Document:

Exhibit

AMENDMENT NO. 2 TO 
CREDIT AGREEMENT 

THIS AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”), dated as of September 7, 2018 (the “Amendment No. 2 Effective Date”), is made by and among OHA Investment Corporation, a Maryland corporation, as borrower (the “Borrower”), the Loan Parties party hereto, the Lenders party hereto, MidCap Financial Trust, a Delaware statutory trust, as administrative agent for each of the Lenders (in such capacity, the “Administrative Agent”), and amends that certain Credit Agreement, dated as of September 9, 2016 (as amended or otherwise modified prior to the date hereof, the “Credit Agreement”), by and among the Borrower, the Lenders from time to time party thereto and the Administrative Agent.  All terms used and not otherwise defined herein shall have the meaning set forth in the Credit Agreement, as amended hereby. 
WHEREAS, the parties hereto desire to amend the Credit Agreement as set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby conclusively acknowledged, the parties hereto agree as follows:
Section 1.    Acknowledgment.  The Borrower hereby confirms, and the Administrative Agent and the Lenders hereby acknowledge and agree, that the Borrower is in compliance with the covenant set forth in Section 6.1 of the Credit Agreement as of July 31, 2018.
Section 2.    Amendments to the Credit Agreement.  The Credit Agreement shall be amended as follows:
(a)The following new defined terms are hereby inserted alphabetically in Section 1.1 of the Credit Agreement:
“‘Amendment No. 2 Effective Date’ shall have the meaning set forth in Amendment No. 2 to Credit Agreement.”
“‘Amendment No. 2 Prepayment’ shall have the meaning set forth in Amendment No. 2 to Credit Agreement. ”
“‘Amendment No. 2 to Credit Agreement’ shall mean that certain Amendment No. 2 to Credit Agreement, dated as of the Amendment No. 2 Effective Date, by and among Borrower, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent.”
(b)Each of the following definitions in Section 1.1 is hereby amended and restated in its entirety as follows:
 “‘Applicable Margin’ shall mean (a) with respect to Eurodollar Loans, 4.95%, and (b) with respect to Base Rate Loans, 3.95%.”  
“‘Delayed Draw Term Loan Availability Period’ means the period from the Amendment No. 2 Effective Date through and including September 9, 2019 (or such earlier date on which the aggregate Delayed Draw Term Loan Commitments have been reduced to zero).”

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“‘Fee Letter’ means that certain Amended and Restated Fee Letter, dated as of September 7, 2018, between Borrower and Administrative Agent, in form and substance satisfactory to Administrative Agent, as further amended, restated, supplemented or otherwise modified from time to time.”
“‘Loans’ shall mean all term loans (including the Closing Date Term Loans and Delayed Draw Term Loans) made by the Lenders to the Borrower under this Agreement, whether in the aggregate or any of them, as the context shall require.  As of the Amendment No. 2 Effective Date, after giving effect to the Amendment No. 2 Prepayment, the outstanding principal balance of Loans is $29,000,000 (with such Loans held by each Lender as of such date as set forth on Schedule II hereto).”
“‘Maturity Date’ means September 9, 2019 (as the same may be extended                 pursuant to Section 2.3(b)).”
(c)Section 6.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Section 6.1.  Maximum Debt to Tangible Net Worth Ratio.  After the Amendment No. 2 Effective Date, the Borrower shall not permit the Debt to Tangible Net Worth Ratio to exceed 1.00:1.00 as determined on the last day of each calendar month.”
(d)    Section 7.4(c) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“the Borrower may declare and pay dividends and distributions in either case in cash or other property (excluding for this purpose the Borrower’s common stock) in or with respect to any taxable year of the Borrower (or any calendar year, as relevant) in amounts not to exceed the greater of (I) provided no Default or Event of Default has occurred and is continuing, $0.08 cents per share of the Borrower’s outstanding common stock per calendar year (provided that dividends and distributions of not more than $0.02 cents per share of the Borrower’s outstanding common stock shall be declared or paid per calendar quarter pursuant to this Section 7.4(c)(I)), and (II) the Applicable Distribution Percentage as of such date of the amounts that are required to be distributed to: (i) allow the Borrower to satisfy the minimum distribution requirements imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Borrower’s liability for federal income taxes imposed on (A) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), and (B) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero the Borrower’s liability for federal excise taxes for any such calendar year imposed  pursuant to Section 4982 of the Code (or any successor thereto) (the collective amounts able to be distributed pursuant to this Section 7.4(c) in or with respect to any taxable year of the Borrower (or any calendar year, as relevant), the “Required Payment Amount”, provided that for purposes of calculating the amount of any Restricted Payment that may be made at any time under this Section 7.4 by reference to the Required Payment Amount for any taxable year of the Borrower (or any calendar year, as relevant), such Required Payment Amount shall be calculated by deducting with respect to such taxable year (or calendar year, as applicable) all amounts previously distributed in respect of such Required Payment Amount for such taxable year (or calendar year, as relevant)); and”

