Document:

<PAGE>

                                                                   Exhibit 10.71

================================================================================

                               Amendment No. 2 To
                          Payment Undertaking Agreement

                          Dated as of December 19, 2002

                                     between

                        Old Dominion Electric Cooperative

                                       and

                 Cooperatieve Centrale Raiffeisen-Boerenleenbank
                   B.A., "Rabobank Nederland", New York Branch

                        Clover Unit 1 Generating Facility
                                       and
                                Common Facilities

================================================================================

<PAGE>

                AMENDMENT NO. 2 TO PAYMENT UNDERTAKING AGREEMENT

     This AMENDMENT NO. 2 TO PAYMENT UNDERTAKING AGREEMENT, dated as of December
19, 2002 (this "Amendment No. 2"), between OLD DOMINION ELECTRIC COOPERATIVE, a
utility aggregation cooperative organized under the laws of the Commonwealth of
Virginia (herein together with its successors and assigns, called "Old
Dominion"), and COOPERATIEVE CENTRALE RAIFFEISEN- BOERENLEENBANK B.A., "RABOBANK
NEDERLAND", New York Branch (herein in such capacity, together with its
successors and assigns, called the "Bank").

     WHEREAS, Old Dominion and the Bank entered into a Payment Undertaking
Agreement, dated as of February 29, 1996 (as amended and in effect from time to
time, the "Payment Undertaking Agreement");

     WHEREAS, Old Dominion and the Bank entered into Amendment No. 1 to Payment
Undertaking Agreement as of April 1, 1997; and

     WHEREAS, the parties hereto wish to further amend the Payment Undertaking
Agreement as set forth herein in connection with the mandatory repayment of Loan
Certificates pursuant to Section 10.2 of the Participation Agreement referred to
below.

     NOW, THEREFORE, in consideration of the foregoing premises and of other
good and valuable consideration, receipt of which is hereby acknowledged, the
parties hereto agree as follows:

SECTION 1. DEFINED TERMS

     Capitalized terms used in this Amendment No. 2 and not otherwise defined
herein shall have the respective meanings specified in the Payment Undertaking
Agreement or, if not defined therein, in Appendix A to the Participation
Agreement, dated as of February 29, 1996, among Old Dominion, State Street Bank
and Trust Company, not in its individual capacity but solely as Owner Trustee,
First Union National Bank of Florida ("First Union") and Utrecht-America Finance
Co., as amended by Amendment No. 1 to Participation Agreement, dated as of the
date hereof, among such parties (other than First Union), Wachovia Bank,
National Association (formerly known as First Union National Bank, and successor
in interest to First Union) and Cedar Hill International Corp., as Series B
Lender (as amended and in effect from time to time, the "Participation
Agreement").

SECTION 2. AMENDMENT OF THE PAYMENT UNDERTAKING AGREEMENT

     Schedule A and Schedule B to the Payment Undertaking Agreement are deleted
in their entirety and Schedule A and Schedule B hereto are substituted in lieu
thereof, respectively.

<PAGE>

SECTION 3. REFERENCE TO AND EFFECT ON THE PAYMENT UNDERTAKING AGREEMENT.

     Section 3.1 Reference. Upon the effectiveness of this Amendment No. 2 each
reference in the Payment Undertaking Agreement to "this Agreement," "hereunder,"
"hereof," "herein" or words of like import, to the Payment Undertaking
Agreement, shall mean and be a reference to the Payment Undertaking Agreement,
as amended hereby.

     Section 3.2 Effect. Except as specifically amended hereby, the Payment
Undertaking Agreement shall remain in full force and effect and is hereby
ratified and confirmed.

SECTION 4. MISCELLANEOUS

     Section 4.1 Governing Law. This Amendment No. 2 shall be in all respects
governed by and construed in accordance with the laws of the State of New York
including all matters of construction, validity and performance.

     Section 4.2 Severability. Whenever possible, each provision of this
Amendment No. 2 shall be interpreted in such manner as to be effective and valid
under Applicable Law, but if any provision of this Amendment No. 2 shall be
prohibited by or invalid under Applicable Law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Amendment No. 2.

