Document:

EX-4.3

 Exhibit 4.3 

[FORM OF GLOBAL NOTE] 
 This
Security is a Book-Entry Security within the meaning of the Indenture hereinafter referred to and is registered in the name of BT Globenet Nominees Limited as nominee for the common depositary for Euroclear and Clearstream. This Security is not
exchangeable for Securities registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described in the Indenture, and no transfer of this Security (other than a transfer of this Security as a
whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited circumstances described in the Indenture. 

Unless this certificate is presented by an authorized representative of Deutsche Bank AG, London Branch, as common depositary for Clearstream
Banking, société anonyme and Euroclear Bank SA/NV, as operator of the Euroclear System (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is
registered in the name of BT Globenet Nominees Limited or in such other name as is requested by an authorized representative of the Depository (and any payment is made to BT Globenet Nominees Limited or to such other entity as is requested by an
authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, BT Globenet Nominees Limited, has an interest herein. 

THE PROCTER & GAMBLE COMPANY 

ISIN: XS1900752905 
 Euroclear and
Clearstream Common Code No.: 190075290 
 CUSIP: 742718 FE4 
  

					
	No. [    ]	  		  	€[            ]          

 The Procter & Gamble Company, a corporation duly organized and existing under the laws of Ohio
(herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to BT Globenet Nominees Limited as nominee for the common depositary for
Clearstream Banking, société anonyme, and Euroclear Bank SA/NV, as operator of the Euroclear System, or registered assigns, the principal sum of [             ]
(€[            ]) on October 30, 2038 (the “Stated Maturity”) and to pay interest thereon from and including October 30, 2018 or from and including the most recent
Interest Payment Date to which interest has been paid or duly provided for, annually in arrear on October 30 of each year, commencing October 30, 2019, at the per annum rate of 1.875%, until the principal hereof is paid or made available
for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date; provided, however, that interest payable on any Maturity date shall be payable to the
person to whom the principal of the Securities shall be payable. 

 Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and interest on this Security will be made in euros at the office or agency of the Company
maintained for that purpose in London; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto in whose name this Security (or one or more
Predecessor Securities) are registered at the close of business on the Regular Record Date at such address as shall appear in the Security Register or by wire transfer of immediately available funds to an account specified in writing by such holder
to the Company and the Trustee prior to the relevant record date. 
 Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: [                     ] 

 

			
	THE PROCTER & GAMBLE COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ATTEST:
		
	By:	 	  

		 	Name:
		 	Title:

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	  

		 	    Authorized Officer

 This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of September 3, 2009 (herein called the “Indenture”), between the Company and Deutsche Bank Trust Company Americas, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the
face hereof, which series is initially limited in aggregate principal amount to €500,000,000 subject to the provisions described herein under “Further Issues.” 

Interest 
 This Security will bear
interest at the rate of 1.875% per year. Interest on this Security is payable annually in arrear on October 30 of each year, and on any Maturity date (each, an “Interest Payment Date”), commencing October 30, 2019 and ending on
any Maturity date, to the persons in whose names this Security is registered at the close of business on the Business Day immediately preceding the related Interest Payment Date; provided, however, that interest payable on any Maturity date
shall be payable to the person to whom the principal of this Security shall be payable. 
 Interest payable on any Interest Payment Date or
Maturity date shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue date, if no interest
has been paid or duly provided for with respect to this Security) to, but excluding, such Interest Payment Date or Maturity date, as the case may be. If any Interest Payment Date is not a Business Day at the relevant place of payment, the related
payment of interest will be made on the next day that is a Business Day at such place of payment as if payment were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date
to the immediately succeeding Business Day. If the Maturity date or Redemption Date of this Security falls on a day that is not a Business Day at the relevant place of payment, the related payment of interest, if any, and principal and premium, if
any, will be made on the next day that is a Business Day at such place of payment as if payment were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date to the
immediately succeeding Business Day. 
 Where interest is to be calculated in respect of a period which is equal to or shorter than the
relevant period for which interest is to be calculated (an “Interest Period”), it will be calculated on the basis of the actual number of days in the relevant period, from and including the date from which interest begins to accrue, to,
but excluding, the date on which it falls due, divided by the number of days in the Interest Period in which the relevant period falls (including the first such day but excluding the last). 

“Business Day” means any day that is not a Saturday or Sunday and that is not a day on which banking institutions are authorized or
obligated by law or executive order to close in the City of New York or London and, for any place of payment outside of the City of New York or 

 
London, in such place of payment, and on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates. 

The term “Maturity,” when used with respect to this Security, means the date on which the principal of this Security or an
installment of principal becomes due and payable as herein provided or as provided in the Indenture, whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment or otherwise. 

Optional Redemption 
 The Company will
have the option to redeem the Securities, in whole or in part, at its option at any time, at a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed, plus accrued interest on the Securities to be
redeemed to, but excluding, the date on which the Securities are to be redeemed, or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed, not including any portion of
these payments of interest accrued as of the date on which the Securities are to be redeemed, discounted to the date on which the Securities are to be redeemed on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate (as
defined below), plus 20 basis points, plus accrued interest on the Securities to be redeemed to, but excluding, the date on which the Securities are to be redeemed. 

“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being
rounded upwards), at which the gross redemption yield on the Securities to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such
Business Day of the Comparable Government Bond (as defined below) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an independent investment bank
selected by the Company. 
 “Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at
the discretion of an independent investment bank selected by the Company, a German government bond whose maturity is closest to the maturity of the Securities to be redeemed, or if such independent investment bank in its discretion determines that
such similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by the Company, determine to be appropriate
for determining the Comparable Government Bond Rate. 
 Notice of any redemption of the Securities shall be given in the manner and
otherwise in accordance with the provisions of Section 1104 of the Indenture; provided, however, that notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 15 nor more than 45 days prior to the
Redemption Date, to each Holder of Securities to be redeemed, at his address appearing on the Security Register. 

 The Securities are also subject to redemption if certain events occur involving United
States taxation, as described herein under “Tax Redemption.” 
 Additional Amounts 

All payments of principal and interest in respect of this Security will be made free and clear of, and without deduction or withholding for or
on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by the United States or any political subdivision or taxing authority of or in the
United States (collectively, “Taxes”), unless such withholding or deduction is required by law. 
 In the event such withholding
or deduction of Taxes is required by law, subject to the limitations described below, the Company will pay to the holder or beneficial owner of this Security that is not a U.S. Holder (as defined below) such additional amounts (“Additional
Amounts”) as may be necessary in order that every net payment by the Company or any paying agent of principal of or interest on this Security (including upon redemption), after deduction or withholding for or on account of such Taxes, will not
be less than the amount provided for in such Security to be then due and payable before deduction or withholding for or on account of such Taxes. 

