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    EXHIBIT 4.7.1(kk)    
    

Upon recording, return to:

Ms. Shawne M. Keenan

Sutherland Asbill & Brennan LLP

999 Peachtree Street, N.E.

Atlanta, Georgia 30309-3996  

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

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

 

OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION),

GRANTOR, 

to 

U.S. BANK NATIONAL ASSOCIATION,

TRUSTEE 

THIRTY-SIXTH SUPPLEMENTAL

INDENTURE  

Relating to the

Series 2006A (Burke) Note

Series 2006B-1 (Burke) Note

Series 2006B-2 (Burke) Note

Series 2006B-3 (Burke) Note

Series 2006B-4 (Burke) Note

Series 2006A (Monroe) Note 

Dated
as of October 1, 2006 

FIRST MORTGAGE OBLIGATIONS 

 

   
        THIS THIRTY-SIXTH SUPPLEMENTAL INDENTURE, dated as of October 1, 2006, is between OGLETHORPE POWER
CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an
electric membership corporation organized and existing under the laws of the State of Georgia, as Grantor (hereinafter called the "Company"), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as Trustee (in such capacity, the "Trustee"). 

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

        WHEREAS, the Company has heretofore executed and delivered to the Trustee thirty- five Supplemental Indentures (the Original Indenture, as
heretofore, hereby and hereafter supplemented and modified, being herein sometimes called the "Indenture"), and the Original Indenture and the thirty-five Supplemental Indentures have been
recorded as set forth on Schedule 1; 

Series 2006A Burke Bonds  

        WHEREAS, the Burke Authority has agreed to issue $40,150,000 in aggregate principal amount of Development
Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006A (the "Series 2006A Burke Bonds"), and to loan the proceeds from the
sale thereof to the Company pursuant to that certain Loan Agreement, dated as of October 1, 2006, relating thereto (the "Series 2006A Burke Loan Agreement"); 

        WHEREAS, the Company's obligation to repay the loan of the proceeds of the Series 2006A Burke Bonds is evidenced by that certain
Series 2006A (Burke) Note, dated the date of its authentication (the "Series 2006A (Burke) Note"), from the Company to U.S. Bank National Association, as trustee (in such capacity, the
"Series 2006A Burke Trustee"), as assignee and pledgee of the Burke Authority pursuant to the Trust Indenture, dated as of October 1, 2006 (the "Series 2006A Burke Indenture"),
between the Burke Authority and the Series 2006A Burke Trustee; 

Series 2006B-1 Burke Bonds  

        WHEREAS, the Burke Authority has agreed to issue $50,000,000 in aggregate principal amount of Development
Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006B-1 (the "Series 2006B-1 Burke Bonds"), and to
loan the proceeds from the sale thereof to the Company pursuant to that certain Loan Agreement, dated as of October 1, 2006, relating thereto (the "Series 2006B-1 Burke Loan
Agreement"); 

        WHEREAS, the Company's obligation to repay the loan of the proceeds of the Series 2006B-1 Burke Bonds is evidenced by
that certain Series 2006B-1 (Burke) Note, dated the date of its authentication (the "Series 2006B-1 (Burke) Note"), from the Company to U.S. Bank National
Association, as trustee (in such capacity, the "Series 2006B-1 Burke Trustee"), as assignee and pledgee of the Burke Authority pursuant to the Trust Indenture, dated as of
October 1, 2006 (the "Series 2006B-1 Burke Indenture"), between the Burke Authority and the Series 2006B-1 Burke Trustee; 

Series 2006B-2 Bonds  

        WHEREAS, the Burke Authority has agreed to issue $50,000,000 in aggregate principal amount of Development
Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power 

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Corporation
Vogtle Project), Series 2006B-2 (the "Series 2006B-2 Burke Bonds"), and to loan the proceeds from the sale thereof to the Company pursuant to that
certain Loan Agreement, dated as of October 1, 2006, relating thereto (the "Series 2006B-2 Burke Loan Agreement"); 

        WHEREAS, the Company's obligation to repay the loan of the proceeds of the Series 2006B-2 Burke Bonds is evidenced by
that certain Series 2006B-2 (Burke) Note, dated the date of its authentication (the "Series 2006B-2 (Burke) Note"), from the Company to U.S. Bank National
Association, as trustee (in such capacity, the "Series 2006B-2 Burke Trustee"), as assignee and pledgee of the Burke Authority pursuant to the Trust Indenture, dated as of
October 1, 2006 (the "Series 2006B-2 Burke Indenture"), between the Burke Authority and the Series 2006B-2 Burke Trustee; 

Series 2006B-3 Bonds  

        WHEREAS, the Burke Authority has agreed to issue $50,000,000 in aggregate principal amount of Development
Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006B-3 (the "Series 2006B-3 Burke Bonds"), and to
loan the proceeds from the sale thereof to the Company pursuant to that certain Loan Agreement, dated as of October 1, 2006, relating thereto (the "Series 2006B-3 Burke Loan
Agreement"); 

        WHEREAS, the Company's obligation to repay the loan of the proceeds of the Series 2006B-3 Burke Bonds is evidenced by
that certain Series 2006B-3 (Burke) Note, dated the date of its authentication (the "Series 2006B-3 (Burke) Note"), from the Company to U.S. Bank National
Association, as trustee (in such capacity, the "Series 2006B-3 Burke Trustee"), as assignee and pledgee of the Burke Authority pursuant to the Trust Indenture, dated as of
October 1, 2006 (the "Series 2006B-3 Burke Indenture"), between the Burke Authority and the Series 2006B-3 Burke Trustee; 

Series 2006B-4 Bonds  

        WHEREAS, the Burke Authority has agreed to issue $38,925,000 in aggregate principal amount of Development
Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006B-4 (the "Series 2006B-4 Burke Bonds"; and
together with the Series 2006A Burke Bonds, the Series 2006B-1 Burke Bonds, the Series 2006B-2 Burke Bonds and the Series 2006B-3 Burke
Bonds, the "Burke Bonds"), and to loan the proceeds from the sale thereof to the Company pursuant to that certain Loan Agreement, dated as of October 1, 2006, relating thereto (the
"Series 2006B-4 Burke Loan Agreement"); 

        WHEREAS, the Company's obligation to repay the loan of the proceeds of the Series 2006B-4 Burke Bonds is evidenced by
that certain Series 2006B-4 (Burke) Note, dated the date of its authentication (the "Series 2006B-4 (Burke) Note"), from the Company to U.S. Bank National
Association, as trustee (in such capacity, the "Series 2006B-4 Burke Trustee"), as assignee and pledgee of the Burke Authority pursuant to the Trust Indenture, dated as of
October 1, 2006 (the "Series 2006B-4 Burke Indenture"), between the Burke Authority and the Series 2006B-4 Burke Trustee; 

        WHEREAS, the Company will use the proceeds from the sale of the Burke Bonds to refund (i) the portion of the Burke Authority's
Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 1993A and Series 1994A, subject to mandatory sinking fund redemption on January 1, 2007; and
(ii) the entire outstanding principal amount of the Burke Authority's Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 1998A and 1998B, to be
redeemed on or before December 31, 2006; 

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Series 2006A Monroe Bonds  

        WHEREAS, the Monroe Authority has agreed to issue $9,020,000 in aggregate principal amount of Development
Authority of Monroe County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Scherer Project), Series 2006A (the "Series 2006A Monroe Bonds"), and to loan the proceeds from
the sale thereof to the Company pursuant to that certain Loan Agreement, dated as of October 1, 2006, relating thereto (the "Series 2006A Monroe Loan Agreement"); 

        WHEREAS, the Company's obligation to repay the loan of the proceeds of the Series 2006A Monroe Bonds is evidenced by that certain
Series 2006A (Monroe) Note, dated the date of its authentication (the "Series 2006A (Monroe) Note"), from the Company to U.S. Bank National Association, as trustee (in such capacity, the
"Series 2006A Monroe Trustee"), as assignee and pledgee of the Monroe Authority pursuant to the Trust Indenture, dated as of October 1, 2006 (the "Series 2006A Monroe Indenture"),
between the Monroe Authority and the Series 2006A Monroe Trustee; 

        WHEREAS, the Company will use the proceeds from the sale of the Series 2006A Monroe Bonds to refund the portion of the Monroe
Authority's Pollution Control Revenue Bonds (Oglethorpe Power Corporation Scherer Project), Series 1992A, maturing on January 1, 2007; 

        WHEREAS, the Company desires to execute and deliver this Thirty-Sixth Supplemental Indenture, in accordance with the provisions of the
Original Indenture, for the purpose of providing for the creation and designation of the Series 2006A (Burke) Note, the Series 2006B-1 (Burke) Note, the
Series 2006B-2 (Burke) Note, the Series 2006B-3 (Burke) Note, the Series 2006B-4 (Burke) Note and the Series 2006A (Monroe) Note
(collectively, the "Notes") as Additional Obligations and specifying the form and provisions thereof; 

        WHEREAS, Section 12.1 of the Original Indenture provides that, without the consent of the Holders of any of the Obligations, the
Company, when authorized by a Board Resolution, and the Trustee, may enter into Supplemental Indentures for the purposes and subject to the conditions set forth in said
Section 12.1, including to create additional series of Obligations under the Indenture and to make provisions for such additional series of Obligations; and 

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

        NOW, THEREFORE, THIS THIRTY-SIXTH 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 Notes, to confirm the lien of the Indenture upon the Trust Estate, including property purchased,
constructed or otherwise acquired by the Company since the date of execution of the Original Indenture, to secure performance of the covenants therein and herein contained, to declare the terms and
conditions on which the Notes are secured, and in consideration of the premises thereof and hereof, the Company by these presents does grant, bargain, sell, alienate, remise, release, convey, assign,
transfer, mortgage, hypothecate, pledge, set over and confirm to the Trustee, and its successors and assigns in the trust created thereby and hereby, in trust, all property, rights, privileges and
franchises (other than Excepted Property or Excludable Property) of the Company, whether now owned or hereafter acquired, of the character described in the Granting Clauses of the Original Indenture,
wherever located, including all such property, rights, 

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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 Original Indenture subject in all cases to Sections 5.2 and 11.2 B of the Original Indenture and to the rights of the Company
under the Original Indenture, including the rights set forth in Article V thereof; but expressly excepting and excluding from the lien and operation of the Indenture all properties of the
character specifically excepted as "Excepted Property" or "Excludable Property" in the Original Indenture to the extent contemplated thereby. 

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

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

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

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

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

        UPON CONDITION that, until the happening of an Event of Default and subject to the provisions of Article V of the Original
Indenture, and not in limitation of the rights elsewhere provided in the Original Indenture, including the rights set forth in Article V of the Original Indenture, the Company 

5

 

shall
be permitted to (i) possess and use the Trust Estate, except cash, securities, Designated Qualifying Securities and other personal property deposited, or required to be deposited, with
the Trustee, (ii) explore for, mine, extract, separate and dispose of coal, ore, gas, oil and other minerals, and harvest standing timber, and (iii) receive and use the rents, issues,
profits, revenues and other income, products and proceeds of the Trust Estate. 

        THE INDENTURE, INCLUDING THIS THIRTY-SIXTH 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 Notes are to be authenticated and delivered and the Trust Estate is to be held and
applied by the Trustee, subject to the covenants, conditions and trusts set forth herein and in the Indenture, and the Company does hereby covenant and agree to and with the Trustee, for the equal and
proportionate benefit of all Holders of the Outstanding Secured Obligations, as follows: 

ARTICLE I  

 THE NOTES AND CERTAIN PROVISIONS RELATING THERETO  

Section 1.1    Authorization and Terms of the Notes.    

        A.    The Series 2006A (Burke) Note    

        There
shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the "Series 2006A (Burke) Note" (hereinafter referred to as
the "Series 2006A
(Burke) Note"), the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and Section 1.2 hereof. The aggregate principal amount of
the Series 2006A (Burke) Note which shall be authenticated and delivered and Outstanding at any one time is limited to $40,150,000. 

