Document:

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                                                              Exhibit 4.7

                         TENASKA GEORGIA PARTNERS, L.P.

                $275,000,000 9.50% SENIOR SECURED BONDS DUE 2030

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                                               November 10, 1999

Goldman, Sachs & Co.,
85 Broad Street
New York, New York 10004

TD Securities (USA) Inc.
31 West 52nd Street
New York, New York  10019

Ladies and Gentlemen:

         Tenaska Georgia Partners, L.P., a Delaware limited partnership (the
"Partnership"), proposes to issue and sell to the Initial Purchasers (as defined
herein) upon the terms set forth in the Purchase Agreement (as defined herein)
its $275,000,000 9.50% Senior Secured Bonds Due 2030. As an inducement to the
Initial Purchasers to enter into the Purchase Agreement and in satisfaction of a
condition to the obligations of the Initial Purchasers thereunder, the
Partnership agrees with the Initial Purchasers for the benefit of holders (as
defined herein) from time to time of the Registrable Securities (as defined
herein) as follows:

         1. CERTAIN DEFINITIONS. For purposes of this Exchange and Registration
Rights Agreement, the following terms shall have the following respective
meanings:
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                  "BASE INTEREST" shall mean the interest that would otherwise
         accrue on the Securities under the terms thereof and the Indenture,
         without giving effect to the provisions of this Agreement.

                  The term "BROKER-DEALER" shall mean any broker or dealer
         registered with the Commission under the Exchange Act.

                  "CLOSING DATE" shall mean the date on which the Securities are
         initially issued.

                  "COMMISSION" shall mean the United States Securities and
         Exchange Commission, or any other federal agency at the time
         administering the Exchange Act or the Securities Act, whichever is the
         relevant statute for the particular purpose.

                  "EFFECTIVE TIME," in the case of (i) an Exchange Registration,
         shall mean the time and date as of which the Commission declares the
         Exchange Registration Statement effective or as of which the Exchange
         Registration Statement otherwise becomes effective and (ii) a Shelf
         Registration, shall mean the time and date as of which the Commission
         declares the Shelf Registration Statement effective or as of which the
         Shelf Registration Statement otherwise becomes effective.

                  "ELECTING HOLDER" shall mean any holder of Registrable
         Securities that has returned a completed and signed Notice and
         Questionnaire to the Partnership in accordance with Section 3(d)(ii) or
         3(d)(iii).

                  "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934,
         or any successor thereto, as the same shall be amended from time to
         time.

                  "EXCHANGE OFFER" shall have the meaning assigned thereto in
         Section 2(a)

                  "EXCHANGE REGISTRATION" shall have the meaning assigned
         thereto in Section 3(c).

                  "EXCHANGE REGISTRATION STATEMENT" shall have the meaning
         assigned thereto in Section 2(a).
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                  "EXCHANGE SECURITIES" shall have the meaning assigned thereto
         in Section 2(a) hereof.

                  The term "HOLDER" shall mean each of the Initial Purchasers
         and other persons who acquire Registrable Securities from time to time
         (including any successors or assigns), in each case for so long as such
         person owns any Registrable Securities.

                  "INDENTURE" shall mean the Trust Indenture, dated as of
         November 1, 1999, between the Partnership, The Chase Manhattan Bank, as
         Depositary Bank and The Chase Manhattan Bank, as Trustee, as the same
         shall be amended from time to time.

                  "NOTICE AND QUESTIONNAIRE" means a Notice of Registration
         Statement and Selling Security holder Questionnaire substantially in
         the form of Exhibit A hereto.

                  The term "PERSON" shall mean a corporation, association,
         partnership, organization, business, individual, government or
         political subdivision thereof or governmental agency.

                  "PURCHASE AGREEMENT" shall mean the Purchase Agreement, dated
         November 3, 1999, between the Initial Purchasers and the Partnership
         relating to the Securities.

                  "INITIAL PURCHASERS" shall mean the Initial Purchasers named
         in Schedule I to the Purchase Agreement.

                  "REGISTRABLE SECURITIES" shall mean the Securities; PROVIDED,
         HOWEVER, that a Security shall cease to be a Registrable Security when
         (i) in the circumstances contemplated by Section 2(a), the Security has
         been exchanged for an Exchange Security in an Exchange Offer as
         contemplated in Section 2(a) (PROVIDED that any Exchange Security that,
         pursuant to the last two sentences of Section 2(a), is included in a
         prospectus for use in connection with resales by broker-dealers shall
         be deemed to be a Registrable Security with respect to Sections 5, 6
         and 9 until resale of such Registrable Security has been effected
         within the 180-day period referred to in Section 2(a)), (ii) in the
         circumstances contemplated by Section 2(b) hereof, a Shelf Registration
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         Statement registering such Security under the Securities Act has been
         declared or becomes effective and such Security has been sold or
         otherwise transferred by the holder thereof pursuant to and in a manner
         contemplated by such effective Shelf Registration Statement; (iii) such
         Security is sold pursuant to Rule 144 under circumstances in which any
         legend borne by such Security relating to restrictions on
         transferability thereof, under the Securities Act or otherwise, is
         removed by the Partnership or pursuant to the Indenture; (iv) such
         Security is eligible to be sold pursuant to paragraph (k) of Rule 144;
         or (v) such Security shall cease to be outstanding.

                  "REGISTRATION DEFAULT" shall have the meaning assigned thereto
         in Section 2(c).

                  "REGISTRATION EXPENSES" shall have the meaning assigned
         thereto in Section 4.

                  "RESALE PERIOD" shall have the meaning assigned thereto in
         Section 2(a). .

                  "RESTRICTED HOLDER" shall mean (i) a holder that is an
         affiliate of the Partnership within the meaning of Rule 405, (ii) a
         holder who acquires Exchange Securities outside the ordinary course of
         such holder's business, (iii) a holder who has arrangements or
         understandings with any person to participate in the Exchange Offer for
         the purpose of distributing Exchange Securities and (iv) a holder that
         is a broker-dealer, but only with respect to Exchange Securities
         received by such broker-dealer pursuant to an Exchange Offer in
         exchange for Registrable Securities acquired by the broker-dealer
         directly from the Partnership.

                  "RULE 144," "RULE 405" AND "RULE 415" shall mean, in each
         case, such rule promulgated under the Securities Act (or any successor
         provision), as the same shall be amended from time to time.

                  "SECURITIES" shall mean, collectively, the $275,000,000 9.50%
         Senior Secured Bonds Due 2030 of the Partnership to be issued and sold
         to the Initial Purchasers, and securities issued in exchange therefor
         or in lieu thereof pursuant to the Indenture.
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                  "SECURITIES ACT" shall mean the Securities Act of 1933, or any
         successor thereto, as the same shall be amended from time to time.

                  "SHELF REGISTRATION" shall have the meaning assigned thereto
         in Section 2(b).

                  "SHELF REGISTRATION STATEMENT" shall have the meaning assigned
         thereto in Section 2(b).

                  "SPECIAL INTEREST" shall have the meaning assigned thereto in
         Section 2(c).

                  "TRUST INDENTURE ACT" shall mean the Trust Indenture Act of
         1939, or any successor thereto, and the rules, regulations and forms
         promulgated thereunder, all as the same shall be amended from time to
         time.

         Unless the context otherwise requires, any reference herein to a
"Section" or "clause" refers to a Section or clause, as the case may be, of this
Exchange and Registration Rights Agreement, and the words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Exchange and
Registration Rights Agreement as a whole and not to any particular Section or
other subdivision.

         2.       REGISTRATION UNDER THE SECURITIES ACT.

                  (a) Except as set forth in Section 2(b), the Partnership
         agrees to file under the Securities Act, as soon as practicable, but no
         later than 150 days after the Closing Date, a registration statement
         relating to an offer to exchange (such registration statement, the
         "Exchange Registration Statement", and such offer, the "Exchange
         Offer") any and all of the Securities for a like aggregate principal
         amount of debt securities issued by the Partnership which debt
         securities are substantially identical to the Securities (and are
         entitled to the benefits of a trust indenture which is substantially
         identical to the Indenture or is the Indenture and which has been
         qualified under the Trust Indenture Act), except that they have been
         registered pursuant to an effective registration statement under the
         Securities Act and do not contain provisions for the additional
         interest contemplated in Section 2(c) (such new debt securities
         hereinafter called "Exchange Securities"). The Partnership agrees to
         use its reasonable best efforts to cause
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         the Exchange Registration Statement to become effective under the
         Securities Act as soon as practicable, but no later than 270 days after
         the Closing Date. The Exchange Offer will be registered under the
         Securities Act on the appropriate form and will comply with all
         applicable tender offer rules and regulations under the Exchange Act.
         The Partnership further agrees to use its reasonable best efforts to
         commence and complete the Exchange Offer promptly, but no later than 45
         days after such registration statement has become effective, hold the
         Exchange Offer open for at least 20 business days and exchange Exchange
         Securities for all Registrable Securities that have been properly
         tendered and not withdrawn on or prior to the expiration of the
         Exchange Offer. The Exchange Offer will be deemed to have been
         "completed" only if the debt securities received by holders other than
         Restricted Holders in the Exchange Offer for Registrable Securities
         are, upon receipt, transferable by each such holder without restriction
         under the Securities Act and the Exchange Act and without material
         restrictions under the blue sky or securities laws of a substantial
         majority of the States of the United States of America, which shall be
         deemed to have occurred upon the Partnership having exchanged, pursuant
         to the Exchange Offer, Exchange Securities for all Registrable
         Securities that have been properly tendered and not withdrawn before
         the expiration of the Exchange Offer, which shall be on a date that is
         at least 20 business days following the commencement of the Exchange
         Offer. The Partnership agrees (x) to include in the Exchange
         Registration Statement a prospectus for use in any resales by any
         holder of Exchange Securities that is a broker-dealer and (y) to keep
         such Exchange Registration Statement effective for a period (the
         "Resale Period") beginning when Exchange Securities are first issued in
         the Exchange Offer and ending upon the earlier of the expiration of the
         180th day after the Exchange Offer has been completed or such time as
         such broker-dealers no longer own any Registrable Securities. With
         respect to such Exchange Registration Statement, such holders shall
         have the benefit of the rights of indemnification and contribution set
         forth in Sections 6(a), (c), (d) and (e).

                  (b) If (i) on or prior to the time the Exchange Offer is
         completed existing Commission interpretations are changed such that the
         debt securities received by holders other than Restricted Holders in
         the Exchange Offer for Registrable Securities are not or would not be,
         upon receipt, transferable by each such holder without restriction
         under the Securities Act, (ii) the Exchange Offer has not been
         completed within 315 days following the Closing Date or (iii) the
         Exchange Offer is not available to any holder of the
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         Securities, the Partnership agrees to, in lieu of (or, in the case of
         clause (iii), in addition to) conducting the Exchange Offer
         contemplated by Section 2(a), file under the Securities Act as soon as
         practicable, but no later than 30 days after the time such obligation
         to file arises, a "shelf" registration statement providing for the
         registration of, and the sale on a continuous or delayed basis by the
         holders of, all of the Registrable Securities, pursuant to Rule 415 or
         any similar rule that may be adopted by the Commission (such filing,
         the "Shelf Registration" and such registration statement, the "Shelf
         Registration Statement"). The Partnership agrees to use its reasonable
         best efforts (x) to cause the Shelf Registration Statement to become or
         be declared effective no later than 120 days after such Shelf
         Registration Statement is filed and to keep such Shelf Registration
         Statement continuously effective for a period ending on the earlier of
         the second anniversary of the Effective Time or such time as there are
         no longer any Registrable Securities outstanding (or such shorter
         period as may be prescribed by paragraph (k) of Rule 144), PROVIDED,
         HOWEVER, that no holder shall be entitled to be named as a selling
         security holder in the Shelf Registration Statement or to use the
         prospectus forming a part thereof for resales of Registrable Securities
         unless such holder is an Electing Holder, and (y) after the Effective
         Time of the Shelf Registration Statement, promptly upon the request of
         any holder of Registrable Securities that is not then an Electing
         Holder, to take any action reasonably necessary to enable such holder
         to use the prospectus forming a part thereof for resales of Registrable
         Securities, including, without limitation, any action necessary to
         identify such holder as a selling security holder in the Shelf
         Registration Statement, PROVIDED, HOWEVER, that nothing in this clause
         (y) shall relieve any such holder of the obligation to return a
         completed and signed Notice and Questionnaire to the Partnership in
         accordance with Section 3(d)(iii). The Partnership further agrees to
         supplement or make amendments to the Shelf Registration Statement, as
         and when required by the rules, regulations or instructions applicable
         to the registration form used by the Partnership for such Shelf
         Registration Statement or by the Securities Act or rules and
         regulations thereunder for shelf registration, and the Partnership
         agrees to furnish to each Electing Holder copies of any such supplement
         or amendment prior to its being used or promptly following its filing
         with the Commission.

                  (c) In the event that (i) the Partnership has not filed the
         Exchange Registration Statement or Shelf Registration Statement on or
         before the date on which such registration statement is required to be
         filed pursuant to
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         Section 2(a) or 2(b), respectively, (ii) such Exchange Registration
         Statement or Shelf Registration Statement has not become effective or
         been declared effective by the Commission on or before the date on
         which such registration statement is required to become or be declared
         effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the
         Exchange Offer has not been completed within 45 days after the initial
         effective date of the Exchange Registration Statement relating to the
         Exchange Offer (if the Exchange Offer is then required to be made) or
         (iv) any Exchange Registration Statement or Shelf Registration
         Statement required by Section 2(a) or 2(b) is filed and declared
         effective but shall thereafter either be withdrawn by the Partnership
         or shall become subject to an effective stop order issued pursuant to
         Section 8(d) of the Securities Act suspending the effectiveness of such
         registration statement (except as specifically permitted herein)
         without being succeeded immediately by an additional registration
         statement filed and declared effective (each such event referred to in
         clauses (i) through (iv), a "Registration Default", then, as liquidated
         damages for such Registration Default, subject to the provisions of
         Section 9(b), special interest ("Special Interest"), in addition to the
         Base Interest, shall accrue on the Securities that are then not
         transferable without restriction under the Securities Act from the date
         of such Registration Default to the applicable date set forth in the
         next sentence at a per annum rate of 0.50%; PROVIDED, HOWEVER, that
         Special Interest on the Bonds may not exceed in the aggregate 0.50% per
         annum. Special Interest on the Bonds shall cease to accrue (A) in the
         case of clause (i) above, upon the filing of the Exchange Registration
         Statement or Shelf Registration Statement, (B) in the case of clause
         (ii) above upon the effectiveness of the Exchange Offer Registration
         Statements or Shelf Registration Statement, (C) in the case of clause
         (iii) above, upon the completion of the Exchange Offer and (D) upon the
         expiration of two years (or such shorter period as may be prescribed by
         paragraph (k) of Rule 144) commencing on the date of the initial
         issuance of the Bonds.

                  (d) The Partnership shall take all actions necessary or
         advisable to be taken by it to ensure that the transactions
         contemplated herein are effected as so contemplated.

                  (e) Any reference herein to a registration statement as of any
         time shall be deemed to include any document incorporated, or deemed to
         be incorporated, therein by reference as of such time and any reference
         herein to any post-effective amendment to a registration statement as
         of any time shall
<PAGE>

         be deemed to include any document incorporated, or deemed to be
         incorporated, therein by reference as of such time.

         3.       REGISTRATION PROCEDURES.

         If the Partnership files a registration statement pursuant to Section
2(a) or Section 2(b), the following provisions shall apply:

                  (a) At or before the Effective Time of the Exchange Offer or
         the Shelf Registration, as the case may be, the Partnership shall
         qualify the Indenture under the Trust Indenture Act of 1939.

                  (b) In the event that such qualification would require the
         appointment of a new trustee under the Indenture, the Partnership shall
         appoint a new trustee thereunder pursuant to the applicable provisions
         of the Indenture.

                  (c) In connection with the Partnership's obligations with
         respect to the registration of Exchange Securities as contemplated by
         Section 2(a) (the "Exchange Registration"), if applicable, the
         Partnership shall, as soon as practicable (or as otherwise specified):

                           (i) prepare and file with the Commission, as soon as
                  practicable but no later than 150 days after the Closing Date,
                  an Exchange Registration Statement on any form which may be
                  utilized by the Partnership and which shall permit the
                  Exchange Offer and resales of Exchange Securities by
                  broker-dealers during the Resale Period to be effected as
                  contemplated by Section 2(a), and use its best efforts to
                  cause such Exchange Registration Statement to become effective
                  as soon as practicable thereafter, but no later than 270 days
                  after the Closing Date;

                           (ii) as soon as practicable prepare and file with the
                  Commission such amendments and supplements to such Exchange
                  Registration Statement and the prospectus included therein as
                  may be necessary to effect and maintain the effectiveness of
                  such Exchange Registration Statement for the periods and
                  purposes contemplated in Section 2(a) and as may be required
                  by the applicable rules and
<PAGE>

                  regulations of the Commission and the instructions applicable
                  to the form of such Exchange Registration Statement, and
                  promptly provide each broker-dealer holding Exchange
                  Securities with such number of copies of the prospectus
                  included therein (as then amended or supplemented), in
                  conformity in all material respects with the requirements of
                  the Securities Act and the Trust Indenture Act and the rules
                  and regulations of the Commission thereunder, as such
                  broker-dealer reasonably may request prior to the expiration
                  of the Resale Period, for use in connection with resales of
                  Exchange Securities;

                           (iii) promptly notify each broker-dealer that has
                  requested or received copies of the prospectus included in
                  such registration statement, and confirm such advice in
                  writing, (A) when such Exchange Registration Statement or the
                  prospectus included therein or any prospectus amendment or
                  supplement or post-effective amendment has been filed, and,
                  with respect to such Exchange Registration Statement or any
                  post-effective amendment, when the same has become effective,
                  (B) of any comments by the Commission and by the blue sky or
                  securities commissioner or regulator of any state with respect
                  thereto or any request by the Commission for amendments or
                  supplements to such Exchange Registration Statement or
                  prospectus or for additional information, (C) of the issuance
                  by the Commission of any stop order suspending the
                  effectiveness of such Exchange Registration Statement or the
                  initiation or threatening of any proceedings for that purpose,
                  (D) if at any time the representations and warranties of the
                  Partnership contemplated by Section 5 cease to be true and
                  correct in all material respects, (E) of the receipt by the
                  Partnership of any notification with respect to the suspension
                  of the qualification of the Exchange Securities for sale in
                  any jurisdiction or the initiation or threatening of any
                  proceeding for such purpose, or (F) at any time during the
                  Resale Period when a prospectus is required to be delivered
                  under the Securities Act, that such Exchange Registration
                  Statement, prospectus, prospectus amendment or supplement or
                  post-effective amendment does not conform in all material
                  respects to the applicable requirements of the Securities Act
                  and the Trust Indenture Act and the rules and regulations of
                  the Commission thereunder or contains an untrue statement of a
                  material fact or omits to state any material fact
<PAGE>

                  necessary to make the statements therein not misleading in
                  light of the circumstances then existing;

                           (iv) in the event that the Partnership would be
                  required, pursuant to Section 3(c)(iii)(F), to notify any
                  broker-dealers holding Exchange Securities, without delay
                  prepare and furnish to each such holder a reasonable number of
                  copies of a prospectus supplemented or amended so that, as
                  thereafter delivered to Purchaser of such Exchange Securities
                  during the Resale Period, such prospectus shall conform in all
                  material respects to the applicable requirements of the
                  Securities Act and the Trust Indenture Act and the rules and
                  regulations of the Commission thereunder and shall not contain
                  an untrue statement of a material fact or omit to state a
                  material fact necessary to make the statements therein not
                  misleading in light of the circumstances then existing;

                           (v) use its reasonable best efforts to obtain the
                  withdrawal of any order suspending the effectiveness of such
                  Exchange Registration Statement or any post-effective
                  amendment thereto at the earliest practicable date;

                           (vi) use its reasonable best efforts to (A) register
                  or qualify the Exchange Securities under the securities laws
                  or blue sky laws of such jurisdictions as are contemplated by
                  Section 2(a) no later than the commencement of the Exchange
                  Offer, (B) keep such registrations or qualifications in effect
                  and comply with such laws so as to permit the continuance of
                  offers, sales and dealings therein in such jurisdictions until
                  the expiration of the Resale Period and (C) take any and all
                  other actions as may be reasonably necessary or advisable to
                  enable each broker-dealer holding Exchange Securities to
                  consummate the disposition thereof in such jurisdictions;
                  PROVIDED, HOWEVER, that the Partnership shall not be required
                  for any such purpose to (1) qualify as a foreign partnership
                  in any jurisdiction wherein it would not otherwise be required
                  to qualify but for the requirements of this Section 3(c)(vi),
                  (2) consent to general service of process in any such
                  jurisdiction or (3) make any changes to its partnership
                  agreement or other organizational documents or any agreement
                  between it and its partners;
<PAGE>

                           (vii) use its reasonable best efforts to obtain the
                  consent or approval of each governmental agency or authority,
                  whether federal, state or local, which may be required to
                  effect the Exchange Registration, the Exchange Offer and the
                  offering and sale of Exchange Securities by broker-dealers
                  during the Resale Period;

                           (viii) provide a CUSIP number for all Exchange
                  Securities, not later than the applicable Effective Time;

                           (ix) comply with all applicable rules and regulations
                  of the Commission, and make generally available to its
                  security holders as soon as practicable but no later than
                  eighteen months after the effective date of such Exchange
                  Registration Statement, an earning statement of the
                  Partnership and its subsidiaries complying with Section 11(a)
                  of the Securities Act (including, at the option of the
                  Partnership, Rule 158 thereunder).

                  (d) In connection with the Partnership's obligations with
         respect to the Shelf Registration, if applicable, the Partnership
         shall, as soon as practicable (or as otherwise specified):

                           (i) prepare and file with the Commission, as soon as
                  practicable but in any case within the time periods specified
                  in Section 2(b), a Shelf Registration Statement on any form
                  which may be utilized by the Partnership and which shall
                  register all of the Registrable Securities for resale by the
                  holders thereof in accordance with such method or methods of
                  disposition as may be specified by such of the holders as,
                  from time to time, may be Electing Holders and use its
                  reasonable best efforts to cause such Shelf Registration
                  Statement to become effective as soon as practicable but in
                  any case within the time periods specified in Section 2(b);

                           (ii) not less than 30 calendar days prior to the
                  Effective Time of the Shelf Registration Statement, mail the
                  Notice and Questionnaire to the holders of Registrable
                  Securities; no holder shall be entitled to be named as a
                  selling security holder in the Shelf Registration Statement as
                  of the Effective Time, and no holder shall be entitled to use
                  the prospectus forming a part thereof for resales of
<PAGE>

                  Registrable Securities at any time, unless such holder has
                  returned a completed and signed Notice and Questionnaire to
                  the Partnership by the deadline for response set forth
                  therein; PROVIDED, HOWEVER, holders of Registrable Securities
                  shall have at least 28 calendar days from the date on which
                  the Notice and Questionnaire is first mailed to such holders
                  to return a completed and signed Notice and Questionnaire to
                  the Partnership;

                           (iii) after the Effective Time of the Shelf
                  Registration Statement, upon the request of any holder of
                  Registrable Securities that is not then an Electing Holder,
                  promptly send a Notice and Questionnaire to such holder;
                  PROVIDED that the Partnership shall not be required to take
                  any action to name such holder as a selling security holder in
                  the Shelf Registration Statement or to enable such holder to
                  use the prospectus forming a part thereof for resales of
                  Registrable Securities until such holder has returned a
                  completed and signed Notice and Questionnaire to the
                  Partnership;

                           (iv) as soon as practicable prepare and file with the
                  Commission such amendments and supplements to such Shelf
                  Registration Statement and the prospectus included therein as
                  may be necessary to effect and maintain the effectiveness of
                  such Shelf Registration Statement for the period specified in
                  Section 2(b) hereof and as may be required by the applicable
                  rules and regulations of the Commission and the instructions
                  applicable to the form of such Shelf Registration Statement,
                  and furnish to the Electing Holders copies of any such
                  supplement or amendment simultaneously with or prior to its
                  being used or filed with the Commission;

                           (v) comply with the provisions of the Securities Act
                  with respect to the disposition of all of the Registrable
                  Securities covered by such Shelf Registration Statement in
                  accordance with the intended methods of disposition by the
                  Electing Holders provided for in such Shelf Registration
                  Statement;

                           (vi) provide (A) the Electing Holders, (B) the
                  underwriters (which term, for purposes of this Exchange and
                  Registration Rights Agreement, shall include a person deemed
                  to be
<PAGE>

                  an underwriter within the meaning of Section 2(a)(11) of the
                  Securities Act), if any, thereof, (C) any sales or placement
                  agent therefor, (D) counsel for any such underwriter or agent
                  and (E) not more than one counsel for all the Electing Holders
                  the opportunity to participate in the preparation of such
                  Shelf Registration Statement, each prospectus included therein
                  or filed with the Commission and each amendment or supplement
                  thereto;

                           (vii) for a reasonable period prior to the filing of
                  such Shelf Registration Statement, and throughout the period
                  specified in Section 2(b), make available at reasonable times
                  at the Partnership's principal place of business or such other
                  reasonable place for inspection by the persons referred to in
                  Section 3(d)(vi) who shall certify to the Partnership that
                  they have a current intention to sell the Registrable
                  Securities pursuant to the Shelf Registration such financial
                  and other information and books and records of the
                  Partnership, and cause the officers, employees, counsel and
                  independent certified public accountants of the Partnership to
                  respond to such inquiries, as shall be reasonably necessary,
                  in the judgment of the respective counsel referred to in such
                  Section, to conduct a reasonable investigation within the
                  meaning of Section 11 of the Securities Act; PROVIDED,
                  HOWEVER, that each such party shall be required to maintain in
                  confidence and not to disclose to any other person any
                  information or records reasonably designated by the
                  Partnership as being confidential, until such time as (A) such
                  information becomes a matter of public record (whether by
                  virtue of its inclusion in such registration statement or
                  otherwise), (B) such person shall be required so to disclose
                  such information pursuant to a subpoena or order of any court
                  or other governmental agency or body having jurisdiction over
                  the matter (subject to the requirements of such order, and
                  only after such person shall have given the Partnership prompt
                  prior written notice of such requirement), or (C) such
                  information is required to be set forth in such Shelf
                  Registration Statement or the prospectus included therein or
                  in an amendment to such Shelf Registration Statement or an
                  amendment or supplement to such prospectus in order that such
                  Shelf Registration Statement, prospectus, amendment or
                  supplement, as the case may be, complies with applicable
                  requirements of the federal securities laws and the rules and
                  regulations of the Commission and does not contain an
<PAGE>

                  untrue statement of a material fact or omit to state therein a
                  material fact required to be stated therein or necessary to
                  make the statements therein not misleading in light of the
                  circumstances then existing;

                           (viii) promptly notify each of the Electing Holders,
                  any sales or placement agent therefor and any underwriter
                  thereof (which notification may be made through any managing
                  underwriter that is a representative of such underwriter for
                  such purpose) and confirm such advice in writing, (A) when
                  such Shelf Registration Statement or the prospectus included
                  therein or any prospectus amendment or supplement or
                  post-effective amendment has been filed, and, with respect to
                  such Shelf Registration Statement or any post-effective
                  amendment, when the same has become effective, (B) of any
                  comments by the Commission and by the blue sky or securities
                  commissioner or regulator of any state with respect thereto or
                  any request by the Commission for amendments or supplements to
                  such Shelf Registration Statement or prospectus or for
                  additional information, (C) of the issuance by the Commission
                  of any stop order suspending the effectiveness of such Shelf
                  Registration Statement or the initiation or threatening of any
                  proceedings for that purpose, (D) if at any time the
                  representations and warranties of the Partnership contemplated
                  by Section 3(d)(xvii) or Section 5 cease to be true and
                  correct in all material respects, (E) of the receipt by the
                  Partnership of any notification with respect to the suspension
                  of the qualification of the Registrable Securities for sale in
                  any jurisdiction or the initiation or threatening of any
                  proceeding for such purpose, or (F) if at any time when a
                  prospectus is required to be delivered under the Securities
                  Act, that such Shelf Registration Statement, prospectus,
                  prospectus amendment or supplement or post-effective amendment
                  does not conform in all material respects to the applicable
                  requirements of the Securities Act and the Trust Indenture Act
                  and the rules and regulations of the Commission thereunder or
                  contains an untrue statement of a material fact or omits to
                  state any material fact necessary to make the statements
                  therein not misleading in light of the circumstances then
                  existing;

                           (ix) use its reasonable best efforts to obtain the
                  withdrawal of any order suspending the effectiveness of such
<PAGE>

                  registration statement or any post-effective amendment thereto
                  at the earliest practicable date;

                           (x) if requested by any managing underwriter or
                  underwriters, any placement or sales agent or any Electing
                  Holder, promptly incorporate in a prospectus supplement or
                  post-effective amendment such information as is required by
                  the applicable rules and regulations of the Commission and as
                  such managing underwriter or underwriters, such agent or such
                  Electing Holder specifies should be included therein relating
                  to the terms of the sale of such Registrable Securities,
                  including information with respect to the principal amount of
                  Registrable Securities being sold by such Electing Holder or
                  agent or to any underwriters, the name and description of such
                  Electing Holder, agent or underwriter, the offering price of
                  such Registrable Securities and any discount, commission or
                  other compensation payable in respect thereof, the purchase
                  price being paid therefor by such underwriters and with
                  respect to any other terms of the offering of the Registrable
                  Securities to be sold by such Electing Holder or agent or to
                  such underwriters; and make all required filings of such
                  prospectus supplement or post-effective amendment promptly
                  after notification of the matters to be incorporated in such
                  prospectus supplement or post-effective amendment;

                           (xi) furnish to each Electing Holder, each placement
                  or sales agent, if any, therefor, each underwriter, if any,
                  thereof and the respective counsel referred to in Section
                  3(d)(vi) an executed copy (or, in the case of an Electing
                  Holder, a conformed copy) of such Shelf Registration
                  Statement, each such amendment and supplement thereto (in each
                  case including all exhibits thereto (in the case of an
                  Electing Holder of Registrable Securities, upon request) and
                  documents incorporated by reference therein) and such number
                  of copies of such Shelf Registration Statement (excluding
                  exhibits thereto and documents incorporated by reference
                  therein unless specifically so requested by such Electing
                  Holder, agent or underwriter, as the case may be) and of the
                  prospectus included in such Shelf Registration Statement
                  (including each preliminary prospectus and any summary
                  prospectus), in conformity in all material respects with the
                  applicable requirements of the Securities
<PAGE>