A “U.S. Holder” is defined as any beneficial owner of this Security that is for U.S. federal income tax purposes: (i) an
individual who is a citizen or resident of the United States; (ii) a corporation created or organized in, or under the laws of, the United States, any State thereof or the District of Columbia; (iii) an estate, the income of which is
subject to U.S. federal income taxation regardless of the source of that income; or (iv) a trust, if (1) a U.S. court is able to exercise primary supervision over the trust’s administration and one or more “United States
persons” (within the meaning of the Internal Revenue Code) has the authority to control all of the trust’s substantial decisions, or (2) the trust has a valid election in effect under applicable Treasury regulations to be treated as a
“United States person.” 
 However, the Company’s obligation to pay Additional Amounts shall not apply to: 

(1) any Taxes which would not have been so imposed but for: 

a. the existence of any present or former connection between such holder or beneficial owner (or between a fiduciary, settlor, beneficiary,
member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity)
and the United States, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or other equity owner or person having such a power) being or having been a citizen or resident or
treated as a resident of the United States or being or having been engaged in a trade or business in the United States or being or having been present in the United States or having or having had a permanent establishment in the United States, 

 b. the failure of such holder or beneficial owner to comply with any requirement under
United States tax laws and regulations to establish entitlement to a partial or complete exemption from such Taxes (including, but not limited to, the requirement to provide Internal Revenue Service Form
W-8BEN, Form W-8BEN-E, Form W-8ECI, or any subsequent versions thereof or successor
thereto), or 
 c. such holder’s or beneficial owner’s present or former status as a personal holding company or a foreign
personal holding company with respect to the United States, as a controlled foreign corporation with respect to the United States, as a passive foreign investment company with respect to the United States, as a foreign tax exempt organization with
respect to the United States or as a corporation which accumulates earnings to avoid United States federal income tax; 
 (2) any Taxes
imposed by reason of the holder or beneficial owner: 
 a. owning or having owned, directly or indirectly, actually or constructively, 10%
or more of the total combined voting power of all classes of the Company’s stock, 
 b. being a bank receiving interest described in
section 881(c)(3)(A) of the Internal Revenue Code or 
 c. being a controlled foreign corporation with respect to the United States that is
related to the Company by stock ownership; 
 (3) any Taxes which would not have been so imposed but for the presentation by the holder or
beneficial owner of such Security for payment on a date more than 10 days after the date on which such payment became due and payable or the date on which payment of this Security is duly provided for and notice is given to holders, whichever occurs
later, except to the extent that the holder or beneficial owner would have been entitled to such additional amounts on presenting such Security on any date during such 10-day period; 

(4) any estate, inheritance, gift, sales, transfer, personal property, wealth, interest equalization or similar Taxes; 

(5) any Taxes which are payable otherwise than by withholding from payment of principal of or interest on such Security; 

(6) any Taxes which are payable by a holder that is not the beneficial owner of this Security, or a portion of this Security, or that is a
fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial owner, a beneficiary or settlor with respect to such fiduciary or member of such partnership, limited liability company or similar
entity would not have been entitled to the payment of an Additional Amount had such beneficial owner, settlor, beneficiary or member received directly its beneficial or distributive share of the payment; 

 (7) any Taxes required to be withheld by any paying agent from any payment of principal of
or interest on any Security, if such payment can be made without such withholding by any other paying agent; 
 (8) any Taxes imposed under
Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor provisions that are substantively comparable) and any current or future regulations or official interpretations thereof; or 

(9) any combination of items (1), (2), (3), (4), (5), (6), (7) and (8). 

For purposes of this section, the acquisition, ownership, enforcement or holding of or the receipt of any payment with respect to this
Security will not constitute a connection (i) between the holder or beneficial owner and the United States or (ii) between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a power over,
such holder or beneficial owner if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity and the United States. 

Any reference in this Security or the Indenture to principal or interest shall be deemed to refer also to Additional Amounts which may be
payable under the provisions of this section. 
 The Company will pay all stamp and other duties, if any, which may be imposed by the United
States or any political subdivision thereof or taxing authority therein with respect to the issuance of this Security. 
 Except as
specifically provided in this Security, the Company will not be required to make any payment with respect to any tax, duty, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority of or in
the United States. 
 Tax Redemption 

This Security may be redeemed at the Company’s option, in whole but not in part, at a redemption price equal to 100% of the principal
amount of this Security to be redeemed, together with interest accrued and unpaid to the date fixed for redemption, at any time, on giving not less than 15 nor more than 45 days’ notice, if 

(1) the Company has or will become obligated to pay Additional Amounts as a result of any change in or amendment to the laws, regulations or
rulings of the United States or any political subdivision or any taxing authority of or in the United States affecting taxation, or any change in or amendment to an official application, interpretation, administration or enforcement of such laws,
regulations or rulings, which change or amendment is announced or becomes effective on or after October 24, 2018, or 
 (2) any action
shall have been taken by a taxing authority, or any action has been brought in a court of competent jurisdiction, in the United States or any political subdivision or 

 
taxing authority of or in the United States, including any of those actions specified in (1) above, whether or not such action was taken or brought with respect to the Company, or any
change, clarification, amendment, application or interpretation of such laws, regulations or rulings shall be officially proposed, in any such case on or after October 24, 2018, which results in a substantial likelihood that the Company will be
required to pay Additional Amounts on the next Interest Payment Date. 
 However, no such notice of redemption shall be given earlier than
90 days prior to the earliest date on which the Company would be, in the case of a redemption for the reasons specified in (1) above, or there would be a substantial likelihood that the Company would be, in the case of a redemption for the
reasons specified in (2) above, obligated to pay such Additional Amounts if a payment in respect of this Security were then due and at the time such notification of redemption is given such circumstance remains in effect. 

Prior to the publication of any notice of redemption pursuant to this section, the Company will deliver to the Trustee under the Indenture:

 (i) a certificate signed by one of the Company’s duly authorized officers stating that the Company is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions precedent to the Company’s right so to redeem have occurred, and 

(ii) in the case of a redemption for the reasons specified in (1) or (2) above, a written opinion of independent legal counsel of
recognized standing to the effect that the Company has or will become obligated to pay such Additional Amounts as a result of such change or amendment or that there is a substantial likelihood that the Company will be required to pay such Additional
Amounts as a result of such action or proposed change, clarification, amendment, application or interpretation, as the case may be. 
 Such
notice, once delivered by the Company to the Trustee, will be irrevocable. 
 Events of Default 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Defeasance 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of this Security and (b) certain
restrictive covenants and certain Events of Default upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

Amendments 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of 

 
the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of at least a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of at least a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter
or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

Book Entry Security 
 This Security is a
Book-Entry Security registered in the name of a nominee of a common depositary of the Depository. This Book-Entry Security is exchangeable for Securities registered in the name of a person other than the Depository or the nominee of its common
depositary only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for definitive Securities in certificated form, this Book-Entry Security may not be transferred except as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 
 The
Securities represented by this Book-Entry Security are exchangeable for definitive Securities in certificated form of like tenor as such Securities in denominations of €100,000 and integral multiples of €1,000 in excess thereof only if
(i) the Company advises the Trustee in writing that the Depository is no longer willing or able to discharge its responsibilities properly and the Company is unable to locate a qualified successor within 90 days; (ii) an Event of Default
has occurred and is continuing under the Indenture; or (iii) the Company, at its option, elects to terminate the book-entry system through the Depository. Any Securities that are exchangeable pursuant to the preceding sentence are exchangeable
for certificated Securities issuable in authorized denominations and registered in such names as the Depository shall direct. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Securities in
certificated form is registrable in the Security Register, upon surrender of the definitive Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on the
definitive Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder thereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. Subject to the foregoing, this Book-Entry
Security is not exchangeable, except for a Book-Entry Security or Book-Entry Securities of this issue of the same principal amount to be registered in the name of the Depository or its nominee. 

