Document:

EX-10.15

 Exhibit 10.15 

AMENDED AND RESTATED SECURITY AGREEMENT 

1.        Grant of Security
Interest.        For valuable consideration, the undersigned GLOBAL WATER RESOURCES L.L.C., a Delaware limited liability company, (“Debtor”), hereby grants and transfers to U.S. BANK NATIONAL
ASSOCIATION, as trustee under the below described Indenture (“Trustee”) a security interest in Debtor’s right to receive the Income Available for Debt Service (collectively, the “Collateral”), all as defined in that certain
Loan Agreement dated as of December 1, 2006 (the “2006 Loan Agreement”) as amended by that certain First Amendment to Loan Agreement dated as of November 1, 2007 (the “First Amendment to Loan Agreement”), as further
amended by that certain Second Amendment to Loan Agreement dated as of August 1, 2008 (the “Second Amendment to Loan Agreement” and together with the 2006 Loan Agreement and the First Amendment to Loan Agreement, collectively, the
“Loan Agreement”) between Debtor as Borrower, The Industrial Development Authority of the County of Pima, as issuer (the “Issuer”) and Trustee, which Loan Agreement allows Borrower to incur additional indebtedness under certain
circumstances using the Collateral as security. 
 “Collateral” as used herein further includes the proceeds of
whatever is receivable or received when any of the Collateral or the proceeds thereof are sold, leased, collected, exchanged or otherwise disposed of, whether such disposition is voluntary or involuntary, including without limitation, all rights to
payment relating to any of the foregoing, and all rights to payment with respect to any claim or cause of action affecting or relating to any of the foregoing (collectively, “Proceeds”). 

2.        Obligations
Secured.        The obligations secured hereby are the payment and performance of: (a) all present and future Indebtedness of Debtor to the Issuer and Trustee with respect to that certain issuance of
(i) Water and Wastewater Revenue Bonds (Global Water Resources, LLC Project) Series 2006 (the “Series 2006 Bonds”) by the Issuer in the principal amount of $36,495,000, (ii) Water and Wastewater Revenue Bonds (Global Water
Resources, LLC Project) Series 2007 by the Issuer in the principal amount of $54,135,000 (the “Series 2007 Bonds”), and (iii) Water and Wastewater Revenue Bonds (Global Water Resources, LLC Project) Series 2008 by the Issuer in the
principal amount of $24,550,000 (the “Series 2008 Bonds, and together with the Series 2006 Bonds and the Series 2007 Bonds, collectively, the “Bonds”) including the Loan Agreement and Debtor’s Project Note, the Series 2007
Project Note and the Series 2008 Project Note, executed and delivered to Trustee to evidence Debtor’s payment obligations under the Loan Agreement, and the Trust Indenture dated as of December 1, 2006 (the “2006 Indenture”) as
supplemented by that certain First Supplemental Trust Indenture, dated as of November 1, 2007 (the “First Supplemental Indenture”) as further supplemented by the Second Supplemental Trust Indenture (the “Second Supplemental
Indenture”, and together with the 2006 Indenture and the First Supplemental Indenture, collectively, the “Indenture”), between the Issuer and the Trustee, providing for the issuance of the Bonds, and (b) all obligations of Debtor
and rights of Trustee under this Agreement. The word “Indebtedness” is used herein in its most comprehensive sense and includes any and all advances, debts, obligations and liabilities of Debtor heretofore, now or hereafter made, incurred
or created in connection with the Loan Agreement. This Security Agreement secures and is subject to the provisions of the Loan Agreement. 

  

3.        Termination.        This
Agreement will terminate upon the performance of all obligations of Debtor to the Issuer and Trustee, including the payment of all Indebtedness of Debtor to the Issuer and Trustee. 

4.        Obligations of
Trustee.        Trustee has no obligation to make any loans hereunder. Any money received by Trustee in respect of the Collateral may be deposited, at Trustee’s option, into a non-interest bearing
account over which Debtor shall have no control, and the same shall, for all purposes, be deemed Collateral hereunder. 

