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                                                                     Digitally signed by Diane Jester                                                                       DN: cn=Diane Jester, o=FHLBSF, ou=Credit and Collateral Management, email=jesterd@fhlbsf.com, c=US       Diane Jester                                                    Date: 2020.08.13 19:07:08 -07'00'                                                                                                                                                                                                                                                  Reimund                                                         Digitally signed by Reimund Sauer                                                                                                                                                                                                                                                                                                                   Date: 2020.08.14 14:17:04 -07'00'    Diane Jester                                                                                                                                                                                                                                  Sauer  Managing Director, Credit and Collateral Risk Managementexhibit42_supplementalin

                                                                                                                                                                                                                                                       Exhibit 4.2                          Upon recording, return to:   Ms. Shawne M. Keenan   Eversheds Sutherland (US) LLP   999 Peachtree Street, N.E.   Atlanta, Georgia 30309-3996                                                                                                                                                                                                                                                                                   PURSUANT TO §44-14-35.1 OF OFFICIAL CODE OF GEORGIA ANNOTATED, THIS INSTRUMENT EMBRACES,                COVERS AND CONVEYS SECURITY TITLE TO AFTER-ACQUIRED PROPERTY OF THE GRANTOR                                                                  OGLETHORPE POWER CORPORATION                  (AN ELECTRIC MEMBERSHIP CORPORATION),                                                        GRANTOR,                                                                     to                               U.S. BANK NATIONAL ASSOCIATION,                                                         TRUSTEE                                   EIGHTIETH SUPPLEMENTAL                                                      INDENTURE                                                             Relating to the                               Oglethorpe Power Corporation First Mortgage Bonds,                                                           Series 2020A                                                    Dated as of August 1, 2020                                       FIRST MORTGAGE OBLIGATIONS                                      NOTE TO CLERK OF THE GEORGIA SUPERIOR COURT AND GEORGIA TAX COMMISSIONER: BECAUSE   THIS INSTRUMENT SECURES BONDS AND NOT A LONG TERM NOTE, THIS INSTRUMENT IS EXEMPT   FROM THE INTANGIBLES RECORDING TAX PURSUANT TO GEORGIA ADMINISTRATIVE CODE § 560- 11-8-.14(d).     

 

         THIS EIGHTIETH SUPPLEMENTAL INDENTURE, dated as of August 1, 2020, is  between OGLETHORPE  POWER  CORPORATION  (AN  ELECTRIC  MEMBERSHIP  CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership  Generation  &  Transmission  Corporation),  an  electric  membership corporation  organized  and  existing under the laws of the State of Georgia, as Grantor (the “Company”), and U.S. BANK  NATIONAL ASSOCIATION, a national banking association, as successor to SunTrust Bank,  formerly known as SunTrust Bank, Atlanta, as Trustee (in such capacity, the “Trustee”).         WHEREAS,  the  Company  has  heretofore  executed  and  delivered  to  the  Trustee  an  Indenture, dated as of March 1, 1997 (the “Original Indenture”), for the purpose of securing its  Existing Obligations and providing for the authentication and delivery of Additional Obligations  by the Trustee from time to time under the Original Indenture (capitalized terms used herein and  not  otherwise  defined  shall  have  the  meanings  assigned  to  them in  the  Original  Indenture,  as  provided in Section 1.1 hereof);         WHEREAS, the Original Indenture has heretofore been supplemented and amended by  seventy-nine Supplemental Indentures (the Original Indenture, as heretofore, hereby and hereafter  amended,  supplemented  and  modified,  the  “Indenture”),  and  the  Original  Indenture  and  the  seventy-nine  Supplemental  Indentures  have  been  recorded  as  set forth  on  Schedule 1  attached  hereto;         WHEREAS,  the  Board  of  Directors  of  the  Company  has  authorized  a  new  series  of  Additional Obligations to be designated the First Mortgage Bonds, Series 2020A, due August  1, 2050 in the aggregate principal amount of Four Hundred  Fifty Million Dollars ($450,000,000)  (the “Series 2020A Bonds”);         WHEREAS, the Company will be entering into that certain Exchange and Registration  Rights Agreement with MUFG Securities Americas Inc., as representative of the Purchasers (as  defined therein), dated as of August 25, 2020 (as it may be amended, supplemented or modified,  the  “Registration  Rights  Agreement”),  requiring  that  the  Company  register  the  Series  2020A  Bonds under the Securities Act of 1933, as amended (the “Securities Act”), with the Securities and  Exchange Commission (the “SEC”);            WHEREAS,  the  Company  desires  to  execute  and  deliver  this  Eightieth  Supplemental  Indenture, in accordance with the provisions of the Indenture, for the purpose of (i) providing for  the creation and designation of the Series 2020A Bonds as Additional Obligations and specifying  the form and provisions thereof and (ii) conveying and confirming unto the Trustee the lien of the  Indenture with respect to the property more particularly described on Exhibit A attached hereto;          WHEREAS, Section 12.1 of the Original Indenture provides that, without the consent of  the Holders of any of the Obligations at the time Outstanding, the Company, when authorized by  a Board Resolution, and the Trustee may enter into a Supplemental Indenture for the purposes and  subject to the conditions set forth in said Section 12.1, including (i) to create a series of Additional  Obligations under the Indenture and to make provisions for such series of Additional Obligations  and (ii) to convey and confirm unto the Trustee any property subject or required to be subject to  the lien of the Indenture; and      

 