 Notices 

So long as this Security is represented by this certificate and this certificate is held on behalf of Euroclear and Clearstream, notices to
Holders may be given by delivery of the relevant notice to Euroclear and Clearstream, for communication by it to entitled accountholders in substitution for notification as required by the terms and conditions of this Security. 

The Trustee will mail notices by first class mail, postage prepaid, to each registered holder’s last known address as it appears in the
Security Register. The Trustee will only mail these notices to BT Globenet Nominees Limited, as the registered holder of the Securities, unless the Company reissues the Securities to holders or their nominees in fully certificated form. 

Further Issues 
 The Company may from time
to time, without notice to or the consent of the registered holders of the Securities, create and issue further notes ranking equally with the Securities in all respects. Such further notes may be consolidated and form a single series with the
Securities and have the same terms as to status, redemption or otherwise as the Securities (other than the issue date of such further notes and first payment of interest following the issue date of such further notes). 

Governing Law 
 The Indenture and
Securities for all purposes shall be governed by and construed in accordance with the laws of the State of New York. 
 Miscellaneous 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.Exhibit 4.2

 

Upon recording, return to:

Ms. Shawne M. Keenan

Eversheds Sutherland (US) LLP

999 Peachtree Street, N.E.

Atlanta, Georgia 30309-3996

 

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

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

	
 
    
	
 
    

 

OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION),

GRANTOR,

 

to

 

U.S. BANK NATIONAL ASSOCIATION,

TRUSTEE

 

SEVENTY-EIGHTH SUPPLEMENTAL

INDENTURE

 

Relating to the

Oglethorpe Power Corporation First Mortgage Bonds,

Series 2018A

 

Dated as of October 1, 2018

 

FIRST MORTGAGE OBLIGATIONS

	
 
    
	
 
    

 

NOTE TO CLERK OF THE GEORGIA SUPERIOR COURT AND GEORGIA TAX COMMISSIONER: BECAUSE THIS INSTRUMENT SECURES BONDS AND NOT A LONG TERM NOTE, THIS INSTRUMENT IS EXEMPT FROM THE INTANGIBLES RECORDING TAX PURSUANT TO GEORGIA ADMINISTRATIVE CODE § 560-11-8-.14(d).

 

 

THIS SEVENTY-EIGHTH SUPPLEMENTAL INDENTURE, dated as of October 1, 2018, is between OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an electric membership corporation organized and existing under the laws of the State of Georgia, as Grantor (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as successor to SunTrust Bank, formerly 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 (the “Original Indenture”), for the purpose of securing its Existing Obligations and providing for the authentication and delivery of Additional Obligations by the Trustee from time to time under the Original Indenture (capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Original Indenture, as provided in Section 1.1 hereof);

 

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

 

WHEREAS, the Board of Directors of the Company has authorized a new series of Additional Obligations to be designated the First Mortgage Bonds, Series 2018A, due October 1, 2048 in the principal amount of Five Hundred Million Dollars ($500,000,000) (the “Series 2018A Bonds”);

 

WHEREAS, the Company will be entering into that certain Registration Rights Agreement with the Purchasers (as defined therein), dated as of October 30, 2018 (as it may be amended, supplemented or modified, the “Registration Rights Agreement”), requiring that the Company register the Series 2018A Bonds under the Securities Act of 1933, as amended (the “Securities Act”), with the Securities and Exchange Commission (the “SEC”);

 

WHEREAS, the Company desires to execute and deliver this Seventy-Eighth Supplemental Indenture, in accordance with the provisions of the Indenture, for the purpose of (i) providing for the creation and designation of the Series 2018A Bonds as Additional Obligations and specifying the form and provisions thereof and (ii) conveying and confirming unto the Trustee the lien of the Indenture with respect to the property more particularly described on Exhibit A attached hereto;

 

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 (i) to create a series of Additional Obligations under the Indenture and to make provisions for such series of Additional Obligations and (ii) to convey and confirm unto the Trustee any property subject or required to be subject to the lien of the Indenture; 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 2018A Bonds, to make the Series 2018A Bonds 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 2018A Bonds, in accordance with its terms, have been done and taken; and the execution and delivery of this Seventy-Eighth Supplemental Indenture have been in all respects duly authorized by the Company.

 

NOW, THEREFORE, THIS SEVENTY-EIGHTH SUPPLEMENTAL INDENTURE WITNESSES, 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 2018A Bonds, 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 2018A Bonds 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 on Exhibit A attached hereto, subject to all exceptions, reservations and matters of the character referred to in the Indenture, and does grant a security interest therein for the purposes expressed herein and in the Indenture subject in all cases to Sections 5.2 and 11.2 B of the Original Indenture and to the rights of the Company under the 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 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.

 

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

 

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

 

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

 

BUT IN TRUST, NEVERTHELESS, with power of sale, for the equal and proportionate benefit and security of the Holders from time to time of all the Outstanding Secured Obligations without any priority of any such Obligation over any other such Obligation and for the enforcement of the payment of such Obligations in accordance with their terms.

 

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

 

THE INDENTURE, INCLUDING THIS SEVENTY-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 Series 2018A Bonds 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 Indenture, and the

 

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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

 

DEFINITIONS

 

Section 1.1                                   Definitions.  All words and phrases defined in Article I of the Original Indenture and used in this Seventy-Eighth Supplemental Indenture shall have the same meanings ascribed to them in the Original Indenture, as such terms may have been or may be amended or modified from time to time pursuant to the Indenture, except in cases where the context clearly indicates otherwise.  In addition, the following terms have the following meanings in this Seventy-Eighth Supplemental Indenture unless the context clearly indicates otherwise.

 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday or Friday which is not a day on which banking institutions in New York or Georgia are generally authorized or obligated by law or executive order to close.

 

“Closing Date” means October 30, 2018.

 

“Interest Payment Date” means April 1 and October 1 of each year, commencing on April 1, 2019.

 

“Record Date” means the 15th day (whether or not a Business Day) of the calendar month immediately preceding such Interest Payment Date.

 

“Securities Depository” means The Depository Trust Company and its successors and assigns or any other securities depository selected by the Company which agrees to follow the procedures required to be followed by such securities depository in connection with the Series 2018A Bonds.

 

ARTICLE II

 

THE SERIES 2018A BONDS AND CERTAIN PROVISIONS
 RELATING THERETO

 

Section 2.1                                   Terms of the Series 2018A Bonds.  There shall be created and established a series of Additional Obligations known as and entitled the “First Mortgage Bonds, Series 2018A” (which are referred to herein as the “Series 2018A Bonds”).

