Document:

EX-4.6

 Exhibit 4.6 

Execution Version 
  

 
  

UNITIL ENERGY SYSTEMS, INC. 

TO 
 U.S.
BANK NATIONAL ASSOCIATION, TRUSTEE 
  

 

SIXTEENTH 

SUPPLEMENTAL INDENTURE 

DATED AS OF SEPTEMBER 15, 2020 

 
  

ADDITIONAL ISSUE OF BONDS 

(SERIES R, 3.58%, DUE SEPTEMBER 15, 2040) 

$27,500,000 
  

 
  

This Sixteenth Supplemental Indenture encumbers property in Merrimack and Rockingham Counties. 

 

 This Sixteenth Supplemental Indenture is dated as of September 15, 2020
(the or this “Sixteenth Supplemental Indenture”) and entered into by and between Unitil Energy Systems, Inc., a corporation duly organized and existing under and by virtue of the laws of the State of New Hampshire, having its principal
office and place of business in Hampton, County of Rockingham in the State of New Hampshire at 6 Liberty Lane West, Hampton, New Hampshire 03842-1720 (hereinafter sometimes referred to as the “Company”), and U.S. Bank National Association,
a national banking association (successor to Old Colony Trust Company), having an office and place of business in Boston, Massachusetts at 1 Federal Street, Boston, Massachusetts 02110, as Trustee (hereinafter sometimes referred to as the
“Trustee”), with reference to the following Recitals: 
 W I T N E
S S E T H: 
 Whereas, the Company heretofore
duly executed and delivered to the Trustee its Indenture of Mortgage and Deed of Trust (hereinafter generally referred to as the “Original Indenture” and referred to, with each and every other instrument, including the Twelfth Supplemental
Indenture, which amended and restated the Original Indenture in its entirety, and each subsequent instrument which the Company may execute with the Trustee and which is therein stated to be supplemental to the Original Indenture, as the
“Indenture”), dated as of July 15, 1958, but actually executed on September 18, 1958, and recorded, among other places, in Merrimack County, New Hampshire, Registry of Deeds, Volume 832, Page 96, and in the Office of
the City Clerk of the City of Concord, New Hampshire, Volume 188, Page 156 and duly recorded First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, and Fifteenth Supplemental
Indentures thereto dated as of January 15, 1968, as of November 15, 1971, as of July 1, 1975, as of March 28, 1984, as of June 1, 1984, as of October 29, 1987, as of August 29, 1991, as of October 14, 1994, as
of September 1, 1998, as of January 15, 2001, as of April 20, 2001, as of December 2, 2002, as of September 26, 2006, as of March 2, 2010, and as of November 29, 2018, respectively, to which this instrument is
supplemental and in modification and confirmation thereof, whereby substantially all the properties of the Company used by it in its electric business, whether then owned or thereafter acquired, with certain exceptions and reservations fully set
forth in the Indenture were given, granted, bargained, sold, warranted, pledged, assigned, transferred, mortgaged and conveyed to the Trustee, its successors and assigns, in trust upon the terms and conditions set forth therein to secure bonds of
the Company issued and to be issued thereunder, and for other purposes more particularly specified therein; and 
 Whereas,
on January 4, 1971 Old Colony Trust Company was merged into The First National Bank of Boston, which thereupon succeeded to the trusts under the Indenture; and 

Whereas, effective May 1, 1996 The First National Bank of Boston resigned as trustee under the Indenture and the Company
appointed State Street Bank and Trust Company (“State Street”) as successor trustee, which accepted such appointment and thereupon succeeded to the trusts under the Indenture; and 

Whereas, effective January 1, 2003 U.S. Bank National Association purchased substantially all of the corporate trust
business of State Street including the trust herein and thereupon succeeded State Street as Trustee hereunder; and 

  
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 Whereas, on December 2, 2002 (the “Merger Date”), Unitil
Corporation, a corporation organized under the laws of the State of New Hampshire (“Unitil”), combined all of the operations of the Company and Exeter & Hampton Electric Company (“Exeter”) through the merger of Exeter
into the Company pursuant to an Agreement and Plan of Merger dated as of November 26, 2002 between the Company and Exeter. On the Merger Date the Company assumed all of the obligations of Exeter under (a) Exeter’s Indenture of
Mortgage and Deed of Trust dated as of December 1, 1952 (hereinafter referred to as the “Original Exeter Indenture”) as supplemented by the First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh and
Twelfth Supplemental Indentures thereto dated as of January 16, 1956, as of January 15, 1960, as of June 1, 1964, as of January 15, 1968, as of November 15, 1971, as of April 1, 1974, as of December 15, 1977, as of
October 28, 1987, as of August 29, 1991, as of October 14, 1994, as of September 1, 1998, and as of April 20, 2001, respectively (the Original Exeter Indenture and such supplemental indentures being sometimes collectively
referred to as the “Exeter Indenture”), and (b) the bonds then outstanding under the Exeter Indenture (the “Exeter Bonds”) pursuant to a Consent and Agreement dated as of November 26, 2002 among Exeter, the Company and
the holders of the Exeter Bonds and the Bonds outstanding under the Indenture; and 
 Whereas, on January 24, 2003 (i)
each holder of an Exeter Bond exchanged such Exeter Bond for a bond issued by the Company under the Indenture containing substantially the same terms and provisions as such Exeter Bond, (ii) the Exeter Indenture was cancelled and discharged and
(iii) the Exeter Bonds were cancelled; and 
 Whereas, there are now outstanding under the Indenture $1,800,000 in
principal amount of First Mortgage Bonds, Series I, $8,000,000 in principal amount of First Mortgage Bonds, Series J, $7,500,000 in principal amount of First Mortgage Bonds, Series K, $2,700,000 in principal amount of First Mortgage
Bonds, Series L, $8,000,000 in principal amount of First Mortgage Bonds, Series M, $7,500,000 in principal amount of First Mortgage Bonds, Series N, $15,000,000 in principal amount of First Mortgage Bonds, Series O, $0 in
principal amount of First Mortgage Bonds, Series P, and $30,000,000 in principal amount of First Mortgage Bonds, Series Q; and the Company proposes to issue $27,500,000 in principal amount of additional First Mortgage Bonds of a new
Series designated as First Mortgage Bonds, Series R (hereinafter sometimes referred to as “Series R Bonds” or “bonds of Series R”) to be issued under this Sixteenth Supplemental Indenture and that certain Bond
Purchase Agreement dated as of September 15, 2020 among the Company and purchasers of the Series R Bonds party thereto, and accepted and acknowledged by the Trustee (the “2020 Series R BPA”)); and 