     Section 4.3 Counterparts. This Amendment No. 2 may be executed in any
number of counterparts, each executed counterpart constituting an original but
all together only one Amendment No. 2.

     Section 4.4 Headings. The headings of the sections of this Amendment No. 2
are inserted for purposes of convenience only and shall not be construed to
affect the meaning or construction of any of the provisions hereof.

     Section 4.5 Effectiveness of Amendment No. 2. This Amendment No. 2 has been
dated as of the date first above written for convenience only. This Amendment
No. 2 shall be effective on the date of execution and delivery by each of Old
Dominion and the Bank.

                        [Signatures Follow on Next Page]

                                       2

<PAGE>

     IN WITNESS WHEREOF, each of Old Dominion and the Bank has caused this
Amendment No. 2 to be duly executed and delivered by their respective officers
thereunto duly authorized.

                             OLD DOMINION ELECTRIC COOPERATIVE

                             By: /s/ Daniel M. Walker
                                 -----------------------------------------------
                             Name:  Daniel M. Walker
                             Title: Senior Vice President Accounting and Finance

                             COOPERATIEVE CENTRALE
                             RAIFFEISEN-BOERENLEENBANK
                             B.A., "RABOBANK NEDERLAND",
                             NEW YORK BRANCH

                             By: /s/ Chris G. Kortlandt  /s/ J.W. den Baas
                                 ----------------------- -----------------------
                             Name:  Chris G. Kortlandt   J.W. den Baas
                             Title: Managing Director    Managing Director

                                       3

<PAGE>

                                                                      Schedule A
                                                                              to
                                                   Payment Undertaking Agreement

                                 Payment Amounts

                     [A]                                   [B]

                     Payment Undertaking
                     Payment Date               Payment Amount

                     Dec 19 2002                          0.00
                     Jan  5 2003                  5,644,252.12
                     Jan  5 2004                 18,138,296.27
                     Jan  5 2005                 11,905,967.33
                     Jan  5 2006                  7,814,593.53
                     Jan  5 2007                  4,091,377.59
                     Jan  5 2008                 11,905,971.08
                     Jan  5 2009                 11,905,971.08
                     Jan  5 2010                 11,905,971.08
                     Jan  5 2011                 13,184,265.10
                     Jan  5 2012                 14,567,107.34
                     Jan  5 2013                 14,551,569.79
                     Jan  5 2014                 14,551,744.37
                     Jan  5 2015                 14,551,742.41
                     Jan  5 2016                 14,551,742.43
                     Jan  5 2017                 14,551,742.43
                     Jan  5 2018                304,232,993.45

<PAGE>

                                                                      Schedule B
                                                                              to
                                                   Payment Undertaking Agreement

                           Early Termination Amounts

                     [A]                          [B]