 

The aggregate principal amount of the Series 2018A Bonds which may be authenticated, delivered and Outstanding at any one time is limited to Five Hundred Million Dollars ($500,000,000).  The Series 2018A Bonds shall consist of bonds in an aggregate principal amount of $500,000,000, due October 1, 2048.

 

Pursuant to the Registration Rights Agreement, the Company will register the Series 2018A Bonds under the Securities Act with the SEC.  For the purposes of this paragraph and Exhibit B attached hereto, the Series 2018A Bonds issued on the Closing Date shall be referred to as the “Initial Series 2018A Bonds” and the Series 2018A Bonds issued pursuant to the Exchange Offer

 

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(as hereinafter defined) shall be referred to as the “Exchange Series 2018A Bonds.”  The Registration Rights Agreement requires the Company to register the Initial Series 2018A Bonds (i) by exchanging the Initial Series 2018A Bonds for Exchange Series 2018A Bonds through an exchange offer (the “Exchange Offer”) and/or, (ii) if applicable, by filing a Shelf Registration Statement (as defined in the Registration Rights Agreement).  For all purposes under this Seventy-Eighth Supplemental Indenture, each series of the Initial Series 2018A Bonds and the related Exchange Series 2018A Bonds shall be treated as a single series of Series 2018A Bonds.

 

The Series 2018A Bonds shall bear interest from their date of issuance, payable semi-annually on each Interest Payment Date; provided, however, that if an Interest Payment Date does not fall on a Business Day, such payment may be made on the next succeeding Business Day. The Series 2018A Bonds shall bear interest at the annual rate of 5.05%; provided, however, that if (i) the Company fails to file a registration statement under the Securities Act registering the Series 2018A Bonds (the “Exchange Offer Registration Statement”) under the Securities Act in connection with the Exchange Offer with the SEC on or prior to the 180th day after the Closing Date, (ii) the Exchange Offer Registration Statement has not been declared effective by the SEC on or before the 270th day after the Closing Date, (iii) the Exchange Offer has not been completed within 60 Business Days after the initial effective date of the Exchange Offer Registration Statement, (iv) if a Shelf Registration Statement is required to be filed pursuant to the Registration Rights Agreement but is not filed with the SEC on or prior to the later of (x) the 30th Business Day after the date such obligation to file arises or (y) the 180th day after the Closing Date, (v) if a Shelf Registration Statement is required to be filed pursuant to the terms of the Registration Rights Agreement but is not declared effective by the SEC on or prior to the later of (x) the 90th day after the date such obligation to file arises or (y) the 270th day after the Closing Date, or (vi) the Exchange Offer Registration Statement or Shelf Registration Statement, as applicable, is filed and declared effective but thereafter either (x) is withdrawn by the Company or (y) becomes subject to an effective stop order issued pursuant to the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted under the Registration Rights Agreement, including with respect to any Shelf Registration Statement, during any applicable Suspension Period (as defined in the Registration Rights Agreement)) without being succeeded within 30 days from the date such registration statement was suspended by an additional registration statement filed and declared effective (each such event referred to in clauses (i) through (vi), a “Registration Default” and each period during which a Registration Default has occurred and is continuing, a “Registration Default Period”), then additional interest on the Series 2018A Bonds will accrue (in addition to the stated interest on the Series 2018A Bonds) at a rate of (x) 0.25% per annum for the first 90 days of a Registration Default Period and (y) at a rate per annum of 0.50% thereafter (“Special Interest”) on the principal amount of the Series 2018A Bonds, from the date of the occurrence of any Registration Default until such Registration Default is remedied. Special Interest shall accrue and be payable only with respect to a single Registration Default at any given time, notwithstanding the fact that multiple Registration Defaults may exist at such time. Immediately upon the cure of all Registration Defaults, the accrual of Special Interest will cease and the interest rate on the Series 2018A Bonds shall revert to the original rate.

 

The principal and the Redemption Price of, and interest on, the Series 2018A Bonds shall be paid to the Person in whose name that Obligation (or one or more Predecessor Obligations) is registered at the close of business on the Record Date applicable to such Interest Payment Date or Redemption Date.  Interest on the Series 2018A Bonds shall be computed on the basis of a 360-

 

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day year of twelve 30-day months.  The Series 2018A Bonds shall be dated the date of authentication.

 

The Series 2018A Bonds shall be issued as fully registered global bonds without coupons and in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof.  The Series 2018A Bonds shall be registered in the name of Cede & Co., as nominee of the Securities Depository, pursuant to the Securities Depository’s Book-Entry System.  When the Series 2018A Bonds are held in the Book-Entry System, purchases of beneficial interests in the Series 2018A Bonds shall be made in book-entry form, without certificates.  If at any time the Book-Entry System is discontinued for the Series 2018A Bonds, the Series 2018A Bonds shall be exchangeable for other fully registered certificated Series 2018A Bonds of like tenor and of an equal aggregate principal amount, in authorized denominations.  The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Series 2018A Bond.  The cost, if any, of preparing each new Series 2018A Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by the person requesting such exchange or transfer.

 

Interest on the Series 2018A Bonds shall be payable by check mailed to the registered owners thereof.  However, interest on the Series 2018A Bonds shall be paid to any owner of $1,000,000 or more in aggregate principal amount of the Series 2018A Bonds by wire transfer to a wire transfer address within the continental United States upon the written request of such owner received by the Paying Agent not less than five days prior to the Record Date.  As long as the Series 2018A Bonds are registered in the name of Cede & Co., as nominee of the Securities Depository, such payments shall be made directly to the Securities Depository.  The Trustee is hereby designated and agrees to act as initial Paying Agent for the Series 2018A Bonds.

 

Section 2.2                                   Optional Redemption.

 

(a)                                 The Company may redeem the Series 2018A Bonds, in whole or in part, on any date or from time to time prior to their maturity, at its option.

 

(i)                                     If the Redemption Date is before April 1, 2048, the Redemption Price for the Series 2018A Bonds will be equal to the greater of:

 

(1)           100% of the principal amount of the Series 2018A Bonds being redeemed; and

 

(2)           the sum of the present values of the remaining principal and interest payments on the Series 2018A Bonds being redeemed that would be due if such Series 2018A Bonds matured on April 1, 2048 (excluding interest accrued and unpaid through the Redemption Date), discounted on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of (x) the yield to maturity, determined on the third Business Day prior to the Redemption Date, of a U.S.  Treasury security having a life equal to the remaining average life (assuming, for this purpose, that the Series 2018A Bonds matured

 

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on April 1, 2048) of the Series 2018A Bonds being redeemed and trading in the secondary market at the price closest to par, and (y) 30 basis points,

 

plus in each case accrued and unpaid interest thereon to but excluding the Redemption Date.

 

(ii)                                  If the Redemption Date is on or after April 1, 2048, the Redemption Price for the Series 2018A Bonds will be 100% of the principal amount of the Series 2018A Bonds being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date.