         WHEREAS, all acts and proceedings required by law and by the Articles of Incorporation  and Bylaws of the Company necessary to secure under the Indenture the payment of the principal  of (and premium, if any) and interest on the Series 2020A Bonds, to make the Series 2020A Bonds  to be issued hereunder, when executed by the Company, authenticated and delivered by the Trustee  and duly issued, the valid, binding and legal obligations of the Company, and to constitute the  Indenture a valid and binding lien for the security of the Series 2020A Bonds, in accordance with  its terms, have been done and taken; and the execution and delivery of this Eightieth Supplemental  Indenture have been in all respects duly authorized by the Company.          NOW,  THEREFORE,  THIS  EIGHTIETH  SUPPLEMENTAL  INDENTURE  WITNESSES, that, to secure the payment of the principal of (and premium, if any) and interest  on the Outstanding Secured Obligations, including, when authenticated and delivered, the Series  2020A  Bonds,  to  confirm  the  lien  of  the  Indenture  upon  the  Trust  Estate,  including  property  purchased, constructed or otherwise acquired by the Company since the date of execution of the  Original Indenture, to secure performance of the covenants therein and herein contained, to declare  the terms and conditions on which the Series 2020A Bonds are secured, and in consideration of  the premises thereof and hereof, the Company by these presents does grant, bargain, sell, alienate,  remise, release, convey, assign, transfer, mortgage, hypothecate, pledge, set over and confirm to  the Trustee, and its successors and assigns in the trust created thereby and hereby, in trust, all  property, rights, privileges and franchises (other than Excepted Property or Excludable Property)  of  the  Company,  whether  now  owned  or  hereafter  acquired,  of  the  character  described  in  the  Granting Clauses of the Original Indenture, wherever located, including all such property, rights,  privileges and franchises acquired since the date of execution of the Original Indenture, including,  without limitation, all property described in Exhibit A attached hereto, subject to all exceptions,  reservations and matters of the character referred to in the Indenture, and does grant a security  interest  therein  for  the  purposes  expressed  herein  and  in  the  Indenture  subject  in  all  cases  to  Sections 5.2 and 11.2 B of the Original Indenture and to the rights of the Company under the  Indenture, including the rights set forth in Article V thereof; but expressly excepting and excluding  from the lien and operation of the Indenture all properties of the character specifically excepted as  “Excepted Property” or “Excludable Property” in the Indenture to the extent contemplated thereby.         PROVIDED,  HOWEVER,  that  if,  upon  the  occurrence  of  an  Event  of  Default,  the  Trustee,  or  any  separate  trustee  or  co-trustee  appointed  under Section  9.14  of  the  Original  Indenture or any receiver appointed pursuant to statutory provision or order of court, shall have  entered into possession of all or substantially all of the Trust Estate, all the Excepted Property  described  or  referred  to  in  Paragraphs  A  through  H,  inclusive, of  “Excepted  Property”  in  the  Original Indenture then owned or thereafter acquired by the Company, shall immediately, and, in  the  case  of  any  Excepted  Property described  or  referred  to  in  Paragraphs  I,  J,  L,  N  and  P  of  “Excepted Property” in the Original Indenture (excluding the property described in Section 2 of  Exhibit B in the Original Indenture), upon demand of the Trustee or such other trustee or receiver,  become subject to the lien of the Indenture to the extent permitted by law, and the Trustee or such  other  trustee  or  receiver  may,  to  the  extent  permitted  by  law, at  the  same  time  likewise  take  possession thereof, and whenever all Events of Default shall have been cured and the possession  of all or substantially all of the Trust Estate shall have been  restored  to  the  Company,  such  Excepted Property shall again be excepted and excluded from the lien of the Indenture to the extent  and otherwise as hereinabove set forth and as set forth in the Indenture.                                       2 

 

           The  Company  may,  however,  pursuant  to  the  Granting  Clause  Third  of  the  Original   Indenture,  subject  to  the  lien  of  the  Indenture  any  Excepted  Property  or  Excludable  Property,   whereupon the same shall cease to be Excepted Property or Excludable Property.          TO HAVE AND TO HOLD all such property, rights, privileges and franchises hereby   and  hereafter  (by  a  Supplemental  Indenture  or  otherwise)  granted,  bargained,  sold,  alienated,   remised, released, conveyed, assigned, transferred, mortgaged, hypothecated, pledged, set over or   confirmed as aforesaid, or intended, agreed or covenanted so to be, together with all the tenements,   hereditaments  and  appurtenances  thereto  appertaining (said properties,  rights,  privileges  and   franchises, including any cash and securities hereafter deposited or required to be deposited with   the Trustee (other than any such cash which is specifically stated in the Indenture not to be deemed   part of the Trust Estate) being part of the Trust Estate), unto the Trustee, and its successors and   assigns in the trust created by the Indenture, forever.          SUBJECT, HOWEVER, to (i) Permitted Exceptions and (ii) to the extent permitted by   Section 13.6 of the Original Indenture as to property hereafter acquired (a) any duly recorded or   perfected prior mortgage or other lien that may exist thereon at the date of the acquisition thereof   by  the  Company  and  (b)  purchase  money  mortgages,  other  purchase  money  liens,  chattel   mortgages,  conditional  sales  agreements  or  other  title  retention  agreements  created  by  the   Company at the time of acquisition thereof.          BUT IN TRUST, NEVERTHELESS, with power of sale, for the equal and proportionate   benefit and security of the Holders from time to time of all the Outstanding Secured Obligations   without any priority of any such Obligation over any other such Obligation and for the enforcement   of the payment of such Obligations in accordance with their terms.          UPON CONDITION that, until the happening of an Event of  Default and subject to the   provisions of Article V of the Original Indenture, and not in limitation of the rights elsewhere   provided in the Indenture, including the rights set forth in Article V of the Original Indenture, the   Company  shall  be  permitted  to  (i) possess  and  use  the  Trust  Estate,  except  cash,  securities,   Designated  Qualifying  Securities and  other  personal  property  deposited,  or  required  to  be  deposited, with the Trustee, (ii) explore for, mine, extract, separate and dispose of coal, ore, gas,  oil and other minerals, and harvest standing timber, and (iii) receive and use the rents, issues,  profits, revenues and other income, products and proceeds of the Trust Estate.         THE  INDENTURE,  INCLUDING  THIS  EIGHTIETH  SUPPLEMENTAL  INDENTURE, is given to secure the Outstanding Secured Obligations, and is intended to operate  and is to be construed as a deed passing title to the Trust Estate and is made under the provisions  of the laws of the State of Georgia relating to deeds to secure debt, and not as a mortgage or deed  of trust, and is given to secure the Outstanding Secured Obligations.  Should the indebtedness  secured by the Indenture be paid according to the tenor and effect thereof when the same shall  become due and payable and should the Company perform all covenants contained in the Indenture  in a timely manner, then the Indenture shall be canceled and surrendered.         AND IT IS HEREBY COVENANTED AND DECLARED that the Series 2020A Bonds   are to be authenticated and delivered and the Trust Estate is to be held and applied by the Trustee,   subject  to  the  covenants,  conditions  and  trusts  set  forth  herein  and  in  the  Indenture,  and  the                                        3 

 

