Document:

EX-10.11.4

 Exhibit 10.11.4 

EXECUTION COPY 
  

 
  

THIRD AMENDMENT TO LOAN AGREEMENT 

THE INDUSTRIAL DEVELOPMENT AUTHORITY 

OF THE COUNTY OF PIMA, 
 as
Issuer 
 GLOBAL WATER RESOURCES, LLC 

as Company 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 amending a Loan
Agreement dated as of December 1, 2006, 
 as amended by a First Amendment to Loan Agreement dated as of November 1, 2007, 

as amended by a Second Amendment to Loan Agreement dated as of August 1, 2008 

pertaining to 
 $36,495,000 

The Industrial Development Authority 

of the County of Pima 
 Water and
Wastewater Revenue Bonds 
 (Global Water Resources, LLC Project) 

Series 2006 
 and 

$54,135,000 
 The Industrial
Development Authority 
 of the County of Pima 

Water and Wastewater Revenue Bonds 

(Global Water Resources, LLC Project) 

Series 2007 
 and 

$24,550,000 
 The Industrial
Development Authority 
 of the County of Pima 

Water and Wastewater Revenue Bonds 

(Global Water Resources, LLC Project) 

Series 2008 
 Dated as of December
1, 2010 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	 ARTICLE I

AMENDMENT TO SERIES 2006 LOAN AGREEMENT
	   
   

			
	Section 1.1.	 	 Amendment to Section 4.8 of the Series 2006 Loan Agreement, as amended
	  	 	3	  
			
	Section 1.2	 	 Amendment to Section 5.3 of the Series 2006 Loan Agreement, as Amended
	  	 	5	  
			
	Section 1.3	 	 Amendment to Section 6.2 of the 2006 Loan Agreement, as amended
	  	 	7	  
	
	 ARTICLE II

MISCELLANEOUS
	   
   

			
	Section 2.1	 	 Effect of this Third Amendment to Loan Agreement
	  	 	9	  
			
	Section 2.2	 	 Notice of A.R.S. Section 38-511 – Cancellation
	  	 	9	  
			
	Section 2.3	 	 Counterparts
	  	 	9	  
			
	Section 2.4	 	 Consent
	  	 	7	  

 THIRD AMENDMENT TO LOAN AGREEMENT 

THIS THIRD AMENDMENT TO LOAN AGREEMENT, (the “Third Amendment to Loan Agreement”) dated as of December 1, 2010, by and
among THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA (the “Issuer”), a nonprofit corporation designated as a political subdivision of the State of Arizona (the “State”), GLOBAL WATER RESOURCES LLC,
a Delaware limited liability company duly organized and validly existing under the laws of the State (the “Company”), and U.S. BANK NATIONAL ASSOCIATION (the “Trustee”) amends and modifies that certain Loan
Agreement dated as of December 1, 2006 (the “2006 Loan Agreement”), as amended by a First Amendment to Loan Agreement dated as of November 1, 2007 (the “First Amendment to Loan Agreement”), and as further amended by a Second
Amendment to Loan Agreement dated as of August 1, 2008 (the “Second Amendment to Loan Agreement” and together with the Series 2006 Loan Agreement, the First Amendment to Loan Agreement, and this Third Amendment to Loan Agreement,
collectively, the “Loan Agreement”) among the Issuer, the Company and Trustee. 
 W I T N E
S S E T H: 
 WHEREAS, the Issuer has heretofore issued its Water and Wastewater Revenue Bonds
(Global Water Resources, LLC Project) Series 2006 (the “Series 2006 Bonds”), pursuant to a Trust Indenture dated as of December 1, 2006 (the “2006 Indenture”) by and between the Issuer and U.S. Bank National Association (the
“Trustee”), the proceeds of which were used to fund a loan made to the Company, by the Issuer, pursuant to the terms of the Loan Agreement to provide financing or refinancing the costs of the acquisition, expansion, construction,
improvement and equipping of facilities for wastewater treatment and water treatment, as well as water reclamation pipelines, water pipelines, and wastewater collection pipelines, consisting of water, wastewater and reclaimed water infrastructure
for water and wastewater treatment, including water mains, sewer mains, reclaimed water mains, water treatment facilities, water distribution centers, wastewater lift stations, wastewater treatment facilities, and reclaimed water mixing and
distribution centers as well as related information and management systems, located at 41265 West Hiller Road, Maricopa, Arizona 85239 in the City of Maricopa, Arizona (collectively, the “Series 2006 Project”); and 