        The
Series 2006A (Burke) Note shall be dated the date of its authentication. The Series 2006A (Burke) Note shall mature on January 1, 2041 and shall bear interest
from the date of its authentication to the date of its maturity at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof. The Series 2006A
(Burke) Note shall be authenticated and delivered to, and made payable to, U.S. Bank National Association, as trustee, in its capacity as the Series 2006A Burke Trustee. 

        All
payments made on the Series 2006A (Burke) Note shall be made to the Series 2006 Burke Trustee at its principal office in Atlanta, Georgia in lawful money of the United
States of America which will be immediately available on the date payment is due. 

        B.    The Series 2006B-1 (Burke) Note    

        There
shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the "Series 2006B-1 (Burke) Note" (hereinafter
referred to as the "Series 2006B-1 (Burke) Note"), the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and
Section 1.2 hereof. The aggregate principal amount of the Series 2006B-1 (Burke) Note which shall be authenticated and delivered and Outstanding at any one time is limited to
$50,000,000. 

        The
Series 2006B-1 (Burke) Note shall be dated the date of its authentication. The Series 2006B-1 (Burke) Note shall mature on January 1,
2041 and shall bear interest from the date of its 

6

 

authentication
to the date of its maturity at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof. The Series 2006B-1 (Burke) Note
shall be authenticated and delivered to, and made payable to, U.S. Bank National Association, as trustee, in its capacity as the Series 2006B-1 Burke Trustee. 

        All
payments made on the Series 2006B-1 (Burke) Note shall be made to the Series 2006 Burke Trustee at its principal office in Atlanta, Georgia in lawful money
of the United States of America which will be immediately available on the date payment is due. 

        C.    The Series 2006B-2 (Burke) Note    

        There
shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the "Series 2006B-2 (Burke) Note" (hereinafter
referred to as the "Series 2006B-2 (Burke) Note"), the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and
Section 1.2 hereof. The aggregate principal amount of the Series 2006B-2 (Burke) Note which shall be authenticated and delivered and Outstanding at any one time is limited to
$50,000,000. 

        The
Series 2006B-2 (Burke) Note shall be dated the date of its authentication. The Series 2006B-2 (Burke) Note shall mature on January 1,
2040 and shall bear interest from the date of its authentication to the date of its maturity at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof.
The Series 2006B-2 (Burke) Note shall be authenticated and delivered to, and made payable to, U.S. Bank National Association, as trustee, in its capacity as the
Series 2006B-2 Burke Trustee. 

        All
payments made on the Series 2006B-2 (Burke) Note shall be made to the Series 2006B-2 Burke Trustee at its principal office in Atlanta, Georgia
in lawful money of the United States of America which will be immediately available on the date payment is due. 

        D.    The Series 2006B-3 (Burke) Note    

        There
shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the "Series 2006B-3 (Burke) Note" (hereinafter
referred to as the "Series 2006B-3 (Burke) Note"), the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and
Section 1.2 hereof. The aggregate principal amount of the Series 2006B-3 (Burke) Note which shall be authenticated and delivered and Outstanding at any one time is limited to
$50,000,000. 

        The
Series 2006B-3 (Burke) Note shall be dated the date of its authentication. The Series 2006B-3 (Burke) Note shall mature on January 1,
2039 and shall bear interest from the date of its authentication to the date of its maturity at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof.
The Series 2006B-3 (Burke) Note shall be authenticated and delivered to, and made payable to, U.S. Bank National Association, as trustee, in its capacity as the
Series 2006B-3 Burke Trustee. 

        All
payments made on the Series 2006B-3 (Burke) Note shall be made to the Series 2006B-3 Burke Trustee at its principal office in Atlanta, Georgia
in lawful money of the United States of America which will be immediately available on the date payment is due. 

        E.    The Series 2006B-4 (Burke) Note    

        There
shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the "Series 2006B-4 (Burke) Note" (hereinafter
referred to as the "Series 2006B-4 (Burke) Note"), the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and
Section 1.2 hereof. The aggregate principal amount of the Series 2006B-4 (Burke) Note which shall be authenticated and delivered and Outstanding at any one time is limited to
$38,925,000. 

7

 

        The
Series 2006B-4 (Burke) Note shall be dated the date of its authentication. The Series 2006B-4 (Burke) Note shall mature on January 1,
2038 and shall bear interest from the date of its authentication to the date of its maturity at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof.
The Series 2006B-4 (Burke) Note shall be authenticated and delivered to, and made payable to, U.S. Bank National Association, as trustee, in its capacity as the
Series 2006B-4 Burke Trustee. 

        All
payments made on the Series 2006B-4 (Burke) Note shall be made to the Series 2006B-4 Burke Trustee at its principal office in Atlanta, Georgia
in lawful money of the United States of America which will be immediately available on the date payment is due. 

        F.    The Series 2006A (Monroe) Note    

        There
shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the "Series 2006A (Monroe) Note" (hereinafter referred to as
the "Series 2006A (Monroe) Note"), the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and Section 1.2 hereof. The
aggregate principal amount of the Series 2006A (Monroe) Note which shall be authenticated and delivered and Outstanding at any one time is limited to $9,020,000. 

        The
Series 2006A (Monroe) Note shall be dated the date of its authentication. The Series 2006A (Monroe) Note shall mature on January 1, 2036 and shall bear interest
from the date of its authentication to the date of its maturity at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof. The Series 2006A
(Monroe) Note shall be authenticated and delivered to, and made payable to, U.S. Bank National Association, as trustee, in its capacity as the Series 2006A Monroe Trustee. 

        All
payments made on the Series 2006A (Monroe) Note shall be made to the Series 2006A Monroe Trustee at its principal office in Atlanta, Georgia in lawful money of the
United States of America which will be immediately available on the date payment is due. 

Section 1.2    Form of the Notes.    

        A.    The Series 2006A (Burke) Note    

        The
Series 2006A (Burke) Note and the Trustee's certificate of authentication for the Series 2006A (Burke) Note shall be substantially in the form of  Exhibit B attached hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted in the
Original Indenture. 

        B.    The Series 2006B-1 (Burke) Note    

        The
Series 2006B-1 (Burke) Note and the Trustee's certificate of authentication for the Series 2006B-1 (Burke) Note shall be substantially in the
form of Exhibit C attached hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
in the Original Indenture. 

        C.    The Series 2006B-2 (Burke) Note    

        The
Series 2006B-2 (Burke) Note and the Trustee's certificate of authentication for the Series 2006B-2 (Burke) Note shall be substantially in the
form of Exhibit D attached hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
in the Original Indenture. 

        D.    The Series 2006B-3 (Burke) Note    

        The
Series 2006B-3 (Burke) Note and the Trustee's certificate of authentication for the Series 2006B-3 (Burke) Note shall be substantially in the
form of Exhibit E attached hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
in the Original Indenture. 

8

 

        E.    The Series 2006B-4 (Burke) Note    

        The
Series 2006B-4 (Burke) Note and the Trustee's certificate of authentication for the Series 2006B-4 (Burke) Note shall be substantially in the
form of Exhibit F attached hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
in the Original Indenture. 

        F.    The Series 2006A (Monroe) Note    

        The
Series 2006A (Monroe) Note and the Trustee's certificate of authentication for the Series 2006A (Monroe) Note shall be substantially in the form of  Exhibit G attached hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted in the
Original Indenture. 

ARTICLE II  

 MISCELLANEOUS  

        Section 2.1    This Thirty-Sixth Supplemental Indenture is executed and shall be construed as an indenture supplemental
to the Original Indenture, and shall form a part thereof, and the Original Indenture, as heretofore supplemented and as hereby supplemented and modified, is hereby confirmed. Except to the
extent inconsistent with the express terms hereof, all of the provisions, terms, covenants and conditions of the Indenture shall be applicable to the Notes to the same extent as if specifically set
forth herein. All references herein to Sections, definitions or other provisions of the Original Indenture shall be to such Sections, definitions and other provisions as they may be amended or
modified from time to time pursuant to the Indenture. All capitalized terms used in this Thirty-Sixth Supplemental Indenture shall have the same meanings assigned to them in the Original Indenture,
except in cases where the context clearly indicates otherwise. 

        Section 2.2    All recitals in this Thirty-Sixth Supplemental Indenture are made by the Company only and not by the
Trustee; and all of the provisions contained in the Original Indenture, in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect hereof as
fully and with like effect as if set forth herein in full. 

        Section 2.3    Whenever in this Thirty-Sixth Supplemental Indenture any of the parties hereto is named or referred to,
this shall, subject to the provisions of Articles IX and XI of the Original Indenture, be deemed to include the successors and assigns of such party, and all the covenants and agreements in
this Thirty-Sixth Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee shall, subject as aforesaid, bind and inure to the respective benefits of the
respective successors and assigns of such parties, whether so expressed or not. 

        Section 2.4    Nothing in this Thirty-Sixth Supplemental Indenture, expressed or implied, is intended, or shall be
construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the Holders of the Outstanding Secured Obligations, any right, remedy or claim under or by
reason of this Thirty-Sixth Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in
this Thirty-Sixth Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the Holders of Outstanding Secured
Obligations. 

        Section 2.5    This Thirty-Sixth 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. 

9

 

        Section 2.6    To the extent permitted by applicable law, this Thirty-Sixth Supplemental Indenture shall be deemed to be
a Security Agreement and Financing Statement whereby the Company grants to the Trustee a security interest in all of the Trust Estate that is personal property or fixtures under the Uniform Commercial
Code, as adopted or hereafter adopted in one or more of the states in which any part of the properties of the Company are situated. The mailing address of the Company, as debtor is: 

2100
East Exchange Place

P. O. Box 1349

Tucker, Georgia 30085-1349, 

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

U.S.
Bank National Association

Attention: Corporate Trust Services

1349 West Peachtree Street, NW

Suite 1050, Two Midtown Plaza

Atlanta, Georgia 30309 

[Signatures
on Next Page] 

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

	 	Company:	 	OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), an electric membership corporation organized under the laws of the State of Georgia
	

 	
 	

By:	
 	

/s/  THOMAS A. SMITH      
 Thomas A. Smith

President and Chief Executive Officer
	

Signed, sealed and delivered

by the Company in the presence of:	
 	

Attest:	
 	

/s/  PATRICIA N. NASH      
 Patricia N. Nash

Secretary
	

/s/  CINDY A. UPCHURCH      
 Witness	
 	

 	
 	

[CORPORATE SEAL]
	

/s/  THOMAS J. BRENDIAR      
 Notary Public	
 	

 	
 	

 	
 	

 
	

(Notarial Seal)	
 	

 	
 	

 	
 	

 
	

My commission expires:        1/27/09	
 	

 	
 	

 	
 	

 
	

[Signatures Continued on Next Page]
	 	 	 	 	 	 	 

	

[Signatures Continued from Previous Page]
	 	
Trustee:	
 	

U.S. BANK NATIONAL ASSOCIATION, a national banking association
	

 	
 	

By:	
 	

/s/  B A DONALDSON      

	Signed, sealed and delivered

by the Trustee in the

Presence of:	 	 	 	Authorized Agent
	

/s/  MICHELLE NGUYEN      
 Witness	
 	

 	
 	

 	
 	

 
	

/s/  SYRA I ARZU      
 Notary Public	
 	

 	
 	

 	
 	

 
	

(Notarial Seal)	
 	

 	
 	

 	
 	

 
	

My commission expires:        11/16/09	
 	

 	
 	

 	
 	

 

   Exhibit A  

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

A-1

   Exhibit B  

[Form of Series 2006A (Burke) Note]  

THIS
NOTE IS NON-TRANSFERABLE EXCEPT AS MAY BE REQUIRED TO EFFECT ANY TRANSFER TO ANY SUCCESSOR TRUSTEE UNDER THE TRUST INDENTURE, DATED AS OF OCTOBER 1, 2006, RELATING HERETO, BETWEEN THE
DEVELOPMENT AUTHORITY OF BURKE COUNTY AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE. 