5.        Representations and
Warranties.        Debtor represents and warrants to Trustee that: (a) Debtor’s legal name is exactly as set forth on the first page of this Agreement, and all of Debtor’s organizational
documents or agreements delivered to Trustee are complete and accurate in every respect; (b) Debtor, upon distribution of the Income Available for Debt Service, has the right to possession or control of the Collateral and Proceeds;
(c) Debtor has the exclusive right to grant a security interest in the Collateral and Proceeds; (d) all Collateral and Proceeds are genuine, and, subject to the existing rights of Wells Fargo under the Wells Fargo Credit Agreement (as such
terms are defined in the Loan Agreement) and the terms of the Second Amended and Restated Intercreditor Agreement between Wells Fargo Bank, N.A. and the Trustee dated October 1, 2008 (the “Intercreditor Agreement”), free from liens,
adverse claims, setoffs, default, prepayment, defenses and conditions precedent of any kind or character, except the lien created hereby or as otherwise agreed to by Trustee, or as heretofore disclosed by Debtor to Trustee, in writing; (e) all
statements contained herein and, where applicable, in the Collateral are true and complete in all material respects; and (f) no financing statement covering any of the Collateral or Proceeds which names any secured party other than Trustee, is
on file in any public office. 
 6.        Covenants of Debtor. 

(a)        Debtor agrees in general: (i) to pay Indebtedness
secured hereby when due; (ii) to indemnify the Issuer and Trustee against all losses, claims, demands, liabilities and expenses of every kind caused by property subject hereto; (iii) to pay all reasonable costs and expenses, including
reasonable attorneys’ fees, incurred by Trustee in the perfection and preservation of the Collateral or Trustee’s interest therein and/or the realization, enforcement and exercise of Trustee’s rights, powers and remedies hereunder;
(iv) to permit Trustee to exercise its powers; (v) to execute and deliver such documents as Trustee reasonably deems necessary to create, perfect and continue the security interests contemplated hereby; (vi) not to change its name,
and as applicable, its chief executive office, its principal residence or the jurisdiction in which it is organized and/or registered without giving Trustee prior written notice thereof; (vii) not to change the places where Debtor keeps any
Collateral or Debtor’s records concerning the Collateral and Proceeds without giving Trustee prior written notice of the address to which Debtor is moving same; and (viii) to cooperate with Trustee in perfecting all security interests
granted herein and in obtaining such agreements (subject to the terms of the Intercreditor Agreement,) from third parties as Trustee reasonably deems necessary, proper or convenient in connection with the preservation, perfection or enforcement of
any of its rights hereunder. 

  

 (b)        Debtor agrees
with regard to the Collateral and Proceeds, unless Trustee agrees otherwise in writing and subject to the terms of the Intercreditor Agreement: (i) that Trustee is authorized to file financing statements in the name of Debtor to perfect
Trustee’s security interest in Collateral and Proceeds; (ii) not to permit any lien on the Collateral or Proceeds, including without limitation, liens arising from repairs to or storage of the Collateral, except in favor of Trustee;
(iii) not to sell, hypothecate or dispose of, nor permit the transfer by operation of law of, any of the Collateral or Proceeds or any interest therein, except sales of inventory to buyers in the ordinary course of Debtor’s business;
(iv) to permit Trustee to inspect the Collateral at any time upon reasonable prior notice; (v) to keep, in accordance with generally accepted accounting principles, complete and accurate records regarding all Collateral and Proceeds, and
to permit Trustee to inspect the same and make copies thereof at any reasonable time; (vi) to give only normal allowances and credits and to advise Trustee thereof immediately in writing if they affect any rights to payment or Proceeds in any
material respect; (vii) from time to time, when requested by Trustee, to prepare and deliver a schedule of all Collateral and Proceeds subject to this Agreement and to assign in writing and deliver to Trustee all accounts, contracts, leases and
other chattel paper, instruments, documents and other evidences thereof; (viii) in the event Trustee elects to receive payments of rights to payment or Proceeds hereunder, to pay all reasonable expenses incurred by Trustee in connection
therewith, including expenses of accounting, correspondence, collection efforts, reporting to account or contract debtors, filing, recording, record keeping and expenses incidental thereto; and (ix) to provide any service and do any other acts
which may be necessary to maintain, preserve and protect all Collateral and, as appropriate and applicable, to keep all Collateral in good and saleable condition, to deal with the Collateral in accordance with the standards and practices adhered to
generally by users and manufacturers of like property, and to keep all Collateral and Proceeds free and clear of all defenses, rights of offset and counterclaims. 