WHEREAS, the Issuer has heretofore issued its Water and Wastewater Revenue Bonds (Global Water Resources, LLC Project) Series 2007 (the
“Series 2007 Bonds”) pursuant to the Series 2006 Indenture as supplemented by a First Supplemental Trust Indenture dated as of November 1, 2007 (the “First Supplemental Indenture”) by and between the Issuer and U.S. Bank
National Association (the “Trustee”), in order to provide funds to finance or refinance the costs of the acquisition, expansion, construction, improvement and equipping of water system major capital improvements, including a water
distribution center, surface water treatment facility, water production facilities, and pipeline, and sewerage system major capital improvements, including a water reclamation facility, sewage lift stations, reclaimed water recharge
facilities and pipelines, located in the City of Maricopa and in an unincorporated area of Pinal County, Arizona south of the Ak-Chin Indian Community in the City of Maricopa’s “Growing Smarter Planning Area” (the “Series 2007
Project”); and 

 WHEREAS, the Issuer has heretofore issued its Water and Wastewater Revenue Bonds (Global Water
Resources, LLC Project) Series 2008 (the “Series 2008 Bonds”), pursuant to the Series 2006 Indenture, as supplemented by the First Supplemental Indenture, and as further supplemented by a Second Supplemental Trust Indenture dated as of
August 1, 2008 (the “Second Supplemental Indenture” and together with the 2006 Indenture and the First Supplemental Indenture, the “Indenture”), the proceeds of which were used to fund a loan
made to the Company, by the Issuer, pursuant to the terms of the Loan Agreement to provide funds to finance or refinance the costs of the acquisition, expansion, construction, improvement and equipping of water system major capital improvements,
including a water distribution center, surface water treatment facility, water production facilities, and pipeline, and sewerage system major capital improvements, including a
water reclamation facility, sewage lift stations, reclaimed water recharge facilities and pipelines, located in the City of Maricopa and in an unincorporated area of Pinal County, Arizona south of the Ak-Chin Indian Community in
the City of Maricopa’s “Growing Smarter Planning Area” (the “Series 2008 Project”); and 
 WHEREAS, Section
11.02(b) of the Indenture permits an amendment, modification or change of the Loan Agreement, without the giving of notice of the proposed amendment, modification or change upon the receipt of the written consent thereto of the Holders of not less
than a majority in aggregate principal amount of the Bonds then outstanding evidenced as provided in the Indenture, and with the consent of the Company, the Issuer and the Trustee; and 

WHEREAS, if the Issuer and the Company shall request at any time the consent of the Trustee to any proposed amendment, modification
or change of the Loan Agreement contemplated in Section 11.02(b) of the Indenture, upon being indemnified satisfactorily with respect to expenses, the Trustee shall cause notice of the proposed amendment, modification or
change to be provided in the manner which is required by Section 8.03 of the Indenture with respect to notice of Supplemental Indentures; and 

WHEREAS, the notice of the Trustee to the Holders of the Bonds has set forth briefly the nature of the proposed amendment, modification or
change and has stated that copies of this Third Amendment to Loan Agreement are on file at the principal corporate trust office of the Trustee for inspection by all Holders, all as required by Section 8.03 of the Indenture; 