   Company does hereby covenant and agree to and with the Trustee, for the equal and proportionate  benefit of all Holders of the Outstanding Secured Obligations, as follows:                                    ARTICLE I                                                                           DEFINITIONS  Section 1.1 Definitions.  All words and phrases defined in Article I of the Original Indenture  and used in this Eightieth Supplemental Indenture shall have the same meanings ascribed to them  in the Original Indenture, as such terms may have been or may be amended or modified from time  to time pursuant to the Indenture, except in cases where the context clearly indicates otherwise.  In  addition,  the  following  terms  have  the  following  meanings  in  this  Eightieth  Supplemental  Indenture unless the context clearly indicates otherwise.         “Business Day” means each Monday, Tuesday, Wednesday, Thursday or Friday which is  not  a  day  on  which  banking  institutions  in  New  York  or  Georgia are  generally  authorized  or  obligated by law or executive order to close.          “Closing Date” means August 25, 2020.         “Interest Payment Date” means February 1 and August 1 of each year, commencing on  February 1, 2021.           “Record Date” means the 15th day (whether or not a Business Day) of the calendar month  immediately preceding such Interest Payment Date.         “Securities Depository” means The Depository Trust Company and its successors and  assigns or any other securities depository selected by the Company which agrees to follow the  procedures required to be followed by such securities depository in connection with the Series  2020A Bonds.                                    ARTICLE II                                                       THE SERIES 2020A BONDS AND CERTAIN PROVISIONS                              RELATING THERETO   Section 2.1 Terms of the Series 2020A Bonds.  There shall be created and established a series  of Additional Obligations known as and entitled the “First Mortgage Bonds, Series 2020A” (which  are referred to herein as the “Series 2020A Bonds”).         The aggregate principal amount of the Series 2020A Bonds which may be authenticated,  delivered  and  Outstanding  at  any  one  time  is  limited  to  Four  Hundred  Fifty  Million  Dollars  ($450,000,000).  The Series 2020A Bonds shall consist of bonds in an aggregate principal amount  of $450,000,000, due August 1, 2050.         Pursuant to the Registration Rights Agreement, the Company will register the Series 2020A  Bonds under the Securities Act with the SEC.  For the purposes of this paragraph and Exhibit B  attached hereto, the Series 2020A Bonds issued on the Closing Date shall be referred to as the  “Initial Series 2020A Bonds” and the Series 2020A Bonds issued pursuant to the Exchange Offer                                       4 

 

     (as  hereinafter  defined)  shall  be  referred  to  as  the  “Exchange Series  2020A  Bonds.”   The  Registration Rights Agreement requires the Company to register the Initial Series 2020A Bonds  (i) by exchanging the Initial Series 2020A Bonds for Series 2020A Bonds through an exchange  offer  (the  “Exchange  Offer”)  and/or,  (ii)  if  applicable,  by  filing  an  Alternative  Registration  Statement (as defined in the Registration Rights Agreement).  For all purposes under this Eightieth  Supplemental Indenture, each series of the Initial Series 2020A Bonds and the related Exchange  Series 2020A Bonds shall be treated as a single series of Series 2020A Bonds.         The Series 2020A Bonds shall bear interest  from  their  date  of  issuance,  payable  semi- annually on each Interest Payment Date; provided, however, that if an Interest Payment Date does  not fall on a Business Day, such payment may be made on the next succeeding Business Day. The  Series 2020A Bonds shall bear interest at the annual rate of 3.75%; provided, however, that if (i)  the Company fails to file a registration statement under the Securities Act registering the Series  2020A  Bonds  (the  “Exchange  Offer  Registration  Statement”)  under  the  Securities  Act  in  connection with the Exchange Offer with the SEC on or prior to the 220th day after the Closing  Date, (ii) the Exchange Offer Registration Statement is not declared effective by the SEC or does  not  otherwise  become  effective  on  or  before  the  310th  day  after  the  Closing  Date,  (iii)  the  Exchange Offer has not been completed within 60 Business Days after the initial effective date of  the  Exchange  Offer  Registration  Statement,  (iv)  if  an  Alternative  Registration  Statement  is  required to be filed pursuant to the Registration Rights Agreement but is not filed with the SEC on  or prior to the later of (x) the 30th Business Day after the date such obligation to file arises or (y)  the 220th day after the Closing Date, (v) if an Alternative Registration Statement is required to be  filed pursuant to the terms of the Registration Rights Agreement but is not declared effective by  the SEC or does not otherwise become effective on or prior to the later of (x) the 90th day after  the  date  such  obligation  to  file  arises  or  (y)  the  310th  day  after  the  Closing  Date,  or  (vi)  the  Exchange Offer Registration Statement or Alternative Registration Statement, as applicable, is  filed and declared effective but thereafter either (x) is withdrawn by the Company or (y) becomes  subject to an effective stop order issued pursuant to the Securities Act suspending the effectiveness  of  such  registration  statement  (except  as  specifically  permitted  under  the  Registration  Rights  Agreement,  including  with  respect  to  any  Alternative  Registration  Statement,  during  any  applicable Suspension Period (as defined in the Registration Rights Agreement)) without being  succeeded within 30 days from the date such registration statement was suspended by an additional  registration statement filed and declared effective (each such event referred to in clauses (i) through  (vi), a “Registration Default” and each period during which a Registration Default has occurred  and is continuing, a “Registration Default Period”), then additional interest on the Series 2020A  Bonds will accrue (in addition to the stated interest on the Series 2020A Bonds) at a rate of (x)  0.25% per annum for the first 90 days of a Registration Default Period and (y) at a rate per annum  of 0.50% thereafter (“Special Interest”) on the principal amount of the Series 2020A Bonds, from  the date of the occurrence of any Registration Default until such Registration Default is remedied.  Special Interest shall accrue and be payable only with respect to a single Registration Default at  any given time, notwithstanding the fact that multiple Registration Defaults may exist at such time.   Immediately upon the cure of all Registration Defaults, the accrual of Special Interest will cease   and the interest rate on the Series 2020A Bonds shall revert to the original rate.            The principal and the Redemption Price of, and interest on, the Series 2020A Bonds shall   be paid to the Person in whose name that Obligation (or one or more Predecessor Obligations) is   registered at the close of business on the Record Date applicable to such Interest Payment Date or                                        5 

 