                                    Early Termination
                     Date                      Amount

                     Dec 19 2002       288,748,151.97
                     Jan 5 2003        283,687,812.77
                     Feb 5 2003        284,763,462.40
                     Mar 5 2003        285,839,112.02
                     Apr 5 2003        286,914,761.64
                     May 5 2003        287,990,411.27
                     Jun 5 2003        289,066,060.89
                     Jul 5 2003        290,141,710.51
                     Aug 5 2003        291,217,360.14
                     Sep 5 2003        292,293,009.76
                     Oct 5 2003        293,368,659.38
                     Nov 5 2003        294,444,309.01
                     Dec 5 2003        295,519,958.63
                     Jan 5 2004        278,457,311.98
                     Feb 5 2004        279,513,129.29
                     Mar 5 2004        280,568,946.60
                     Apr 5 2004        281,624,763.91
                     May 5 2004        282,680,581.21
                     Jun 5 2004        283,736,398.52
                     Jul 5 2004        284,792,215.83
                     Aug 5 2004        285,848,033.14
                     Sep 5 2004        286,903,850.45
                     Oct 5 2004        287,959,667.75
                     Nov 5 2004        289,015,485.06
                     Dec 5 2004        290,071,302.37
                     Jan 5 2005        279,221,152.35
                     Feb 5 2005        280,279,865.89
                     Mar 5 2005        281,338,579.42
                     Apr 5 2005        282,397,292.96
                     May 5 2005        283,456,006.50
                     Jun 5 2005        284,514,720.03
                     Jul 5 2005        285,573,433.57
                     Aug 5 2005        286,632,147.10
                     Sep 5 2005        287,690,860.64
                     Oct 5 2005        288,749,574.18
                     Nov 5 2005        289,808,287.71
                     Dec 5 2005        290,867,001.25
                     Jan 5 2006        284,111,121.25
                     Feb 5 2006        285,188,375.92
                     Mar 5 2006        286,265,630.59
                     Apr 5 2006        287,342,885.26
                     May 5 2006        288,420,139.92
                     Jun 5 2006        289,497,394.59
                     Jul 5 2006        290,574,649.26
                     Aug 5 2006        291,651,903.93
                     Sep 5 2006        292,729,158.60
                     Oct 5 2006        293,806,413.26
                     Nov 5 2006        294,883,667.93
                     Dec 5 2006        295,960,922.60
                     Jan 5 2007        292,946,799.68
                     Feb 5 2007        294,057,556.29
                     Mar 5 2007        295,168,312.91
                     Apr 5 2007        296,279,069.53
                     May 5 2007        297,389,826.14
                     Jun 5 2007        298,500,582.76
                     Jul 5 2007        299,611,339.37
                     Aug 5 2007        300,722,095.99
                     Sep 5 2007        301,832,852.60
                     Oct 5 2007        302,943,609.22
                     Nov 5 2007        304,054,365.83
                     Dec 5 2007        305,165,122.45
                     Jan 5 2008        294,369,907.99
                     Feb 5 2008        295,486,060.55
                     Mar 5 2008        296,602,213.12
                     Apr 5 2008        297,718,365.69
                     May 5 2008        298,834,518.26
                     Jun 5 2008        299,950,670.83
                     Jul 5 2008        301,066,823.39
                     Aug 5 2008        302,182,975.96
                     Sep 5 2008        303,299,128.53
                     Oct 5 2008        304,415,281.10
                     Nov 5 2008        305,531,433.66

<PAGE>

                                                                      Schedule B
                                                                              to
                                                   Payment Undertaking Agreement

                            Early Termination Amounts

                     [A]                          [B]

                                    Early Termination
                     Date                      Amount

                     Dec  5 2008       306,647,586.23
                     Jan  5 2009       295,857,767.72
                     Feb  5 2009       296,979,561.76
                     Mar  5 2009       298,101,355.79
                     Apr  5 2009       299,223,149.83
                     May  5 2009       300,344,943.86
                     Jun  5 2009       301,466,737.90
                     Jul  5 2009       302,588,531.94
                     Aug  5 2009       303,710,325.97
                     Sep  5 2009       304,832,120.01
                     Oct  5 2009       305,953,914.04
                     Nov  5 2009       307,075,708.08
                     Dec  5 2009       308,197,502.12
                     Jan  5 2010       297,413,325.07
                     Feb  5 2010       298,541,017.26
                     Mar  5 2010       299,668,709.46
                     Apr  5 2010       300,796,401.65
                     May  5 2010       301,924,093.84
                     Jun  5 2010       303,051,786.03
                     Jul  5 2010       304,179,478.22
                     Aug  5 2010       305,307,170.41
                     Sep  5 2010       306,434,862.60
                     Oct  5 2010       307,562,554.79
                     Nov  5 2010       308,690,246.98
                     Dec  5 2010       309,817,939.17
                     Jan  5 2011       297,761,366.26
                     Feb  5 2011       298,890,378.11
                     Mar  5 2011       300,019,389.96
                     Apr  5 2011       301,148,401.80
                     May  5 2011       302,277,413.65
                     Jun  5 2011       303,406,425.50
                     Jul  5 2011       304,535,437.34
                     Aug  5 2011       305,664,449.19
                     Sep  5 2011       306,793,461.04
                     Oct  5 2011       307,922,472.89
                     Nov  5 2011       309,051,484.73
                     Dec  5 2011       310,180,496.58
                     Jan  5 2012       296,742,401.08
                     Feb  5 2012       297,867,549.35
                     Mar  5 2012       298,992,697.62
                     Apr  5 2012       300,117,845.90
                     May  5 2012       301,242,994.17
                     Jun  5 2012       302,368,142.44
                     Jul  5 2012       303,493,290.71
                     Aug  5 2012       304,618,438.98
                     Sep  5 2012       305,743,587.25
                     Oct  5 2012       306,868,735.52
                     Nov  5 2012       307,993,883.79
                     Dec  5 2012       309,119,032.06
                     Jan  5 2013       295,692,610.54
                     Feb  5 2013       296,813,778.36
                     Mar  5 2013       297,934,946.17
                     Apr  5 2013       299,056,113.99
                     May  5 2013       300,177,281.80
                     Jun  5 2013       301,298,449.62
                     Jul  5 2013       302,419,617.43
                     Aug  5 2013       303,540,785.25
                     Sep  5 2013       304,661,953.06
                     Oct  5 2013       305,783,120.88
                     Nov  5 2013       306,904,288.69
                     Dec  5 2013       308,025,456.51
                     Jan  5 2014       294,594,879.95
                     Feb  5 2014       295,711,885.54
                     Mar  5 2014       296,828,891.13
                     Apr  5 2014       297,945,896.71
                     May  5 2014       299,062,902.30
                     Jun  5 2014       300,179,907.88
                     Jul  5 2014       301,296,913.47
                     Aug  5 2014       302,413,919.06
                     Sep  5 2014       303,530,924.64
                     Oct  5 2014       304,647,930.23
                     Nov  5 2014       305,764,935.82