7.        Powers of
Trustee.        Debtor appoints Trustee its true attorney in fact to perform any of the following powers, which are coupled with an interest, are irrevocable until termination of this Agreement and may be
exercised from time to time by Trustee’s officers and employees, or any of them, upon an Event of Default, and subject to the terms of the Intercreditor Agreement: (a) to perform any obligation of Debtor hereunder in Debtor’s name or
otherwise; (b) to give notice to others of Trustee’s rights in the Collateral and Proceeds, to enforce or forebear from enforcing the same and make extension and modification agreements with respect thereto; (c) to release persons
liable on Collateral or Proceeds and to give receipts and acquaintances and compromise disputes in connection therewith; (d) to resort to security in any order; (e) to prepare, execute, file, record or deliver notes, assignments,
schedules, designation statements, financing statements, continuation statements, termination statements, statements of assignment, applications for registration or like papers to perfect, preserve or release Trustee’s interest in the
Collateral and Proceeds; (f) to receive, open and read mail addressed to Debtor with respect to the Collateral; (g) to take cash, instruments for the payment of money and other property to which Trustee is entitled; (h) to verify
facts concerning the Collateral and Proceeds by inquiry of obligors thereon, or otherwise, in its own name or a fictitious name; (i) to endorse, collect, deliver and receive payment under instruments for the payment of money constituting or
relating to Proceeds; (i) to exercise all rights, powers and remedies’ which Debtor would have, but for this Agreement, with respect to all Collateral and Proceeds subject hereto; (j) to enter

  

 
onto Debtor’s premises in inspecting the Collateral upon reasonable prior notice; (k) to preserve or release the interest evidenced by chattel paper to which Trustee is entitled
hereunder and to endorse and deliver any evidence of title incidental thereto; and (1) to do all acts and things and execute all documents in the name of Debtor or otherwise, deemed by Trustee as necessary, proper and convenient in connection
with the preservation, perfection or enforcement of its rights hereunder. 

8.        Payment of Premiums, Taxes, Charges, Liens and
Assessments.    Debtor agrees to pay, prior to delinquency and as applicable, all insurance premiums, taxes, charges, liens and assessments against the Collateral and Proceeds, and upon the failure of Debtor to do so, Trustee
at its option may pay any of them and shall be the sole judge of the legality or validity thereof and the amount necessary to discharge the same. Any such payments made by Trustee shall be obligations of Debtor to Trustee, due and payable
immediately upon demand, together with interest at a rate determined in accordance with the provisions of this Agreement, and shall be secured by the Collateral and Proceeds, subject to all terms and conditions of this Agreement. 

9.        Events of Default.    The occurrence of any of
the following shall constitute an “Event of Default” under this Agreement: (a) any default in the payment or performance of any obligation, or any defined event of default this Agreement, or any of the agreements relating to the Loan
Agreement, the Project Note, the Series 2007 Project Note, the Series 2008 Project Note or the Bonds; (b) any representation or warranty made by Debtor herein shall prove to be incorrect, false or misleading in any material respect when made;
(c) Debtor shall fail to observe or perform any obligation or agreement contained herein; (d) except as in favor of Wells Fargo under the Wells Fargo Credit Agreement or as otherwise allowed by the Intercreditor Agreement, any impairment
of the rights of Trustee in any Collateral or Proceeds, or any attachment or like levy on any property of Debtor; and (e) Trustee, in good faith, believes any or all of the Collateral and/or Proceeds to be in danger of misuse, dissipation,
commingling, loss, theft, damage or destruction, or otherwise in jeopardy or unsatisfactory in character or value. 