WHEREAS, the holders of a majority in aggregate principal amount of the Bonds outstanding have consented in writing to the execution and
delivery of this Third Amendment to Loan Agreement; and 
 WHEREAS, the Issuer and Trustee have received an opinion from Bond
Counsel meeting the requirements of Section 8.08 of the Indenture; and 
 WHEREAS, in reliance upon such opinion from Bond Counsel, the
Issuer and the Trustee are willing to execute and deliver this Third Amendment to Loan Agreement; and 
 WHEREAS, all things necessary to
make the Loan Agreement the valid, binding and legal obligations of the Company, enforceable in accordance with its terms, have been done and performed, and the execution and delivery of this Third Amendment to Loan Agreement has been duly
authorized; and 

  
 2 

 WHEREAS, capitalized terms used in this Third Amendment to Loan Agreement and not otherwise
defined herein shall have the meanings ascribed thereto in the Indenture and the Loan Agreement. 
 NOW, THEREFORE, the parties hereto agree
that the Loan Agreement shall be and hereby is amended as set forth herein, as authorized by Section 11.01(b) of the Indenture. 
 ARTICLE
I 
 AMENDMENT TO SERIES 2006 LOAN AGREEMENT 

Section 1.1. Amendment to Section 4.8 of the Loan Agreement, as amended. 

Article IV, Section 4.8 of the 2006 Loan Agreement, as amended, is deleted in its entirety and replaced with the following Section 4.8: 

“Section 4.8 Limits on Incurrence of Indebtedness. (a) The Company agrees
that the Company will not incur any Indebtedness other than (i) the obligations hereunder with respect to the Bonds; and (ii) the Wells Fargo Credit Agreement; and (iii) Indebtedness described in (b), (c) and (d) below; provided that at
the time of incurrence of any such additional permitted Indebtedness, no Event of Default (or an event which with the passage of time or the giving of notice, or both, would be an Event of Default) shall have occurred and shall be
continuing unless such event will be cured upon incurrence of such Indebtedness and application of the proceeds thereof. 

(b) The Company may incur Long Term Indebtedness upon compliance with this subsection (b). 

Prior to incurring any Long Term Indebtedness, the Company shall furnish the Trustee with evidence of compliance by the
Company with the financial test required by Section 2.04(a)(1) of the Indenture for the incurrence of Additional Bonds, treating the proposed Long Term Indebtedness as if it were proposed Additional Bonds. 

(c) The Company may incur Short Term Indebtedness. 

(d) The Company may incur Subordinated Indebtedness (as defined below), from time to time, in any amount. 

(e) Palo Verde Utilities Company and Santa Cruz Water Company may incur Short Term Indebtedness to a maximum of Fifteen Million
Dollars ($15,000,000). 
 As used herein, “Subordinated Indebtedness”
means Indebtedness of the Company issued, incurred or evidenced by instruments, which are payable from or secured by Palo Verde Receipts or Santa Cruz Receipts, which instruments contain provisions subordinating such obligations
(to which appropriate reference shall be made in the Subordinated Indebtedness) substantially as follows: 

  
 3 

 “All Subordinated Indebtedness shall be issued subject to the following
provisions and each person taking or holding any Subordinated Indebtedness, whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions. 

“All Subordinated Indebtedness shall, to the extent and in the manner hereinafter set forth, be subordinated and
subject in right to the prior payment in full of all outstanding Bonds and any Additional Bonds issued under the Indenture (collectively “Superior Bonds”). 

“Upon (a) any acceleration of maturity of the principal amount of any Subordinated Bonds (but excluding any
voluntary prepayment) or (b) any payment or distribution of any kind or character, whether in cash, property or securities, upon any dissolution or winding-up or total or partial liquidation, reorganization or other
similar arrangement of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, then all principal, premium, if any, and interest due or to become due upon all Superior Bonds shall
first be paid in full, or payment thereof provided for in accordance with the terms of the Indenture, before any payment is made on account of the principal, premium, if any, or interest on any Subordinated Indebtedness, and upon any such
dissolution or winding-up or liquidation, reorganization or other similar arrangement, any payment or distribution of any kind or character, whether in cash, property or securities, to which the holders of any
Subordinated Indebtedness would be entitled, except for the provisions hereof, shall be paid by the Company, or by a receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, to the
Trustee to the extent necessary to pay all Superior Bonds in full before any payment or distribution is made to the holders of the Subordinated Bonds. 

