturity Extension Authority have been satisfied; and 

        (2)   completed
processing the Borrower's Final Maturity Extension Election. 

        (c)   FFB
shall have received from RUS not less than 5 Business Days before the respective Requested Effective Date a notice, in the form of notice prescribed by FFB,
that RUS has completed processing of the Borrower's Final Maturity Extension Election (any such notice being an "Election Processing Completion Notice"). 

        (d)   If
(1) FFB has received from RUS an Election Processing Completion Notice with respect to the Designated Advances; and (2) FFB determines that the
aggregate discounted present value to FFB of the Designated Advances will be less after the final maturity extension than the aggregate discounted present value to FFB of the Designated Advances
before the final maturity extension, as of the Requested Effective Date, then RUS shall have tendered to FFB, on the respective Requested Effective Date, an amount equal to the reduction in the
aggregate discounted present value of the Advances by an internal transfer of funds on the books of the United States Department of the Treasury. The aggregate discounted present value of the
Designated Advances shall be calculated by FFB as of the close of business on the second Business Day before the Requested Effective Date using standard calculation methods of the United States
Department of the Treasury, and the determination by FFB of the amount payable by RUS to FFB shall be final. 

4.     Borrower's Agreement Regarding Election Processing Completion Notices.  

        The Borrower hereby agrees that FFB, for its purposes, may consider any Election Processing Completion Notice delivered by RUS to FFB in accordance with Part
I of this Agreement Amending Note to be an accurate representation that the Borrower has made a Final Maturity Extension Election with respect to the Designated Advances
identified therein and evidence that RUS has completed processing that Final Maturity Extension Election. 

5.     Final Maturity Extension Effective Date; Advances Governed by Part II.  

        (a)   If
an Election Processing Completion Notice is received by FFB at least 5 Business Days before the Requested Effective Date specified by the Borrower in the
respective Election Notice, and 

3

 

all
of the other conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on such Requested Effective Date (in such event, the Requested Effective Date being the "Final
Maturity Extension Effective Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this
Agreement Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

        (b)   If
an Election Processing Completion Notice is not received by FFB at least 5 Business Days before the respective Requested Effective Date, but all of the other
conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice
(in such event, the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice being the "Final Maturity Extension Effective
Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this
Agreement Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

6.     Rescissions of Final Maturity Extension Elections.  

        The Borrower may rescind a Final Maturity Extension Election made with respect to the Designated Advances only in accordance with the provisions of this
paragraph 6. For a rescission of a Final Maturity Extension Election to be effective, both FFB and RUS must have received from the Borrower, not later than 3:30 p.m. (Washington,
DC, time) 2 Business Days before the respective Requested Effective Date, a written notice specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final
Maturity Extension Election (which must be all of the Designated Advances specified in the related Election Notice). The written rescission notice may be delivered by facsimile transmission to FFB at
(202) 622-0707, and to RUS at (202) 720-1401, or at such other facsimile number or numbers as FFB and RUS may from time to time communicate to the Borrower. In
specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final Maturity Extension Election, the Borrower must recite in the written rescission notice both the FFB
advance identifier for each of the Designated Advances (as specified for such Designated Advance in Schedule I attached hereto) and the RUS account number for each of the Designated
Advances. 

7.     Amount Due on First Payment Date After Effective Date.  

        For the Designated Advances with respect to which the Borrower makes a Final Maturity Extension Election: 

        (a)   if
the Borrower has specified in the related Election Notice a Business Day occurring during the first 2 months of any calendar quarter to be the Requested
Effective Date, and if all the conditions that apply to making such Final Maturity Extension Election have been satisfied, then the amount that is due and payable on the first Payment Date to occur
after the Final Maturity Extension Effective Date for the Designated Advances shall be an amount that is equal to a full quarterly payment that is 

4

 

due
in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this Agreement Amending Note. 

        (b)   if
the Borrower has specified in the related Election Notice the first immediately following Payment Date to be the Requested Effective Date, and if all the conditions
that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
amount that is due and payable on that Payment Date shall be an amount that is equal to a full quarterly payment that is due in accordance with the payment schedule
that applied to such Designated Advance immediately before such Final Maturity Extension Effective Date; and 

        (2)   the
amount that is due and payable on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Designated Advance shall be an amount
that is equal to a full quarterly payment that is due in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this
Agreement Amending Note. 

	8.
	Application of Final Maturity Extension Authority Fee Paid by Borrower in event that Final Maturity Extension Does Not Become
Effective.  

        In the event that the conditions that apply to making a Final Maturity Extension Election for the Designated Advances are not satisfied for any reason, and the
final maturity of the outstanding principal balances of the Designated Advances is not extended, then the fee paid by the Borrower to RUS pursuant to the Final Maturity Extension Authority for
extending the final maturity of the Designated Advances shall be applied by RUS on the first Payment Date to occur thereafter toward the next payment due on the Designated Advances. No interest shall
be earned or paid on the amount of the fee paid by the Borrower for the time that RUS holds the fee. 

5

 
 
 

PART II
  
    TERMS APPLICABLE TO EXTENDED ADVANCES    
    

1.     Promise to Pay.  

        FOR VALUE RECEIVED, the Borrower (which term includes any successors or assigns) promises to pay FFB (which term
includes any successors or assigns) at the time, in the manner, and with interest
at the rates hereinafter provided, the principal amount of the Designated Advances with respect to which the Borrower has made a Final Maturity Extension Election, as provided in paragraph 2 of
Part I of this Agreement Amending Note (each Designated Advance with respect to which the Borrower has made a Final Maturity Extension Election being, from and
after the Final Maturity Extension Effective Date for such Final Maturity Date Election, an "Extended Advance," and more than one such Outstanding Advance being
"Extended Advances"). 

2.     Principal Amount of Extended Advances.  

        The principal amount of each Extended Advance governed by this Part II shall be the unpaid principal balance of the respective
Designated Advance, as determined by FFB as of the respective Final Maturity Extension Effective Date. 

3.     New Final Maturity Date for Extended Advances.  

        Each Extended Advance governed by this Part II shall mature on the date specified on page 1 of this Agreement Amending
Note as the "New Final Maturity Date" (such date being the "New Final Maturity Date" for such Extended Advance). 

4.     Interest Rate and Applicable Fee for Extended Advances; Computation of Interest.  

        (a)   The
interest rate applicable to each Extended Advance governed by this Part II and, if the Original Note is a refinancing note, the
fee applicable to each Extended Advance governed by this Part II shall be the same interest rate that was applicable and, if the Original Note is a refinancing
note, the same fee that was applicable to the respective Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

        (b)   Subject
to paragraph 8 of this Part II, interest on each Extended Advance and, if the Original Note is a refinancing note, the
fee applicable to each Extended Advance shall accrue and be computed in the same manner as interest and, if the Original Note is a refinancing note, the fee accrued and were computed on the respective
Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

5.     Payment of Interest and, if Applicable, Refinancing Note Fee.  

        Interest accrued on the outstanding principal amount of each Extended Advance governed by this Part II and, if the Original
Note is a refinancing note, the applicable fee accrued on the outstanding principal amount of each Extended Advance governed by this Part II shall be due and
payable on each Payment Date, commencing on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance up through and including the New Final
Maturity Date for such Extended Advance. 

6

 

6.     Payment of Principal.  

        The principal amount of each Extended Advance governed by this Part II shall be payable in accordance with the following provisions: 

        (a)   Principal
payments on each Extended Advance shall begin on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance
and shall be made on each subsequent Payment Date until such Extended Advance is paid in full on or before the New Final Maturity Date. 

        (b)   The
amount of each quarterly payment of principal, interest, and, if the Original Note is a refinancing note, the applicable fee shall be newly computed as of the Final
Maturity Extension Effective Date, so that the amount of each such quarterly payment consisting of a principal installment and accrued interest and, if the Original Note is a refinancing note, accrued
applicable fee due and payable on the first Payment Date occurring immediately after the Final Maturity Extension Effective Date is substantially equal the amount of every other quarterly payment
("level debt service"). With respect to each Extended Advance, the newly computed level quarterly payments of principal, accrued interest, and, if the Original Note is a refinancing note, the
applicable fee shall be paid on each Payment Date occurring after the Final Maturity Extension Effective Date, beginning with the first Payment Date occurring immediately after the Final Maturity
Extension Effective Date for such Extended Advance and ending on the New Final Maturity Date. 

        (c)   The
aggregate of all quarterly payments on such Extended Advance shall be such as will pay the entire principal amount of such Extended Advance, and all interest and, if
the Original Note is a refinancing note, the applicable fee accrued thereon, on or before the New Final Maturity Date. 

7.     Business Days.  

        (a)   Whenever
any Payment Date or the New Final Maturity Date shall fall on a day that is not a Business Day, the payment that would otherwise be due on such Payment
Date or the New Final Maturity Date, as the case may be, shall be due on the first Business Day thereafter. 

        (b)   In
the event that any Payment Date for any Extended Advance falls on a day other than a Business Day, then the extension of time for making the payment that would
otherwise be due on such Payment Date shall be included in computing interest in connection with such payment and excluded in connection with the next payment. 

        (c)   In
the event that the New Final Maturity Date falls on a day other than a Business Day, then the extension of time for making the payment that would otherwise be
due on the New Final Maturity Date shall be included in computing interest in connection with such payment. 

8.     Late Charges.  

        (a)   In
the event that any payment of any amount owing on account of any Extended Advance governed by this Part II is not made when and as
due (any such amount being then an "Overdue Amount"), then the amount payable shall be such Overdue Amount plus interest thereon (such interest being the
"Late Charge") computed in accordance with this subparagraph (a). 

        (1)   The
Late Charge shall accrue from the scheduled date of payment for the Overdue Amount (taking into account paragraph 7 of this Part
II) to the actual date on which payment is made. 

        (2)   The
Late Charge shall be computed on the basis of (A) actual days elapsed from (but not including) the scheduled date of payment for such Overdue Amount
(taking into account paragraph 7 of this Part II) to (and including) the date on which payment is made, and (B) a year 

7

 

of
365 days (except in calendar years including February 29, when the basis shall be a 366-day year). 

        (3)   The
Late Charge shall accrue at a rate (the "Late Charge Rate") equal to one and one-half times the rate to be determined
by the Secretary of the Treasury taking into consideration the prevailing market yield on the remaining maturity of the most recently auctioned 13-week United States
Treasury bills. 

        (4)   The
initial Late Charge Rate shall be in effect until the earlier to occur of either (a) the date on which payment of the Overdue Amount and the amount of the
accrued Late Charge is made, or (B) the first Payment Date to occur after the scheduled date of payment for such Overdue Amount. In the event that the Overdue Amount and the amount of accrued
Late Charge are not paid on or before the next such Payment Date, then the amount payable shall be the sum of the Overdue Amount and the amount of the accrued Late Charge, plus a Late Charge on such
sum accruing at a new Late Charge Rate to be then determined in accordance with the principles of clause (3) of this subparagraph (a). For so long as any Overdue Amount remains
unpaid, the Late Charge Rate shall be re-determined in accordance with the principles of clause (3) of this subparagraph (a) on each Payment Date to occur thereafter, and
shall be applied to the Overdue Amount and all amounts of the accrued Late Charge to the date on which payment of the Overdue Amount and the amount of the accrued Late Charge is made. 

        (b)   Nothing
in subparagraph (a) of this paragraph 8 shall be construed as permitting or implying that the Borrower may, without the written consent of FFB,
modify, extend, alter or affect in any manner whatsoever (except as explicitly provided herein) the right of FFB to receive any and all payments on account of all Extended Advances governed by this
Part II on the dates specified in this Part II. 