                  Act and the Trust Indenture Act and the rules and regulations
                  of the Commission thereunder, and such other documents, as
                  such Electing Holder, agent, if any, and underwriter, if any,
                  may reasonably request in order to facilitate the offering and
                  disposition of the Registrable Securities owned by such
                  Electing Holder, offered or sold by such agent or underwritten
                  by such underwriter and to permit such Electing Holder, agent
                  and underwriter to satisfy the prospectus delivery
                  requirements of the Securities Act; and the Partnership hereby
                  consents to the use of such prospectus (including such
                  preliminary and summary prospectus) and any amendment or
                  supplement thereto by each such Electing Holder and by any
                  such agent and underwriter, in each case in the form most
                  recently provided to such person by the Partnership, in
                  connection with the offering and sale of the Registrable
                  Securities covered by the prospectus (including such
                  preliminary and summary prospectus) or any supplement or
                  amendment thereto;

                           (xii) use its reasonable best efforts to (A) register
                  or qualify the Registrable Securities to be included in such
                  Shelf Registration Statement under such securities laws or
                  blue sky laws of such jurisdictions as any Electing Holder and
                  each placement or sales agent, if any, therefor and
                  underwriter, if any, thereof shall reasonably request, (B)
                  keep such registrations or qualifications in effect and comply
                  with such laws so as to permit the continuance of offers,
                  sales and dealings therein in such jurisdictions during the
                  period the Shelf Registration is required to remain effective
                  under Section 2(b) above and for so long as may be necessary
                  to enable any such Electing Holder, agent or underwriter to
                  complete its distribution of Securities pursuant to such Shelf
                  Registration Statement and (C) take any and all other actions
                  as may be reasonably necessary or advisable to enable each
                  such Electing Holder, agent, if any, and underwriter, if any,
                  to consummate the disposition in such jurisdictions of such
                  Registrable Securities; PROVIDED, HOWEVER, that the
                  Partnership shall not be required for any such purpose to (1)
                  qualify as a foreign partnership in any jurisdiction wherein
                  it would not otherwise be required to qualify but for the
                  requirements of this Section 3(d)(xii), (2) consent to general
                  service of process in any such jurisdiction or (3) make any
<PAGE>

                  changes to its partnership agreement or other organizational
                  documents or any agreement between it and its partners;

                           (xiii) use its reasonable best efforts to obtain the
                  consent or approval of each governmental agency or authority,
                  whether federal, state or local, which may be required to
                  effect the Shelf Registration or the offering or sale in
                  connection therewith or to enable the selling holder or
                  holders to offer, or to consummate the disposition of, their
                  Registrable Securities;

                           (xiv) unless any Registrable Securities shall be in
                  book-entry only form, cooperate with the Electing Holders and
                  the managing underwriters, if any, to facilitate the timely
                  preparation and delivery of certificates representing
                  Registrable Securities to be sold, which certificates, if so
                  required by any securities exchange upon which any Registrable
                  Securities are listed, shall be penned, lithographed or
                  engraved, or produced by any combination of such methods, on
                  steel engraved borders, and which certificates shall not bear
                  any restrictive legends; and, in the case of an underwritten
                  offering, enable such Registrable Securities to be in such
                  denominations and registered in such names as the managing
                  underwriters may request at least two business days prior to
                  any sale of the Registrable Securities;

                           (xv) provide a CUSIP number for all Registrable
                  Securities, not later than the applicable Effective Time;

                           (xvi) enter into one or more underwriting agreements,
                  engagement letters, agency agreements, "best efforts"
                  underwriting agreements or similar agreements, as appropriate,
                  including customary provisions relating to indemnification and
                  contribution, and take such other actions in connection
                  therewith as any Electing Holders aggregating at least 40% in
                  aggregate principal amount of the Registrable Securities at
                  the time outstanding shall request in order to expedite or
                  facilitate the disposition of such Registrable Securities;

                           (xvii) whether or not an agreement of the type
                  referred to in Section 3(d)(xvi) hereof is entered into and
                  whether or
<PAGE>

                  not any portion of the offering contemplated by the Shelf
                  Registration is an underwritten offering or is made through a
                  placement or sales agent or any other entity, (A) make such
                  representations and warranties to the Electing Holders and the
                  placement or sales agent, if any, therefor and the
                  underwriters, if any, thereof in form, substance and scope as
                  are customarily made in connection with an offering of debt
                  securities pursuant to any appropriate agreement or to a
                  registration statement filed on the form applicable to the
                  Shelf Registration; (B) obtain an opinion of counsel to the
                  Partnership in customary form and covering such matters, of
                  the type customarily covered by such an opinion, as the
                  managing underwriters, if any, or as any Electing Holders of
                  at least 40% in aggregate principal amount of the Registrable
                  Securities at the time outstanding may reasonably request,
                  addressed to such Electing Holder or Electing Holders and the
                  placement or sales agent, if any, therefor and the
                  underwriters, if any, thereof and dated the effective date of
                  such Shelf Registration Statement (and if such Shelf
                  Registration Statement contemplates an underwritten offering
                  of a part or all of the Registrable Securities, dated the date
                  of the closing under the underwriting agreement relating
                  thereto) (it being agreed that the matters to be covered by
                  such opinion shall include the due formation and good standing
                  of the Partnership; the qualification of the Partnership to
                  transact business as foreign partnership; the due
                  authorization, execution and delivery of the relevant
                  agreement of the type referred to in Section 3(d)(xvi); the
                  due authorization, execution, authentication and issuance, and
                  the validity and enforceability, of the Securities; the
                  absence of material legal or governmental proceedings
                  involving the Partnership; the absence of a breach by the
                  Partnership of, or a default under, material agreements
                  binding upon the Partnership; the absence of governmental
                  approvals required to be obtained in connection with the Shelf
                  Registration, the offering and sale of the Registrable
                  Securities, this Exchange and Registration Rights Agreement or
                  any agreement of the type referred to in Section 3(d)(xvi),
                  except such approvals as may be required under state
                  securities or blue sky laws; the material compliance as to
                  form of such Shelf Registration Statement and any documents
                  incorporated by reference therein and of the Indenture with
                  the requirements of the Securities Act and the Trust Indenture
                  Act and the rules and regulations of the Commission
<PAGE>

                  thereunder, respectively; and, as of the date of the opinion
                  and of the Shelf Registration Statement or most recent
                  post-effective amendment thereto, as the case may be, the
                  absence from such Shelf Registration Statement and the
                  prospectus included therein, as then amended or supplemented,
                  and from the documents incorporated by reference therein (in
                  each case other than the financial statements and other
                  financial information contained therein) of an untrue
                  statement of a material fact or the omission to state therein
                  a material fact necessary to make the statements therein not
                  misleading (in the case of such documents, in the light of the
                  circumstances existing at the time that such documents were
                  filed with the Commission under the Exchange Act)); (C) obtain
                  a "cold comfort" letter or letters from the independent
                  certified public accountants of the Partnership addressed to
                  the selling Electing Holders, the placement or sales agent, if
                  any, therefor or the underwriters, if any, thereof, dated (i)
                  the effective date of such Shelf Registration Statement and
                  (ii) the effective date of any prospectus supplement to the
                  prospectus included in such Shelf Registration Statement or
                  post-effective amendment to such Shelf Registration Statement
                  which includes unaudited or audited financial statements as of
                  a date or for a period subsequent to that of the latest such
                  statements included in such prospectus (and, if such Shelf
                  Registration Statement contemplates an underwritten offering
                  pursuant to any prospectus supplement to the prospectus
                  included in such Shelf Registration Statement or
                  post-effective amendment to such Shelf Registration Statement
                  which includes unaudited or audited financial statements as of
                  a date or for a period subsequent to that of the latest such
                  statements included in such prospectus, dated the date of the
                  closing under the underwriting agreement relating thereto),
                  such letter or letters to be in customary form and covering
                  such matters of the type customarily covered by letters of
                  such type; (D) deliver such documents and certificates,
                  including officers' certificates, as may be reasonably
                  requested by any Electing Holders of at least 40% in aggregate
                  principal amount of the Registrable Securities at the time
                  outstanding or the placement or sales agent, if any, therefor
                  and the managing underwriters, if any, thereof to evidence the
                  accuracy of the representations and warranties made pursuant
                  to clause (A) above or those contained in Section 5(a) and the
                  compliance with or satisfaction of any agreements or
                  conditions contained in the underwriting agreement or other
                  agreement entered
<PAGE>

                  into by the Partnership; and (E) undertake such obligations
                  relating to expense reimbursement, indemnification and
                  contribution as are provided in Section 6;

                           (xviii) notify in writing each holder of Registrable
                  Securities of any proposal by the Partnership to amend or
                  waive any provision of this Exchange and Registration Rights
                  Agreement pursuant to Section 9(h) and of any amendment or
                  waiver effected pursuant thereto, each of which notices shall
                  contain the text of the amendment or waiver proposed or
                  effected, as the case may be;

                           (xix) in the event that any broker-dealer registered
                  under the Exchange Act shall underwrite any Registrable
                  Securities or participate as a member of an underwriting
                  syndicate or selling group or "assist in the distribution"
                  (within the meaning of the Conduct Rules (the "Conduct Rules)
                  of the National Association of Securities Dealers, Inc.
                  ("NASD") or any successor thereto, as amended from time to
                  time) thereof, whether as a holder of such Registrable
                  Securities or as an underwriter, a placement or sales agent or
                  a broker or dealer in respect thereof, or otherwise, assist
                  such broker-dealer in complying with the requirements of such
                  Conduct Rules, including by (A) if such Conduct Rules shall so
                  require, engaging a "qualified independent underwriter" (as
                  defined in such Conduct Rules) to participate in the
                  preparation of the Shelf Registration Statement relating to
                  such Registrable Securities, to exercise usual standards of
                  due diligence in respect thereto and, if any portion of the
                  offering contemplated by such Shelf Registration Statement is
                  an underwritten offering or is made through a placement or
                  sales agent, to recommend the yield of such Registrable
                  Securities, (B) indemnifying any such qualified independent
                  underwriter to the extent of the indemnification of
                  underwriters provided in Section 6 hereof (or to such other
                  customary extent as may be requested by such underwriter), and
                  (C) providing such information to such broker-dealer as may be
                  required in order for such broker-dealer to comply with the
                  requirements of the Conduct Rules; and

                           (xx) comply with all applicable rules and regulations
                  of the Commission, and make generally available to its
<PAGE>

                  security holders as soon as practicable but in any event not
                  later than eighteen months after the effective date of such
                  Shelf Registration Statement, an earning statement of the
                  Partnership and its subsidiaries complying with Section 11(a)
                  of the Securities Act (including, at the option of the
                  Partnership, Rule 158 thereunder).

                  (e) In the event that the Partnership would be required,
         pursuant to Section 3(d)(viii)(F), to notify the Electing Holders, the
         placement or sales agent, if any, therefor and the managing
         underwriters, if any, thereof, the Partnership shall without delay
         prepare and furnish to each of the Electing Holders, to each placement
         or sales agent, if any, and to each such underwriter, if any, a
         reasonable number of copies of a prospectus supplemented or amended so
         that, as thereafter delivered to Purchaser of Registrable Securities,
         such prospectus shall conform in all material respects to the
         applicable requirements of the Securities Act and the Trust Indenture
         Act and the rules and regulations of the Commission thereunder and
         shall not contain an untrue statement of a material fact or omit to
         state a material fact required to be stated therein or necessary to
         make the statements therein not misleading in light of the
         circumstances then existing. Each Electing Holder agrees that upon
         receipt of any notice from the Partnership pursuant to Section
         3(d)(viii)(F), such Electing Holder shall forthwith discontinue the
         disposition of Registrable Securities pursuant to the Shelf
         Registration Statement applicable to such Registrable Securities until
         such Electing Holder shall have received copies of such amended or
         supplemented prospectus, and if so directed by the Partnership, such
         Electing Holder shall deliver to the Partnership (at the Partnership's
         expense) all copies, other than permanent file copies, then in such
         Electing Holder's possession of the prospectus covering such
         Registrable Securities at the time of receipt of such notice.

                  (f) In the event of a Shelf Registration, in addition to the
         information required to be provided by each Electing Holder in its
         Notice Questionnaire, the Partnership may require such Electing Holder
         to furnish to the Partnership such additional information regarding
         such Electing Holder and such Electing Holder's intended method of
         distribution of Registrable Securities as may be required in order to
         comply with the Securities Act. Each such Electing Holder agrees to
         notify the Partnership as promptly as practicable of any inaccuracy or
         change in information previously furnished by such Electing Holder to
         the Partnership or of the occurrence of any event
<PAGE>

         in either case as a result of which any prospectus relating to such
         Shelf Registration contains or would contain an untrue statement of a
         material fact regarding such Electing Holder or such Electing Holder's
         intended method of disposition of such Registrable Securities or omits
         to state any material fact regarding such Electing Holder or such
         Electing Holder's intended method of disposition of such Registrable
         Securities required to be stated therein or necessary to make the
         statements therein not misleading in light of the circumstances then
         existing, and promptly to furnish to the Partnership any additional
         information required to correct and update any previously furnished
         information or required so that such prospectus shall not contain, with
         respect to such Electing Holder or the disposition of such Registrable
         Securities, an untrue statement of a material fact or omit to state a
         material fact required to be stated therein or necessary to make the
         statements therein not misleading in light of the circumstances then
         existing.

                  (g) Until the expiration of two years after the Closing Date,
         the Partnership will not, and will not permit any of its "affiliates"
         (as defined in Rule 144) to, resell any of the Securities that have
         been reacquired by any of them except pursuant to an effective
         registration statement under the Securities Act.

         4.       REGISTRATION EXPENSES.

         The Partnership agrees to bear and to pay or cause to be paid promptly
all expenses incident to the Partnership's performance of or compliance with
this Exchange and Registration Rights Agreement, including (a) all Commission
and any NASD registration, filing and review fees and expenses including fees
and disbursements of counsel for the placement or sales agent or underwriters in
connection with such registration, filing and review, (b) all fees and expenses
in connection with the qualification of the Securities for offering and sale
under the State securities and blue sky laws referred to in Section 3(d)(xii)
and determination of their eligibility for investment under the laws of such
jurisdictions as any managing underwriters or the Electing Holders may
designate, including the reasonable fees and disbursements of counsel for the
Electing Holders or underwriters in connection with such qualification and
determination, (c) all expenses relating to the preparation, printing,
production, distribution and reproduction of each registration statement
required to be filed hereunder, each prospectus included therein or prepared for
distribution pursuant hereto, each
<PAGE>

amendment or supplement to the foregoing, the expenses of preparing the
Securities for delivery and the expenses of printing or producing any
underwriting agreements, agreements among underwriters, selling agreements and
blue sky memoranda and all other documents in connection with the offering, sale
or delivery of Securities to be disposed of (including certificates representing
the Securities), (d) reasonable messenger, telephone and delivery expenses
relating to the offering, sale or delivery of Securities and the preparation of
documents referred in clause (c) above, (e) fees and expenses of the Trustee
under the Indenture, any agent of the Trustee and any counsel for the Trustee
and of any collateral agent or custodian, (f) internal expenses (including all
salaries and expenses of the Partnership's officers and employees performing
legal or accounting duties), (g) fees, disbursements and expenses of counsel and
independent certified public accountants of the Partnership (including the
expenses of any opinions or "cold comfort" letters required by or incident to
such performance and compliance), (h) reasonable fees, disbursements and
expenses of any "qualified independent underwriter" engaged pursuant to Section
3(d)(xix), (i) reasonable fees, disbursements and expenses of one counsel for
the Electing Holders retained in connection with a Shelf Registration, as
selected by the Electing Holders of a majority in aggregate principal amount of
the Registrable Securities held by Electing Holders (which counsel shall be
reasonably satisfactory to the Partnership), (j) any fees charged by securities
rating services for rating the Securities, and (k) fees, expenses and
disbursements of any other persons, including special experts, retained by the
Partnership in connection with such registration (collectively, the
"Registration Expenses"). To the extent that any Registration Expenses are
incurred, assumed or paid by any holder of Registrable Securities or any
placement or sales agent therefor or underwriter thereof, the Partnership shall
reimburse such person for the full amount of the Registration Expenses so
incurred, assumed or paid promptly after receipt of a request therefor.
Notwithstanding the foregoing, the holders of the Registrable Securities being
registered shall pay all agency fees and commissions and underwriting discounts
and commissions attributable to the sale of such Registrable Securities and the
fees and disbursements of any counsel or other advisors or experts retained by
such holders (severally or jointly), other than the counsel and experts
specifically referred to above.

         5.       REPRESENTATIONS AND WARRANTIES.

         The Partnership represents and warrants to, and agrees with, each
Purchaser and each of the holders from time to time of Registrable Securities
that:
<PAGE>

                  (a) Each registration statement covering Registrable
         Securities and each prospectus (including any preliminary or summary
         prospectus) contained therein or furnished pursuant to Section 3(d) or
         Section 3(c) and any further amendments or supplements to any such
         registration statement or prospectus, when it becomes effective or is
         filed with the Commission, as the case may be, and, in the case of an
         underwritten offering of Registrable Securities, at the time of the
         closing under the underwriting agreement relating thereto, will conform
         in all material respects to the requirements of the Securities Act and
         the Trust Indenture Act and the rules and regulations of the Commission
         thereunder and will not contain an untrue statement of a material fact
         or omit to state a material fact required to be stated therein or
         necessary to make the statements therein not misleading; and at all
         times subsequent to the Effective Time when a prospectus would be
         required to be delivered under the Securities Act, other than from (i)
         such time as a notice has been given to holders of Registrable
         Securities pursuant to Section 3(d)(viii)(F) or Section 3(c)(iii)(F)
         until (ii) such time as the Partnership furnishes an amended or
         supplemented prospectus pursuant to Section 3(e) or Section 3(c)(iv)
         hereof, each such registration statement, and each prospectus
         (including any summary prospectus) contained therein or furnished
         pursuant to Section 3(d) or Section 3(c) hereof, as then amended or
         supplemented, will conform in all material respects to the requirements
         of the Securities Act and the Trust Indenture Act and the rules and
         regulations of the Commission thereunder and will not contain an untrue
         statement of a material fact or omit to state a material fact required
         to be stated therein or necessary to make the statements therein not
         misleading in the light of the circumstances then existing; PROVIDED,
         HOWEVER, that this representation and warranty shall not apply to any
         statements or omissions made in reliance upon and in conformity with
         information furnished in writing to the Partnership by a holder of
         Registrable Securities expressly for use therein.

                  (b) Any documents incorporated by reference in any prospectus
         referred to in Section 5(a), when they become or became effective or
         are or were filed with the Commission, as the case may be, will conform
         or conformed in all material respects to the requirements of the
         Securities Act or the Exchange Act, as applicable, and none of such
         documents will contain or contained an untrue statement of a material
         fact or will omit or omitted to state a material fact required to be
         stated therein or necessary to make the statements therein not
         misleading; PROVIDED, HOWEVER, that this representation
<PAGE>

         and warranty shall not apply to any statements or omissions made in
         reliance upon and in conformity with information furnished in writing
         to the Partnership by a holder of Registrable Securities expressly for
         use therein.

                  (c) The compliance by the Partnership with all of the
         provisions of this Exchange and Registration Rights Agreement and the
         consummation of the transactions herein contemplated will not conflict
         with or result in a breach of any of the terms or provisions of, or
         constitute a default under, any indenture, mortgage, deed of trust,
         loan agreement or other agreement or instrument to which the
         Partnership is a party or by which the Partnership is bound or to which
         any of the property or assets of the Partnership is subject, nor will
         such action result in any violation of the provisions of the
         partnership agreement or other organizational documents of the
         Partnership or any statute or any order, rule or regulation of any
         court or governmental agency or body having jurisdiction over the
         Partnership or any of its properties; and no consent, approval,
         authorization, order, registration or qualification of or with any such
         court or governmental agency or body is required for the consummation
         by the Partnership of the transactions contemplated by this Exchange
         and Registration Rights Agreement, except the registration under the
         Securities Act of the Securities, qualification of the Indenture under
         the Trust Indenture Act and such consents, approvals, authorizations,
         registrations or qualifications as may be required under State
         securities or blue sky laws in connection with the offering and
         distribution of the Securities.

                  (d) This Exchange and Registration Rights Agreement has been
         duly authorized, executed and delivered by the Partnership.

         6.       INDEMNIFICATIon.

                  (a) INDEMNIFICATION BY THE PARTNERSHIP. The Partnership will
         indemnify and hold harmless each of the holders of Registrable
         Securities included in an Exchange Registration Statement, each of the
         Electing Holders of Registrable Securities included in a Shelf
         Registration Statement and each person who participates as a placement
         or sales agent or as an underwriter in any offering or sale of such
         Registrable Securities against any losses, claims, damages or
         liabilities, joint or several, to which such holder, agent or
         underwriter may become subject under the Securities Act or otherwise,
         insofar as such losses, claims, damages or liabilities (or actions in
         respect
<PAGE>

         thereof) arise out of or are based upon an untrue statement or alleged
         untrue statement of a material fact contained in any Exchange
         Registration Statement or Shelf Registration Statement, as the case may
         be, under which such Registrable Securities were registered under the
         Securities Act, or any preliminary, final or summary prospectus
         contained therein or furnished by the Partnership to any such holder,
         Electing Holder, agent or underwriter, or any amendment or supplement
         thereto, or arise out of or are based upon the omission or alleged
         omission to state therein a material fact required to be stated therein
         or necessary to make the statements therein not misleading, and will
         reimburse such holder, such Electing Holder, such agent and such
         underwriter for any legal or other expenses reasonably incurred by them
         in connection with investigating or defending any such action or claim
         as such expenses are incurred; PROVIDED, HOWEVER, that the Partnership
         shall not be liable to any such person in any such case to the extent
         that any such loss, claim, damage or liability arises out of or is
         based upon an untrue statement or alleged untrue statement or omission
         or alleged omission made in such registration statement, or
         preliminary, final or summary prospectus, or amendment or supplement
         thereto, in reliance upon and in conformity with written information
         furnished to the Partnership by such person expressly for use therein.

                  (b) INDEMNIFICATION BY THE HOLDERS AND ANY AGENTS AND
         UNDERWRITERS. The Partnership may require, as a condition to including
         any Registrable Securities in any registration statement filed pursuant
         to Section 2(b) hereof and to entering into any underwriting agreement
         with respect thereto, that the Partnership shall have received an
         undertaking reasonably satisfactory to it from the Electing Holder of
         such Registrable Securities and from each underwriter named in any such
         underwriting agreement, severally and not jointly, to (i) indemnify and
         hold harmless the Partnership and all other holders of Registrable
         Securities, against any losses, claims, damages or liabilities to which
         the Partnership or such other holders of Registrable Securities may
         become subject, under the Securities Act or otherwise, insofar as such
         losses, claims, damages or liabilities (or actions in respect thereof)
         arise out of or are based upon an untrue statement or alleged untrue
         statement of a material fact contained in such registration statement,
         or any preliminary, final or summary prospectus contained therein or
         furnished by the Partnership to any such Electing Holder, agent or
         underwriter, or any amendment or supplement thereto, or arise out of or
         are based upon the omission or alleged
<PAGE>

         omission to state therein a material fact required to be stated therein
         or necessary to make the statements therein not misleading, in each
         case to the extent, but only to the extent, that such untrue statement
         or alleged untrue statement or omission or alleged omission was made in
         reliance upon and in conformity with written information furnished to
         the Partnership by such Electing Holder or underwriter expressly for
         use therein, and (ii) reimburse the Partnership for any legal or other
         expenses reasonably incurred by the Partnership in connection with
         investigating or defending any such action or claim as such expenses
         are incurred; PROVIDED, HOWEVER, that no such Electing Holder shall be
         required to undertake liability to any person under this Section 6(b)
         for any amounts in excess of the dollar amount of the proceeds to be
         received by such Electing Holder from the sale of such Electing
         Holder's Registrable Securities pursuant to such registration.

                  (c) NOTICES OF CLAIMS, ETC. Promptly after receipt by an
         indemnified party under subsection (a) or (b) above of written notice
         of the commencement of any action, such indemnified party shall, if a
         claim in respect thereof is to be made against an indemnifying party
         pursuant to the indemnification provisions of or contemplated by this
         Section 6, notify such indemnifying party in writing of the
         commencement of such action; but the omission so to notify the
         indemnifying party shall not relieve it from any liability which it may
         have to any indemnified party otherwise than under the indemnification
         provisions of or contemplated by Section 6(a) or 6(b) hereof. In case
         any such action shall be brought against any indemnified party and it
         shall notify an indemnifying party of the commencement thereof, such
         indemnifying party shall be entitled to participate therein and, to the
         extent that it shall wish, jointly with any other indemnifying party
         similarly notified, to assume the defense thereof, with counsel
         reasonably satisfactory to such indemnified party (who shall not,
         except with the consent of the indemnified party, be counsel to the
         indemnifying party), and, after notice from the indemnifying party to
         such indemnified party of its election so to assume the defense
         thereof, such indemnifying party shall not be liable to such
         indemnified party for any legal expenses of other counsel or any other
         expenses, in each case subsequently incurred by such indemnified party,
         in connection with the defense thereof other than reasonable costs of
         investigation. No indemnifying party shall, without the written consent
         of the indemnified party, effect the settlement or compromise of, or
         consent to the entry of any judgment with respect to, any pending or
         threatened action or claim in respect of which indemnification or
         contribution may be sought
<PAGE>

         hereunder (whether or not the indemnified party is an actual or
         potential party to such action or claim) unless such settlement,
         compromise or judgment (i) includes an unconditional release of the
         indemnified party from all liability arising out of such action or
         claim and (ii) does not include a statement as to or an admission of
         fault, culpability or a failure to act by or on behalf of any
         indemnified party.

                  (d) CONTRIBUTION. If for any reason the indemnification
         provisions contemplated by Section 6(a) or Section 6(b) are unavailable
         to or insufficient to hold harmless an indemnified party in respect of
         any losses, claims, damages or liabilities (or actions in respect
         thereof) referred to therein, then each indemnifying party shall
         contribute to the amount paid or payable by such indemnified party as a
         result of such losses, claims, damages or liabilities (or actions in
         respect thereof) in such proportion as is appropriate to reflect the
         relative fault of the indemnifying party and the indemnified party in
         connection with the statements or omissions which resulted in such
         losses, claims, damages or liabilities (or actions in respect thereof),
         as well as any other relevant equitable considerations. The relative
         fault of such indemnifying party and indemnified party shall be
         determined by reference to, among other things, whether the untrue or
         alleged untrue statement of a material fact or omission or alleged
         omission to state a material fact relates to information supplied by
         such indemnifying party or by such indemnified party, and the parties'
         relative intent, knowledge, access to information and opportunity to
         correct or prevent such statement or omission. The parties hereto agree
         that it would not be just and equitable if contributions pursuant to
         this Section 6(d) were determined by pro rata allocation (even if the
         holders or any agents or underwriters or all of them were treated as
         one entity for such purpose) or by any other method of allocation which
         does not take account of the equitable considerations referred to in
         this Section 6(d). The amount paid or payable by an indemnified party
         as a result of the losses, claims, damages, or liabilities (or actions
         in respect thereof) referred to above shall be deemed to include any
         legal or other fees or expenses reasonably incurred by such indemnified
         party in connection with investigating or defending any such action or
         claim. Notwithstanding the provisions of this Section 6(d), no holder
         shall be required to contribute any amount in excess of the amount by
         which the dollar amount of the proceeds received by such holder from
         the sale of any Registrable Securities (after deducting any fees,
         discounts and commissions applicable thereto) exceeds the amount of any
<PAGE>

         damages which such holder has otherwise been required to pay by reason
         of such untrue or alleged untrue statement or omission or alleged
         omission, and no underwriter shall be required to contribute any amount
         in excess of the amount by which the total price at which the
         Registrable Securities underwritten by it and distributed to the public
         were offered to the public exceeds the amount of any damages which such
         underwriter has otherwise been required to pay by reason of such untrue
         or alleged untrue statement or omission or alleged omission. No person
         guilty of fraudulent misrepresentation (within the meaning of Section
         11(f) of the Securities Act) shall be entitled to contribution from any
         person who was not guilty of such fraudulent misrepresentation. The
         holders' and any underwriters' obligations in this Section 6(d) to
         contribute shall be several in proportion to the principal amount of
         Registrable Securities registered or underwritten, as the case may be,
         by them and not joint.

                  (e) The obligations of the Partnership under this Section 6
         shall be in addition to any liability which the Partnership may
         otherwise have and shall extend, upon the same terms and conditions, to
         each officer, director and partner of each holder, agent and
         underwriter and each person, if any, who controls any holder, agent or
         underwriter within the meaning of the Securities Act; and the
         obligations of the holders and any agents or underwriters contemplated
         by this Section 6 shall be in addition to any liability which the
         respective holder, agent or underwriter may otherwise have and shall
         extend, upon the same terms and conditions, to each partner and
         representative of the Partnership and to each person, if any, who
         controls the Partnership within the meaning of the Securities Act.

         7.       UNDERWRITTEN OFFERINGS.

                  (a) SELECTION OF UNDERWRITERS. If any of the Registrable
         Securities covered by the Shelf Registration are to be sold pursuant to
         an underwritten offering, the managing underwriter or underwriters
         thereof shall be designated by Electing Holders holding at least a
         majority in aggregate principal amount of the Registrable Securities to
         be included in such offering, provided that such designated managing
         underwriter or underwriters is or are reasonably acceptable to the
         Partnership.

                  (b) PARTICIPATION BY HOLDERS. Each holder of Registrable
         Securities hereby agrees with each other such holder that no such
         holder may participate
<PAGE>

         in any underwritten offering hereunder unless such holder (i) agrees to
         sell such holder's Registrable Securities on the basis provided in any
         underwriting arrangements approved by the persons entitled hereunder to
         approve such arrangements and (ii) completes and executes all
         questionnaires, powers of attorney, indemnities, underwriting
         agreements and other documents reasonably required under the terms of
         such underwriting arrangements.

         8. RULE 144.

         The Partnership covenants to the holders of Registrable Securities that
to the extent it shall be required to do so under the Exchange Act, the
Partnership shall timely file the reports required to be filed by it under the
Exchange Act or the Securities Act (including the reports under Section 13 and
15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted
by the Commission under the Securities Act) and the rules and regulations
adopted by the Commission thereunder, and shall take such further action as any
holder of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such holder to sell Registrable Securities
without registration under the Securities Act within the limitations of the
exemption provided by Rule 144 under the Securities Act, as such Rule may be
amended from time to time, or any similar or successor rule or regulation
hereafter adopted by the Commission. Upon the request of any holder of
Registrable Securities in connection with that holder's sale pursuant to Rule
144, the Partnership shall deliver to such holder a written statement as to
whether it has complied with such requirements.