“In the event that, in violation of any of the foregoing provisions, any payment or distribution of any kind or character,
whether in cash, property or securities, shall be received by the holders of the Subordinated Indebtedness before all Superior Bonds are paid in full, or provision for such payment in accordance with the terms of the Indenture, such payment or
distribution shall be held in trust for the benefit of, and shall be paid over or delivered to the Trustee for the Superior Bonds for application to the payment of all Superior Bonds remaining unpaid to the extent necessary to pay all such Superior
Bonds in full in accordance with their terms. 
 “No present or future holder of any Superior Bond shall be prejudiced
in his right to enforce subordination of the Subordinated Indebtedness by any act or failure to act on the part of the Company or anyone in custody of or control over its assets or property. 

“The foregoing subordination provisions shall be for the benefit of the holders of Superior Bonds and may be enforced by
the Trustee against the holders of Subordinated Indebtedness”. 

  
 4 

 provided, however, that the Subordinated Indebtedness shall provide: (i) that
the foregoing provisions are solely for the purpose of defining the relative rights of the holders of Superior Bonds on the one hand and the holders of the Subordinated Indebtedness on the other hand, and that nothing therein shall impair, as
between the Company and the holders of the Subordinated Indebtedness, the obligation of the Company to pay to the holders of the principal thereof, premium, if any, and interest thereon in accordance with its terms, nor shall anything therein
prevent the holders of the Subordinated Indebtedness or any trustee on their behalf from exercising all remedies otherwise permitted by applicable law or thereunder upon default thereunder, subject to the rights set forth above of the holders of
Superior Bonds to receive cash, property or securities otherwise payable or deliverable to the holders of the Subordinated Indebtedness, (ii) that upon any payment or distribution of assets of the Company of the character
referred to in the third paragraph of the foregoing provisions, the trustee under any agreement relating to Subordinated Indebtedness shall be entitled to rely upon any order or decree of a court of competent jurisdiction in which such dissolution, winding-up, liquidation, reorganization or other similar arrangement proceedings are pending, and upon a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other person making any such
payment or distribution, delivered to said trustee for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of Superior Bonds and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to the foregoing provisions, and (c) that any trustee under any agreement relating to Subordinated Indebtedness and any paying agent therefor shall not
be charged with knowledge of the existence of any facts which would prohibit the making of any payment of moneys to or by such trustee or such paying agent, unless and until such trustee or such paying agent, as the case may be, shall have
received notice thereof from the Company or from one or more holders of Superior Bonds.” 
 Section 1.2. Amendment to Section 5.3 of
the 2006 Loan Agreement, as Amended. Article V, Section 5.3 of the 2006 Loan Agreement, as amended, is hereby deleted in its entirety and replaced with the following Section 5.3: 

“Section 5.3. Company to Maintain Its Existence; Sales of Assets or Mergers 

The Company shall do all things necessary to preserve and keep in full force and effect its existence, rights, franchises,
licenses and governmental approvals and those of Palo Verde Utilities Company and Santa Cruz Water Company, including without limitation such licenses and approvals as may be required to operate the Project for Project Purposes, except as
otherwise permitted by this Section 5.3, and to perform its obligations under this Agreement. 
 In particular, the Company
shall not, nor permit Palo Verde Utilities Company or Santa Cruz Water Company to (a) sell, transfer or otherwise dispose of all, or substantially all, of its assets; (b) consolidate with or merge into any other entity; or
(c) permit one or more other entities to consolidate with or merge into it. The preceding restrictions nor any other restrictions herein regarding the transfer of Company interests 

  
 5 

 
(or any change in control of the Company) shall not apply, however, to any of the following: 