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(e)    Schedule II of the Credit Agreement is hereby amended and restated in its entirety to read as the attached “Schedule II”. 
Section 3.    Representations and Warranties; No Default.  The Borrower hereby represents and warrants to the Administrative Agent and each Lender as follows:
(d)both before and after giving effect to this Amendment, the representations and warranties contained in the Credit Agreement and each other Loan Document are true, accurate and complete in all material respects as of the date hereof (except to the extent that such representations and warranties relate expressly to an earlier date, in which case, such representations and warranties shall have been true and correct in all material respects as of such earlier date); provided, that (i) all references therein to the Credit Agreement shall refer to the Credit Agreement as amended hereby and (ii) such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality or Material Adverse Effect in the text thereof; 
(e)each of the Loan Parties party hereto has the power and authority to execute and deliver this Amendment and perform its obligations under the Credit Agreement as amended hereby; 
(f)the execution and delivery of this Amendment is within the corporate or other organizational authority of each Loan Party party hereto and have been duly authorized by all necessary corporate or other organizational action on the part of such Loan Party; 
(g)when executed and delivered by each Loan Party party hereto, this Amendment will constitute the valid and legally binding obligations of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity; 
(h)that no Default or Event of Default has occurred and is continuing after giving effect to this Amendment; and
(i)no right of offset, defense, counterclaim, claim, cause of action or objection in favor of any Loan Party against Administrative Agent or any Lender exists arising out of or with respect to this Amendment, the Credit Agreement or any other Loan Document.

Section 4.    Conditions Precedent.  
This Amendment and the amendments to the Credit Agreement contained in Section 2 hereof, shall become effective for all purposes as of the Amendment No. 2 Effective Date upon the satisfaction of each of the following conditions, in each case in a manner reasonably satisfactory in form and substance to the Administrative Agent:
(a)    this Amendment shall have been duly executed and delivered by the Borrower, the other Loan Parties, the Lenders and the Administrative Agent; 
(b)    the Fee Letter shall have been duly executed and delivered by the Borrower;
(c)    the Borrower shall have made a voluntary prepayment of the Loans in an amount not less than $7,000,000 (the “Amendment No. 2 Prepayment”), which prepayment shall be applied as set forth in the last sentence of Section 2.5(a) of the Credit Agreement;
(d)    the Borrower shall have paid on demand all reasonable and documented out-of-pocket fees, charges and disbursements of one outside counsel to the Administrative Agent, plus such additional amounts 