                  9.     MISCELLANEOUS.

                  (a) NO INCONSISTENT AGREEMENTS. The Partnership represents,
         warrants, covenants and agrees that it has not granted, and shall not
         grant, registration rights with respect to Registrable Securities or
         any other securities which would be inconsistent with the terms
         contained in this Exchange and Registration Rights Agreement.

                  (b) SPECIFIC PERFORMANCE. The parties hereto acknowledge that
         there would be no adequate remedy at law if the Partnership fails to
         perform any of its obligations hereunder and that the Initial
         Purchasers and the holders from time to time of the Registrable
         Securities may be irreparably harmed by any such failure, and
         accordingly agree that the Initial Purchasers and such
<PAGE>

         holders, in addition to any other remedy to which they may be entitled
         at law or in equity, shall be entitled to compel specific performance
         of the obligations of the Partnership under this Exchange and
         Registration Rights Agreement in accordance with the terms and
         conditions of this Exchange and Registration Rights Agreement, in any
         court of the United States or any State thereof having jurisdiction.

                  (c) NOTICES. All notices, requests, claims, demands, waivers
         and other communications hereunder shall be in writing and shall be
         deemed to have been duly given when delivered by hand, if delivered
         personally or by courier, or three days after being deposited in the
         mail (registered or certified mail, postage prepaid, return receipt
         requested) as follows: If to the Partnership, to it at 1044 North 115th
         Street, Suite 400, Omaha, Nebraska, 68154-4446, and if to a holder, to
         the address of such holder set forth in the security register or other
         records of the Partnership, or to such other address as the Partnership
         or any such holder may have furnished to the other in writing in
         accordance herewith, except that notices of change of address shall be
         effective only upon receipt.

                  (d) PARTIES IN INTEREST. All the terms and provisions of this
         Exchange and Registration Rights Agreement shall be binding upon, shall
         inure to the benefit of and shall be enforceable by the parties hereto
         and the holders from time to time of the Registrable Securities and the
         respective successors and assigns of the parties hereto and such
         holders. In the event that any transferee of any holder of Registrable
         Securities shall acquire Registrable Securities, in any manner, whether
         by gift, bequest, purchase, operation of law or otherwise, such
         transferee shall, without any further writing or action of any kind, be
         deemed a beneficiary hereof for all purposes and such Registrable
         Securities shall be held subject to all of the terms of this Exchange
         and Registration Rights Agreement, and by taking and holding such
         Registrable Securities such transferee shall be entitled to receive the
         benefits of, and be conclusively deemed to have agreed to be bound by
         all of the applicable terms and provisions of this Exchange and
         Registration Rights Agreement. If the Partnership shall so request, any
         such successor, assign or transferee shall agree in writing to acquire
         and hold the Registrable Securities subject to all of the applicable
         terms hereof.

                  (e) SURVIVAL. The respective indemnities, agreements,
         representations, warranties and each other provision set forth in this
<PAGE>

         Exchange and Registration Rights Agreement or made pursuant hereto
         shall remain in full force and effect regardless of any investigation
         (or statement as to the results thereof) made by or on behalf of any
         holder of Registrable Securities, any director, officer or partner of
         such holder, any agent or underwriter or any director, officer or
         partner thereof, or any controlling person of any of the foregoing, and
         shall survive delivery of and payment for the Registrable Securities
         pursuant to the Purchase Agreement and the transfer and registration of
         Registrable Securities by such holder and the consummation of an
         Exchange Offer.

                  (F) GOVERNING LAW. THIS EXCHANGE AND REGISTRATION RIGHTS
         AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
         LAWS OF THE STATE OF NEW YORK.

                  (g) HEADINGS. The descriptive headings of the several Sections
         and paragraphs of this Exchange and Registration Rights Agreement are
         inserted for convenience only, do not constitute a part of this
         Exchange and Registration Rights Agreement and shall not affect in any
         way the meaning or interpretation of this Exchange and Registration
         Rights Agreement.

                  (h) ENTIRE AGREEMENT; AMENDMENTS. This Exchange and
         Registration Rights Agreement and the other writings referred to herein
         (including the Indenture and the form of Securities) or delivered
         pursuant hereto which form a part hereof contain the entire
         understanding of the parties with respect to its subject matter. This
         Exchange and Registration Rights Agreement supersedes all prior
         agreements and understandings between the parties with respect to its
         subject matter. This Exchange and Registration Rights Agreement may be
         amended and the observance of any term of this Exchange and
         Registration Rights Agreement may be waived (either generally or in a
         particular instance and either retroactively or prospectively) only by
         a written instrument duly executed by the Partnership and the holders
         of a majority in aggregate principal amount of the Registrable
         Securities at the time outstanding. Each holder of any Registrable
         Securities at the time or thereafter outstanding shall be bound by any
         amendment or waiver effected pursuant to this Section 9(h), whether or
         not any notice, writing or marking indicating such amendment or waiver
         appears on such Registrable Securities or is delivered to such holder.
<PAGE>

                  (i) INSPECTION. For so long as this Exchange and Registration
         Rights Agreement shall be in effect, this Exchange and Registration
         Rights Agreement and a complete list of the names and addresses of all
         the holders of Registrable Securities shall be made available for
         inspection and copying on any business day by any holder of Registrable
         Securities for proper purposes only (which shall include any purpose
         related to the rights of the holders of Registrable Securities under
         the Securities, the Indenture and this Agreement) at the offices of the
         Partnership at the address thereof set forth in Section 9(c) and at the
         office of the Trustee under the Indenture.

                  (j) COUNTERPARTS. This agreement may be executed by the
         parties in counterparts, each of which shall be deemed to be an
         original, but all such respective counterparts shall together
         constitute one and the same instrument.
<PAGE>

         If the foregoing is in accordance with your understanding, please sign
and return to us three counterparts hereof, and upon the acceptance hereof by
you, on behalf of each of the Initial Purchasers, this letter and such
acceptance hereof shall constitute a binding agreement between each of the
Initial Purchasers and the Partnership. It is understood that your acceptance of
this letter on behalf of each of the Initial Purchasers is pursuant to the
authority set forth in a form of Agreement among Initial Purchasers, the form of
which shall be submitted to the Partnership for examination upon request, but
without warranty on your part as to the authority of the signers thereof.

                                            Very truly yours,

                                            Tenaska Georgia Partners, L.P.

                                            By:   Tenaska Georgia, Inc.,
                                                  its Managing Partner

                                            By:  /s/ Michael F. Lawler
                                                 -----------------------------
                                            Name:    Michael F. Lawler
                                            Title:   Vice President of Finance
                                                     and Treasurer

Accepted as of the date hereof:
Goldman, Sachs & Co.,
for itself as Initial Purchaser and
for TD Securities (USA) Inc. as
Initial Purchaser

By: /s/ Goldman, Sachs & Co.
    -------------------------------
    Name:
    Title:
<PAGE>

                                                                       EXHIBIT A

                         TENASKA GEORGIA PARTNERS, L.P.

                         INSTRUCTION TO DTC PARTICIPANTS

                                (DATE OF MAILING)

                     URGENT - IMMEDIATE ATTENTION REQUESTED

                         DEADLINE FOR RESPONSE: [DATE] *

The Depository Trust Company ("DTC") has identified you as a DTC Participant
through which beneficial interests in the Tenaska Georgia Partners, L.P. (the
"Partnership") 9.50% Senior Secured Bonds Due 2030 (the "Securities") are held.

The Partnership is in the process of registering the Securities under the
Securities Act of 1933 for resale by the beneficial owners thereof. In order to
have their Securities included in the registration statement, beneficial owners
must complete and return the enclosed Notice of Registration Statement and
Selling Security holder Questionnaire.

IT IS IMPORTANT THAT BENEFICIAL OWNERS OF THE SECURITIES RECEIVE A COPY OF THE
ENCLOSED MATERIALS AS SOON AS POSSIBLE as their rights to have the Securities
included in the registration statement depend upon their returning the Notice
and Questionnaire by [DEADLINE FOR RESPONSE]. Please forward a copy of the
enclosed documents to each beneficial owner that holds interests in the
Securities through you. If you require more copies of the enclosed materials or
have any questions pertaining to this matter, please contact Tenaska Georgia
Partners, L.P., 1044 North 115th Street, Suite 400, Omaha, Nebraska, 68154-4446,
Attention: Michael F. Lawler (402) 691-9500.

----------
Not less than 28 calendar days from date of mailing.
<PAGE>

                         TENASKA GEORGIA PARTNERS, L.P.

                        Notice of Registration Statement

                                       and

                      SELLING SECURITYHOLDER QUESTIONNAIRE

                                     (Date)

Reference is hereby made to the Exchange and Registration Rights Agreement (the
"Exchange and Registration Rights Agreement") between Tenaska Georgia Partners,
L.P. (the "Partnership") and the Initial Purchasers named therein. Pursuant to
the Exchange and Registration Rights Agreement, the Partnership has filed with
the United States Securities and Exchange Commission (the "Commission") a
registration statement on Form [__] (the "Shelf Registration Statement") for the
registration and resale under Rule 415 of the Securities Act of 1933, as amended
(the "Securities Act"), of the Partnership's $275,000,000 9.50% Senior Secured
Bonds Due 2030 (the "Securities"). A copy of the Exchange and Registration
Rights Agreement is attached hereto. All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Exchange and Registration
Rights Agreement.

Each beneficial owner of Registrable Securities (as defined below) is entitled
to have the Registrable Securities beneficially owned by it included in the
Shelf Registration Statement. In order to have Registrable Securities included
in the Shelf Registration Statement, this Notice of Registration Statement and
Selling Security holder Questionnaire ("Notice and Questionnaire") must be
completed, executed and delivered to the Partnership's counsel at the address
set forth herein for receipt ON OR BEFORE [DEADLINE FOR RESPONSE]. Beneficial
owners of Registrable Securities who do not complete, execute and return this
Notice and Questionnaire by such date (i) will not be named as selling security
holders in the Shelf Registration Statement and (ii) may not use the Prospectus
forming a part thereof for resales of Registrable Securities.

Certain legal consequences arise from being named as a selling security holder
in the Shelf Registration Statement and related Prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own
securities law counsel regarding the consequences of being named or not being
named as a selling security holder in the Shelf Registration Statement and
related Prospectus.

The term "REGISTRABLE SECURITIES" is defined in the Exchange and Registration
Rights Agreement.

                                       2
<PAGE>

                                    ELECTION

The undersigned holder (the "Selling Security holder") of Registrable Securities
hereby elects to include in the Shelf Registration Statement the Registrable
Securities beneficially owned by it and listed below in Item (3). The
undersigned, by signing and returning this Notice and Questionnaire, agrees to
be bound with respect to such Registrable Securities by the terms and conditions
of this Notice and Questionnaire and the Exchange and Registration Rights
Agreement, including, without limitation, Section 6 of the Exchange and
Registration Rights Agreement, as if the undersigned Selling Security holder
were an original party thereto.

Upon any sale of Registrable Securities pursuant to the Shelf Registration
Statement, the Selling Security holder will be required to deliver to the
Partnership and Trustee the Notice of Transfer set forth in Appendix A to the
Prospectus and as Exhibit B to the Exchange and Registration Rights Agreement.

The Selling Security holder hereby provides the following information to the
Partnership and represents and warrants that such information is accurate and
complete:

                                       3
<PAGE>

                                  QUESTIONNAIRE

(1)      (a)      Full Legal Name of Selling Security holder:

                  -------------------------------------------------------

         (b)      Full Legal Name of Registered Holder (if not the same as in
                  (a) above) of Registrable Securities Listed in Item (3) below:

                  -------------------------------------------------------

         (c)      Full Legal Name of DTC Participant (if applicable and if not
                  the same as (b) above) Through Which Registrable Securities
                  Listed in Item (3) below are Held:

                  -------------------------------------------------------

(2)               Address for Notices to Selling Security holder:
                                            ______________________________
                                            ______________________________
                                            ______________________________
                  Telephone:                ______________________________
                  Fax:                      ______________________________
                  Contact Person:           ______________________________

(3)               Beneficial Ownership of Securities:

         EXCEPT AS SET FORTH BELOW IN THIS ITEM (3), THE UNDERSIGNED DOES NOT
         BENEFICIALLY OWN ANY SECURITIES.

         (a)      Principal amount of Registrable Securities beneficially owned:
                  ________ CUSIP No(s). of such Registrable Securities: ________

         (b)      Principal amount of Securities other than Registrable
                  Securities beneficially owned:
                  ______________________________________________________________
                  CUSIP No(s). of such other Securities: _______________________

         (c)      Principal amount of Registrable Securities which the
                  undersigned wishes to be included in the Shelf Registration
                  Statement: ___________________________ CUSIP No(s). of such
                  Registrable Securities to be included in the Shelf
                  Registration Statement: ________

                                       4
<PAGE>

         (4)      Beneficial Ownership of Other Securities of the Partnership:

                  EXCEPT AS SET FORTH BELOW IN THIS ITEM (4), THE UNDERSIGNED
                  SELLING SECURITY HOLDER IS NOT THE BENEFICIAL OR REGISTERED
                  OWNER OF ANY OTHER SECURITIES OF THE PARTNERSHIP, OTHER THAN
                  THE SECURITIES LISTED ABOVE IN ITEM (3).

         State any exceptions here:

         (5)      Relationships with the Partnership:

                  EXCEPT AS SET FORTH BELOW, NEITHER THE SELLING SECURITY HOLDER
                  NOR ANY OF ITS AFFILIATES, OFFICERS, DIRECTORS OR PRINCIPAL
                  EQUITY HOLDERS (5% OR MORE) HAS HELD ANY POSITION OR OFFICE OR
                  HAS HAD ANY OTHER MATERIAL RELATIONSHIP WITH THE PARTNERSHIP
                  (OR ITS PREDECESSORS OR AFFILIATES) DURING THE PAST THREE
                  YEARS.

         State any exceptions here:

         (6)      Plan of Distribution:

                  EXCEPT AS SET FORTH BELOW, THE UNDERSIGNED SELLING SECURITY
                  HOLDER INTENDS TO DISTRIBUTE THE REGISTRABLE SECURITIES LISTED
                  ABOVE IN ITEM (3) ONLY AS FOLLOWS (IF AT ALL): SUCH
                  REGISTRABLE SECURITIES MAY BE SOLD FROM TIME TO TIME DIRECTLY
                  BY THE UNDERSIGNED SELLING SECURITY HOLDER OR, ALTERNATIVELY,
                  THROUGH UNDERWRITERS, BROKER-DEALERS OR AGENTS. SUCH
                  REGISTRABLE SECURITIES MAY BE SOLD IN ONE OR MORE TRANSACTIONS
                  AT FIXED PRICES, AT PREVAILING MARKET PRICES AT THE TIME OF
                  SALE, AT VARYING PRICES DETERMINED AT THE TIME OF SALE, OR AT
                  NEGOTIATED PRICES. SUCH SALES MAY BE EFFECTED IN TRANSACTIONS
                  (WHICH MAY INVOLVE CROSSES OR BLOCK TRANSACTIONS) (I) ON ANY
                  NATIONAL SECURITIES EXCHANGE OR QUOTATION SERVICE ON WHICH THE
                  REGISTERED SECURITIES MAY BE LISTED OR QUOTED AT THE TIME OF
                  SALE, (II) IN THE OVER-THE-COUNTER MARKET, (III) IN
                  TRANSACTIONS OTHERWISE THAN ON SUCH EXCHANGES OR SERVICES OR
                  IN THE OVER-THE-COUNTER MARKET, OR (IV) THROUGH THE WRITING OF
                  OPTIONS. IN CONNECTION WITH SALES OF THE REGISTRABLE
                  SECURITIES OR OTHERWISE, THE SELLING SECURITY HOLDER MAY ENTER
                  INTO HEDGING TRANSACTIONS WITH BROKER-DEALERS, WHICH MAY IN
                  TURN ENGAGE IN SHORT SALES OF THE REGISTRABLE SECURITIES IN
                  THE COURSE OF HEDGING THE POSITIONS THEY ASSUME. THE SELLING
                  SECURITY HOLDER MAY ALSO SELL REGISTRABLE SECURITIES SHORT AND
                  DELIVER REGISTRABLE SECURITIES TO CLOSE OUT SUCH SHORT
                  POSITIONS, OR LOAN OR PLEDGE REGISTRABLE SECURITIES TO
                  BROKER-DEALERS THAT IN TURN MAY SELL SUCH SECURITIES.

         State any exceptions here:

                                       5
<PAGE>

By signing below, the Selling Security holder acknowledges that it understands
its obligation to comply, and agrees that it will comply, with the provisions of
the Exchange Act and the rules and regulations thereunder, particularly
Regulation M.

In the event that the Selling Security holder transfers all or any portion of
the Registrable Securities listed in Item (3) above after the date on which such
information is provided to the Partnership, the Selling Security holder agrees
to notify the transferee(s) at the time of the transfer of its rights and
obligations under this Notice and Questionnaire and the Exchange and
Registration Rights Agreement.

By signing below, the Selling Security holder consents to the disclosure of the
information contained herein in its answers to Items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and
related Prospectus. The Selling Security holder understands that such
information will be relied upon by the Partnership in connection with the
preparation of the Shelf Registration Statement and related Prospectus.

In accordance with the Selling Security holder's obligation under Section 3(d)
of the Exchange and Registration Rights Agreement to provide such information as
may be required by law for inclusion in the Shelf Registration Statement, the
Selling Security holder agrees to promptly notify the Partnership of any
inaccuracies or changes in the information provided herein which may occur
subsequent to the date hereof at any time while the Shelf Registration Statement
remains in effect. All notices hereunder and pursuant to the Exchange and
Registration Rights Agreement shall be made in writing, by hand-delivery,
first-class mail, or air courier guaranteeing overnight delivery as follows:

                  (i)      To the Partnership:

                                            Tenaska Georgia Partners, L.P.
                                            1044 North 115th Street
                                            Suite 400
                                            Omaha, Nebraska  68154-4446
                                            Attention:  Michael F. Lawler

                                       6
<PAGE>

                  (ii)     With a copy to:

                                               _________________________
                                               _________________________
                                               _________________________
                                               _________________________
                                               _________________________

Once this Notice and Questionnaire is executed by the Selling Security holder
and received by the Partnership's counsel, the terms of this Notice and
Questionnaire, and the representations and warranties contained herein, shall be
binding on, shall inure to the benefit of and shall be enforceable by the
respective successors, heirs, personal representatives, and assigns of the
Partnership and the Selling Security holder (with respect to the Registrable
Securities beneficially owned by such Selling Security holder and listed in Item
(3) above. This Agreement shall be governed in all respects by the laws of the
State of New York.

                                       7
<PAGE>

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this
Notice and Questionnaire to be executed and delivered either in person or by its
duly authorized agent.

Dated: ___________________

                ________________________________________________________________
                Selling Security holder
                (Print/type full legal name of beneficial owner of Registrable
                Securities)

                By: ____________________________________________________________
                Name:
                Title:

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON
OR BEFORE [DEADLINE FOR RESPONSE] TO The Partnership'S COUNSEL AT:

                            _________________________
                            _________________________
                            _________________________
                            _________________________
                            _________________________

                                       8
<PAGE>

                                                                       EXHIBIT B

              NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

The Chase Manhattan Bank
Tenaska Georgia Partners, L.P.
c/o The Chase Manhattan Bank
450 West 33rd Street
New York, New York  10001
Attention: Global Trust Services

Attention:  Trust Officer

         Re:      Tenaska Georgia Partners, L.P. (the "Partnership")
                  9.50% Senior Secured Bonds Due 2030
Dear Sirs:

Please be advised that ________________ has transferred ________________________
aggregate principal amount of the above-referenced Bonds pursuant to an
effective Registration Statement on Form [_____] (File No. 333-_______) filed by
the Partnership.

We hereby certify that the prospectus delivery requirements, if any, of the
Securities Act of 1933, as amended, have been satisfied and that the above-named
beneficial owner of the Bonds is named as a "Selling Holder" in the Prospectus
dated [DATE] or in supplements thereto, and that the aggregate principal amount
of the Bonds transferred are the Bonds listed in such Prospectus opposite such
owner's name.

Dated:
                                       Very truly yours,

                                            ______________________________
                                            (Name)

                                       By:  ______________________________
                                            (Authorized Signature)

                                       9<PAGE>
                                                                     Exhibit 4.8

                      This instrument was prepared by, and
                       after recording, please return to:

                               Jena Bridges, Esq.
                    Skadden, Arps, Slate, Meagher & Flom LLP
                                919 Third Avenue
                          New York, New York 10022-3897

                    LEASEHOLD DEED TO SECURE DEBT, ASSIGNMENT
                   OF RENTS AND LEASES AND SECURITY AGREEMENT

                                       by

                         TENASKA GEORGIA PARTNERS, L.P.

                                 (as "Grantor")

                                      -to-

                  THE CHASE MANHATTAN BANK, AS COLLATERAL AGENT
                                 (as "Grantee")

                          Dated as of: November 10,1999

                  THIS INSTRUMENT IS A "CONSTRUCTION MORTGAGE"
             AS THAT TERM IS DEFINED IN ARTICLE 9, SECTION 313(1)(C)
                 OF THE UNIFORM COMMERCIAL CODE, TITLE 11 OF THE
               CODE OF GEORGIA, AND SECURES AN OBLIGATION INCURRED
                FOR THE CONSTRUCTION OF AN IMPROVEMENT UPON LAND.

        NOTE TO GEORGIA TAX COMMISSIONER: THIS INSTRUMENT SECURES A BOND
        ISSUE AND LETTERS OF CREDIT REIMBURSEMENT AGREEMENTS. THEREFORE,
      THIS INSTRUMENT IS NOT SUBJECT TO INTANGIBLE RECORDING TAX PURSUANT
     TO CHAPTER 560-11-8-.14(D) OF THE RULES OF THE DEPARTMENT OF REVENUE,
                             PROPERTY TAX DIVISION.

<PAGE>

             LEASEHOLD DEED TO SECURE DEBT, ASSIGNMENT OF RENTS AND
                          LEASES AND SECURITY AGREEMENT

        THIS LEASEHOLD DEED TO SECURE DEBT, ASSIGNMENT OF RENTS AND LEASES AND
SECURITY AGREEMENT (as the same may from time to time be extended, consolidated,
modified, restated and renewed, this "SECURITY DEED") made and delivered as of
this 10th day of November, 1999, by TENASKA GEORGIA PARTNERS, L.P., a Delaware
limited partnership having an address at 1044 North 115th Street, Suite 400,
Omaha, Nebraska 68154-4446 (together with its permitted successors and assigns,
the "GRANTOR"), to THE CHASE MANHATTAN BANK a bank organized and existing under
the laws of the State of New York and having an address at 450 West 33rd Street,
15th Floor, New York, New York, 10001, not individually, but solely in its
capacity as Collateral Agent under the Collateral Agency Agreement (as
hereinafter defined) for the benefit of the Senior Parties (together with its
permitted successors and assigns, the "GRANTEE").

                              W I T N E S S E T H:

        WHEREAS, pursuant to the terms of that certain Lease dated as of
November 1, 1999 (the "LEASE") between Development Authority of Heard County
("LESSOR") and Grantor, as lessee, Grantor is the holder of (i) a leasehold
estate (the "SITE LEASEHOLD ESTATE") affecting those certain pieces or parcels
of land which are more particularly described on EXHIBIT A annexed hereto
(collectively, the "SITE"), and (ii) the Project Easements (as hereinafter
defined). The Lease was delivered to the Clerk of the Superior Court of Heard
County (the "RECORDER'S OFFICE") for recording prior to the recordation of this
Security Deed;

        WHEREAS, pursuant to the terms of that certain Ground Lease dated as of
November 10, 1999 (the "CONSTRUCTION LEASE") between Tenaska, Inc. ("TENASKA"),
as lessor, and Grantor, as lessee, Grantor is the holder of a leasehold estate
(the "CONSTRUCTION LEASEHOLD ESTATE") affecting that certain piece or parcel of
land which is more particularly described on EXHIBIT B annexed hereto (the
"LAY-DOWN SITE"). A memorandum of the Construction Lease was delivered to the
Recorder's Office for recording prior to the recordation of this Security Deed;

        WHEREAS, Grantor will obtain funds to finance a portion of the cost of
the development, construction and equipping of a 936 megawatt natural gas-fired
(with oil as the backup fuel) electric power generation facility, consisting of
6 F-class simple cycle combustion engines on the Site (the "PROJECT") through
the issuance, from time to time, of certain securities (the "SECURITIES") issued
pursuant to the Indenture (as hereinafter defined);

        WHEREAS, in connection with the commencement of commercial operation of
the Project, Grantor is required to deliver the Debt Service Reserve Letter of
Credit (the "DSR LETTER OF CREDIT") and The Toronto Dominion Bank ("TTDB"), as
issuing bank, has agreed to issue the DSR Letter of Credit subject to the terms
and conditions contained in the Debt Service Reserve Letter of Credit and
Reimbursement Agreement, dated as of November 10, 1999 (as amended, supplemented
or modified and in effect from time to time, THE "DSR LOC REIMBURSEMENT
AGREEMENT"), among each of the banks and financial institutions parties thereto
and TTDB, as

                                       2
<PAGE>

issuing bank and as agent for such banks and financial institutions
(in such capacity as agent, and together with its successors and assigns, the
"DSR LOC Provider");

        WHEREAS, in connection with the Grantor's obligations under the Power
Purchase Agreement (as defined in the Common Agreement hereafter referred to),
the Grantor may deliver the PPA Letter of Credit (the "PPA LOC") and The Toronto
Dominion Bank, as issuing bank, has agreed to issue the PPA LOC subject to the
terms and conditions contained in the PPA Letter of Credit and Reimbursement
Agreement, dated as of November 10, 1999 (as amended, supplemented or modified
and in effect from time to time, the "PPA LOC REIMBURSEMENT AGREEMENT"), among
each of the banks and financial institutions parties thereto and TTDB, as
issuing bank and as agent for such banks and financial institutions (in such
capacity as agent, and together with its successors and assigns, the "PPA LOC
PROVIDER");

        WHEREAS, Grantor, the Collateral Agent and the Senior Parties entered
into a Collateral Agency and Intercreditor Agreement dated as of November 1,
1999 (the "COLLATERAL AGENCY AGREEMENT") to set forth the rights of Grantor and
the Senior Parties as to the Collateral;

        WHEREAS, an Agreement as to Certain Undertakings, Common
Representations, Warranties, Covenants and Other Terms dated as of November 1,
1999 (the "COMMON AGREEMENT") has been entered into among (as defined in the
Common Agreement) Grantor, the Collateral Agent and the Senior Parties, which
Agreement sets forth certain representations, warranties and covenants of the
Grantor relating to the Project;

        WHEREAS, it has been agreed that Grantor's obligations under the
Indenture, the Common Agreement, the DSR LOC Reimbursement Agreement, the PPA
LOC Reimbursement Agreement, and all other debt constituting Senior Debt (as
defined in the Common Agreement) none of which other Senior Debt is presently
evidenced by a note and all future modifications, extensions and renewals of
such obligations, including without limitation the payment of the indebtedness
evidenced by the Securities (such obligations collectively, the "SECURED
OBLIGATIONS"), shall be secured by, inter alia, a deed to secure debt,
assignment of rents and leases and security agreement by Grantor of the
Collateral (as hereinafter defined).

