Loan No. RX0848
FIRST AMENDMENT TO
MASTER LOAN AGREEMENT
THIS FIRST AMENDMENT TO MASTER LOAN AGREEMENT (this “Agrecment”) is entcred
into as of April 25, 2018, between PENNICHUCK EAST UTILITY INC. a New Hampshire corporation (the
“Company”), and CoBANK, ACB, a federally chartered instrumentality of the United States (“CoBank”).
BACKGROUND
CoBank and the Company are partics to a Master Loan Agreement dated as of February 9, 2010 (the
“Master Loan Agreement”). The partics now desire to amend the Master |.oan Agreement.
NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and CoBank agree as follows:
SECTION 1, Definitions. Capitalized terms used herein and not defined herein shall have the
meanings piven to those terms in the Master Loan Agreement.
SECTION 2. Amendment to Debt Service Coverage Ratio. The first sentence of Section 7.0! of
the Master Loan Agrcement is hereby amended and restated to read as follows:
The Company shal] have for each fiscal year of the Company, a Debt
Service Coverage Ratio of not less than 1.10 to 1.00.
SECTION 3. Representations and Warranties. To induce CoBank to enter into this Amendment,
the Company represents and warrants that: (A) no consent, permission, authorization, order or ficense of any
governmental authority or of any party to any agreement to which the Company is a party or by which if or any
of its property may be bound or affected, is necessary in connection with the execution, delivery, performance
or enforcement of this Amendment; (B) the Company is in compliance with all of the terms of the Loan
Documents, and no Default or Event of Default exists; and (C) this Amendment has been duly authorized,
executed and delivered by the Company, and creates legal, valid, and binding obligations of the Company
which are enforceable in accordance with their terms, except to the extent that enforceability may be limited by
applicable bankruptcy, insolvency or similar Laws affecting the rights of creditors generally.
SECTION 4. Confirmation. Except as amended hereby, the Master Loan Agreement shall remain
in full force and effect as written.
SECTION 5. Counterparts and Electronic Delivery. This Amendment may be executed in
counterparts (and by different parties in different counterparts), each of which shall constitute an original, and
all of which when taken together shall constitute a single agreement. In addition, this Amendment may be
delivered by electronic means.
(Signature Page(s) Follow)
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