Whereas, all things have been done and performed which are necessary to make the Series R Bonds, when authenticated by
the Trustee and issued as in the Indenture and herein provided, and to make this Sixteenth Supplemental Indenture, when executed and delivered by the Company and the Trustee, legal, valid and binding obligations of the Company; 

Now, Therefore, in consideration of the premises, and of the acceptance and purchase of the Series R Bonds by the holder
thereof, and of other good and valuable consideration, the receipt whereof is hereby acknowledged, and in confirmation of and supplementing the Indenture and in performance of and compliance with the provisions thereof, the Company, by these
presents, does give, grant, bargain, sell, warrant, pledge, assign, transfer, mortgage, and convey unto the Trustee, 

  
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as provided in the Indenture, and its successor or successors in the trust thereby and hereby created, and its and their assigns, all and singular, the property, and rights and interests in
property, described in the Indenture and thereby conveyed, pledged, assigned, transferred and mortgaged, or intended or required so to be (said descriptions in the Indenture being hereby made a part hereof to the same extent as if set forth herein
at length), whether then or now owned or thereafter or hereafter acquired, except such of said properties or interests therein as may have been released by the Trustee or sold or disposed of in whole or in part as permitted by the provisions of the
Indenture and also, but without in any way limiting the generality of the foregoing, all the rights, titles, interests, easements and properties described as acquired by the Company in Schedule A hereto attached and hereby made a part hereof as
fully as if set forth herein at length, and all proceeds of any of the foregoing at any time conveyed, pledged, assigned, transferred, mortgaged, paid or delivered to and from time to time held by the Trustee upon the trusts of the Indenture. 

Subject, However, insofar as affected hereby, to any Permitted Encumbrances as defined in Section 1.01 of the Indenture,
and, as to the property specifically described in Schedule A of the Indenture and in Schedule A hereof, to the liens, encumbrances, reservations, restrictions, conditions, limitations, covenants, interests and exceptions, if any, set forth or
referred to in the descriptions thereof contained in said Schedules, none of which substantially interferes with the free use and enjoyment by the Company of the property and rights hereinabove described for the general purposes and uses of the
Company’s electric business; 
 And Subject Further, as to all hereafter-acquired property, insofar as affected
thereby, to any mortgages, encumbrances or liens on such after-acquired property existing at the time of such acquisition or contemporaneously created, conforming to the provisions of Section 8.07 of the Original Indenture; 

But Specifically Reserving, Excepting and Excluding from this instrument, and from the grant, conveyance, mortgage, transfer
and assignment herein contained, all right, title and interest of the Company, now owned or hereafter acquired in and to properties and rights of the kind specified in subclauses (a) to (d), both inclusive, of the paragraph beginning “But
Specifically Reserving, Excepting and Excluding from this Indenture” of the granting clauses of the Indenture. 
 To
Have and to Hold the trust estate, with all of the privileges and appurtenances thereunto belonging, unto the Trustee, its successors in the trusts of the Indenture, and its and their assigns, to its and their own use, forever; 

But in Trust Nevertheless, upon the terms and trusts set forth in the Indenture, for the equal pro rata benefit, security and
protection (except as provided in Section 8.14 of the Indenture and except insofar as a sinking, improvement and analogous fund or funds, established in accordance with the provisions of the Indenture, or any indenture supplemental thereto, may
afford particular security for bonds of one or more series) of the bearers and the registered owners of the bonds from time to time authenticated, issued and outstanding under the Indenture, and the bearers of the coupons appertaining thereto,
without (except as aforesaid) any preference, priority or distinction whatever of any one bond over any other bond by reason of priority in the issue, sale or negotiation thereof, or otherwise; 

  
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 Provided, However, and these presents are upon the condition, that, if the
Company shall pay or cause to be paid the entire outstanding aggregate principal amount of and premium, if any, and interest on the bonds at the times and in the manner therein and in the Indenture provided, and shall keep, perform and observe all
and singular the covenants, agreements and provisions in the bonds and in the Indenture expressed to be kept, performed and observed by or on the part of the Company, then (i) this Sixteenth Supplemental Indenture and the estate and rights
hereby granted shall, pursuant to the provisions of Article XIII of the Indenture, cease and terminate and (ii) the Trustee shall, upon the request of the Company, cancel, discharge, and release the lien of the Indenture; and 

And Provided, However, that, upon the satisfaction of the Collateral Release Conditions as set forth in the 2020 Series R
BPA, as such term is defined therein, the Company may request that the lien of the Indenture be completely released from all property and collateral securing the bonds issued and outstanding under the Indenture, and at such time (i) the
Indenture shall cease and terminate and (ii) the lien of the Indenture shall be cancelled, discharged, and released. 