        NOW, THEREFORE, in consideration of the premises set forth above, and
for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged and FOR THE PURPOSE OF SECURING the payment and performance
of the Secured Obligations, which Secured Obligations may increase, decrease and
increase again, from time to time, Grantor and Grantee hereby agree as follows:

                        G R A N T I N G   C L A U S E S:

        In order to secure the Secured Obligations, including without limitation
the payment by Grantor of the indebtedness evidenced by the Securities, in the
aggregate principal amount of up to Two Hundred Seventy-five Million and 00/100
Dollars ($275,000,000.00) lawful money of the United States (the unpaid balance
of which, if not sooner paid, will be due and payable on February 1, 2030), and
any and all sums, amounts and expenses incurred hereunder and under the
Indenture, the DSR LOC Reimbursement Agreement and the PPA LOC Reimbursement
Agreement by Grantee according to the terms hereof or thereof and all future
modifications,

                                       3
<PAGE>

extensions and renewals of such obligations, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Grantor does hereby grant, bargain, sell, warrant, alien, remise, assign,
transfer, set over, deliver, confirm and convey unto Grantee, its successors and
assigns upon the terms and conditions of this Security Deed, with power of sale
and right of entry as provided hereinbelow, all of the right, title and interest
of Grantor in and to the following property described in Granting Clauses (a)
through (l) inclusive (all of which is hereinafter collectively referred to as
the "COLLATERAL" or the "MORTGAGED PROPERTY") and Grantor covenants that it
shall pay and perform the Secured Obligations when due in accordance with the
provisions of the appropriate Financing Documents:

               (a) THE LEASEHOLD ESTATE: (i) the Site Leasehold Estate in the
Site and the Facility, created under the Lease and all other, further or
additional estates, rights, title or interests which may at any time be acquired
by Grantor by reason of amendments, modifications, supplements, extensions and
renewals of the Lease, and (ii) the Construction Leasehold Estate in the
Lay-down Site created under the Construction Lease and all other, further or
additional estates, rights, title or interest which may at any time be acquired
by Grantor by reason of amendments, modifications, supplements, extensions and
renewals of the Construction Lease;

               (b) THE EASEMENTS: (i) that certain easement granted pursuant to
the terms of that certain Access and Utility Easement Agreement dated as of
November 10, 1999, between Tenaska and Grantor (the "TENASKA ACCESS EASEMENT")
affecting those certain pieces or parcels of land which are more particularly
described on EXHIBIT C annexed hereto (the "TENASKA EASEMENT PREMISES"), which
Tenaska Access Easement was subsequently assigned by Grantor to Lessor pursuant
to the Deed and thereafter demised by Lessor to Grantor pursuant to the terms of
the Lease. The Tenaska Access Easement was delivered to the Recorder's Office
for recording immediately prior to the recordation of this Security Deed; (ii)
those certain easements granted pursuant to the terms of those certain easement
agreements set forth on EXHIBIT D annexed hereto (collectively, the "PIPELINE
EASEMENTS") affecting those certain pieces or parcels of land which are more
particularly described on EXHIBIT E annexed hereto (the "PIPELINE EASEMENT
PREMISES"; the Tenaska Easement Premises and the Pipeline Easement Premises
collectively, the "EASEMENT PREMISES"),which Pipeline Easements were
subsequently assigned by Grantor to Lessor pursuant to the Deed and thereafter
demised by Lessor to Grantor pursuant to the terms of the Lease; (iii) that
certain easement granted pursuant to that certain Easement (Access and
Utilities) dated as of November 10, 1999, between Robert Charles Payne and Susan
Lynn Payne and Grantor (the "PAYNE EASEMENT") affecting those certain pieces or
parcels of land which are more particularly described on EXHIBIT F annexed
hereto (the "PAYNE EASEMENT PREMISES"), which Payne Easement was subsequently
assigned by Grantor to Lessor pursuant to the Deed and thereafter demised by
Lessor to Grantor pursuant to the Lease, which Payne Easement was delivered to
the Recorder's Office for recording prior to the recordation of this Security
Deed; and (iv) all other easements, rights-of-way, gores of land, streets, ways,
alleys, passages, sewer rights, water courses, water rights and powers, mineral
rights, ditches, ditch rights, reservoirs and reservoir rights, and all
privileges, tenements, hereditaments and appurtenances whatsoever, of any nature
whatsoever, in any way belonging, relating or appertaining to the Site or the
Facility, or which hereafter shall in any way belong, relate or be appurtenant
thereto (said easements, rights and privileges described in this paragraph (b),
hereinafter referred to, collectively, as the "EASEMENTS");

                                       4
<PAGE>

               (c) TOGETHER WITH: subject to the provisions of this Security
Deed, all right, title and interest of Grantor in and to all awards or payments,
including interest thereon, and the right to receive the same, which may be made
with respect to the Mortgaged Property or any part thereof, from the exercise of
the right of eminent domain, either temporary or permanent (including any
transfer made in lieu of the exercise of said right) or for any changes to the
grades of streets or as a result of any other damage to the Mortgaged Property
or any part thereof;

               (d) TOGETHER WITH: all of the following property of Grantor: all
contractual and other rights of the Grantor under and pursuant to the Lease and
the Construction Lease, to the extent not otherwise included in the foregoing
clauses, including, without limitation, in the case of the Lease, (i) any and
all rights to succeed to the ownership of the Project (and any interests
therein), (ii) any and all rights of the Grantor to receive amounts or proceeds
in respect of the foreclosure sale or other exercise of remedies with respect to
the Project (and any interests therein), whether or not any option to purchase
the Project or such interest shall have been exercised, and any security
interests and liens on such amounts or proceeds, and (iii) any and all options
of the Grantor to purchase the DAHC's right, title and interest in and to the
Project, and including, without limiting the generality of the foregoing, all
rights granted to or held by the Grantor in Articles X, XI and XII of the Lease;

               (e) TOGETHER WITH: subject to the provisions of the Collateral
Agency Agreement, the Common Agreement and the Indenture and this Security Deed,
all right, title and interest of Grantor in and to all insurance or other
proceeds of, and any unearned premiums on, any insurance policies required to be
maintained by Grantor under the Indenture and/or the Lease, including, without
limitation, the right, subject to the terms of the Indenture and this Security
Deed, to receive and apply the proceeds of any insurance, judgments or
settlements made in lieu thereof;

               (f) TOGETHER WITH: subject to the terms of the Collateral Agency
Agreement, the Common Agreement and the Indenture, all right, title and interest
of Grantor in and to all "general intangibles", "accounts" and "proceeds",
together with the replacements and substitutes thereof and profits therefrom (as
such terms are defined in the Uniform Commercial Code (as hereinafter defined)),
with respect to which Grantee shall have, in addition to all rights and remedies
provided in ARTICLE V hereof, all of the rights and remedies of a "secured
party" under the Uniform Commercial Code other than any right, title and
interest of Grantor in and to any account created under the Indenture or the
Collateral Agency Agreement;

               (g) TOGETHER WITH: subject in all respects to the provisions of
ARTICLE IV hereof, all right, title and interest of Grantor in, to and under any
and all Real Property Leases (as hereinafter defined) now or hereafter entered
into, including without limitation, all right, title and interest of Grantor to
receive the rents, issues and profits of the Mortgaged Property thereunder,
including without limitation Project Revenues (as defined in the Common
Agreement) (collectively, "INCOME") together with all books and records which
contain payments made under the Real Property Leases;

               (h) TOGETHER WITH: all of Grantor's right, title and interest in
and to all plans and specifications prepared for construction or operation of
the Facility or other development of the Collateral (including all amendments,
modifications, supplements, general

                                       5
<PAGE>

conditions and addenda thereof or thereto) and all studies, data and drawings
(including without limitation architectural, engineering, mechanical and
electrical drawings) related thereto, and all contracts and agreements of
Grantor relating to the aforesaid plans and specifications or to the aforesaid
studies, data and drawings or to the construction or operation of the Facility;

               (i) TOGETHER WITH: to the extent permitted by Legal Requirements
(as hereinafter defined), all of Grantor's right, title and interest in and to
all present and future Permits (as hereinafter defined); PROVIDED, that any of
the Permits which by their terms or by operation of Law would become void,
voidable, terminable or revocable or would constitute a breach or default
thereunder if pledged or assigned hereunder or if a security interest therein
were granted hereunder are expressly excepted and excluded from the lien and
term of this Security Deed to the extent necessary to avoid such voidness,
voidability, terminability or revocability;

               (j) TOGETHER WITH: all of Grantor's right, title and interest in
and to all development, construction management and maintenance contracts,
including, but not limited to, (i) the Project Documents (as defined in the
Common Agreement), (ii) that certain Electric Substation Site Option Agreement
dated as of November 10, 1999 between Grantor and Tenaska with respect to up to
eight (8) acres of that certain real property identified and described as
"Parcel A-2" on EXHIBIT C annexed hereto and (iii) warranties, indemnities,
undertakings and guarantees of contractors, subcontractors, materialmen, vendors
and suppliers relating to the Facility;

               (k) TOGETHER WITH: to the extent permitted by applicable law, all
of Grantor's rights and remedies at any time arising under or pursuant to
Section 365(h) of the United States Bankruptcy Code, including, without
limitation, all of Grantor's rights to remain in possession of the Collateral;
and

               (l) TOGETHER WITH: all and singular the tenements, hereditaments
and appurtenances belonging to the Mortgaged Property or any part thereof hereby
mortgaged or intended so to be or in anywise appertaining thereto (including,
but not limited to, all income, rents and profits arising therefrom), all
streets, alleys, passages, ways, water courses, all other rights, liberties and
privileges of whatsoever kind or character, the reversions and remainders, and
all the estate, right, title, interest, property, possession, claim and demand
whatsoever, as well as at law and equity, of Grantor in and to all of the
foregoing or any or every part thereof.

        TO HAVE AND TO HOLD the Mortgaged Property and all parts, rights,
members and appurtenances thereof, to the use, benefit and behoof of Grantee,
and its successors and assigns, forever; and Grantor covenants that Grantor is
lawfully seized and possessed of the Mortgaged Property as aforesaid and has
good right to convey the same that the same is unencumbered except for those
matters expressly set forth in EXHIBIT G attached hereto and by this reference
made a part hereof, and that Grantor does warrant and will forever defend the
title thereto against the claims of all persons whomsoever, except as to those
matters set forth in said EXHIBIT G attached hereto. This conveyance is intended
to operate and is to be construed as a deed passing title to the Mortgaged
Property to Grantee and is made under those provisions of the existing laws of
the State of Georgia relating to deeds to secure debt, and not as a mortgage,
and is given to secure the Secured Obligations.

                                       6
<PAGE>

                                    ARTICLE I

                               CERTAIN DEFINITIONS

        Section 1.1. Capitalized terms not otherwise defined in this Security
Deed shall have the meaning given to such terms in the Common Agreement. For
purposes of this Security Deed, the following terms shall have the following
meanings, unless the context of this Security Deed requires otherwise:

               (a) "Adjusted Base Rate" means the interest rate which is the
higher of (x) the Federal Funds Rate plus .5% and (y) the Reference Rate.

               (b) "Additional Collateral" has the meaning provided in SECTION
5.1.

               (c) "Affected Property" has the meaning provided in SECTION 2.5.

               (d) "Business Day" means any day other than a Saturday, Sunday or
other day on which banks in New York, New York are authorized or required by law
or executive order to remain closed or a day on which the Corporate Trust Office
of the Trustee is closed for business.

               (e) "Collateral" has the meaning provided in the Granting
Clauses.

               (f) "Collateral Agency Agreement" has the meaning provided in the
Recitals.

               (g) "Deed" shall mean that certain Limited Warranty Deed between
Tenaska Georgia Partners, L.P., as grantor, to Development Authority of Heard
County, as grantee, dated as of November 10, 1999 and delivered to the
Recorder's Office for recording immediately prior to the recordation of the
Lease.

               (h) "Easement Facilities" means all pipes, valves, conduits,
pumps, lines, processors, transformers, works, facilities, equipment, devices,
buildings and improvements of every kind and nature located on or within any
Easement Premises.

               (i) "Easements" has the meaning provided in the Granting Clauses.

               (j) "Environmental Liabilities and Costs" means all liabilities,
obligations, losses, damages (whether actual, consequential or punitive), costs
and expenses (including, without limitation, all reasonable fees, disbursements
and expenses of counsel, experts and consultants), fines, penalties and
sanctions, whether based on or in contract, tort, implied or express warranty,
strict liability or criminal or civil statute (including, without limitation,
any of the foregoing arising under any Environmental Law, Permit, or order or
agreement with any Governmental Authority or other Person), and which relate to
any environmental, health or safety condition, or a Release or threatened
Release.

               (k) "Environmental Lien" means any lien in favor of any
Governmental Authority for Environmental Liabilities and Costs.

               (l) "Equipment" has the meaning provided in clause (n) below.

                                       7
<PAGE>

               (m) "Event of Default" means any of the events or circumstances
described as such in ARTICLE VI hereof.

               (n) "Facility" means (i) all buildings, structures and
improvements of every nature whatsoever presently or hereafter located, erected
or placed upon the Site or the Easement Premises comprising the Project and
leased by Lessor to Grantor pursuant to the terms of the Lease, and all
extensions, additions, improvements, betterments, renewals, substitutions and
replacements of or to any of the foregoing (collectively, the "Improvements")
and (ii) all machinery, appliances, apparatus, equipment, fittings, furniture,
fixtures, interior improvements, decorations, piping, conduits, chattels,
articles of personal property and other property of every kind and nature
whatsoever owned by Lessor and now or hereafter leased to Grantor pursuant to
the terms of the Lease, located on the Site, the Lay-down Site, the
Improvements, the Easement Premises or any appurtenances thereof, and used in
connection with the present or future operation and occupancy of the Project,
together with any and all extensions, additions, improvements, betterments,
renewals, substitutions and replacements to any of the foregoing, and all of the
right, title and interest of Grantor in and to any such personal property or
fixtures which, to the fullest extent permitted by law, shall be conclusively
deemed fixtures and a part of the real property encumbered hereby (collectively,
the "EQUIPMENT"; the Improvements and said Equipment being herein referred to,
collectively, as the "FACILITY");

               (o) "Federal Funds Rate" means, for any period, a fluctuating
interest rate PER ANNUM equal for each day during such period to the weighted
average of the rates on overnight federal funds transactions with members of the
Federal Reserve System arranged by federal funds brokers, as published for such
day (or, if such day is not a Business Day, for the next preceding Business Day)
by the Federal Reserve Bank of New York or, if such rate is not so published for
any day that is a Business Day, the average of the quotations for such day on
such transactions received by The Chase Manhattan Bank from federal funds
brokers of recognized standing selected by it.

               (p) "Grantee" means the Grantee herein named or, at any given
time, the holder or holders of this Security Deed, and its or their respective
heirs, executors, administrators, successors and assigns.

               (q) "Grantor" means the Grantor herein named, any subsequent
owner or owners of the Mortgaged Property, and its or their respective heirs,
executors, administrators, successors and permitted assigns.

               (r) "Impositions" means all duties, taxes, assessments, dues,
charges, fees, excises, levies, license and permit fees, impositions, water
rates, sewer rents and other charges, ordinary or extraordinary, whether
foreseen or unforeseen, of any kind whatsoever, (i) now or hereafter levied or
assessed or imposed against or upon or in respect of the Mortgaged Property, or
(ii) which now is or may be levied or assessed against the Income by virtue of
any present or future Legal Requirement, as well as all income taxes,
assessments and other governmental charges levied and imposed by any
Governmental Authority upon or against Grantor or in respect of the Mortgaged
Property or any part thereof, to the extent the same is in lieu of or in
substitution of the items described in clause (i). Taxes shall not include any
taxes imposed on

                                       8
<PAGE>

the net income, gross receipts or any franchise taxes of Grantee, except as
provided in the Indenture.

               (s) "Improvements" has the meaning provided in clause (n) above.

               (t) "Income" has the meaning provided in the Granting Clauses.

               (u) "Indemnitee" has the meaning provided in SECTION 2.11.

               (v) "Indenture" means the Indenture of Trust, dated as of
November 1, 1999 between Grantor and The Chase Manhattan Bank, as Trustee.

               (w) "Legal Requirement(s)" means all present and future laws,
ordinances, orders, judgments, rules, regulations and requirements of any
Governmental Authority or arbitrator applicable to the Grantor or the Mortgaged
Property, including, without limitation, Environmental Laws, the Employee
Retirement Income Security Act of 1974 (as amended from time to time), zoning
and subdivision laws and ordinances and building codes, restrictive covenants,
and development orders, which at any time are or may be applicable to the
Mortgaged Property or any part thereof, including, without limitation, the
Americans With Disabilities Act (42 U.S.C. ss.12101 ET SEQ.), as amended, and
the regulations promulgated thereunder.

               (x) "Mortgaged Property" has the meaning provided in the Granting
Clauses.

               (y) "Permit" means any permit, approval, authorization, license,
consent, variance or permission required from or by a Governmental Authority for
the use, operation, maintenance and restoration of the Mortgaged Property or any
part thereof in accordance with all Legal Requirements, including, without
limitation, a certificate of occupancy.

               (z) "Permitted Liens" has the meaning provided in the Common
Agreement.

               (aa) "Project Easements" means, collectively, the Tenaska Access
Easement and the Pipeline Easements.

               (bb) "Real Property Leases" means any lease, sublease, rental
agreement, occupancy agreement, license, franchise or concession agreement or
any other form of occupancy or use agreement, however denominated, written or
oral, affecting the Mortgaged Property, or any part thereof, including, without
limitation, the Project Documents now or hereafter entered into and all
modifications, amendments, renewals, extensions, replacements, guarantees and
other agreements affecting the same.

               (cc) "Reference Rate" means the variable rate of interest PER
ANNUM officially announced or published by The Chase Manhattan Bank from time to
time as its "reference rate," such rate being set by The Chase Manhattan Bank as
a general reference rate of interest, taking into account such factors as The
Chase Manhattan Bank may deem appropriate, it being understood that many of The
Chase Manhattan Bank's commercial or other loans are priced in relation to such
rate, that it is not necessarily the lowest or best rate actually charged to any
customer and that Grantor may make various commercial or other loans at rates of
interest having no relationship to such rate. Each change in the Reference Rate
shall be effective as of

                                       9
<PAGE>

the opening of business on the date announced as the effective date of the
change in such "reference rate."

               (dd) "Release" means any release, spill, emission, leaking,
pumping, injection, deposit, disposal, discharge, dispersal, leaching or
migration into the indoor or outdoor environment or into or out of any property,
including, without limitation, the movement of Hazardous Materials through or in
the air, soil, surface water, ground water or property or as may be otherwise
defined under Environmental Laws.

               (ee) "Remedial Action" means any and all actions required by any
Environmental Law or voluntarily undertaken to (i) clean up, remove, treat or in
any other way address Hazardous Materials in the indoor or outdoor environment,
(ii) prevent the Release or threatened Release or minimize the further Release
of Hazardous Materials so that they do not migrate or endanger or threaten to
endanger public health or welfare or the indoor or outdoor environment or (iii)
perform pre-remedial studies and investigations and post-remedial monitoring and
care.

               (ff) "Required Senior Parties" has the meaning provided in the
Common Agreement.

               (gg) "Secured Obligations" has the meaning provided in the
Granting Clauses.

               (hh) "Security Deed" means this document, as the same may be
amended, modified, supplemented, assigned by Grantee, extended, renewed,
restated and in effect from time to time.

               (ii) "Senior Parties" has the meaning provided in the Common
Agreement.

               (jj) "Site" has the meaning provided in the Granting Clauses.

               (kk) "State" means the State of Georgia.

               (ll) "Tenant(s)" means all of the parties to, and Persons
obligated to Grantor under, any Real Property Lease.

               (mm) "Trigger Event" has the meaning provided in the Common
Agreement.

               (nn) "Uniform Commercial Code" means the Uniform Commercial Code
as in effect from time to time in the State.

                                   ARTICLE II

                    REPRESENTATIONS, WARRANTIES AND COVENANTS
                                   OF GRANTOR

        Grantor represents and warrants to Grantee as follows:

                                       10
<PAGE>

        Section 2.1. PAYMENT AND PERFORMANCE OF SECURED OBLIGATIONS. The maximum
principal indebtedness secured by this Security Deed is Two Hundred Seventy-five
Million and 00/100 Dollars ($275,000,000.00), provided, however, that such
limitation shall not limit the security of this Security Deed with respect to
future advances. This Security Deed secures future advances. All future advances
under the Securities, this Security Deed, the Indenture and the other Financing
Documents shall have the same priority as if the future advance was made on the
date that this Security Deed was recorded. Grantor hereby acknowledges and
agrees that the Secured Obligations include, and that this Security Deed is
given to secure, advances that may be made by Grantee, the PPA LOC Provider, the
DSR LOC Provider and any other Senior Party to Grantor and obligations to
Grantee that may be incurred by Grantor after the execution of this Security
Deed ("FUTURE ADVANCES") and that this Security Deed shall secure all future
advances of every kind and whenever occurring, including, without limitation,
interest on the principal indebtedness, the payment of taxes, assessments,
maintenance charges, insurance premiums, costs incurred for the protection of
the Mortgaged Property and the lien of this Security Deed, expenses incurred by
the Grantee by reason of default by the Grantor, and advances made to enable
completion of the Improvements.

        Section 2.2. WARRANTY OF TITLE, ETC. Grantor represents and warrants
that:

        (a) (i) it is the sole and lawful owner of the Site Leasehold Estate,
(ii) it has a good and valid leasehold estate in and to the Site and the
Lay-down Site, (iii) it is lawfully possessed of the Easements, (iv) Grantor has
good and valid rights of access to the Site for the operation of the Facility,
(v) the Grantor is the sole and lawful owner of the Easement Facilities, (vi)
its Site Leasehold Estate and Construction Leasehold Estate and its interest in
the Facility and Easements are free and clear of all liens, charges and
encumbrances of every kind and character, other than the Permitted Liens, (vii)
it is not required to obtain the consent of any third-party which has not been
obtained prior to encumbering and conveying the Mortgaged Property as provided
herein, (viii) this Security Deed is and will remain a valid and enforceable
first lien on the Mortgaged Property, subject only to the Permitted Liens, (ix)
it has not previously assigned the Income or any of its other rights in and to
the Mortgaged Property, (x) there are no offsets or defenses to this Security
Deed or to the Secured Obligations, and (xi) that there are no unpaid claims of
mechanics, materialmen or contractors that may result in the entry of a lien on
the Mortgaged Property;

        (b) the Facility is or will be situated on the Site and certain of the
Easement Premises and the use thereof is or will be in full compliance in all
material respects with all Legal Requirements; and

        (c) the Grantor has all easements and rights necessary for Grantor's
construction and operation of the Facility in a manner which is consistent with
the Common Agreement, the Indenture and the Transaction Documents.

        Section 2.3. MORTGAGED PROPERTY IS FREE FROM DAMAGE. Grantor represents
and warrants that the Mortgaged Property is free from material damage caused by
fire, explosion, accident or any other casualty (whether or not covered by
insurance) and there are no condemnation or similar proceedings pending or, to
the best of Grantor's knowledge, threatened which affect the Mortgaged Property.

                                       11
<PAGE>

        Section 2.4. UTILITIES. Grantor represents and warrants that the
Facility is served by, or will be served by, and have, or will have, the benefit
of all utilities, services, facilities, easements and rights required for its
operation of the Facility in accordance with the Common Agreement, the Indenture
and the Transaction Documents.

        Section 2.5. ENVIRONMENTAL INDEMNIFICATION. (a) Grantor agrees to
defend, indemnify and hold harmless Grantee and its respective co-trustees and
affiliates, and the directors, officers, employees, consultants and advisers and
agents of any of the foregoing (each of the foregoing being an "INDEMNITEE")
from and against any and all claims, damages, liabilities, obligations, losses,
penalties, actions, judgments, suits, costs, disbursements and expenses of any
kind or nature (including, without limitation, reasonable fees and disbursements
of one firm of counsel to all such Indemnitees) which may be imposed on,
incurred by or asserted against any such Indemnitee in connection with or
arising out of any costs or liabilities incurred in connection with any matter
affecting the Affected Property (as defined below) pursuant to any Environmental
Law, or any Release or use, storage, treatment, transportation , disposal or
handling of any Hazardous Materials on, from, under or affecting all or any part
of the Affected Property, including, without limitation, (i) all Environmental
Liabilities and Costs arising from or connected with the Affected Property, (ii)
damages (whether actual, consequential or punitive) arising from any personal
injury (including wrongful death) or property damage (real or personal) alleged
to have resulted from any Release of Hazardous Materials on, upon or into all or
any part of the Affected Property, (iii) any costs and liabilities incurred in
connection with the investigation, removal, cleanup and/or remediation of any
Hazardous Material present upon all or any part of the Affected Property, (iv)
to the extent required by law, additional costs to treat or to take necessary
precautions to protect against the release or migration of Hazardous Materials
on, from, under or affecting the Mortgaged Property into the air, any body of
surface or subsurface water or any surrounding areas, and (v) any costs or
liabilities incurred in connection with any Environmental Lien (except, with
respect to any of the foregoing, to the extent the same results from the gross
negligence or willful misconduct of any Indemnitee) (the Mortgaged Property and
any surrounding areas to the extent affected by a Release from the Mortgaged
Property are hereinafter collectively referred to as the "AFFECTED PROPERTY").
The indemnity contained in this SECTION 2.5 shall not be limited, impaired or
terminated by (1) any extensions of time for performance under any of the
Financing Documents, (2) any sale or assignment of this Security Deed, (3) any
sale or transfer of all or any part of the Mortgaged Property, (4) any
foreclosure of this Security Deed or deed to the Mortgaged Property in lieu of
foreclosure, or exercise of any other remedies under this Security Deed, (5) the
satisfaction, release or termination of this Security Deed, (6) the release or
substitution in whole or in part of any other security for the Secured
Obligations or (7) Grantee's participating in the management of, or taking
possession of, or title to, the Mortgaged Property or any part thereof whether
by foreclosure or otherwise, to the extent any such matters set forth in this
SECTION 2.5(A) arose prior to Grantee's taking possession of, or title to, the
Mortgaged Property or any portion thereof.

               (b) Grantee agrees that, in the event any investigation,
litigation or proceeding alleging matters of the nature set forth in paragraph
(a) above is asserted or threatened in writing or instituted against it or any
other Indemnitee, or any remedial, removal or response action is requested of it
or any of its officers, directors, agents and employees, for which any
Indemnitee is entitled to an indemnity or defense hereunder, such Indemnitee
shall promptly notify Grantor in writing after obtaining any notice of the
foregoing, provided that a failure to so notify Grantor

                                       12
<PAGE>

in writing after obtaining any notice of the foregoing shall not relieve Grantor
of any liability hereunder unless such failure prejudices Grantor's ability to
defend against such action or proceeding or take other necessary or appropriate
action to remedial or mitigate the liability involved. Notwithstanding anything
to the contrary in this SECTION 2.5, if Grantor has actual knowledge of any of
the foregoing, independent of Indemnitee's notice, Grantor shall in no event be
relieved of any obligation under this SECTION 2.5. In the event that any
Indemnitee requests Grantor to defend against such investigation, litigation or
proceeding or requested remedial, removal or response action, Grantor shall
promptly do so, and such Indemnitee shall have the right to have legal counsel
of its choice participate in such defense. No action taken by legal counsel
chosen by such Indemnitee in defending against any such investigation,
litigation or proceeding or requested remedial, removal or response action shall
vitiate or in any way impair Grantor's obligation hereunder to otherwise
indemnify and hold harmless such Indemnitee.

               (c) Grantee shall give Grantor reasonable prior notice of any
settlement, compromise or similar disposition by Grantee of any investigation,
litigation or proceeding as to which Grantor has an obligation to defend and
Grantee will not settle, compromise or effect a similar disposition of any
matter unless such settlement, compromise or disposition (i) includes an
unconditional release of the Grantor from all liability relating thereto and
(ii) does not include a statement as to, or an admission of fault, culpability
or failure to act, by or on behalf of Grantor.

               (d) The obligations of Grantor under this SECTION 2.5 shall
survive the repayment and performance of the Secured Obligations and the
cancellation of this Security Deed.

        Section 2.6. TRANSFER OR ENCUMBRANCE OF THE MORTGAGED PROPERTY. Except
to the extent permitted the Common Agreement, no part of the Mortgaged Property
shall be terminated, sold, transferred, leased, assigned, licensed, disposed of
or conveyed or, except for Permitted Liens, further encumbered, mortgaged or
hypothecated, whether voluntarily or involuntarily, directly or indirectly, or
by operation of law or otherwise, without the prior written consent of Grantee
in each instance. To the extent any new real property or real property interest
(referred to herein as the "new property") is acquired by Grantor, Grantor shall
(i) execute and deliver a deed to secure debt in the form and substance of this
Security Deed and all other documents necessary to create a first lien on the
new property in favor of Grantee, (ii) deliver to Grantee title insurance
insuring the new deed to secure debt free and clear of all Liens other than
Permitted Liens, (iii) deliver to Grantee a survey of the new property prepared
by a registered land surveyor and complying with the minimum detail requirements
adopted by the American Land Title Association and the American Congress on
Surveying and Mapping, and (iv) deliver to Grantee an opinion of Grantor's
counsel, in customary form and substance and reasonably acceptable to Grantee.
All costs and expenses incurred by Grantor and Grantee by virtue of the
foregoing, including, but not limited to, title insurance premiums, recording
fees, mortgage and other taxes, survey costs and Grantee's attorneys' fees and
disbursements, shall be paid by Grantor on demand.

        Section 2.7. AFTER-ACQUIRED PROPERTY. All right, title and interest of
Grantor in and to all improvements, betterments, renewals, substitutes and
replacements of, and all additions, accessions and appurtenances to, the
Mortgaged Property hereafter acquired, constructed,

                                       13
<PAGE>

assembled or placed by the Grantor on the Site, the Facility, the Easement
Premises and the Easement Facilities, and all conversions of the security
constituted thereby, immediately upon such acquisition, construction, assembly,
placement or conversion, as the case may be, and in each such case without any
further mortgage, conveyance or assignment or other act of Grantor, shall become
subject to the lien of this Security Deed as fully and completely, and with the
same effect, as though now owned by Grantor and incorporated in the Granting
Clauses hereof.

        Section 2.8. FURTHER ASSURANCES. Grantor shall, at Grantor's sole cost
and expense, and at the request of Grantee, do, execute, acknowledge and deliver
all further acts, mortgages, assignments, notices of assignment, transfers and
assurances as Grantee shall from time to time reasonably require (i) for filing,
registering or recording this Security Deed and all UCC financing and
continuation statements delivered in connection with the Secured Obligations;
(ii) for better assuring, assigning, transferring and confirming unto Grantee
the Mortgaged Property or such property which Grantor may be or may hereafter
become bound to convey, mortgage or assign to Grantee, including, without
limitation, amendments and supplements to this Security Deed and UCC financing
and continuation statements, the filing or recordation of which are, in the
determination of Grantee, necessary or appropriate to create, perfect or
maintain the existence or perfected status of any security interest granted
pursuant to this Security Deed or any other Financing Document; and (iii) for
carrying out the intention or facilitating the performance of the terms of this
Security Deed or any other Financing Document. Grantee is hereby authorized to
file such UCC Financing Statements and Continuation Statements as it may deem
necessary or appropriate to evidence, maintain, perfect and continue the
security interest granted by this Security Deed without notice to or the
signature or consent of the Grantor.

        Section 2.9. LITIGATION. Grantor shall promptly furnish to Grantee
written notice of, and copies of any documents or papers requested by Grantee
relating to, any actions, suits or proceedings pending, or to the knowledge of
Grantor threatened, against and, which could have a Material Adverse Effect on
Grantor or all or any portion of the Mortgaged Property.

        Section 2.10. REPRESENTATIONS. All representations and warranties
contained in this ARTICLE II are made as of the date of this Security Deed.

                                   ARTICLE III

                                  CONDEMNATION

        Section 3.1. Grantor, immediately upon obtaining knowledge of the
institution of any proceedings for the condemnation of the Mortgaged Property or
any portion thereof, shall notify Grantee of the pendency of such proceedings.
Grantee, at its election and in its discretion, may participate in any such
proceedings and Grantor from time to time shall deliver to Grantee all
instruments requested by it to permit such participation. All awards from a
condemnation (or other taking or purchase in lieu thereof) of the Mortgaged
Property or any portion thereof shall be deposited and applied in accordance
with the Collateral Agency Agreement.

                                       14
<PAGE>

                                   ARTICLE IV

                               LEASES AND INCOME;
                         ASSIGNMENT AS FURTHER SECURITY

        Section 4.1. ASSIGNMENT, RIGHTS OF GRANTEE. Grantor hereby collaterally
assigns, transfers and sets over to Grantee, as further security for the Secured
Obligations, all of Grantor's right, title and interest in and to all Real
Property Leases and Income. The foregoing assignment shall be fully operative
and create, and is intended and shall be construed to create, an absolute
assignment for security purposes without any further action on the part of
either party. Grantee hereby gives Grantor a revocable license to collect the
Income and to retain, use and enjoy the same and to exercise the rights granted
herein. The license herein granted may be revoked by Grantee by written notice
to Grantor upon the occurrence and during the continuation of any Event of
Default.