OGLETHORPE
POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION) 

SERIES
2006A (BURKE) NOTE        DATE: OCTOBER 18, 2006 

(VOGTLE
PROJECT) 

        OGLETHORPE
POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) ("Oglethorpe"), an electric membership corporation organized and existing under the laws of the State of Georgia, for
value received and in consideration of the agreement of the Development Authority of Burke County (the "Burke Authority") to issue $40,105,000 in aggregate principal amount of Development Authority of
Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006A (the "Series 2006A Burke Bonds"), hereby promises to pay to U.S. Bank National
Association (the "Series 2006A Burke Trustee"), as assignee and pledgee of the Burke Authority, acting pursuant to the Trust Indenture, dated as of October 1, 2006, from the Burke
Authority to the Series 2006A Burke Trustee (the "Series 2006A Indenture"), or its successor in trust,
the principal sum of $40,150,000, together with interest and prepayment premium (if any) thereon as follows: 

	(a)
	on
or before each Interest Payment Date (as defined in the Series 2006A Indenture), a sum which will equal the interest on the Series 2006A Burke Bonds which will become
due on such Interest Payment Date on the Series 2006A Burke Bonds; and

	(b)
	on
or before January 1, 2041, a sum which will equal the principal amount of the Series 2006A Burke Bonds which will become due on January 1, 2041; and

	(c)
	on
or before any redemption date for the Series 2006A Burke Bonds, a sum equal to the principal of, redemption premium (if any) and interest on, the Series 2006A Burke
Bonds which are to be redeemed on such date. 

        This
Series 2006A (Burke) Note evidences the Loan (as defined in the Agreement hereinafter referred to) of the Burke Authority to Oglethorpe and the obligation to repay the same
and shall be governed by and shall be payable in accordance with the terms, conditions and provisions of the Loan Agreement, dated as of October 1, 2006 (the "Agreement"), between the Burke
Authority and Oglethorpe, pursuant to which the Burke Authority has agreed to loan to Oglethorpe the proceeds from the sale of the Series 2006A Burke Bonds. 

        This
Series 2006A (Burke) Note is a duly authorized obligation of Oglethorpe issued under and equally and ratably secured by the Indenture, dated as of March 1, 1997 (the
"Original Indenture"), as heretofore supplemented and as supplemented by the Thirty-Sixth Supplemental Indenture, dated as of October 1, 2006, between Oglethorpe, as grantor, and U.S. Bank
National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (in such capacity, the "Indenture Trustee"), (the Original Indenture, as supplemented, the
"Indenture"). Reference is hereby made to the Indenture for a statement of the description of the properties thereby mortgaged, pledged and assigned, the nature and extent of the security and the
respective rights, limitations of rights, duties and immunities thereunder of Oglethorpe, the Indenture Trustee and the holder of this Series 2006A 

B-1

 

(Burke)
Note and of the terms upon which this Series 2006A (Burke) Note is authenticated and delivered. This Series 2006A (Burke) Note is created by the Thirty-Sixth Supplemental
Indenture and designated as the "Series 2006A (Burke) Note." 

        All
payments hereon are to be made to the Series 2006A Burke Trustee at its principal office in Atlanta, Georgia, in lawful money of the United States of America which will be
immediately available on the day payment is due. As set forth in Section 4.6 of the Agreement, the obligation of Oglethorpe to make the payments required hereunder shall be absolute and
unconditional. 

        Oglethorpe
shall be entitled to certain credits against payments required to be made hereunder as provided in Section 4.3 of the Agreement. 

        This
Series 2006A (Burke) Note may be prepaid upon the terms and conditions set forth in Article VIII of the Agreement. 

        If
the Series 2006A Burke Trustee shall accelerate payment of the Series 2006A Burke Bonds, all payments on this Series 2006A (Burke) Note shall be declared due and
payable in the manner and with the effect provided in the Agreement. The Agreement provides that, under certain conditions, such declaration shall be rescinded by the Series 2006A Burke
Trustee. 

        No
recourse shall be had for the payments required hereby or for any claim based herein or in the Agreement or in the Indenture against any officer, director or member, past, present or
future, of Oglethorpe as such, either directly or through Oglethorpe, or under any constitutional provision, statute or rule of law or by the enforcement of any assessment or by any legal or equitable
proceedings or otherwise. 

        This
Series 2006A (Burke) Note shall not be entitled to any benefit under the Indenture and shall not become valid or obligatory for any purposes until the Indenture Trustee shall
have signed the form of authentication certificate endorsed hereon. 

        This
Series 2006A (Burke) Note shall be governed by and construed in accordance with the laws of the State of Georgia. 

B-2

 

        IN WITNESS WHEREOF, Oglethorpe has caused this Series 2006A (Burke) Note to be executed in its corporate name by its President and
Chief Executive Officer and attested by its Secretary and its corporate seal to be hereunto affixed. 

	 	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	

 	
 	

By:	

 
	 	 	 	
 Thomas A. Smith

President and Chief Executive Officer
	(SEAL)	 	 	 
	

Attest:	
 	

 	

 
	

 Patricia N. Nash

Secretary	
 	

 	

 

B-3

 
TRUSTEE'S
CERTIFICATE OF AUTHENTICATION 

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

B-4

   Exhibit C  

[Form of Series 2006B-1 (Burke) Note]

        THIS
NOTE IS NON-TRANSFERABLE EXCEPT AS MAY BE REQUIRED TO EFFECT ANY TRANSFER TO ANY SUCCESSOR TRUSTEE UNDER THE TRUST INDENTURE, DATED AS OF OCTOBER 1, 2006,
RELATING HERETO, BETWEEN THE DEVELOPMENT AUTHORITY OF BURKE COUNTY AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE. 

OGLETHORPE
POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION) 

SERIES
2006B-1 (BURKE) NOTE        DATE: OCTOBER 18, 2006 

(VOGTLE
PROJECT) 

        OGLETHORPE
POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) ("Oglethorpe"), an electric membership corporation organized and existing under the laws of the State of Georgia, for
value received and in consideration of the agreement of the Development Authority of Burke County (the "Burke Authority") to issue $50,000,000 in aggregate principal amount of Development Authority of
Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006B-1 (the "Series 2006B-1 Burke Bonds"), hereby promises to
pay to U.S. Bank National Association (the "Series 2006B-1 Burke Trustee"), as assignee and pledgee of the Burke Authority, acting pursuant to the Trust Indenture, dated as of
October 1, 2006, from the Burke Authority to the Series 2006B-1 Burke Trustee (the "Series 2006B-1 Indenture"), or its successor in trust, the principal
sum of $50,000,000, together with interest and prepayment premium (if any) thereon as follows: 

        (a)   on
or before each Interest Payment Date (as defined in the Series 2006B-1 Indenture), a sum which will equal the interest on the
Series 2006B-1 Burke Bonds which will become due on such Interest Payment Date on the Series 2006B-1 Burke Bonds; and 

        (b)   on
or before January 1, 2041, a sum which will equal the principal amount of the Series 2006B-1 Burke Bonds which will become due on
January 1, 2041; and 

        (c)   on
or before any redemption date for the Series 2006B-1 Burke Bonds, a sum equal to the principal of, redemption premium (if any) and interest on, the
Series 2006B-1 Burke Bonds which are to be redeemed on such date. 

        This
Series 2006B-1 (Burke) Note evidences the Loan (as defined in the Agreement hereinafter referred to) of the Burke Authority to Oglethorpe and the obligation to
repay the same and shall be governed by and shall be payable in accordance with the terms, conditions and provisions of the Loan Agreement, dated as of October 1, 2006 (the "Agreement"),
between the Burke Authority and Oglethorpe, pursuant to which the Burke Authority has agreed to loan to Oglethorpe the proceeds from the sale of the Series 2006B-1 Burke Bonds. 

        This
Series 2006B-1 (Burke) Note is a duly authorized obligation of Oglethorpe issued under and equally and ratably secured by the Indenture, dated as of
March 1, 1997 (the "Original Indenture"), as heretofore supplemented and as supplemented by the Thirty-Sixth Supplemental Indenture, dated as of October 1, 2006, between Oglethorpe, as
grantor, and U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (in such capacity, the "Indenture Trustee"), (the Original Indenture,
as supplemented, the "Indenture"). Reference is hereby made to the Indenture for a statement of the description of the properties thereby mortgaged, pledged and assigned, the nature and extent of the
security and the respective rights, limitations of rights, duties and immunities thereunder of Oglethorpe, the Indenture Trustee and the holder of this Series 2006B-1 

C-1

 

(Burke)
Note and of the terms upon which this Series 2006B-1 (Burke) Note is authenticated and delivered. This Series 2006B-1 (Burke) Note is created by the
Thirty-Sixth Supplemental Indenture and designated as the "Series 2006B-1 (Burke) Note." 

        All
payments hereon are to be made to the Series 2006B-1 Burke Trustee at its principal office in Atlanta, Georgia, in lawful money of the United States of America
which will be immediately available on the day payment is due. As set forth in Section 4.6 of the Agreement, the obligation of Oglethorpe to make the payments required hereunder shall be
absolute and unconditional. 

        Oglethorpe
shall be entitled to certain credits against payments required to be made hereunder as provided in Section 4.3 of the Agreement. 

        This
Series 2006B-1 (Burke) Note may be prepaid upon the terms and conditions set forth in Article VIII of the Agreement. 

        If
the Series 2006B-1 Burke Trustee shall accelerate payment of the Series 2006B-1 Burke Bonds, all payments on this
Series 2006B-1 (Burke) Note shall be declared due and payable in the manner and with the effect provided in the Agreement. The Agreement provides that, under certain conditions,
such declaration shall be rescinded by the Series 2006B-1 Burke Trustee. 

        No
recourse shall be had for the payments required hereby or for any claim based herein or in the Agreement or in the Indenture against any officer, director or member, past, present or
future, of Oglethorpe as such, either directly or through Oglethorpe, or under any constitutional provision, statute or rule of law or by the enforcement of any assessment or by any legal or equitable
proceedings or otherwise. 

        This
Series 2006B-1 (Burke) Note shall not be entitled to any benefit under the Indenture and shall not become valid or obligatory for any purposes until the Indenture
Trustee shall have signed the form of authentication certificate endorsed hereon. 

        This
Series 2006B-1 (Burke) Note shall be governed by and construed in accordance with the laws of the State of Georgia. 

C-2

 

        IN WITNESS WHEREOF, Oglethorpe has caused this Series 2006B-1 (Burke) Note to be executed in its corporate name by its
President and Chief Executive Officer and attested by its Secretary and its corporate seal to be hereunto affixed. 

	 	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	

 	

 	

By:	

 
	 	 	 	

	 	 	 	Thomas A. Smith
	 	 	 	President and Chief Executive Officer
	(SEAL)	 	 	 
	

Attest:	

 	

 	

 
	

	

 	

 	

 
	Patricia N. Nash	 	 	 
	Secretary	 	 	 

C-3

 
TRUSTEE'S CERTIFICATE OF AUTHENTICATION 

        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
	 	 	 

C-4

   Exhibit D  

[Form of Series 2006B-2 (Burke) Note]

        THIS
NOTE IS NON-TRANSFERABLE EXCEPT AS MAY BE REQUIRED TO EFFECT ANY TRANSFER TO ANY SUCCESSOR TRUSTEE UNDER THE TRUST INDENTURE, DATED AS OF OCTOBER 1, 2006, RELATING
HERETO, BETWEEN THE DEVELOPMENT AUTHORITY OF BURKE COUNTY AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE. 

OGLETHORPE
POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION) 

SERIES
2006B-2 (BURKE) NOTE        DATE: OCTOBER 18, 2006 

(VOGTLE
PROJECT) 

        OGLETHORPE
POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) ("Oglethorpe"), an electric membership corporation organized and existing under the laws of the State of Georgia, for
value received and in consideration of the agreement of the Development Authority of Burke County (the "Burke Authority") to issue $50,000,000 in aggregate principal amount of Development Authority of
Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006B-2 (the "Series 2006B-2 Burke Bonds"), hereby promises to
pay to U.S. Bank National Association (the "Series 2006B-2 Burke Trustee"), as assignee and pledgee of the Burke Authority, acting pursuant to the Trust Indenture, dated as of
October 1, 2006, from the Burke Authority to the Series 2006B-2 Burke Trustee (the "Series 2006B-2 Indenture"), or its successor in trust, the principal
sum of $50,000,000, together with interest and prepayment premium (if any) thereon as follows: 

        (a)   on
or before each Interest Payment Date (as defined in the Series 2006B-2 Indenture), a sum which will equal the interest on the
Series 2006B-2 Burke Bonds which will become due on such Interest Payment Date on the Series 2006B-2 Burke Bonds; and 

        (b)   on
or before January 1, 2040, a sum which will equal the principal amount of the Series 2006B-2 Burke Bonds which will become due on
January 1, 2040; and 

        (c)   on
or before any redemption date for the Series 2006B-2 Burke Bonds, a sum equal to the principal of, redemption premium (if any) and interest on, the
Series 2006B-2 Burke Bonds which are to be redeemed on such date. 