 

(b)                                 If there is no U.S. Treasury security having a life equal to the remaining average life (assuming, for this purpose, that the Series 2018A Bonds matured on April 1, 2048) of the Series 2018A Bonds being redeemed in accordance with Section 2.2(a)(i) above, the discount rate will be calculated using a yield to maturity determined on a straight-line basis (rounding to the nearest calendar month, if necessary) from the average yield to maturity, determined on the third Business Day prior to the Redemption Date, of two U.S. Treasury securities having lives most closely corresponding to the remaining average life (assuming, for this purpose, that the Series 2018A Bonds matured on April 1, 2048) of the Series 2018A Bonds being redeemed and trading in the secondary market at the price closest to par.

 

(c)                                  Notice of redemption shall be given by first class mail, postage prepaid, mailed not less than 30 and not more than 60 days prior to the Redemption Date to the registered address of each Holder of Series 2018A Bonds being redeemed, except as otherwise required by the procedures of the Securities Depository.  Notice of redemption of the Series 2018A Bonds shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company.

 

(d)                                 If less than all of the Outstanding Series 2018A Bonds are to be redeemed, the Series 2018A Bonds to be redeemed will be selected by the Trustee in any method it deems fair and appropriate, and the portion of the Series 2018A Bonds not so redeemed will be in a minimum denomination of $2,000 and integral multiples of $1,000 in excess thereof.

 

(e)                                  If, at the time the notice of optional redemption of the Series 2018A Bonds is given, the Company has not deposited sufficient funds with the Trustee to pay the full Redemption Price of the Series 2018A Bonds to be redeemed, the notice of optional redemption will so state and will further state that the Series 2018A Bonds will remain Outstanding as though no redemption notice had been given unless the Company provides, or causes to be provided, to the Trustee, by 2:00 p.m.  New York City Time on the Redemption Date, funds sufficient to pay the full Redemption Price of the Series 2018A Bonds to be redeemed.  The failure of the Company to deposit sufficient funds with the Trustee to effect the redemption will not constitute a payment or other default by the Company under the Indenture and the Company will not be liable to any Holder of those Series 2018A Bonds as a result of the failed redemption.  If the Company has deposited funds with the Trustee sufficient to pay the full Redemption Price of the Series 2018A Bonds to be redeemed at the time the notice of optional redemption is given, then the Company is obligated to redeem the Series 2018A Bonds as provided in that notice.

 

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Section 2.3                                   Form of the Series 2018A Bonds.  The Series 2018A Bonds and the Trustee’s certificate of authentication for the Series 2018A Bonds shall be substantially in the form set forth in Exhibit B attached hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture.

 

ARTICLE III

 

MISCELLANEOUS

 

Section 3.1                                   Supplemental Indenture.  This Seventy-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 modified and as hereby supplemented and modified, is hereby confirmed.  Except to the extent inconsistent with the express terms of this Seventy-Eighth Supplemental Indenture or the Series 2018A Bonds, all of the provisions, terms, covenants and conditions of the Indenture generally applicable to the payment or redemption of all Obligations shall be applicable to the Series 2018A Bonds to the same extent as if specifically set forth herein.  All references herein to Sections, Articles, definitions or other provisions of the Original Indenture shall be to such Sections, Articles, definitions or other provisions as they may be amended or modified from time to time pursuant to the Indenture.

 

Section 3.2                                   Recitals.  All recitals in this Seventy-Eighth Supplemental Indenture are made by the Company only and not by the Trustee; and all of the provisions contained in the Indenture, in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect hereof as fully and with like effect as if set forth herein in full.

 

Section 3.3                                   Successors and Assigns.  Whenever in this Seventy-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 Seventy-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 3.4                                   No Rights, Remedies, Etc.  Nothing in this Seventy-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 Seventy-Eighth Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Seventy-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 3.5                                   Counterparts.  This Seventy-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.

 

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Section 3.6                                   Security Agreement; Mailing Address.  To the extent permitted by applicable law, this Seventy-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 Uniform Commercial Code, as adopted or hereafter adopted in one or more of the states in which any part of the properties of the Company are situated.

 

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

 

Oglethorpe Power Corporation

(An Electric Membership Corporation)

2100 East Exchange Place

Tucker, Georgia 30084-5336

 

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

 

U.S. Bank National Association

Attention:  Corporate Trust Services

1349 West Peachtree Street, NW

Suite 1050, Two Midtown Plaza

Atlanta, Georgia  30309

 

[Signatures Begin on Next Page]

 

9

 

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

 

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

 

 

[Signatures Continued on Next Page]

 

 

[Signatures Continued from Previous Page]

 

	
Trustee:
    	
U.S. BANK NATIONAL ASSOCIATION, a national banking association
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jack Ellerin
    
	
Signed   and delivered
    	
 
    	
Authorized   Agent
    
	
by   the Trustee in the
    	
 
    
	
Presence   of:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/   Felicia Powell
    	
 
    	
 
    
	
Witness
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   April Bright
    	
 
    	
 
    
	
Notary   Public
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
(Notarial   Seal)
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
My   commission expires: July 12, 2022
    	
 
    	
 
    

 

 

Exhibit A

 

All property of the Company (other than Excepted Property and Excludable Property) in the Counties of Appling, Burke, Carroll, Coweta, DeKalb, Floyd, Hart, Heard, Monroe, Murray, Talbot, Toombs, Walton, Warren, Washington and Whitfield, State of Georgia, whether now owned or hereafter acquired, and including the following described property:

 

1. Scherer Parcel 35

 

All that tract or parcel of land lying and being in Land Lots 140, 141 and 148, 5th Land District of Monroe County, Georgia, being designated as Parcel 22, containing 96.91 acres, more or less, according to a plat of a survey for Penmain Head, LLC prepared by Price S. Halligan, Jr., Georgia Registered Surveyor #2516, dated July 5, 2006, and recorded in Plat Book 28, Page 203, in the Office of the Clerk of the Superior Court of Monroe County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.

 

2. Scherer Parcel 22

 

All that tract or parcel of land lying and being in the Fifth Land District of Monroe County, Georgia, containing 2.0 acres and beginning at an iron pin situated on the Southerly right-of-way of that certain public road leading from Georgia Highway 87 to the home of Brack Goolsby, said iron pin being situated South 88 degrees 46 minutes East a distance of 420 feet from the point at which there is situated the lands of Herman Smith and Brenda K. Smith and further said iron pin being situated South 88 degrees 46 minutes East a distance of 420 feet from the point at which there is situated an iron pin on the aforesaid right-of-way line separating the lands of Herman Smith and Brenda Smith from the lands of Brack Goolsby; from said point of beginning run thence South 0 degrees 6 minutes 30 seconds West a distance of 420 feet to an iron pin; running thence North 0 degrees 6 minutes 30 seconds East a distance of 424 feet to an iron pin on the Southerly right-of-way line of the aforesaid public road; running thence along said right-of-way line North 89 degrees 30 minutes 22 seconds West a distance of 210 feet to the point of beginning. The land herein described is bounded on the North by the aforesaid public road; on the East and South by the lands of Frank J. Williams and James L. Williams and on the West by the lands of Herman W. Smith and Brenda K. Smith.