        Section 4.2. GRANTOR'S RIGHTS AND REMEDIES. Upon the occurrence and
during the continuance of any Event of Default under this Security Deed or any
other Financing Document, Grantee shall have all the rights, remedies and
benefits granted to it under this Security Deed with respect to the Real
Property Leases and Income. If a Trigger Event shall have occurred and be
continuing and Grantee shall have received the written request from the Required
Senior Parties pursuant to Section 5.2(b) of the Collateral Agency Agreement,
and in addition to the right to collect, use and apply Income as more fully
described below, and whether or not a foreclosure has or shall have been
instituted, Grantee shall have the unqualified and absolute right to enter upon
and take possession of, and manage and operate, any part of or all of the
Mortgaged Property and to carry on the business and exercise the rights and
powers of Grantor with respect to the Mortgaged Property. If a Trigger Event
shall have occurred and be continuing and Grantee shall have received the
written request from the Required Senior Parties required pursuant to Section
5.2(b) of the Collateral Agency Agreement, Grantee shall also have the
unqualified and absolute right, whether or not Grantee takes possession of the
Mortgaged Property, to receive the Income and to use and apply the Income in
accordance with the terms of the Collateral Agency Agreement provided that
Grantee shall first have the right to apply the Income to (i) the operation and
maintenance of the Mortgaged Property and (ii) the payment of the Secured
Obligations until the same have been repaid in full. Grantee shall not, if in
fact it chooses to exercise any or all of the rights given to Grantee pursuant
to this ARTICLE 4 (collectively, the "Rights"), be liable to Grantor for any act
done or anything omitted to be done by it in good faith in connection with the
management or operation of the Mortgaged Property, except for the consequences
of its own gross negligence or willful misconduct.

        Section 4.3. POWER OF ATTORNEY. Grantor hereby irrevocably constitutes
and appoints Grantee (acting itself or by its agents, servants or attorneys, or
by such officers or agents as it may appoint, or by a court-appointed receiver)
its true and lawful attorney and agent, coupled with an interest, to undertake
and execute, if a Trigger Event shall have occurred and be continuing and
Grantee shall have received the written request from the Required Senior Parties
pursuant to Section 5.2(b) of the Collateral Agency Agreement, any or all of the
Rights with the same force and effect as if undertaken or executed by Grantor.

                                       15
<PAGE>

        Section 4.4. UNTIL AND UNLESS LICENSE REVOKED. Until and unless the
license granted in SECTION 4.1 is so revoked, Grantor agrees to collect and
receive the Income and to apply the Income in accordance with the Collateral
Agency Agreement or otherwise to the payment of the Secured Obligations, and all
expenses that Grantor may be authorized to make under this Security Deed or the
other Financing Documents. In no event shall the execution and delivery of this
Security Deed or the exercise by Grantee (if Grantee so chooses) of any of the
Rights, release Grantor from any of its obligations under any of the Real
Property Leases or be deemed to be a waiver by Grantee or its successors and
assigns of the right to enforce the Secured Obligations in strict accordance
with the terms of this Security Deed or the other Financing Documents.

        Section 4.5. NO FURTHER ASSIGNMENT. Grantor covenants that so long as
any of the Secured Obligations shall remain unpaid, Grantor will make no
assignment, pledge or other disposition of, nor encumber, any of the Real
Property Leases or the Income except as permitted under the terms of the Common
Agreement and the Collateral Agency Agreement.

        Section 4.6. NOTICE TO TENANTS. Grantor, for the benefit of Grantee and
each Tenant, hereby covenants and agrees that a notice in writing by Grantee to
Tenants advising them that Grantor has suffered an Event of Default hereunder
and requesting that all future payments of rent, additional rent or other
charges under the Real Property Leases be made to Grantee (or its agent) or to
accept performance by Grantee of Grantor's obligations under the Real Property
Leases, as the case may be, shall be construed as conclusive authority to such
Tenants that such payments are to be made to Grantee (or its agent) or such
performance is to be accepted from Grantee (or its agent). Such Tenants shall be
fully released and protected by Grantor in making such payments to or accepting
such performance from Grantee (or its agent); and Grantor hereby waives any
claims against such Tenants and irrevocably constitutes and appoints Grantee the
attorney-in-fact and agent of Grantor, coupled with an interest, for the purpose
of endorsing the consent of Grantor on any such notice.

        Section 4.7. ATTORNMENT BY TENANTS. In the event that Grantee or its
designee acquires the Mortgaged Property pursuant to exercise of power of sale
or foreclosure, or pursuant to a deed in lieu of foreclosure, each party under a
Real Property Lease shall, at the option of Grantee, attorn to any Person in the
place of Grantor under the applicable Real Property Lease without change in the
terms or other provisions thereof. To the extent permitted by applicable Legal
Requirements, such Person shall not be (i) liable for any act or omission of any
Person preceding such Person under such Real Property Lease (including Grantor),
(ii) subject to any offsets or defenses against any Person preceding such Person
(including Grantor), or (iii) bound by (a) any payment of rent or additional
rent made more than one month in advance of its due date, (b) any obligation to
make any payment to, or to undertake or complete any construction for, such
Tenant, or (c) any amendment or modification of any such Real Property Lease
made without Grantee's consent and which, pursuant to the Financing Documents,
required Grantee's consent. Each party to a Real Property Lease shall, upon
request of Grantee or such Person, execute and deliver instruments confirming
such attornment, but Grantor shall have no liability if such party fails to do
so.

                                       16
<PAGE>

                                    ARTICLE V

                               SECURITY AGREEMENT

        Section 5.1. THIS SECURITY DEED A SECURITY AGREEMENT; FILINGS. This
Security Deed constitutes both a deed to secure debt and a "security agreement"
within the meaning of the Uniform Commercial Code. Grantor (as Debtor) hereby
grants to Grantee (as Creditor and Secured Party) a security interest in all of
Grantor's right, title and interest in and to (i) so much of the Equipment or
any other part of the Mortgaged Property as is considered or as shall be
determined to be personal property or "fixtures" (as defined in the Uniform
Commercial Code) and not real estate, together with all replacements thereof,
substitutions therefor or additions thereto, and (ii) all general intangibles
and accounts in any way relating to the Mortgaged Property (said Equipment,
personal property, fixtures, general intangibles and accounts being sometimes
hereinafter referred to as the "ADDITIONAL COLLATERAL"), subject only to
Permitted Liens, Grantor and Grantee acknowledge and agree that all references
in this Security Deed to Collateral shall include, but shall not be limited to,
the Additional Collateral. Grantor shall execute any and all such documents,
including without limitation financing statements pursuant to the Uniform
Commercial Code ("FINANCING STATEMENTS"), as Grantee may reasonably request, to
preserve and maintain the priority of the lien created hereby on property which
may constitute or be deemed to be Additional Collateral, and shall pay to
Grantee on demand any reasonable expenses incurred by Grantee in connection with
the preparation, execution and filing of any such documents. Grantor shall, at
its sole cost and expense, execute and file all Financing Statements and
refilings and continuations of filings previously executed by Grantor as Grantee
reasonably deems necessary or advisable to create, preserve and protect said
lien; and Grantor hereby authorizes and empowers Grantee as its attorney-in-fact
to execute any such Financing Statements or filings, on Grantee's behalf, if
Grantor should fail to do so. The foregoing power of attorney is irrevocable and
is coupled with an interest.

        Section 5.2. RIGHT TO PROCEED AGAINST ADDITIONAL COLLATERAL UPON THE
OCCURRENCE OF AND DURING CONTINUATION OF EVENT OF DEFAULT. If a Trigger Event
shall have occurred and be continuing and Grantee shall have received the
written request from the Required Senior Parties pursuant to SECTION 5.2(B) of
the Collateral Agency Agreement, in addition to any other rights and remedies
which it may have, Grantee shall have and may exercise immediately and without
demand, any and all rights and remedies granted to a secured party upon default
under the Uniform Commercial Code, including, without limiting the generality of
the foregoing, the right to take possession of the Additional Collateral or any
part thereof and sell the same at one or more public or private sales, and to
take such other measures as Grantee may deem necessary for the care, protection
and preservation of the Additional Collateral. The parties agree that, in the
event Grantee shall elect to proceed with respect to the Additional Collateral
separately from the other Mortgaged Property unless a greater period shall then
be mandated by the Uniform Commercial Code, ten (10) days' notice of the sale of
the Additional Collateral shall be reasonable notice. Grantee's reasonable
expenses of retaking, holding, preparing for sale, selling and the like,
including, but not limited to, reasonable, actual attorneys' fees and other
legal expenses, shall be assessed against Grantor, added to the Secured
Obligations and secured by the lien of this Security Deed. Grantor agrees that
it will not remove or permit to be removed from the Mortgaged Property any of
the Additional Collateral without the prior written consent of Grantee except as
hereinabove provided or as permitted by the Common Agreement. The

                                       17
<PAGE>

proceeds of any disposition of the Additional Collateral, or any part thereof,
shall be applied by Grantee in accordance with the terms of the Collateral
Agency Agreement.

        Section 5.3. REPLACEMENTS, ETC. All replacements, renewals, accessions,
attachments and additions to the Additional Collateral shall be and become
immediately subject to the security interest of this Security Deed and the
provisions of this ARTICLE V. Grantor warrants and represents that the
Additional Collateral now is, and covenants to ensure that all replacements
thereof, substitutions therefor or additions thereto will be, free and clear of
liens, encumbrances or security interests of others except Permitted Liens.

                                   ARTICLE VI

                                    DEFAULTS

        Section 6.1. The term "EVENT OF DEFAULT", as used in this Security Deed,
shall mean the occurrence of and continuation of a Trigger Event.

                                   ARTICLE VII

                                    REMEDIES

        Section 7.1. GRANTEE'S POWER OF ENFORCEMENT. If a Trigger Event shall
have occurred and be continuing and Grantee shall have received the written
request from the Required Senior Parties required pursuant to SECTION 5.2(B) of
the Collateral Agency Agreement, Grantee may and in accordance with the
procedures prescribed, and to the extent permitted, by applicable law, either
with or without entry or taking possession as hereinabove provided or otherwise,
and without regard to whether or not the Secured Obligations shall be due and
without prejudice to any other right of Grantee, proceed by any appropriate
action or proceeding: (i) to institute proceedings for the complete or partial
foreclosure of this Security Deed and to sell, at one or more sales as an
entirety or in separate lots or parcels, the Mortgaged Property, as hereinafter
provided or pursuant to law, (ii) to sell for cash or upon credit the Mortgaged
Property or any part thereof and all estate, claim, demand, right, title and
interest of Grantor therein and rights of redemption thereof, at one (1) or more
sales, in its entirety or in portions, at such time and place, upon such terms
and after such notice thereof as may be required or permitted by law or in the
absence of any such requirements, as Grantee (acting in accordance with an
opinion of counsel upon which Grantee may conclusively rely) may deem
appropriate, and in the foreclosure sale, of less than all of the Mortgaged
Property, this Security Deed shall continue as a lien on the remaining portion
of the Mortgaged Property, (iii) to split this Security Deed into two (2) or
more deeds to secure debt and to institute proceedings for the complete or
partial foreclosure of any one or more of such deeds to secure debt, with such
unforeclosed deeds to secure debt remaining a lien on the Mortgaged Property and
to sell, at one or more sales as an entirety or in separate lots or parcels, the
Mortgaged Property, as hereinafter provided or pursuant to law, subject to such
deeds to secure debt which were not foreclosed, (iv) to cumulatively pursue any
other remedy now or hereafter available to it in equity, at law, by virtue of
statute or otherwise, (v) to exercise in respect of any part or parts of the
Additional Collateral, all of the rights and remedies available to a secured
party upon default under the applicable provisions of the

                                       18
<PAGE>

Uniform Commercial Code in effect in the State, and (vi) to enforce any and all
remedies of the Grantor under the Project Contracts.

        Section 7.2. ENTRY; RECEIVERSHIP. If a Trigger Event shall have occurred
and be continuing and Grantee shall have received the written request from the
Required Senior Parties pursuant to SECTION 5.2(B) of the Collateral Agency
Agreement, Grantee may and in accordance with the procedures prescribed, and to
the extent permitted, by applicable law, either with or without entry or taking
possession as hereinabove provided or otherwise, and without regard to whether
or not the Secured Obligations shall be due and without prejudice to any other
right of Grantee, proceed by any appropriate action or proceeding to enter into
possession of the Mortgaged Property, with or without legal action, and by
force, if necessary, lease the same and collect all rents and profits therefrom
and, after deducting all costs of collection and administration expense, apply
the net rents and profits to the payment of taxes, water and sewer rents,
charges and claims, insurance premiums, assessments and all other carrying
charges (including, without limitation, agents' compensation and fees and costs
of counsel and receivers) and to the maintenance, repair or restoration of the
Mortgaged Property, or on account and in reduction of the principal or interest,
or principal and interest, hereby secured, in such order and amounts as Grantee,
in Grantee's sole discretion, may elect and have a receiver appointed to enter
into possession of the Mortgaged Property, collect the rents and profits
therefrom, and apply the same as provided for herein. Grantee shall be liable to
account only for rents and profits actually received. Notwithstanding the
foregoing, if a Trigger Event shall have occurred and be continuing and Grantee
shall have received the written request from the Required Senior Parties
required pursuant to SECTION 5.2(B) of the Collateral Agency Agreement, and in
the event of threatened waste to any part of the Mortgaged Property (but not
actual waste), Grantee shall provide notice to Grantor of its intention to
appoint a receiver and shall permit Grantor a reasonable period of time to
eliminate the threatened waste prior to the appointment of a receiver.

        Section 7.3. FORECLOSURE BY POWER OF SALE. If a Trigger Event shall have
occurred and be continuing and Grantee shall have received the written request
from the Required Senior Parties required pursuant to SECTION 5.2(B) of the
Collateral Agency Agreement, Grantee may, with or without taking possession,
sell the Mortgaged Property as a whole, or any parcel thereof separately, at
public sale or sales, before the court house doors in the county in which the
Mortgaged Property or any part thereof is situated, to the highest bidder for
cash, first giving notice of the time, place and terms of such sale or sales by
advertising once a week for the four consecutive weeks immediately preceding
such sale (but without regard to the number of days intervening between the date
of publication of the first advertisement and the date of sale) in the newspaper
published in such county, or in the paper in which the Sheriff of the County
wherein the Mortgaged Property, or any part thereof, lies, publishes his
advertisements, all other notice being hereby waived by Grantor. This power
shall not be exhausted until the Secured Obligations have been satisfied, and
one or more sales may be held hereunder. The Grantee, its agents,
representatives, successors or assigns may bid and purchase at any sale and
shall be entitled to apply all or a part of the Secured Obligations secured by
this Security Deed as a credit against the purchase price; and may execute and
deliver to the purchaser or purchasers at any sale a sufficient conveyance of
the Mortgaged Property sold in fee simple or such other estate, if any, as
stated hereinbefore, with full warranties of title, Grantor hereby constitutes
and appoints Grantee, or any agent or attorney of Grantee, the agent and
attorney-in-fact of Grantor to make

                                       19
<PAGE>

such sale and conveyance, which conveyance shall be effectual to bar all equity
of redemption, homestead, dower and all other exemptions of Grantor (all of
which are hereby expressly waived) and shall thereby divest the Grantor of all
right, title or equity that Grantor may have in and to the Mortgaged Property
and shall vest the same in the purchaser or purchasers at such sale or sales.
Grantee shall collect the proceeds of such sale, and after reserving therefrom
the entire debt secured hereby (and reasonable attorneys' fees) and all costs
and expenses of such sale, shall pay any surplus to Grantor, or such other party
entitled to the surplus, all as provided by applicable Legal Requirements. The
aforesaid power of sale and agency hereby granted are coupled with an interest
and are irrevocable by death or dissolution, or otherwise, and are in addition
to any and all other remedies that Grantor may have hereunder, at law or in
equity. All of the acts and doings of said attorney-in-fact are hereby ratified
and confirmed, and any recitals in said conveyance as to the facts essential to
a valid sale shall be binding upon Grantor.

        Section 7.4. WAIVER OF GRANTOR'S RIGHTS. BY EXECUTION OF THIS SECURITY
DEED AND BY INITIALING THIS SECTION 7.4, GRANTOR EXPRESSLY ACKNOWLEDGES THE
RIGHT TO ACCELERATE THE INDEBTEDNESS AND THE POWER OF ATTORNEY GIVEN HEREIN TO
GRANTEE TO SELL THE MORTGAGED PROPERTY IN ACCORDANCE WITH THE PROVISIONS HEREOF
BY NON-JUDICIAL. FORECLOSURE UPON THE OCCURRENCE OF AN EVENT OF DEFAULT WITHOUT
ANY JUDICIAL HEARING AND WITHOUT ANY NOTICE. GRANTOR HEREBY EXPRESSLY WAIVES ANY
RIGHT GRANTOR MAY HAVE UNDER THE CONSTITUTION OF THE STATE OF GEORGIA OR THE
CONSTITUTION OF THE UNITED STATES OF AMERICA TO NOTICE OR TO A JUDICIAL HEARING
PRIOR TO THE EXERCISE OF ANY RIGHT OR REMEDY PROVIDED BY THIS SECURITY DEED TO
GRANTEE AND GRANTOR WAIVES THE RIGHTS, IF ANY, TO SET ASIDE OR INVALIDATE ANY
SALE DULY CONSUMMATED IN ACCORDANCE WITH THE PROVISIONS OF THIS SECURITY DEED ON
THE GROUND (IF SUCH BE THE CASE) THAT THE SALE WAS CONSUMMATED WITHOUT A PRIOR
JUDICIAL HEARING. ALL WAIVERS BY GRANTOR IN THIS PARAGRAPH HAVE BEEN MADE
VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY, AFTER GRANTOR HAS BEEN FIRST INFORMED
BY COUNSEL OF GRANTOR'S OWN CHOOSING AS TO POSSIBLE ALTERNATIVE RIGHTS, AND HAVE
BEEN MADE AS AN INTENTIONAL RELINQUISHMENT AND ABANDONMENT OF A KNOWN RIGHT AND
PRIVILEGE.

                          GRANTOR'S INITIALS:  /S/ MFL

        Section 7.5. GRANTEE'S RIGHT TO ENTER, TO OPERATE MORTGAGED PROPERTY AND
APPLY INCOME.

        (a) If a Trigger Event shall have occurred and be continuing and Grantee
shall have received the written request from the Required Senior Parties
required pursuant to SECTION 5.2(B) of the Collateral Agency Agreement, Grantor
upon demand of Grantee, shall forthwith surrender to Grantee the actual
possession of the Mortgaged Property, and if and to the extent permitted by law,
Grantee itself, or by such officers or agents as it may appoint, or by a
court-appointed receiver, may, without assuming liability for the performance of
any obligations of Grantor, enter and take possession of all the Mortgaged
Property and may exclude Grantor

                                       20
<PAGE>

and its agents and employees wholly therefrom and have unencumbered access to
the books, papers and accounts of Grantor.

               (b) If a Trigger Event shall have occurred and be continuing and
Grantee shall have received the written request from the Required Senior Parties
required pursuant to SECTION 5.2(B) of the Collateral Agency Agreement, and if
Grantor shall for any reason fail to surrender or deliver the Mortgaged Property
or any part thereof after Grantee's demand therefor, Grantee may seek to obtain
a writ, judgment or decree conferring on Grantee the right to immediate
possession or requiring Grantor to deliver immediate possession of all or any
part of the Mortgaged Property to Grantee. Grantor shall pay to Grantee, upon
demand, all reasonable costs and expenses of obtaining such judgment or decree
and reasonable compensation to Grantee, its attorneys and agents, and all such
costs, expenses and compensation shall, until paid, be Secured Obligations
secured by the lien of this Security Deed.

               (c) Upon every such entry upon or taking of possession, Grantee
shall have the right, at the expense of Grantor, to operate, manage and control
the Mortgaged Property and to carry on the business thereof in the name of
Grantor or otherwise as Grantee shall deem best and otherwise to exercise all or
any of the Rights described in ARTICLE IV, as it shall deem best, and to make
all such repairs, replacements, alterations, additions or improvements to the
Mortgaged Property or any part thereof as Grantee may deem proper.

        Section 7.6. LEASES. Grantee is authorized to foreclose this Security
Deed in accordance with the terms of this Security Deed subject or not subject,
as Grantee may elect, to the rights of any Tenants and the election to not
foreclose subject to any such Tenants and to foreclose their rights will not be,
nor be asserted by Grantor to be, a defense to any proceedings instituted by
Grantee to collect the sums secured hereby or to collect any deficiency
remaining unpaid after the foreclosure sale of the Mortgaged Property.

        Section 7.7. FORECLOSURE; PROCEEDS OF SALE. At any foreclosure sale,
Grantee may bid for and acquire the Mortgaged Property or any part thereof (and
in lieu of paying cash therefor may make settlement for the purchase price by
crediting against the Secured Obligations then outstanding the net sales price
after deducting therefrom the expenses of the sale and the costs of the auction
and any other sums which Grantee is authorized to deduct under this Security
Deed) and, upon compliance with the terms of sale, may hold, retain and possess
and dispose of such property in its own absolute right without further
accountability. The proceeds of such sale shall be applied in accordance with
the Collateral Agency Agreement.

        Section 7.8. WAIVER OF APPRAISEMENT, VALUATION, STAY, EXTENSION AND
REDEMPTION LAWS. Grantor agrees, to the fullest extent that it may lawfully do
so, that in the event of any Event of Default on its part hereunder, neither
Grantor nor anyone claiming through or under Grantor shall or will claim, insist
upon or plead or in any way take advantage of, and hereby waives, any
appraisement, valuation, stay, marshalling of assets, extension, homestead or
similar exemption, redemption or moratorium law now or hereafter in force and
effect.

        Section 7.9. RECEIVER. If a Trigger Event shall have occurred and be
continuing and Grantee shall have received the written request from the Required
Senior Parties required

                                       21
<PAGE>

pursuant to SECTION 5.2(B) of the Collateral Agency Agreement, Grantee, without
regard to the value or adequacy of any security for the Secured Obligations and
without regard for the solvency of the Grantor, shall be entitled as a matter of
right if it so elects, without notice to Grantor except as provided below, to
the appointment of a receiver to enter upon and take possession of the Mortgaged
Property and to collect all Income and apply the same in accordance with the
Indenture and this Security Deed. Grantor agrees to, and does consent to, the
appointment of a receiver in the circumstance described in the preceding
sentence. Notwithstanding the foregoing, if a Trigger Event shall have occurred
and be continuing and Grantee shall have received the written request from the
Required Senior Parties required pursuant to SECTION 5.2(B) of the Collateral
Agency Agreement, and in the event of threatened waste to any part of the
Mortgaged Property (but not actual waste),Grantee shall provide notice to
Grantor of its intention to appoint a receiver and shall permit Grantor a
reasonable period of time to eliminate the threatened waste prior to the
appointment of a receiver. The expenses, including receiver's fees, reasonable
attorneys' fees, costs and agent's compensation, incurred pursuant to the powers
herein contained shall be Secured Obligations secured by the lien of this
Security Deed. The right to enter and take possession of and to operate, manage
and control the Mortgaged Property and to collect all Income, whether by a
receiver or otherwise, shall be cumulative of any other right or remedy
hereunder or afforded by law and may be exercised concurrently therewith or
independently thereof. Grantee shall be liable to account only for such Income
as is actually received by Grantee, whether received pursuant to this SECTION
7.9, SECTION 7.2 or SECTION 7.3 hereof.

        Section 7.10. LEGAL EXPENSES OF GRANTEE. Grantor shall pay to Grantee,
on demand, all costs, charges and expenses (including reasonable attorneys' fees
and disbursements) actually incurred or paid at any time by Grantee (i) because
of the failure of Grantor to pay, perform or observe any of the Secured
Obligations or (ii) in any litigation to prosecute or defend the title, rights
and lien created by this Security Deed (including an action to foreclose this
Security Deed or otherwise enforce Grantee's remedies hereunder), together with
interest on each such payment made by Grantee at the Adjusted Base Rate plus
three percent (3%) from the date each such payment is made and, to the extent
permitted by law, all such sums and the interest thereon shall be Secured
Obligations secured by the lien of this Security Deed.

        Section 7.11. DELAY OR OMISSION. No delay or omission of Grantee in
exercising any right, power or remedy accruing upon any Event of Default shall
exhaust or impair any such right, power or remedy or shall be construed to waive
any such Event of Default or to constitute acquiescence therein. Every right,
power and remedy given to Grantee may be exercised from time to time and as
often as may be deemed expedient by Grantee.

        Section 7.12. NO WAIVER OF ONE DEFAULT TO AFFECT ANOTHER. No waiver of
any Event of Default hereunder shall extend to or affect any subsequent or any
other Event of Default then existing, or impair any rights, powers or remedies
consequent thereon.

        Section 7.13. NO MERGER. It is the intention of the parties hereto that
if Grantee shall at any time hereafter acquire title to all or any portion of
the Mortgaged Property, then, and until the Secured Obligations have been paid
and performed in full, the interest of Grantee under this Security Deed shall
not merge or become merged in or with the estate and interest of Grantee as the
holder and owner of title to the Mortgaged Property or any part thereof and
that, until such

                                       22
<PAGE>

payment in full, the estate of Grantee in the Mortgaged Property and the
interest of Grantee under this Mortgage shall be deemed separate and apart and
shall continue in full force and effect to the same extent as if Grantee had not
acquired title to the Mortgaged Property or any part thereof.

        Section 7.14. GRANTEE'S RIGHTS TO PERFORM GRANTOR'S COVENANTS. If a
Trigger Event shall have occurred and be continuing and Grantee shall have
received the written request from the Required Senior Parties required pursuant
to SECTION 5.2(B) of the Collateral Agency Agreement, then, without limiting any
other provision of this Security Deed, and without waiving or releasing Grantor
from any Secured Obligation or default hereunder, Grantee (or any receiver of
the Mortgaged Property) may (but shall not be obligated to), in order to
preserve its interest in the Mortgaged Property, and upon not less than two (2)
days' prior written notice to Grantor, except in case of an emergency, make any
such payment or perform any other act or take any appropriate action (including,
without limitation, entry on the Mortgaged Property and performance of work
thereat) as Grantee, in its reasonable discretion, may deem necessary, and all
payments made and costs and expenses incurred or paid by Grantee in correction
therewith shall become due and payable immediately. The amounts so incurred or
paid by Grantee, together with interest thereon at the Adjusted Base Rate plus
three percent (3%) from the date incurred until paid by Grantor, shall be added
to the Secured Obligations and secured by the lien of this Security Deed.
Grantee is hereby empowered to enter and to authorize others to enter upon the
Mortgaged Property or any part thereof for the purpose of performing or
observing any such defaulted covenant, condition or term, without thereby
becoming liable to Grantor or any person in possession holding under Grantor.

        Section 7.15. GRANTEE'S RIGHT TO SPECIFIC PERFORMANCE. If a Trigger
Event shall have occurred and be continuing and Grantee shall have received the
written request from the Required Senior Parties required pursuant to SECTION
5.2(B) of the Collateral Agency Agreement, then, without limiting any other
provisions of this Security Deed, and without waiving or releasing Grantor from
any Secured Obligations or default hereunder, Grantee may (but shall not be
obligated to), in order to protect its interest in the Mortgaged Property,
commence an action for specific performance to cause Grantor to comply with any
of the covenants contained in this Security or any other Financing Document.

        Section 7.16. REMEDIES CUMULATIVE. No right, power or remedy conferred
upon or reserved to Grantee by this Security Deed is exclusive of any other
right, power or remedy, but each and every such right, power and remedy shall be
cumulative and concurrent and shall be in addition to any other right, power and
remedy given hereunder, or now or hereafter existing at law, in equity or by
statute.

        Section 7.17. RIGHT TO RELEASE.

        (a) Grantee at all times shall have the right to release any part of the
Mortgaged Property now or hereafter covered by this instrument or any other
security Grantee now has or may hereafter have securing payment of all or any
part of the Secured Obligations, without releasing any other part of the
Mortgaged Property or other security, without impairing the Secured Obligations
or any rights to any deficiency, and without affecting the lien,

                                       23
<PAGE>

assignment of rents and security interest of this instrument as to the part or
parts thereof not so released.

               (b) In the event that Grantor elects to exercise the rights
granted to it pursuant to Section 5.2(e)(ii) of the Common Agreement to sell,
transfer, assign, hypothecate, pledge, lease sublease or otherwise dispose of
(in one transaction or in a series of transactions) any of the Mortgaged
Property, including without limitation, any portion of the Mortgaged Property
which is subject to the Electric Interconnection Agreement (as defined in the
Common Agreement), Grantee shall release such portion of the Mortgaged Property.

                                  ARTICLE VIII

                        PROVISIONS OF GENERAL APPLICATION

        Section 8.1. MODIFICATIONS. No change, amendment, modification,
cancellation or discharge of this Security Deed, or any part hereof, shall be
valid unless in writing, dated and signed by the party against whom enforcement
of such change, amendment, modification, cancellation or discharge is sought.

        Section 8.2. JUDICIAL PROCEEDINGS; WAIVER OF JURY TRIAL. Any judicial
proceeding brought against any party with respect to this Security Deed shall be
brought in any court of competent jurisdiction in Heard County, Georgia and, by
execution and delivery of this Security Deed, each party (i) accepts, generally
and unconditionally, the nonexclusive jurisdiction of such courts and any
related appellate court and irrevocably agrees to be bound by any judgment
rendered thereby in connection with any such claim and (ii) irrevocably waives,
to the greatest extent permitted by applicable law, any objection it may now or
hereafter have as to the venue of any such proceeding brought in such a court or
that such a court is an inconvenient forum. Nothing herein shall affect the
right of Grantor or Grantee to serve process in any other manner permitted by
law or shall limit the right of Grantor or Grantee in the courts of any other
jurisdiction.

        Section 8.3. SATURDAY, SUNDAY OR NON-BUSINESS DAY. If the date for the
performance of any term, provision or condition (monetary or otherwise) under
the Financing Documents or this Security Deed shall happen to fall on a
Saturday, Sunday or non-Business Day, the date for the performance of such term,
provision or condition shall be extended to the next succeeding Business Day
immediately thereafter occurring, with interest at the rate provided in the
respective Financing Document on the outstanding principal balance to such next
succeeding Business Day if such term, provision or condition shall result in the
extension of any monetary payment due to Grantee.

        Section 8.4. USE OF THE WORD "HEREIN". The words "herein," "hereof,"
"hereinafter," "hereunder" and other words of similar import refer to this
Security Deed as a whole and not to any particular Article, Section, subsection
or other subdivision of this Security Deed unless specifically noted otherwise
in this Security Deed.

                                       24
<PAGE>

        Section 8.5. MONIES. All references to monies in this Security, the
Indenture or any of the Financing Documents, or the equivalent thereof, shall be
deemed to mean lawful monies of the United States of America.