<PAGE>

                                                                      Schedule B
                                                                              to
                                                   Payment Undertaking Agreement

                            Early Termination Amounts

                     [A]                          [B]

                                    Early Termination
                     Date                      Amount

                     Dec  5 2014       306,881,941.40
                     Jan  5 2015       293,447,204.58
                     Feb  5 2015       294,559,858.57
                     Mar  5 2015       295,672,512.55
                     Apr  5 2015       296,785,166.53
                     May  5 2015       297,897,820.52
                     Jun  5 2015       299,010,474.50
                     Jul  5 2015       300,123,128.49
                     Aug  5 2015       301,235,782.47
                     Sep  5 2015       302,348,436.45
                     Oct  5 2015       303,461,090.44
                     Nov  5 2015       304,573,744.42
                     Dec  5 2015       305,686,398.41
                     Jan  5 2016       292,247,309.96
                     Feb  5 2016       293,355,414.34
                     Mar  5 2016       294,463,518.73
                     Apr  5 2016       295,571,623.11
                     May  5 2016       296,679,727.50
                     Jun  5 2016       297,787,831.88
                     Jul  5 2016       298,895,936.26
                     Aug  5 2016       300,004,040.65
                     Sep  5 2016       301,112,145.03
                     Oct  5 2016       302,220,249.41
                     Nov  5 2016       303,328,353.80
                     Dec  5 2016       304,436,458.18
                     Jan  5 2017       290,992,820.13
                     Feb  5 2017       292,096,167.91
                     Mar  5 2017       293,199,515.69
                     Apr  5 2017       294,302,863.46
                     May  5 2017       295,406,211.24
                     Jun  5 2017       296,509,559.02
                     Jul  5 2017       297,612,906.79
                     Aug  5 2017       298,716,254.57
                     Sep  5 2017       299,819,602.34
                     Oct  5 2017       300,922,950.12
                     Nov  5 2017       302,026,297.90
                     Dec  5 2017       303,129,645.67
                     Jan  5 2018                 0.00

<PAGE>

                                                                      Schedule B
                                                                              to
                                                   Payment Undertaking Agreement

                            Early Termination Amounts

                     [A]                           [B]