And it is Hereby Covenanted, Declared and Agreed, upon the trusts and for the purposes aforesaid, as set forth in the
following covenants, agreements, conditions and provisions, viz.: 
 ARTICLE ONE 

SERIES R BONDS 

Section 1.01.    There shall be and is hereby created an additional Series of bonds designated
as and entitled “First Mortgage Bonds, Series R.” Series R Bonds shall be fully registered bonds without coupons, of the denomination of at least $500,000. The bonds of Series R originally issued shall be dated the date of
such issue and any bonds of Series R subsequently issued shall be dated as provided in Section 2.03 of the Indenture. All Series R Bonds shall mature on September 15, 2040, and shall bear interest at the rate of three and
fifty-eight hundredths percent (3.58%) per annum from their respective dates, such interest to be payable semi-annually in arrears on the fifteenth (15th) day of March and September in each year commencing March 15, 2021, and shall bear
interest on any overdue principal (including any overdue prepayment of principal) and premium, if any, and (to the extent permitted by applicable law) on any overdue payment of interest, at the rate of five and fifty-eight hundredths percent
(5.58%) per annum. The principal of, premium, if any, and interest on bonds of Series R shall be payable at the corporate trust office of U.S. Bank National Association, in Boston, Massachusetts, St. Paul, Minnesota, or at the corporate
trust office designated by the Trustee or by its successors as Trustee hereunder, in lawful money of the United States of America, provided that the Company may enter into a written agreement with any registered Institutional Holder of the bonds of
Series R providing that payment of interest thereon and of the redemption price of any portion of the principal amount thereof (including premium, if any) which may be redeemed shall be made directly to such holder or to its nominee, as the
case may be, at a duly designated place of payment within the United States, without surrender or presentation of such bonds of Series R to the Trustee, provided that (A) there shall have been filed with the Trustee a copy of such
agreement (and the Trustee hereby acknowledges that it has received a copy of the 2020 Series R BPA providing for such direct 

  
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payment to the holders of the bonds of Series R), (B) pursuant to such agreement such holder shall agree that it will not sell, transfer or otherwise dispose of any such bond of Series R in
respect of which any such payment or redemption shall have been made unless, prior to the delivery thereof by it, either (i) it shall have made a clear and accurate notation of the amount of principal so redeemed upon any such bond to be
transferred, or (ii) such bond of Series R shall have been presented to the Trustee for appropriate notation thereon of the portion of the principal amount thereof redeemed, or (iii) such bond or bonds of Series R shall have been
surrendered in exchange for a new bond or bonds of Series R for the unredeemed balance of the principal amount thereof in accordance with the other terms of the Indenture, and (C) in such agreement such holder shall agree that prior to
receiving any final payment of the entire remaining unpaid principal amount of any Series R Bond, the holder thereof shall be required to deliver such bond to the Trustee. For purposes of this Section 1.01, the term “Institutional
Holder” shall mean any insurance company, bank, savings and loan association, trust company, investment company, charitable foundation, employee benefit plan (as defined in ERISA) or other institutional investor or financial institution. The
Trustee may assume that any holder of the bonds of Series R that has entered into an agreement for direct payment on such Bonds satisfies the requirements for an Institutional Holder and shall not be required to independently confirm such status.
The Trustee may further assume that such agreement for direct payment to a holder of the bonds of Series R remains in effect unless and until it receives written notice from the Company that payment to such holder shall thereafter be made through
the Trustee in accordance with the Indenture. The text of the Series R Bonds and of the Trustee’s or Company’s Certificate, as applicable, with respect thereto shall be respectively substantially of the tenor and purport set forth in
Exhibit B to the 2020 Series R BPA. The Series R Bonds shall be numbered in such manner or by such method as shall be satisfactory to the Trustee. 

The issue of bonds of Series R hereunder is hereby limited to the $27,500,000 in aggregate principal amount of
Series R Bonds initially issued as provided in Section 1.08 hereof and to Series R Bonds issued in exchange or substitution for outstanding Series R Bonds under the provisions of Sections 2.08, 2.10, 2.11 and 7.05 of the
Indenture and Section 1.07 hereof. 
 From and after the Collateral Release Date (as such term is defined in the 2020
Series R BPA), (i) the Series R Bonds shall be governed solely by the terms of the 2020 Series R BPA, (ii) this Sixteenth Supplemental Indenture and the estate and rights hereby granted shall cease and terminate, and
(iii) the lien of the Indenture shall be cancelled, discharged, and released. 

Section 1.02.    As provided therein, the entire unpaid principal balance of each Series R Bond
shall be due and payable on September 15, 2040. In addition, the Series R Bonds are subject to optional redemption in accordance with the terms of the Indenture. 

Section 1.03.    The Company will give notice, by registered mail, postage prepaid, or by a reputable
overnight carrier to the Trustee and to each registered owner of a bond of Series R of any required or optional payment to be made pursuant to Section 1.02, Section 1.04, or Section 1.05 hereof not more than 60, nor less than 30,
days prior to such redemption date (or other designated date of redemption in the case of a redemption pursuant to Section 1.04 or Section 1.05). 