(i) a public offering of all or a part of the member interests of the Company; or 

(ii) a reorganization of the Company (“Reorganization”) resulting in the acquisition of 100% of the limited
liability company interests of the Company by Global Water Resources, Inc. (incorporated on May 2, 2008) (“GWRI”) and a merger of the Company into GWRI and which Reorganization is made in connection with (x) a public offering of all
or part of the shares of GWRI (“GWRI Offering”) or (y) the sale of all or part of the shares of GWRI to a Canadian corporation (“GWRC”), which sale is made in connection with the public offering of all or part of the shares of
GWRC for the purpose of financing the purchase of shares of GWRI (“GWRC Offering”); or 
 (iii) additional public
offerings of GWRI stock or GWRC shares subsequent to the GWRI Offering or additional sales of GWRI stock to GWRC subsequent to the GWRC Offering; or 

(iv) any other reorganization of the Company or GWRI, provided that all or substantially all of the assets of the Company or
GWRI immediately prior to the Reorganization are held, directly or indirectly, by the Company, GWRI or the transferee or the surviving or resulting entity of the reorganization (“Successor Entity”)
immediately following the Reorganization and the Successor Entity, and if such Successor Entity is not the Company, the Successor Entity shall, by proper written instrument satisfactory to the Issuer and the
Trustee, irrevocably and unconditionally assume the obligation to perform and observe the agreements and obligations of the Company under this Agreement; or 

For greater certainty, any Reorganization shall include that reorganization substantially as described in the section entitled
“Pre-Offering Reorganization” of that certain Amended and Restated Preliminary Prospectus dated November 1, 2010 Amending and Restating the Preliminary Prospectus dated October
18, 2010 of GWRC, as the same may be finalized, provided that the assets of the Company immediately prior to the Reorganization are held, directly or indirectly, by GWRI immediately following the Reorganization. 

(v) a transaction in which all of the following conditions are met: 

(1) the transferee or the surviving or resulting entity is a public service corporation, or, if the transferee or the surviving
or resulting entity is not a public service corporation, the transferee or the surviving or resulting entity has a net worth, determined in accordance with generally accepted accounting principles consistently applied, equal to or greater than the
net worth of the Company immediately prior to such consolidation, merger, sale, transfer or disposition; 
 (2) the
transferee or the surviving or resulting entity, if other than the Company, by proper written instrument satisfactory to the Issuer and the Trustee, 

  
 6 

 
irrevocably and unconditionally assumes the obligation to perform and observe the agreements and obligations of the Company under this Agreement; and 

(3) the Company delivers to the Issuer and the Trustee an opinion of Bond Counsel to the effect that such disposition, sale,
transfer, consolidation or merger does not, in and of itself, adversely affect the exclusion from federal gross income of interest on the Bonds.” 

Section 1.3 Amendment to Section 6.2 of the 2006 Loan Agreement, as amended. Article VI, Section 6.2 of the 2006 Loan Agreement, as
amended, is deleted in its entirety and replaced with the following Section 6.2: 
 “Section 6.2 Extraordinary Optional
Redemption. The Company shall have, subject to the conditions hereinafter imposed, the option to direct the redemption of the entire unpaid principal balance of the Bonds in accordance with the applicable provisions of the Indenture and the
Bonds upon the occurrence of any of the following events: 
 (a) The Project shall have been damaged or destroyed to such an
extent that, in the Company’s reasonable judgment, (1) it cannot reasonably be expected to be restored, within a period of six months, to the condition immediately preceding such damage or destruction, or (2) its normal use and
operation is reasonably expected to be prevented for a period of six consecutive months. 
 (b) Title to, or the
temporary use of, all or a significant part of the Project shall have been taken under the exercise of the power of eminent domain (1) to such extent that the Project cannot, in the Company’s reasonable judgment, reasonably be
expected to be restored within a period of six months to a condition of usefulness comparable to that existing prior to the taking, or (2) as a result of the taking, normal use and operation of the Project is reasonably
expected, in the Company’s reasonable judgment, to be prevented for a period of six consecutive months or more. 
 (c)
As a result of any changes in the Constitution of the State, the Constitution of the United States of America, or state or federal laws or as a result of legislative or administrative action (whether state or federal) or by final decree, judgment or
order of any court or administrative body (whether state or federal) entered after the contest thereof by the Issuer or the Company in good faith, this Agreement shall have become void or unenforceable or impossible of performance in
accordance with the intent and purpose of the parties as expressed in this Agreement, or if unreasonable burdens or excessive liabilities shall have been imposed with respect to the Project or the operation thereof, including, without
limitation, federal, state or other ad valorem, property, income or other taxes not being imposed on the date of this Agreement other than ad valorem taxes presently levied upon privately owned property used for the same general purpose as the
Project. 
 (d) Changes in the economic availability of raw materials, operating supplies, energy sources, labor,
equipment or supplies, or facilities necessary for the efficient operation of the Project for the Project Purposes shall have occurred or technological or 