 

The land herein described is shown on a certain plat of survey prepared for Charles E. and Phyllis S. Funderburke by John F. Lott, which plat of survey is recorded in Plat Book 3, Page 269, in the office of the Clerk of the Superior Court of Monroe County, Georgia.

 

3. Scherer Parcel 30

 

All those tracts or parcels of land lying and being in Land Lot 148, of the Fifth Land District, of Monroe County, Georgia, containing in the aggregate 6.48 acres and being known and designated as Lot 1 (containing 3.16 acres) and Lot 2 (containing 3.32 acres) according to that certain plat of survey entitled “Subdivision for James Wade Williams”, prepared by Herbert B. Orr, Surveyor, dated April 15, 1978, and recorded in Plat Book 8, Page 138, Clerk’s Office, Monroe Superior Court. Said lots have such size, shape, metes, bounds and dimensions as are shown on said plat, which plat is incorporated herein by reference thereto.

 

A-1

 

4. Scherer Parcel 24A

 

All that tract or parcel of land lying and being in Land Lots 140 and 141 of the Fifth Land District, 466th (Middle Brooks) GMD, of Monroe County, Georgia, containing 13.272 acres, and being shown and designated as Parcel “A” upon that certain Boundary & Partitioning Survey prepared for Estate of Betty D. Goolsby prepared by Steve Coleman & Associates, Inc., Steven A. Coleman GRLS No. 2690, dated December 5, 2017 and recorded in Plat Book 33, Page 1, Clerk’s Office, Monroe Superior Court. Said tract has such size, shape and dimensions as are shown on said plat which by reference thereto is incorporated herein for all purposes.

 

5. Scherer Parcel 5

 

All that tract or parcel of land lying and being in Land Lot 85 of the Fifth Land District of Monroe County, Georgia and more specifically shown as Tract 1 (2.943 acres) on that certain plat of survey entitled “Lot Division Plan for Michael Hunnicutt and Melinda H. Smith”, by George Vedder, Registered Land Surveyor #2562, dated August 28, 2015, and recorded in the Clerk’s Office of the Superior Court of Monroe County, Georgia in Plat Book 32, Page 98.  Said plat with its metes, bounds, courses and distances is hereby incorporated herein by reference thereto and made a part hereof for a more accurate reference.

 

6. Scherer Parcels 45-47

 

All that tract or parcel of land situate, lying and being in Land Lot 142 of the 5th Land District, 466th (Middlebrooks) G.M.D. of Monroe County, Georgia, being more particularly known and designated as Parcel No. 1 containing 27.93 acres, according to that certain plat of survey entitled “A Boundary Survey for JSD Southland Resources, LLC”, dated May 13, 2005, prepared by Steven A. Coleman, Georgia Registered Land Surveyor No. 2690, and recorded in Plat Book 27, Page 240, in the Office of the Clerk of Superior Court, Monroe County, Georgia; said plat is by this reference incorporated herein and made a part of this description for all purposes.

 

There is included in said 27.93 acre tract the following: All that tract or parcel of land situate, lying and being in Land Lot 142 of the 5th Land District, 466th (Middlebrooks) G.M.D. of Monroe County, Georgia, being more particularly known and designated as Lot 1 containing 3.14 acres, according to that certain plat of survey entitled “Prepared For Dyal Investments”, dated November 2, 2006, prepared by Delta Surveyors, Inc., Georgia Registered Land Surveyors, and recorded in Plat Book 29, Pages 73-74, in the Office of the Clerk of Superior Court, Monroe County, Georgia. Said plat is by this reference incorporated herein and made a part of this description for all purposes.

 

7. Scherer Parcel 48

 

All those tracts or parcels of land situate, lying and being in Land Lot 142 of the 5th Land District, 466th (Middlebrooks) G.M.D. of Monroe County, Georgia, being more particularly known and designated as Parcel No. 2-A containing 12.07 acres and Parcel No. 2-B containing 0.64 acre, according to that certain plat of survey entitled “A Boundary Survey for Cleveland Jarrell”, dated

 

A-2

 

November 20, 2008, prepared by Steven A. Coleman, Georgia Registered Land Surveyor No. 2690, and recorded in Plat Book 30, Page 68, in the Office of the Clerk of Superior Court, Monroe County, Georgia; said plat is by this reference incorporated herein and made a part of this description for all purposes.

 

8. Scherer Parcel 36

 

All that tract or parcel of land with all improvements located thereon, situate, lying and being in Land Lot 148 of the 5th Land District of Monroe County, Georgia, containing 2.06 acres, more or less, and being more particularly shown and designated as Parcel C-3-B1 on that certain plat of survey entitled “Property Survey & Loan Plat for Russell A. & Carolyn C. Patten,” prepared by Herbert B. Orr, Registered Land Surveyor, dated January 29, 1988, and recorded in Plat Book 15, Page 28 in the Office of the Clerk of Superior Court, Monroe County, Georgia; said plat is by this reference incorporated herein and made a part of this description for all purposes.

 

9. Scherer Parcel 56

 

All that tract or parcel of land lying and being in Land Lot 148 of the 5th Land District, (Middlebrooks District), of Monroe County, Georgia, containing 1.86 AC., and being known and designated as Tract C-3-A, according to that certain plat of survey entitled “Survey for B.G. Hudson Estate”, prepared by Gary W. Witherington, Surveyor, dated June 17, 1976, as revised through May 30, 1980, and recorded in Plat Book 9, Page 75, Clerk’s Office, Monroe Superior Court, which plat is by this reference incorporated herein and made a part of this description.

 

10. Scherer Parcel 50

 

All that tract or parcel of land lying and being in Land Lot 142 of the 466th Middlebrooks General Militia District, Monroe County, Georgia, being identified as Lot 7, containing 3.87 acres, more or less. Said property is more particularly described on a plat of survey prepared by Delta Surveyors, Inc., Ronald T. Godwin, Registered Land Surveyor, dated November 11, 2007, and recorded in Plat Book 29, Page 74, in the Clerk of Court Office of Monroe County, Georgia. Said plat is incorporated herein and made a part hereof by reference.

 

11. Doyle Buffer — 1167 Gratis Road

 

All that tract or parcel of land lying and being in 419th District, G.M, (Town), Walton County, Georgia and being known as Farm No. 28A, Phase IV in the Monroe Farm Division, as shown on plat recorded in Plat Book 14, Page 127, Walton County Superior Court, to which reference is made for a more complete description. Said tract contains 8.75 acres.

 

A-3

 

Exhibit B

 

FORM OF SERIES 2018A BOND
 AND
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

[If an Initial Series 2018A Bond, then insert — THIS SERIES 2018A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.  EACH PURCHASER OF THIS SERIES 2018A BOND IS HEREBY NOTIFIED THAT THE SELLER OF THIS SERIES 2018A BOND MAY BE RELYING ON THE EXEMPTIONS FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A OR REGULATION S THEREUNDER.

