STATEMENT OF AGREEMENT

 

This document corrects the signature pages of the document filed at Deed Book 
1428, page 404.

Upon Recording return to:                             Cross Reference:
    Mr. Robert N. Farrar                         Deed Book 1274, page 264
    Suite 141, The Carnegie Building             Deed Book 1378, page 615
    607 Broad Street                             Deed Book 1391, page 1
    Rome, Georgia  30161-3059                    Deed Book 1409, page 766

           SUPPLEMENT TO OPC INTERCREDITOR AND SECURITY AGREEMENT NO. 1

         This Supplement to OPC Intercreditor and Security Agreement No. 1, 
dated as of March 1, 1997 (hereinafter referred to as the "Agreement") is 
entered into among the UNITED STATES OF AMERICA (hereinafter referred to as 
the "Government"), acting through the Administrator of the Rural Utilities 
Service, SUNTRUST BANK, ATLANTA, as trustee under that certain OPC Indenture, 
as hereinafter defined (hereinafter referred to as the "New Mortgagee"), a 
banking corporation organized and existing under the laws of the State of 
Georgia, OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP GENERATION & 
TRANSMISSION CORPORATION), an electric membership corporation organized under 
the laws of the State of Georgia, (hereinafter referred to as "OPC"), ROCKY 
MOUNTAIN LEASING CORPORATION, a Delaware corporation (hereinafter referred to 
as "RMLC"), SUNTRUST BANK, ATLANTA, a banking corporation organized under the 
laws of Georgia, not in its individual capacity, but solely as Co-Trustee 
under the Trust Agreement (hereinafter referred to as the "Co-Trustee"), 
FLEET NATIONAL BANK, a national banking association, not in its individual 
capacity, but solely as Owner Trustee under the Trust Agreement (hereinafter 
referred to as the "Owner Trustee"), UTRECHT-AMERICA FINANCE CO., a Delaware 
corporation (hereinafter referred to as the "Lender"), and AMBAC INDEMNITY 
CORPORATION, a Wisconsin domiciled stock insurance corporation (hereinafter 
referred to as "AMBAC") (each of OPC, RMLC, Co-Trustee, Owner Trustee, Lender 
and AMBAC, together with their respective successors and assigns, 
collectively hereinafter referred to as the "Transaction Parties"); 
capitalized terms used herein and not defined in this Agreement are used with 
the meaning set forth in the Intercreditor Agreement, as hereinafter defined.

                                      RECITALS:

    A.   The Government, the New Mortgagee and each of the Transaction Parties
entered into that certain OPC Intercreditor and Security Agreement No. 1, dated
as of December 30, 1996 (hereinafter referred to as the "Intercreditor
Agreement"), wherein the Transaction Parties acknowledged and agreed, among
other matters, that the security titles and security interests of the Original
Mortgagees in and to the Rocky Mountain Interests (as hereinafter defined and
herein so called) created by the OPC Mortgage constitute a first and prior
security title and security interest that was not released by the Original
Mortgagees and that the rights and interests of the Transaction Parties in and
to the Rocky Mountain Interests are and will remain subject and subordinate in
all respects to the security title and security interest of the Senior Mortgage
and Security Agreement.

    B.   OPC and the New Mortgagee have entered into that certain Indenture, 
dated as of March 1, 1997 (as the same from time to time may be amended, 
supplemented or modified, hereinafter referred to as the "OPC Indenture"), 
pursuant to which OPC has granted to the New Mortgagee a perfected security 
interest in and security title to substantially all of OPC's property, 
including, without limitation, the Undivided Interest, the Ground Interest 
and the Rocky Mountain Agreements (collectively the "Rocky Mountain 
Interests"). The parties hereto desire to supplement the Intercreditor 
Agreement as hereinafter provided.

    C.   Pursuant to the OPC Indenture, and in order to fully preserve and 
protect the Trustee's interest in the Trust Estate under the OPC Indenture, 
OPC and the New Mortgagee have also entered into that certain Security 
Agreement, dated as of March 1, 1997 (as the same from time to time may be 
amended, supplemented or modified, herein referred to as the "Security 
Agreement") separately granting to the Trustee under the OPC Indenture a 
security interest in certain personal property in which the Indenture also 
grants a security interest (for purposes of this Agreement, the Security 
Agreement shall be considered a part of, and is included in the definition 
of, the OPC Indenture).