9.     Final Due Date.  

        Notwithstanding anything in this Agreement Amending Note to the contrary, all amounts outstanding under this Agreement Amending Note on account of each Extended
Advance governed by this Part II, which amounts remain unpaid as of the new Final Maturity Date, shall be due and payable on the new Final Maturity Date. 

10.   Application of Payments.  

        Each payment made on any Extended Advance governed by this Part II shall be applied first to the payment of any Late Charge
payable under paragraph 8 of this Part II, then to the payment of any premium payable under paragraph 11 of this
Part II, then to the payment of accrued interest and the applicable fee payable under paragraph 4 of this Part II, then on
account of outstanding principal, and then to the payment of the fee payable under paragraph 2 of Part III of this Agreement Amending Note. 

11.   Prepayment Privileges and Refinancing Privileges.  

        The prepayment privileges applicable to each Extended Advance governed by this Part II shall be the same prepayment privileges
applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. If the Existing Note included refinancing privileges
applicable to the Designated Advances, the refinancing privileges applicable to each Extended Advance governed by this Part II shall be the same refinancing
privileges applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. 

8

 
 
 

PART III
  
    GENERAL    
    

1.     Payment by Electronic Funds Transfer.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, each payment on
each Extended Advance shall be paid in immediately available funds by electronic funds transfer to the account of the United States Treasury (for credit to the subaccount of RUS)
maintained at the Federal Reserve Bank of New York, or such
other account as may be specified from time to time by FFB or by RUS, as loan servicing agent for FFB. 

2.     Loan Servicing Expense Fee.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, the Borrower
agrees to pay FFB an annual loan servicing expense fee, assessed by FFB pursuant to section 6(c) of the FFB Act, in the amount of one one-thousandth of one percent (0.00001) of the
aggregate unpaid principal balance of all Extended Advances on December 31 of each year. The loan servicing expense fee for each year shall be due and payable by the Borrower on the
March-31 Payment Date of the immediately following year, after taking into account any payment made on the December-31 Payment Date of the respective year. 

3.     No Novation.  

        This Agreement Amending Note shall not be deemed, construed, or interpreted for any purpose to be a novation of the Existing Note. 

4.     Security Instrument; RUS as "Holder" of Agreement Amending Note for Purposes of the Security Instrument.  

        This Agreement Amending Note shall be included as one of several notes entitled to the benefits and security of the particular security instrument or instruments
specified on page 1 of this Agreement Amending Note (such security instrument or instruments, as it or they may have heretofore been, and as it or they may hereafter be, amended, supplemented,
restated, or consolidated from time to time in accordance with its or their terms, being, collectively, the "Security Instrument"), whereby the Borrower pledged and
granted a security interest in certain property of the Borrower, described therein, to secure the payment of and performance of certain obligations owed to REA, predecessor to RUS, or to RUS, as the
case may be, as set forth in the Security Instrument. For purposes of the Security Instrument, RUS shall be considered to be, and shall have the rights, powers, privileges, and remedies of, the
holder of this Agreement Amending Note. 

5.     Existing Note Remains In Effect.  

        Excepted as modified herein, the Existing Note shall remain in full force and effect until all amounts due and payable thereunder have been paid in full. 

6.     RUS Guarantee Remains In Effect.  

        Notwithstanding the modification to the Existing Note made by this Agreement Amending Note, the Administrator of RUS hereby confirms that the guarantee set forth
at the end of the Existing Note, as modified herein, shall remain in full force and effect. 

9

 

7.     Further Amendments to Existing Note and this Agreement Amending Note.  

        To the extent not inconsistent with applicable law, the Existing Note and this Agreement Amending Note, for so long as FFB is the holder thereof, shall be subject
to further modification by such additional amendments, extensions, and renewals as may be agreed upon from time to time by FFB and the Borrower, with the approval of RUS. 

8.     Effective Date of this Agreement Amending Note.  

        This Agreement Amending Note shall not become effective until it has been executed by all of the Borrower, FFB, and the Administrator of RUS. When this Agreement
Amending Note has been so executed, it shall become effective as of the date first above written. 

9.     Severability.  

        Any provision of this Agreement Amending Note 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 of itself invalidate or render unenforceable such provision in any other jurisdiction. 

10.   Headings.  

        The descriptive headings of the various paragraphs and subparagraphs of this Agreement Amending Note were formulated and inserted for convenience only and shall
not be deemed to affect the meaning or construction of the provisions hereof. 

11.   Counterparts.  

        This Agreement Amending Note may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all of which
together shall constitute but one and the same instrument. 

12.   Incorporation of Exhibits and Schedules.  

        Schedule I attached hereto (a listing of the "Designated Advances") and Exhibit A attached hereto (the form of "Election Notice")
collectively form an integral part of this Agreement Amending Note, and are incorporated herein by reference. 

10

 

        IN WITNESS WHEREOF, the Borrower has caused this Agreement Amending Note to be signed in its corporate name and its corporate seal to be
hereunder affixed and attested by its officers thereunto duly authorized, and FFB and the Administrator of RUS have each caused this Agreement Amending Note to be executed by their respective duly
authorized officials. 

	 SEAL:	 	 	 	 
	 	 	 	 	
OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	
ATTEST:	
 	

 	
 	

 
	
 By:	
 	

    
	
 	

By:	
 	

    

	Name:	 	Patricia N. Nash	 	Name:	 	Thomas A. Smith
	Title:	 	Secretary	 	Title:	 	President and Chief Executive Officer
	
 	
 	

 	
 	
FEDERAL FINANCING BANK
	
 	
 	

 	
 	

By:	
 	

    

	 	 	 	 	Name:	 	Roger Kodat
	 	 	 	 	Title:	 	Vice President and Treasurer
	
 	
 	

 	
 	
UNITED STATES OF AMERICA,

acting through

the Administrator of the

Rural Utilities Service
	
 	
 	

 	
 	

By:	
 	

    

	
 	
 	

 	
 	

Name:	
 	

    

	
 	
 	

 	
 	

Title:	
 	

    

11

 
 
 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION    
    

        The Retained Indebtedness Note referred to herein, as amended by this Agreement Amending Note, is one of the Obligations referred to in the Indenture, dated as of
March 1, 1997, by Oglethorpe Power Corporation (An Electric Membership Corporation), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation &
Transmission Corporation) to U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee. 

	 	 	U.S. BANK NATIONAL ASSOCIATION

as Trustee
	

 	
 	

By:	

    
 Vice President

12

 
 

SCHEDULE I
  
    DESIGNATED ADVANCES    
    

 
 

SCHEDULE I
  
    THE "DESIGNATED ADVANCES"    
    

	FFB

Advance

Identifier
 
	 	RUS

Account

Number
	 	Original

Advance

Date(1)
	 	Principal

Amount(2)
	 	Current

Final

Maturity

Date

	0012 0031	 	H0405	 	09/03/80	 	$	4,956,154.37	 	12/31/14
	0012 0044	 	H0810	 	10/25/84	 	 	13,488,072.06	 	12/31/18
	0012 0047	 	H0825	 	01/24/85	 	 	19,272,205.57	 	12/31/19

	(1)
	In
the case of the "Original Note" being a refinancing note, the "Original Advance Date" for a Designated Advance should nevertheless be the date on which the respective Designated
Advance was originally made, which will be a date earlier than the date of the refinancing note.

	(2)
	In
the case of the "Original Note" being a refinancing note, the "Principal Amount" for a Designated Advance should be the principal balance of the respective Designated Advance as
specified in the refinancing note. In all other cases, the "Principal Amount" should be the amount originally disbursed. 

 
 

EXHIBIT A
  
    FORM OF
  
    ELECTION NOTICE    
    

 
 

ELECTION NOTICE    
    

NOTICE
TO: 

Administrator

Rural Utilities Service

United States Department of Agriculture

Room                         , South Agriculture Building

14th Street and Independence Avenue, SW

Washington, DC 20220 

        Reference
is made to the Agreement Amending Note dated as of
                                     (the "Agreement
Amending Note"), made by and among 
                        [Name of Borrower] (the "Borrower"), the Federal Financing Bank ("FFB"), and the
Administrator of the Rural Utilities Service ("RUS"). 

        1.     Identification
of advances respecting which the Borrower elect to extend the final maturity: 

Under
the terms of Part I of the Agreement Amending Note, the Borrower hereby notifies RUS that the Borrower wishes to make a "Final Maturity Extension Election" with respect to the following
"Designated Advances": 

	RUS(1)

NOTE

NUMBER
	 	RUS(1)

ACCOUNT

NUMBER
	 	FFB(1)

ADVANCE

IDENTIFIER

	    	 	 	 	 

        2.     Specification
of date on which Borrower requests that the maturity extension become effective: 

        The
Borrower requests that the extension of the final maturity of the unpaid principal balance of each advance identified above become effective
on                                    (the "Requested
Effective Date").(2) 

        3.     Certification
as to authority of signatory: 

        The
undersigned does certify, as of the date of this Election Notice, that the authority of the undersigned to make, on behalf of the Borrower, the election contained in this Election
Notice is valid and in full force and effect. 

	 	 	 	 	
 [Name of Borrower]
	
 	
 	

BY:	
 	

 	

 
	
 	
 	

 	
 	

Signature:	

	
 	
 	

 	
 	

Print Name:	

	
 	
 	

 	
 	

Title:	

	
 	
 	

 	
 	

Date:	

 
 

NOTES    
    

	(1)
	For
each Designated Advance with respect to which the Borrower elects to extend the final maturity, the Borrower must identify the Designated Advance by referencing (a) the
"RUS note number" assigned by RUS to the note under which the advance was made, (b) the "RUS account number" assigned by RUS to the Designated Advance, and (c) the "FFB advance
identifier" assigned by FFB to the Designated Advance. The FFB advance identifier for each Designated Advance is indicated on Schedules I attached to the Agreement Amending Note.

	(2)
	The
"Requested Effective Date" (a) may be any Business Day (i.e. any day on which both FFB and the Federal Reserve Bank of New York are open for business)
occurring during the first 2 months of any calendar quarter, or (b) may be the last day of any calendar quarter, and (c) may not be earlier than the
fifth Business Day after FFB has notified RUS that the Agreement Amending Note has been accepted by FFB. 

 
 

Exhibit F  
    
    [Form of Agreement No. 5 Amending Note]    
    

 

	

	
 	
 	
FOR FFB USE ONLY:	
 	

 
	
 	
 	
Note Identifier:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	

Purchase Date:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	
FOR RUS USE ONLY:	
 	

 
	
 	
 	
RUS

Note

Number:
                                         
                 	
 	

 

	
 Date of

Original

Note	
 	

	

..(1)
	
 Maximum

Principal

Amount

of Original

Note	
 	

	

..
	
 New Final

Maturity

Date	
 	

December 31, 2034.	

 
	
 Security

Instrument	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
	
 	

 	

 

	(1)
	In
the case of a refinancing note, the date of the refinancing note. 

 
 

AGREEMENT AMENDING NOTE made as of

                             , by and among    

(the "Borrower"),
a                                    duly organized and existing under
the laws of the State of                                    ; the
FEDERAL FINANCING
BANK ("FFB"), a body corporate and instrumentality of the United States of America; and the  ADMINISTRATOR of the RURAL UTILITIES
SERVICE ("RUS"), a Rural Development
agency in the United States Department of Agriculture, successor to the Administrator of the Rural Electrification Administration ("REA"). 

