Document:

Exhibit 10.1

   

CHANGE OF CONTROL AGREEMENT

 

 

THIS AGREEMENT is made as of the 7th day of November, 2011, among QNB CORP. (“Corporation”), a Pennsylvania business corporation having a place of business at 10 North Third Street, Quakertown, Pennsylvania 18951, QNB BANK (“Bank”) a Pennsylvania banking institution having a place of business at 10 North Third Street, Quakertown, Pennsylvania 18951, and Scott G. Orzehoski (“Executive”), an individual residing at 1416 Cobblestone Way, Quakertown, PA  18951.

 

WITNESSETH:

 

WHEREAS, the Corporation is a registered bank holding company;

 

WHEREAS, the Bank is a subsidiary of the Corporation;

 

WHEREAS, Corporation and Bank desire to continue to retain Executive to serve in the capacity of EVP and Chief Lending Officer of Bank under the terms and conditions set forth herein;

 

WHEREAS, Executive desires to continue to serve the Corporation and Bank in an executive capacity under the terms and conditions set forth herein.

 

AGREEMENT:

 

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

 

1.  EMPLOYMENT.  Executive is employed by Corporation and Bank on an “at will” basis and there is no employment agreement between them. This Agreement is granted by Corporation and Bank in order to set forth terms and conditions between Corporation, Bank and Executive in the event of a Change in Control as defined herein.

 

  

  

  

 

2.  RIGHTS IN EVENT OF TERMINATION OF EMPLOYMENT FOLLOWING CHANGE IN CONTROL. If Executive’s employment is terminated by Corporation or Bank other than for Cause (as defined below) on or before the three (3) year anniversary of the date of a Change in Control (as defined below), then Corporation or Bank shall pay to Executive, in lieu of any other severance benefits to which Executive may be entitled, an amount equal to the average annual aggregate compensation paid by Corporation and Bank to Executive and includible in the Executive’s gross income for federal income tax purposes during the five (5) calendar years preceding the taxable year in which the date of the termination occurs (or during the actual number of years in which Executive was employed by Corporation and Bank if less than five (5), with any partial year annualized), such payment to be made in a lump sum on or before the fifth day following the date of termination and shall be subject to applicable taxes and withholdings. However, if the lump sum payment under this paragraph 2, when added to all other amounts or benefits provided to or on behalf of the Executive in connection with his termination of employment, would result in the imposition of an excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), such payment shall be reduced to the extent necessary to avoid such excise tax imposition. Notwithstanding the foregoing or any other provision of this Agreement to the contrary, if any portion of the amount herein payable to the Executive is determined to be non-deductible pursuant to the regulations promulgated under Section 280G of the Code, the Corporation shall be required only to pay to Executive the amount determined to be deductible under Section 280G. The determination of any reduction in the lump sum payment under this paragraph 2 pursuant to the foregoing provisions shall be made by Corporation’s independent auditors.

 

3.  TERMINATION OF EMPLOYMENT FOR CAUSE. For purposes of this Agreement, termination for “Cause” shall mean any of the following:

 

(a)  Executive’s conviction of or plea of guilty or nolo contendere to a felony, a crime of falsehood or a crime involving moral turpitude, or the actual incarceration of Executive for a period of twenty (20) consecutive days or more;

 

(b)  Executive’s willful or intentional failure to follow the good faith lawful instructions of the Board of Directors of Corporation or Bank with respect to its operations, after written notice from Corporation or Bank and a failure to cure such violation within twenty (20) days of said written notice;

 

  

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(c)  Executive’s willful or intentional failure to substantially perform Executive’s duties to Corporation or Bank, other than a failure resulting from Executive’s incapacity because of physical or mental illness, after written notice from Corporation or Bank and a failure to cure such violation within twenty (20) days of said written notice;

 

(d)  dishonesty or negligence by the Executive in the performance of his duties;

 

(e)  Executive’s violation of any law, rule or regulation governing banks or bank officers or any final cease and desist order issued by a bank regulatory authority;

 

(f)  conduct on the part of the Executive as determined by an affirmative vote of seventy percent (70%) of the disinterested members of the Board of Directors of Corporation and Bank which brings public discredit to Corporation or Bank; or

 

(g)  Executive’s breach of fiduciary duty involving personal profit.