        This
Series 2006B-2 (Burke) Note evidences the Loan (as defined in the Agreement hereinafter referred to) of the Burke Authority to Oglethorpe and the obligation to
repay the same and shall be governed by and shall be payable in accordance with the terms, conditions and provisions of the Loan Agreement, dated as of October 1, 2006 (the "Agreement"),
between the Burke Authority and Oglethorpe, pursuant to which the Burke Authority has agreed to loan to Oglethorpe the proceeds from the sale of the Series 2006B-2 Burke Bonds. 

        This
Series 2006B-2 (Burke) Note is a duly authorized obligation of Oglethorpe issued under and equally and ratably secured by the Indenture, dated as of
March 1, 1997 (the "Original Indenture"), as heretofore supplemented and as supplemented by the Thirty-Sixth Supplemental Indenture, dated as of October 1, 2006, between Oglethorpe, as
grantor, and U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (in such capacity, the "Indenture Trustee"), (the Original Indenture,
as supplemented, the "Indenture"). Reference is hereby made to the Indenture for a statement of the description of the properties thereby mortgaged, pledged and assigned, the nature and extent of the
security and the respective rights, limitations of rights, duties and immunities thereunder of Oglethorpe, the Indenture Trustee and the holder of this Series 2006B-2 

D-1

 

(Burke)
Note and of the terms upon which this Series 2006B-2 (Burke) Note is authenticated and delivered. This Series 2006B-2 (Burke) Note is created by the
Thirty-Sixth Supplemental Indenture and designated as the "Series 2006B-2 (Burke) Note." 

        All
payments hereon are to be made to the Series 2006B-2 Burke Trustee at its principal office in Atlanta, Georgia, in lawful money of the United States of America
which will be immediately available on the day payment is due. As set forth in Section 4.6 of the Agreement, the obligation of Oglethorpe to make the payments required hereunder shall be
absolute and unconditional. 

        Oglethorpe
shall be entitled to certain credits against payments required to be made hereunder as provided in Section 4.3 of the Agreement. 

        This
Series 2006B-2 (Burke) Note may be prepaid upon the terms and conditions set forth in Article VIII of the Agreement. 

        If
the Series 2006B-2 Burke Trustee shall accelerate payment of the Series 2006B-2 Burke Bonds, all payments on this
Series 2006B-2 (Burke) Note shall be declared due and payable in the manner and with the effect provided in the Agreement. The Agreement provides that, under certain conditions,
such declaration shall be rescinded by the Series 2006B-2 Burke Trustee. 

        No
recourse shall be had for the payments required hereby or for any claim based herein or in the Agreement or in the Indenture against any officer, director or member, past, present or
future, of Oglethorpe as such, either directly or through Oglethorpe, or under any constitutional provision, statute or rule of law or by the enforcement of any assessment or by any legal or equitable
proceedings or otherwise. 

        This
Series 2006B-2 (Burke) Note shall not be entitled to any benefit under the Indenture and shall not become valid or obligatory for any purposes until the Indenture
Trustee shall have signed the form of authentication certificate endorsed hereon. 

        This
Series 2006B-2 (Burke) Note shall be governed by and construed in accordance with the laws of the State of Georgia. 

D-2

 

        IN WITNESS WHEREOF, Oglethorpe has caused this Series 2006B-2 (Burke) Note to be executed in its corporate name by its
President and Chief Executive Officer and attested by its Secretary and its corporate seal to be hereunto affixed. 

	 	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
 
	

 	
 	

By:	

    
 Thomas A. Smith

President and Chief Executive Officer
	

(SEAL)	
 	

 	

 
	

Attest:	
 	

 	

 
	

    
 Patricia N. Nash

Secretary	
 	

 	

 

D-3

 
TRUSTEE'S CERTIFICATE OF AUTHENTICATION 

        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

D-4

  

Exhibit E  

[Form of Series 2006B-3 (Burke) Note]

        THIS
NOTE IS NON-TRANSFERABLE EXCEPT AS MAY BE REQUIRED TO EFFECT ANY TRANSFER TO ANY SUCCESSOR TRUSTEE UNDER THE TRUST INDENTURE, DATED AS OF OCTOBER 1, 2006, RELATING
HERETO, BETWEEN THE DEVELOPMENT AUTHORITY OF BURKE COUNTY AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE. 

OGLETHORPE
POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION) 

SERIES
2006B-3 (BURKE) NOTE        DATE: OCTOBER 18, 2006 

(VOGTLE
PROJECT) 

        OGLETHORPE
POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) ("Oglethorpe"), an electric membership corporation organized and existing under the laws of the State of Georgia, for
value received and in consideration of the agreement of the Development Authority of Burke County (the "Burke Authority") to issue $50,000,000 in aggregate principal amount of Development Authority of
Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006B-3 (the "Series 2006B-3 Burke Bonds"), hereby promises to
pay to U.S. Bank National Association (the "Series 2006B-3 Burke Trustee"), as assignee and pledgee of the Burke Authority, acting pursuant to the Trust Indenture, dated as of
October 1, 2006, from the Burke Authority to the Series 2006B-3 Burke Trustee (the "Series 2006B-3 Indenture"), or its successor in trust, the principal
sum of $50,000,000, together with interest and prepayment premium (if any) thereon as follows: 

        (a)   on
or before each Interest Payment Date (as defined in the Series 2006B-3 Indenture), a sum which will equal the interest on the
Series 2006B-3 Burke Bonds which will become due on such Interest Payment Date on the Series 2006B-3 Burke Bonds; and 

        (b)   on
or before January 1, 2039, a sum which will equal the principal amount of the Series 2006B-3 Burke Bonds which will become due on
January 1, 2039; and 

        (c)   on
or before any redemption date for the Series 2006B-3 Burke Bonds, a sum equal to the principal of, redemption premium (if any) and interest on, the
Series 2006B-3 Burke Bonds which are to be redeemed on such date. 

        This
Series 2006B-3 (Burke) Note evidences the Loan (as defined in the Agreement hereinafter referred to) of the Burke Authority to Oglethorpe and the obligation to
repay the same and shall be governed by and shall be payable in accordance with the terms, conditions and provisions of the Loan Agreement, dated as of October 1, 2006 (the "Agreement"),
between the Burke Authority and Oglethorpe, pursuant to which the Burke Authority has agreed to loan to Oglethorpe the proceeds from the sale of the Series 2006B-3 Burke Bonds. 

        This
Series 2006B-3 (Burke) Note is a duly authorized obligation of Oglethorpe issued under and equally and ratably secured by the Indenture, dated as of
March 1, 1997 (the "Original Indenture"), as heretofore supplemented and as supplemented by the Thirty-Sixth Supplemental Indenture, dated as of October 1, 2006, between Oglethorpe, as
grantor, and U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (in such capacity, the "Indenture Trustee"), (the Original Indenture,
as supplemented, the "Indenture"). Reference is hereby made to the Indenture for a statement of the description of the properties thereby mortgaged, pledged and assigned, the nature and extent of the
security and the respective rights, limitations of rights, duties and immunities thereunder of Oglethorpe, the Indenture Trustee and the holder of this Series 2006B-3 

E-1

 

(Burke)
Note and of the terms upon which this Series 2006B-3 (Burke) Note is authenticated and delivered. This Series 2006B-3 (Burke) Note is created by the
Thirty-Sixth Supplemental Indenture and designated as the "Series 2006B-3 (Burke) Note." 

        All
payments hereon are to be made to the Series 2006B-3 Burke Trustee at its principal office in Atlanta, Georgia, in lawful money of the United States of America
which will be immediately available on the day payment is due. As set forth in Section 4.6 of the Agreement, the obligation of Oglethorpe to make the payments required hereunder shall be
absolute and unconditional. 

        Oglethorpe
shall be entitled to certain credits against payments required to be made hereunder as provided in Section 4.3 of the Agreement. 

        This
Series 2006B-3 (Burke) Note may be prepaid upon the terms and conditions set forth in Article VIII of the Agreement. 

        If
the Series 2006B-3 Burke Trustee shall accelerate payment of the Series 2006B-3 Burke Bonds, all payments on this
Series 2006B-3 (Burke) Note shall be declared due and payable in the manner and with the effect provided in the Agreement. The Agreement provides that, under certain conditions,
such declaration shall be rescinded by the Series 2006B-3 Burke Trustee. 

        No
recourse shall be had for the payments required hereby or for any claim based herein or in the Agreement or in the Indenture against any officer, director or member, past, present or
future, of Oglethorpe as such, either directly or through Oglethorpe, or under any constitutional provision, statute or rule of law or by the enforcement of any assessment or by any legal or equitable
proceedings or otherwise. 

        This
Series 2006B-3 (Burke) Note shall not be entitled to any benefit under the Indenture and shall not become valid or obligatory for any purposes until the Indenture
Trustee shall have signed the form of authentication certificate endorsed hereon. 

        This
Series 2006B-3 (Burke) Note shall be governed by and construed in accordance with the laws of the State of Georgia. 

E-2

 

        IN WITNESS WHEREOF, Oglethorpe has caused this Series 2006B-3 (Burke) Note to be executed in its corporate name by its
President and Chief Executive Officer and attested by its Secretary and its corporate seal to be hereunto affixed. 

	 	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
 
	

 	
 	

By:	

    
 Thomas A. Smith

President and Chief Executive Officer
	

(SEAL)	
 	

 	

 
	

Attest:	
 	

 	

 
	

    
 Patricia N. Nash

Secretary	
 	

 	

 

E-3

 
 
 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION    

        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

E-4

   Exhibit F  

 [Form of Series 2006B-4 (Burke) Note]  

THIS
NOTE IS NON-TRANSFERABLE EXCEPT AS MAY BE REQUIRED TO EFFECT ANY TRANSFER TO ANY SUCCESSOR TRUSTEE UNDER THE TRUST INDENTURE, DATED AS OF OCTOBER 1, 2006, RELATING HERETO, BETWEEN THE
DEVELOPMENT AUTHORITY OF BURKE COUNTY AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE. 

OGLETHORPE
POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION) 

SERIES
2006B-4 (BURKE) NOTE    DATE: OCTOBER 18, 2006 

(VOGTLE
PROJECT) 

        OGLETHORPE
POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) ("Oglethorpe"), an electric membership corporation organized and existing under the laws of the State of Georgia, for
value received and in consideration of the agreement of the Development Authority of Burke County (the "Burke Authority") to issue $38,925,000 in aggregate principal amount of Development Authority of
Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006B-4 (the "Series 2006B-4 Burke Bonds"), hereby promises to
pay to U.S. Bank National Association (the "Series 2006B-4 Burke Trustee"), as assignee and pledgee of the Burke Authority, acting pursuant to the Trust Indenture, dated as of
October 1, 2006, from the Burke Authority to the Series 2006B-4
Burke Trustee (the "Series 2006B-4 Indenture"), or its successor in trust, the principal sum of $38,925,000, together with interest and prepayment premium (if any) thereon as
follows: 

	(a)
	on
or before each Interest Payment Date (as defined in the Series 2006B-4 Indenture), a sum which will equal the interest on the Series 2006B-4
Burke Bonds which will become due on such Interest Payment Date on the Series 2006B-4 Burke Bonds; and

	(b)
	on
or before January 1, 2038, a sum which will equal the principal amount of the Series 2006B-4 Burke Bonds which will become due on January 1, 2038;
and

	(c)
	on
or before any redemption date for the Series 2006B-4 Burke Bonds, a sum equal to the principal of, redemption premium (if any) and interest on, the
Series 2006B-4 Burke Bonds which are to be redeemed on such date. 