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of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings of this Amendment to the extent invoiced on or prior to the date hereof or as stated in the Fee Letter; and
 (e)    delivery of such other items, documents, agreements and/or actions as the Administrative Agent may reasonably request in order to effectuate the transactions contemplated hereby.
Section 5.    Ratification, etc.  Except as expressly amended or otherwise modified hereby, the Credit Agreement, the Subsidiary Guarantee Agreement, the Security Agreement, any Deeds of Trust, and all other Loan Documents are hereby ratified and confirmed in all respects and shall continue in full force and effect.  This Amendment shall constitute a Loan Document.  Each Loan Party hereby ratifies and reaffirms the validity and enforceability of all of the Liens and security interests heretofore granted and pledged by such Loan Party pursuant to the Loan Documents to the Administrative Agent, on behalf and for the benefit of the Lenders, as collateral security for the Obligations, and acknowledges that all of such Liens and security interests, granted, pledged or otherwise created as security for the Obligations continue to be and remain collateral security for the Obligations from and after the date hereof.  
Section 6.    RELEASE.  IN CONSIDERATION OF THE FOREGOING AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, EACH LOAN PARTY HEREBY IRREVOCABLY RELEASES AND FOREVER DISCHARGES THE ADMINISTRATIVE AGENT, EACH LENDER AND EACH OF THEIR RESPECTIVE AFFILIATES, SUBSIDIARIES, SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, REPRESENTATIVES AND ATTORNEYS (EACH, A “RELEASED PERSON”) OF AND FROM ALL DAMAGES, LOSSES, CLAIMS, DEMANDS, LIABILITIES, OBLIGATIONS, ACTIONS AND CAUSES OF ACTION WHATSOEVER THAT EXIST OR HAVE OCCURRED ON OR PRIOR TO THE DATE OF THIS AMENDMENT, ARISING OUT OF OR RELATED TO THIS AMENDMENT OR THE OTHER LOAN DOCUMENTS, WHICH SUCH LOAN PARTY MAY NOW HAVE OR CLAIM TO HAVE ON AND AS OF THE DATE HEREOF AGAINST ANY RELEASED PERSON, WHETHER PRESENTLY KNOWN OR UNKNOWN, LIQUIDATED OR UNLIQUIDATED, SUSPECTED OR UNSUSPECTED, CONTINGENT OR NON-CONTINGENT, AND OF EVERY NATURE AND EXTENT WHATSOEVER (COLLECTIVELY, “CLAIMS”) OTHER THAN ANY CLAIM ARISING SOLELY OUT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH RELEASED PERSON.  EACH LOAN PARTY REPRESENTS AND WARRANTS TO THE ADMINISTRATIVE AGENT AND EACH LENDER THAT IT HAS NOT GRANTED OR PURPORTED TO GRANT TO ANY OTHER PERSON ANY INTEREST WHATSOEVER IN ANY CLAIM, AS SECURITY OR OTHERWISE.  
Section 7.    Miscellaneous.
(j)Reference to and Effect on the Credit Agreement. 
(i)Upon the effectiveness of this Amendment, (A) each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Credit Agreement as amended or otherwise modified hereby and (B) each reference in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended or otherwise modified hereby.
(ii)The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender under the Credit Agreement or any other Loan Document, nor constitute a waiver of any provision contained therein, in each case except as specifically set forth herein.

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(k)Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Amendment.  Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment.  
(l)GOVERNING LAW.  THE VALIDITY OF THIS AMENDMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.  SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL BE APPLICABLE. 
(m)Section Headings.  Headings and numbers have been set forth herein for convenience only.  Unless the contrary is compelled by the context, everything contained in each Section applies equally to this entire Amendment.
 [Signature Pages Follow]

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IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date set forth above.
OHA INVESTMENT CORPORATION
By:_______________________________
Name:
Title:

OHA FUNDING GP, LLC
OHA NEVADA, LLC
OHA ASSET HOLDINGS GP, LLC 
OHA FUNDING, LP
OHA ASSET HOLDINGS, LP
OHA ASSET HOLDINGS II, LP
OHA ASSET HOLDINGS III, LP
OHA ASSET HOLDINGS V, LP 

By:_______________________________
Name:
Title: 

OHA INVESTMENT CORPORATION SUB, LLC
By: OHA Investment Corporation, as sole member

By:_______________________________
Name:
Title:  

[Signature Page to Amendment No. 2 to Credit Agreement]

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MIDCAP FINANCIAL TRUST, as Administrative Agent and Lender
By:  Apollo Capital Management, L.P.,  its investment manager
By:  Apollo Capital Management GP, LLC,  its general partner
By:_______________________________
Name:
Title:

WOODMONT 2017-2 TRUST, as Lender
By: MidCap Financial Services Capital Management, LLC, as Collateral Manager

By: __________________________
Name: John O'Dea
Title: Authorized Signatory

[Signature Page to Amendment No. 2 to Credit Agreement]