 

4.  CHANGE IN CONTROL DEFINED. As used in this Agreement, “Change in Control” shall mean the occurrence of any of the following:

 

(a)  (i) a merger, consolidation or division involving Corporation or Bank, (ii) a sale, exchange, transfer or other disposition of substantially all of the assets of Corporation or Bank, or (iii) a purchase by Corporation or Bank of substantially all of the assets of another entity, unless (y) such merger, consolidation, division, sale, exchange, transfer, purchase or disposition is approved in advance by seventy percent (70%) or more of the members of the Board of Directors of Corporation or Bank who are not interested in the transaction and (z) a majority of the members of the Board of Directors of the legal entity resulting from or existing after any such transaction and of the Board of Directors of such entity’s parent corporation, if any, are former members of the Board of Directors of Corporation or Bank; or

 

  

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(b)  any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)), other than Corporation or Bank or any “person” who on the date hereof is a director or officer of Corporation or Bank is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Corporation or Bank representing twenty-five (25%) percent or more of the combined voting power of Corporation or Bank’s then outstanding securities, or

 

(c)  during any period of two (2) consecutive years during the term of Executive’s employment under this Agreement, individuals who at the beginning of such period constitute the Board of Directors of Corporation or Bank cease for any reason to constitute at least a majority thereof, unless the election of each director who was not a director at the beginning of such period has been approved in advance by directors representing at least two-thirds of the directors then in office who were directors at the beginning of the period; or

 

(d)  any other change in control of Corporation and Bank similar in effect to any of the foregoing.

 

5.  DATE OF CHANGE IN CONTROL DEFINED. For purposes of this Agreement, the date of Change in Control shall mean:

 

(a)  the first date on which a single person and/or entity, or group of affiliated persons and/or entities, acquire the beneficial ownership of twenty-five (25%) or more of the Bank or Corporation’s voting securities, or

 

(b)  the date of the closing of an Agreement, transferring all or substantially all of the Bank or Corporation’s assets, or

 

(c)  the date on which a merger, consolidation or business combination is consummated, as applicable, or

 

  

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(d)  the date on which individuals who formerly constituted a majority of the Board of Directors of the Bank or the Corporation under paragraph 4(b) above, cease to be a majority.

 

6.  NO EMPLOYMENT CONTRACT. This Agreement is not an employment contract. Nothing contained herein shall guarantee or assure Executive of continued employment by Corporation or Bank. Rather, Corporation’s and Bank’s obligations to Executive hereunder shall arise only if Executive continues to be employed by Corporation and Bank in his present or in a higher capacity and then only in the event the conditions described herein for payment to Executive have been met.

 

7.  WAIVER. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Executive and an executive officer specifically designated by the Boards of Directors of Corporation and Bank. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

 

8.  ATTORNEY’S FEES AND COSTS. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, each party shall bear their own attorney’s fees, costs, and necessary disbursements.

 

9.  ENTIRE AGREEMENT. This Agreement supersedes any and all understandings and agreements, either oral or in writing, between the parties with respect to any severance that may become due as a result of or in connection with a Change in Control. This Agreement contains all the covenants and agreements between the parties with respect to any severance that may become due as a result of or in connection with a Change in Control.

 

  

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10.  SUCCESSORS; BINDING AGREEMENT. This Agreement shall be binding upon and inure to the benefit of Corporation, Bank and Executive, and their respective successors, assigns, heirs and personal representatives.

 

11.  ARBITRATION. Corporation, Bank and Executive recognize that in the event a dispute should arise between them concerning the interpretation or implementation of this Agreement, lengthy and expensive litigation will not afford a practical resolution of the issues within a reasonable period of time. Consequently, each party agrees that all disputes, disagreements and questions of interpretation concerning this Agreement are to be submitted for resolution, in Philadelphia, Pennsylvania, to the American Arbitration Association (the “Association”) in accordance with the Association’s National Rules for the Resolution of Employment Disputes or other applicable rules then in effect (“Rules”). Corporation, Bank or Executive may initiate an arbitration proceeding at any time by giving notice to the other in accordance with the Rules. Corporation and Bank and Executive may, as a matter of right, mutually agree on the appointment of a particular arbitrator from the Association’s pool. The arbitrator shall not be bound by the rules of evidence and procedure of the courts of the Commonwealth of Pennsylvania but shall be bound by the substantive law applicable to this Agreement. The decision of the arbitrator, absent fraud, duress, incompetence or gross and obvious error of fact, shall be final and binding upon the parties and shall be enforceable in courts of proper jurisdiction. Following written notice of a request for arbitration, Corporation, Bank and Executive shall be entitled to an injunction restraining all further proceedings in any pending or subsequently filed litigation concerning this Agreement, except as otherwise provided herein.

 

12.  VALIDITY. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

 

  

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13.  APPLICABLE LAW. This Agreement shall be governed by and construed in accordance with the domestic, internal laws of the Commonwealth of Pennsylvania, without regard to its conflicts of laws principles.

