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FIRST AMENDMENT TO LOAN AGREEMENT <br /> BETWEEN NORTHERN COLORADO WATER CONSERVANCY DISTRICT <br /> AND <br /> NORTHERN WATER HYDROPOWER WATER ACTIVITY ENTERPRISE <br /> (a government-owned business within the meaning of Article X Section 20(2)(d)of the <br /> Colorado Constitution,organized pursuant to C.R.S. §37-45.1-101 et seq.and owned by the <br /> Northern Colorado Water Conservancy District) <br /> This FIRST AMENDMENT to LOAN AGREEMENT is made, entered into, and effective as <br /> of the 10 day of December 2014, by and between the NORTHERN COLORADO WATER <br /> CONSERVANCY DISTRICT(the"District"), a body corporate and political subdivision of the State <br /> of Colorado, and NORTHERN WATER HYDROPOWER WATER ACTIVITY ENTERPRISE (a <br /> government-owned business within the meaning of Article X, Section 20(2)(d) of the Colorado <br /> Constitution, organized pursuant to C.R.S. § 37-45.1-101 et seq. and owned by the Northern <br /> Colorado Water Conservancy District)(the"Governmental Agency"); <br /> WITNESSETH THAT: <br /> WHEREAS, in order to finance a portion of the costs associated with the Carter Lake <br /> hydroelectric project, the District and Governmental Agency entered into a Loan Agreement dated <br /> February 21,2011; <br /> WHEREAS,pursuant to the Loan Agreement at Section 3.07,the source of repayment for the <br /> loan is the Governmental Agency's Pledged Property, as defined in paragraph(3) of Exhibit A to the <br /> Loan Agreement; <br /> WHEREAS, in paragraph (3) of Exhibit A to the Loan Agreement it states that Pledged <br /> Property consists of Net Revenue of the System; <br /> WHEREAS, System is defined in paragraph (2) of Exhibit A to the Loan Agreement as <br /> follows: <br /> "System" shall mean (i) any facility, plant, works, system, building, structure, <br /> improvement, machinery, equipment, fixture, or other real or personal property, <br /> relating to the generation and distribution of hydropower electricity that is owned <br /> operated or controlled by the Governmental Agency, including without limitation,the <br />