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Fortress Credit Opportunities VI CLO Limited, as Lender 
By:  FCOO CLO Management LLC, its collateral manager  
By:_______________________________
Name:
Title:

Fortress Credit Opportunities VII CLO Limited, as Lender 
By:  FCO VII CLO CM LLC, its collateral manager  
By:_______________________________
Name:
Tile:

Drawbridge Special Opportunities Fund LP, as Lender 
By:  Drawbridge Special Opportunities GP LLC, its general partner  
By:_______________________________
Name:
Title:

Fortress Credit Opportunities IX CLO Limited, as Lender 
By:  FCOD CLO Management LLC, its collateral manager  
By:_______________________________
Name:
Title:

Fortress Credit Opportunities XI CLO LIMITED, as Lender 
By:  FCOD CLO Management LLC, its collateral manager 
By:_______________________________
Name:
Title:

[Signature Page to Amendment No. 2 to Credit Agreement]

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Schedule II
Commitment Amounts
	
			
	Lender
	Loans outstanding as of the Amendment No. 2 Effective Date after giving effect to the Amendment No. 2 Prepayment
	Delayed Draw Term Loan Commitment as of the Amendment No. 2 Effective Date

	MidCap Financial Trust
	$0
	$5,087,389.39

	Woodmont 2017-2 Trust
	$21,076,327.45
	$0

	Fortress Credit Opportunities VI CLO Limited
	$2,396,666.38
	$0

	Fortress Credit Opportunities VII CLO Limited
	$1,658,101.85
	$0

	Drawbridge Special Opportunities Fund LP
	$0
	$1,912,610.61

	Fortress Credit Opportunities IX CLO Limited
	$1,658,101.85
	$0

	Fortress Credit Opportunities XI CLO Limited
	$2,210,802.47
	$0

	Total
	$29,000,000.00
	$7,000,000

The Closing Date Term Loan Commitment was $40,500,000.00.  The Closing Date Term Loan Commitments expired concurrently with the making of the Closing Date Term Loans on the Closing Date

9Exhibit

Exhibit 10.1
FIRST AMENDMENT TO
AGREEMENT REGARDING ADDITIONAL PARTICIPATING PARTY RIGHTS
AND
AMENDMENT NO. 3 TO 
PLANT ALVIN W. VOGTLE ADDITIONAL UNITS
OWNERSHIP PARTICIPATION AGREEMENT
AND
AMENDMENT NO. 4 TO
PLANT VOGTLE OWNERS AGREEMENT AUTHORIZING 
DEVELOPMENT, CONSTRUCTION, LICENSING AND 
OPERATION OF ADDITIONAL GENERATING UNITS

This First Amendment to Agreement Regarding Additional Participating Party Rights and Amendment No. 3 to Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement and Amendment No. 4 to Plant Vogtle Owners Agreement Authorizing Development, Construction, Licensing and Operation of Additional Generating Units, dated and effective as of August 31, 2018 (this “First Amendment”), is by and among GEORGIA POWER COMPANY, a corporation organized and existing under the laws of the State of Georgia (“GPC”), OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), an electric membership corporation formed under the laws of the State of Georgia (“OPC”), MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA, a public body corporate and politic and an instrumentality of the State of Georgia (“MEAG”), MEAG POWER SPVJ, LLC, MEAG POWER SPVM, LLC, MEAG POWER SPVP, LLC, each a Georgia limited liability company (collectively, the “MEAG SPVs”), and THE CITY OF DALTON, GEORGIA, an incorporated municipality in the State of Georgia acting by and through its Board of Water, Light and Sinking Fund Commissioners d/b/a Dalton Utilities (“Dalton”) (GPC, OPC, MEAG, the MEAG SPVs and Dalton hereinafter referred to individually as a “Party” and collectively called the “Parties”).
WITNESSETH
WHEREAS, GPC, OPC, MEAG, the MEAG SPVs and Dalton entered into (i) the Agreement Regarding Additional Participating Party Rights and Amendment No. 3 to Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement and Amendment No. 4 to Plant Vogtle Owners Agreement Authorizing Development, Construction, Licensing and Operation of Additional Generating Units, dated as of November 2, 2017 (the “Agreement and Amendment”); and
WHEREAS, the Parties have agreed to amend and clarify certain of the additional rights of the Parties and establish related procedures.
NOW, THEREFORE, in consideration of the recitals, the mutual promises herein and other good and valuable consideration, the receipt and sufficiency of which the Parties acknowledge, the Parties, intending to be legally bound, acknowledge, stipulate and agree as follows:

SECTION 1.0    Defined Terms.
Capitalized terms used in this First Amendment and not defined in this First Amendment have the meanings assigned in the Agreement and Amendment.
SECTION 2.0    Amendments and Clarifications to Agreements Regarding Additional Participating Party Rights.  
Section 2.1    Amendments to Ninety Percent Approval Provisions.  Section 2.1 of the Agreement and Amendment shall be and hereby is amended as follows:
		
	(a)
	Section 2.1(a)(iii) of the Agreement and Amendment shall be and hereby is amended and restated in its entirety to read as follows:

“(iii) (1) any (A) decision by the Georgia Public Service Commission (“GPSC”) to disapprove any portion of GPC’s share of the total Project investment or GPC’s associated financing costs or (B) determination by the GPSC during its review of GPC’s Seventeenth Semi-Annual Construction Monitoring Report, Request for Approval of the Expenditures Made between January 1, 2017 and June 30, 2017, and Request for Approval of the Revised Project Cost Estimates and Construction Schedule Pursuant to O.C.G.A. § 46-3A-7(b), submitted by GPC to the GPSC August 31, 2017 (“VCM 17”) review, or at any time thereafter, (i) that any of GPC’s share of the total Project investment or GPC’s associated financing costs (except those already specified in GPSC’s December 20, 2016, Order Adopting Stipulation, filed January 3, 2017) will not be recovered in GPC’s retail rates because they are deemed by the GPSC to be unreasonable or imprudent or for any other reason, or (ii) that such investment or associated financing costs will be presumed to be unreasonable or imprudent or unrecoverable, in each case which decision or determination shall have become final and non-appealable; or (2) GPC shall (i) not submit any portion of GPC’s share of the total Project investment or GPC’s associated financing costs to the GPSC for approval by the conclusion of its routine VCM reporting process, or (ii) publicly announce, with respect to any portion of GPC’s share of the total Project investment or GPC’s associated financing costs, its intention not to submit such portion to the GPSC for approval for recovery in GPC’s rates; it being expressly understood and agreed that any investments or costs constituting the basis of a PAE under this subsection (2) shall not also support a PAE under subsection (1); or”
		
	(b)
	Section 2.1(a)(iv) of the Agreement and Amendment shall be and hereby is amended and restated in its entirety to read as follows:  

“(iv) a cumulative increase in the estimated construction cost or schedule for the Project, as reported to the Parties by SNC, that increases the construction cost or schedule by an amount equal to or greater than one billion dollars ($1,000,000,000) and/or one (1) year, respectively, in excess of the larger and/or longer of (x) the estimated construction cost and schedule reported by GPC in VCM 17 (nine billion four hundred and fifty million dollars ($9,450,000,000) from July 1, 2017, and Commercial Operation dates of November 2021 for Unit 3 and November 2022 for 