  
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 Section 1.04.    Before the date that is four
months prior to the Maturity Date (as defined in the 2020 Series R BPA), all of the bonds of Series R, or any part of the principal amount thereof, shall be subject to redemption, at the option of the Company, pursuant to and in accordance
with the provisions of Article VII of the Indenture (prior to the Collateral Release Date), and by payment of an amount equal to the aggregate principal amount being redeemed and all accrued interest thereon plus the Make Whole Amount (as defined in
the 2020 Series R BPA), if any, determined five Business Days prior to such redemption. Two Business Days prior to the redemption date the Company shall deliver a certificate to the Trustee from an Officer of the Company specifying the
calculation of the Make-Whole Amount, if any. The Trustee may rely upon such Officer’s certificate as to the Make Whole Amount and shall have no duty to determine or confirm the calculation of such amount. On and after the date that is four
months prior to the Maturity Date, all of the bonds of Series R shall be subject to redemption, at the option of the Company, pursuant to and in accordance with the provisions of Article VII of the Indenture (prior to the Collateral
Release Date), and by payment of an amount equal to the aggregate principal amount being redeemed and all accrued interest thereon, but without payment of the Make Whole Amount. 

Section 1.05.    (a) Prior to the Collateral Release Date, the Series R Bonds may be redeemed
pursuant to Article XI of the Indenture (i) out of Trust Moneys required by Section 8.12 of the Indenture to be deposited with the Trustee, on any date and shall be redeemed for an amount equal to the principal amount of the bonds to be
redeemed, plus interest accrued to the date of redemption; or (ii) out of Trust Moneys required by Sections 8.10, 10.03, 10.04 or 10.04A of the Indenture to be deposited with the Trustee, on any date and shall be redeemed for an amount
equal to the Make Whole Amount (as such term is defined, for purposes of this Section 1.05, in the Twelfth Supplemental Indenture). 

(b) From and after the Collateral Release Date, the Series R Bonds shall be redeemed in accordance with the terms of the
2020 Series R BPA. 
 Section 1.06.    In the event that all or any part of the bonds of
Series R shall be redeemed or otherwise discharged prior to their maturity pursuant to or in accordance with the order of any governmental commission or regulatory authority upon the reorganization, dissolution or liquidation of the Company, or
otherwise, the registered owners of such bonds of Series R shall be entitled to be paid thereafter an amount equal to the principal amount of the bonds of Series R to be redeemed, plus accrued interest to the date of redemption, plus the
Make Whole Amount. 
 Section 1.07.    (a) Prior to the Collateral Release Date, Bonds of
Series R, upon surrender thereof at the principal corporate trust office of the Trustee in Boston, Massachusetts, St. Paul, Minnesota, or other such office designated by the Trustee, may be exchanged for the same aggregate principal amount of
other fully registered bonds of this Series in an authorized denomination. 
 Within a reasonable time after the receipt of
a request for such an exchange, the Company shall issue, and the Trustee shall authenticate and deliver all bonds required in connection therewith, and the Trustee shall make such exchange upon payment to it of such charge, if any, as is required by
the following paragraph. 

  
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 For any exchange of bonds of Series R, the Company, at its option, may
require the payment of a sum sufficient to reimburse it for any stamp or other tax or governmental charge required to be paid by the Company or the Trustee. 

(b) From and after the Collateral Release Date, any exchange of the Series R Bonds shall be governed in accordance with
the terms of the 2020 Series R BPA. 
 Section 1.08.    Upon the execution of this Sixteenth
Supplemental Indenture and subject to the provisions of Article III of the Indenture and upon compliance with the applicable provisions of Articles IV of the Indenture (or waiver thereof duly obtained), the Company shall execute and deliver to the
Trustee, and the Trustee shall authenticate and deliver to or upon the order of the Company, bonds of Series R in the form set forth in Exhibit B to the 2020 Series R BPA in the aggregate principal amount of Twenty-Seven Million Five
Hundred Thousand Dollars ($27,500,000). 
 ARTICLE TWO 

REDEMPTION PRIOR TO THE COLLATERAL RELEASE
DATE 
 Section 2.01.    In the case of any proposed redemption pursuant to
Sections 1.04 or 1.05(a), forthwith after the Trustee’s receipt of proper notice from the Company of any such proposed redemption, the Trustee shall act in accordance with the provisions of Article VII of the Indenture. 

The Company covenants that it will pay to the Trustee: 

(i)    on or before the day prior to the date proposed by the Company in a notice (which
notice shall conform to the requirements of Article VII of the Indenture) of any redemption pursuant to Section 1.04 or 1.05(a) hereof, the amount payable in accordance with such notice, and 

(ii)    at the time of each redemption the Company shall pay to the Trustee the amount of
the charges which shall be due the Trustee and the amount of expenses which the Trustee advises the Company it has incurred or will incur in connection with such redemption. 