        This
Series 2006B-4 (Burke) Note evidences the Loan (as defined in the Agreement hereinafter referred to) of the Burke Authority to Oglethorpe and the obligation to
repay the same and shall be governed by and shall be payable in accordance with the terms, conditions and provisions of the Loan Agreement, dated as of October 1, 2006 (the "Agreement"),
between the Burke Authority and Oglethorpe, pursuant to which the Burke Authority has agreed to loan to Oglethorpe the proceeds from the sale of the Series 2006B-4 Burke Bonds. 

        This
Series 2006B-4 (Burke) Note is a duly authorized obligation of Oglethorpe issued under and equally and ratably secured by the Indenture, dated as of
March 1, 1997 (the "Original Indenture"), as heretofore supplemented and as supplemented by the Thirty-Sixth Supplemental Indenture, dated as of October 1, 2006, between Oglethorpe, as
grantor, and U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (in such capacity, the "Indenture Trustee"), (the Original Indenture,
as supplemented, the "Indenture"). Reference is hereby made to the Indenture for a statement of the description of the properties thereby mortgaged, pledged and assigned, the nature and extent of the
security and the respective rights, limitations of rights, duties and immunities thereunder of Oglethorpe, the Indenture Trustee and the holder of this Series 2006B-4 

F-1

 

(Burke)
Note and of the terms upon which this Series 2006B-4 (Burke) Note is authenticated and delivered. This Series 2006B-4 (Burke) Note is created by the
Thirty-Sixth Supplemental Indenture and designated as the "Series 2006B-4 (Burke) Note." 

        All
payments hereon are to be made to the Series 2006B-4 Burke Trustee at its principal office in Atlanta, Georgia, in lawful money of the United States of America
which will be immediately available on the day payment is due. As set forth in Section 4.6 of the Agreement, the obligation of Oglethorpe to make the payments required hereunder shall be
absolute and unconditional. 

        Oglethorpe
shall be entitled to certain credits against payments required to be made hereunder as provided in Section 4.3 of the Agreement. 

        This
Series 2006B-4 (Burke) Note may be prepaid upon the terms and conditions set forth in Article VIII of the Agreement. 

        If
the Series 2006B-4 Burke Trustee shall accelerate payment of the Series 2006B-4 Burke Bonds, all payments on this
Series 2006B-4 (Burke) Note shall be declared due and payable in the manner and with the effect provided in the Agreement. The Agreement provides that, under certain conditions,
such declaration shall be rescinded by the Series 2006B-4 Burke Trustee. 

        No
recourse shall be had for the payments required hereby or for any claim based herein or in the Agreement or in the Indenture against any officer, director or member, past, present or
future, of Oglethorpe as such, either directly or through Oglethorpe, or under any constitutional provision, statute or rule of law or by the enforcement of any assessment or by any legal or equitable
proceedings or otherwise. 

        This
Series 2006B-4 (Burke) Note shall not be entitled to any benefit under the Indenture and shall not become valid or obligatory for any purposes until the Indenture
Trustee shall have signed the form of authentication certificate endorsed hereon. 

        This
Series 2006B-4 (Burke) Note shall be governed by and construed in accordance with the laws of the State of Georgia. 

F-2

 

        IN WITNESS WHEREOF, Oglethorpe has caused this Series 2006B-4 (Burke) Note to be executed in its corporate name by its
President and Chief Executive Officer and attested by its Secretary and its corporate seal to be hereunto affixed. 

	 	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	

 	
 	

By:	

 
	 	 	 	
 Thomas A. Smith

President and Chief Executive Officer
	(SEAL)	 	 	 
	

Attest:	
 	

 	

 
	

 Patricia N. Nash

Secretary	
 	

 	

 

F-3

 
TRUSTEE'S
CERTIFICATE OF AUTHENTICATION 

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

F-4

   Exhibit G  

[Form of Series 2006A (Monroe) Note]  

THIS
NOTE IS NON-TRANSFERABLE EXCEPT AS MAY BE REQUIRED TO EFFECT ANY TRANSFER TO ANY SUCCESSOR TRUSTEE UNDER THE TRUST INDENTURE, DATED AS OF OCTOBER 1, 2006, RELATING HERETO, BETWEEN THE
DEVELOPMENT AUTHORITY OF MONROE COUNTY AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE. 

OGLETHORPE
POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION) 

SERIES
2006A (MONROE) NOTE    DATE: OCTOBER 18, 2006 

(SCHERER
PROJECT) 

        OGLETHORPE
POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) ("Oglethorpe"), an electric membership corporation organized and existing under the laws of the State of Georgia, for
value received and in consideration of the agreement of the Development Authority of Monroe County (the "Monroe Authority") to issue $9,020,000 in aggregate principal amount of Development Authority
of Monroe County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Scherer Project), Series 2006A (the "Series 2006A Monroe Bonds"), hereby promises to pay to U.S. Bank
National Association (the "Series 2006A Monroe Trustee"), as assignee and pledgee of the Monroe Authority, acting pursuant to the Trust Indenture, dated as of October 1, 2006, from the
Monroe Authority to the Series 2006A Monroe Trustee (the "Series 2006A Indenture"), or its successor
in trust, the principal sum of $9,020,000, together with interest and prepayment premium (if any) thereon as follows: 

	(a)
	on
or before each Interest Payment Date (as defined in the Series 2006A Indenture), a sum which will equal the interest on the Series 2006A Monroe Bonds which will
become due on such Interest Payment Date on the Series 2006A Monroe Bonds; and

	(b)
	on
or before January 1, 2036, a sum which will equal the principal amount of the Series 2006A Monroe Bonds which will become due on January 1, 2036; and

	(c)
	on
or before any redeemption date for the Series 2006A Monroe Bonds, a sum equal to the principal of, redemption premium (if any) and interest on, the Series 2006A
Monroe Bonds which are to be redeemed on such date. 

        This
Series 2006A (Monroe) Note evidences the Loan (as defined in the Agreement hereinafter referred to) of the Monroe Authority to Oglethorpe and the obligation to repay the same
and shall be governed by and shall be payable in accordance with the terms, conditions and provisions of the Loan Agreement, dated as of October 1, 2006 (the "Agreement"), between the Monroe
Authority and Oglethorpe, pursuant to which the Monroe Authority has agreed to loan to Oglethorpe the proceeds from the sale of the Series 2006A Monroe Bonds. 

        This
Series 2006A (Monroe) Note is a duly authorized obligation of Oglethorpe issued under and equally and ratably secured by the Indenture, dated as of March 1, 1997 (the
"Original Indenture"), as heretofore supplemented and as supplemented by the Thirty-Sixth Supplemental Indenture, dated as of October 1, 2006, between Oglethorpe, as grantor, and U.S. Bank
National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (in such capacity, the "Indenture Trustee"), (the Original Indenture, as supplemented, the
"Indenture"). Reference is hereby made to the Indenture for a statement of the description of the properties thereby mortgaged, pledged and assigned, the nature and extent of the security and the
respective rights, limitations of rights, duties and immunities thereunder of Oglethorpe, the Indenture Trustee and the holder of this Series 2006A 

G-1

 

(Monroe)
Note and of the terms upon which this Series 2006A (Monroe) Note is authenticated and delivered. This Series 2006A (Monroe) Note is created by the Thirty-Sixth Supplemental
Indenture and designated as the "Series 2006A (Monroe) Note." 

        All
payments hereon are to be made to the Series 2006A Monroe Trustee at its principal office in Atlanta, Georgia, in lawful money of the United States of America which will be
immediately available on the day payment is due. As set forth in Section 4.6 of the Agreement, the obligation of Oglethorpe to make the payments required hereunder shall be absolute and
unconditional. 

        Oglethorpe
shall be entitled to certain credits against payments required to be made hereunder as provided in Section 4.3 of the Agreement. 

        This
Series 2006A (Monroe) Note may be prepaid upon the terms and conditions set forth in Article VIII of the Agreement. 

        If
the Series 2006A Monroe Trustee shall accelerate payment of the Series 2006A Monroe Bonds, all payments on this Series 2006A (Monroe) Note shall be declared due
and payable in the manner and with the effect provided in the Agreement. The Agreement provides that, under certain conditions, such declaration shall be rescinded by the Series 2006A Monroe
Trustee. 

        No
recourse shall be had for the payments required hereby or for any claim based herein or in the Agreement or in the Indenture against any officer, director or member, past, present or
future, of Oglethorpe as such, either directly or through Oglethorpe, or under any constitutional provision, statute or rule of law or by the enforcement of any assessment or by any legal or equitable
proceedings or otherwise. 

        This
Series 2006A (Monroe) Note shall not be entitled to any benefit under the Indenture and shall not become valid or obligatory for any purposes until the Indenture Trustee
shall have signed the form of authentication certificate endorsed hereon. 

        This
Series 2006A (Monroe) Note shall be governed by and construed in accordance with the laws of the State of Georgia. 

G-2

 

        IN WITNESS WHEREOF, Oglethorpe has caused this Series 2006A (Monroe) Note to be executed in its corporate name by its President and
Chief Executive Officer and attested by its Secretary and its corporate seal to be hereunto affixed. 

	 	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	

 	
 	

By:	

 
	 	 	 	
 Thomas A. Smith

President and Chief Executive Officer
	(SEAL)	 	 	 
	

Attest:	
 	

 	

 
	

 Patricia N. Nash

Secretary	
 	

 	

 

G-3

 
TRUSTEE'S
CERTIFICATE OF AUTHENTICATION 

        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

G-4

Schedule 1  

RECORDING INFORMATION

FOR

                        COUNTY, GEORGIA 

	Document
 
	 	Recording Information
	 	Date of Recording

	Original Indenture	 	 	 	 
	First Supplemental Indenture	 	 	 	 
	Second Supplemental Indenture	 	 	 	 
	Third Supplemental Indenture	 	 	 	 
	Fourth Supplemental Indenture	 	 	 	 
	Fifth Supplemental Indenture	 	 	 	 
	Sixth Supplemental Indenture	 	 	 	 
	Seventh Supplemental Indenture	 	 	 	 
	Eighth Supplemental Indenture	 	 	 	 
	Ninth Supplemental Indenture	 	 	 	 
	Tenth Supplemental Indenture	 	 	 	 
	Eleventh Supplemental Indenture	 	 	 	 
	Twelfth Supplemental Indenture	 	 	 	 
	Thirteenth Supplemental Indenture	 	 	 	 
	Fourteenth Supplemental Indenture	 	 	 	 
	Fifteenth Supplemental Indenture	 	 	 	 
	Sixteenth Supplemental Indenture	 	 	 	 
	Seventeenth Supplemental Indenture	 	 	 	 
	Eighteenth Supplemental Indenture	 	 	 	 
	Nineteenth Supplemental Indenture	 	 	 	 
	Twentieth Supplemental Indenture	 	 	 	 
	Twenty-First Supplemental Indenture	 	 	 	 
	Twenty-Second Supplemental Indenture	 	 	 	 
	Twenty-Third Supplemental Indenture	 	 	 	 
	Twenty-Fourth Supplemental Indenture	 	 	 	 
	Twenty-Fifth Supplemental Indenture	 	 	 	 
	Twenty-Sixth Supplemental Indenture	 	 	 	 
	Twenty-Seventh Supplemental Indenture	 	 	 	 
	Twenty-Eighth Supplemental Indenture	 	 	 	 
	Twenty-Ninth Supplemental Indenture	 	 	 	 
	Thirtieth Supplemental Indenture	 	 	 	 
	Thirty-First Supplemental Indenture	 	 	 	 
	Thirty-Second Supplemental Indenture	 	 	 	 
	Thirty-Third Supplemental Indenture	 	 	 	 
	Thirty-Fourth Supplemental Indenture	 	 	 	 
	Thirty-Fifth Supplemental Indenture	 	 	 	 

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EXHIBIT 4.7.1(kk)

TRUSTEE'S CERTIFICATE OF AUTHENTICATIONQuickLinks
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    EXHIBIT 4.7.1(ll)    
    

Upon recording, return to:

Ms. Shawne M. Keenan

Sutherland Asbill & Brennan LLP

999 Peachtree Street, N.E.

Atlanta, Georgia 30309-3996  

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

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

 

OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION),

GRANTOR, 

to 

U.S. BANK NATIONAL ASSOCIATION,

TRUSTEE 

THIRTY-SEVENTH SUPPLEMENTAL

INDENTURE  

Relating to the

Series 2006C-1 (Burke) Note

Series 2006C-2 (Burke) Note

Series 2006B (Monroe) Note 

Dated
as of October 1, 2006 

FIRST MORTGAGE OBLIGATIONS 

 

   
        THIS THIRTY-SEVENTH SUPPLEMENTAL INDENTURE, dated as of October 1, 2006, is between OGLETHORPE POWER
CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an
electric membership corporation organized and existing under the laws of the State of Georgia, as Grantor (hereinafter called the "Company"), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as Trustee (in such capacity, the "Trustee"). 