     Redemption Date.  Interest on the Series 2020A Bonds shall be computed on the basis of a 360-  day  year  of  twelve  30-day  months.   The  Series  2020A  Bonds  shall  be  dated  the  date  of   authentication.                   The Series 2020A Bonds shall be issued as fully registered global bonds without coupons   and in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof.    The  Series  2020A  Bonds  shall  be  registered  in  the  name  of  Cede &  Co.,  as  nominee  of  the   Securities  Depository,  pursuant  to  the  Securities  Depository’s Book-Entry  System.   When  the   Series 2020A Bonds are held in the Book-Entry System, purchases of beneficial interests in the   Series 2020A Bonds shall be made in book-entry form, without certificates.  If at any time the   Book-Entry System is discontinued for the Series 2020A Bonds, the Series 2020A Bonds shall be  exchangeable for other fully registered certificated Series 2020A Bonds of like tenor and of an  equal aggregate principal amount, in authorized denominations.  The Trustee may impose a charge  sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge  required to be paid with respect to such exchange or any transfer of a Series 2020A Bond.  The  cost, if any, of preparing each new Series 2020A Bond issued upon such exchange or transfer, and  any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid  by the person requesting such exchange or transfer.         Interest on the Series 2020A Bonds shall be payable by check mailed to the registered  owners  thereof.   However, interest  on  the  Series  2020A  Bonds  shall be paid to any owner of  $1,000,000 or more in aggregate principal amount of the Series 2020A Bonds by wire transfer to  a wire transfer address within the United States upon the written request of such owner received  by the Paying Agent not less than five days prior to the Record Date.  As long as the Series 2020A  Bonds are registered in the name of Cede & Co., as nominee of the Securities Depository, such  payments shall be made directly to the Securities Depository.  The Trustee is hereby designated  and agrees to act as initial Paying Agent for the Series 2020A Bonds.    Section 2.2 Optional Redemption.          (a)   The Company may redeem the Series 2020A Bonds, in whole or in part, on any   date or from time to time prior to their maturity, at its option.                (i)    If the Redemption Date is before February 1, 2050, the Redemption Price        for the Series 2020A Bonds will be equal to the greater of:                     (1) 100%  of  the  principal  amount  of  the  Series  2020A  Bonds  being                        redeemed; and                      (2) the sum of the present values of the remaining principal and interest                        payments on the Series 2020A Bonds being redeemed that would be                        due  if  such  Series  2020A  Bonds  matured  on  February  1,  2050                        (excluding interest accrued and unpaid through the Redemption Date),                        discounted on a semi-annual basis (assuming a 360-day year consisting                        of twelve 30-day months) at a rate equal to the sum of (x) the yield to                        maturity, determined on the third Business Day prior to the Redemption                        Date, of a U.S. Treasury security having a life equal to the remaining                                        6 

 

                          average life (assuming, for this purpose, that the Series 2020A Bonds                        matured  on  February  1,  2050)  of  the  Series  2020A  Bonds  being                        redeemed and trading in the secondary market at the price closest to par,                        and (y) 40 basis points,          plus in each case accrued and unpaid interest thereon to but excluding the Redemption   Date.             (ii)     If the Redemption Date is on or after February 1, 2050, the Redemption         Price for the Series 2020A Bonds will be 100% of the principal amount of the Series 2020A         Bonds  being  redeemed  plus  accrued  and  unpaid  interest  thereon  to  but  excluding  the         Redemption Date.          (b)   If there is no U.S. Treasury security having a life equal to the remaining average   life (assuming, for this purpose, that the Series 2020A Bonds matured on February 1, 2050) of the   Series 2020A Bonds being redeemed in accordance with Section 2.2(a)(i) above, the discount rate   will be calculated using a yield to maturity determined on a straight-line basis (rounding to the   nearest calendar month, if necessary) from the average yield to maturity, determined on the third   Business Day prior to the Redemption Date, of two U.S. Treasury securities having lives most   closely corresponding to the remaining average life (assuming, for this purpose, that the Series   2020A  Bonds  matured  on  February  1,  2050)  of  the  Series  2020A  Bonds  being  redeemed  and   trading in the secondary market at the price closest to par.          (c)   Notice of redemption shall be given by first class mail, postage prepaid, mailed not   less than 30 and not more than 60 days prior to the Redemption Date to the registered address of   each  Holder  of  Series  2020A  Bonds  being  redeemed,  except  as  otherwise  required  by  the   procedures of the Securities Depository.  Notice of redemption of the Series 2020A Bonds shall   be given by the Company or, at the Company’s request, by the Trustee in the name and at the   expense of the Company.          (d)   If less than all of the Outstanding Series 2020A Bonds are to be redeemed, the  Series 2020A Bonds to be redeemed will be selected by the Trustee in any method it deems fair  and appropriate, and the portion of the Series 2020A Bonds not so redeemed will be in a minimum  denomination of $2,000 and integral multiples of $1,000 in excess thereof.         (e)   If, at the time the notice of optional redemption of the Series 2020A Bonds is given,  the Company has not deposited sufficient funds with the Trustee to pay the full Redemption Price  of the Series 2020A Bonds to be redeemed, the notice of optional redemption will so state and will  further state that the Series 2020A Bonds will remain Outstanding as though no redemption notice  had been given unless the Company provides, or causes to be provided, to the Trustee, by 2:00  p.m.  New York City time on the Redemption Date, funds sufficient to pay the full Redemption  Price of the Series 2020A Bonds to be redeemed.  The failure of the Company to deposit sufficient  funds with the Trustee to effect the redemption will not constitute a payment or other default by  the Company under the Indenture and the Company will not be liable to any Holder of those Series  2020A Bonds as a result of the failed redemption.  If the Company has deposited funds with the  Trustee sufficient to pay the full Redemption Price of the Series 2020A Bonds to be redeemed at                                        7 

 

     the time the notice of optional redemption is given, then the Company is obligated to redeem the   Series 2020A Bonds as provided in that notice.    Section 2.3 Form of the Series 2020A Bonds.  The Series 2020A Bonds and the Trustee’s   certificate of authentication for the Series 2020A Bonds shall be substantially in the form set forth   in Exhibit B attached hereto, with such appropriate insertions, omissions, substitutions and other   variations as are required or permitted by the Indenture.                                     ARTICLE III                                                                           MISCELLANEOUS    Section 3.1 Supplemental Indenture.  This Eightieth 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  amended  and  as  hereby   supplemented, is hereby confirmed.  Except to the extent inconsistent with the express terms of   this Eightieth Supplemental Indenture or the Series 2020A Bonds, all of the provisions, terms,  covenants and conditions of the Indenture generally applicable to the payment or redemption of  all Obligations shall be applicable to the Series 2020A Bonds to the same extent as if specifically  set forth herein.  All references herein to Sections, Articles, definitions or other provisions of the  Original Indenture shall be to such Sections, Articles, definitions or other provisions as they may  be amended or modified from time to time pursuant to the Indenture.     Section 3.2 Recitals.  All recitals in this Eightieth Supplemental Indenture are made by the   Company only and not by the Trustee; and all of the provisions contained in the Indenture, in   respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable   in respect hereof as fully and with like effect as if set forth herein in full.    Section 3.3 Successors and Assigns.  Whenever in this Eightieth 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 Eightieth Supplemental Indenture contained by or on   behalf of the Company, or by or on behalf of the Trustee shall, subject as aforesaid, bind and inure   to  the  respective  benefits  of  the  respective  successors  and  assigns  of  such  parties,  whether  so   expressed or not.    Section 3.4 No Rights, Remedies, Etc.   Nothing  in  this  Eightieth  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  Eightieth  Supplemental   Indenture  or  any  covenant,  condition,  stipulation,  promise  or  agreement  hereof,  and  all  the   covenants,  conditions,  stipulations,  promises  and  agreements  in  this  Eightieth  Supplemental   Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of   the parties hereto and of the Holders of Outstanding Secured Obligations.    Section 3.5 Counterparts.  This Eightieth Supplemental Indenture may be executed in several   counterparts, each of such counterparts shall for all purposes be deemed to be an original, and all                                        8 