                                STATEMENT OF AGREEMENT

    NOW, THEREFORE, the Government, the New Mortgagee and each of the 
Transaction Parties do hereby acknowledge, agree and affirm that:

         (1) together with the OPC Mortgage, the OPC Indenture constitutes, 
for all purposes under the Intercreditor Agreement, the Senior Mortgage and 
Security Agreement;

         (2) the interest (if any) of each Transaction Party in and to the 
Rocky Mountain Interests is subject and subordinate in all respects to the 
Senior Mortgage and Security Agreement;

         (3) the rights and obligations of the Government, the New Mortgagee 
and the Transaction Parties under or by virtue of the Intercreditor 
Agreement, as supplemented by this Agreement, remain in full force and 
effect; and

         (4) neither the provisions hereof nor of the Intercreditor Agreement 
shall be affected in any manner by the release of any collateral or security 
by the Government or the New Mortgagee, including, without limitation the 
release from time to time of the OPC Mortgage or any property encumbered 
thereby.

    IN WITNESS WHEREOF, the parties have caused this Agreement to be executed 
as of the date hereof.

                         [SIGNATURES BEGIN ON FOLLOWING PAGE]

                                       UNITED STATES OF AMERICA 
                                       acting by and through the 
                                       Administrator of the Rural Utilities
                                       Service

                                       By: /s/ Thomas L. Eddy
                                          -------------------------------------
                                       Title: Director, Power Supply Division
                                       

Signed and delivered in the
presence of

/s/ Steven Slovikosky
- -----------------------------------
Unofficial Witness

/s/ James F. Mothershed
- -----------------------------------
Notary Public

My Commission Expires: April 30, 1999

    [NOTARIAL SEAL]

                       [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                  SUNTRUST BANK, ATLANTA, not in its 
                                  individual capacity but solely as the New 
                                  Mortgagee

                                  By:    /s/ Philip D. DeMouey
                                     -----------------------------------------
                                  Name:  Philip D. DeMouey
                                       ---------------------------------------
                                  Title: Assistant Vice President
                                        --------------------------------------

Signed and delivered in the       By:    /s/ Antonio I. Portuondo
presence of                          -----------------------------------------
                                  Name:  Antonio I. Portuondo
                                       ---------------------------------------
                                  Title: Assistant Vice President
                                        --------------------------------------

/s/ David McMahon
- ---------------------------------
Unofficial Witness

/s/ Teresa R. Turner
- ---------------------------------
Notary Public

My Commission Expires: April 3, 2001

    [NOTARIAL SEAL]

                       [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                  OGLETHORPE POWER CORPORATION 
                                  (AN ELECTRIC MEMBERSHIP 
                                  GENERATION & TRANSMISSION 
                                  CORPORATION)

                                  By: /s/ T. D. Kilgore
                                     -----------------------------------------
                                  Name:  T. D. Kilgore
                                  Title:  President & CEO

Signed and delivered in the       By: /s/ Patricia N. Nash
presence of                          ------------------------------------------
                                  Name: Patricia N. Nash
                                  Title:  Secretary

/s/ Jo Ann Smith
- ---------------------------------
Unofficial Witness

/s/ Thomas J. Brendiar
- ---------------------------------
Notary Public

My Commission Expires: November 14, 2000

    [NOTARIAL SEAL]

                       [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                  ROCKY MOUNTAIN LEASING 
                                  CORPORATION

                                  By: /s/ Clarence Mitchell
                                     -----------------------------------------
                                  Name: Clarence Mitchell
                                  Title:  President

Signed and delivered in the       By: /s/ James E. Kofron
presence of                          ------------------------------------------
                                  Name:  James E. Kofron
                                  Title:  Secretary-Treasurer

/s/ Denise S. Kemp
- ---------------------------------
Unofficial Witness

/s/ Thomas J. Brendiar
- ---------------------------------
Notary Public

My Commission Expires: November 14, 2000

    [NOTARIAL SEAL]

                       [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                  SUNTRUST BANK, ATLANTA, not in its 
                                  individual capacity but solely as Co-Trustee
                                  under the Trust Agreement

                                  By:    /s/ Philip D. DeMouey
                                     -----------------------------------------
                                  Name: Philip D. DeMouey
                                       ---------------------------------------
                                  Title: Assistant Vice President
                                        --------------------------------------

Signed and delivered in the       By:   /s/ Antonio I. Portuondo
presence of                          -----------------------------------------
                                  Name: Antonio I. Portuondo
                                       ---------------------------------------
                                  Title: Assistant Vice President
                                        --------------------------------------