 

THIS SERIES 2018A BOND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) PURSUANT TO OFFERS AND SALES TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (B) TO OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) (THE “COMPANY”), AND IN THE CASE OF BOTH (A) AND (B), IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.  EACH TRANSFEREE OF THIS SERIES 2018A BOND WILL BE REQUIRED TO PROVIDE U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE) WITH A WRITTEN CERTIFICATION (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AS TO COMPLIANCE WITH THE TRANSFER RESTRICTIONS REFERRED TO ABOVE. IN ADDITION, IF THE PROPOSED TRANSFEREE IS A PURCHASER WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER, A NON-U.S. PERSON OR THE COMPANY, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

B-1

 

THIS SERIES 2018A BOND AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND OTHER TRANSFERS OF THIS SERIES 2018A BOND TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY.  THE HOLDER OF THIS SERIES 2018A BOND SHALL BE DEEMED BY THE ACCEPTANCE OF THIS SERIES 2018A BOND TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT.]

 

[If a Regulation S Bond, then insert — BY ITS ACQUISITION HEREOF, THE HOLDER OF THIS SERIES 2018A BOND REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS SERIES 2018A BOND IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.]

 

[If a Temporary Regulation S Bond, then insert — EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL BOND WILL NOT BE EXCHANGEABLE FOR BENEFICIAL INTERESTS IN THE PERMANENT REGULATION S GLOBAL BOND OR ANY OTHER BOND REPRESENTING A BENEFICIAL INTEREST IN THE SERIES 2018A BONDS REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(2) OF REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH BENEFICIAL INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL BOND MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED (I) TO THE COMPANY, (II) OUTSIDE THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (III) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) AND (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. HOLDERS OF BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL BOND WILL NOTIFY ANY PURCHASER OF THIS BOND OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE.

 

AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL BOND MAY BE EXCHANGED FOR INTERESTS IN A RULE 144A GLOBAL BOND ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE BONDS IN COMPLIANCE WITH RULE 144A AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL BOND FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE TO THE EFFECT THAT THE REGULATION S GLOBAL BOND IS BEING TRANSFERRED

 

B-2

 

(A) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES TO BE A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, (B) TO A PERSON WHO IS PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

 

BENEFICIAL INTERESTS IN A RULE 144A GLOBAL BOND MAY BE TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF A BENEFICIAL INTEREST IN THE REGULATION S GLOBAL BOND, WHETHER BEFORE OR AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE TO THE EFFECT THAT SUCH TRANSFER IS BEING MADE IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S OR RULE 144 (IF AVAILABLE).]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

B-3

 

	
No.             
    	
$500,000,000.00
    

 

OGLETHORPE POWER CORPORATION, FIRST MORTGAGE BOND,
 SERIES 2018A, DUE 2048

 

REGISTERED OWNER:  CEDE & CO.

PRINCIPAL AMOUNT:  FIVE HUNDRED MILLION DOLLARS

ISSUANCE DATE:  October 30, 2018

CUSIP NO.:            

 

Oglethorpe Power Corporation (An Electric Membership Corporation), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an electric membership corporation existing under the laws of the State of Georgia (together with any successors and assigns, the “Company”), for value received hereby promises to pay to the registered owner named above or registered assigns, on October 1, 2048 upon the presentation and surrender of this First Mortgage Bond, 5.05% Series 2018A due October 1, 2048 (this “Series 2018A Bond”), the principal amount (upon original issuance) of $500,000,000, issued under the Indenture, dated as of March 1, 1997 (the “Original Indenture”), as heretofore supplemented and as supplemented by the Seventy-Eighth Supplemental Indenture (the “Seventy-Eighth Supplemental Indenture”), between the Company, formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), as grantor, and U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (the “Trustee”) (the Original Indenture, as amended and supplemented, the “Indenture”).

 

The Company shall pay the principal sum set forth above and pay interest on said principal sum from the date hereof until payment of said principal sum has been made or duly provided for, semi-annually at the interest rate of 5.05% [If an Initial Series 2018A Bond, then insert — ; provided, however, that if (i) the Company fails to file a registration statement under the Securities Act of 1933, as amended, registering this Series 2018A Bond (the “Exchange Offer Registration Statement”) in connection with the exchange offer (the “Exchange Offer”) pursuant to that certain Registration Rights Agreement (the “Registration Rights Agreement”) by and between the Company and Goldman Sachs & Co. LLC, as representative of the Purchasers (as defined therein), dated as of October 30, 2018 with the Securities and Exchange Commission (the “SEC”) on or prior to the 180th day after October 30, 2018 (the “Closing Date”), (ii) the Exchange Offer Registration Statement has not become effective or been declared effective by the SEC on or before the 270th day after the Closing Date, (iii) the Exchange Offer has not been completed within 60 business days after the initial effective date of the Exchange Offer Registration Statement, (iv) if a Shelf Registration Statement (as defined in the Registration Rights Agreement) is required to be filed pursuant to the terms of the Registration Rights Agreement but is not filed with the SEC on or prior to the later of (x) the 30th business day after the date such obligation to file arises or (y) the 180th day after the Closing Date, or (v) if a Shelf Registration Statement is required to be filed pursuant to the terms of the Registration Rights Agreement but is not declared effective by the SEC on or prior to the later of (x) the 90th day after the date such obligation to file arises, or (vi) the Exchange Offer Registration Statement or Shelf Registration Statement, as applicable, is filed and declared effective but thereafter either (x) is withdrawn by the Company or (y) becomes subject to an effective stop order issued pursuant to the Securities Act suspending the effectiveness

 

B-4

 

of such registration statement (except as specifically permitted under the Registration Rights Agreement, including with respect to any Shelf Registration Statement, during any applicable Suspension Period (as defined in the Registration Rights Agreement)) without being succeeded within 30 days from the date such registration statement was suspended by an additional registration statement filed and declared effective (each event referred to in clauses (i) through (vi), a “Registration Default” and each period during which a Registration Default has occurred and is occurring, a “Registration Default Period”), then additional interest on this Series 2018A Bond will accrue (in addition to the stated interest on this Series 2018A Bond) at a rate of (x) 0.25% per annum for the first 90 days of a Registration Default Period and (y) at a rate per annum of 0.50% thereafter (“Special Interest”) on the principal amount of this Series 2018A Bond, from the date of the occurrence of any Registration Default until such Registration Default is remedied.  Special Interest shall not accrue and be payable only with respect to a single Registration Default at any given time, notwithstanding the fact that multiple Registration Defaults may exist at such time. Immediately upon the cure of all Registration Defaults, the accrual of Special Interest will cease and the interest rate on this Series 2018A Bond shall revert to the original rate.