ARTICLE THREE 

COVENANTS OF THE COMPANY PRIOR TO
THE COLLATERAL RELEASE DATE 

Section 3.01.    The Company covenants that it will not declare or pay dividends (other than in its
own common stock) or make any other distribution on shares of its common stock or apply any of its property or assets (other than amounts equal to any proceeds received from the sale of common stock of the Company) to the purchase or retirement of,
or make any other distribution through reduction of capital or otherwise, in respect of, any shares of its common stock (which dividends, distributions, purchases and retirements are hereinafter referred to as “distributions”)

  
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if, after giving effect to such distribution, the aggregate of all such distributions declared, paid, made or applied subsequent to December 31, 2019, plus the amount of all dividends
declared on any class of preferred stock of the Company subsequent to December 31, 2019, and any amounts charged to net income after December 31, 2019 in connection with the purchase or retirement of any shares of preferred stock of the
Company would exceed an amount equal to net income of the Company available for dividends after December 31, 2019, plus the net proceeds from any common or preferred equity issuances by the Company subsequent to December 31, 2019, plus the
sum of $70,000,000. 
 The term “net income”, as applied to any period shall mean the net income (or deficit) of
the Company for such period properly transferable to its earned surplus, all computed, if a uniform system of accounts is prescribed by any commission or other governmental body having jurisdiction in the premises, in accordance with such uniform
system; otherwise in accordance with accepted accounting practice, and in any event by deducting from the aggregate gross revenues of the Company for such period all expenses required to be deducted in computing earnings available for interest
charges for such period in accordance with Section 4.02B of the Indenture, and also by deducting all interest requirements, taxes, amortization of debt discount and expense and other deferred charges, and all other non-operating expenses for such period. 
 ARTICLE FOUR 

MISCELLANEOUS PROVISIONS PRIOR TO THE COLLATERAL
RELEASE DATE 
 Section 4.01.    Prior to the Collateral Release
Date, the Company covenants that, except as to that part of the trust estate which may hereafter be acquired by it, it is now well seized of the physical properties by it hereby mortgaged or intended so to be and has good right, full power, and
lawful authority to make this Sixteenth Supplemental Indenture and to subject such physical properties to the lien of the Indenture as hereby supplemented; and that, subject to the provisions of the Indenture as hereby supplemented, it has and will
preserve good and indefeasible title to all such physical properties and will warrant and forever defend the same to the Trustee against the claims of all persons whomsoever. 

Section 4.02.    The use of terms and the construction of the provisions hereof shall be in
accordance with the definitions, uses and constructions contained in the Indenture as hereby supplemented. 

Section 4.03.    The Trustee shall be entitled to, may exercise and shall be protected by, where and
to the full extent that the same are applicable, with respect to the Series R Bonds herein provided for, all the rights, powers, privileges, immunities and exemptions provided in the Indenture as if the provisions concerning the same were
incorporated herein at length. The recitals and statements in this Sixteenth Supplemental Indenture and in the Series R Bonds (other than the Trustee’s Certificate attached thereto) shall be taken as statements by the Company alone, and
shall not be considered as made by or as imposing any obligation or liability upon the Trustee, nor shall the Trustee be held responsible for the legality or validity of this Sixteenth Supplemental Indenture or of the Series R Bonds, and the
Trustee makes no covenant or representation, and shall not be responsible, as to and for the effect, authorization, execution, delivery or recording of this 

  
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 Sixteenth Supplemental Indenture. The Trustee shall not be taken impliedly to waive by this
Sixteenth Supplemental Indenture any right it would otherwise have. As provided in the Indenture, this Sixteenth Supplemental Indenture shall hereafter form a part of the Indenture. 

The remedies and provisions of the Indenture applicable in case of any default by the Company thereunder are hereby adopted
and made applicable in case of any default with respect to the properties included herein and, without limitation of the generality of the foregoing, there are hereby conferred upon the Trustee the same powers of sale and other powers over the
properties described herein as are expressly to be conferred by the Indenture. 

Section 4.04.    The Series R Bonds issued under this Sixteenth Supplemental Indenture are
subject to the terms of the Indenture and the 2020 Series R BPA. 
 Section 4.05.    This
Sixteenth Supplemental Indenture and the estate and rights hereby granted shall cease and terminate when the Indenture ceases or terminates, including upon the occurrence of the Collateral Release Date. 

Section 4.06.    This Sixteenth Supplemental Indenture may be simultaneously executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 

Section 4.07.    The cover of this Sixteenth Supplemental Indenture and all article and descriptive
headings herein are inserted for convenience only and shall not effect any construction or interpretation hereof. 

  
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 In Witness Whereof, Unitil Energy Systems, Inc. has caused this instrument
to be executed in its corporate name by its President, one of its Vice Presidents, its Treasurer or its Assistant Treasurer and its corporate seal to be hereunto affixed and to be attested by the Secretary of the Board of Directors or its Secretary,
and U.S. Bank National Association, to evidence its acceptance of the trust hereby created, has caused this instrument to be executed in its corporate name, all as of the day and year first above written. 

 

							
	 Attest:
	 		 	 Unitil Energy Systems, Inc.

				
	 /s/ Sandra L. Whitney
	 		 	 By:
	 	 /s/ Todd R. Diggins

	 Secretary
	 		 		 	 Name: Todd R. Diggins

		 		 		 	 Title: Treasurer

				
	 Signed, sealed and delivered by
	 		 		 	
	   Unitil Energy Systems, Inc.
	 		 		 	
	   in the presence of us:
	 		 		 	
				
	 /s/ Kristina Guay             
	 		 		 	
				
	 /s/ Robert B. Hevert        
	 		 		 	

  
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	 U.S. Bank National Association, Trustee

		
	 By:
	 	 /s/ David W. Doucette

		 	 Authorized Officer

  

	
	 Signed and delivered by

	   U.S. Bank National Association

  in the presence of us:

	
	 /s/ Steve
Gomes                         

	
	 /s/ Lisa
Doucette                        

  
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 State of New Hampshire     ) 

                     
             ) SS 
 County of
Rockingham      ) 
 On this 11th day of
September 2020, before me personally appeared Todd R. Diggins, to me personally known, who, being by me duly sworn, did say that he is the Treasurer of Unitil Energy Systems, Inc., that the seal affixed to the foregoing instrument was signed and
sealed by him on behalf of said corporation by authority of its Board of Directors; and the said Todd R. Diggins acknowledged said instrument to be the free act and deed of said corporation. 