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Unit 4) and approved by the GPSC or (y) the largest/longest of any estimated construction cost/schedule approved by the Participating Parties owning at least an aggregate ninety percent (90%) Ownership Interest in the Additional Units in connection with a PAE (for example, if a PAE occurred for a cumulative increase in the estimated construction cost for the Project, as reported to the Parties by SNC, of $1 billion or more over the VCM 17 estimated construction cost and the Participating Parties owning at least an aggregate ninety percent (90%) Ownership Interest in the Additional Units voted to continue or defer the Project, if the estimated construction cost for the Project, as reported to the Parties by SNC, later increases on a cumulative basis by an additional $1 billion or more, the later $1 billion or more increase would constitute its own separate, additional PAE event; and by way of further example, if a PAE occurs for a cumulative increase in the estimated schedule for the Project, as reported to the Parties by SNC, of twelve months or more over the VCM 17 estimated schedule and the Participating Parties owning at least an aggregate ninety percent (90%) Ownership Interest in the Additional Units voted to continue or defer the Project, if the estimated schedule for the Project, as reported to the Parties by SNC, later increases on a cumulative basis by an additional twelve months or more, the later twelve-month or more increase shall constitute its own separate, additional PAE event).  
For purposes of this Section 2.1(a)(iv), the phrase “as reported to the Parties by SNC,” shall mean, without duplication: (1) a written notice to the Parties executed by the Chief Executive Officer or Executive Vice President of SNC including such estimated construction cost and/or schedule for the Project, or (2) a formal presentation by SNC or GPC for vote of the Parties of a proposed budget containing such estimated construction cost and/or schedule for the Project for approval in accordance with the Ownership Participation Agreement, or (3) a filing by GPC with the GPSC including such estimated construction cost and/or  schedule for the Project; it being expressly understood and agreed that any estimated construction cost or schedule for the Project can only constitute the basis for one PAE despite the multiple ways/times it may be reported to the Parties by SNC;”
Section 2.2    Voting Procedures Under Section 2.1 of the Agreement and Amendment.  A new Section 2.12 shall be and hereby is added to the Agreement and Amendment to read in its entirety as follows:
“Section 2.12    Voting Procedures Under Section 2.1.  
		
	(a)
	For purposes of establishing the approvals/agreements of the Parties required under Sections 2.1(a) and 2.1(b), within five (5) business days after the occurrence (and GPC’s knowledge) of one or more PAE(s), GPC will submit to each of the other Parties a written ballot in substantially the following form (“Ballot”):

The event(s) described below constitute(s) a PAE (as defined in Section 2.1(a) of the Agreement Regarding Additional Participating Party Rights and Amendment No. 3 to Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement and Amendment No. 4 to Plant Vogtle 

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Owners Agreement Authorizing Development, Construction, Licensing and Operation of Additional Generating Units (the “Agreement and Amendment”)). 
[Insert description of each PAE event to which the Ballot relates.  For any PAE under 2.1(a)(iii), the description shall include the specific dollar amount of investment, financing costs or both that is the basis of the PAE.  For any PAE under 2.1(a)(iv), the description shall include the specific dollar amount of any increase in estimated construction cost and any new estimated Commercial Operation dates, in each case, that is the basis of the PAE.]
[Name of Party] hereby:
		
	a.
	votes to continue the Project* work;             (yes/no)

		
	b.
	voted “no” on item a. above but votes to defer the Project work until [insert date];          (yes/no)

                                                                     
Chief Executive Officer or Executive
Vice President of [Name of Party]

*(as such term is defined in the Agreement and Amendment)

		
	(b)
	Each Party shall have fifteen (15) business days from the later of its receipt of the Ballot and, solely in the event the Ballot relates to a PAE under Section 2.1(a)(iv) of this Agreement and Amendment, its receipt of projected cash flows for the estimated construction cost for the Project, as reported to the Parties by SNC, including any cumulative increase that is the subject of the PAE, to return a properly completed and executed Ballot to each of the other Parties (the “Ballot Deadline”).  If any Party fails to return a properly completed and executed Ballot on or before the Ballot Deadline (as such Ballot Deadline may be extended prior to its otherwise occurring by agreement of each of the Parties), that Party will be deemed to have not voted for/not approved each of the continuation or deferral of the Project.

		
	(c)
	The Parties hereby authorize GPC and SNC, in their roles as agents, to have Project work continue during the voting period until the earlier of (i) the receipt by GPC of completed and executed Ballots from one or more Parties that reflect that the required ninety percent (90%) vote/approval to continue or defer the Project work will not be obtained or (ii) the Ballot Deadline.  

		
	(d)
	Notwithstanding clause (c) above, in the event Parties holding an aggregate ninety percent (90%) or more of the Ownership Interest in the Additional Units do not vote to continue or defer Project work, the Chief Executive Officer or Executive Vice President of GPC will direct the Chief Executive 

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Officer or Executive Vice President of SNC to commence and have completed on behalf of the Parties the orderly termination of Project work.
		