        Section 8.6. NO PARTNERSHIP OR JOINT VENTURE. Nothing herein, nor the
acts of the parties hereto, shall be deemed or construed to create a partnership
or joint venture between Grantor and Grantee.

        Section 8.7. STAMP OR OTHER TAX. Should any stamp tax, intangible tax,
recording tax or other tax (excluding income, franchise, gross receipts or
similar taxes with respect to Grantee) now or hereafter become payable with
respect to this Security Deed, or their execution or delivery, Grantor will pay
the same prior to the due date thereof and hold Grantee harmless from all costs
arising from same (including, without limitation, costs arising from Grantor's
failure to timely pay same).

        Section 8.8. ASSIGNMENT OF FINANCING DOCUMENTS: COVENANTS RUN WITH LAND.
The covenants, terms, conditions and agreements contained in this Security Deed
shall run with the land and bind Grantor, the heirs, executors, administrators,
principals, legal representatives, successors and assigns of Grantor and each
person constituting Grantor and all subsequent owners, encumbrances and Tenants
of the Mortgaged Property, or any part thereof, and shall inure to the benefit
of Grantee its successors and assigns and all subsequent beneficial owners of
this Security Deed.

        Section 8.9. RIGHTS OF THIRD-PARTIES. Grantee makes no representations
and assumes no obligations concerning the quality of the construction of the
Mortgaged Property or the absence therefrom of any defects. In this regard,
Grantor agrees to and shall indemnify Grantee from any liability, claim or
losses resulting from the condition of the Mortgaged Property, whether related
to the quality of construction or otherwise and whether arising during or after
the term of the Collateral Agency Agreement. This paragraph shall survive the
payment and performance of the Secured Obligations and shall continue in full
force and effect so long as the possibility of any liability, claim or loss
exists.

        Section 8.10. NO AGENCY. Grantee is not the agent or representative of
Grantor, and Grantor is not the agent or representative of Grantee, and nothing
in this Mortgage shall be construed to make Grantee liable to anyone for goods
delivered or services performed by them upon the Mortgaged Property or for debts
or claims accruing to them against Grantor. Nothing herein shall be construed to
create a contractual relationship between Grantee and anyone supplying labor or
materials to the Mortgaged Property.

        Section 8.11. CONFLICTS AND INCONSISTENCIES/EFFECT OF COLLATERAL AGENCY
AGREEMENT.

        In the event of a conflict between any provision of the Collateral
Agency Agreement and this Mortgage, the Collateral Agency Agreement shall
control, except that this Security Deed shall control with respect to (i) the
conveyance of security title and the imposition of the lien hereof, (ii) the
governing law applicable to this Security Deed as set forth in SECTION 8.17
hereof, and (iii) the exercise of the remedies hereunder including, without
limitation, the power of sale contained in SECTION 7.3 hereof and the rights
under SECTION 5.2 hereof. To the

                                       25
<PAGE>

extent the Collateral Agency Agreement expressly permits any acts or conditions
prohibited hereunder (or which result in an Event of Default) or which are
expressly excluded from any prohibitions thereunder, such acts or conditions
shall be allowed without resulting in an Event of Default.

        Section 8.12. NOTICES AND DELIVERIES; MANNER OF DELIVERY; EFFECTIVENESS.

                8.12.1. MANNER OF DELIVERY. All notices, communications and
materials (including all information) to be given or delivered pursuant to this
Security Deed shall be in writing (which shall include telex and telecopy
transmissions).

                8.12.2. ADDRESSES. All notices, communications and materials to
be given or delivered pursuant to this Security Deed shall be given or delivered
at the following respective addresses and telecopier and telephone numbers and
to the attention of the following individuals or departments:

               if to Grantor, to it at:

                      Tenaska Georgia Partners, L.P.
                      1044 N. 115th Street, Suite 400
                      Omaha, NE  68154-4446

                      Attention:  Michael F. Lawler
                      Telecopier/Telephone No.:  402-691-9500/402-691-9550

               if to Grantee, to it at:

                      The Chase Manhattan Bank
                      Capital Markets Fiduciary Services
                      450 West 33rd Street, 15th Floor
                      New York, NY 10001

                      Attention:  Annette M. Marsula,
                      International & Project Finance Service Delivery
                      Telecopier/Telephone No.:  212-946-7557/212-946-8178

or at such other address or telecopier or telephone number or to the attention
of such other individual or department as the party to which such information
pertains may hereafter specify for the purpose in a notice specifically
captioned "Notice of Change of Address" given to (i) if the party to which such
information pertains is the Grantor, the Grantee, and (ii) if the party to which
such information pertains is the Grantee, the Grantor.

               8.12.3. EFFECTIVENESS. Each notice and communication and any
material given or delivered under this Mortgage shall be deemed so given or
delivered (i) if sent by certified mail, postage prepaid, return receipt
requested, on the third Business Day after such notice, communication or
material, addressed as above provided, is delivered to a United States post

                                       26
<PAGE>

office and a receipt therefor is issued thereby, (ii) if sent by any other means
of physical delivery, when such notice, communication or material is delivered
to the appropriate address as above provided, and (iii) if sent by telecopier,
when such notice, communication or material is transmitted to the appropriate
telecopier number as above provided and is received at such number.

               8.12.4. REASONABLE NOTICE. Any requirement under applicable law
of reasonable notice by the Grantee to the Grantor of any event in connection
with, or in any way related to, this Security Deed or the exercise by the
Grantee of any of its rights hereunder or thereunder shall be met if notice of
such event is given to the Grantor in the manner prescribed above at least ten
(10) days before (i) the date of such event or (ii) the date after which such
event will occur.

        Section 8.13. CAPTIONS. The captions and the table of contents herein
are inserted only for convenience and reference, and in no way define, limit,
enlarge or describe the scope or intent of this Security Deed or the
construction of any provision hereof. References herein to Articles, Sections,
subsections, paragraphs and subparagraphs are to those of this Security Deed
unless another document is specified.

        Section 8.14. GENDER AND NUMBER. Wherever the context of this Security
Deed so requires, the masculine gender includes the feminine or neuter, and the
singular number or word includes the plural, and vice versa.

        Section 8.15. SEVERABILITY. If any provision of this Security Deed or
the application thereof to any Person or circumstance shall to any extent be
invalid or unenforceable, the remainder of this Security Deed, or the
application of such provision to Persons or circumstances other than those as to
which it is invalid or unenforceable, shall not be affected thereby, and each
provision of this Security Deed shall be valid and enforceable to the fullest
extent permitted by law.

        Section 8.16. FILING OF SECURITY DEED, ETC. Grantor forthwith upon the
execution and delivery of this Security Deed and thereafter, from time to time,
will cause this Security Deed, and each instrument of further assurance to be
filed, registered or recorded in such manner and in such places as may be
required by any present or future law in order to publish notice of, and to
fully protect the priority of, the lien hereof and the interest of Grantee in
the Mortgaged Property. Grantor will pay all filing, registration or recording
fees, and all expenses incident to the preparation, execution and acknowledgment
of this Security Deed, any instrument of further assurance, any mortgage
supplemental hereto, any security instrument with respect to the Mortgaged
Property and any instrument of further assurance, any amendment or restatement
hereof, and any satisfaction or assignment of this Security Deed, and Grantor
will pay all Federal, state, county and municipal taxes, duties, imposts,
assessments and charges arising out of or in connection with the execution,
delivery and recording of this Security Deed, any mortgage supplemental hereto,
any amendment or restatement of this Security Deed, any security instrument with
respect to the Mortgaged Property or any instrument of further assurance.
Grantor shall hold harmless and indemnify Grantee, its successors and assigns,
against any liability incurred by reason of the imposition of any tax on the
making, delivery and recording of this Security Deed.

                                       27
<PAGE>

        Section 8.17. CONTROLLING LAW. This Security Deed shall be governed by,
and construed and enforced in accordance with the law of the State.

        Section 8.18. NON-RECOURSE LIABILITY. Satisfaction of the Secured
Obligations shall be had solely from the Collateral. Notwithstanding any
provision to the contrary in the Transaction Documents, there shall be no
recourse against any Affiliates, stockholders, officers, directors,
representatives or employees of Grantor, other than Grantor (each a
"NON-RECOURSE PARTY"), for any payment due hereunder or under any other
Financing Document or Security Document from the Grantor or for the performance
of any obligation of such Non-Recourse Party, or breach of any representation or
warranty made by such Non-Recourse Party hereunder or thereunder. The sole
recourse of the Grantee and the Senior Parties hereunder or under any other
Transaction Document or for the performance of any obligation of Grantor, or
breach of any representation or warranty made hereunder or thereunder by
Grantor, shall be against Grantor and its assets, it being expressly understood
by the Senior Parties that such obligations of Grantor are obligations solely of
Grantor and that no such personal liability shall attach to, or be incurred by
any Non-Recourse Party; PROVIDED, that nothing contained in this SECTION 8.18
shall (i) impair in respect of Grantor the validity of any of the Financing
Documents, prevent the taking of any action permitted by law against Grantor or
any of its Affiliates, or in any way affect or impair the rights of the Agent
and Senior Parties to take any action permitted by law, in either case to
realize upon the Collateral, (ii) be deemed to release Grantor or any of its
Affiliates, or any past, present or future shareholder, partner, officer,
employee, director or agent of any thereof, from liability for its fraudulent
actions, fraudulent misrepresentations, gross negligence or willful misconduct
or (iii) limit or affect the obligations and liabilities of any Non-Recourse
Party in accordance with the terms of any other Transaction Document creating
such obligations and liabilities to which such Non-Recourse Party is a party.

        Section 8.19. FUTURE ADVANCES. In the event Grantee, DSR LOC Provider,
the PPA LOC Provider and/or any other Senior Party makes future advances to
Grantor, such future advances, with interest thereon, shall be secured by this
Security Deed, unless the parties shall agree otherwise in writing. If any of
such future advances should be applied to the payment of any existing debt owed
by the Grantor, Grantee shall be subrogated to the rights of the party to whom
such payment is made.

        Section 8.20. SECURITY AND PRIORITY OF ADVANCES. This Security Deed
secures, and the Secured Obligations include, future advances. Advances may be
made by Grantee, DSR LOC Provider, the PPA LOC Provider and/or any other Senior
Party and indebtedness may be incurred from time to time hereafter, but each
such advance or indebtedness shall be secured hereby as if made on the date
hereof.

        Section 8.21. CANCELLATION OF SECURITY DEED. If all of the Secured
Obligations are paid and all of the covenants, warranties, undertakings and
agreements made in this Security Deed are kept and performed and all obligations
of Grantee, the DSR LOC Provider, the PPA LOC Provider and any other Senior
Party for future advances have been terminated, then, and in that event only,
this Security Deed shall be cancelled by Grantee in due form at Grantor's cost.
Without limitation, all provisions herein for indemnity of Grantee shall survive
discharge of the Secured Obligations

                                       28
<PAGE>

        IN WITNESS WHEREOF, this Security Deed has been duly executed by Grantor
the day and year first above written.

Signed, sealed                          GRANTOR:
and delivered by Grantor
this 10th day of November,              TENASKA GEORGIA PARTNERS, L.P.
1999 in the presence
of the following witnesses:             By: Tenaska Georgia, Inc.
                                            Managing General Partner

                                        By: /s/ Michael F. Lawler
                                            ------------------------------------
                                            Name: Michael F. Lawler
                                            Title:  Vice President of Finance &
                                                    Treasurer
/s/ Bree J. Smith
---------------------------------
Unofficial Witness
Name: Bree J. Smith
Address: 322 West 57th St.
         Apt. 19J
         New York, NY  10019

/s/ Cindy Tate
---------------------------------
Notary Public

My Commission Expires:
        Cindy Tate
        Notary Public, State of New York
        No. 24-6014369
        Qualified in Kings County
        Commission Expires Oct. 13, 2000

NOTARIAL SEAL

                                       29
<PAGE>

                                   EXHIBIT "A"

                                    THE SITE

TRACT A1

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOTS
236 & 237 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF JOE
STEPHENS ROAD (80 FOOT WIDTH) WITH THE SOUTHERLY RIGHT OF WAY LINE OF GEORGE
BROWN ROAD (PRESCRIPTIVE RIGHT OF WAY 40 FEET, MORE OR LESS, IN WIDTH), SAID
POINT BEING THE POINT OF REFERENCE; THENCE ALONG THE SOUTHERLY MARGIN OF GEORGE
BROWN ROAD SOUTH 74 DEGREES 00 MINUTES 18 SECONDS WEST FOR A DISTANCE OF 877.40
FEET TO A METAL FENCE POST FLUSH WITH THE GROUND;

         THENCE South 72 degrees 48 minutes 00 seconds West for a distance of
405.46 feet to a 12 INCH WOOD POST;

         THENCE North 88 degrees 37 minutes 10 seconds West for a distance of
252.91 feet to a 1/2 INCH REBAR SET ON THE WESTERLY LINE OF A GEORGIA POWER
COMPANY RIGHT OF WAY (150 FOOT WIDTH), SAID POINT BEING THE POINT OF BEGINNING
FOR THE HEREIN DESCRIBED PARCEL OF LAND.

         THENCE along said westerly line of a Georgia Power Company Right of Way
South 05 degrees 00 minutes 38 seconds East for a distance of 1982.75 feet to a
1/2 INCH REBAR SET ON THE NORTHERLY LIMITS OF THE WETLANDS OF HILLY MILL CREEK;

         THENCE along said westerly line of a Georgia Power Company Right of Way
South 05 degrees 00 minutes 38 seconds East for a distance of 191.17 feet to a
POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE along the centerline of Hilly Mill Creek to the Northwest, more
or less, North 46 degrees 21 minutes 20 seconds West for a distance of 66.26
feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 78 degrees 13 minutes 26 seconds West for a distance of
274.76 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 53 degrees 56 minutes 11 seconds West for a distance of
188.31 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 26 degrees 05 minutes 05 seconds West for a distance of
142.40 feet to a POINT IN THE CENTERLINE OF THE CREEK;

                                       30
<PAGE>

         THENCE North 74 degrees 59 minutes 42 seconds West for a distance of
170.99 feet to a POINT IN THE CENTERLINE OF TEE CREEK;

         THENCE North 53 degrees 11 minutes 27 seconds West for a distance of
280.96 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 65 degrees 46 minutes 02 seconds West for a distance of
101.90 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE South 56 degrees 23 minutes 59 seconds West for a distance of
162.95 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 80 degrees 36 minutes 29 seconds West for a distance of
406.05 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 29 degrees 13 minutes 39 seconds West for a distance of
496.12 feet to a POINT OF INTERSECTION OF HILLY MILL CREEK AND AN UNNAMED CREEK;

         THENCE along the centerline of the unnamed creek to the Northeast, more
or less, North 68 degrees 03 minutes 13 seconds East for a distance of 336.28
feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 65 degrees 29 minutes 52 seconds East for a distance of
296.07 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 54 degrees 43 minutes 02 seconds East for a distance of
67.68 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 17 degrees 17 minutes 28 seconds East for a distance of
228.26 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 23 degrees 21 minutes 46 seconds East for a distance of
241.49 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 07 degrees 17 minutes 08 seconds East for a distance of
71.42 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 79 degrees 26 minutes 44 seconds East for a distance of
307.88 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 48 degrees 14 minutes 55 seconds East for a distance of
157.63 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 27 degrees 04 minutes 19 seconds East for a distance of
111.97 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 55 degrees 09 minutes 32 seconds East for a distance of
128.35 feet to a POINT IN THE CENTERLINE OF THE CREEK;

                                       31
<PAGE>

         THENCE North 08 degrees 06 minutes 45 seconds East for a distance of
34.61 feet to a point;

         THENCE South 88 degrees 37 minutes 10 seconds East for a distance of
212.86 feet to a 1/2 inch rebar set on the Westerly line of a GEORGIA POWER
COMPANY TRANSMISSION LINE RIGHT OF WAY (150 FOOT WIDTH); Said point being the
POINT OF BEGINNING.

         Said property contains 46.13 acres, and is that same tract or parcel of
land shown as Tract AI on that certain ALTA/ACSM Title Survey, entitled Heard
County Power Generation Site for Tenaska, Inc., Tenaska Georgia, Inc., Tenaska
Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity National Title Insurance
Company of New York, Stewart Title Guaranty Company, Heard County Development
Authority & The Chase Manhattan Bank as Trustee and Collateral Agent, prepared
by Donaldson, Garrett & Associate, Inc., bearing the seal and certification of
James W. Newberry, Jr. Registered Land Surveyor No. 2558, dated March 19, 1999,
last revised November 4, 1999, and recorded in Plat Book 10, Pages 176 - 188, in
the Office of the Clerk of the Superior Court of Heard County, Georgia, which
recorded Survey is incorporated herein by reference.

TRACT B

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOTS
236 & 237 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF JOE
STEPHENS ROAD (80 FOOT WIDTH) WITH THE SOUTHERLY RIGHT OF WAY LINE OF GEORGE
BROWN ROAD (PRESCRIPTIVE RIGHT OF WAY 40 FEET, MORE OR LESS, IN WIDTH), SAID
POINT BEING THE POINT OF REFERENCE; THENCE ALONG THE SOUTHERLY MARGIN OF GEORGE
BROWN ROAD SOUTH 74 DEGREES 00 MINUTES 18 SECONDS WEST FOR A DISTANCE OF 877.40
FEET TO A METAL FENCE POST FLUSH WITH THE GROUND;

         THENCE South 01 degrees 19 minutes 00 seconds West for a distance of
902.40 feet to a STEEL FENCE POST;

         THENCE South 01 degrees 36 minutes 50 seconds East for a distance of
321.00 feet to a 1" PIPE;

         THENCE South 00 degrees 28 minutes 16 seconds West for a distance of
802.62 feet to a 1" PIPE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE along the centerline of Hilly Mill Creek to the Northwest, more
or less, North 60 degrees 42 minutes 09 seconds West for a distance of 97.17
feet to a POINT IN THE CENTERLINE OF THE CREEK;

                                       32
<PAGE>

         THENCE South 21 degrees 03 minutes 44 seconds West for a distance of
136.80 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 73 degrees 18 minutes 03 seconds West for a distance of
223.86 feet to a POINT AT THE CENTERLINE OF A GEORGIA POWER COMPANY TRANSMISSION
LINE RIGHT OF WAY (150 FOOT WIDTH);

         THENCE North 73 degrees 18 minutes 03 seconds West for a distance of
36.90 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 46 degrees 21 minutes 20 seconds West for a distance of
127.90 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 78 degrees 13 minutes 26 seconds West for a distance of
274.76 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 53 degrees 56 minutes 11 seconds West for a distance of
188.31 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 26 degrees 05 minutes 05 seconds West for a distance of
142.40 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 74 degrees 59 minutes 42 seconds West for a distance of
170.99 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 53 degrees 11 minutes 27 seconds West for a distance of
280.96 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 65 degrees 46 minutes 02 seconds West for a distance of
101.90 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE South 56 degrees 23 minutes 59 seconds West for a distance of
162.95 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 80 degrees 36 minutes 29 seconds West for a distance of
406.05 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 29 degrees 13 minutes 39 seconds West for a distance of
496.12 feet to a POINT OF INTERSECTION OF HILLY MILL CREEK AND AN UNNAMED CREEK
FROM THE NORTHEAST;

         THENCE South 78 degrees 47 minutes 46 seconds West for a distance of
360.23 feet to a point on the Southern limits of the wetlands of Hilly Mill
Creek, Said point being the POINT OF BEGINNING for the herein described parcel
of land;

         THENCE along said wetlands limits to the Southeast, more or less, South
53 degrees 54 minutes 27 seconds East for a distance of 76.08 feet to a point;

                                       33
<PAGE>

         THENCE South 45 degrees 43 minutes 13 seconds East for a distance of
63.42 feet to a point;

         THENCE South 37 degrees 54 minutes 40 seconds East for a distance of
63.14 feet to a point;

         THENCE South 12 degrees 38 minutes 55 seconds West for a distance of
96.50 feet to a point;

         THENCE South 31 degrees 53 minutes 23 seconds West for a distance of
54.60 feet to a point;

         THENCE South 41 degrees 48 minutes 24 seconds West for a distance of
62.60 feet to a point;

         THENCE South 08 degrees 50 minutes 54 seconds West for a distance of
30.89 feet to a point;

         THENCE South 73 degrees 19 minutes 07 seconds East for a distance of
59.72 feet to a point;

         THENCE North 74 degrees 25 minutes 30 seconds East for a distance of
60.24 feet to a point;

         THENCE North 47 degrees 07 minutes 32 seconds East for a distance of
33.85 feet to a point;

         THENCE North 03 degrees 16 minutes 22 seconds East for a distance of
30.45 feet to a point;

         THENCE South 61 degrees 11 minutes 13 seconds East for a distance of
29.26 feet to a point;

         THENCE South 43 degrees 42 minutes 16 seconds East for a distance of
44.52 feet to a point;

         THENCE South 49 degrees 16 minutes 16 seconds East for a distance of
57.00 feet to a point;

         THENCE South 30 degrees 34 minutes 48 seconds East for a distance of
65.93 feet to a point;

         THENCE South 24 degrees 24 minutes 28 seconds East for a distance of
47.19 feet to a point;

         THENCE South 21 degrees 50 minutes 49 seconds East for a distance of
58.28 feet to a point;

                                       34
<PAGE>

         THENCE South 24 degrees 09 minutes 26 seconds East for a distance of
79.36 feet to a point;

         THENCE South 27 degrees 37 minutes 37 seconds East for a distance of
52.90 feet to a point;

         THENCE South 45 degrees 45 minutes 34 seconds East for a distance of
37.07 feet to a point;

         THENCE North 35 degrees 31 minutes 29 seconds East for a distance of
32.07 feet to a point;

         THENCE South 37 degrees 21 minutes 56 seconds East for a distance of
38.13 feet to a point;

         THENCE South 15 degrees 07 minutes 14 seconds East for a distance of
55.08 feet to a point;

         THENCE South 49 degrees 21 minutes 23 seconds East for a distance of
41.61 feet to a point;

         THENCE South 10 degrees 21 Minutes 54 seconds East for a distance of
66.83 feet to a point;

         THENCE South 28 degrees 17 minutes 29 seconds West for a distance of
51.89 feet to a point;

         THENCE South 04 degrees 18 minutes 43 seconds West for a distance of
78.67 feet to a point;

         THENCE South 06 degrees 56 minutes 49 seconds West for a distance of
56.79 feet to a point;

         THENCE South 07 degrees 48 minutes 12 seconds West for a distance of
48.18 feet to a point;

         THENCE South 35 degrees 36 minutes 30 seconds West for a distance of
63.01 feet to a point;

         THENCE South 03 degrees 06 minutes 41 seconds West for a distance of
49.25 feet to a point;

         THENCE leaving said wetlands limits, North 65 degrees 01 minutes 43
seconds West for a distance of 98.87 feet to a point;

         THENCE North 11 degrees 02 minutes 41 seconds East for a distance of
230.45 feet to a point;

                                       35
<PAGE>

         THENCE North 11 degrees 13 minutes 13 seconds West for a distance of
121.54 feet to a point;

         THENCE North 38 degrees 58 minutes 52 seconds West for a distance of
121.90 feet to a point;

         THENCE North 23 degrees 10 minutes 22 seconds West for a distance of
116.83 feet to a point;

         THENCE North 27 degrees 01 minutes 41 seconds West for a distance of
102.77 feet to a point;

         THENCE North 44 degrees 31 minutes 22 seconds West for a distance of
55.85 feet to a point;

         THENCE South 70 degrees 40 minutes 56 seconds West for a distance of
73.31 feet to a point;

         THENCE South 71 degrees 22 minutes 08 seconds West for a distance of
120.59 feet to a point;

         THENCE North 27 degrees 11 minutes 02 seconds West for a distance of
173.06 feet to a point;

         THENCE North 06 degrees 27 minutes 30 seconds East for a distance of
58.98 feet to a point;

         THENCE North 40 degrees 46 minutes 01 seconds East for a distance of
132.31 feet to a point;

         THENCE North 01 degrees 41 minutes 21 seconds West for a distance of
32.15 feet to a point;

         THENCE North 42 degrees 40 minutes 25 seconds West for a distance of
132.37 feet to a point;

         THENCE North 47 degrees 57 minutes 38 seconds East for a distance of
97.57 feet to the POINT OF BEGINNING.

Said property contains 3.84 acres more or less and is that same tract or parcel
of land shown as Tract B on that certain ALTA/ACSM Title Survey, entitled Heard
County Power Generation Site for Tenaska, Inc., Tenaska Georgia, Inc., Tenaska
Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity National Title Insurance
Company of New York, Stewart Title Guaranty Company, Heard County Development
Authority & The Chase Manhattan Bank as Trustee and Collateral Agent, prepared
by Donaldson, Garrett & Associate, Inc., bearing the seal and certification of
James W. Newberry, Jr. Registered Land Surveyor No. 2558, dated March 19, 1999,
last revised November 4, 1999, and recorded in Plat Book 10, Pages 176 - 188, in
the Office of the Clerk of

                                       36

<PAGE>

the Superior Court of Heard County, Georgia, which recorded Survey is
incorporated herein by reference.

TRACT C

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
236 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF JOE
STEPHENS ROAD (80 FOOT WIDTH) WITH THE SOUTHERLY RIGHT OF WAY LINE OF GEORGE
BROWN ROAD (PRESCRIPTIVE RIGHT OF WAY 40 FEET, MORE OR LESS, IN WIDTH), SAID
POINT BEING THE POINT OF REFERENCE; THENCE ALONG THE SOUTHERLY MARGIN OF GEORGE
BROWN ROAD SOUTH 74 DEGREES 00 MINUTES 18 SECONDS WEST FOR A DISTANCE OF 877.40
FEET TO A METAL FENCE POST FLUSH WITH THE GROUND;

         THENCE South 01 degrees 19 minutes 00 seconds West for a distance of
902.40 feet to a STEEL FENCE POST;

         THENCE South 01 degrees 36 minutes 50 seconds East for a distance of
321.00 feet to a 1" PIPE;

         THENCE South 00 degrees 28 minutes 16 seconds West for a distance of
802.62 feet to a 1" PIPE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the Wetlands of Hilly Mill
Creek, said point being the POINT OF BEGINNING for the herein described parcel
of land.

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4" PIPE;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE North 72 degrees 59 minutes 23 seconds West for a distance of
97.41 feet to a point;

         THENCE North 28 degrees 40 minutes 02 seconds West for a distance of
114.55 feet to a point;

                                       37

<PAGE>

         THENCE North 62 degrees 08 minutes 04 seconds West for a distance of
184.99 feet to a point;

         THENCE North 63 degrees 50 minutes 09 seconds West for a distance of
166.92 feet to a point;

         THENCE North 64 degrees 00 minutes 12 seconds West for a distance of
173.39 feet to a point;

         THENCE North 87 degrees 49 minutes 10 seconds West for a distance of
111.55 feet to a point;

         THENCE North 66 degrees 04 minutes 51 seconds West for a distance of
158.94 feet to a point;

         THENCE North 66 degrees 19 minutes 50 seconds West for a distance of
121.59 feet to a point;

         THENCE North 53 degrees 03 minutes 38 seconds West for a distance of
186.45 feet to a point;

         THENCE North 44 degrees 18 minutes 22 seconds West for a distance of
163.48 feet to a point;

         THENCE North 56 degrees 31 minutes 54 seconds West for a distance of
127.08 feet to a point;

         THENCE North 49 degrees 42 minutes 26 seconds West for a distance of
110.80 feet to a point;

         THENCE South 63 degrees 26 minutes 27 seconds West for a distance of
73.93 feet to a point;

         THENCE South 34 degrees 43 minutes 18 seconds West for a distance of
155.58 feet to a point;

         THENCE North 65 degrees 01 minutes 43 seconds West for a distance of
125.76 feet to a point on the Southerly Wetland limits of Hilly Mill Creek;

         THENCE along said Wetland Limits to the Southeast, more or Less, North
19 degrees 07 minutes 29 seconds East for a distance of 19.11 feet to a point;

         THENCE North 11 degrees 12 minutes 10 seconds East for a distance of
55.36 feet to a point;

         THENCE North 59 degrees 47 minutes 00 seconds East for a distance of
61.82 feet to a point;

                                       38
<PAGE>

         THENCE North 46 degrees 30 minutes 17 seconds East for a distance of
108.43 feet to a point;

         THENCE North 51 degrees 07 minutes 59 seconds East for a distance of
99.18 feet to a point;

         THENCE North 78 degrees 57 minutes 49 seconds East for a distance of
32.52 feet to a point;

         THENCE South 66 degrees 51 minutes 15 seconds East for a distance of
88.50 feet to a point;

         THENCE South 51 degrees 09 minutes 25 seconds East for a distance of
75.29 feet to a point;

         THENCE South 42 degrees 38 minutes 23 seconds East for a distance of
82.73 feet to a point;

         THENCE South 66 degrees 04 minutes 46 seconds East for a distance of
88.97 feet to a point;

         THENCE South 32 degrees 53 minutes 29 seconds East for a distance of
60.69 feet to a point;

         THENCE South 62 degrees 19 minutes 25 seconds East for a distance of
64.45 feet to a point;

         THENCE South 34 degrees 53 minutes 35 seconds East for a distance of
38.63 feet to a point;

         THENCE South 36 degrees 35 minutes 41 seconds East for a distance of
74.06 feet to a point;

         THENCE South 55 degrees 19 minutes 31 seconds East for a distance of
73.40 feet to a point;

         THENCE South 57 degrees 46 minutes 00 seconds East for a distance of
45.12 feet to a point;

         THENCE North 39 degrees 42 minutes 35 seconds East for a distance of
48.51 feet to a point;

         THENCE South 26 degrees 49 minutes 36 seconds East for a distance of
66.09 feet to a point;

         THENCE South 63 degrees 22 minutes 19 seconds East for a distance of
81.30 feet to a point;

                                       39
<PAGE>

         THENCE South 60 degrees 12 minutes 05 seconds East for a distance of
47. 1 5 feet to a point;

         THENCE North 76 degrees 42 minutes 50 seconds East for a distance of
37.29 feet to a point;

         THENCE South 67 degrees 38 minutes 47 seconds East for a distance of
104.31 feet to a point;

         THENCE South 58 degrees 01 minutes 02 seconds East for a distance of
94.01 feet to a point;

         THENCE South 73 degrees 39 minutes 40 seconds East for a distance of
90.45 feet to a point;

         THENCE South 46 degrees 08 minutes 36 seconds East for a distance of
73.29 feet to a point;

         THENCE South 68 degrees 34 minutes 52 seconds East for a distance of
80.1 1 feet to a point;

         THENCE South 72 degrees 11 minutes 52 seconds East for a distance of
174.98 feet to a point;

         THENCE South 74 degrees 05 minutes 22 seconds East for a distance of
25.78 feet to a point;

         THENCE South 51 degrees 26 minutes 02 seconds East for a distance of
43.79 feet to a point;

         THENCE South 09 degrees 58 minutes 33 seconds East for a distance of
54.59 feet to a point;

         THENCE South 45 degrees 04 minutes 30 seconds East for a distance of
50.75 feet to a point;

         THENCE South 55 degrees 48 minutes 09 seconds East for a distance of
59.24 feet to the POINT OF BEGINNING.

