Board Of Aldermen

attaching and certifying as to each of the following, all of which must be in form and content acceptable
to CoBank: (1) the Articles of Incorporation of the Company, certified by the Secretary of State of New
Hampshire within 30 days of the date hereof; (2) the Bylaws of the Company; and (3) a certificate of the
Secretary of State of New Hampshire issued within 30 days of the date hereof attesting to the due
formation and good standing of the Company in the State of New Hampshire.

SECTION 2.03. Method of Payment. The Company shall make all payments to CoBank
under this Agreement and each Promissory Note and Supplement hereto by wire transfer of immediately
available funds, by check, or, if specified by separate agreement between the Company and CoBank, by
automated clearing house (ACH) or other similar cash handling processes. Wire transfers shall be made
to ABA No. 307088754 for advice to and credit of "“CoBANK" (or to such other account as CoBank may

Attachment A

MLA No. RX0848
MASTER LOAN AGREEMENT

THIS MASTER LOAN AGREEMENT (this “Agreement”) is entered into as of February 9,
2010, between PENNICHUCK EAST UTILITY, INC., a New Hampshire corporation (the
“Company”), and CoBANK, ACB, a federally chartered instrumentality of the United States
(“CoBank”).

BACKGROUND

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FURTHER RESOLVED, that the City hereby authorizes Pennichuck Corporation and
Pennichuck East Utility, Inc., their Boards of Directors, and their Officers, to take any
and all actions required to obtain all necessary approvals with respect to the actions
described in these resolutions and to execute and deliver such documents as are
necessary to effect the CoBank loan and the guaranty described in these resolutions.

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Shareholder Approval of Borrowings Required. Under Article [IX of Pennichuck’s Articles of
Incorporation, the City, acting in its capacity as Pennichuck’s sole shareholder, must approve:

“(3) any action to (A) create, incur or assume any indebtedness for borrowed
money or guarantee any such indebtedness of any person, (B) issue or sell
any debt securities or warrants or other rights to acquire any debt securities
of the [Pennichuck] Corporation or any of its Subsidiaries, or (C) guarantee
any debt securities of any person.”

Na

PENNICHUCK 25 MANCHESTER STREET
PO BOX 1947

MERRIMACK, NH 03054-1947

(603) 882-5191
FAX (603) 913-2305

WWW. PENNICHUCK.COM

VIA HAND DELIVERY

February 2, 2016

Mr. Stephen Bennett
Corporation Counsel
City of Nashua

229 Main Street
Nashua, NH 03060

Re: Pennichuck East Utility, Inc. — Request for Approva! of Loan with CoBank, ACB

Dear Attorney Bennett:

CHARGE RATES
For Drinking Water State
Revolving Fund (DWSRF) Loans

Term of Loan ee
5 Years 0.77%
10 Years 1.54%
15 Years 2.31%
20 Years 2.464%
30 Years* 2.464%

“Available to disadvantaged communities only

11-Bond GO Index for December 10, 2015 Is 3.08

Source: NH Department of Environmental Services, December 2015

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FURTHER RESOLVED, that the City hereby approves the guaranty by Pennichuck
Corporation of the payment by each of Pennichuck Water Works, Inc., Pennichuck East
Utility, Inc., and Pittsfield Aqueduct Company, Inc., of each of the loans authorized in
the three prior resolutions; and

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will be unsecured. The corporate parent, Pennichuck, will provide an unsecured corporate
guaranty of the repayment of the loans in accordance with the terms of a Guaranty Agreement.

Approval by Pennichuck, PWW, PEU and PAC. The loans to finance the projects listed

above and the guaranty of the loans have been approved by the respective Board of Directors of
Pennichuck, PWW, PEU and PAC.