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

        WHEREAS, the Company has heretofore executed and delivered to the Trustee thirty-six Supplemental Indentures (the Original Indenture, as
heretofore, hereby and hereafter supplemented and modified, being herein sometimes called the "Indenture"), and the Original Indenture and the thirty-six Supplemental Indentures have been
recorded as set forth on Schedule 1; 

Series 2006C-1 Burke Bonds  

        WHEREAS, the Burke Authority has agreed to issue $50,000,000 in aggregate principal amount of Development
Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006C-1 (the "Series 2006C-1 Burke Bonds"), and to
loan the proceeds from the sale thereof to the Company pursuant to that certain Loan Agreement, dated as of October 1, 2006, relating thereto (the "Series 2006C-1 Burke Loan
Agreement"); 

        WHEREAS, the Company's obligation to repay the loan of the proceeds of the Series 2006C-1 Burke Bonds is evidenced by
that certain Series 2006C-1 (Burke) Note, dated the date of its authentication (the "Series 2006C-1 (Burke) Note"), from the Company to U.S. Bank National
Association, as trustee (in such capacity, the "Series 2006C-1 Burke Trustee"), as assignee and pledgee of the Burke Authority pursuant to the Trust Indenture, dated as of
October 1, 2006 (the "Series 2006C-1 Burke Indenture"), between the Burke Authority and the Series 2006C-1 Burke Trustee; 

Series 2006C-2 Burke Bonds  

        WHEREAS, the Burke Authority has agreed to issue $40,105,000 in aggregate principal amount of Development
Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006C-2 (the "Series 2006C-2 Burke Bonds"; and
together with the Series 2006C-1 Burke Bonds, the "Burke Bonds"), and to loan the proceeds from the sale thereof to the Company pursuant to that certain Loan Agreement, dated as of
October 1, 2006, relating thereto (the "Series 2006C-2 Burke Loan Agreement"); 

        WHEREAS, the Company's obligation to repay the loan of the proceeds of the Series 2006C-2 Burke Bonds is evidenced by
that certain Series 2006C-2 (Burke) Note, dated the date of its authentication (the "Series 2006C-2 (Burke) Note"), from the Company to U.S. Bank National
Association, as trustee (in such capacity, the "Series 2006C-2 Burke Trustee"), as assignee and pledgee of the Burke Authority pursuant to the Trust Indenture, dated as of
October 1, 2006 (the "Series 2006C-2 Burke Indenture"), between the Burke Authority and the Series 2006C-2 Burke Trustee; 

        WHEREAS, the Company will use the proceeds from the sale of the Burke Bonds to refund the entire outstanding principal amount of the
following series of bonds: (i) the Burke Authority's Pollution 

2

 

Control
Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 1999A; (ii) the Burke Authority's Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle
Project), Series 1999B; (iii) the Burke Authority's Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2000; and the Burke Authority's Pollution
Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2001, all to be redeemed on or before December 31, 2006; 

Series 2006B Monroe Bonds  

        WHEREAS, the Monroe Authority has agreed to issue $43,445,000 in aggregate principal amount of Development
Authority of Monroe County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Scherer Project), Series 2006B (the "Series 2006B Monroe Bonds"), and to loan the proceeds from
the sale thereof to the Company pursuant to that certain Loan Agreement, dated as of October 1, 2006, relating thereto (the "Series 2006B Monroe Loan Agreement"); 

        WHEREAS, the Company's obligation to repay the loan of the proceeds of the Series 2006B Monroe Bonds is evidenced by that certain
Series 2006B (Monroe) Note, dated the date of its authentication (the "Series 2006B (Monroe) Note"), from the Company to U.S. Bank National Association, as trustee (in such capacity, the
"Series 2006B Monroe Trustee"), as assignee and pledgee of the Monroe Authority pursuant to the Trust Indenture, dated as of October 1, 2006 (the "Series 2006B Monroe Indenture"),
between the Monroe Authority and the Series 2006B Monroe Trustee; 

        WHEREAS, the Company will use the proceeds from the sale of the Series 2006B Monroe Bonds to refund the outstanding principal
amount of the following series of bonds: (i) the Monroe Authority's Pollution Control Revenue Bonds (Oglethorpe Power Corporation Scherer Project), Series 1999A; (ii) the Monroe
Authority's Pollution Control Revenue Bonds (Oglethorpe Power Corporation Scherer Project), Series 1999B; (iii) the Monroe Authority's Pollution Control Revenue Bonds (Oglethorpe Power
Corporation Scherer Project), Series 2000; and (iv) the Monroe Authority's Pollution Control Revenue Bonds (Oglethorpe Power Corporation Scherer Project), Series 2001; all to be
redeemed on or before December 31, 2006; 

        WHEREAS, the Company desires to execute and deliver this Thirty-Seventh Supplemental Indenture, in accordance with the provisions of the
Original Indenture, for the purpose of providing for the creation and designation of the Series 2006C-1 (Burke) Note, the Series 2006C-2 (Burke) Note and the
Series 2006B (Monroe) Note (collectively, the "Notes") as Additional Obligations and specifying the form and provisions thereof; 

        WHEREAS, Section 12.1 of the Original Indenture provides that, without the consent of the Holders of any of the Obligations, the
Company, when authorized by a Board Resolution, and the Trustee, may enter into Supplemental Indentures for the purposes and subject to the conditions set forth in said Section 12.1, including
to create additional series of Obligations under the Indenture and to make provisions for such additional series of Obligations; and 

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

3

 

        NOW, THEREFORE, THIS THIRTY-SEVENTH 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 Notes, to confirm the lien of the Indenture upon the Trust Estate, including property purchased, constructed or otherwise acquired
by the Company since the date of execution of the Original Indenture, to secure performance of the covenants therein and herein contained, to declare the terms and conditions on which the Notes are
secured, and in consideration of the premises thereof and hereof, the Company by these presents does grant, bargain, sell, alienate, remise, release, convey, assign, transfer, mortgage, hypothecate,
pledge, set over and confirm to the Trustee, and its successors and assigns in the trust created thereby and hereby, in trust, all property, rights, privileges and franchises (other than Excepted
Property or Excludable Property) of the Company, whether now owned or hereafter acquired, of the character described in the Granting Clauses of the Original Indenture, wherever located, including all
such property, rights, privileges and franchises acquired since the date of execution of the Original Indenture, including, without limitation, all property described in  Exhibit A attached hereto,
subject to all exceptions, reservations and matters of the character referred to in the Indenture, and does grant a
security interest therein for the purposes expressed herein and in the Original Indenture subject in all cases to Sections 5.2 and 11.2 B of the Original Indenture and to the rights of the
Company under the Original Indenture, including the rights set forth in Article V thereof; but expressly excepting and excluding from the lien and operation of the Indenture all properties of
the character specifically excepted as "Excepted Property" or "Excludable Property" in the Original Indenture to the extent contemplated thereby. 

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

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

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

        SUBJECT, HOWEVER, to (i) Permitted Exceptions and (ii) to the extent permitted by Section 13.6 of the Original
Indenture as to property hereafter acquired (a) any duly recorded or perfected prior 

4

 

mortgage
or other lien that may exist thereon at the date of the acquisition thereof by the Company and (b) purchase money mortgages, other purchase money liens, chattel mortgages, conditional
sales agreements or other title retention agreements created by the Company at the time of acquisition thereof. 

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

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

        THE INDENTURE, INCLUDING THIS THIRTY-SEVENTH 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 Notes are to be authenticated and delivered and the Trust Estate is to be held and
applied by the Trustee, subject to the covenants, conditions and trusts set forth herein and in the Indenture, and the Company does hereby covenant and agree to and with the Trustee, for the equal and
proportionate benefit of all Holders of the Outstanding Secured Obligations, as follows: 

ARTICLE I  

 THE NOTES AND CERTAIN PROVISIONS RELATING THERETO  

Section 1.1    Authorization and Terms of the Notes.    

        A.    The Series 2006C-1 (Burke) Note    

        There
shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the "Series 2006C-1 (Burke) Note" (hereinafter
referred to as the "Series 2006C-1 (Burke) Note"), the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and
Section 1.2 hereof. The aggregate principal amount of the Series 2006C-1 (Burke) Note which shall be authenticated and delivered and Outstanding at any one time is limited to
$50,000,000. 

        The
Series 2006C-1 (Burke) Note shall be dated the date of its authentication. The Series 2006C-1 (Burke) Note shall mature on January 1,
2037 and shall bear interest from the date of its authentication to the date of its maturity at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof.
The Series 2006C-1 (Burke) Note shall be authenticated and delivered to, and made payable to, U.S. Bank National Association, as trustee, in its capacity as the
Series 2006C-1 Burke Trustee. 

5

 

        All
payments made on the Series 2006C-1 (Burke) Note shall be made to the Series 2006C-1 Burke Trustee at its principal office in Atlanta, Georgia
in lawful money of the United States of America which will be immediately available on the date payment is due. 

        B.    The Series 2006C-2 (Burke) Note    

        There
shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the "Series 2006C-2 (Burke) Note" (hereinafter
referred to as the
"Series 2006C-2 (Burke) Note"), the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and Section 1.2 hereof.
The aggregate principal amount of the Series 2006C-2 (Burke) Note which shall be authenticated and delivered and Outstanding at any one time is limited to $40,105,000. 

        The
Series 2006C-2 (Burke) Note shall be dated the date of its authentication. The Series 2006C-2 (Burke) Note shall mature on January 1,
2037 and shall bear interest from the date of its authentication to the date of its maturity at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof.
The Series 2006C-2 (Burke) Note shall be authenticated and delivered to, and made payable to, U.S. Bank National Association, as trustee, in its capacity as the
Series 2006C-2 Burke Trustee. 

        All
payments made on the Series 2006C-2 (Burke) Note shall be made to the Series 2006C-2 Burke Trustee at its principal office in Atlanta, Georgia
in lawful money of the United States of America which will be immediately available on the date payment is due. 

        C.    The Series 2006B (Monroe) Note    

        There
shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the "Series 2006B (Monroe) Note" (hereinafter referred to as
the "Series 2006B (Monroe) Note"), the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and Section 1.2 hereof. The
aggregate principal amount of the Series 2006B (Monroe) Note which shall be authenticated and delivered and Outstanding at any one time is limited to $43,445,000. 

        The
Series 2006B (Monroe) Note shall be dated the date of its authentication. The Series 2006B (Monroe) Note shall mature on January 1, 2036 and shall bear interest
from the date of its authentication to the date of its maturity at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof. The Series 2006B
(Monroe) Note shall be authenticated and delivered to, and made payable to, U.S. Bank National Association, as trustee, in its capacity as the Series 2006B Monroe Trustee. 

        All
payments made on the Series 2006B (Monroe) Note shall be made to the Series 2006B Monroe Trustee at its principal office in Atlanta, Georgia in lawful money of the
United States of America which will be immediately available on the date payment is due. 

Section 1.2    Form of the Notes.    