	(e)
	Notwithstanding clause (c) above, in the event Parties holding an aggregate ninety percent (90%) or more of the Ownership Interest in the Additional Units vote to defer Project work, the Chief Executive Officer or Executive Vice President of GPC will direct the Chief Executive Officer or Executive Vice President of SNC to take such actions on behalf of the Parties as are reasonably necessary to suspend Project work and reasonably preserve the ability to recommence activities necessary to complete the Project work in the event the Parties approve continuation of the Project after the Deferral Period.

		
	(f)
	Notwithstanding clause (c) above, in the event Parties holding an aggregate ninety percent (90%) or more of the Ownership Interest in the Additional Units vote to continue Project work, Project work shall continue on behalf of the Parties in accordance with the budget approved in accordance with the Ownership Participation Agreement.”

SECTION 3.0    Miscellaneous.
Section 3.1    Counterparts.  This First Amendment may be executed simultaneously in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.  Further, the signatures of the duly authorized representatives of each Party hereto need not be contemporaneous and shall be deemed effective if exchanged by electronic transfer between the Parties hereto or their respective designees, including transmittal by facsimile or electronic mail. 
Section 3.2    Joint Drafting.  No Party shall assert or claim a presumption disfavoring the other by virtue of the fact that this First Amendment was drafted primarily by legal counsel for the other, and this First Amendment shall be construed as if and deemed drafted jointly by each of the Parties with the advice of their respective counsel and no presumption or burden of proof will arise favoring or disfavoring a Party by virtue of the authorship of any of the provisions of this First Amendment.
Section 3.3    Governing Law.  The validity, interpretation, and performance of this First Amendment and each of its provisions shall be governed by the internal Laws of the State of Georgia.
Section 3.4    Severability.  If any provision of this First Amendment is declared by any regulator or court of competent jurisdiction to be invalid or unenforceable, the balance of this First Amendment shall remain in effect, and this First Amendment shall be interpreted so as to give full effect to its effective terms and still be valid and enforceable.
Section 3.5    Headings.  Headings appearing herein are used solely for convenience and are not intended to affect the interpretation of any provision of this First Amendment.  
Section 3.6    Entire Agreement.  This First Amendment represents the entire understanding and agreement between the Parties with respect to the subject matter hereof and 

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supersedes all prior oral and written and all contemporaneous oral negotiations, commitments and understandings between the Parties regarding the subject matter hereof.
Section 3.7    Beneficiaries.  This First Amendment is entered into for the sole benefit of the Parties, and except as may be specifically provided herein, no other person shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause of action or claim in connection with, this First Amendment.  Without limiting the foregoing, nothing in this First Amendment affects Toshiba’s obligations to fully comply with the Settlement Agreement or any of the Parties’ rights and remedies thereunder.
Section 3.8    Ratification.  As amended by this First Amendment, the Agreement and Amendment remains in full force and effect.  
Section 3.9    RUS Approval.  The effectiveness of this First Amendment is subject to the condition that OPC has obtained the approval of the Administrator of the Rural Utilities Service required under OPC’s loan contract with the Rural Utilities Service for the amendments contained herein.

[Remainder of page left blank intentionally.]

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IN WITNESS WHEREOF, the Parties have duly executed this First Amendment as of the date first above written.
	
			
	Signed, sealed and delivered in the presence
of:
	 
	GEORGIA POWER COMPANY

	 
	 
	 

	 
	 
	 

	/s/Melanie Burks
	 
	By:  /s/Chris Cummiskey

	Witness
	 
	Name:  Chris Cummiskey

	 
	 
	Title:  EVP

	/s/Cheryl K. Smiley
	 
	 

	Notary Public
	 
	 

	My Commission expires:  February 27, 2020
	 
	Attest:  /s/Meredith M. Lackey

	 
	 
	Its:  SVP, General Counsel and Corporate Secretary

	 
	 
	(CORPORATE SEAL)

	 
	 
	 

	 
	 
	 

	Signed, sealed and delivered in the presence
of:
	 
	OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION)

	 
	 
	 

	 
	 
	 