1

 
 
 

PART I    
    

 
  DESCRIPTION OF ORIGINAL NOTE;
  PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION    
    

1.     Agreement Amending Note.  

        (a)   This
Agreement Amending Note amends and modifies the particular promissory note made by the Borrower payable to FFB bearing the date specified at the top of
page 1 of this Agreement Amending Note and in the maximum principal amount specified at the top of page 1 of this Agreement Amending Note (such promissory note being the
"Original Note," and the Original Note (which may be a refinancing note), as it may have heretofore been amended, modified, supplemented (including, without limitation, by
a substitute note), or restated, being the "Existing Note"), which Existing Note has heretofore been fully guaranteed by either the Administrator of RUS or his
predecessor, the Administrator of REA, as the case may be. 

        (b)   The
respective terms of the Existing Note shall remain in full force and effect as to each "Advance" (as that term is defined in the Existing Note) that is, as of
the date of this Agreement Amending Note, outstanding under and evidenced by the Existing Note until the the effective date of any extension of the final maturity of such Advance, as provided in
paragraph 2 of this Part I. 

2.     Final Maturity Extension Election.  

        (a)   For
so long as section 316 of the Rural Electrification Act of 1936 (7 U.S.C. § 940f), as such provision was added by section 774
of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2006 (Pub. L. No. 109-97) (such provision being the
"Final Maturity Extension Authority"), shall be in effect, and subject to the terms and conditions of this Part I, the Borrower may
elect to extend the final maturity of the unpaid principal balance of each of the Advances specified on Schedule I of this Agreement Amending Note (such Advances being, collectively, the
"Designated Advances," and each such Advance being, individually, a "Designated Advance"), and have the terms of Part
II of this Agreement Amending Note govern each of the Designated Advances (any such an election being a "Final Maturity Extension
Election"). As provided in the Final Maturity Extension Authority, the Borrower may make only one Final Maturity Extension Election for the Designated Advances. 

        (b)   By
executing this Agreement Amending Note, RUS acknowledges that the Borrower has tendered to RUS the amount of the fee that is required by the terms of the Final
Maturity Extension Authority in connection with extending the final maturity of the outstanding principal balances of the Designated Advances. 

3.     Conditions to Final Maturity Extension Election.  

        The terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances if and when all of
the following conditions shall have been satisfied: 

        (a)   The
Borrower shall have delivered to RUS a notice, in the form of notice attached hereto as Exhibit A, that the Borrower has made a Final Maturity Extension
Election with respect to the Designated Advances (such notice being an "Election Notice"), which notice shall: 

        (1)   identify
the Designated Advances with respect to which the Borrower has made a Final Maturity Extension Election; 

        (2)   specify
the date on which the Borrower requests that the final maturity extension of the unpaid principal balances of the Designated Advances become effective, being
also the date on 

2

 

which
the terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances (such date being the "Requested
Effective Date"), which date: 

        (A)  may
be either (i) any day on which FFB and the Federal Reserve Bank of New York are both open for business (any such day being a
"Business Day") occurring during the first 2 months of any calendar quarter, or (ii) the last day of any calendar quarter (the last day of each
calendar quarter being a "Payment Date"); 

        (B)  shall
not be earlier than 5 Business Days after FFB has delivered notice to RUS that this Agreement Amending Note has been accepted by FFB; 

        (C)  shall
not be earlier than the date of such Election Notice; 

        (D)  shall
not be earlier than 5 Business Days after the Borrower has delivered the Election Notice to RUS; and 

        (E)  shall
not be later than the first anniversary of the date of this Agreement Amending Note first above written. 

        (b)   RUS
shall have: 

        (1)   determined
that all limitations, conditions, and requirements of the Final Maturity Extension Authority have been satisfied; and 

        (2)   completed
processing the Borrower's Final Maturity Extension Election. 

        (c)   FFB
shall have received from RUS not less than 5 Business Days before the respective Requested Effective Date a notice, in the form of notice prescribed by FFB,
that RUS has completed processing of the Borrower's Final Maturity Extension Election (any such notice being an "Election Processing Completion Notice"). 

        (d)   If
(1) FFB has received from RUS an Election Processing Completion Notice with respect to the Designated Advances; and (2) FFB determines that the
aggregate discounted present value to FFB of the Designated Advances will be less after the final maturity extension than the aggregate discounted present value to FFB of the Designated Advances
before the final maturity extension, as of the Requested Effective Date, then RUS shall have tendered to FFB, on the respective Requested Effective Date, an amount equal to the reduction in the
aggregate discounted present value of the Advances by an internal transfer of funds on the books of the United States Department of the Treasury. The aggregate discounted present value of the
Designated Advances shall be calculated by FFB as of the close of business on the second Business Day before the Requested Effective Date using standard calculation methods of the United States
Department of the Treasury, and the determination by FFB of the amount payable by RUS to FFB shall be final. 

4.     Borrower's Agreement Regarding Election Processing Completion Notices.  

        The Borrower hereby agrees that FFB, for its purposes, may consider any Election Processing Completion Notice delivered by RUS to FFB in accordance with Part
I of this Agreement Amending Note to be an accurate representation that the Borrower has made a Final Maturity Extension Election with respect to the Designated Advances
identified therein and evidence that RUS has completed processing that Final Maturity Extension Election. 

5.     Final Maturity Extension Effective Date; Advances Governed by Part II.  

        (a)   If
an Election Processing Completion Notice is received by FFB at least 5 Business Days before the Requested Effective Date specified by the Borrower in the
respective Election Notice, and 

3

 

all
of the other conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on such Requested Effective Date (in such event, the Requested Effective Date being the "Final
Maturity Extension Effective Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this
Agreement Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

        (b)   If
an Election Processing Completion Notice is not received by FFB at least 5 Business Days before the respective Requested Effective Date, but all of the other
conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice
(in such event, the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice being the "Final Maturity Extension Effective
Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this
Agreement Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

6.     Rescissions of Final Maturity Extension Elections.  

        The Borrower may rescind a Final Maturity Extension Election made with respect to the Designated Advances only in accordance with the provisions of this
paragraph 6. For a rescission of a Final Maturity Extension Election to be effective, both FFB and RUS must have received from the Borrower, not later than 3:30 p.m. (Washington,
DC, time) 2 Business Days before the respective Requested Effective Date, a written notice specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final
Maturity Extension Election (which must be all of the Designated Advances specified in the related Election Notice). The written rescission notice may be delivered by facsimile transmission to FFB at
(202) 622-0707, and to RUS at (202) 720-1401, or at such other facsimile number or numbers as FFB and RUS may from time to time communicate to the Borrower. In
specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final Maturity Extension Election, the Borrower must recite in the written rescission notice both the FFB
advance identifier for each of the Designated Advances (as specified for such Designated Advance in Schedule I attached hereto) and the RUS account number for each of the Designated
Advances. 

7.     Amount Due on First Payment Date After Effective Date.  

        For the Designated Advances with respect to which the Borrower makes a Final Maturity Extension Election: 

        (a)   if
the Borrower has specified in the related Election Notice a Business Day occurring during the first 2 months of any calendar quarter to be the Requested
Effective Date, and if all the conditions that apply to making such Final Maturity Extension Election have been satisfied, then the amount that is due and payable on the first Payment Date to occur
after the Final Maturity Extension Effective Date for the Designated Advances shall be an amount that is equal to a full quarterly payment that is 

4

 

due
in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this Agreement Amending Note. 

        (b)   if
the Borrower has specified in the related Election Notice the first immediately following Payment Date to be the Requested Effective Date, and if all the conditions
that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
amount that is due and payable on that Payment Date shall be an amount that is equal to a full quarterly payment that is due in accordance with the payment schedule
that applied to such Designated Advance immediately before such Final Maturity Extension Effective Date; and 

        (2)   the
amount that is due and payable on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Designated Advance shall be an amount
that is equal to a full quarterly payment that is due in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this
Agreement Amending Note. 

	8.
	Application of Final Maturity Extension Authority Fee Paid by Borrower in event that Final Maturity Extension Does Not Become
Effective.

        In
the event that the conditions that apply to making a Final Maturity Extension Election for the Designated Advances are not satisfied for any reason, and the final maturity of the
outstanding principal balances of the Designated Advances is not extended, then the fee paid by the Borrower to RUS pursuant to the Final Maturity Extension Authority for extending the final maturity
of the Designated Advances shall be applied by RUS on the first Payment Date to occur thereafter toward the next payment due on the Designated Advances. No interest shall be earned or paid on the
amount of the fee paid by the Borrower for the time that RUS holds the fee. 

5

 
 
 

PART II
  
    TERMS APPLICABLE TO EXTENDED ADVANCES    
    

1.     Promise to Pay.  

        FOR VALUE RECEIVED, the Borrower (which term includes any successors or assigns) promises to pay FFB (which term
includes any successors or assigns) at the time, in the manner, and with interest at the rates hereinafter provided, the principal amount of the Designated Advances with respect to
which the Borrower has made a Final Maturity Extension Election, as provided in paragraph 2 of Part I of this Agreement Amending Note (each Designated
Advance with respect to which the Borrower has made a Final Maturity Extension Election being, from and after the Final Maturity Extension Effective Date for such Final Maturity Date Election, an
"Extended Advance," and more than one such Outstanding Advance being "Extended Advances"). 

2.     Principal Amount of Extended Advances.  

        The principal amount of each Extended Advance governed by this Part II shall be the unpaid principal balance of the respective
Designated Advance, as determined by FFB as of the respective Final Maturity Extension Effective Date. 

3.     New Final Maturity Date for Extended Advances.  

        Each Extended Advance governed by this Part II shall mature on the date specified on page 1 of this Agreement Amending
Note as the "New Final Maturity Date" (such date being the "New Final Maturity Date" for such Extended Advance). 

	4.
	Interest Rate and Applicable Fee for Extended Advances; Computation of Interest.

        (a)   The
interest rate applicable to each Extended Advance governed by this Part II and, if the Original Note is a refinancing note, the
fee applicable to each Extended Advance governed by this Part II shall be the same interest rate that was applicable and, if the Original Note is a refinancing
note, the same fee that was applicable to the respective Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

        (b)   Subject
to paragraph 8 of this Part II, interest on each Extended Advance and, if the Original Note is a refinancing note, the
fee applicable to each Extended Advance shall accrue and be computed in the same manner as interest and, if the Original Note is a refinancing note, the fee accrued and were computed on the respective
Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

5.     Payment of Interest and, if Applicable, Refinancing Note Fee.  

        Interest accrued on the outstanding principal amount of each Extended Advance governed by this Part II and, if the Original
Note is a refinancing note, the applicable fee accrued on the outstanding principal amount of each Extended Advance governed by this Part II shall be due and
payable on each Payment Date, commencing on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance up through and including the New Final
Maturity Date for such Extended Advance. 

6

 

6.     Payment of Principal.  

        The principal amount of each Extended Advance governed by this Part II shall be payable in accordance with the following provisions: 

        (a)   Principal
payments on each Extended Advance shall begin on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance
and shall be made on each subsequent Payment Date until such Extended Advance is paid in full on or before the New Final Maturity Date. 

        (b)   The
amount of each quarterly payment of principal, interest, and, if the Original Note is a refinancing note, the applicable fee shall be newly computed as of the Final
Maturity Extension Effective Date, so that the amount of each such quarterly payment consisting of a principal installment and accrued interest and, if the Original Note is a refinancing note, accrued
applicable fee due and payable on the first Payment Date occurring immediately after the Final Maturity Extension Effective Date is substantially equal the amount of every other quarterly payment
("level debt service"). With respect to each Extended Advance, the newly computed level quarterly payments of principal, accrued interest, and, if the Original Note is a refinancing note, the
applicable fee shall be paid on each Payment Date occurring after the Final Maturity Extension Effective Date, beginning with the first Payment Date occurring immediately after the Final Maturity
Extension Effective Date for such Extended Advance and ending on the New Final Maturity Date. 