 

The principal of, and interest on, this Series 2018A Bond are payable at the principal corporate trust office of the Trustee, or of its successor as Trustee, or, at the option of the owner of this Series 2018A Bond, at the principal office of any Paying Agent appointed in accordance with the Indenture; provided, however, that, subject to the next succeeding paragraph, interest may be payable, at the option of the Trustee, by check or draft drawn upon the Trustee and mailed to the registered address of the registered owner of this Series 2018A Bond as of the close of business on the applicable Record Date (as defined in the Seventy-Eighth Supplemental Indenture), or, at the written request of the registered owner of Series 2018A Bonds in an aggregate principal amount greater than or equal to $1,000,000 delivered to the Trustee at least five days prior to the Record Date next preceding such payment date, by wire transfer to a wire transfer address in the continental United States as set forth in such request. Payment of the principal of and interest on this Series 2018A Bond shall be in any coin or currency of the United States of America as, at the respective times of payment, shall be legal tender for the payment of public and private debts.

 

Notwithstanding any other provision of this Series 2018A Bond to the contrary, so long as this Series 2018A Bond shall be registered on books of the Company kept by the Obligation Registrar (as defined in the Indenture) in the name of The Depository Trust Company, a New York Corporation (“DTC”), or its nominee, the provisions of the Indenture governing the Book-Entry System (as defined in the Indenture) shall govern the manner of payment of the principal of, and interest on, this Series 2018A Bond.

 

The Series 2018A Bonds are equally and ratably secured, to the extent provided in the Indenture, by the Trust Estate, except and excluding the Excepted Property and the Excludable Property.

 

Reference is hereby made to the Indenture, a copy of which is on file with the Trustee, for the provisions, among others, with respect to the nature and extent of the rights, duties and obligations of the Company, the Trustee and the owner of this Series 2018A Bond, the terms upon which this Series 2018A Bond is issued and secured, and the modification or amendment of the Indenture, to all of which the registered owner of this Series 2018A Bond assents by the acceptance of this Series 2018A Bond.

 

B-5

 

This Series 2018A Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Series 2018A Bond with the written request of the registered owner hereof or his attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or his duly authorized attorney.  The Obligation Registrar shall not be obliged to (i) make any exchange or transfer of this Series 2018A Bond during the period beginning at the opening of business fifteen days next preceding the date of the mailing of the notice of redemption of the Series 2018A Bonds or (ii) register the transfer of or exchange of any Series 2018A Bond so selected for redemption in whole or in part, except the unredeemed portion of a Series 2018A Bond being redeemed in part.

 

The Series 2018A Bonds shall be issued as fully registered global bonds without coupons and in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof.   Upon payment of any required tax or other governmental charge and, subject to such conditions, the Series 2018A Bonds, upon the surrender thereof at the principal office of the Obligation Registrar, with a written instrument of transfer satisfactory to the Obligation Registrar, duly executed by the registered owner or his duly authorized attorney, may, at the option of the registered owner thereof, be exchanged for an equal aggregate principal amount of Series 2018A Bonds of the same interest rate and in any other authorized denominations.

 

This Series 2018A Bond shall bear interest from, and including, the date hereof to, but excluding, October 1, 2048.  Interest shall be payable in arrears on each Interest Payment Date; provided, however, that if an Interest Payment Date does not fall on a Business Day, such payment may be made on the next succeeding Business Day.  Interest on this Series 2018A Bond shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Optional Redemption: The Company may redeem this Series 2018A Bond, in whole or in part, on any date or from time to time prior to its maturity, at its option.

 

If the Redemption Date is before April 1, 2048, the Redemption Price for this Series 2018A Bond will be equal to the greater of:

 

(i)            100% of the principal amount of the portion of this Series 2018A Bond being redeemed; and

 

(ii)           the sum of the present values of the remaining principal and interest payments on the portion of this Series 2018A Bond being redeemed that would be due if such portion of this Series 2018A Bond matured on April 1, 2048 (excluding interest accrued and unpaid through the Redemption Date), discounted on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of (i) the yield to maturity, determined on the third Business Day prior to the Redemption Date, of a U.S.  Treasury security having a life equal to the remaining average life (assuming, for this purpose, that this Series 2018A Bond matured on April 1, 2048) of this Series 2018A Bond and trading in the secondary market at the price closest to par, and (ii) 30 basis points,

 

plus in each case accrued and unpaid interest thereon to but excluding the Redemption Date.

 

B-6

 

If the Redemption Date is on or after April 1, 2048, the Redemption Price for this Series 2018A Bond will be 100% of the principal amount of this Series 2018A Bond being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date.

 

If there is no U.S. Treasury security having a life equal to the remaining average life (assuming, for this purpose, that the Series 2018A Bonds matured on April 1, 2048) of the portion of this Series 2018A Bond being redeemed prior to April 1, 2048, the discount rate will be calculated using a yield to maturity determined on a straight-line basis (rounding to the nearest calendar month, if necessary) from the average yield to maturity, determined on the third Business Day prior to the Redemption Date, of two U.S. Treasury securities having lives most closely corresponding to the remaining average life (assuming, for this purpose, that the Series 2018A Bonds matured on April 1, 2048) of the portion of the Series 2018A Bonds being redeemed and trading in the secondary market at the price closest to par.

 

If less than all of this Series 2018A Bond is to be redeemed, the portion of this Series 2018A Bond to be redeemed will be selected by the Trustee in any method it deems fair and appropriate, and the portion of this Series 2018A Bond not so redeemed will be in a minimum denomination of $2,000 and integral multiples of $1,000 in excess thereof.

 

The registered owner of this Series 2018A Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.

 

All acts, conditions and things required by the Constitution and statutes of the State of Georgia, the governing rules and procedures of the Company and the Indenture to exist, to have happened and to have been performed precedent to and in the issuance of this Series 2018A Bond, do exist, have happened and have been performed.

 

No covenant or agreement contained in this Series 2018A Bond, the Indenture or the Seventy-Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Series 2018A Bond shall be liable personally on this Series 2018A Bond or be subject to any personal liability or accountability by reason of the issuance of this Series 2018A Bond.

 

This Series 2018A Bond shall not be entitled to any benefit under the Indenture or be valid until this Series 2018A Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.

 

Signatures commence on following page

 

B-7

 

IN WITNESS WHEREOF, the Company has caused this Series 2018A Bond to be executed in its corporate name by its Executive Vice President and Chief Financial Officer and attested by its Secretary and its corporate seal to be hereunto affixed.

 

	
 
    	
OGLETHORPE POWER CORPORATION
    
	
 
    	
(AN ELECTRIC MEMBERSHIP CORPORATION)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Elizabeth   B. Higgins
    
	
 
    	
 
    	
Executive   Vice President and
    
	
 
    	
 
    	
Chief   Financial Officer
    
	
 
    	
 
    
	
(CORPORATE   SEAL)
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Attest:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Kimberly   D. Adams
    	
 
    
	
Secretary
    	
 
    
				

 

B-8

 

This is one of the Obligations of the series designated therein referred to in the within-mentioned Indenture.

 

	
 
    	
U.S. BANK NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized   Agent
    
	
 
    	
 
    
	
Date   of   Authentication:                    
    	
 
    

 

B-9

 

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
    	
 
    	
 
    	
 
    	
 
    

 

 

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

 

 

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]