 

	
	 /s/ Michelle Caracciolo

	 Notary Public

	 My Commission Expires: August 2, 2022

	
	       (Notarial Seal)

  
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	 Commonwealth of Massachusetts
	  	 )

		  	 ) SS

	 County of Suffolk
	  	 )

 On this 11th day of September 2020,
before me personally appeared David Doucette, to me personally known, who being by me duly sworn, did say that he is an authorized officer of U.S. Bank National Association, and that the foregoing instrument was signed by him on behalf of said Bank
by authority of its Board of Directors; and the said David Doucette acknowledged said instrument to be the free act and deed of said Bank. 
  

	
	 /s/ Steven J. Gomes

	 Notary Public

	 My Commission Expires:
08-20-2021

	
	       (Notarial Seal)

  
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 UNITIL Energy Systems, Inc. 

Sixteenth Supplemental Indenture 

Schedule A 
 DESCRIPTION OF CERTAIN LAND AND
EASEMENTS 
 ACQUIRED BY THE COMPANY SINCE NOVEMBER 29, 2018 
  

	1.	 PARCELS ACQUIRED: 

 

	 	a.	 Land and Drainage Easement on Continental Drive, Exeter, NH from Garrison Glen, LLC to UNITIL Energy
Systems, Inc. dated August 14, 2019 and recorded with the Rockingham County Registry of Deeds at Book 6026, Page 1782. 

  

	 	b.	 Land, Sewer Easement and Slope Easement on Gourmet Place, Exeter, NH from the 12 Continental Drive, LLC to
UNITIL Energy Systems, Inc. dated August 14, 2019 and recorded with the Rockingham County Registry of Deeds at Book 6026, Page 1785. 

  

	2.	 EASEMENTS AND RIGHTS ACQUIRED FOR TRANSMISSION LINES: 

 

	 	a.	 None. 

Schedule A 
 (to Sixteenth
Supplemental Indenture) 

 DESCRIPTION OF CERTAIN LAND AND EASEMENTS 

CONVEYED BY THE COMPANY SINCE NOVEMBER 29, 2018 
  

	1.	 PARCELS CONVEYED: 

 

	 	a.	 None. 

  

	2.	 EASEMENTS AND RIGHTS CONVEYED FOR TRANSMISSION LINES: 

 

	 	a.	 None. 

  
 A-2EX-4.7

 Exhibit 4.7 

THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. THIS BOND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS, OR THE
AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. 
  

					
	 No. RR–1
	  	$	2,400,000	 

 UNITIL ENERGY SYSTEMS, INC. 

First Mortgage Bond, Series R, 3.58% 

Due September 15, 2040 
 PPN
913260 C*4 
 Unitil Energy Systems, Inc., a corporation organized under the laws of the State of New Hampshire (hereinafter called the
“Company”), for value received, hereby promises to pay to CUDD AND CO or registered assigns, on September 15, 2040 (the “Maturity Date”), the principal sum of TWO
MILLION FOUR HUNDRED THOUSAND DOLLARS ($2,400,000) and to pay interest thereon from the date hereof at the rate of three and fifty-eight hundredths per centum (3.58%) per
annum (computed on the basis of a thirty (30) day month and a three hundred sixty (360) day year) payable semi-annually in arrears on the fifteenth (15th) day of March and September in each year, commencing with the fifteenth (15th) day of
the March or the September next following the date hereof, until said principal sum is paid; and to pay interest on any overdue principal (including any overdue prepayment of principal) and premium, if any, and (to the extent permitted by applicable
law) on any overdue payment of interest at the rate of five and fifty-eight hundredths per centum 5.58% per annum. The principal of, premium, if any, and the interest on this bond shall be payable (i) on or prior to the Collateral Release Date
(as defined below), at the corporate trust office of U.S. Bank National Association, in Boston, Massachusetts, St. Paul, Minnesota, or at the corporate trust office designated by the Trustee or by its successor trustee of the trust hereinafter
referred to, or at the option of certain holders in accordance with the provisions of Section 1.01 of the Sixteenth Supplemental Indenture hereinafter referred to or (ii) following the Collateral Release Date, as provided in the certain
Bond Purchase Agreement dated as of September 15, 2020 among the Company and purchasers of the Series R Bonds party thereto, and accepted and acknowledged by the Trustee (the “2020 Series R BPA”), in
lawful money of the United States of America. The term “Collateral Release Date” is defined in the 2020 Series R BPA. 
 This
bond is one of a duly authorized issue of First Mortgage Bonds of the Company limited as to aggregate principal amount as set forth in the Indenture hereinafter mentioned, issuable in series, and is one of a Series known as First Mortgage
Bonds, Series R, and all bonds of all Series being issued and to be issued under and pursuant to the 2020 Series R BPA and in accordance with the Sixteenth Supplemental Indenture and, prior to the Collateral Release Date,