         Said property contains 5.13 acres more or less and is that same tract
or parcel of land shown as Tract C on that certain ALTA/ACSM Title Survey,
entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska Georgia,
Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity National
Title Insurance Company of New York, Stewart Title Guaranty Company, Heard
County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the

                                       40
<PAGE>

Office of the Clerk of the Superior Court of Heard County, Georgia, which
recorded Survey is incorporated herein by reference.

                   [LEGAL DESCRIPTION CONTINUED ON NEXT PAGE]

TRACT D

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOTS
236 & 237 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF JOE
STEPHENS ROAD (80 FOOT WIDTH) WITH THE SOUTHERLY RIGHT OF WAY LINE OF GEORGE
BROWN ROAD (PRESCRIPTIVE RIGHT OF WAY 40 FEET, MORE OR LESS, IN WIDTH), SAID
POINT BEING THE POINT OF REFERENCE; THENCE ALONG THE SOUTHERLY MARGIN OF GEORGE
BROWN ROAD SOUTH 74 DEGREES 00 MINUTES 18 SECONDS WEST FOR A DISTANCE OF 877.40
FEET TO A METAL FENCE POST FLUSH WITH THE GROUND;

         THENCE South 01 degrees 19 minutes 00 seconds West for a distance of
902.40 feet to a STEEL FENCE POST;

         THENCE South 01 degrees 36 minutes 50 seconds East for a distance of
321.00 feet to a 1" PIPE;

         THENCE South 00 degrees 28 minutes 16 seconds West for a distance of
802.62 feet to a 1" PIPE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK; SAID POINT BEING
THE POINT OF BEGINNING FOR THE HEREIN DESCRIBED PARCEL OF LAND.

         THENCE along the centerline of Hilly Mill Creek to the Northwest, more
or less, North 60 degrees 42 minutes 09 seconds West for a distance of 97.17
feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE South 21 degrees 03 minutes 44 seconds West for a distance of
136.80 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 73 degrees 18 minutes 03 seconds West for a distance of
223.86 feet to a POINT AT THE CENTERLINE OF A GEORGIA POWER COMPANY TRANSMISSION
LINE RIGHT OF WAY (150 FOOT WIDTH);

         THENCE North 73 degrees 18 minutes 03 seconds West for a distance of
36.90 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 46 degrees 21 minutes 20 seconds West for a distance of
127.90 feet to a POINT IN THE CENTERLINE OF THE CREEK;

                                       41
<PAGE>

         THENCE North 78 degrees 13 minutes 26 seconds West for a distance of
274.76 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 53 degrees 56 minutes 11 seconds West for a distance of
188.31 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 26 degrees 05 minutes 05 seconds West for a distance of
142.40 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 74 degrees 59 minutes 42 seconds West for a distance of
170.99 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 53 degrees 11 minutes 27 seconds West for a distance of
280.96 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 65 degrees 46 minutes 02 seconds West for a distance of
101.90 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE South 56 degrees 23 minutes 59 seconds West for a distance of
162.95 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 80 degrees 36 minutes 29 seconds West for a distance of
406.05 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 29 degrees 13 minutes 39 seconds West for a distance of
496.12 feet to a POINT OF INTERSECTION OF HILLY MILL CREEK AND AN UNNAMED CREEK
FROM THE NORTHEAST;

         THENCE South 78 degrees 47 minutes 46 seconds West for a Distance of
360.23 feet to a point on the Southern limits of the wetlands of Hilly Mill
Creek;

         THENCE along said wetlands limits to the Southeast, more or less, South
53 degrees 54 minutes 27 seconds East for a distance of 76.08 feet to a point;

         THENCE South 45 degrees 43 minutes 13 seconds East for a distance of
63.42 feet to a point;

         THENCE South 37 degrees 54 minutes 40 seconds East for a distance of
63.14 feet to a point;

         THENCE South 12 degrees 38 minutes 55 seconds West for a distance of
96.50 feet to a point;

         THENCE South 31 degrees 53 minutes 23 seconds West for a distance of
54.60 feet to a point;

         THENCE South 41 degrees 48 minutes 24 seconds West for a distance of
62.60 feet to a point;

                                       42
<PAGE>

         THENCE South 08 degrees 50 minutes 54 seconds West for a distance of
30.89 feet to a point;

         THENCE South 73 degrees 19 minutes 07 seconds East for a distance of
59.72 feet to a point;

         THENCE North 74 degrees 25 minutes 30 seconds East for a distance of
60.24 feet to a point;

         THENCE North 47 degrees 07 minutes 32 seconds East for a distance of
33.85 feet to a point;

         THENCE North 03 degrees 16 minutes 22 seconds East for a distance of
30.45 feet to a point;

         THENCE South 61 degrees 11 minutes 13 seconds East for a distance of
29.26 feet to a point;

         THENCE South 43 degrees 42 minutes 16 seconds East for a distance of
44.52 feet to a point;

         THENCE South 49 degrees 16 minutes 16 seconds East for a distance of
57.00 feet to a point;

         THENCE South 30 degrees 34 minutes 48 seconds East for a distance of
65.93 feet to a point;

         THENCE South 24 degrees 24 minutes 28 seconds East for a distance of
47.19 feet to a point;

         THENCE South 21 degrees 50 minutes 49 seconds East for a distance of
58.28 feet to a point;

         THENCE South 24 degrees 09 minutes 26 seconds East for a distance of
79.36 feet to a point;

         THENCE South 27 degrees 37 minutes 37 seconds East for a distance of
52.90 feet to a point;

         THENCE South 45 degrees 45 minutes 34 seconds East for a distance of
37.07 feet to a point;

         THENCE North 35 degrees 31 minutes 29 seconds East for a distance of
32.07 feet to a point;

         THENCE South 37 degrees 21 minutes 56 seconds East for a distance of
38.13 feet to a point;

                                       43
<PAGE>

         THENCE South 15 degrees 07 minutes 14 seconds East for a distance of
55.08 feet to a point;

         THENCE South 49 degrees 21 minutes 23 seconds East for a distance of
41.61 feet to a point;

         THENCE South 10 degrees 21 minutes 54 seconds East for a distance of
66.83 feet to a point;

         THENCE South 28 degrees 17 minutes 29 seconds West for a distance of
51.89 feet to a point;

         THENCE South 04 degrees 18 minutes 43 seconds West for a distance of
78.67 feet to a point;

         THENCE South 06 degrees 56 minutes 49 seconds West for a distance of
56.79 feet to a point;

         THENCE South 07 degrees 48 minutes 12 seconds West for a distance of
48.18 feet to a point;

         THENCE South 35 degrees 36 minutes 30 seconds West for a distance of
63.01 feet to a point;

         THENCE South 03 degrees 06 minutes 41 seconds West for a distance of
49.25 feet to a point;

         THENCE across an unnamed creek and wetlands area which intersects from
the Southwest, South 65 degrees 01 minutes 43 seconds East for a distance of
394.79 feet to a point;

         THENCE continuing along said wetlands limit, North 19 degrees 07
minutes 29 seconds East for a distance of 19.11 feet to a point;

         THENCE North 11 degrees 12 minutes 10 seconds East for a distance of
55.36 feet to a point;

         THENCE North 59 degrees 47 minutes 00 seconds East for a distance of
61.82 feet to a point;

         THENCE North 46 degrees 30 minutes 17 seconds East for a distance of
108.43 feet to a point;

         THENCE North 51 degrees 07 minutes 59 seconds East for a distance of
99.18 feet to a point;

         THENCE North 78 degrees 57 minutes 49 seconds East for a distance of
32.52 feet to a point;

                                       44
<PAGE>

         THENCE South 66 degrees 51 minutes 15 seconds East for a distance of
88.50 feet to a point;

         THENCE South 51 degrees 09 minutes 25 seconds East for a distance of
75.29 feet to a point;

         THENCE South 42 degrees 38 minutes 23 seconds East for a distance of
82.73 feet to a point;

         THENCE South 66 degrees 04 minutes 46 seconds East for a distance of
88.97 feet to a point;

         THENCE South 32 degrees 53 minutes 29 seconds East for a distance of
60.69 feet to a point;

         THENCE South 62 degrees 19 minutes 25 seconds East for a distance of
64.45 feet to a point;

         THENCE South 34 degrees 53 minutes 35 seconds East for a distance of
38.63 feet to a point;

         THENCE South 36 degrees 35 minutes 41 seconds East for a distance of
74.06 feet to a point;

         THENCE South 55 degrees 19 minutes 31 seconds East for a distance of
73.40 feet to a point;

         THENCE South 57 degrees 46 minutes 00 seconds East for a distance of
45.12 feet to a point;

         THENCE North 39 degrees 42 minutes 35 seconds East for a distance of
48.51 feet to a point;

         THENCE South 26 degrees 49 minutes 36 seconds East for a distance of
66.09 feet to a point;

         THENCE South 63 degrees 22 minutes 19 seconds East for a distance of
81.30 feet to a point;

         THENCE South 60 degrees 12 minutes 05 seconds East for a distance of
47.15 feet to a point;

         THENCE North 76 degrees 42 minutes 50 seconds East for a distance of
37.29 feet to a point;

         THENCE South 67 degrees 38 minutes 47 seconds East for a distance of
104.31 feet to a point;

                                       45
<PAGE>

         THENCE South 58 degrees 01 minutes 02 seconds East for a distance of
94.01 feet to a point;

         THENCE South 73 degrees 39 minutes 40 seconds East for a distance of
90.45 feet to a point;

         THENCE South 46 degrees 08 minutes 36 seconds East for a distance of
73.29 feet to a point;

         THENCE South 68 degrees 34 minutes 52 seconds East for a distance of
80.11 feet to a point;

         THENCE South 72 degrees 11 minutes 52 seconds East for a distance of
174.98 feet to a point;

         THENCE South 74 degrees 05 minutes 22 seconds East for a distance of
25.78 feet to a point;

         THENCE South 51 degrees 26 minutes 02 seconds East for a distance of
43.79 feet to a point;

         THENCE South 09 degrees 58 minutes 33 seconds East for a distance of
54.59 feet to a point;

         THENCE South 45 degrees 04 minutes 30 seconds East for a distance of
50.75 feet to a point;

         THENCE South 55 degrees 48 minutes 09 seconds East for a distance of
59.24 feet to a point;

         THENCE North 02 degrees 18 minutes 34 seconds East for a distance of
978.06 feet to a point;

         THENCE North 01 degrees 18 minutes 40 seconds East for a distance of
32.38 feet to the POINT OF BEGINNING.

         Said property contains 43.03 acres more or less and is that same tract
or parcel of land shown as Tract D on that certain ALTA/ACSM Title Survey,
entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska Georgia,
Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity National
Title Insurance Company of New York, Stewart Title Guaranty Company, Heard
County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

                                       46

<PAGE>

TRACT G

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
236 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF JOE
STEPHENS ROAD (80 FOOT WIDTH) WITH THE SOUTHERLY RIGHT OF WAY LINE OF GEORGE
BROWN ROAD (PRESCRIPTIVE RIGHT OF WAY 40 FEET, MORE OR LESS, IN WIDTH), SAID
POINT BEING THE POINT OF REFERENCE; THENCE ALONG THE SOUTHERLY MARGIN OF GEORGE
BROWN ROAD SOUTH 74 DEGREES 00 MINUTES 18 SECONDS WEST FOR A DISTANCE OF 877.40
FEET TO A METAL FENCE POST FLUSH WITH THE GROUND;

         THENCE South 01 degrees 19 minutes 00 seconds West for a distance of
902.40 feet to a STEEL FENCE POST;

         THENCE South 01 degrees 36 minutes 50 seconds East for a distance of
321.00 feet to a 1" PIPE;

         THENCE South 00 degrees 28 minutes 16 seconds West for a distance of
802.62 feet to a 1" PIPE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the Wetlands of Hilly Mill
Creek;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4 inch pipe;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
140.19 feet to a Painted Rock;

         THENCE North 88 degrees 57 minutes 38 seconds West for a distance of
1520.84 feet to a point, said point being the POINT OF BEGINNING for the herein
described parcel of land;

         THENCE North 88 degrees 57 minutes 38 seconds West for a distance of
177.75 feet to point;

                                       47
<PAGE>

         THENCE North 03 degrees 30 minutes 04 seconds West for a distance of
82.45 feet to a point;

         THENCE North 45 degrees 03 minutes 01 seconds East for a distance of
639.20 feet to a point;

         THENCE North 19 degrees 13 minutes 55 seconds East for a distance of
52.57 feet to a point;

         THENCE North 70 degrees 46 minutes 05 seconds West for a distance of
175.00 feet to a point;

         THENCE North 19 degrees 13 minutes 55 seconds East for a distance of
150.00 feet to a point;

         THENCE South 70 degrees 46 minutes 05 seconds East for a distance of
175.00 feet to a point;

         THENCE North 19 degrees 13 minutes 55 seconds East for a distance of
25.93 feet to a point;

         THENCE South 44 degrees 18 minutes 22 seconds East for a distance of
63.80 feet to a point;

         THENCE South 53 degrees 03 minutes 38 seconds East for a distance of
18.78 feet to a point;

         THENCE South 19 degrees 13 minutes 55 seconds West for a distance of
211.55 feet to a point;

         THENCE South 45 degrees 03 minutes 01 seconds West for a distance of
11.80 feet to a point;

         THENCE along a curve to the right having a radius of 3600.00 feet, a
central angle of 09 degrees 21 minutes 08 seconds, an Arc length of 587.61 feet,
and subtended by a chord bearing South 33 degrees 47 minutes 14 seconds West for
a distance of 586.96 feet to the POINT OF BEGINNING.

         Said property contains 3.16 acres more or less and is that same tract
or parcel of land shown as Tract G on that certain ALTA/ACSM Title Survey,
entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska Georgia,
Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity National
Title Insurance Company of New York, Stewart Title Guaranty Company, Heard
County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

                                       48

<PAGE>

                                   EXHIBIT "B"

                                  LAY-DOWN SITE

TRACT H

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
206 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT A 1/2 INCH REBAR SET AT THE POINT WHERE THE WEST LINE OF
LAND LOT 206 INTERSECTS THE SOUTH RIGHT OF WAY LINE OF GEORGE BROWN ROAD
(PRESCRIPTIVE RIGHT OF WAY, 40 FEET, MORE OF LESS, IN WIDTH), SAID POINT BEING
THE POINT OF REFERENCE; THENCE NORTH 01 DEGREE 30 MINUTES 06 SECONDS EAST FOR A
DISTANCE OF 40.01 FEET TO A POINT WHERE SAID WEST LINE OF LAND LOT 206
INTERSECTS THE NORTH RIGHT OF WAY LINE OF GEORGE BROWN ROAD, SAID POINT BEING
THE POINT BEGINNING FOR THE HEREIN DESCRIBED PARCEL OF LAND.

         Thence along said west line of Land Lot 206 North 01 degree 27 minutes
40 seconds East for a distance of 800.22 feet to a Painted Rock at the Northwest
comer of said Land Lot 206;

         Thence along the North line of Land Lot 206 South 89 degrees 14 minutes
11 seconds East for a distance of 821.44 feet to a 1/2 inch rebar set on the
West Right of Way line of Joe Stephens Road (80 foot width);

         Thence along said western right of way line of Joe Stephens Road, along
a curve to the left having a radius of 2021.86 feet, a central angle of 16
degrees 46 minutes 53 seconds, an Arc length of 592.18 feet, and subtended by a
chord bearing South 00 degrees 33 minutes 16 seconds East for a chord distance
of 590.07 feet to a 1/2 inch rebar set at the point where said western right of
way line of Joe Stephens Road intersects the North right of way line of George
Brown Road;

         Thence along said northern right of way line of George Brown Road South
78 degrees 31 minutes 36 seconds West for a chord distance of 146.61 feet to a
point;

         Thence along a curve to the left having a radius of 4280.10 feet, a
central angle of 05 degrees 04 minutes 37 seconds, an Arc length of 379.26 feet,
and subtended by a chord bearing South 75 degrees 59 minutes 18 seconds West for
a distance of 379.13 feet to a point;

         Thence South 73 degrees 26 minutes 59 seconds West for a distance of
265.34 feet to a point;

         Thence along a curve to the right having a radius of 159.33 feet, a
central angle of 29 degrees 41 minutes 14 seconds, an Arc length of 82.56 feet,
and subtended by a chord bearing South 88 degrees 17 minutes 36 seconds West for
a chord distance of 81.64 feet to a point, said point being the POINT OF
BEGINNING.

                                       49
<PAGE>

         Said property contains 13.13 acres more or less and is that same tract
or parcel of land shown as Tract H on that certain ALTA/ACSM Title Survey,
entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska Georgia,
Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity National
Title Insurance Company of New York, Stewart Title Guaranty Company, Heard
County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

LESS AND EXCEPT:

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
206 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, DEEDED FROM TENASKA
GEORGIA PARTNERS, L.P., AS GRANTOR, TO HEARD COUNTY, AS GRANTEE, PURSUANT TO
THAT CERTAIN RURAL POST ROADS RIGHT OF WAY DEED DATED JULY 1, 1999, RECORDED IN
DEED BOOK 197, PAGE 618, HEARD COUNTY, GEORGIA RECORDS.

                                       50
<PAGE>

                                   EXHIBIT "C"

                            TENASKA EASEMENT PREMISES

TRACT A2

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOTS
236 & 237 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF JOE
STEPHENS ROAD (80 FOOT WIDTH) WITH THE SOUTHERLY RIGHT OF WAY LINE OF GEORGE
BROWN ROAD (PRESCRIPTIVE RIGHT OF WAY 40 FEET, MORE OR LESS, IN WIDTH), SAID
POINT BEING THE POINT OF REFERENCE; THENCE ALONG THE SOUTHERLY MARGIN OF GEORGE
BROWN ROAD SOUTH 74 DEGREES 00 MINUTES 18 SECONDS WEST FOR A DISTANCE OF 877.40
FEET TO A METAL FENCE POST FLUSH WITH THE GROUND, SAID POINT BEING THE POINT OF
BEGINNING FOR THE HEREIN DESCRIBED PARCEL OF LAND.

         THENCE South 01 degrees 19 minutes 00 seconds West for a distance of
902.40 feet to a STEEL FENCE POST;

         THENCE South 01 degrees 36 minutes 50 seconds East for a distance of
321.00 feet to a 1" PIPE;

         THENCE South 00 degrees 28 minutes 16 seconds West for a distance of
802.62 feet to a 1" PIPE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE along the centerline of Hilly Mill Creek to the Northwest, more
or less, North 60 degrees 42 minutes 09 seconds West for a distance of 97.17
feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE South 21 degrees 03 minutes 44 seconds West for a distance of
136.80 feet to a POINT IN THE CENTERLINE OF THE CREEK;

         THENCE North 73 degrees 18 minutes 03 seconds West for a distance of
223.86 feet to a POINT AT THE CENTERLINE OF A GEORGIA POWER COMPANY TRANSMISSION
LINE RIGHT OF WAY (150 FOOT WIDTH);

         THENCE North 73 degrees 18 minutes 03 seconds West for a distance of
36.90 feet to a POINT IN THE CENTERLINE OF THE CREEK;

                                       51
<PAGE>

         THENCE North 46 degrees 21 minutes 20 seconds West for a distance of
61.64 feet to a POINT ON THE WESTERLY LIMIT OF A GEORGIA POWER COMPANY
TRANSMISSION LINE RIGHT OF WAY (150 FOOT WIDTH);

         THENCE along said westerly limit of a Georgia Power Company Right of
Way North 05 degrees 00 minutes 38 seconds West for a distance of 191.17 feet to
a 1/2 INCH REBAR SET AT THE NORTHERLY LIMITS OF THE WETLANDS OF HILLY MILL
CREEK;

         THENCE along said westerly limit of a Georgia Power Company Right of
Way North 05 degrees 00 minutes 38 seconds West for a distance of 1982.75 feet
to a 1/2 INCH REBAR SET;

         THENCE South 88 degrees 37 minutes 10 seconds East for a distance of
252.91 feet to a 12 INCH WOOD POST;

         THENCE North 72 degrees 48 minutes 00 seconds East for a distance of
405.46 feet to the POINT OF BEGINNING.

         Said property contains 27.41 acres, more or less, and is that same
tract or parcel of land shown as Tract A2 on that certain ALTA/ACSM Title
Survey, entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska
Georgia, Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity
National Title Insurance Company of New York, Stewart Title Guaranty Company,
Heard County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

TRACT E2

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
237 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF JOE
STEPHENS ROAD (80 FOOT WIDTH) WITH THE SOUTHERLY RIGHT OF WAY LINE OF GEORGE
BROWN ROAD (PRESCRIPTIVE RIGHT OF WAY 40 FEET, MORE OR LESS, IN WIDTH), SAID
POINT BEING THE POINT OF REFERENCE; THENCE ALONG THE SOUTHERLY MARGIN OF GEORGE
BROWN ROAD SOUTH 74 DEGREES 00 MINUTES 18 SECONDS WEST FOR A DISTANCE OF 877.40
FEET TO A METAL FENCE POST FLUSH WITH THE GROUND, SAID POINT BEING THE POINT OF
BEGINNING FOR THE HEREIN DESCRIBED PARCEL OF LAND.

         THENCE South 72 degrees 48 minutes 00 seconds East for a distance of
405.46 feet to a point;

                                       52
<PAGE>

         THENCE North 88 degrees 37 minutes 10 seconds West for a distance of
252.91 feet to a 1/2 inch rebar set on the westerly line of a Georgia Power
Company Easement (150 foot width);

         THENCE North 05 degrees 00 minutes 38 seconds West for a distance of
456.22 feet to a point on said westerly line of a Georgia Power Company Easement
and on the southerly right of way line of George Brown Road;

         THENCE along said right of way line in an easterly direction, along a
curve to the right having a radius of 668.28 feet and an arc length of 237.56
feet and being subtended by a chord bearing South 71 degrees 01 minutes 39
seconds East for a distance of 236.31 feet to a point;

         THENCE South 60 degrees 47 minutes 40 seconds East for a distance of
454.84 feet to a point;

         THENCE along a curve to the left having a radius of 199.33 feet and an
arc length of 64.11 feet and being subtended by a chord bearing South 70 degrees
00 minutes 28 seconds East for a distance of 63.83 feet to a 1/2 inch rebar set;

         THENCE South 01 degrees 19 minutes 00 seconds West for a distance of
20.09 feet to the POINT OF BEGINNING.

         Said property contains 4.13 acres, more or less, and is that same tract
or parcel of land shown as Tract E2 on that certain ALTA/ACSM Title Survey,
entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska Georgia,
Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity National
Title Insurance Company of New York, Stewart Title Guaranty Company, Heard
County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

LESS AND EXCEPT:

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
237 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, DEEDED FROM TENASKA,
INC., A DELAWARE CORPORATION, AND TENASKA GEORGIA, INC., A DELAWARE CORPORATION,
AS GRANTORS, TO HEARD COUNTY, AS GRANTEE, PURSUANT TO THAT CERTAIN RURAL POST
ROADS RIGHT OF WAY DEED DATED NOVEMBER 10, 1999, FILED FOR RECORD NOVEMBER
10,1999 AT 4:06.M., RECORDED IN DEED BOOK 201, PAGE 628. HEARD COUNTY, GEORGIA
RECORDS.

                                       53
<PAGE>

                                   EXHIBIT "D"

                               PIPELINE EASEMENTS

(A)      That certain Construction Easement Agreement by and between Inland
         Paperboard and Packaging, Inc., a Delaware corporation, Tenaska, Inc.,
         a Delaware corporation, and Tenaska Georgia Partners, L.P., a Delaware
         limited partnership, dated October 8, 1999, filed for record October
         11, 1999 at 2:51 p.m., recorded in Deed Book 201, Page 107, Heard
         County, Georgia Records.

(B)      That certain Access Easement Agreement by and between Inland Paperboard
         and Packaging, Inc., a Delaware corporation, Tenaska, Inc., a Delaware
         corporation, and Tenaska Georgia Partners, L.P., a Delaware limited
         partnership, dated October 8, 1999, filed for record October 11, 1999
         at 2:54 p.m., recorded in Deed Book 201, Page 120, aforesaid Records.

(C)      That certain Perpetual Right of Way and Easement Agreement from Charles
         L. Goodson, as Executor of the Last Will and Testament of Ora Lee
         Goodson, to Tenaska Georgia Partners, L.P., a Delaware limited
         partnership, dated November 10, 1999, filed for record November 10,
         1999 at 4 :14.m., recorded in Deed Book 201, Page 705, aforesaid
         Records, as affected by that certain Non-Interference and
         Cross-Indemnity Agreement by and between Tenaska, Inc., a Delaware
         corporation, and Tenaska Georgia Partners, L.P., a Delaware limited
         partnership, dated November 10, 1999, filed for record November 10,
         1999 at 4:22.m., recorded in Deed Book 201, Page 792, aforesaid
         Records.

(D)      That certain Natural Gas Pipeline Right of Way from Great Northern
         Nekoosa Corporation, a Maine corporation, to Tenaska Georgia Partners,
         L.P., a Delaware limited partnership, dated November 10, 1999, filed
         for record November 10, 1999 at 4:16.m., recorded in Deed Book 201,
         Page 743, aforesaid Records, as affected by that certain
         Non-Interference and Cross-Indemnity Agreement by and between Tenaska,
         Inc., a Delaware corporation, and Tenaska Georgia Partners, L.P., a
         Delaware limited partnership, dated November 10, 1999, filed for record
         November 10, 1999 at 4:22.m., recorded in Deed Book 201, Page 792,
         aforesaid Records.

(E)      That certain Access and Utility Easement Agreement from Tenaska, Inc.,
         a Delaware corporation to Tenaska Georgia Partners, L.P., a Delaware
         limited partnership, dated November 10, 1999, filed for record November
         10, 1999 at 4:10.m., recorded in Deed Book 201, Page 666, aforesaid
         Records.

                                       54
<PAGE>

                                   EXHIBIT "E"

                           PIPELINE EASEMENT PREMISES

EASEMENT AREA 2 - PERMANENT GAS PIPELINE EASEMENT

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
235 & 236 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT A ONE INCH PIPE MARKING THE NORTHEAST CORNER OF LAND LOT
236, SAID POINT BEING THE POINT OF REFERENCE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the wetlands of Hilly Mill
Creek;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4 inch pipe;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
140.19 feet to a Painted Rock;

         THENCE North 88 degrees 57 minutes 38 seconds West for a distance of
1520.84 feet to a point;

         THENCE North 88 degrees 57 minutes 38 seconds West for a distance of
102.52 feet to a point, said point being the POINT OF BEGINNING for the herein
described parcel of land.

         THENCE South 03 degrees 30 minutes 04 seconds East for a distance of
259.73 feet to a point;

         THENCE South 02 degrees 23 minutes 46 seconds East for a distance of
460.14 feet to a point;

         THENCE South 12 degrees 00 minutes 21 seconds East for a distance of
166.15 feet to a point;

                                       55
<PAGE>

         THENCE South 43 degrees 38 minutes 25 seconds West for a distance of
309.02 feet to a point;

         THENCE South 30 degrees 02 minutes 25 seconds West for a distance of
413.84 feet to a point;

         THENCE South 13 degrees 19 minutes 59 seconds East for a distance of
1031.86 feet to a point;

         THENCE South 01 degrees 08 minutes 53 seconds East for a distance of
266.31 feet to a point;

         THENCE South 48 degrees 28 minutes 27 seconds West for a distance of
389.03 feet to a point;

         THENCE South 13 degrees 57 minutes 28 seconds West for a distance of
235.43 feet to a point;

         THENCE South 01 degrees 34 minutes 09 seconds East for a distance of
636.83 feet to a point;

         THENCE South 20 degrees 37 minutes 20 seconds East for a distance of
13.96 feet to a point;

         THENCE South 75 degrees 41 minutes 17 seconds West for a distance of
50.30 feet to a point;

         THENCE North 20 degrees 37 minutes 20 seconds West for a distance of
16.82 feet to a point;

         THENCE North 01 degrees 34 minutes 09 seconds West for a distance of
652.03 feet to a point;

         THENCE North 13 degrees 57 minutes 28 seconds East for a distance of
257.78 feet to a point;

         THENCE North 48 degrees 28 minutes 27 seconds East for a distance of
381.45 feet to a point;

         THENCE North 01 degrees 08 minutes 53 seconds West for a distance of
237.86 feet to a point;

         THENCE North 13 degrees 19 minutes 59 seconds West for a distance of
1046.41 feet to a point;

         THENCE North 30 degrees 02 minutes 25 seconds East for a distance of
439.69 feet to a point;

                                       56
<PAGE>

         THENCE North 43 degrees 38 minutes 25 seconds East for a distance of
288.60 feet to a point;

         THENCE North 12 degrees 00 minutes 21 seconds West for a distance of
143.97 feet to a point;

         THENCE North 02 degrees 23 minutes 46 seconds West for a distance of
463.86 feet to a point;

         THENCE North 03 degrees 30 minutes 04 seconds West for a distance of
263.22 feet to a point;

         THENCE South 88 degrees 57 minutes 38 seconds East for a distance of
50.16 feet to the POINT OF BEGINNING.

         Said property contains 4.81 acres more or less and is that same tract
or parcel of land shown as Easement Area 2 on that certain ALTA/ACSM Title
Survey, entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska
Georgia, Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity
National Title Insurance Company of New York, Stewart Title Guaranty Company,
Heard County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

EASEMENT AREA 3 - TEMPORARY WORKSPACE

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOTS
236 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF JOE
STEPHENS ROAD (80 FOOT WIDTH) WITH THE SOUTHERLY RIGHT OF WAY LINE OF GEORGE
BROWN ROAD (PRESCRIPTIVE RIGHT OF WAY 40 FEET, MORE OR LESS, IN WIDTH), SAID
POINT BEING THE POINT OF REFERENCE; THENCE ALONG THE SOUTHERLY MARGIN OF GEORGE
BROWN ROAD SOUTH 74 DEGREES 00 MINUTES 18 SECONDS WEST FOR A DISTANCE OF 877.40
FEET TO A METAL FENCE POST FLUSH WITH THE GROUND;

         THENCE South 01 degrees 19 minutes 00 seconds West for a distance of
902.40 feet to a STEEL FENCE POST;

         THENCE South 01 degrees 36 minutes 50 seconds East for a distance of
321.00 feet to a 1" PIPE;

                                       57
<PAGE>

         THENCE South 00 degrees 28 minutes 16 seconds West for a distance of
802.62 feet to a 1" PIPE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the Wetlands of Hilly Mill
Creek;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4 inch pipe;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
140.19 feet to a Painted Rock;

         THENCE North 88 degrees 57 minutes 38 seconds West for a distance of
1520.84 feet to a point, said point being the POINT OF BEGINNING for the herein
described parcel of land.