        (c)   The
aggregate of all quarterly payments on such Extended Advance shall be such as will pay the entire principal amount of such Extended Advance, and all interest and, if
the Original Note is a refinancing note, the applicable fee accrued thereon, on or before the New Final Maturity Date. 

7.     Business Days.  

        (a)   Whenever
any Payment Date or the New Final Maturity Date shall fall on a day that is not a Business Day, the payment that would otherwise be due on such Payment
Date or the New Final Maturity Date, as the case may be, shall be due on the first Business Day thereafter. 

        (b)   In
the event that any Payment Date for any Extended Advance falls on a day other than a Business Day, then the extension of time for making the payment that would
otherwise be due on such Payment Date shall be included in computing interest in connection with such payment and excluded in connection with the next payment. 

        (c)   In
the event that the New Final Maturity Date falls on a day other than a Business Day, then the extension of time for making the payment that would otherwise be
due on the New Final Maturity Date shall be included in computing interest in connection with such payment. 

8.     Late Charges.  

        (a)   In
the event that any payment of any amount owing on account of any Extended Advance governed by this Part II is not made when and as
due (any such amount being then an "Overdue Amount"), then the amount payable shall be such Overdue Amount plus interest thereon (such interest being the
"Late Charge") computed in accordance with this subparagraph (a). 

        (1)   The
Late Charge shall accrue from the scheduled date of payment for the Overdue Amount (taking into account paragraph 7 of this Part
II) to the actual date on which payment is made. 

        (2)   The
Late Charge shall be computed on the basis of (A) actual days elapsed from (but not including) the scheduled date of payment for such Overdue Amount
(taking into account paragraph 7 of this Part II) to (and including) the date on which payment is made, and (B) a year 

7

 

of
365 days (except in calendar years including February 29, when the basis shall be a 366-day year). 

        (3)   The
Late Charge shall accrue at a rate (the "Late Charge Rate") equal to one and one-half times the rate to be determined
by the Secretary of the Treasury taking into consideration the prevailing market yield on the remaining maturity of the most recently auctioned 13-week United States
Treasury bills. 

        (4)   The
initial Late Charge Rate shall be in effect until the earlier to occur of either (a) the date on which payment of the Overdue Amount and the amount of the
accrued Late Charge is made, or (B) the first Payment Date to occur after the scheduled date of payment for such Overdue Amount. In the event that the Overdue Amount and the amount of accrued
Late Charge are not paid on or before the next such Payment Date, then the amount payable shall be the sum of the Overdue Amount and the amount of the accrued Late Charge, plus a Late Charge on such
sum accruing at a new Late Charge Rate to be then determined in accordance with the principles of clause (3) of this subparagraph (a). For so long as any Overdue Amount remains
unpaid, the Late Charge Rate shall be re-determined in accordance with the principles of clause (3) of this subparagraph (a) on each Payment Date to occur thereafter, and
shall be applied to the Overdue Amount and all amounts of the accrued Late Charge to the date on which payment of the Overdue Amount and the amount of the accrued Late Charge is made. 

        (b)   Nothing
in subparagraph (a) of this paragraph 8 shall be construed as permitting or implying that the Borrower may, without the written consent of FFB,
modify, extend, alter or affect in any manner whatsoever (except as explicitly provided herein) the right of FFB to receive any and all payments on account of all Extended Advances governed by this
Part II on the dates specified in this Part II. 

9.     Final Due Date.  

        Notwithstanding anything in this Agreement Amending Note to the contrary, all amounts outstanding under this Agreement Amending Note on account of each Extended
Advance governed by this Part II, which amounts remain unpaid as of the new Final Maturity Date, shall be due and payable on the new Final Maturity Date. 

10.   Application of Payments.  

        Each payment made on any Extended Advance governed by this Part II shall be applied first to the payment of any Late Charge
payable under paragraph 8 of this Part II, then to the payment of any premium payable under paragraph 11 of this
Part II, then to the payment of accrued interest and the applicable fee payable under paragraph 4 of this Part II, then on
account of outstanding principal, and then to the payment of the fee payable under paragraph 2 of Part III of this Agreement Amending Note. 

11.   Prepayment Privileges and Refinancing Privileges.  

        The prepayment privileges applicable to each Extended Advance governed by this Part II shall be the same prepayment privileges
applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. If the Existing Note included refinancing privileges
applicable to the Designated Advances, the refinancing privileges applicable to each Extended Advance governed by this Part II shall be the same refinancing
privileges applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. 

8

 
 
 

PART III
  
    GENERAL    
    

1.     Payment by Electronic Funds Transfer.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, each payment on
each Extended Advance shall be paid in immediately available funds by electronic funds transfer to the account of the United States Treasury (for credit to the subaccount of RUS)
maintained at the Federal Reserve Bank of New York, or such
other account as may be specified from time to time by FFB or by RUS, as loan servicing agent for FFB. 

2.     Loan Servicing Expense Fee.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, the Borrower
agrees to pay FFB an annual loan servicing expense fee, assessed by FFB pursuant to section 6(c) of the FFB Act, in the amount of one one-thousandth of one percent (0.00001) of the
aggregate unpaid principal balance of all Extended Advances on December 31 of each year. The loan servicing expense fee for each year shall be due and payable by the Borrower on the
March-31 Payment Date of the immediately following year, after taking into account any payment made on the December-31 Payment Date of the respective year. 

3.     No Novation.  

        This Agreement Amending Note shall not be deemed, construed, or interpreted for any purpose to be a novation of the Existing Note. 

4.     Security Instrument; RUS as "Holder" of Agreement Amending Note for Purposes of the Security Instrument.  

        This Agreement Amending Note shall be included as one of several notes entitled to the benefits and security of the particular security instrument or instruments
specified on page 1 of this Agreement Amending Note (such security instrument or instruments, as it or they may have heretofore been, and as it or they may hereafter be, amended, supplemented,
restated, or consolidated from time to time in accordance with its or their terms, being, collectively, the "Security Instrument"), whereby the Borrower pledged and
granted a security interest in certain property of the Borrower, described therein, to secure the payment of and performance of certain obligations owed to REA, predecessor to RUS, or to RUS, as the
case may be, as set forth in the Security Instrument. For purposes of the Security Instrument, RUS shall be considered to be, and shall have the rights, powers, privileges, and remedies of, the holder
of this Agreement Amending Note. 

5.     Existing Note Remains In Effect.  

        Excepted as modified herein, the Existing Note shall remain in full force and effect until all amounts due and payable thereunder have been paid in full. 

6.     RUS Guarantee Remains In Effect.  

        Notwithstanding the modification to the Existing Note made by this Agreement Amending Note, the Administrator of RUS hereby confirms that the guarantee set forth
at the end of the Existing Note, as modified herein, shall remain in full force and effect. 

9

 

7.     Further Amendments to Existing Note and this Agreement Amending Note.  

        To the extent not inconsistent with applicable law, the Existing Note and this Agreement Amending Note, for so long as FFB is the holder thereof, shall be subject
to further modification by such additional amendments, extensions, and renewals as may be agreed upon from time to time by FFB and the Borrower, with the approval of RUS. 

8.     Effective Date of this Agreement Amending Note.  

        This Agreement Amending Note shall not become effective until it has been executed by all of the Borrower, FFB, and the Administrator of RUS. When this Agreement
Amending Note has been so executed, it shall become effective as of the date first above written. 

9.     Severability.  

        Any provision of this Agreement Amending Note 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 of itself invalidate or render unenforceable such provision in any other jurisdiction. 

10.   Headings.  

        The descriptive headings of the various paragraphs and subparagraphs of this Agreement Amending Note were formulated and inserted for convenience only and shall
not be deemed to affect the meaning or construction of the provisions hereof. 

11.   Counterparts.  

        This Agreement Amending Note may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all of which
together shall constitute but one and the same instrument. 

12.   Incorporation of Exhibits and Schedules.  

        Schedule I attached hereto (a listing of the "Designated Advances") and Exhibit A attached hereto (the form of "Election Notice")
collectively form an integral part of this Agreement Amending Note, and are incorporated herein by reference. 

10

 

        IN WITNESS WHEREOF, the Borrower has caused this Agreement Amending Note to be signed in its corporate name and its corporate seal to be
hereunder affixed and attested by its officers thereunto duly authorized, and FFB and the Administrator of RUS have each caused this Agreement Amending Note to be executed by their respective duly
authorized officials. 

	 SEAL:	 	 	 	 
	 	 	 	 	
OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	
 ATTEST:	
 	

 	
 	

 
	
 By:	
 	

    
	
 	

By:	
 	

    

	Name:	 	Patricia N. Nash	 	Name:	 	Thomas A. Smith
	Title:	 	Secretary	 	Title:	 	President and Chief Executive Officer
	
 	
 	

 	
 	
FEDERAL FINANCING BANK
	
 	
 	

 	
 	

By:	
 	

    

	 	 	 	 	Name:	 	Roger Kodat
	 	 	 	 	Title:	 	Vice President and Treasurer
	
 	
 	

 	
 	
UNITED STATES OF AMERICA,

acting through

the Administrator of the

Rural Utilities Service
	
 	
 	

 	
 	

By:	
 	

    

	
 	
 	

 	
 	

Name:	
 	

    

	
 	
 	

 	
 	

Title:	
 	

    

11

 
 
 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION    
    

        The Retained Indebtedness Note referred to herein, as amended by this Agreement Amending Note, is one of the Obligations referred to in the Indenture, dated as of
March 1, 1997, by Oglethorpe Power Corporation (An Electric Membership Corporation), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation &
Transmission Corporation) to U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee. 

	 	 	U.S. BANK NATIONAL ASSOCIATION

as Trustee
	

 	
 	

By:	

    
 Vice President

12

 
 

SCHEDULE I
  
    DESIGNATED ADVANCES    
    

 
 

SCHEDULE I
  
    THE "DESIGNATED ADVANCES"    
    

	FFB

Advance

Identifier
 
	 	RUS

Account

Number
	 	Original

Advance

Date(1)
	 	Principal

Amount(2)
	 	Current

Final

Maturity

Date

	0012 0030	 	H0390	 	06/03/80	 	$	10,716,447.56	 	12/31/14
	0012 0032	 	H0540	 	09/15/81	 	 	19,325,837.89	 	12/31/15
	0012 0033	 	H0620	 	05/20/82	 	 	559,805.99	 	01/03/17
	0012 0034	 	H0630	 	06/17/82	 	 	6,919,497.94	 	01/03/17
	0012 0137	 	H0665	 	09/01/82	 	 	10,827,984.85	 	01/03/17
	0012 0038	 	H0845	 	04/18/85	 	 	215,275.09	 	12/31/19

	(1)
	In
the case of the "Original Note" being a refinancing note, the "Original Advance Date" for a Designated Advance should nevertheless be the date on which the respective Designated
Advance was originally made, which will be a date earlier than the date of the refinancing note.

	(2)
	In
the case of the "Original Note" being a refinancing note, the "Principal Amount" for a Designated Advance should be the principal balance of the respective Designated Advance as
specified in the refinancing note. In all other cases, the "Principal Amount" should be the amount originally disbursed. 

 
 

EXHIBIT A
  
    FORM OF
  
    ELECTION NOTICE    
    

 
 

ELECTION NOTICE    
    

NOTICE
TO: 

Administrator

Rural Utilities Service

United States Department of Agriculture

Room                         , South Agriculture Building

14th Street and Independence Avenue, SW

Washington, DC 20220 

        Reference
is made to the Agreement Amending Note dated as of
                                     (the "Agreement
Amending Note"), made by and among 
                        [Name of Borrower] (the "Borrower"), the Federal Financing Bank ("FFB"), and the
Administrator of the Rural Utilities Service ("RUS"). 