 

   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 3.6 Security Agreement; Mailing Address.  To the extent permitted by applicable  law,  this  Eightieth  Supplemental  Indenture  shall  be  deemed  to  be  a  Security  Agreement  and  Financing Statement whereby the Company grants to the Trustee a security interest in all of the  Trust Estate that is personal property or fixtures under the Uniform Commercial Code, as adopted  or hereafter adopted in one or more of the states in which any part of the properties of the Company  are situated.    The mailing address of the Company, as debtor, is:                           Oglethorpe Power Corporation                          (An Electric Membership Corporation)                           2100 East Exchange Place                           Tucker, Georgia 30084-5336    and the mailing address of the Trustee, as secured party, is:                            U.S. Bank National Association                          Attention:  Global Corporate Trust                          1349 West Peachtree Street, NW                          Suite 1050, Two Midtown Plaza                          Atlanta, Georgia  30309                               [Signatures Begin on Next Page]                                       9 

 

         IN WITNESS WHEREOF, the parties hereto have caused this Eightieth Supplemental  Indenture to be duly executed under seal, if applicable, as of the day and year first written above.        Company:                       OGLETHORPE POWER CORPORATION                                      (AN ELECTRIC MEMBERSHIP                                      CORPORATION), an electric membership                                      corporation organized under the laws of the State of                                      Georgia                                          By:                                           Elizabeth B. Higgins                                          Executive Vice President and                                          Chief Financial Officer      Signed, sealed and delivered       Attest:   by the Company in the presence of:             Kimberly D. Adams                                              Secretary                                      [CORPORATE SEAL]  Witness       Notary Public    (Notarial Seal)    My commission expires:                                                     [Signatures Continued on Next Page]                                              

 

                        [Signatures Continued from Previous Page]           Trustee:                      U.S. BANK NATIONAL ASSOCIATION, a                                      national banking association                                          By:   Signed and delivered                   Authorized Agent  by the Trustee in the  Presence of:         Witness       Notary Public    (Notarial Seal)    My commission expires:                 

 

                                     Exhibit A         All property of the Company (other than Excepted Property and Excludable Property) in  the Counties of Appling, Burke, Carroll, Coweta, DeKalb, Floyd, Hart, Heard, Monroe, Murray,  Talbot,  Toombs,  Walton,  Warren,  Washington  and  Whitfield,  State  of  Georgia,  whether  now  owned or hereafter acquired, and including the following described property:              [LEGAL DESCRIPTIONS OF REAL PROPERTY TO BE INSERTED]                                                 A-1 

 

                                     Exhibit B                           FORM OF SERIES 2020A BOND                                      AND                  TRUSTEE’S CERTIFICATE OF AUTHENTICATION         [If an Initial Series 2020A Bond, then insert – THIS SERIES 2020A BOND HAS NOT  BEEN  REGISTERED  UNDER  THE  SECURITIES  ACT  OF  1933,  AS  AMENDED  (THE  “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE  TRANSFERRED  IN  THE  ABSENCE  OF  SUCH  REGISTRATION  OR  AN  APPLICABLE  EXEMPTION  THEREFROM.   EACH  PURCHASER  OF  THIS  SERIES  2020A  BOND      IS  HEREBY  NOTIFIED  THAT  THE  SELLER  OF  THIS  SERIES  2020A  BOND  MAY  BE  RELYING  ON  THE  EXEMPTIONS  FROM  THE  PROVISIONS  OF  SECTION  5  OF  THE  SECURITIES ACT PROVIDED BY RULE 144A OR REGULATION S THEREUNDER.                THIS  SERIES  2020A  BOND  MAY  NOT  BE  OFFERED,  SOLD,  PLEDGED  OR  OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE TRANSFEROR  REASONABLY  BELIEVES  IS  A  QUALIFIED  INSTITUTIONAL  BUYER  WITHIN  THE  MEANING OF RULE 144A UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN  ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A  TRANSACTION  MEETING  THE  REQUIREMENTS  OF  RULE  144A,  (2)  PURSUANT TO  OFFERS  AND  SALES  TO  A  NON-U.S.  PERSON  IN  AN  OFFSHORE  TRANSACTION  WITHIN  THE  MEANING  OF  REGULATION  S  UNDER  THE  SECURITIES  ACT,  (3)  PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER  THE  SECURITIES  ACT,  OR  (4) PURSUANT  TO  AN  EFFECTIVE  REGISTRATION  STATEMENT  UNDER  THE  SECURITIES  ACT,  OR  (B) TO  OGLETHORPE  POWER  CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) (THE “COMPANY”) OR  ANY  OF  ITS  SUBSIDIARIES,  AND  IN  THE  CASE  OF  BOTH  (A)  AND  (B),  IN  ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE  UNITED STATES AND OTHER JURISDICTIONS.  EACH TRANSFEREE OF THIS SERIES  2020A BOND WILL BE REQUIRED TO PROVIDE U.S. BANK NATIONAL ASSOCIATION,  AS  TRUSTEE  (OR  A  SUCCESSOR  TRUSTEE,  AS  APPLICABLE)  WITH  A  WRITTEN  CERTIFICATION (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AS  TO COMPLIANCE WITH THE TRANSFER RESTRICTIONS REFERRED TO ABOVE. IN  ADDITION,  IF  THE  PROPOSED  TRANSFEREE  IS  A  PURCHASER  WHO  IS  NOT    A  QUALIFIED  INSTITUTIONAL  BUYER,  A  NON-U.S.  PERSON  OR  THE  COMPANY OR  ANY  SUBSIDIARY  THEREOF,  THE  HOLDER  MUST,  PRIOR  TO  SUCH  TRANSFER,  FURNISH TO THE TRUSTEE SUCH CERTIFICATIONS, LEGAL  OPINIONS  OR OTHER  INFORMATION  AS  IT  MAY  REASONABLY  REQUIRE  TO  CONFIRM  THAT  SUCH  TRANSFER  IS  BEING  MADE  PURSUANT  TO  AN  EXEMPTION  FROM,  OR  IN  A  TRANSACTION  NOT  SUBJECT  TO,  THE   REGISTRATION  REQUIREMENTS  OF  THE  SECURITIES ACT.                                                 B-1 

 