        A.    The Series 2006C-1 (Burke) Note    

        The
Series 2006C-1 (Burke) Note and the Trustee's certificate of authentication for the Series 2006C-1 (Burke) Note shall be substantially in the
form of Exhibit B attached hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
in the Original Indenture. 

        B.    The Series 2006C-2 (Burke) Note    

        The
Series 2006C-2 (Burke) Note and the Trustee's certificate of authentication for the Series 2006C-2 (Burke) Note shall be substantially in the
form of Exhibit C attached hereto, with such 

6

 

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

        C.    The Series 2006B (Monroe) Note    

        The
Series 2006B (Monroe) Note and the Trustee's certificate of authentication for the Series 2006B (Monroe) Note shall be substantially in the form of  Exhibit D attached hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted in the
Original Indenture. 

ARTICLE II  

 MISCELLANEOUS  

 Section 2.1    This Thirty-Seventh Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture, and shall
form a part thereof, and the Original Indenture, as heretofore supplemented and as hereby supplemented and modified, is hereby confirmed. Except to the extent inconsistent with the express terms
hereof, all of the provisions, terms, covenants and conditions of the Indenture shall be applicable to the Notes to the same extent as if specifically set forth herein. All references herein to
Sections, definitions or other provisions of the Original Indenture shall be to such Sections, definitions and other provisions as they may be amended or modified from time to time pursuant to the
Indenture. All capitalized terms used in this Thirty-Seventh Supplemental Indenture shall have the same meanings assigned to them in the Original Indenture, except in cases where the context clearly
indicates otherwise. 

 Section 2.2    All recitals in this Thirty-Seventh Supplemental Indenture are made by the Company only and not by the Trustee; and all of the provisions
contained in the Original Indenture, in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect hereof as fully and with like effect as if set
forth herein in full. 

 Section 2.3    Whenever in this Thirty-Seventh Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions
of Articles IX and XI of the Original Indenture, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Thirty-Seventh Supplemental
Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of
such parties, whether so expressed or not. 

 Section 2.4    Nothing in this Thirty-Seventh Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to give to,
any person, firm or corporation, other than the parties hereto and the Holders of the Outstanding Secured Obligations, any right, remedy or claim under or by reason of this Thirty-Seventh Supplemental
Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Thirty-Seventh Supplemental Indenture
contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the Holders of Outstanding Secured Obligations. 

 Section 2.5    This Thirty-Seventh Supplemental Indenture may be executed in several counterparts, each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts, or as
many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument. 

 Section 2.6    To the extent permitted by applicable law, this Thirty-Seventh 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 

7

 

Uniform
Commercial Code, as adopted or hereafter adopted in one or more of the states in which any part of the properties of the Company are situated. The mailing address of the Company, as debtor is: 

	 	2100 East Exchange Place

P. O. Box 1349

Tucker, Georgia 30085-1349,
	

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

 	

U.S. Bank National Association

Attention: Corporate Trust Services

1349 West Peachtree Street, NW

Suite 1050, Two Midtown Plaza

Atlanta, Georgia 30309

[Signatures
on Next Page] 

8

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

	 	Company:	 	OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), an electric membership corporation organized under the laws of the State of Georgia
	

 	
 	

By:	
 	

/s/  THOMAS A. SMITH      
 Thomas A. Smith

President and Chief Executive Officer
	

Signed, sealed and delivered

by the Company in the presence of:	
 	

Attest:	
 	

/s/  PATRICIA N. NASH      
 Patricia N. Nash

Secretary
	

/s/  CINDY A. UPCHURCH      
 Witness	
 	

[CORPORATE SEAL]
	

/s/  THOMAS J. BRENDIAR      
 Notary Public	
 	

 	
 	

 	
 	

 
	

(Notarial Seal)	
 	

 	
 	

 	
 	

 
	

My commission expires:        1/27/09	
 	

 	
 	

 	
 	

 
	

[Signatures Continued on Next Page]
	 	 	 	 	 	 	 

	

[Signatures Continued from Previous Page]
	 	
Trustee:	
 	

U.S. BANK NATIONAL ASSOCIATION, a national banking association
	

 	
 	

By:	
 	

/s/  B A DONALDSON      
 Authorized Agent
	

Signed, sealed and delivered

by the Trustee in the

Presence of:	
 	

 	
 	

 	
 	

 
	

/s/  MICHELLE NGUYEN      
 Witness	
 	

 	
 	

 	
 	

 
	

/s/  SYRA I ARZU      
 Notary Public	
 	

 	
 	

 	
 	

 
	

(Notarial Seal)	
 	

 	
 	

 	
 	

 
	

My commission expires:        11/16/09	
 	

 	
 	

 	
 	

 

   Exhibit A  

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

A-1

   Exhibit B  

[Form of Series 2006C-1 (Burke) Note]  

THIS
NOTE IS NON-TRANSFERABLE EXCEPT AS MAY BE REQUIRED TO EFFECT ANY TRANSFER TO ANY SUCCESSOR TRUSTEE UNDER THE TRUST INDENTURE, DATED AS OF OCTOBER 1, 2006, RELATING HERETO, BETWEEN THE
DEVELOPMENT AUTHORITY OF BURKE COUNTY AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE. 

OGLETHORPE
POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION) 

SERIES
2006C-1 (BURKE) NOTE    DATE: OCTOBER 18, 2006 

(VOGTLE
PROJECT) 

        OGLETHORPE
POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) ("Oglethorpe"), an electric membership corporation organized and existing under the laws of the State of Georgia, for
value received and in consideration of the agreement of the Development Authority of Burke County (the "Burke Authority") to issue $50,000,000 in aggregate principal amount of Development Authority of
Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006C-1 (the "Series 2006C-1 Burke Bonds"), hereby promises to
pay to U.S. Bank National Association (the "Series 2006C-1 Burke Trustee"), as assignee and pledgee of the Burke Authority, acting pursuant to the Trust Indenture, dated as of
October 1, 2006, from the Burke Authority to the Series 2006C-1
Burke Trustee (the "Series 2006C-1 Indenture"), or its successor in trust, the principal sum of $50,000,000, together with interest and prepayment premium (if any) thereon as
follows: 

	(a)
	on
or before each Interest Payment Date (as defined in the Series 2006C-1 Indenture), a sum which will equal the interest on the Series 2006C-1
Burke Bonds which will become due on such Interest Payment Date on the Series 2006C-1 Burke Bonds; and

	(b)
	on
or before January 1, 2037, a sum which will equal the principal amount of the Series 2006C-1 Burke Bonds which will become due on January 1, 2037;
and

	(c)
	on
or before any redemption date for the Series 2006C-1 Burke Bonds, a sum equal to the principal of, redemption premium (if any) and interest on, the
Series 2006C-1 Burke Bonds which are to be redeemed on such date. 

        This
Series 2006C-1 (Burke) Note evidences the Loan (as defined in the Agreement hereinafter referred to) of the Burke Authority to Oglethorpe and the obligation to
repay the same and shall be governed by and shall be payable in accordance with the terms, conditions and provisions of the Loan Agreement, dated as of October 1, 2006 (the "Agreement"),
between the Burke Authority and Oglethorpe, pursuant to which the Burke Authority has agreed to loan to Oglethorpe the proceeds from the sale of the Series 2006C-1 Burke Bonds. 

        This
Series 2006C-1 (Burke) Note is a duly authorized obligation of Oglethorpe issued under and equally and ratably secured by the Indenture, dated as of
March 1, 1997 (the "Original Indenture"), as heretofore supplemented and as supplemented by the Thirty-Seventh Supplemental Indenture, dated as of October 1, 2006, between Oglethorpe, as
grantor, and U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (in such capacity, the "Indenture Trustee"), (the Original Indenture,
as supplemented, the "Indenture"). Reference is hereby made to the Indenture for a statement of the description of the properties thereby mortgaged, pledged and assigned, the nature and extent of the
security and the respective rights, limitations of rights, duties and immunities thereunder of Oglethorpe, the Indenture Trustee and the holder of this Series 2006C-1 

B-1

 

(Burke)
Note and of the terms upon which this Series 2006C-1 (Burke) Note is authenticated and delivered. This Series 2006C-1 (Burke) Note is created by the
Thirty-Seventh Supplemental Indenture and designated as the "Series 2006C-1 (Burke) Note." 

        All
payments hereon are to be made to the Series 2006C-1 Burke Trustee at its principal office in Atlanta, Georgia, in lawful money of the United States of America
which will be immediately available on the day payment is due. As set forth in Section 4.6 of the Agreement, the obligation of Oglethorpe to make the payments required hereunder shall be
absolute and unconditional. 

        Oglethorpe
shall be entitled to certain credits against payments required to be made hereunder as provided in Section 4.3 of the Agreement. 

        This
Series 2006C-1 (Burke) Note may be prepaid upon the terms and conditions set forth in Article VIII of the Agreement. 

        If
the Series 2006C-1 Burke Trustee shall accelerate payment of the Series 2006C-1 Burke Bonds, all payments on this
Series 2006C-1 (Burke) Note shall be declared due and payable in the manner and with the effect provided in the Agreement. The Agreement provides that, under certain conditions,
such declaration shall be rescinded by the Series 2006C-1 Burke Trustee. 

        No
recourse shall be had for the payments required hereby or for any claim based herein or in the Agreement or in the Indenture against any officer, director or member, past, present or
future, of Oglethorpe as such, either directly or through Oglethorpe, or under any constitutional provision, statute or rule of law or by the enforcement of any assessment or by any legal or equitable
proceedings or otherwise. 

        This
Series 2006C-1 (Burke) Note shall not be entitled to any benefit under the Indenture and shall not become valid or obligatory for any purposes until the Indenture
Trustee shall have signed the form of authentication certificate endorsed hereon. 

        This
Series 2006C-1 (Burke) Note shall be governed by and construed in accordance with the laws of the State of Georgia. 

B-2

 

        IN WITNESS WHEREOF, Oglethorpe has caused this Series 2006C-1 (Burke) Note to be executed in its corporate name by its
President and Chief Executive Officer and attested by its Secretary and its corporate seal to be hereunto affixed. 

	 	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	

 	
 	

By:	

 
	 	 	 	
 Thomas A. Smith

President and Chief Executive Officer
	(SEAL)	 	 	 
	

Attest:	
 	

 	

 
	

 Patricia N. Nash

Secretary	
 	

 	

 

B-3

 
TRUSTEE'S
CERTIFICATE OF AUTHENTICATION 

        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

B-4

   Exhibit C  

[Form of Series 2006C-1 (Burke) Note]  

THIS
NOTE IS NON-TRANSFERABLE EXCEPT AS MAY BE REQUIRED TO EFFECT ANY TRANSFER TO ANY SUCCESSOR TRUSTEE UNDER THE TRUST INDENTURE, DATED AS OF OCTOBER 1, 2006, RELATING HERETO, BETWEEN THE
DEVELOPMENT AUTHORITY OF BURKE COUNTY AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE. 

OGLETHORPE
POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION) 

SERIES
2006C-2 (BURKE) NOTE    DATE: OCTOBER 18, 2006 

(VOGTLE
PROJECT) 

        OGLETHORPE
POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) ("Oglethorpe"), an electric membership corporation organized and existing under the laws of the State of Georgia, for
value received and in consideration of the agreement of the Development Authority of Burke County (the "Burke Authority") to issue $40,105,000 in aggregate principal amount of Development Authority of
Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2006C-2 (the "Series 2006C-2 Burke Bonds"), hereby promises to
pay to U.S. Bank National Association (the "Series 2006C-2 Burke Trustee"), as assignee and pledgee of the Burke Authority, acting pursuant to the Trust Indenture, dated as of
October 1, 2006, from the Burke Authority to the Series 2006C-2
Burke Trustee (the "Series 2006C-2 Indenture"), or its successor in trust, the principal sum of $40,105,000, together with interest and prepayment premium (if any) thereon as
follows: 

	(a)
	on
or before each Interest Payment Date (as defined in the Series 2006C-2 Indenture), a sum which will equal the interest on the Series 2006C-2
Burke Bonds which will become due on such Interest Payment Date on the Series 2006C-2 Burke Bonds; and

	(b)
	on
or before January 1, 2037, a sum which will equal the principal amount of the Series 2006C-2 Burke Bonds which will become due on January 1, 2037;
and

	(c)
	on
or before any redemption date for the Series 2006C-2 Burke Bonds, a sum equal to the principal of, redemption premium (if any) and interest on, the
Series 2006C-2 Burke Bonds which are to be redeemed on such date. 