        1.     Identification
of advances respecting which the Borrower elect to extend the final maturity: 

Under
the terms of Part I of the Agreement Amending Note, the Borrower hereby notifies RUS that the Borrower wishes to make a "Final Maturity Extension Election" with respect to the following
"Designated Advances": 

	RUS(1)

NOTE

NUMBER
	 	RUS(1)

ACCOUNT

NUMBER
	 	FFB(1)

ADVANCE

IDENTIFIER

	    	 	 	 	 

        2.     Specification
of date on which Borrower requests that the maturity extension become effective: 

        The
Borrower requests that the extension of the final maturity of the unpaid principal balance of each advance identified above become effective
on                                    (the "Requested
Effective Date").(2) 

        3.     Certification
as to authority of signatory: 

        The
undersigned does certify, as of the date of this Election Notice, that the authority of the undersigned to make, on behalf of the Borrower, the election contained in this Election
Notice is valid and in full force and effect. 

	 	 	 	 	
 [Name of Borrower]
	
 	
 	

BY:	
 	

 	

 
	
 	
 	

 	
 	

Signature:	

	
 	
 	

 	
 	

Print Name:	

	
 	
 	

 	
 	

Title:	

	
 	
 	

 	
 	

Date:	

 
 

NOTES    
    

	(1)
	For
each Designated Advance with respect to which the Borrower elects to extend the final maturity, the Borrower must identify the Designated Advance by referencing (a) the
"RUS note number" assigned by RUS to the note under which the advance was made, (b) the "RUS account number" assigned by RUS to the Designated Advance, and (c) the "FFB advance
identifier" assigned by FFB to the Designated Advance. The FFB advance identifier for each Designated Advance is indicated on Schedules I attached to the Agreement Amending Note.

	(2)
	The
"Requested Effective Date" (a) may be any Business Day (i.e. any day on which both FFB and the Federal Reserve Bank of New York are open for business)
occurring during the first 2 months of any calendar quarter, or (b) may be the last day of any calendar quarter, and (c) may not be earlier than the
fifth Business Day after FFB has notified RUS that the Agreement Amending Note has been accepted by FFB. 

 
 

Exhibit G  
    
    [Form of Agreement No. 6 Amending Note]    
    

 

	

	
 	
 	
FOR FFB USE ONLY:	
 	

 
	
 	
 	
Note Identifier:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	

Purchase Date:	
 	

 
	
 	
 	

	
 	

 
	
 	
 	
FOR RUS USE ONLY:	
 	

 
	
 	
 	
RUS

Note

Number:
                                         
                 	
 	

 

	
 Date of

Original

Note	
 	

	

..(1)
	
 Maximum

Principal

Amount

of Original

Note	
 	

	

..
	
 New Final

Maturity

Date	
 	

December 31, 2037.	

 
	
 Security

Instrument	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
 	
 	

	

 
	
	
 	

 	

 

	(1)
	In
the case of a refinancing note, the date of the refinancing note. 

 
 

AGREEMENT AMENDING NOTE made as of

                             , by and among    

(the "Borrower"),
a                                    duly organized and existing under
the laws of the State of                                    ; the
FEDERAL FINANCING
BANK ("FFB"), a body corporate and instrumentality of the United States of America; and the  ADMINISTRATOR of the RURAL UTILITIES
SERVICE ("RUS"), a Rural Development
agency in the United States Department of Agriculture, successor to the Administrator of the Rural Electrification Administration ("REA"). 

1

 
 
 

PART I    
    

 
  DESCRIPTION OF ORIGINAL NOTE;
  PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION    
    

1.     Agreement Amending Note.  

        (a)   This
Agreement Amending Note amends and modifies the particular promissory note made by the Borrower payable to FFB bearing the date specified at the top of
page 1 of this Agreement Amending Note and in the maximum principal amount specified at the top of page 1 of this Agreement Amending Note (such promissory note being the
"Original Note," and the Original Note (which may be a refinancing note), as it may have heretofore been amended, modified, supplemented (including, without limitation, by
a substitute note), or restated, being the "Existing Note"), which Existing Note has heretofore been fully guaranteed by either the Administrator of RUS or his
predecessor, the Administrator of REA, as the case may be. 

        (b)   The
respective terms of the Existing Note shall remain in full force and effect as to each "Advance" (as that term is defined in the Existing Note) that is, as of
the date of this Agreement Amending Note, outstanding under and evidenced by the Existing Note until the the effective date of any extension of the final maturity of such Advance, as provided in
paragraph 2 of this Part I. 

2.     Final Maturity Extension Election.  

        (a)   For
so long as section 316 of the Rural Electrification Act of 1936 (7 U.S.C. § 940f), as such provision was added by section 774
of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2006 (Pub. L. No. 109-97) (such provision being the
"Final Maturity Extension Authority"), shall be in effect, and subject to the terms and conditions of this Part I, the Borrower may
elect to extend the final maturity of the unpaid principal balance of each of the Advances specified on Schedule I of this Agreement Amending Note (such Advances being, collectively, the
"Designated Advances," and each such Advance being, individually, a "Designated Advance"), and have the terms of Part
II of this Agreement Amending Note govern each of the Designated Advances (any such an election being a "Final Maturity Extension
Election"). As provided in the Final Maturity Extension Authority, the Borrower may make only one Final Maturity Extension Election for the Designated Advances. 

        (b)   By
executing this Agreement Amending Note, RUS acknowledges that the Borrower has tendered to RUS the amount of the fee that is required by the terms of the Final
Maturity Extension Authority in connection with extending the final maturity of the outstanding principal balances of the Designated Advances. 

3.     Conditions to Final Maturity Extension Election.  

        The terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances if and when all of
the following conditions shall have been satisfied: 

        (a)   The
Borrower shall have delivered to RUS a notice, in the form of notice attached hereto as Exhibit A, that the Borrower has made a Final Maturity
Extension Election with respect to the Designated Advances (such notice being an "Election Notice"), which notice shall: 

        (1)   identify
the Designated Advances with respect to which the Borrower has made a Final Maturity Extension Election; 

        (2)   specify
the date on which the Borrower requests that the final maturity extension of the unpaid principal balances of the Designated Advances become effective, being
also the date on 

2

 

which
the terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances (such date being the "Requested
Effective Date"), which date: 

        (A)  may
be either (i) any day on which FFB and the Federal Reserve Bank of New York are both open for business (any such day being a
"Business Day") occurring during the first 2 months of any calendar quarter, or (ii) the last day of any calendar quarter (the last day of each
calendar quarter being a "Payment Date"); 

        (B)  shall
not be earlier than 5 Business Days after FFB has delivered notice to RUS that this Agreement Amending Note has been accepted by FFB; 

        (C)  shall
not be earlier than the date of such Election Notice; 

        (D)  shall
not be earlier than 5 Business Days after the Borrower has delivered the Election Notice to RUS; and 

        (E)  shall
not be later than the first anniversary of the date of this Agreement Amending Note first above written. 

        (b)   RUS
shall have: 

        (1)   determined
that all limitations, conditions, and requirements of the Final Maturity Extension Authority have been satisfied; and 

        (2)   completed
processing the Borrower's Final Maturity Extension Election. 

        (c)   FFB
shall have received from RUS not less than 5 Business Days before the respective Requested Effective Date a notice, in the form of notice prescribed by FFB,
that RUS has completed processing of the Borrower's Final Maturity Extension Election (any such notice being an "Election Processing Completion Notice"). 

        (d)   If
(1) FFB has received from RUS an Election Processing Completion Notice with respect to the Designated Advances; and (2) FFB determines that the
aggregate discounted present value to FFB of the Designated Advances will be less after the final maturity extension than the aggregate discounted present value to FFB of the Designated Advances
before the final maturity extension, as of the Requested Effective Date, then RUS shall have tendered to FFB, on the respective Requested Effective Date, an amount equal to the reduction in the
aggregate discounted present value of the Advances by an internal transfer of funds on the books of the United States Department of the Treasury. The aggregate discounted present value of the
Designated Advances shall be calculated by FFB as of the close of business on the second Business Day before the Requested Effective Date using standard calculation methods of the United States
Department of the Treasury, and the determination by FFB of the amount payable by RUS to FFB shall be final. 

4.     Borrower's Agreement Regarding Election Processing Completion Notices.  

        The Borrower hereby agrees that FFB, for its purposes, may consider any Election Processing Completion Notice delivered by RUS to FFB in accordance with Part
I of this Agreement Amending Note to be an accurate representation that the Borrower has made a Final Maturity Extension Election with respect to the Designated Advances
identified therein and evidence that RUS has completed processing that Final Maturity Extension Election. 

5.     Final Maturity Extension Effective Date; Advances Governed by Part II.  

        (a)   If
an Election Processing Completion Notice is received by FFB at least 5 Business Days before the Requested Effective Date specified by the Borrower in the
respective Election Notice, and 

3

 

all
of the other conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on such Requested Effective Date (in such event, the Requested Effective Date being the "Final
Maturity Extension Effective Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this
Agreement Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

        (b)   If
an Election Processing Completion Notice is not received by FFB at least 5 Business Days before the respective Requested Effective Date, but all of the other
conditions that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
final maturity extension shall become effective on the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice
(in such event, the fifth Business Day after the day on which FFB receives such Election Processing Completion Notice being the "Final Maturity Extension Effective
Date"); 

        (2)   the
terms of Part II of this Agreement Amending Note shall begin to govern each of the Designated Advances from and after such Final
Maturity Extension Effective Date; and 

        (3)   a
new level debt service payment schedule, established in accordance with the principles of paragraph 6 of Part II of this
Agreement Amending Note, shall apply to the Designated Advances from and after such Final Maturity Extension Effective Date. 

6.     Rescissions of Final Maturity Extension Elections.  

        The Borrower may rescind a Final Maturity Extension Election made with respect to the Designated Advances only in accordance with the provisions of this
paragraph 6. For a rescission of a Final Maturity Extension Election to be effective, both FFB and RUS must have received from the Borrower, not later than 3:30 p.m. (Washington,
DC, time) 2 Business Days before the respective Requested Effective Date, a written notice specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final
Maturity Extension Election (which must be all of the Designated Advances specified in the related Election Notice). The written rescission notice may be delivered by facsimile transmission to FFB at
(202) 622-0707, and to RUS at (202) 720-1401, or at such other facsimile number or numbers as FFB and RUS may from time to time communicate to the Borrower. In
specifying the Designated Advances with respect to which the Borrower wishes to rescind a Final Maturity Extension Election, the Borrower must recite in the written rescission notice both the FFB
advance identifier for each of the Designated Advances (as specified for such Designated Advance in Schedule I attached hereto) and the RUS account number for each of the Designated
Advances. 

7.     Amount Due on First Payment Date After Effective Date.  

        For the Designated Advances with respect to which the Borrower makes a Final Maturity Extension Election: 

        (a)   if
the Borrower has specified in the related Election Notice a Business Day occurring during the first 2 months of any calendar quarter to be the Requested
Effective Date, and if all the conditions that apply to making such Final Maturity Extension Election have been satisfied, then the amount that is due and payable on the first Payment Date to occur
after the Final Maturity Extension Effective Date for the Designated Advances shall be an amount that is equal to a full quarterly payment that is 

4

 

due
in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this Agreement Amending Note. 