           THIS  SERIES  2020A  BOND  AND  ANY  RELATED  DOCUMENTATION  MAY  BE   AMENDED  OR  SUPPLEMENTED  FROM  TIME  TO  TIME  TO  MODIFY  THE   RESTRICTIONS ON RESALES AND OTHER TRANSFERS OF THIS SERIES 2020A BOND   TO  REFLECT  ANY  CHANGE  IN  APPLICABLE  LAW  OR  REGULATION  (OR  THE   INTERPRETATION  THEREOF)  OR  IN  PRACTICES  RELATING  TO  THE  RESALE     OR   TRANSFER  OF  RESTRICTED  SECURITIES  GENERALLY.   THE  HOLDER  OF  THIS   SERIES 2020A BOND SHALL BE DEEMED BY THE ACCEPTANCE OF THIS SERIES   2020A BOND TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT.]                  [If a Regulation S Bond, then insert – BY ITS ACQUISITION HEREOF, THE HOLDER   OF THIS SERIES 2020A BOND REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT   PURCHASING  FOR  THE  ACCOUNT  OF  A  U.S.  PERSON,  AND  IS  ACQUIRING  THIS   SERIES  2020A  BOND  IN  AN  OFFSHORE  TRANSACTION  IN  ACCORDANCE  WITH   REGULATION S UNDER THE SECURITIES ACT.]                  [If a Temporary Regulation S Bond, then insert – EXCEPT AS SET FORTH BELOW,   BENEFICIAL  OWNERSHIP  INTERESTS  IN  THIS  TEMPORARY  REGULATION S   GLOBAL BOND WILL NOT BE EXCHANGEABLE FOR BENEFICIAL INTERESTS IN THE   PERMANENT REGULATION S GLOBAL BOND OR ANY OTHER BOND REPRESENTING   A  BENEFICIAL  INTEREST  IN  THE  SERIES  2020A  BONDS  REPRESENTED  HEREBY   WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER,   UNTIL  THE  EXPIRATION  OF  THE  “40-DAY  DISTRIBUTION  COMPLIANCE  PERIOD”   (WITHIN  THE  MEANING  OF  RULE  903(b)(2)  OF  REGULATION S  UNDER  THE   SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY  SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL INTERESTS ARE OWNED  EITHER  BY  NON-U.S.  PERSONS  OR  U.S.  PERSONS  WHO  PURCHASED  SUCH  BENEFICIAL  INTERESTS  IN  A  TRANSACTION  THAT  DID  NOT  REQUIRE  REGISTRATION  UNDER  THE  SECURITIES  ACT.  DURING  SUCH  40-DAY  DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS  TEMPORARY  REGULATION S  GLOBAL  BOND  MAY  ONLY  BE  SOLD,  PLEDGED  OR   TRANSFERRED  (I) TO  THE  COMPANY,  (II)  OUTSIDE  THE  UNITED  STATES   IN  A  TRANSACTION IN ACCORDANCE  WITH  RULE 904  OF REGULATION S  UNDER THE  SECURITIES  ACT,  OR  (III) PURSUANT  TO  AN  EFFECTIVE  REGISTRATION  STATEMENT  UNDER  THE  SECURITIES  ACT,  IN  EACH  OF  CASES  (I) AND  (III)  IN  ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE  UNITED  STATES.  HOLDERS  OF  BENEFICIAL  INTERESTS  IN  THIS  TEMPORARY   REGULATION S GLOBAL BOND WILL NOTIFY ANY PURCHASER OF THIS BOND OF   THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE.                  AFTER  THE  EXPIRATION  OF  THE  DISTRIBUTION  COMPLIANCE  PERIOD   BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL BOND MAY   BE EXCHANGED FOR INTERESTS IN A RULE 144A GLOBAL BOND ONLY IF (1) SUCH   EXCHANGE  OCCURS  IN  CONNECTION  WITH  A  TRANSFER  OF  THE  BONDS  IN   COMPLIANCE WITH RULE 144A AND (2) THE TRANSFEROR OF THE REGULATION S   GLOBAL  BOND  FIRST  DELIVERS  TO  THE  TRUSTEE  A  WRITTEN  CERTIFICATE TO   THE  EFFECT  THAT  THE  REGULATION  S  GLOBAL  BOND  IS  BEING  TRANSFERRED                                          B-2 

 

     (A) TO  A  PERSON  WHO  THE  TRANSFEROR  REASONABLY  BELIEVES  TO  BE  A   QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, (B) TO A   PERSON  WHO  IS  PURCHASING  FOR  ITS  OWN  ACCOUNT  OR  THE  ACCOUNT  OF   A   QUALIFIED  INSTITUTIONAL  BUYER  IN  A  TRANSACTION  MEETING  THE   REQUIREMENTS OF RULE 144A, AND (C) IN ACCORDANCE WITH ALL APPLICABLE   SECURITIES  LAWS  OF  THE  STATES  OF  THE  UNITED  STATES  AND  OTHER   JURISDICTIONS.                  BENEFICIAL  INTERESTS  IN  A  RULE  144A  GLOBAL  BOND  MAY  BE   TRANSFERRED  TO  A  PERSON  WHO  TAKES  DELIVERY  IN  THE  FORM  OF  A   BENEFICIAL INTEREST IN THE REGULATION S GLOBAL BOND, WHETHER BEFORE   OR AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD,  ONLY  IF  THE  TRANSFEROR  FIRST  DELIVERS  TO  THE  TRUSTEE  A  WRITTEN  CERTIFICATE  TO  THE  EFFECT  THAT  SUCH  TRANSFER  IS  BEING  MADE  IN  ACCORDANCE  WITH  RULE  903  OR  904  OF  REGULATION  S  OR  RULE 144  (IF   AVAILABLE).]                  UNLESS  THIS  CERTIFICATE  IS  PRESENTED  BY  AN  AUTHORIZED   REPRESENTATIVE  OF  THE  DEPOSITORY  TRUST  COMPANY,  A  NEW  YORK   CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF   TRANSFER,  EXCHANGE  OR  PAYMENT,        AND  ANY  CERTIFICATE  ISSUED  IS   REGISTERED  IN  THE  NAME  OF  CEDE  &  CO.  OR  IN  SUCH  OTHER  NAME  AS  IS   REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT   IS   MADE     TO    CEDE    &    CO.    OR    TO    SUCH    OTHER     ENTITY   AS  IS  REQUESTED  BY  AN  AUTHORIZED  REPRESENTATIVE  OF  DTC),   ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY   OR  TO  ANY  PERSON  IS  WRONGFUL  INASMUCH  AS  THE  REGISTERED  OWNER   HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.                                          B-3 

 