                                                 Early
                     Date           Termination Amount

                     Dec 19 2002        288,748,151.97
                     Jan  5 2003        283,687,812.77
                     Jan  5 2004        278,457,311.98
                     Jan  5 2005        279,221,152.35
                     Jan  5 2006        284,111,121.25
                     Jan  5 2007        292,946,799.68
                     Jan  5 2008        294,369,907.99
                     Jan  5 2009        295,857,767.72
                     Jan  5 2010        297,413,325.07
                     Jan  5 2011        297,761,366.26
                     Jan  5 2012        296,742,401.08
                     Jan  5 2013        295,692,610.54
                     Jan  5 2014        294,594,879.95
                     Jan  5 2015        293,447,204.58
                     Jan  5 2016        292,247,309.96
                     Jan  5 2017        290,992,820.13
                     Jan  5 2018                  0.00

<PAGE>

     Old Dominion having pledged its right, title and interest under the Payment
Undertaking Agreement to State Street Bank and Trust Company, not in its
individual capacity but solely as Owner Trustee, under the Payment Undertaking
Pledge Agreement and State Street Bank and Trust Company, not in its individual
capacity but solely as Owner Trustee, having assigned its right, title and
interest under the Payment Undertaking Agreement to Utrecht-America Finance Co.,
as Agent, under the Amended and Restated Loan and Security Agreement, both
Utrecht-America Finance Co. and State Street Bank and Trust Company, as Owner
Trustee, have executed this Amendment No. 2 to the Payment Undertaking Agreement
for the sole purpose of evidencing their consent hereto.

                                         STATE STREET BANK AND TRUST
                                         COMPANY, not in its individual capacity
                                         but solely as Owner Trustee

                                         By: /s/ Patrick E. Thebado
                                             -----------------------------------
                                         Name:  Patrick E. Thebado
                                         Title: Vice President

                                         UTRECHT-AMERICA FINANCE CO.,
                                         as Agent

                                            By:/s/ Joseph A. Insings
                                            ------------------------------------
                                            Name:  Joseph A. Insings
                                            Title: Vice President

                                            By:/s/ J.W. den Baas
                                            ------------------------------------
                                            Name:  J.W. den Baas
                                            Title: Vice President

                                       2<PAGE>

                                                                   Exhibit 10.72

================================================================================

                               Amendment No. 1 to
                             Tax Indemnity Agreement

                          Dated as of December 19, 2002

                                     between

                       Old Dominion Electric Cooperative,

                                       and

                      Wachovia Bank, National Association,
                              as Owner Participant

                        Clover Unit 1 Generating Facility
                                       and
                                Common Facilities

================================================================================

<PAGE>

                   AMENDMENT NO. 1 TO TAX INDEMNITY AGREEMENT

     This AMENDMENT NO. 1 to TAX INDEMNITY AGREEMENT, dated as of December 19,
2002 (this "Amendment"), between OLD DOMINION ELECTRIC COOPERATIVE, a utility
aggregation cooperative organized under the laws of the Commonwealth of Virginia
(herein together with its successors and assigns, called "Old Dominion"), and
WACHOVIA BANK, NATIONAL ASSOCIATION (formerly known as First Union National
Bank, successor-in-interest to First Union National Bank of Florida), a national
banking association organized under the laws of the United States, as Owner
Participant (herein in such capacity, together with its successors and assigns,
called the "Owner Participant").

                                   WITNESSETH:

     WHEREAS, Old Dominion and the Owner Participant are parties to a
Participation Agreement, dated as of February 29, 1996, with State Street Bank
and Trust Company, not in its individual capacity, except as expressly provided
therein, but solely as Owner Trustee, and Utrecht-America Finance Co. (the
"Original Participation Agreement").

     WHEREAS, in connection with execution and delivery of the Original
Participation Agreement, Old Dominion and the Owner Participant entered into a
Tax Indemnity Agreement, dated as of February 29, 1996 (the "Tax Indemnity
Agreement"), wherein Old Dominion agreed to indemnify the Owner Participant
under certain circumstances;

     WHEREAS, on date hereof, Old Dominion, the Owner Participant, and the other
parties to the Participation Agreement have entered into the Amendment No. 1 to
Participation Agreement, dated as of December 19, 2002, to the Participation
Agreement (the "Participation Agreement Amendment" and the Original
Participation Agreement as amended by the Participation Agreement Amendment is
referred to herein as the "Participation Agreement");

     WHEREAS, the parties hereto wish to amend the Tax Indemnity
Agreement as set forth herein in connection with the execution and delivery of
the Participation Agreement Amendment.