        This
Series 2006C-2 (Burke) Note evidences the Loan (as defined in the Agreement hereinafter referred to) of the Burke Authority to Oglethorpe and the obligation to
repay the same and shall be governed by and shall be payable in accordance with the terms, conditions and provisions of the Loan Agreement, dated as of October 1, 2006 (the "Agreement"),
between the Burke Authority and Oglethorpe, pursuant to which the Burke Authority has agreed to loan to Oglethorpe the proceeds from the sale of the Series 2006C-2 Burke Bonds. 

        This
Series 2006C-2 (Burke) Note is a duly authorized obligation of Oglethorpe issued under and equally and ratably secured by the Indenture, dated as of
March 1, 1997 (the "Original Indenture"), as heretofore supplemented and as supplemented by the Thirty-Seventh Supplemental Indenture, dated as of October 1, 2006, between Oglethorpe, as
grantor, and U.S. Bank National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (in such capacity, the "Indenture Trustee"), (the Original Indenture,
as supplemented, the "Indenture"). Reference is hereby made to the Indenture for a statement of the description of the properties thereby mortgaged, pledged and assigned, the nature and extent of the
security and the respective rights, limitations of rights, duties and immunities thereunder of Oglethorpe, the Indenture Trustee and the holder of this Series 2006C-2 

C-1

 

(Burke)
Note and of the terms upon which this Series 2006C-2 (Burke) Note is authenticated and delivered. This Series 2006C-2 (Burke) Note is created by the
Thirty-Seventh Supplemental Indenture and designated as the "Series 2006C-2 (Burke) Note." 

        All
payments hereon are to be made to the Series 2006C-2 Burke Trustee at its principal office in Atlanta, Georgia, in lawful money of the United States of America
which will be immediately available on the day payment is due. As set forth in Section 4.6 of the Agreement, the obligation of Oglethorpe to make the payments required hereunder shall be
absolute and unconditional. 

        Oglethorpe
shall be entitled to certain credits against payments required to be made hereunder as provided in Section 4.3 of the Agreement. 

        This
Series 2006C-2 (Burke) Note may be prepaid upon the terms and conditions set forth in Article VIII of the Agreement. 

        If
the Series 2006C-2 Burke Trustee shall accelerate payment of the Series 2006C-2 Burke Bonds, all payments on this
Series 2006C-2 (Burke) Note shall be declared due and payable in the manner and with the effect provided in the Agreement. The Agreement provides that, under certain conditions,
such declaration shall be rescinded by the Series 2006C-2 Burke Trustee. 

        No
recourse shall be had for the payments required hereby or for any claim based herein or in the Agreement or in the Indenture against any officer, director or member, past, present or
future, of Oglethorpe as such, either directly or through Oglethorpe, or under any constitutional provision, statute or rule of law or by the enforcement of any assessment or by any legal or equitable
proceedings or otherwise. 

        This
Series 2006C-2 (Burke) Note shall not be entitled to any benefit under the Indenture and shall not become valid or obligatory for any purposes until the Indenture
Trustee shall have signed the form of authentication certificate endorsed hereon. 

        This
Series 2006C-2 (Burke) Note shall be governed by and construed in accordance with the laws of the State of Georgia. 

C-2

 

        IN WITNESS WHEREOF, Oglethorpe has caused this Series 2006C-2 (Burke) Note to be executed in its corporate name by its
President and Chief Executive Officer and attested by its Secretary and its corporate seal to be hereunto affixed. 

	 	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	

 	
 	

By:	

 
	 	 	 	
 Thomas A. Smith

President and Chief Executive Officer
	(SEAL)	 	 	 
	

Attest:	
 	

 	

 
	

 Patricia N. Nash

Secretary	
 	

 	

 

C-3

 
TRUSTEE'S
CERTIFICATE OF AUTHENTICATION 

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

C-4

   Exhibit D  

[Form of Series 2006B (Monroe) Note]  

THIS
NOTE IS NON-TRANSFERABLE EXCEPT AS MAY BE REQUIRED TO EFFECT ANY TRANSFER TO ANY SUCCESSOR TRUSTEE UNDER THE TRUST INDENTURE, DATED AS OF OCTOBER 1, 2006, RELATING HERETO, BETWEEN THE
DEVELOPMENT AUTHORITY OF MONROE COUNTY AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE. 

OGLETHORPE
POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION) 

SERIES
2006B (MONROE) NOTE        DATE: OCTOBER 18, 2006 

(SCHERER
PROJECT) 

        OGLETHORPE
POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) ("Oglethorpe"), an electric membership corporation organized and existing under the laws of the State of Georgia, for
value received and in consideration of the agreement of the Development Authority of Monroe County (the "Monroe Authority") to issue $43,445,000 in aggregate principal amount of Development Authority
of Monroe County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Scherer Project), Series 2006B (the "Series 2006B Monroe Bonds"), hereby promises to pay to U.S. Bank
National Association (the "Series 2006B Monroe Trustee"), as assignee and pledgee of the Monroe Authority, acting pursuant to the Trust Indenture, dated as of October 1, 2006, from the
Monroe Authority to the Series 2006B Monroe Trustee (the "Series 2006B Indenture"), or its successor
in trust, the principal sum of $43,445,000, together with interest and prepayment premium (if any) thereon as follows: 

	(a)
	on
or before each Interest Payment Date (as defined in the Series 2006B Indenture), a sum which will equal the interest on the Series 2006B Monroe Bonds which will
become due on such Interest Payment Date on the Series 2006B Monroe Bonds; and

	(b)
	on
or before January 1, 2036, a sum which will equal the principal amount of the Series 2006B Monroe Bonds which will become due on January 1, 2036; and

	(c)
	on
or before any redemption date for the Series 2006B Monroe Bonds, a sum equal to the principal of, redemption premium (if any) and interest on, the Series 2006B Monroe
Bonds which are to be redeemed on such date. 

        This
Series 2006B (Monroe) Note evidences the Loan (as defined in the Agreement hereinafter referred to) of the Monroe Authority to Oglethorpe and the obligation to repay the same
and shall be governed by and shall be payable in accordance with the terms, conditions and provisions of the Loan Agreement, dated as of October 1, 2006 (the "Agreement"), between the Monroe
Authority and Oglethorpe, pursuant to which the Monroe Authority has agreed to loan to Oglethorpe the proceeds from the sale of the Series 2006B Monroe Bonds. 

        This
Series 2006B (Monroe) Note is a duly authorized obligation of Oglethorpe issued under and equally and ratably secured by the Indenture, dated as of March 1, 1997 (the
"Original Indenture"), as heretofore supplemented and as supplemented by the Thirty-Seventh Supplemental Indenture, dated as of October 1, 2006, between Oglethorpe, as grantor, and U.S. Bank
National Association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (in such capacity, the "Indenture Trustee"), (the Original Indenture, as supplemented, the
"Indenture"). Reference is hereby made to the Indenture for a statement of the description of the properties thereby mortgaged, pledged and assigned, the nature and extent of the security and the
respective rights, limitations of rights, duties and immunities thereunder of Oglethorpe, the Indenture Trustee and the holder of this Series 2006B 

D-1

 

(Monroe)
Note and of the terms upon which this Series 2006B (Monroe) Note is authenticated and delivered. This Series 2006B (Monroe) Note is created by the Thirty-Seventh Supplemental
Indenture and designated as the "Series 2006B (Monroe) Note." 

        All
payments hereon are to be made to the Series 2006B Monroe Trustee at its principal office in Atlanta, Georgia, in lawful money of the United States of America which will be
immediately available on the day payment is due. As set forth in Section 4.6 of the Agreement, the obligation of Oglethorpe to make the payments required hereunder shall be absolute and
unconditional. 

        Oglethorpe
shall be entitled to certain credits against payments required to be made hereunder as provided in Section 4.3 of the Agreement. 

        This
Series 2006B (Monroe) Note may be prepaid upon the terms and conditions set forth in Article VIII of the Agreement. 

        If
the Series 2006B Monroe Trustee shall accelerate payment of the Series 2006B Monroe Bonds, all payments on this Series 2006B (Monroe) Note shall be declared due
and payable in the manner and with the effect provided in the Agreement. The Agreement provides that, under certain conditions, such declaration shall be rescinded by the Series 2006B Monroe
Trustee. 

        No
recourse shall be had for the payments required hereby or for any claim based herein or in the Agreement or in the Indenture against any officer, director or member, past, present or
future, of Oglethorpe as such, either directly or through Oglethorpe, or under any constitutional provision, statute or rule of law or by the enforcement of any assessment or by any legal or equitable
proceedings or otherwise. 

        This
Series 2006B (Monroe) Note shall not be entitled to any benefit under the Indenture and shall not become valid or obligatory for any purposes until the Indenture Trustee
shall have signed the form of authentication certificate endorsed hereon. 

        This
Series 2006B (Monroe) Note shall be governed by and construed in accordance with the laws of the State of Georgia. 

D-2

 

        IN WITNESS WHEREOF, Oglethorpe has caused this Series 2006B (Monroe) Note to be executed in its corporate name by its President and
Chief Executive Officer and attested by its Secretary and its corporate seal to be hereunto affixed. 

	 	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)
	

 	
 	

By:	

 
	 	 	 	
 Thomas A. Smith

President and Chief Executive Officer
	(SEAL)	 	 	 
	

Attest:	
 	

 	

 
	

 Patricia N. Nash

Secretary	
 	

 	

 

D-3

 
TRUSTEE'S
CERTIFICATE OF AUTHENTICATION 

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

D-4

Schedule 1  

RECORDING INFORMATION

FOR

            COUNTY, GEORGIA 

	Document
 
	 	Recording

Information
	 	Date of

Recording

	Original Indenture	 	 	 	 
	

First Supplemental Indenture	
 	

 	
 	

 
	

Second Supplemental Indenture	
 	

 	
 	

 
	

Third Supplemental Indenture	
 	

 	
 	

 
	

Fourth Supplemental Indenture	
 	

 	
 	

 
	

Fifth Supplemental Indenture	
 	

 	
 	

 
	

Sixth Supplemental Indenture	
 	

 	
 	

 
	

Seventh Supplemental Indenture	
 	

 	
 	

 
	

Eighth Supplemental Indenture	
 	

 	
 	

 
	

Ninth Supplemental Indenture	
 	

 	
 	

 
	

Tenth Supplemental Indenture	
 	

 	
 	

 
	

Eleventh Supplemental Indenture	
 	

 	
 	

 
	

Twelfth Supplemental Indenture	
 	

 	
 	

 
	

Thirteenth Supplemental Indenture	
 	

 	
 	

 
	

Fourteenth Supplemental Indenture	
 	

 	
 	

 
	

Fifteenth Supplemental Indenture	
 	

 	
 	

 
	

Sixteenth Supplemental Indenture	
 	

 	
 	

 
	

Seventeenth Supplemental Indenture	
 	

 	
 	

 
	

Eighteenth Supplemental Indenture	
 	

 	
 	

 
	

Nineteenth Supplemental Indenture	
 	

 	
 	

 
	

Twentieth Supplemental Indenture	
 	

 	
 	

 
	

Twenty-First Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Second Supplemental Indenture	
 	

 	
 	

 
	 	 	 	 	 

	

Twenty-Third Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Fourth Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Fifth Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Sixth Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Seventh Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Eighth Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Ninth Supplemental Indenture	
 	

 	
 	

 
	

Thirtieth Supplemental Indenture	
 	

 	
 	

 
	

Thirty-First Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Second Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Third Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Fourth Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Fifth Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Sixth Supplemental Indenture	
 	

To be recorded simultaneously with the Thirty-Seventh Supplemental Indenture	
 	

 

QuickLinks

EXHIBIT 4.7.1(ll)

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