  
 7 

 
other changes shall have occurred which the Company cannot reasonably overcome or control and which in the Company’s reasonable judgment render the Project uneconomic for the Project
Purposes. 
 (e) In the event of a public offering with respect to the ownership interests of the Company, at a redemption
price of 103% of the principal amount redeemed, plus interest accrued to the redemption date. 
 To exercise the Company’s option to
redeem Bonds following the occurrence of one of the events listed in (a) through (e) immediately above, the Company shall, give notice to the Issuer and to the Trustee specifying the date on which the Company will deliver the funds required for that
redemption, which date shall be not more than ninety (90) days from the date that notice is mailed and shall make arrangements satisfactory to the Trustee for the giving of the required notice of redemption. 

To exercise the Company’s option to redeem Bonds following the occurrence of the event listed in (e) immediately above, the Company
shall, give notice to the Issuer and to the Trustee specifying the date on which the Company will deliver the funds required for that redemption, which redemption date shall be not more than ninety days from the date that the event described in
(e) occurred and shall make arrangements satisfactory to the Trustee for the giving of the required notice of redemption. 
 The amount
payable by the Company in the event of its exercise of the option granted in this Section shall be the sum of the following: 

(1) An amount of money which, when added to the moneys and investments held to the credit of the Bond Fund and Bond Reserve
Fund, will be sufficient pursuant to the provisions of the Indenture to pay, at par, and discharge all then outstanding Bonds on the earliest applicable redemption date, that amount to be paid to the Trustee, plus 

(2) An amount of money equal to the Additional Payments relating to the Bonds accrued and to accrue until actual final payment
and redemption of the Bonds, that amount or applicable portions thereof to be paid to the Trustee or to the Persons to whom those Additional Payments are or will be due, exclusive of obligations under Section 8.2 of the Loan Agreement which are not
then due and payable. 
 The requirement of (ii) above with respect to Additional Payments to accrue may be met if provisions satisfactory to the Trustee
and the Issuer are made for paying those amounts as they accrue. 
 The Company also shall have the option, in the event that title to or
the temporary use of a portion of the Project shall be taken under the exercise of the power of eminent domain, even if the taking is not of such nature as to permit the exercise of the redemption option upon an event specified in (b) above, to
direct the redemption, at a redemption price of 100% of the principal amount thereof prepaid, plus accrued interest to the redemption date, of that part of the outstanding principal balance of the Bonds as may be payable from the proceeds
(after the 

  
 8 

 
payment of costs and expenses incurred in the collection thereof) received in the eminent domain proceeding, provided, that, the Company shall furnish to the Issuer and the Trustee a certificate
of a duly qualified independent engineer stating that (1) the property comprising the part of the Project taken is not essential to continued operations of the Project in the manner existing prior to that taking, (2) the Project has been restored to
a condition substantially equivalent to that existing prior to the taking, or (3) other improvements have been acquired or made which are suitable for the continued operation of the Project. 