     No. _____                                                      $450,000,000.00          OGLETHORPE POWER CORPORATION, FIRST MORTGAGE BOND,                              SERIES 2020A, DUE 2050    REGISTERED OWNER:  CEDE & CO.    PRINCIPAL AMOUNT:  FOUR HUNDRED FIFTY MILLION DOLLARS   ISSUANCE DATE:  August 25, 2020   CUSIP NO.:  _______          Oglethorpe Power Corporation (An Electric Membership Corporation), formerly known as   Oglethorpe  Power  Corporation  (An Electric  Membership  Generation  &  Transmission   Corporation), an electric membership corporation existing under the laws of the State of Georgia   (together with any successors and assigns, the “Company”), for value received hereby promises to   pay  to  the  registered  owner  named  above  or  registered  assigns, on  August  1,  2050  upon  the   presentation and surrender of this First Mortgage Bond, 3.75% Series 2020A due August 1, 2050   (this  “Series  2020A  Bond”),  the  aggregate  principal  amount  (upon  original  issuance)  of   $450,000,000, issued under the Indenture, dated as of March 1, 1997 (the “Original Indenture”),   as  heretofore  amended  and  supplemented,  including  as  supplemented  by  the  Eightieth   Supplemental  Indenture  (the  “Eightieth  Supplemental  Indenture”),  by  the  Company,  formerly   known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission   Corporation),  as  grantor,  to  U.S.  Bank  National  Association,  as  successor  to  SunTrust  Bank,   formerly known as SunTrust Bank, Atlanta, as trustee (the “Trustee”) (the Original Indenture, as   amended and supplemented, the “Indenture”).           The Company shall pay the principal sum set forth above and pay interest on said principal   sum from the date hereof until payment of said principal sum has been made or duly provided for,   semi-annually  at  the  interest  rate  of  3.75%  [If  an  Initial  Series  2020A  Bond,  then  insert  –  ;   provided, however, that if (i) the Company fails to file a registration statement under the Securities   Act of 1933, as amended, registering this Series 2020A Bond (the “Exchange Offer Registration   Statement”) in connection with the exchange offer (the “Exchange Offer”) pursuant to that certain   Exchange  and  Registration  Rights Agreement  (the  “Registration  Rights  Agreement”)  by  and  between the Company and MUFG Securities Americas Inc., as representative of the Purchasers  (as defined therein), dated as of August 25, 2020 with the Securities and Exchange Commission  (the  “SEC”)  on  or  prior  to  the  220th  day  after August  25,  2020 (the  “Closing  Date”),  (ii)  the  Exchange Offer Registration Statement is not declared effective by the SEC or does not otherwise  become effective on or before the 310th day after the Closing Date, (iii) the Exchange Offer has  not been completed within 60 Business Days after the initial effective date of the Exchange Offer  Registration Statement, (iv) if an Alternative Registration Statement (as defined in the Registration  Rights  Agreement)  is  required  to  be  filed  pursuant  to  the  terms  of  the  Registration  Rights  Agreement but is not filed with the SEC on or prior to the later of (x) the 30th Business Day after   the date such obligation to file arises or (y) the 220th day after the Closing Date, or (v) if an   Alternative Registration Statement is required to be filed pursuant to the terms of the Registration   Rights Agreement but is not declared effective by the SEC or does not otherwise become effective    on or prior to the later of (x) the 90th day after the date such obligation to file arises or (y) the   310th day after the Closing Date, or (vi) the Exchange Offer Registration Statement or Alternative   Registration Statement, as applicable, is filed and declared effective but thereafter either (x) is                                         B-4 

 

   withdrawn by the Company or (y) becomes subject to an effective stop order issued pursuant to  the  Securities  Act  suspending  the effectiveness  of  such  registration  statement  (except  as  specifically permitted  under  the  Registration  Rights  Agreement,  including  with  respect  to  any  Alternative Registration Statement, during any applicable Suspension Period (as defined in the  Registration  Rights  Agreement))  without  being  succeeded  within 30  days  from  the  date  such  registration statement was suspended by an additional registration statement filed and declared  effective (each event referred to in clauses (i) through (vi), a  “Registration  Default”  and  each  period during which a Registration Default has occurred and is occurring, a “Registration Default  Period”), then additional interest on this Series 2020A Bond will accrue (in addition to the stated  interest on this Series 2020A Bond) at a rate of (x) 0.25% per annum for the first 90 days of a  Registration Default Period and (y) at a rate per annum of 0.50% thereafter (“Special Interest”) on  the  principal  amount  of  this  Series  2020A  Bond,  from  the  date  of  the  occurrence  of  any  Registration Default until such Registration Default is remedied.  Special Interest shall not accrue  and  be  payable  only  with  respect  to  a  single  Registration  Default  at  any  given  time,  notwithstanding the fact that multiple Registration Defaults may exist at such time. Immediately  upon the cure of all Registration Defaults, the accrual of Special Interest will cease and the interest  rate on this Series 2020 Bond shall revert to the original rate.]         The  principal  of,  and  interest  on,  this  Series  2020A  Bond  are  payable  at  the  principal  corporate trust office of the Trustee, or of its successor as Trustee, or, at the option of the owner  of this Series 2020A Bond, at the principal office of any Paying Agent appointed in accordance  with the Indenture; provided, however, that, subject to the next succeeding paragraph, interest may  be payable, at the option of the Trustee, by check or draft drawn upon the Trustee and mailed to  the registered address of the registered owner of this Series 2020A Bond as of the close of business  on the applicable Record Date (as defined in the Eightieth Supplemental Indenture), or, at the  written request of the registered owner of Series 2020A Bonds in an aggregate principal amount  greater than or equal to $1,000,000 delivered to the Trustee at least five days prior to the Record  Date next preceding such payment date, by wire transfer to a wire transfer address in the United  States as set forth in such request. Payment of the principal of and interest on this Series 2020A  Bond shall be in any coin or currency of the United States of America as, at the respective times  of payment, shall be legal tender for the payment of public and private debts.         Notwithstanding any other provision of this Series 2020A Bond to the contrary, so long as  this  Series  2020A  Bond  shall  be  registered  on  books  of  the  Company  kept  by  the  Obligation  Registrar (as defined in the Indenture) in the name of The Depository Trust Company, a New York  corporation (“DTC”), or its nominee, the provisions of the Indenture governing the Book-Entry  System (as defined in the Indenture) shall govern the manner of payment of the principal of, and  interest on, this Series 2020A Bond.         The Series 2020A Bonds are equally and ratably secured, to the extent provided in the  Indenture, by the Trust Estate, except and excluding the Excepted Property and the Excludable  Property.         Reference is hereby made to the Indenture, a copy of which is on file with the Trustee, for  the  provisions,  among  others,  with  respect  to  the  nature  and  extent  of  the  rights,  duties  and  obligations of the Company, the Trustee and the owner of this Series 2020A Bond, the terms upon  which this Series 2020A Bond is issued and secured, and the modification or amendment of the                                        B-5 

 