        (b)   if
the Borrower has specified in the related Election Notice the first immediately following Payment Date to be the Requested Effective Date, and if all the conditions
that apply to making such Final Maturity Extension Election have been satisfied, then: 

        (1)   the
amount that is due and payable on that Payment Date shall be an amount that is equal to a full quarterly payment that is due in accordance with the payment schedule
that applied to such Designated Advance immediately before such Final Maturity Extension Effective Date; and 

        (2)   the
amount that is due and payable on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Designated Advance shall be an amount
that is equal to a full quarterly payment that is due in accordance with the new payment schedule referred to in paragraph 5(b)(3) of Part I of this
Agreement Amending Note. 

	8.
	Application of Final Maturity Extension Authority Fee Paid by Borrower in event that Final Maturity Extension Does Not Become
Effective.

        In
the event that the conditions that apply to making a Final Maturity Extension Election for the Designated Advances are not satisfied for any reason, and the final maturity of the
outstanding principal balances of the Designated Advances is not extended, then the fee paid by the Borrower to RUS pursuant to the Final Maturity Extension Authority for extending the final maturity
of the Designated Advances shall be applied by RUS on the first Payment Date to occur thereafter toward the next payment due on the Designated Advances. No interest shall be earned or paid on the
amount of the fee paid by the Borrower for the time that RUS holds the fee. 

5

 
 
 

PART II
  
    TERMS APPLICABLE TO EXTENDED ADVANCES    
    

1.     Promise to Pay.  

        FOR VALUE RECEIVED, the Borrower (which term includes any successors or assigns) promises to pay FFB (which term
includes any successors or assigns) at the time, in the manner, and with interest at the rates hereinafter provided, the principal amount of the Designated Advances with respect to which the Borrower
has made a Final Maturity Extension Election, as provided in paragraph 2 of Part I
of this Agreement Amending Note (each Designated Advance with respect to which the Borrower has made a Final Maturity Extension Election being, from and after the Final Maturity Extension Effective
Date for such Final Maturity Date Election, an "Extended Advance," and more than one such Outstanding Advance being "Extended Advances"). 

2.     Principal Amount of Extended Advances.  

        The principal amount of each Extended Advance governed by this Part II shall be the unpaid principal balance of the respective
Designated Advance, as determined by FFB as of the respective Final Maturity Extension Effective Date. 

3.     New Final Maturity Date for Extended Advances.  

        Each Extended Advance governed by this Part II shall mature on the date specified on page 1 of this Agreement Amending
Note as the "New Final Maturity Date" (such date being the "New Final Maturity Date" for such Extended Advance). 

4.     Interest Rate and Applicable Fee for Extended Advances; Computation of Interest.  

        (a)   The
interest rate applicable to each Extended Advance governed by this Part II and, if the Original Note is a refinancing note, the
fee applicable to each Extended Advance governed by this Part II shall be the same interest rate that was applicable and, if the Original Note is a refinancing
note, the same fee that was applicable to the respective Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

        (b)   Subject
to paragraph 8 of this Part II, interest on each Extended Advance and, if the Original Note is a refinancing note, the
fee applicable to each Extended Advance shall accrue and be computed in the same manner as interest and, if the Original Note is a refinancing note, the fee accrued and were computed on the respective
Designated Advance before the Final Maturity Extension Effective Date as provided in the Existing Note. 

5.     Payment of Interest and, if Applicable, Refinancing Note Fee.  

        Interest accrued on the outstanding principal amount of each Extended Advance governed by this Part II and, if the Original
Note is a refinancing note, the applicable fee accrued on the outstanding principal amount of each Extended Advance governed by this Part II shall be due and
payable on each Payment Date, commencing on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance up through and including the New Final
Maturity Date for such Extended Advance. 

6

 

6.     Payment of Principal.  

        The principal amount of each Extended Advance governed by this Part II shall be payable in accordance with the following provisions: 

        (a)   Principal
payments on each Extended Advance shall begin on the first Payment Date to occur after the Final Maturity Extension Effective Date for such Extended Advance
and shall be made on each subsequent Payment Date until such Extended Advance is paid in full on or before the New Final Maturity Date. 

        (b)   The
amount of each quarterly payment of principal, interest, and, if the Original Note is a refinancing note, the applicable fee shall be newly computed as of the Final
Maturity Extension Effective Date, so that the amount of each such quarterly payment consisting of a principal installment and accrued interest and, if the Original Note is a refinancing note, accrued
applicable fee due and payable on the first Payment Date occurring immediately after the Final Maturity Extension Effective Date is substantially equal the amount of every other quarterly payment
("level debt service"). With respect to each Extended Advance, the newly computed level quarterly payments of principal, accrued interest, and, if the Original Note is a refinancing note, the
applicable fee shall be paid on each Payment Date occurring after the Final Maturity Extension Effective Date, beginning with the first Payment Date occurring immediately after the Final Maturity
Extension Effective Date for such Extended Advance and ending on the New Final Maturity Date. 

        (c)   The
aggregate of all quarterly payments on such Extended Advance shall be such as will pay the entire principal amount of such Extended Advance, and all interest and, if
the Original Note is a refinancing note, the applicable fee accrued thereon, on or before the New Final Maturity Date. 

7.     Business Days.  

        (a)   Whenever
any Payment Date or the New Final Maturity Date shall fall on a day that is not a Business Day, the payment that would otherwise be due on such Payment
Date or the New Final Maturity Date, as the case may be, shall be due on the first Business Day thereafter. 

        (b)   In
the event that any Payment Date for any Extended Advance falls on a day other than a Business Day, then the extension of time for making the payment that would
otherwise be due on such Payment Date shall be included in computing interest in connection with such payment and excluded in connection with the next payment. 

        (c)   In
the event that the New Final Maturity Date falls on a day other than a Business Day, then the extension of time for making the payment that would otherwise be
due on the New Final Maturity Date shall be included in computing interest in connection with such payment. 

8.     Late Charges.  

        (a)   In
the event that any payment of any amount owing on account of any Extended Advance governed by this Part II is not made when and as
due (any such amount being then an "Overdue Amount"), then the amount payable shall be such Overdue Amount plus interest thereon (such interest being the
"Late Charge") computed in accordance with this subparagraph (a). 

        (1)   The
Late Charge shall accrue from the scheduled date of payment for the Overdue Amount (taking into account paragraph 7 of this Part
II) to the actual date on which payment is made. 

        (2)   The
Late Charge shall be computed on the basis of (A) actual days elapsed from (but not including) the scheduled date of payment for such Overdue Amount
(taking into account paragraph 7 of this Part II) to (and including) the date on which payment is made, and (B) a year 

7

 

of
365 days (except in calendar years including February 29, when the basis shall be a 366-day year). 

        (3)   The
Late Charge shall accrue at a rate (the "Late Charge Rate") equal to one and one-half times the rate to be determined
by the Secretary of the Treasury taking into consideration the prevailing market yield on the remaining maturity of the most recently auctioned 13-week United States
Treasury bills. 

        (4)   The
initial Late Charge Rate shall be in effect until the earlier to occur of either (a) the date on which payment of the Overdue Amount and the amount of the
accrued Late Charge is made, or (B) the first Payment Date to occur after the scheduled date of payment for such Overdue Amount. In the event that the Overdue Amount and the amount of accrued
Late Charge are not paid on or before the next such Payment Date, then the amount payable shall be the sum of the Overdue Amount and the amount of the accrued Late Charge, plus a Late Charge on such
sum accruing at a new Late Charge Rate to be then determined in accordance with the principles of clause (3) of this subparagraph (a). For so long as any Overdue Amount remains
unpaid, the Late Charge Rate shall be re-determined in accordance with the principles of clause (3) of this subparagraph (a) on each Payment Date to occur thereafter, and
shall be applied to the Overdue Amount and all amounts of the accrued Late Charge to the date on which payment of the Overdue Amount and the amount of the accrued Late Charge is made. 

        (b)   Nothing
in subparagraph (a) of this paragraph 8 shall be construed as permitting or implying that the Borrower may, without the written consent of FFB,
modify, extend, alter or affect in any manner whatsoever (except as explicitly provided herein) the right of FFB to receive any and all payments on account of all Extended Advances governed by this
Part II on the dates specified in this Part II. 

9.     Final Due Date.  

        Notwithstanding anything in this Agreement Amending Note to the contrary, all amounts outstanding under this Agreement Amending Note on account of each Extended
Advance governed by this Part II, which amounts remain unpaid as of the new Final Maturity Date, shall be due and payable on the new Final Maturity Date. 

10.   Application of Payments.  

        Each payment made on any Extended Advance governed by this Part II shall be applied first to the payment of any Late Charge
payable under paragraph 8 of this Part II, then to the payment of any premium payable under paragraph 11 of this
Part II, then to the payment of accrued interest and the applicable fee payable under paragraph 4 of this Part II, then on
account of outstanding principal, and then to the payment of the fee payable under paragraph 2 of Part III of this Agreement Amending Note. 

11.   Prepayment Privileges and Refinancing Privileges.  

        The prepayment privileges applicable to each Extended Advance governed by this Part II shall be the same prepayment privileges
applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. If the Existing Note included refinancing privileges
applicable to the Designated Advances, the refinancing privileges applicable to each Extended Advance governed by this Part II shall be the same refinancing
privileges applicable to the respective Designated Advance before the Final Maturity Extension Effective Date that were provided in the Existing Note. 

8

 
 
 

PART III
  
    GENERAL    
    

1.     Payment by Electronic Funds Transfer.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, each payment on
each Extended Advance shall be paid in immediately available funds by electronic funds transfer to the account of the United States Treasury (for credit to the subaccount of RUS)
maintained at the Federal Reserve Bank of New York, or such
other account as may be specified from time to time by FFB or by RUS, as loan servicing agent for FFB. 

2.     Loan Servicing Expense Fee.  

        For so long as FFB is the holder of the Existing Note, as amended by this Agreement Amending Note, and RUS is the loan servicing agent for FFB, the Borrower
agrees to pay FFB an annual loan servicing expense fee, assessed by FFB pursuant to section 6(c) of the FFB Act, in the amount of one one-thousandth of one percent (0.00001) of the
aggregate unpaid principal balance of all Extended Advances on December 31 of each year. The loan servicing expense fee for each year shall be due and payable by the Borrower on the
March-31 Payment Date of the immediately following year, after taking into account any payment made on the December-31 Payment Date of the respective year. 

3.     No Novation.  

        This Agreement Amending Note shall not be deemed, construed, or interpreted for any purpose to be a novation of the Existing Note. 

4.     Security Instrument; RUS as "Holder" of Agreement Amending Note for Purposes of the Security Instrument.  

        This Agreement Amending Note shall be included as one of several notes entitled to the benefits and security of the particular security instrument or instruments
specified on page 1 of this Agreement Amending Note (such security instrument or instruments, as it or they may have heretofore been, and as it or they may hereafter be, amended, supplemented,
restated, or consolidated from time to time in accordance with its or their terms, being, collectively, the "Security Instrument"), whereby the Borrower pledged and
granted a security interest in certain property of the Borrower, described therein, to secure the payment of and performance of certain obligations owed to REA, predecessor to RUS, or to RUS, as the
case may be, as set forth in the Security Instrument. For purposes of the Security Instrument, RUS shall be considered to be, and shall have the rights, powers, privileges, and remedies of, the
holder of this Agreement Amending Note. 

5.     Existing Note Remains In Effect.  

        Excepted as modified herein, the Existing Note shall remain in full force and effect until all amounts due and payable thereunder have been paid in full. 

6.     RUS Guarantee Remains In Effect.  

        Notwithstanding the modification to the Existing Note made by this Agreement Amending Note, the Administrator of RUS hereby confirms that the guarantee set forth
at the end of the Existing Note, as modified herein, shall remain in full force and effect. 