 
all equally secured (except as any sinking or other fund, established in accordance with the provisions of the Indenture hereinafter mentioned, may afford additional security for the bonds of any
particular series) by an Indenture of Mortgage and Deed of Trust dated as of July 15, 1958 (herein called the “Original Indenture”) duly executed and delivered by the Company to Old Colony Trust Company (The First National Bank
of Boston, and State Street Bank and Trust Company being the initial successor Trustees and U.S. Bank National Association being the current successor Trustee, the “Trustee”), to which Original Indenture, as amended and restated by
the Twelfth Supplemental Indenture, and supplemented by a Thirteenth Supplemental Indenture dated as of September 26, 2006, a Fourteenth Supplemental Indenture dated as of March 2, 2010, a Fifteenth Supplemental Indenture dated as of
November 29, 2018, and a Sixteenth Supplemental Indenture (the “Sixteenth Supplemental Indenture”) dated as of September 15, 2020 (herein together called the “Indenture”) reference is hereby made for a
description of the property transferred, assigned and mortgaged thereunder, the nature and extent of the security, the terms and conditions upon which the bonds are secured and additional bonds may be issued and secured, and the rights of the
holders or registered owners of said bonds, of the Trustee and of the Company in respect of such security. Neither the foregoing reference to the Indenture, nor any provision of this bond or of the Indenture, shall affect or impair the obligation of
the Company, which is absolute, unconditional and unalterable, to pay, at the stated or accelerated maturities herein provided, the principal of and premium, if any, and interest on this bond as herein provided. Bonds of this Series R are also
issued in accordance with the terms of the 2020 Series R BPA and are entitled to the benefits thereof. The 2020 Series R BPA also provides that, upon the written request of the Company and the satisfaction of the conditions provided in
Section 9.1.1 thereof, the lien of the Indenture shall be cancelled, discharged, and released from all of the property and collateral securing the repayment of the Bonds of this Series R and, at such time, the Indenture shall cease and
terminate and the 2020 Series R Bonds shall be solely governed in accordance with the terms hereof and of the 2020 Series R BPA. As provided herein, the entire unpaid principal balance of each Series R Bond shall be due and payable on
the Maturity Date. In addition, the Series R Bonds are subject to optional redemption in accordance with the terms of the Indenture and the 2020 Series R BPA. 

The following provisions only apply on or prior to the Collateral Release Date: 

(a) Bonds of this Series R are also redeemable, in whole or in part, in integral multiples of one hundred thousand dollars, at the option
of the Company on any date on no more than 60, nor less than 30 days’ notice prior to such redemption date, in the manner, with the effect, subject to the limitations and for the amounts specified in Section 1.04 of the Sixteenth
Supplemental Indenture. 
 (b) On the conditions and in the manner provided in Section 1.05 of the Sixteenth Supplemental Indenture,
Series R Bonds may also become subject to redemption, in whole or in part, at any time on any date on no more than 60, nor less than 30 days’ notice prior to such redemption date, in the manner, with the effect and for the amounts
specified in said Section 1.05, by the use of moneys deposited with or paid to the Trustee as the proceeds of the sale or condemnation of property of the Company or as the proceeds of insurance policies deposited with or paid to the Trustee
because of damage to or destruction of property of the Company. 

  
 -2- 

 (c) In the event that all or any part of the bonds of this Series R shall be redeemed
or otherwise discharged prior to their maturity pursuant to or in accordance with the order of any governmental commission or regulatory authority upon the reorganization, dissolution or liquidation of the Company, or otherwise, the registered
owners of such Series R Bonds shall be entitled to be paid therefor an amount specified in Section 1.06 of the Sixteenth Supplemental Indenture. 

(d) The Indenture provides that, if notice of redemption of any bond issued pursuant to its terms, including the Series R Bonds, or of any
portion of the principal amount of any such bond selected for redemption has been duly given, then such bond or such portion thereof shall become due and payable on the redemption date, and, if the redemption price shall have been duly deposited
with the Trustee, interest thereon shall cease to accrue from and after the redemption date, and that whenever the redemption price thereof shall have been duly deposited with the Trustee and notice of redemption shall have been duly given, or
provision thereof made as provided in the Indenture, such bond or such portion thereof shall no longer be entitled to any lien or benefit of the Indenture. 

(e) In case an Event of Default, as defined in the Indenture, occurs, the principal of this bond may become or may be declared due and payable
prior to the stated maturity hereof in the manner and with the effect and subject to the conditions provided in the Indenture. 
 (f) This
bond is transferable by the registered owner hereof, in person or by duly authorized attorney, upon books of the Company to be kept for that purpose at the corporate trust office of the Trustee under the Indenture, upon surrender thereof at said
office for cancellation and upon presentation of a written instrument of transfer duly executed, and thereupon the Company shall issue in the name of the transferee or transferees, and the Trustee shall authenticate and deliver, a new registered
bond or bonds, of like form and in an authorized denomination or in authorized denominations and of the same series, for the same aggregate principal amount. Bonds of Series R upon surrender thereof at said office may be exchanged for the same
aggregate principal amount of fully registered bonds of Series R of another authorized denomination or other authorized denominations, all upon payment of the charges, if any, and subject to the terms and conditions specified in the Indenture.

 (g) The Company and the Trustee may treat the registered owner of this bond as the absolute owner hereof for all purposes. 