     Indenture, to all of which the registered owner of this Series 2020A Bond assents by the acceptance   of this Series 2020A Bond.          This  Series  2020A  Bond  is  transferable,  as  provided  in  the  Indenture,  only  upon  the   registration books of the Company maintained by the Obligation Registrar, which shall be the   Trustee, kept at its principal office, upon presentation at said office of this Series 2020A Bond   with the written request of the registered owner hereof or his attorney duly authorized in writing,  and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the  registered owner or his duly authorized attorney.  The Obligation Registrar shall not be obliged to   (i) make any exchange or transfer of this Series 2020A Bond during the period beginning at the   opening of business fifteen days next preceding the date of the mailing of the notice of redemption   of the Series 2020A Bonds or (ii) register the transfer of or exchange of any Series 2020A Bond   so selected for redemption in whole or in part, except the unredeemed portion of a Series 2020A   Bond being redeemed in part.          The Series 2020A Bonds shall be issued as fully registered global bonds without coupons   and in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof.     Upon payment of any required tax or other governmental charge and, subject to such conditions,   the  Series  2020A  Bonds,  upon  the surrender  thereof  at  the  principal  office  of  the  Obligation   Registrar,  with  a  written  instrument  of  transfer  satisfactory  to  the  Obligation  Registrar,  duly   executed  by  the  registered  owner or  his  duly  authorized  attorney,  may,  at  the  option  of  the  registered owner thereof, be exchanged for an equal aggregate principal amount of Series 2020A  Bonds of the same interest rate and in any other authorized denominations.         This Series 2020A Bond shall bear interest from, and including, the date hereof to, but  excluding, August 1, 2050.  Interest shall be payable in arrears on each Interest Payment Date;  provided, however, that if an Interest Payment Date does not fall on a Business Day, such payment  may be made on the next succeeding Business Day.  Interest on this Series 2020A Bond shall be  computed on the basis of a 360-day year of twelve 30-day months.         Optional Redemption: The Company may redeem this Series 2020A Bond, in whole or   in part, on any date or from time to time prior to its maturity, at its option.            If the Redemption Date is before February 1, 2050, the Redemption Price for this Series   2020A Bond will be equal to the greater of:          (i)   100%  of  the  principal  amount  of  the  portion  of  this  Series 2020A  Bond  being         redeemed; and          (ii)  the sum of the present values of the remaining principal and interest payments on         the portion of this Series 2020A Bond being redeemed that would be due if such portion         of this Series 2020A Bond matured on February 1, 2050 (excluding interest accrued and         unpaid through the Redemption Date), discounted on a semi-annual basis (assuming a 360-        day year consisting of twelve 30-day months) at a rate equal to the sum of (i) the yield to         maturity, determined on the third Business Day prior to the Redemption Date, of a U.S.          Treasury  security  having  a  life  equal  to  the  remaining  average life  (assuming,  for  this         purpose, that this Series 2020A Bond matured on February 1, 2050) of this Series 2020A                                          B-6 

 

         Bond and trading in the secondary market at the price closest to par, and (ii) 40 basis points,   plus in each case accrued and unpaid interest thereon to but excluding the Redemption Date.         If the Redemption Date is on or after February 1, 2050, the Redemption Price for this Series  2020A Bond will be 100% of the principal amount of this Series 2020A Bond being redeemed  plus accrued and unpaid interest thereon to but excluding the Redemption Date.         If  there  is  no  U.S.  Treasury  security  having  a  life  equal  to  the  remaining  average  life  (assuming, for this purpose, that the Series 2020A Bonds matured on February 1, 2050) of the  portion of this Series 2020A Bond being redeemed prior to February 1, 2050, the discount rate will  be calculated using a yield to maturity determined on a straight-line basis (rounding to the nearest  calendar month, if necessary) from the average yield to maturity, determined on the third Business  Day  prior  to  the  Redemption  Date,  of  two  U.S.  Treasury  securities  having  lives  most  closely  corresponding to the remaining average life (assuming, for this purpose, that the Series 2020A  Bonds matured on February 1, 2050) of the portion of the Series 2020A Bonds being redeemed  and trading in the secondary market at the price closest to par.         If less than all of this Series 2020A Bond is to be redeemed, the portion of this Series  2020A Bond to be redeemed will be selected by the Trustee in any method it deems fair and  appropriate, and the portion of this Series 2020A Bond not so redeemed will be in a minimum  denomination of $2,000 and integral multiples of $1,000 in excess thereof.         The  registered  owner  of  this  Series  2020A  Bond  shall  have  no  right  to  enforce  the  provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any  action with respect to any default under the Indenture, or to institute, appear in or defend any suit  or other proceeding with respect thereto, except as provided in the Indenture.         All acts, conditions and things required by the Constitution and statutes of the State of  Georgia, the governing rules and procedures of the Company and the Indenture to exist, to have  happened and to have been performed precedent to and in the issuance of this Series 2020A Bond,  do exist, have happened and have been performed.         No  covenant  or  agreement  contained  in  this  Series  2020A  Bond,  the  Indenture  or  the  Eightieth Supplemental Indenture shall be deemed to be a covenant or agreement of any official,  officer, agent or employee of the Company in his or her individual capacity, and no officer of the  Company executing this Series 2020A Bond shall be liable personally on this Series 2020A Bond  or be subject to any personal liability or accountability by reason of the issuance of this Series  2020A Bond.         This Series 2020A Bond shall not be entitled to any benefit under the Indenture or be valid  until this Series 2020A Bond shall have been authenticated by the execution by the Trustee, or its  successor as Trustee, of the Certificate of Authentication inscribed hereon.                                  Signatures commence on following page                                         B-7 

 

         IN  WITNESS  WHEREOF,  the  Company  has  caused  this  Series  2020A  Bond  to  be  executed in its corporate name by its Executive Vice President and Chief Financial Officer and  attested by its Secretary and its corporate seal to be hereunto affixed.                                          OGLETHORPE POWER CORPORATION                                      (AN ELECTRIC MEMBERSHIP                                      CORPORATION)                                            By:________________________________                                            Elizabeth B. Higgins                                             Executive Vice President and                                             Chief Financial Officer  (CORPORATE SEAL)      Attest:            Kimberly D. Adams  Secretary                                         B-8 

 

         This  is  one  of  the  Obligations  of  the  series  designated  therein referred to in the  within-mentioned Indenture.                                        U.S. BANK NATIONAL ASSOCIATION, as                                      Trustee                                        By:                                           Authorized Agent           Date of Authentication:                                                B-9   

 

                                            Schedule 1                                                                                                                         RECORDING INFORMATION                                          FOR                           ________________COUNTY, GEORGIA                                                                                             RECORDING                DATE OF               DOCUMENT                                               INFORMATION              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         

 

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

 

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

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