         THENCE along a curve to the right having a radius of 3600.00 feet and
an arc length of 149.43 feet, being subtended by a chord of South 39 degrees 39
minutes 09 seconds West for a distance of 149.42 feet to a point;

         THENCE North 03 degrees 30 minutes 04 seconds West for a distance of
117.12 feet to a point;

         THENCE South 88 degrees 57 minutes 38 seconds East for a distance of
102.52 feet to the POINT OF BEGINNING.

         Said property contains 0.14 acre more or less and is that same tract or
parcel of land shown as Easement Area 3 on that certain ALTA/ACSM Title Survey,
entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska Georgia,
Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity National
Title Insurance Company of New York, Stewart Title Guaranty Company, Heard
County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

                                       58
<PAGE>

EASEMENT AREA 4 - TEMPORARY WORKSPACE

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
236 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT A ONE INCH PIPE MARKING THE NORTHEAST CORNER OF LAND LOT
236, SAID POINT BEING THE POINT OF REFERENCE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the Wetlands of Hilly Mill
Creek;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4 inch pipe;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
140.19 feet to a Painted Rock;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
1520.84 feet to a point;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
102.52 feet to a point;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
50.16 feet to a point, said point being the POINT OF BEGINNING for the herein
described parcel of land.

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
25.08 feet to a point;

         THENCE South 03 degrees 30 minutes 04 seconds East for a distance of
92.32 feet to a point;

         THENCE along a curve to the right having a radius of 3525.00 feet and
an arc length of 369.76 feet, being subtended by a chord of South 44 degrees 20
minutes 28 seconds West for a distance of 369.59 feet to a point;

         THENCE South 42 degrees 39 minutes 13 seconds East for a distance of
75.00 feet to a point;

                                       59
<PAGE>

         THENCE along a curve to the left having a radius of 3600.00 feet and an
arc length of 302.97 feet, being subtended by a chord of North 44 degrees 56
minutes 07 seconds East for a distance of 302.89 feet to a point;

         THENCE South 03 degrees 30 minutes 04 seconds East for a distance of
67.37 feet to a point;

         THENCE South 02 degrees 23 minutes 46 seconds East for a distance of
431.14 feet to a point;

         THENCE North 46 degrees 21 minutes 35 seconds West for a distance of
115.41 feet to a point;

         THENCE South 43 degrees 38 minutes 25 seconds West for a distance of
100.00 feet to a point;

         THENCE South 46 degrees 21 minutes 35 seconds East for a distance of
275.00 feet to a point;

         THENCE North 43 degrees 38 minutes 25 seconds East for a distance of
14.21 feet to a point;

         THENCE North 12 degrees 00 minutes 21 seconds West for a distance of
143.97 feet to a point;

         THENCE North 02 degrees 23 minutes 46 seconds West for a distance of
463.86 feet to a point;

         THENCE North 03 degrees 30 minutes 04 seconds West for a distance of
263.22 feet to the POINT OF BEGINNING.

         Said property contains 1.38 acres more or less and is that same tract
or parcel of land shown as Easement Area 4 on that certain ALTA/ACSM Title
Survey, entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska
Georgia, Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity
National Title Insurance Company of New York, Stewart Title Guaranty Company,
Heard County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

EASEMENT AREA 5 - TEMPORARY WORKSPACE

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
236 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

                                       60
<PAGE>

         COMMENCING AT A ONE INCH PIPE MARKING THE NORTHEAST CORNER OF LAND LOT
236, SAID POINT BEING THE POINT OF REFERENCE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the Wetlands of Hilly Mill
Creek;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4 inch pipe;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
140.19 feet to a Painted Rock;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
1520.84 feet to a point;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
102.52 feet to a point;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
50.16 feet to a point;

         THENCE South 03 degrees 30 minutes 04 seconds East for a distance of
263.22 feet to a point;

         THENCE South 02 degrees 23 minutes 46 seconds East for a distance of
463.86 feet to a point;

         THENCE South 12 degrees 00 minutes 21 seconds East for a distance of
143.97 feet to a point;

         THENCE South 43 degrees 38 minutes 25 seconds West for a distance of
175.27 feet to a point, said point being the POINT OF BEGINNING for the herein
described parcel of land.

         THENCE North 46 degrees 21 minutes 35 seconds West for a distance of
225.00 feet to a point;

         THENCE South 43 degrees 38 minutes 25 seconds West for a distance of
100.00 feet to a point;

                                       61
<PAGE>

         THENCE South 46 degrees 21 minutes 35 seconds East for a distance of
221.78 feet to a point;

         THENCE South 30 degrees 02 minutes 25 seconds West for a distance of
13.71 feet to a point;

         THENCE North 43 degrees 38 minutes 25 seconds East for a distance of
113.33 feet to the POINT OF BEGINNING.

         Said property contains 0.52 acres more or less and is that same tract
or parcel of land shown as Easement Area 5 on that certain ALTA/ACSM Title
Survey, entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska
Georgia, Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity
National Title Insurance Company of New York, Stewart Title Guaranty Company,
Heard County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

EASEMENT AREA 6 - TEMPORARY WORKSPACE

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
235 & 236 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT A ONE INCH PIPE MARKING THE NORTHEAST CORNER OF LAND LOT
236, SAID POINT BEING THE POINT OF REFERENCE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the Wetlands of Hilly Mill
Creek;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4 inch pipe;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
140.19 feet to a Painted Rock;

                                       62
<PAGE>

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
1520.84 feet to a point;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
102.52 feet to a point;

         THENCE South 03 degrees 30 minutes 04 seconds East for a distance of
259.73 feet to a point;

         THENCE South 02 degrees 23 minutes 46 seconds East for a distance of
460.14 feet to a point;

         THENCE South 12 degrees 00 minutes 21 seconds East for a distance of
166.15 feet to a point;

         THENCE South 43 degrees 38 minutes 25 seconds West for a distance of
202.70 feet to a point, said point being the POINT OF BEGINNING for the herein
described parcel of land.

         THENCE South 43 degrees 38 minutes 25 seconds West for a distance of
106.32 feet to a point;

         THENCE South 30 degrees 02 minutes 25 seconds West for a distance of
413.84 feet to a point;

         THENCE South 13 degrees 19 minutes 59 seconds East for a distance of
1031.86 feet to a point;

         THENCE South 01 degrees 08 minutes 53 seconds East for a distance of
266.31 feet to a point;

         THENCE South 48 degrees 28 minutes 27 seconds West for a distance of
213.81 feet to a point;

         THENCE South 41 degrees 31 minutes 33 seconds East for a distance of
225.00 feet to a point;

         THENCE North 48 degrees 28 minutes 27 seconds East for a distance of
100.00 feet to a point;

         THENCE North 41 degrees 31 minutes 33 seconds West for a distance of
200.00 feet to a point;

         THENCE North 48 degrees 28 minutes 27 seconds East for a distance of
125.37 feet to a point;

         THENCE North 01 degrees 08 minutes 53 seconds West for a distance of
280.53 feet to a point;

                                       63
<PAGE>

         THENCE North 13 degrees 19 minutes 59 seconds West for a distance of
1024.59 feet to a point;

         THENCE North 30 degrees 02 minutes 25 seconds East for a distance of
507.24 feet to the POINT OF BEGINNING.

         Said property contains 1.60 acres more or less and is that same tract
or parcel of land shown as Easement Area 6 on that certain ALTA/ACSM Title
Survey, entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska
Georgia, Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity
National Title Insurance Company of New York, Stewart Title Guaranty Company,
Heard County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

EASEMENT AREA 7 - TEMPORARY WORKSPACE

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
235 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT A ONE INCH PIPE MARKING THE NORTHEAST CORNER OF LAND LOT
236, SAID POINT BEING THE POINT OF REFERENCE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the Wetlands of Hilly Mill
Creek;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4 inch pipe;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
140.19 feet to a Painted Rock;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
1520.84 feet to a point;

                                       64
<PAGE>

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
102.52 feet to a point;

         THENCE South 03 degrees 30 minutes 04 seconds East for a distance of
259.73 feet to a point;

         THENCE South 02 degrees 23 minutes 46 seconds East for a distance of
460.14 feet to a point;

         THENCE South 12 degrees 00 minutes 21 seconds East for a distance of
166.15 feet to a point;

         THENCE South 43 degrees 38 minutes 25 seconds West for a distance of
309.02 feet to a point;

         THENCE South 30 degrees 02 minutes 25 seconds West for a distance of
413.84 feet to a point;

         THENCE South 13 degrees 19 minutes 59 seconds East for a distance of
1031.86 feet to a point;

         THENCE South 01 degrees 08 minutes 53 seconds East for a distance of
266.31 feet to a point;

         THENCE South 48 degrees 28 minutes 27 seconds West for a distance of
297.81 feet to a point, said point being the POINT OF BEGINNING for the herein
described parcel of land.

         THENCE South 48 degrees 28 minutes 27 seconds West for a distance of
91.22 feet to a point;

         THENCE South 13 degrees 57 minutes 28 seconds West for a distance of
235.43 feet to a point;

         THENCE South 01 degrees 34 minutes 09 seconds East for a distance of
636.83 feet to a point;

         THENCE South 20 degrees 37 minutes 20 seconds East for a distance of
13.96 feet to a point;

         THENCE North 75 degrees 41 minutes 17 seconds East for a distance of
25.15 feet to a point;

         THENCE North 20 degrees 37 minutes 20 seconds West for a distance of
12.53 feet to a point;

         THENCE North 01 degrees 34 minutes 09 seconds West for a distance of
629.22 feet to a point;

                                       65
<PAGE>

         THENCE North 13 degrees 57 minutes 28 seconds East for a distance of
204.18 feet to a point;

         THENCE South 41 degrees 31 minutes 33 seconds East for a distance of
188.62 feet to a point;

         THENCE North 48 degrees 28 minutes 27 seconds East for a distance of
100.00 feet to a point;

         THENCE North 41 degrees 31 minutes 33 seconds West for a distance of
225.00 feet to the POINT OF BEGINNING.

         Said property contains 1.01 acres more or less and is that same tract
or parcel of land shown as Easement Area 7 on that certain ALTA/ACSM Title
Survey, entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska
Georgia, Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity
National Title Insurance Company of New York, Stewart Title Guaranty Company,
Heard County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

EASEMENT AREA 9 - TEMPORARY WORKSPACE

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
236 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF JOE
STEPHENS ROAD (80 FOOT WIDTH) WITH THE SOUTHERLY RIGHT OF WAY LINE OF GEORGE
BROWN ROAD (PRESCRIPTIVE RIGHT OF WAY 40 FEET, MORE OR LESS, IN WIDTH), SAID
POINT BEING THE POINT OF REFERENCE; THENCE ALONG THE SOUTHERLY MARGIN OF GEORGE
BROWN ROAD SOUTH 74 DEGREES 00 MINUTES 18 SECONDS WEST FOR A DISTANCE OF 877.40
FEET TO A METAL FENCE POST FLUSH WITH THE GROUND;

         THENCE South 01 degrees 19 minutes 00 seconds West for a distance of
902.40 feet to a STEEL FENCE POST;

         THENCE South 01 degrees 36 minutes 50 seconds East for a distance of
321.00 feet to a 1" PIPE;

         THENCE South 00 degrees 28 minutes 16 seconds West for a distance of
802.62 feet to a 1" PIPE;

                                       66
<PAGE>

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the Wetlands of Hilly Mill
Creek;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4 inch pipe;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
140.19 feet to a Painted Rock;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
1520.84 feet to a point, said point being the POINT OF BEGINNING for the herein
described parcel of land.

         THENCE South 88 degrees 57 minutes 38 seconds East for a distance of
124.94 feet to a point;

         THENCE along a curve to the left having a radius of 3700.00 feet and an
arc length of 513.91 feet, being subtended by a chord bearing North 33 degrees
18 minutes 31 seconds East for a distance of 513.50 feet to a point;

         THENCE North 45 degrees 03 minutes 01 seconds East for a distance of
20.82 feet to a point;

         THENCE North 19 degrees 13 minutes 55 seconds East for a distance of
202.54 feet to a point;

         THENCE North 53 degrees 03 minutes 38 seconds West for a distance of
104.97 feet to a point;

         THENCE South 19 degrees 13 minutes 55 seconds West for a distance of
211.55 feet to a point;

         THENCE South 45 degrees 03 minutes 01 seconds West for a distance of
11.80 feet to a point;

         THENCE along a curve to the right having a radius of 3600.00 feet and
an arc length of 587.61 feet, being subtended by a chord bearing South 33
degrees 47 minutes 14 seconds West for a distance of 586.96 feet to a point,
said point being the POINT OF BEGINNING.

                                       67
<PAGE>

         Said property contains 1.78 acres more or less and is that same tract
or parcel of land shown as Easement Area 9 on that certain ALTA/ACSM Title
Survey, entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska
Georgia, Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity
National Title Insurance Company of New York, Stewart Title Guaranty Company,
Heard County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

EASEMENT AREA 10 -TEMPORARY WORKSPACE

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
236 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF JOE
STEPHENS ROAD (80 FOOT WIDTH) WITH THE SOUTHERLY RIGHT OF WAY LINE OF GEORGE
BROWN ROAD (PRESCRIPTIVE RIGHT OF WAY 40 FEET, MORE OR LESS, IN WIDTH), SAID
POINT BEING THE POINT OF REFERENCE; THENCE ALONG THE SOUTHERLY MARGIN OF GEORGE
BROWN ROAD SOUTH 74 DEGREES 00 MINUTES 18 SECONDS WEST FOR A DISTANCE OF 877.40
FEET TO A METAL FENCE POST FLUSH WITH THE GROUND;

         THENCE South 01 degrees 19 minutes 00 seconds West for a distance of
902.40 feet to a STEEL FENCE POST;

         THENCE South 01 degrees 36 minutes 50 seconds East for a distance of
321.00 feet to a 1" PIPE;

         THENCE South 00 degrees 28 minutes 16 seconds West for a distance of
802.62 feet to a 1" PIPE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the Wetlands of Hilly Mill
Creek;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4 inch pipe;

                                       68
<PAGE>

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
140.19 feet to a Painted Rock;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
1520.84 feet to a point;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
102.52 feet to a point;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
50.16 feet to a point;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
25.08 feet to a point, said point being the POINT OF BEGINNING for the herein
described parcel of land.

         THENCE North 03 degrees 30 minutes 04 seconds West for a distance of
82.45 feet to a point;

         THENCE North 45 degrees 03 minutes 01 seconds East for a distance of
639.20 feet to a point;

         THENCE North 19 degrees 13 minutes 55 seconds East for a distance of
52.57 feet to a point;

         THENCE North 70 degrees 46 minutes 05 seconds West for a distance of
175.00 feet to a point;

         THENCE North 19 degrees 13 minutes 55 seconds East for a distance of
150.00 feet to a point;

         THENCE South 70 degrees 46 minutes 05 seconds East for a distance of
175.00 feet to a point;

         THENCE North 19 degrees 13 minutes 55 seconds East for a distance of
25.93 feet to a point;

         THENCE North 44 degrees 18 minutes 22 seconds West for a distance of
99.68 feet to a point;

         THENCE North 56 degrees 31 minutes 54 seconds West for a distance of
120.58 feet to a point;

         THENCE North 70 degrees 46 minutes 05 seconds West for a distance of
68.89 feet to a point;

                                       69
<PAGE>

         THENCE South 19 degrees 13 minutes 55 seconds West for a distance of
350.00 feet to a point;

         THENCE South 70 degrees 46 minutes 05 seconds East for a distance of
140.96 feet to a point;

         THENCE South 45 degrees 03 minutes 01 seconds West for a distance of
583.23 feet to a point;

         THENCE South 03 degrees 30 minutes 04 seconds East for a distance of
119.61 feet to a point;

         THENCE South 88 degrees 57 minutes 38 seconds East for a distance of
100.31 feet to a point, said point being the POINT OF BEGINNING.

         Said property contains 3.02 acres more or less and is that same tract
or parcel of land shown as Easement Area 10 on that certain ALTA/ACSM Title
Survey, entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska
Georgia, Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity
National Title Insurance Company of New York, Stewart Title Guaranty Company,
Heard County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia. which recorded Survey is incorporated herein by
reference.

EASEMENT AREA 11 - PERMANENT ACCESS

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
236 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT A ONE INCH PIPE MARKING THE NORTHEAST CORNER OF LAND LOT
236, SAID POINT BEING THE POINT OF REFERENCE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the Wetlands of Hilly Mill
Creek;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4 inch pipe;

                                       70
<PAGE>

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
140.19 feet to a Painted Rock;

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
1502.56 feet to a point;

         THENCE South 03 degrees 25 minutes 19 seconds West for a distance of
556.81 feet to a 3/4 inch pipe;

         THENCE South 00 degrees 55 minutes 19 seconds West for a distance of
434.31 feet to a 3/4 inch pipe, said point being the POINT OF BEGINNING for the
herein described parcel of land.

         THENCE South 00 degrees 29 minutes 20 seconds East for a distance of
30.01 feet to a point;

         THENCE North 89 degrees 13 minutes 51 seconds West for a distance of
16.78 feet to a point;

         THENCE North 32 degrees 43 minutes 50 seconds West for a distance of
70.24 feet to a point;

         THENCE North 08 degrees 02 minutes 18 seconds West for a distance of
31.43 feet to a point;

         THENCE North 43 degrees 38 minutes 25 seconds East for a distance of
69.56 feet to a point;

         THENCE South 89 degrees 04 minutes 41 seconds East for a distance of
12.67 feet to a point;

         THENCE South 00 degrees 55 minutes 19 seconds West for a distance of
110.58 feet to the POINT OF BEGINNING.

         Said property contains 0.13 acre more or less and is that same tract or
parcel of land shown as Easement Area 11 on that certain ALTA/ACSM Title Survey,
entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska Georgia,
Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity National
Title Insurance Company of New York, Stewart Title Guaranty Company, Heard
County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

                                       71
<PAGE>

                                   EXHIBIT "F"

                                   PARCEL E-12

EASEMENT AREA 12 - PERMANENT ACCESS - LOT 175, POWERS CREEK ESTATES

         ALL THAT TRACT OR PARCEL OF LAND SITUATE, LYING AND BEING IN LAND LOT
236 OF THE THIRD LAND DISTRICT OF HEARD COUNTY GEORGIA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

         COMMENCING AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF JOE
STEPHENS ROAD (80 FOOT WIDTH) WITH THE SOUTHERLY RIGHT OF WAY LINE OF GEORGE
BROWN ROAD (PRESCRIPTIVE RIGHT OF WAY 40 FEET, MORE OR LESS, IN WIDTH), SAID
POINT BEING THE POINT OF REFERENCE; THENCE ALONG THE SOUTHERLY MARGIN OF GEORGE
BROWN ROAD SOUTH 74 DEGREES 00 MINUTES 18 SECONDS WEST FOR A DISTANCE OF 877.40
FEET TO A METAL FENCE POST FLUSH WITH THE GROUND;

         THENCE South 01 degrees 19 minutes 00 seconds West for a distance of
902.40 feet to a STEEL FENCE POST;

         THENCE South 01 degrees 36 minutes 50 seconds East for a distance of
321.00 feet to a PIPE;

         THENCE South 00 degrees 28 minutes 16 seconds West for a distance of
802.62 feet to a 1" PIPE;

         THENCE South 00 degrees 43 minutes 57 seconds West for a distance of
291.17 feet to a POINT IN THE CENTERLINE OF HILLY MILL CREEK;

         THENCE South 01 degrees 18 minutes 40 seconds West for a distance of
32.38 feet to a point;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
978.06 feet to a point on the Southerly limits of the Wetlands of Hilly Mill
Creek;

         THENCE South 02 degrees 18 minutes 34 seconds West for a distance of
84.64 feet to a 3/4 inch pipe;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
12.03 feet to a point;

         THENCE South 01 degrees 21 minutes 15 seconds West for a distance of
140.19 feet to a Painted Rock;

                                       72
<PAGE>

         THENCE North 88 degrees 57 minutes 38 Seconds West for a distance of
1502.56 feet to a point;

         THENCE South 03 degrees 25 minutes 19 seconds West for a distance of
556.81 feet to a 3/4 inch pipe;

         THENCE South 00 degrees 55 minutes 19 seconds West for a distance of
434.31 feet to a 3/4 inch pipe, said point being the POINT OF BEGINNING for the
herein described parcel of land.

         THENCE South 89 degrees 13 minutes 51 seconds East for a distance of
615.65 feet to a 3/4 inch pipe on the westerly right of way line of Dogwood Road
(60' Width);

         THENCE along said right of way line South 28 degrees 15 minutes 41
seconds East for a distance of 34.31 feet to a point;

         THENCE North 89 degrees 13 minutes 51 seconds West for a distance of
631.64 feet to a point;

         THENCE North 00 degrees 29 minutes 20 seconds West for a distance of
30.01 feet to the POINT OF BEGINNING.

         Said property contains 0.43 acre more or less and is that same tract or
parcel of land shown as Easement Area 12 on that certain ALTA/ACSM Title Survey,
entitled Heard County Power Generation Site for Tenaska, Inc., Tenaska Georgia,
Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity National
Title Insurance Company of New York, Stewart Title Guaranty Company, Heard
County Development Authority & The Chase Manhattan Bank as Trustee and
Collateral Agent, prepared by Donaldson, Garrett & Associate, Inc., bearing the
seal and certification of James W. Newberry, Jr. Registered Land Surveyor No.
2558, dated March 19, 1999, last revised November 4, 1999, and recorded in Plat
Book 10, Pages 176 - 188, in the Office of the Clerk of the Superior Court of
Heard County, Georgia, which recorded Survey is incorporated herein by
reference.

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                                   EXHIBIT "G"

                             PERMITTED ENCUMBRANCES

1.   All taxes for the year 1999 and subsequent years, not yet due and payable.

2.   Riparian Rights incident to the Property.

3.   Right-of-Way Deed Plant Wansley-Fortson Transmission Line from Georgia
     Kraft Company, a Delaware Corporation, to Georgia Power Company, a Georgia
     Corporation, dated August 7, 1974, filed for record September 14, 1974 at
     8:30 a.m., recorded in Deed Book 75, Page 438, Records of Heard County,
     Georgia.

4.   Terms and conditions contained in that certain Easement Agreement by and
     between Violet E. Davis and Tenaska, Inc., a Delaware corporation, dated
     May 7, 1998, filed for record May 7, 1998 at 1:54 p.m., recorded in Deed
     Book 184, Page 578, aforesaid Records.

5.   Terms and conditions contained in that certain Construction Easement
     Agreement by and between Inland Paperboard and Packaging, Inc., a Delaware
     corporation, Tenaska, Inc., a Delaware corporation, and Tenaska Georgia
     Partners, L.P., a Delaware limited partnership, dated October 8, 1999,
     filed for record October 11, 1999 at 2:51 p.m., recorded in Deed Book 201,
     Page 107, aforesaid Records.

6.   Terms and conditions contained in that certain Access Easement Agreement by
     and between Inland Paperboard and Packaging, Inc., a Delaware corporation,
     Tenaska, Inc., a Delaware corporation, and Tenaska Georgia Partners, L.P.,
     a Delaware limited partnership, dated October 8, 1999, filed for record
     October 11, 1999 at 2:54 p.m., recorded in Deed Book 201, Page 120,
     aforesaid Records.

7.   Terms and conditions contained in that certain Access and Utility Easement
     Agreement from Tenaska, Inc., a Delaware corporation to Tenaska Georgia
     Partners, L.P., a Delaware limited partnership, dated November 10, 1999,
     filed for record November 10, 1999 at 4:10.m., recorded in Deed Book 201,
     Page 666, aforesaid Records.

8.   Terms and conditions of that certain Perpetual Right of Way and Easement
     Agreement from Charles L. Goodson, as Executor of the Last Will and
     Testament of Ora Lee Goodson, to Tenaska Georgia Partners, L.P., a Delaware
     limited partnership, dated November 10, 1999, filed for record November 10,
     1999 at 4:14.m., recorded in Deed Book 201, Page 705, aforesaid Records,
     and the terms and conditions of that certain Non-Interference and
     Cross-Indemnity Agreement by and between Tenaska, Inc., a Delaware
     corporation, and Tenaska Georgia Partners, L.P., a Delaware limited
     partnership, dated November 10, 1999, filed for record November 10, 1999 at
     4:22.m., recorded in Deed Book 201, Page 792, aforesaid Records.

9.   Terms and conditions of that certain Natural Gas Pipeline Right of Way from
     Great Northern Nekoosa Corporation, a Maine corporation, to Tenaska Georgia
     Partners, L.P.,

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<PAGE>

     a Delaware limited partnership, dated November 10, 1999, filed for record
     November 10, 1999 at 4:16.m., recorded in Deed Book 201, Page 743,
     aforesaid Records, and the terms and conditions of that certain
     Non-Interference and Cross-Indemnity Agreement by and between Tenaska,
     Inc., a Delaware corporation, and Tenaska Georgia Partners, L.P., a
     Delaware limited partnership, dated November 10, 1999, filed for record
     November 10, 1999 at 4:22.m., recorded in Deed Book 201, Page 792,
     aforesaid Records.

10.  Terms and conditions of that certain Easement Agreement from Robert Charles
     Payne and Susan Lynn Payne, to Tenaska Georgia Partners, L.P., a Delaware
     limited partnership, dated November 10, 1999, filed for record November 10,
     1999 at 4:19.m., recorded in Deed Book 201, Page 786, aforesaid Records.

11.  Easement Agreement by and between Tenaska, Inc., a Delaware corporation,
     and Inland Paperboard and Packaging, Inc., a Delaware corporation, dated
     October 8, 1999, filed for record October 11, 1999 at 2:54 p.m., recorded
     in Deed Book 201, Page 125, aforesaid Records.

12.  Memorandum of Right of First Refusal and Right To Repurchase Agreement by
     and between Julie R. Thomas (formerly known as Julie Rebecca Brown
     Arrighton), and Tenaska Georgia Partners, L.P., a Delaware limited
     partnership, dated August 26, 1998, filed for record September 1, 1998 at
     1:21 p.m., recorded in Deed Book 188, Page 339, aforesaid Records.

12.  Memorandum of Right of First Refusal Agreement by and between Tenaska,
     Inc., a Delaware corporation, and Inland Paperboard and Packaging, Inc., a
     Delaware corporation, dated October 8, 1999, filed for record October 11,
     1999 at 3:15 p.m., recorded in Deed Book 201, Page 131, aforesaid Records.

13.  Perpetual Right-of-Way and Easement Agreement from Tenaska Georgia
     Partners, L.P., a Delaware limited partnership, to Tenaska, Inc., a
     Delaware corporation, dated November 10, 1999, filed for record November
     10, 1999 at 4:08.m., recorded in Deed Book 201, Page 653, aforesaid
     Records.

14.  Restricted Covenant from Tenaska Georgia Partners, L.P., a Delaware limited
     partnership, dated November 10, 1999, filed for record November 10, 1999 at
     4:12.m., recorded in Deed Book 201, Page 678, aforesaid Records.

15.  Those matters disclosed by that certain ALTA/ACSM Title Survey, entitled
     Heard County Power Generation Site for Tenaska, Inc., Tenaska Georgia,
     Inc., Tenaska Georgia I, LP, Tenaska Georgia Partners, LP, Fidelity
     National Title Insurance Company of New York, Stewart Title Guaranty
     Company, Heard County Development Authority & The Chase Manhattan Bank as
     Trustee and Collateral Agent, prepared by Donaldson, Garrett & Associate,
     Inc., bearing the seal and certification of James W. Newberry, Jr.
     Registered Land Surveyor No. 2558, dated March 19, 1999, last revised
     November 4, 1999, and recorded in Plat Book 10, Pages 176 - 188, in the
     Office of the Clerk of the Superior Court of Heard County, Georgia, which
     recorded Survey is incorporated herein by reference.

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<PAGE>

16.  Right of Way Deeds, in favor of Heard County, a political subdivision of
     the State of Georgia, as follows:

     (a)  from Jimmy Adams, et al., dated June 12, 1963, recorded in Deed Book
          55, Page 494, Records of Heard County, Georgia;

     (b)  from Jimmy Adams, et al., dated June 12, 1963, filed for record
          October 29, 1963, recorded in Deed Book 55, Page 495, aforesaid
          Records; and

     (c)  from Ann Henry, et al., dated June 15, 1963, filed for record October
          29, 1963, recorded in Deed Book 55, Page 496, aforesaid Records.

17.  That certain Indenture of Trust by and between the Development Authority of
     Heard County, a public corporation of the State of Georgia, as issuer, and
     The Chase Manhattan Bank, as trustee, a state banking corporation duly
     organized and existing under and by virtue of the laws of the State of New
     York, as trustee, dated November 10, 1999, filed for record November 10,
     1999 at 4:36.m., recorded in Deed Book 202, Page 86, aforesaid Records.

18.  Terms and conditions contained in that certain Lease Agreement by and
     between the Development Authority of Heard County, a public corporation of
     the State of Georgia, as lessor, and Tenaska Georgia Partners, L.P., a
     Delaware limited partnership, as lessee, dated November 10, 1999, filed for
     record November 10, 1999 at 4:34.m., recorded in Deed Book 202, Page 1,
     aforesaid Records.

19.  Terms and conditions contained in that certain Ground Lease by and between
     Tenaska, Inc., a Delaware corporation, as lessor, and Tenaska Georgia
     Partners, L.P., a Delaware limited partnership, as lessee, dated November
     10, 1999, as evidenced by that certain Short Form Ground Lease Agreement by
     and between Tenaska, Inc., a Delaware corporation, as lessor, and Tenaska
     Georgia Partners, L.P., a Delaware limited partnership, as lessee, dated
     November 10, 1999, filed for record November 10, 1999 at 4:33.m., recorded
     in Deed Book 201, Page 820, aforesaid Records.

                                       76

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