/s/ David McMahon
- ---------------------------------
Unofficial Witness

/s/ Teresa R. Turner
- ---------------------------------
Notary Public

My Commission Expires: April 3, 2001

    [NOTARIAL SEAL]

                       [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                  FLEET NATIONAL BANK, not in its
                                  individual capacity, but solely as Owner 
                                  Trustee under the Trust Agreement

                                  By: /s/ Mark A. Forgetta
                                     -----------------------------------------
                                  Name: Mark A. Forgetta
                                       ---------------------------------------
                                  Title: Attorney-In-Fact
                                        --------------------------------------

Signed and delivered in the
presence of

/s/ Debra A. Colon
- ----------------------------------
Unofficial Witness

/s/ Dawn P. Heintz
- ----------------------------------
Notary Public

My Commission Expires: May 31, 2002

    [NOTARIAL SEAL]

                       [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                  UTRECHT-AMERICA FINANCE CO.

                                  By: /s/ David I. Dietz
                                     -----------------------------------------
                                  Name: David I. Dietz
                                       ---------------------------------------
                                  Title: Assistant Treasurer
                                        --------------------------------------

Signed and delivered in the       By: /s/ J. W. den Baas
presence of                          -----------------------------------------
                                  Name: J. W. den Baas
                                       ---------------------------------------
                                  Title: Vice President
                                        --------------------------------------

/s/ Kimberly A. Werderm
- ----------------------------------
Unofficial Witness

/s/ Stacie A. Clark
- ----------------------------------
Notary Public

My Commission Expires: August 12, 1998

    [NOTARIAL SEAL]

                       [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                  AMBAC INDEMNITY CORPORATION

                                  By: /s/ T. S. Travers
                                     -----------------------------------------
                                  Name:  T. S. Travers
                                       ---------------------------------------
                                  Title:  First Vice President
                                        --------------------------------------

Signed and delivered in the
presence of

/s/ Doug Chery
- --------------------------------
Unofficial Witness

/s/ Kevin P. Dolan
- --------------------------------
Notary Public

My Commission Expires: January 31, 1998

    [NOTARIAL SEAL]

                           Schedule to Exhibit 10.32.19(b)

                Supplment to OPC Intercreditor and Security Agreement

    The following table indicates for each transaction the name of the
corresponding Owner Participant:

    Agreement                     Owner Participant           
  ------------------             ----------------------------------

         1                        Philip Morris Capital Corporation

         2                        Philip Morris Capital Corporation

         3                        First Chicago Leasing Corporation

         4                        First Chicago Leasing Corporation

         5                        NationsBanc Leasing & R.E. Corporation

         6                        NationsBanc Leasing & R.E. Corporation 

Basic Info X:

Name: STATEMENT OF AGREEMENT
Type: Statement of Agreement
Date: Dec. 19, 1997
Company: OGLETHORPE POWER CORP
State: Georgia

Other info:

Date:

  • December 30 , 1996
  • March 1 , 1997
  • April 30 , 1999
  • November 14 , 2000
  • April 3 , 2001
  • May 31 , 2002
  • August 12 , 1998
  • January 31 , 1998

Organization:

  • State of Georgia
  • UTRECHT-AMERICA FINANCE CO.
  • Senior Mortgage and Security Agreement
  • Rocky Mountain Interests
  • Rural Utilities Service
  • Power Supply Division Signed
  • Debra A. Colon
  • Notary Public My Commission Expires
  • T. S. Travers
  • Philip Morris Capital Corporation 2 Philip Morris Capital Corporation 3 First Chicago Leasing Corporation 4 First Chicago Leasing Corporation 5 NationsBanc Leasing & R.E

Location:

  • Rome
  • Georgia
  • Delaware
  • Wisconsin
  • AMERICA
  • ATLANTA

Person:

  • Robert N. Farrar
  • Thomas L. Eddy
  • Steven Slovikosky
  • James F. Mothershed
  • T. D. Kilgore
  • Patricia N. Nash
  • Jo Ann Smith
  • Clarence Mitchell
  • James E. Kofron
  • Denise S. Kemp
  • Thomas J. Brendiar
  • Philip D. DeMouey
  • Antonio I. Portuondo
  • David McMahon
  • Teresa R. Turner
  • Mark A. Forgetta
  • Dawn P. Heintz
  • David I. Dietz
  • J. W. den Baas
  • Kimberly A. Werderm
  • Stacie A. Clark
  • Doug Chery
  • Kevin P. Dolan