 

14.  HEADINGS. The section headings of this Agreement are for convenience only and shall not control or affect the meaning or construction or limit the scope or intent of any of the provisions of this Agreement.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

	
ATTEST:

	  	
QNB CORP.

	 	 	 
	
/s/ Ann B. Gaspar

	  	
/s/ David W. Freeman

	 	 	 
David W. Freeman, President

	  	  	  
	 	 	 
	
ATTEST:

	  	
QNB BANK

	 	 	 
	
/s/ Ann B. Gaspar

	  	
/s/ David W. Freeman

	 	 	 
David W. Freeman, President

	  	  	  
	
WITNESS:

	  	
EXECUTIVE:

	 	 	 
	
/s/ Ann B. Gaspar

	  	
/s/ Scott G. Orzehoski

  

7Unassociated Document

Exhibit 10.1

Loan No. RX0886-S1

SECOND SUPPLEMENT

TO THE MASTER LOAN AGREEMENT

This SECOND SUPPLEMENT TO THE MASTER LOAN AGREEMENT (this “Second Supplement”), is entered into as of August 3, 2011, by and between COBANK, ACB (“CoBank”) and WARWICK VALLEY TELEPHONE COMPANY (the “Borrower”), and supplements the Master Loan Agreement, dated as of February 18, 2003, by and between CoBank and the Borrower (as the same has been amended on the date hereof and as the same may be amended, modified, supplemented, extended or restated from time to time, the (“MLA”)).  Capitalized terms used and not otherwise defined in this Second Supplement shall have the meanings assigned to them in the MLA.

SECTION 1.   The Revolving Loan. On the terms and conditions set forth in the MLA and this Second Supplement, CoBank agrees to make one or more advances (collectively, the “Loan”) to the Borrower during the Availability Period (as hereinafter defined in Section 3 hereof) in an aggregate principal amount outstanding at any one time not to exceed $5,000,000 (the “Commitment”).  The Commitment shall expire at 11:00 am Mountain time on August 2, 2012 (the “Maturity Date”).  Under the Commitment, amounts borrowed and later prepaid may be reborrowed during the Availability Period.

SECTION 2.   Purpose.  The proceeds of the Loan shall be used by the Borrower to (A)  finance capital expenditures, working capital and general corporate expenditures of the Borrower, including acquisitions expressly permitted by CoBank in writing, and (B) pay the expenses and fees incurred by the Borrower in connection with the closing of the Loan.  The Borrower agrees that the proceeds of the Loan shall be used only for the purposes set forth in this Section 2.

SECTION 3.   Availability.   Subject to Sections 2 and 5 of the MLA and Section 9 hereof, during the period commencing on the date on which all conditions precedent to the initial advance under the Loan were satisfied (the “Closing Date”) and ending on the Business Day immediately preceding the Maturity Date (the “Availability Period”), advances under the Loan shall be made as provided in the MLA.

SECTION 4.   Interest.

(A)           Rate Options; Etc.  The unpaid principal balance of the Loan shall accrue interest at the rate or rates determined or selected by the Borrower in accordance with this Section 4(A).

(1)           Weekly Quoted Rate Option (Variable Rate Option).  As to any portion of the unpaid principal balance of the Loan selected by the Borrower (any such portion, and any portion selected pursuant to Section 4(A)(2) hereof, is hereinafter referred to as a “Portion” of the Loan), interest shall accrue pursuant to this variable rate option at a variable annual interest rate (the “Variable Rate”) equal at all times to the rate of interest established for the Borrower by CoBank in CoBank’s sole and absolute discretion on the first Business Day of each week.  The rate of interest so established by CoBank will be effective from and including the first Business Day of each week to and excluding the first Business Day of the next week.  Each change in the Variable Rate shall be applicable to the Portion of the Loan subject to this option and information about the then current Variable Rate shall be made available upon telephonic request.

 

  

  

  

Second Supplement to Master Loan Agreement/Warwick Valley Telephone Company

Loan No. RX0886-S1

 

(2)           LIBOR Option.  As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Section 4(A)(2)) plus 3.50%.  Under this option:  (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section 4(A)(2)) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)) on three Banking Days’ prior written notice.  “LIBOR” means the rate (rounded upward to the nearest thousandth and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as quoted by the BBA at 11:00 a.m. London time and published by Bloomberg, on the date the Borrower elects to fix a rate under this option for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website.  “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England.  “Interest Period” shall mean the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day a rate fixed under Section 4(A)(4) hereof becomes effective.  The Interest Period for Portions accruing interest at the LIBOR option shall end on the day in the next calendar month or in the month that is two, three or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that:  (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month.  No Interest Period shall extend beyond the Maturity Date.  “Eurocurrency Liabilities” has the meaning as set forth in FRB Regulation D.  “FRB Regulation D” means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time.

Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option and the LIBOR option will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuing.

 

  

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Second Supplement to Master Loan Agreement/Warwick Valley Telephone Company

Loan No. RX0886-S1

 

(3)           Rate Combinations.  Notwithstanding the foregoing, at any one time there may be no more than a total of five Portions of the Loan accruing interest pursuant to any fixed rate option.

(4)           Selection and Changes of Rates.  The Borrower shall select the rate option or options applicable to any Portion of the Loan at the time it requests such Portion of the Loan.  Thereafter, with respect to Portions of the Loan accruing interest at the Variable Rate, the Borrower may, on any Business Day, subject to Section 4(A)(2) hereof, elect to have the LIBOR option apply to such Portion.  In addition, with respect to any Portion of the Loan accruing interest pursuant to the LIBOR option, the Borrower may, subject to Section 4(A)(2) hereof, on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to the LIBOR option.  From time to time the Borrower may elect, on a Business Day prior to the expiration of the Interest Period for any Portion of the Loan accruing interest pursuant to the LIBOR option, and upon payment of the applicable Surcharge (as defined in, and calculated pursuant to, Section 6 hereof) to convert all, but not part, of such Portion of the Loan so that it accrues interest at the Variable Rate or a combination of the Variable Rate and the LIBOR option, for a new Interest Period or Interest Periods selected in accordance with Section 4(A)(2) hereof.  Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern time, on the relevant day; in the case of Loans under the LIBOR option, all such elections must be made in writing.  In taking actions upon telephonic requests, CoBank shall be entitled to rely on (and shall incur no liability to the Borrower in acting upon) any request made by a person identifying himself or herself as one of the persons authorized by the Borrower to request the Loan or select interest rates hereunder so long as any funds advanced are wired to an account previously designated by the Borrower.

(5)           Accrual of Interest.  Interest shall accrue pursuant to the LIBOR option from and including the first day of the applicable Interest Period to but excluding the last day of the Interest Period.  If the Borrower elects to refix the interest rate on any Portion of the Loan accruing interest pursuant to one of the LIBOR option pursuant to Section 4(A)(4) hereof, the first day of the new Interest Period shall be the last day of the preceding Interest Period.  In the absence of any such election, interest shall accrue on such Portion at the Variable Rate from and including the last day of such Interest Period.  If the Borrower elects to convert from the LIBOR option to the Variable Rate option pursuant to Section 4(A)(4) hereof upon payment of the applicable Surcharge as provided in Section 6 hereof, interest at the applicable LIBOR shall accrue through the day before such conversion and either (i) the first day of any new Interest Period shall be the date of such conversion, or (ii) interest at the Variable Rate shall accrue on the Portion of the Loan so converted from and including the date of conversion.

 

  

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Second Supplement to Master Loan Agreement/Warwick Valley Telephone Company

Loan No. RX0886-S1

 

(B)           Payment and Calculation.  The Borrower shall pay interest on the Loan quarterly in arrears on the 20th day of each January, April, July and October, commencing on October 20, 2011, upon any prepayment (whether due to acceleration or otherwise) and on the Maturity Date; provided, however, in the event that the Borrower elects to fix all or a portion of the Loan under the LIBOR option, interest shall be payable at the maturity of the applicable Interest Period, or, if such Interest Period exceeds three (3) months, interest on such Portion shall be payable in arrears on each quarterly anniversary date of the date such Portion was fixed under the LIBOR option.  Interest shall be calculated on the actual number of days the Loan, or any part thereof, is outstanding on the basis of a year consisting of 360 days.  In calculating accrued interest, the date the Loan is made shall be included and the date any principal amount of the Loan is repaid or prepaid shall be excluded as to such amount.

SECTION 5. Loan Fees.

(A)           Commitment Fee.  During the period commencing on the date hereof and ending on the Maturity Date, the Borrower shall pay to CoBank a commitment fee on the average daily unused portion of the Commitment at a rate of 0.500% per annum (calculated on a 360-day basis), payable quarterly in arrears on the 20th day of each January, April, July and October, commencing on October 20, 2011.

(B)           Origination Fee.  In consideration of the Commitment, the Borrower shall pay to CoBank a non-refundable origination fee in the amount of $50,000, which shall be paid in full upon execution and delivery by CoBank and the Borrower of this Second Supplement.