     NOW, THEREFORE, in consideration of the foregoing premises and of other
good and valuable consideration, receipt of which is hereby acknowledged, the
parties hereto agree as follows:

SECTION 1. DEFINED TERMS; GENERAL PROVISIONS

     Capitalized terms used in this Amendment (including the recitals) and not
otherwise defined herein shall have the respective meanings specified in the Tax
Indemnity Agreement or, if not defined therein, in Appendix A to the
Participation Agreement.

SECTION 2. AMENDMENTS

     Section 2.1 Amendment of Section 1. Section 1 of the Tax Indemnity
Agreement is amended to include the following at the end thereof:

                                       1

<PAGE>

     For purposes of this Agreement, the term "Loan Refinancing" shall mean the
     transactions contemplated in connection with the execution and delivery of
     Amendment No. 1 to the Participation Agreement, dated as of December 19,
     2002, including the refinancing of the Loan Certificates on such date
     pursuant to Section 10.2 of the Participation Agreement.

     Section 2.2 Amendment of Section 4. Section 4(e)(xi) of the Tax Indemnity
Agreement is deleted in its entirety and the following is substituted in lieu
thereof:

          (xi) the application of section 467 of the Code (except with respect
     to the periods commencing on or after the date of the Loan Refinancing if
     such application results from the Loan Refinancing or any subsequent
     refinancing of the Loan Certificates pursuant to Section 10.3(b) of the
     Participation Agreement or any rate reset pursuant to Section 2.12(b) of
     the Loan Agreement, including the amendments to the Operative Documents
     made to effect or in connection with the Loan Refinancing or such
     subsequent refinancing or rate reset) or, except as to substitutions,
     section 168(d)(3) of the Code.

SECTION 3. REFERENCE TO AND EFFECT ON TAX INDEMNITY AGREEMENT

     Section 3.1 Reference. Upon the effectiveness of this Amendment, each
reference in the Tax Indemnity Agreement to "this Agreement," "hereunder,"
"hereof," "herein" or words of like import, to the Tax Indemnity Agreement,
shall mean and be a reference to the Tax Indemnity Agreement, as amended hereby.

     Section 3.2 Effect. Except as specifically amended hereby, the Tax
Indemnity Agreement shall remain in full force and effect and is hereby ratified
and confirmed.

SECTION 4. MISCELLANEOUS

     Section 4.1 Governing Law. This Amendment shall be in all respects governed
by and construed in accordance with the laws of the State of New York including
all matters of construction, validity and performance.

     Section 4.2 Severability. Whenever possible, each provision of this
Amendment shall be interpreted in such manner as to be effective and valid under
Applicable Law, but if any provision of this Amendment shall be prohibited by or
invalid under Applicable Law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Amendment.

     Section 4.3 Counterparts. This Amendment may be executed in any number of
counterparts, each executed counterpart constituting an original but all
together only one Amendment.

                                       2

<PAGE>

     Section 4.4 Headings. The headings of the sections of this Amendment are
inserted for purposes of convenience only and shall not be construed to affect
the meaning or construction of any of the provisions hereof.

     Section 4.5 Effectiveness of this Amendment. This Amendment has been dated
as of the date first above written for convenience only. This Amendment shall be
effective on the date of execution and delivery by each of Old Dominion and the
Owner Participant.

                        [Signatures Follow on Next Page]

                                       3

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their respective officers thereunto duly authorized as
of the day and year first above written.

                             OLD DOMINION ELECTRIC COOPERATIVE

                             By: /s/ Daniel M. Walker
                                 -----------------------------------------------
                             Name: Daniel M. Walker
                             Title: Senior Vice President Accounting and Finance

                             WACHOVIA BANK, NATIONAL ASSOCIATION,
                             as Owner Participant

                             By: /s/ Matthew B. Hamilton
                                 -----------------------------------------------
                             Name: Matthew B. Hamilton
                             Title: Director

                                       4

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