The rights and options granted to the Company in this Section may be exercised whether or not the Company is in default hereunder; provided,
that such default will not relieve the Company from performing those actions which are necessary to exercise any such right or option granted hereunder.” 

ARTICLE II 

MISCELLANEOUS 
 Section
2.1. Effect of this Third Amendment to Loan Agreement. Except as expressly supplemented and amended by this Third Amendment to Loan Agreement, all of the terms and conditions of the Loan Agreement shall remain in full force and effect. If a
conflict exists between the provisions of this Third Amendment to Loan Agreement, and the 2006 Loan Agreement, the First Amendment to Loan Agreement, or the Second Amendment to Loan Agreement, this Third Amendment to Loan Agreement shall control.

 Section 2.2. Notice of A.R.S. Section 38-511 – Cancellation. Notice is hereby given of the provisions of Arizona Revised
Statutes Section 38-511, as amended. By this reference, the provisions of said statute are incorporated herein to the extent of their applicability to contracts of the nature of this Third Amendment to Loan Agreement under the law of the State. 

Section 2.3. Counterparts. This Third Amendment to Loan Agreement may be executed in one or more counterparts, each of which shall be
deemed an original instrument. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 9 

 IN WITNESS WHEREOF, the Issuer, the Company and Trustee have caused this Third Amendment to
Loan Agreement to be duly executed in their respective names, all as of the date hereinbefore written. 
  

			
	THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA, as Issuer
		
	By:	 	 /s/ Bernhardt Wm. Collins

	Name:	 	 Bernhardt Wm. Collins

	Title:	 	 Vice President

	
	GLOBAL WATER RESOURCES, LLC, as Company
		
	By:	 	 /s/ Trevor T. Hill

	Name:	 	 Trevor T. Hill

	Title:	 	 President/CEO

	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Brenda Black

	Name:	 	 Brenda Black

	Title:	 	 Assistant Vice President

  
 [SIGNATURE PAGE TO
THIRD AMENDMENT 
 TO LOAN AGREEMENT] 

 IN WITNESS WHEREOF, the Issuer, the Company and Trustee have caused this Third Amendment to Loan
Agreement to be duly executed in their respective names, all as of the date hereinbefore written. 
  

			
	THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA, as Issuer
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 GLOBAL WATER RESOURCES, LLC, as

Company

		
	By:	 	 /s/ Cindy M. Liles

	Name:	 	 Cindy M. Liles

	Title:	 	 Executive Vice President -

		 	 Chief Financial Officer and Treasurer

	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Brenda Black

	Name:	 	 Brenda Black

	Title:	 	 Assistant Vice President

  
 [SIGNATURE PAGE TO
THIRD AMENDMENT 
 TO LOAN AGREEMENT] 

 IN WITNESS WHEREOF, the Issuer, the Company and Trustee have caused this Third Amendment to
Loan Agreement to be duly executed in their respective names, all as of the date hereinbefore written. 
  

			
	 THE INDUSTRIAL DEVELOPMENT

AUTHORITY OF THE COUNTY OF PIMA, as Issuer

		
	By:	 	 /s/ Stanley Lehman

	Name:	 	 Stanley Lehman

	Title:	 	 Vice President

	
	GLOBAL WATER RESOURCES, LLC, as Company
		
	By:	 	 /s/ Trevor T. Hill

	Name:	 	 Trevor T. Hill

	Title:	 	 President/CEO

	
	U.S. BANK NATlONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Brenda Black

	Name:	 	 Brenda Black

	Title:	 	 Vice President

  
 [SIGNATURE PAGE TO
THIRD AMENDMENT 
 TO LOAN AGREEMENT]EX-10.24.2

 Exhibit 10.24.2 

FIRST AMENDMENT TO 
 PURCHASE AND
SALE AGREEMENT 
 This FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (the “First Amendment”) is made and entered into this 17 day
of March, 2016, by and among Global Water Resources, Inc., a Delaware corporation and Sonoran Utility Services, L.L.C., an Arizona limited liability company (“Sonoran”). 