9

 

7.     Further Amendments to Existing Note and this Agreement Amending Note.  

        To the extent not inconsistent with applicable law, the Existing Note and this Agreement Amending Note, for so long as FFB is the holder thereof, shall be subject
to further modification by such additional amendments, extensions, and renewals as may be agreed upon from time to time by FFB and the Borrower, with the approval of RUS. 

8.     Effective Date of this Agreement Amending Note.  

        This Agreement Amending Note shall not become effective until it has been executed by all of the Borrower, FFB, and the Administrator of RUS. When this Agreement
Amending Note has been so executed, it shall become effective as of the date first above written. 

9.     Severability.  

        Any provision of this Agreement Amending Note 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 of itself invalidate or render unenforceable such provision in any other jurisdiction. 

10.   Headings.  

        The descriptive headings of the various paragraphs and subparagraphs of this Agreement Amending Note were formulated and inserted for convenience only and shall
not be deemed to affect the meaning or construction of the provisions hereof. 

11.   Counterparts.  

        This Agreement Amending Note may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all of which
together shall constitute but one and the same instrument. 

12.   Incorporation of Exhibits and Schedules.  

        Schedule I attached hereto (a listing of the "Designated Advances") and Exhibit A attached hereto (the form of "Election Notice")
collectively form an integral part of this Agreement Amending Note, and are incorporated herein by reference. 

10

 

        IN WITNESS WHEREOF, the Borrower has caused this Agreement Amending Note to be signed in its corporate name and its corporate seal to be
hereunder affixed and attested by its officers thereunto duly authorized, and FFB and the Administrator of RUS have each caused this Agreement Amending Note to be executed by their respective duly
authorized officials. 

	 SEAL:	 	 	 	 
	 	 	 	 	
OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	
ATTEST:	
 	

 	
 	

 
	
 By:	
 	

    
	
 	

By:	
 	

    

	Name:	 	Patricia N. Nash	 	Name:	 	Thomas A. Smith
	Title:	 	Secretary	 	Title:	 	President and Chief Executive Officer
	
 	
 	

 	
 	
FEDERAL FINANCING BANK
	
 	
 	

 	
 	

By:	
 	

    

	 	 	 	 	Name:	 	Roger Kodat
	 	 	 	 	Title:	 	Vice President and Treasurer
	
 	
 	

 	
 	
UNITED STATES OF AMERICA,

acting through

the Administrator of the

Rural Utilities Service
	
 	
 	

 	
 	

By:	
 	

    

	
 	
 	

 	
 	

Name:	
 	

    

	
 	
 	

 	
 	

Title:	
 	

    

11

 
 
 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION    
    

        The Retained Indebtedness Note referred to herein, as amended by this Agreement Amending Note, is one of the Obligations referred to in the Indenture, dated as of
March 1, 1997, by Oglethorpe Power Corporation (An Electric Membership Corporation), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation &
Transmission Corporation) to U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee. 

	 	 	U.S. BANK NATIONAL ASSOCIATION

as Trustee
	

 	
 	

By:	

    
 Vice President

12

 
 

SCHEDULE I
  
    DESIGNATED ADVANCES    
    

 
 

SCHEDULE I
  
    THE "DESIGNATED ADVANCES"    
    

	FFB

Advance

Identifier
 
	 	RUS

Account

Number
	 	Original

Advance

Date(1)
	 	Principal

Amount(2)
	 	Current

Final

Maturity

Date

	0012 0196	 	H0740	 	09/29/83	 	$	32,126,313.37	 	12/31/17
	0012 0043	 	H0795	 	07/19/84	 	 	15,680,296.43	 	12/31/18
	0012 0045	 	H0815	 	11/21/84	 	 	9,893,410.14	 	12/31/18
	0012 0046	 	H0820	 	12/27/84	 	 	17,089,043.89	 	12/31/18
	0012 0200	 	H0860	 	07/18/85	 	 	18,469,708.77	 	12/31/19
	0012 0201	 	H0865	 	08/22/85	 	 	16,480,894.27	 	12/31/19
	0012 0202	 	H0875	 	10/17/85	 	 	18,528,979.44	 	12/31/19
	0012 0203	 	H0880	 	11/21/85	 	 	15,848,009.08	 	12/31/19
	0012 0053	 	H0900	 	03/20/86	 	 	55,643,396.17	 	12/31/20
	0012 0054	 	H0905	 	04/10/86	 	 	23,974,491.28	 	12/31/20
	0012 0055	 	H0915	 	05/07/86	 	 	13,623,306.32	 	12/31/20
	0012 0056	 	H0920	 	05/15/86	 	 	22,877,626.12	 	12/31/20
	0012 0057	 	H0930	 	07/17/86	 	 	6,827,504.85	 	12/31/20
	0012 0058	 	H0935	 	08/21/86	 	 	29,844,327.64	 	12/31/20
	0012 0059	 	H1095	 	07/21/89	 	 	845,370.02	 	01/02/24

	(1)
	In
the case of the "Original Note" being a refinancing note, the "Original Advance Date" for a Designated Advance should nevertheless be the date on which the respective Designated
Advance was originally made, which will be a date earlier than the date of the refinancing note.

	(2)
	In
the case of the "Original Note" being a refinancing note, the "Principal Amount" for a Designated Advance should be the principal balance of the respective Designated Advance as
specified in the refinancing note. In all other cases, the "Principal Amount" should be the amount originally disbursed. 

 
 

EXHIBIT A
  
    FORM OF
  
    ELECTION NOTICE    
    

 
 

ELECTION NOTICE    
    

NOTICE
TO: 

Administrator

Rural Utilities Service

United States Department of Agriculture

Room                         , South Agriculture Building

14th Street and Independence Avenue, SW

Washington, DC 20220 

        Reference
is made to the Agreement Amending Note dated as of
                                     (the "Agreement
Amending Note"), made by and among 
                        [Name of Borrower] (the "Borrower"), the Federal Financing Bank ("FFB"), and the
Administrator of the Rural Utilities Service ("RUS"). 

        1.     Identification
of advances respecting which the Borrower elect to extend the final maturity: 

Under
the terms of Part I of the Agreement Amending Note, the Borrower hereby notifies RUS that the Borrower wishes to make a "Final Maturity Extension Election" with respect to the following
"Designated Advances": 

	RUS(1)

NOTE

NUMBER
	 	RUS(1)

ACCOUNT

NUMBER
	 	FFB(1)

ADVANCE

IDENTIFIER

	    	 	 	 	 

        2.     Specification
of date on which Borrower requests that the maturity extension become effective: 

        The
Borrower requests that the extension of the final maturity of the unpaid principal balance of each advance identified above become effective
on                                    (the "Requested
Effective Date").(2) 

        3.     Certification
as to authority of signatory: 

        The
undersigned does certify, as of the date of this Election Notice, that the authority of the undersigned to make, on behalf of the Borrower, the election contained in this Election
Notice is valid and in full force and effect. 

	 	 	 	 	
 [Name of Borrower]
	
 	
 	

BY:	
 	

 	

 
	
 	
 	

 	
 	

Signature:	

	
 	
 	

 	
 	

Print Name:	

	
 	
 	

 	
 	

Title:	

	
 	
 	

 	
 	

Date:	

 
 

NOTES    
    

	(1)
	For
each Designated Advance with respect to which the Borrower elects to extend the final maturity, the Borrower must identify the Designated Advance by referencing (a) the
"RUS note number" assigned by RUS to the note under which the advance was made, (b) the "RUS account number" assigned by RUS to the Designated Advance, and (c) the "FFB advance
identifier" assigned by FFB to the Designated Advance. The FFB advance identifier for each Designated Advance is indicated on Schedules I attached to the Agreement Amending Note.

	(2)
	The
"Requested Effective Date" (a) may be any Business Day (i.e. any day on which both FFB and the Federal Reserve Bank of New York are open for business)
occurring during the first 2 months of any calendar quarter, or (b) may be the last day of any calendar quarter, and (c) may not be earlier than the
fifth Business Day after FFB has notified RUS that the Agreement Amending Note has been accepted by FFB. 

 
 

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	
 	

 	
 	

 
	
 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	
 	

 	
 	

 

QuickLinks

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

FIRST MORTGAGE OBLIGATIONS

ARTICLE I THE AGREEMENTS AMENDING NOTES

ARTICLE II MISCELLANEOUS

Act of the Holder

Exhibit A

Exhibit B [Form of Agreement No. 1 Amending Note]

AGREEMENT AMENDING NOTE made as of , by and among

PART I

DESCRIPTION OF ORIGINAL NOTE; PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION

PART II TERMS APPLICABLE TO EXTENDED ADVANCES

PART III GENERAL

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

SCHEDULE I DESIGNATED ADVANCES

SCHEDULE I THE "DESIGNATED ADVANCES"

EXHIBIT A FORM OF ELECTION NOTICE

ELECTION NOTICE

NOTES

Exhibit C [Form of Agreement No. 2 Amending Note]

AGREEMENT AMENDING NOTE made as of , by and among

PART I

DESCRIPTION OF ORIGINAL NOTE; PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION

PART II TERMS APPLICABLE TO EXTENDED ADVANCES

PART III GENERAL

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

SCHEDULE I DESIGNATED ADVANCES

SCHEDULE I THE "DESIGNATED ADVANCES"

EXHIBIT A FORM OF ELECTION NOTICE

ELECTION NOTICE

NOTES

Exhibit D [Form of Agreement No. 3 Amending Note]

AGREEMENT AMENDING NOTE made as of , by and among

PART I

DESCRIPTION OF ORIGINAL NOTE; PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION

PART II TERMS APPLICABLE TO EXTENDED ADVANCES

PART III GENERAL

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

SCHEDULE I DESIGNATED ADVANCES

SCHEDULE I THE "DESIGNATED ADVANCES"

EXHIBIT A FORM OF ELECTION NOTICE

ELECTION NOTICE

NOTES

Exhibit E [Form of Agreement No. 4 Amending Note]

AGREEMENT AMENDING NOTE made as of , by and among

PART I

DESCRIPTION OF ORIGINAL NOTE; PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION

PART II TERMS APPLICABLE TO EXTENDED ADVANCES

PART III GENERAL

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

SCHEDULE I DESIGNATED ADVANCES

SCHEDULE I THE "DESIGNATED ADVANCES"

EXHIBIT A FORM OF ELECTION NOTICE

ELECTION NOTICE

NOTES

Exhibit F [Form of Agreement No. 5 Amending Note]

AGREEMENT AMENDING NOTE made as of , by and among

PART I

DESCRIPTION OF ORIGINAL NOTE; PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION

PART II TERMS APPLICABLE TO EXTENDED ADVANCES

PART III GENERAL

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

SCHEDULE I DESIGNATED ADVANCES

SCHEDULE I THE "DESIGNATED ADVANCES"

EXHIBIT A FORM OF ELECTION NOTICE

ELECTION NOTICE

NOTES

Exhibit G [Form of Agreement No. 6 Amending Note]

AGREEMENT AMENDING NOTE made as of , by and among

PART I

DESCRIPTION OF ORIGINAL NOTE; PROCEDURE FOR FINAL MATURITY DATE EXTENSION ELECTION

PART II TERMS APPLICABLE TO EXTENDED ADVANCES

PART III GENERAL

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

SCHEDULE I DESIGNATED ADVANCES

SCHEDULE I THE "DESIGNATED ADVANCES"

EXHIBIT A FORM OF ELECTION NOTICE

ELECTION NOTICE

NOTES

Schedule 1QuickLinks
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EXHIBIT 4.7.1 (nn)  

This Instrument prepared by and

upon recording, please return to:

Shawne Keenan

Sutherland, Asbill & Brennan 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 