SECTION 6. Prepayment and Surcharge.  The Borrower may, (i) on any Business Day prepay in full or in part any Portion of the Loan accruing interest at the Variable Rate, and (ii) on two (2) Business Day’s prior written notice prepay in full or in part any Portion of the Loan accruing interest at pursuant to the LIBOR option.  Notwithstanding the foregoing, the Borrower’s right to prepay any amount accruing interest at pursuant to a fixed rate option (whether such payment is made voluntarily, as a result of an acceleration, or otherwise) shall be conditioned upon the payment of a prepayment Surcharge as defined and calculated below.  For purposes of calculating the Surcharge provided for in this Section 6, early conversion of a Portion of the Loan accruing interest pursuant to the LIBOR option so that it accrues interest at a different rate pursuant to Section 4(A)(4) hereof shall be deemed a prepayment in full of that Portion of the Loan.  Upon any such early conversion or any prepayment of any Portion of the Loan accruing interest pursuant to a fixed rate option, and as a condition to any voluntary prepayment, the Borrower shall pay to CoBank, on the date of such prepayment or early conversion, a surcharge (“Surcharge”) in an amount equal to the greater of (a) the present value of any funding losses incurred or imputed by CoBank to have been incurred as a result of such prepayment for the period such amount was scheduled to have been outstanding at such LIBOR and (b) $300.  Such Surcharge, including the amount of any funding losses incurred by CoBank, shall be determined and calculated in accordance with methodology established by CoBank.

 

  

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Second Supplement to Master Loan Agreement/Warwick Valley Telephone Company

Loan No. RX0886-S1

 

SECTION 7.   Termination of Commitment; Repayment. The Commitment will terminate in full on the Maturity Date.  If not sooner required to be repaid, all advances under the Loan and all other amounts due and owing hereunder and under the Loan Documents relating to the Loan shall be due and payable on the Maturity Date.

SECTION 8.   Security.  The Loan shall be unsecured, except with respect to the equity of the Borrower in CoBank, as described in Section 4 of the MLA.

SECTION 9.   Additional Conditions Precedent.

(A)           In addition to the conditions precedent set forth in the MLA, CoBank’s obligation to make the initial advance under the Loan is subject to the satisfaction of the condition precedent on or before the date of such advance that CoBank receive, in form and content acceptable to CoBank, opinions of counsel (who shall be acceptable to CoBank) for the Borrower; provided, however, such opinions may take exception for limitations imposed by or resulting from bankruptcy, insolvency, moratorium, reorganization or other laws affecting creditors’ rights generally and may conform to the generally recognized principles of opinions among practicing counsel in the States of New York and New Jersey or promulgated by a recognized national association of counsel.

(B)           In addition to the conditions precedent set forth in the MLA, CoBank’s obligation to make an advance under the Loan, including the initial advance, is subject to the satisfaction of each of the following conditions precedent on or before the date of such advance:

(1)                 No Material Adverse Change.  That from December 31, 2010 to the date of such advance there shall not have occurred any event which has had or could reasonably be expected to have a Material Adverse Effect on the business or prospects of the Borrower;

(2)                 Representations and Warranties.  That the representations and warranties of the Borrower contained in the MLA, this Second Supplement and any other Loan Document to which it is a party; be true and correct in all material respects on and as of the date of such advance, as though made on and as of such date; and

(3)                 Other Information.  That CoBank receive such other information regarding the condition, financial or otherwise, and operations of the Borrower as CoBank shall request and such other opinions, certificates or documents as CoBank shall request.

[Signatures Follow on Next Page]

 

  

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Second Supplement to Master Loan Agreement/Warwick Valley Telephone Company

Loan No. RX0886-S1

 

IN WITNESS WHEREOF, the Borrower has caused this Second Supplement to be executed and delivered, and CoBank has caused this Second Supplement to be executed and delivered, each by their respective duly authorized officer as of the date first shown above.

	 	 
WARWICK VALLEY TELEPHONE COMPANY

	 
	 	 	 	 
	
 

	
By: 

	/s/ Duane W. Albro	 
	 	 	 
Duane W. Albro

	 
	 	 	 
President and Chief Executive Officer

	 
	 	 	 	 

[Signatures Continue on Next Page]

 

  

  

  

 

Second Supplement to Master Loan Agreement/Warwick Valley Telephone Company

Loan No. RX0886-S1

 

[Signatures Continued from Previous Page]

	 	 
COBANK, ACB

	 
	 	 	 	 
	
 

	
By: 

	/s/ Gary Franke	 
	 	 	Gary Franke	 
	 	 	Vice President

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