	/s/Anne F. Appleby
	 
	By:  /s/Michael L. Smith

	Witness
	 
	Name:  Michael L. Smith

	 
	 
	Title:  President and CEO

	 /s/ Anna McNeive
	 
	 

	Notary Public
	 
	 

	My Commission expires:  March 19, 2022
	 
	Attest:  /s/Lisa Tingle

	 
	 
	Its:  Assistant Secretary

	 
	 
	(CORPORATE SEAL)

	 
	 
	 

	 
	 
	 

	Signed, sealed and delivered in the presence
of:
	 
	MUNICIPAL ELECTRIC AUTHORITY 
OF GEORGIA

	 
	 
	 

	 
	 
	 

	/s/Dale Dyer
	 
	By:  /s/James E. Fuller

	Witness
	 
	Name:  James E. Fuller

	 
	 
	Title:  President & Chief Executive Officer

	/s/Cindy R. Carter
	 
	 

	Notary Public
	 
	 

	My Commission expires:  January 26, 2021
	 
	Attest: /s/Peter M. Degnan

	 
	 
	Its:  Sr. V.P. & General Counsel

	 
	 
	(CORPORATE SEAL)

 
	
			
	Signed, sealed and delivered in the presence
of:
	 
	MEAG POWER SPVJ, LLC

	 
	 
	 

	 
	 
	By: MUNICIPAL ELECTRIC AUTHORITY
       OF GEORGIA, its sole member

	 
	 
	 

	/s/Dale Dyer
	 
	By:  /s/James E. Fuller

	Witness
	 
	Name:  James E. Fuller

	 
	 
	Title:  President & Chief Executive Officer

	/s/Cindy R. Carter
	 
	 

	Notary Public
	 
	 

	My Commission expires:  January 26, 2021
	 
	Attest: /s/Peter M. Degnan

	 
	 
	Its:  Sr. V.P. & General Counsel

	 
	 
	(CORPORATE SEAL)

	 
	 
	 

	Signed, sealed and delivered in the presence
of:
	 
	MEAG POWER SPVM, LLC

	 
	 
	 

	 
	 
	By: MUNICIPAL ELECTRIC AUTHORITY
       OF GEORGIA, its sole member

	 
	 
	 

	/s/Dale Dyer
	 
	By:  /s/James E. Fuller

	Witness
	 
	Name:  James E. Fuller

	 
	 
	Title:  President & Chief Executive Officer

	/s/Cindy R. Carter
	 
	 

	Notary Public
	 
	 

	My Commission expires:  January 26, 2021
	 
	Attest: /s/Peter M. Degnan

	 
	 
	Its:  Sr. V.P. & General Counsel

	 
	 
	(CORPORATE SEAL)

	 
	 
	 

	Signed, sealed and delivered in the presence
of:
	 
	MEAG POWER SPVP, LLC

	 
	 
	 

	 
	 
	By: MUNICIPAL ELECTRIC AUTHORITY
       OF GEORGIA, its sole member

	 
	 
	 

	/s/Dale Dyer
	 
	By:  /s/James E. Fuller

	Witness
	 
	Name:  James E. Fuller

	 
	 
	Title:  President & Chief Executive Officer

	/s/Cindy R. Carter
	 
	 

	Notary Public
	 
	 

	My Commission expires:  January 26, 2021
	 
	Attest: /s/Peter M. Degnan

	 
	 
	Its:  Sr. V.P. & General Counsel

	 
	 
	(CORPORATE SEAL)

	
			
	Signed, sealed and delivered in the presence
of:
	 
	CITY OF DALTON, GEORGIA
BY: BOARD OF WATER, LIGHT AND
SINKING FUND COMMISSIONERS
D/B/A DALTON UTILITIES

	 
	 
	 

	/s/Mark Buckner
	 
	By:  /s/Tom Bundros

	Witness
	 
	Name:  Tom Bundros

	 
	 
	Title:  CEO

	/s/Pam Witherow
	 
	 

	Notary Public
	 
	 

	My Commission expires:  May 13, 2019
	 
	Attest:  /s/John Thomas

	 
	 
	Its:  Chief Energy Services Officer

	 
	 
	(CORPORATE SEAL)

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