WITNESSETH: 

WHEREAS, Global Water Resources, LLC and Sonoran entered into that certain PURCHASE AND SALE AGREEMENT, dated June 15, 2005 (the
“Agreement”), by which Global Water Resources, LLC agreed to purchase and Sonoran agreed to sell the Assets of Sonoran on the terms and conditions set forth therein; 

WHEREAS, on December 29, 2010, Global Water Resources, LLC merged with and into Global Water Resources, Inc., a Delaware corporation
(“GWR”) with GWR surviving the merger; and 
 WHEREAS, GWR and Sonoran wish to amend certain provisions of the Agreement
and terminate any remaining payment obligations pursuant to the Agreement or otherwise. 
 NOW, THEREFORE, in consideration of the
mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows: 

Section 1. Article 1 of the Agreement is hereby amended to add the following definition: 

Refinancing Transaction: means the refinancing by GWR of all of its tax-exempt bonds issued through The Industrial
Development Authority of the County of Pima. 
 Section 2. Article 2 of the Agreement is hereby amended to add the following: 

2.3.2.2 Prepayment of Additional Purchase Consideration. Notwithstanding Section 2.3.2, Section 2.3.2.1 and Section
2.3.3 of the Agreement, if GWR completes the Refinancing Transaction on or prior to December 31, 2016, GWR shall, within ten (10) days following completion of the Refinancing Transaction, pay Sonoran Two Million Eight Hundred Thousand Dollars
($2,800,000). Only if said payment is received by Sonoran within said ten (10) day period, said amount shall be in full satisfaction of all payments which are now or may ever be due to Sonoran or its affiliates pursuant to Section 2.3.2, Section
2.3.2.1, and Section 2.3.3. However, for clarification, Section 2.3.4 will remain in effect. 
 Section 3. Section 2.3.3 of the Agreement is
hereby deleted in its entirety. 
 Section 4. Section 2.3.4 of the Agreement is hereby amended to add the following at the end thereof: 

  
 1 

 Notwithstanding any other term, provision, or condition of this Agreement,
including, without limitation, Section 8.9 below, the additional compensation and other rights and benefits set forth in this Section may be assigned, conveyed, and otherwise transferred to the grantees of Seller and its Affiliates of all lands
owned thereby in the Limited Subject Territories. 
 Section 5. Article 8 of the Agreement is hereby amended to add the following: 

8.17 Disclosure of this Agreement. Sonoran agrees, notwithstanding any other provision of this Agreement or any other
agreement by or between the parties, that GWR shall have the right to disclose this Agreement and any amendments to the Agreement as exhibits to, or otherwise in connection with, any filings with the Securities and Exchange Commission or other
regulatory agencies. 
 Section 6. Payment of the amount referenced in Section 2.3.2.2 of the Agreement shall constitute full and complete
satisfaction of all amounts which are now or may ever be due from GWR or its affiliates to Sonoran or its affiliates pursuant to the Agreement or any related commitment, amendment or side-agreement. However, for clarification, Section 2.3.4 and
Articles 3, 4, 6, 7 and 8 of the Agreement will remain in effect in accordance with their terms, as modified by this First Amendment. 

Section 7. Except as otherwise amended by this First Amendment, all other terms and conditions of the Agreement shall remain in full force and
effect. Any reference in the Agreement or this First Amendment to the Agreement shall mean the Agreement, as amended by this First Amendment. 

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed as of the date first set forth above. 

 

			
	GLOBAL WATER RESOURCES, INC.
	
	 /s/ Ron Fleming

	By:	 	Ron Fleming
	Title:	 	President
	
	SONORAN UTILITY SERVICES, L.L.C.
	
	 /s/ Brandon D. Wolfswinkel

	By:	 	Brandon D. Wolfswinkel
	Title:	 	Manager

  
 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]