(h) With the consent of the Company and to the extent permitted by and as provided in the Indenture, any of the provisions of the Indenture or
of any instrument supplemental thereto may be modified by the assent or authority of the holders of at least seventy-five per centum (75%) in principal amount of the bonds then outstanding thereunder, provided, however, that no such
modification shall (i) extend the time or times or payment of the principal of, or the interest or premium, if any, on any bond, (ii) reduce the principal amount thereof or the rate of interest or premium thereon, (iii) authorize the
creation of any lien prior or equal to the lien of the Indenture upon any property subject to the lien thereof, or deprive any bondholder of the benefit of the lien of the Indenture, (iv) affect the rights under the Indenture of the holders of
one or more, but less than all, of the Series of bonds outstanding thereunder unless assented to by the holders of seventy-five per centum (75%) in aggregate principal amount of bonds outstanding thereunder of each of the Series so
affected, (v) reduce the percentage of bonds, the holders of which are required to assent to any such modification, or (vi) in any manner affect the rights or obligations of the Trustee without its written consent thereto. 

  
 -3- 

 (i) No recourse shall be had for the payment of the principal of or the interest on this
bond or of any claim based hereon or in respect hereof or of the Indenture, against any incorporator, stockholder, officer or director of the Company, or of any successor company, whether by virtue of any statute or rule of law or by the enforcement
of any assessment of penalty or otherwise, all such liability being by the acceptance hereof expressly waived and released and being also waived and released by the terms of the Indenture. 

(j) Prior to the Collateral Release Date, this bond shall not be valid nor become obligatory for any purpose until it shall have been
authenticated by the execution of the certificate hereon endorsed by the Trustee under the Indenture. From and after the Collateral Release Date, this bond shall not be required to be authenticated by the execution of the certificate hereon endorsed
by the Trustee under the Indenture. 
 [Remainder of page is intentionally blank] 

  
 -4- 

 IN WITNESS WHEREOF, Unitil Energy Systems, Inc.
has caused this bond to be signed in its name by its President or one of its Vice Presidents and its corporate seal to be hereunto affixed and attested by its Treasurer or one of its Assistant Treasurers, and this bond to be dated the 15th day of
September, 2020. 
  

			
	UNITIL ENERGY SYSTEMS, INC.
		
	By	 	/s/ Thomas P. Meissner, Jr.
		 	Name: Thomas P. Meissner, Jr.
		 	Title: President

  

			
	ATTEST:	 	 /s/ Todd R. Diggins

 (Corporate Seal) 

 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the First Mortgage Bonds, Series R, referred to in the within mentioned Indenture.

  

			
	U.S. BANK NATIONAL ASSOCIATION
		 	Trustee
		
	By	 	/s/ Karen R. Beard
		 	Authorized Officer

 (Form of Notation of Payments on Account of Principal) 

Payments on Account of Principal 
  

 
 Date
                                Amount
Paid                                         
                                         
                                         
                     Signature 
  

 
  

 
  

 
  

 
  

 
  

 
  

 

 (Form of Endorsement) 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto ______ the within
bond, and all rights thereunder, hereby irrevocably constituting and appointing ________________________________________________________________ attorney to transfer said bond on the books of the Company, with full power of substitution in the
premises. 
  

					
	Dated: _____________________	  	                                	  	  

		  		  	Signature of Registered Owner
	
	In the presence of _____________________________________________________________________________

 NOTICE: The signature of this assignment must correspond with the name of the payee as it
appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. 

 SCHEDULE 

Bonds (including Omitted Bonds) 

$27,500,000 First Mortgage Bonds, Series R, due September 15, 2040 

Bond Data Document 
 PPN 913260 C*4

  

									
	 NAME OF REGISTERED
PAYEE
	  	IDENTIFYING
NUMBER	 	  	PRINCIPAL 
AMOUNT	 
	 CUDD AND CO AS NOMINEE FOR
SYMETRA LIFE INSURANCE COMPANY
	  	 	RR-1	 	  	$	2,400,000	 
	 METROPOLITAN LIFE INSURANCE
COMPANY
	  	 	RR-2	 	  	$	2,300,000	 
	 METROPOLITAN TOWER LIFE INSURANCE
COMPANY
	  	 	RR-3	 	  	$	2,300,000	 
	 THE LINCOLN NATIONAL LIFE
INSURANCE COMPANY
	  	 	RR-4	 	  	$	3,000,000	 
	 LINCOLN LIFE & ANNUITY
COMPANY OF NEW YORK
	  	 	RR-5	 	  	$	3,000,000	 
	 HARE & CO., LLC AS NOMINEE
FOR SECURIAN LIFE INSURANCE COMPANY
	  	 	RR-6	 	  	$	2,000,000	 
	 HARE & CO., LLC AS NOMINEE
FOR MINNESOTA LIFE INSURANCE COMPANY
	  	 	RR-7	 	  	$	1,500,000	 
	 WELLS FARGO BANK N.A. FBO AMERICAN
REPUBLIC INSURANCE COMPANY
	  	 	RR-8	 	  	$	500,000	 
	 HARE & CO., LLC AS NOMINEE
FOR BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC.
	  	 	RR-9	 	  	$	500,000	 
	 BAND & CO AS NOMINEE
FOR CATHOLIC UNITED FINANCIAL
	  	 	RR-10	 	  	$	500,000	 
	 THE STATE LIFE INSURANCE
COMPANY
	  	 	RR-11	 	  	$	2,000,000	 
	 THE STATE LIFE INSURANCE
COMPANY
	  	 	RR-12	 	  	$	2,500,000	 
	 MAC & CO., AS NOMINEE
FOR PACIFIC LIFE INSURANCE COMPANY
	  	 	RR-13	 	  	$	3,000,000	 
	 UNITED OF OMAHA LIFE
INSURANCE COMPANY
	  	 	RR-14	 	  	$	2,000,000

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