THIRTY-NINTH SUPPLEMENTAL

INDENTURE  

Relating to the

Series 2007 (FFB R-8) Note

and

Series 2007 (RUS R-8) Reimbursement Note 

Dated
as of July 1, 2007 

FIRST MORTGAGE OBLIGATIONS 

 

   
        THIS THIRTY-NINTH SUPPLEMENTAL INDENTURE, dated as of July 1, 2007, 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 (hereinafter called 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 (hereinafter
called 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); 

        WHEREAS, the Original Indenture has heretofore been amended and supplemented by thirty-eight Supplemental Indentures (the Original
Indenture, as heretofore, hereby and hereafter supplemented and modified, hereinafter sometimes called the "Indenture"), and the Original Indenture and the thirty-eight Supplemental Indentures have
been recorded as set forth on Schedule 1attached hereto; 

        WHEREAS, the Company is entering into a Third Amended and Restated Loan Contract, dated as of July 25, 2007, with the United States
of America, acting by and through the Administrator of the Rural Utilities Service ("RUS") which, among other things, provides the terms and conditions of a loan from the Federal Financing Bank
("FFB") in a principal amount of up to $78,418,600 (the "FFB R-8 Loan"); 

        WHEREAS, the Company's obligation to repay the FFB R-8 Loan will be evidenced by that certain Series 2007 (FFB
R-8) Note, dated the date of its authentication (the "Series 2007 (FFB R-8) Note"), from the Company to FFB; 

        WHEREAS, RUS will guarantee the Company's obligation to repay the FFB R-8 Loan; 

        WHEREAS, the Company will be obligated to reimburse RUS for any payments made to FFB on behalf of the Company in connection with the FFB
R-8 Loan; 

        WHEREAS, the Company's obligation to reimburse RUS for any payment under its guarantee to FFB will be evidenced by that certain
Series 2007 (RUS R-8) Reimbursement Note, dated the date of its authentication (the "Series 2007 (RUS R-8) Reimbursement Note"; together with the
Series 2007 (FFB R-8) Note, the "Series 2007 (R-8) Notes"), from the Company to RUS; 

        WHEREAS, the Company desires to execute and deliver this Thirty-Ninth Supplemental Indenture, in accordance with the provisions of the
Original Indenture, for the purpose of providing for the creation and designation of the Series 2007 (R-8) Notes as Additional Obligations and specifying the forms and provisions
thereof; 

        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 and subject to the conditions set forth in said
Section 12.1, including to create additional series of Obligations under the Indenture and to make provisions for such additional series of Obligations; and 

        WHEREAS, all acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to secure under
the Indenture the payment of the principal of (and premium, if any) and interest on the Series 2007 (R-8) Notes, to make the Series 2007 (R-8) Notes to be issued
hereunder, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, and to constitute the Indenture a valid
and binding lien for the security of the Series 2007 (R-8) Notes, in accordance with its terms, 

1

 

have
been done and taken; and the execution and delivery of this Thirty-Ninth Supplemental Indenture have been in all respects duly authorized by the Company; 

        NOW, THEREFORE, THIS THIRTY-NINTH SUPPLEMENTAL INDENTURE WITNESSETH, that, to secure the payment of the principal of (and premium, if any)
and interest on the Outstanding Secured Obligations, including, when authenticated and delivered, the Series 2007 (R-8) Notes, 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, to declare the terms and conditions on which the Series 2007 (R-8) Notes are secured, 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, all property described in 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 thereof; 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 Original 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. 

2

 

        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 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 THIRTY-NINTH SUPPLEMENTAL INDENTURE, is given to secure the Outstanding Secured Obligations, and 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. 

        AND IT IS HEREBY COVENANTED AND DECLARED that the Series 2007 (R-8) Notes are to be authenticated and delivered and the
Trust Estate is to be held and applied by the Trustee, subject to the covenants, conditions and trusts set forth herein and in the Original Indenture, and the Company does hereby covenant and agree to
and with the Trustee, for the equal and proportionate benefit of all Holders of the Outstanding Secured Obligations, as follows: 

ARTICLE I  

 THE SERIES 2007 (R-8) NOTES AND

CERTAIN PROVISIONS RELATING THERETO  

 Section 1.1    Authorization and Terms of the Series 2007 (FFB R-8) Note.  

        There shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the "Series 2007 (FFB
R-8) Note," the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and Section 1.2 hereof. The principal face amount
of the Series 2007 (FFB R-8) Note is limited to $78,418,600. 

        The
Series 2007 (FFB R-8) Note, when duly executed and issued by the Company, and authenticated and delivered by the Trustee and received and held by FFB, will be
equally and proportionately secured under the Indenture with all other Outstanding Secured Obligations. 

        The
Series 2007 (FFB R-8) Note shall be dated the date of its authentication. The Series 2007 (FFB R-8) Note shall mature on December 31,
2041, and shall bear interest from the date of its authentication to the date of its maturity at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof.
The Series 2007 (FFB R-8) Note shall be authenticated and delivered to, and made payable to, FFB. 

3

  

        All payments made on the Series 2007 (FFB R-8) Note shall be made as provided in the Series 2007 (FFB R-8) Note in lawful money of the United States
of America which will be immediately available on the date payment is due. 

 Section 1.2    Form of the Series 2007 (FFB R-8) Note.  

        The Series 2007 (FFB R-8) Note and the Trustee's certificate of authentication for the Series 2007 (FFB R-8) Note shall be
substantially in the form set forth in an Officers' Certificate to be delivered to the Trustee by the Company, which shall establish the terms and conditions of the Series 2007 (FFB
R-8) Note pursuant to Section 2.1 of the Original Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted in the
Original Indenture. 

        Pursuant
to Section 1.20 of the Original Indenture, the United States of America, acting by and through the Administrator of RUS, shall be, and shall have the rights of, the
Holder of the Series 2007 (FFB R-8) Note for all purposes under the Indenture at all times during which the Series 2007 (FFB R-8) Note continues to be guaranteed
by the United States of America, acting by and through the Administrator of RUS. 

 Section 1.3    Authorization and Terms of the Series 2007 (RUS R-8) Reimbursement Note.  

        There shall be created and established an Additional Obligation in the form of a reimbursement note known as and entitled the "Series 2007 (RUS
R-8) Reimbursement Note," the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and Section 1.4 hereof. 

        The
Series 2007 (RUS R-8) Reimbursement Note, when duly executed and issued by the Company, and authenticated and delivered by the Trustee and received and held by the
Holder thereof, will be equally and proportionately secured under the Indenture with all other Outstanding Secured Obligations. 

        The
Series 2007 (RUS R-8) Reimbursement Note shall be dated the date of its authentication. The Series 2007 (RUS R-8) Reimbursement Note shall
mature and shall bear interest for the periods and at the rates calculated as provided for in the form of note prescribed pursuant to Section 1.4 hereof. The Series 2007 (RUS
R-8) Reimbursement Note shall be authenticated and delivered to, and made payable to, the United States of America, acting by and through the Administrator of RUS. 

        All
payments made on the Series 2007 (RUS R-8) Reimbursement Note shall be made to the United States of America, acting by and through the Administrator of RUS, at the
United States Treasury, Washington, D.C. in lawful money of the United States of America which will be immediately available on the date payment is due. 

        The
Series 2007 (RUS R-8) Reimbursement Note is an Additional Obligation issued by the Company for the purpose of evidencing the Company's obligation to reimburse the
United States of America, acting by and through the Administrator of RUS, for all amounts paid, or for any advances or loans made to or on behalf of the Company, on account of the guarantee by the
United States of America, pursuant to the Rural Electrification Act of 1936, as amended, of the Series 2007 (FFB R-8) Note, and related interest, fees, costs, penalties, charges and
other amounts, and constitutes an "RUS Reimbursement Obligation" as described in Section 4.9 of the Original Indenture. 

 Section 1.4    Form of the Series 2007 (RUS R-8) Reimbursement Note.  

        The Series 2007 (RUS R-8) Reimbursement Note and the Trustee's certificate of authentication for such Series 2007 (RUS R-8)
Reimbursement Note shall be substantially in the form set forth in an Officers' Certificate to be delivered to the Trustee by the Company, which shall establish the terms and conditions of the
Series 2007 (RUS R-8) Reimbursement Note pursuant to Section 2.1 of the Original 

4

 

Indenture,
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted in the Indenture. 

 
 

ARTICLE II    
    
    MISCELLANEOUS    
    

        Section 2.1    This Thirty-Ninth 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 as hereby supplemented and modified, is hereby confirmed. Except to the
extent inconsistent with the express terms hereof, all of the provisions, terms, covenants and conditions of the Original Indenture shall be applicable to the Series 2007 (R-8)
Notes to the same extent as if specifically set forth herein. All references herein to Sections, definitions or other provisions of the Original Indenture shall be to such Sections, definitions and
other provisions as they may be amended or modified from time to time pursuant to the Indenture. All capitalized terms used in this Thirty-Ninth Supplemental Indenture shall have the same meanings
ascribed to them in the Original Indenture, except in cases where the context clearly indicates otherwise. 

        Section 2.2    All recitals in this Thirty-Ninth Supplemental Indenture are made by the Company only and not by the
Trustee; and all of the provisions contained in the Original 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 2.3    Whenever in this Thirty-Ninth 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 and agreements in this
Thirty-Ninth 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 2.4    Nothing in this Thirty-Ninth 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 Thirty-Ninth Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in
this Thirty-Ninth Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the Holders of Outstanding Secured
Obligations. 

        Section 2.5    This Thirty-Ninth 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 2.6    To the extent permitted by applicable law, this Thirty-Ninth 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: 

2100
East Exchange Place (30084-5336)

P.O. Box 1349 (30085-1349)

Tucker, GA 

5

 

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

U.S.
Bank National Association

Corporate Trust Services

1349 West Peachtree Street, NW

Suite 1050, Two Midtown Plaza

Atlanta, Georgia 30309 

[Signatures
on Next Page.] 

6

 

        IN WITNESS WHEREOF, the parties hereto have caused this Thirty-Ninth Supplemental Indenture to be duly executed under seal 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/  THOMAS A. SMITH      
 Thomas A. Smith

President and Chief Executive 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      	 	 	 	 
	
 Witness	 	 	 	 
	

/s/  SHARON H. WRIGHT      	
 	

 	
 	

 
	
 Notary Public	 	 	 	[CORPORATE SEAL]
	

[NOTARIAL SEAL]	
 	

 	
 	

 

My
Commission expires:     10/14/07     

[Signatures
Continued on Next Page.] 

7

 
[Signatures
Continued from Previous Page.] 

	Trustee:	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee

a national banking association
	

 	
 	

By:	
 	

        /s/  JACK ELLERIN      

	Signed and delivered	 	 	 	Authorized Agent
	by the Trustee in the presence of:	 	 	 	 
	

/s/  FELICIA POWELL      
	
 	

 	
 	

 
	Witness	 	 	 	 
	

/s/  MURIEL SHAW      
	
 	

 	
 	

 
	Notary Public	 	 	 	 
	

[NOTARIAL SEAL]	
 	

 	
 	

 

My
Commission expires:     1/14/08     

8

   Exhibit A  

        All property of the Company in the Counties of Appling, Ben Hill, Burke, Carroll, Clarke, Cobb, DeKalb, Floyd, Heard, Jackson, Monroe, Talbot and Toombs, State of
Georgia. 

A-1

Schedule 1  

RECORDING
INFORMATION

FOR

                        COUNTY, GEORGIA 

	DOCUMENT
 
	 	RECORDING

INFORMATION
	 	DATE OF

RECORDING

	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	
 	

 	
 	

 
	

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	
 	

 	
 	

 

QuickLinks

ARTICLE II MISCELLANEOUS

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