10.        Remedies.    Upon the occurrence of any Event of
Default, and in accordance with the terms of the Loan Agreement and the agreements related to the Loan Agreement, the Project Note, the Series 2007 Project Note and the Bonds. Trustee shall have the right to declare immediately due and payable all
or any Indebtedness secured hereby and to terminate any commitments to make loans or otherwise extend credit to Debtor. Trustee shall have all other rights, powers, privileges and remedies granted to a secured party upon default under the Arizona
Uniform Commercial Code or otherwise provided by law, including without limitation, the right (a) to contact all persons obligated to Debtor on any Collateral or Proceeds and to instruct such persons to deliver all Collateral and/or Proceeds
directly to Trustee, and (b) to sell, lease, license or otherwise dispose of any or all Collateral, but in no event upon less than ten (10) days written notice to Debtor. All rights, powers, privileges and remedies of Trustee shall be
cumulative. No delay, failure or discontinuance of Trustee in exercising any right, power, privilege or remedy hereunder shall affect or operate as a waiver of such right, power, privilege or remedy; nor shall any single or partial exercise of any
such right, power, privilege or remedy preclude, waive or otherwise affect any other or further exercise thereof or the exercise of any other right, power, privilege or remedy. Any waiver, permit, consent or approval of any kind by Trustee of any
default hereunder, or any such waiver of any provisions or conditions hereof, must be in writing 

  

 
and shall be effective only to the extent set forth in writing. It is agreed that public or private sales or other disposition, for cash or on credit, to a wholesaler or retailer or investor, or
user of property of the types subject to this Agreement, or public auctions, are all commercially reasonable since differences in the prices generally realized in the different kinds of dispositions are ordinarily offset by the differences in the
costs and credit risks of such dispositions. While an Event of Default exists and subject to the terms of the Intercreditor Agreement: (a) Debtor will deliver to Trustee from time to time, as requested by Trustee, current lists of all
Collateral and Proceeds; (b) Debtor will not dispose of any Collateral or Proceeds except on terms approved by Trustee; and (c) at Trustee’s request, Debtor will assemble and deliver all books and records pertaining to the Collateral,
to Trustee at a reasonably convenient place designated by Trustee. With respect to any sale or other disposition by Trustee of any Collateral subject to this Agreement, and subject to the terms of the Intercreditor Agreement, Debtor hereby expressly
grants to Trustee the right to sell such Collateral using any or all of Debtor’s trademarks, trade names, trade name rights and/or proprietary labels or marks. Debtor further agrees that Trustee shall have no obligation to process or prepare
any Collateral for sale or other disposition. 
 11.        Disposition of
Collateral and Proceeds; Transfer of Indebtedness.    In disposing of Collateral hereunder, Trustee may disclaim all warranties of title, possession, quiet enjoyment and the like. Any proceeds of any disposition of any
Collateral or Proceeds, or any part thereof, may be applied by Trustee to the payment of expenses incurred by Trustee in connection with the foregoing, including reasonable attorneys’ fees, and the balance of such proceeds may be applied by
Trustee toward the payment of the Indebtedness in such order of application as Trustee may, subject to the terms of the Project Note, the Series 2007 Project Note and the Loan Agreement and the agreements related to the Bonds, from time to time
elect. Upon the transfer of all or any part of the Indebtedness, Trustee may transfer all or any part of the Collateral or Proceeds in accordance with this Agreement and the Arizona Uniform Commercial Code and shall be fully discharged thereafter
from all liability and responsibility with respect to any of the foregoing so transferred, and the transferee shall be vested with all rights and powers of Trustee hereunder with respect to any of the foregoing so transferred; but with respect to
any Collateral or Proceeds not so transferred, Trustee shall retain all rights, powers, privileges and remedies herein given. 

12.        Statute of Limitations.    Until all
Indebtedness shall have been paid in full and all commitments by Trustee or Issuer to extend credit to Debtor under any bonds, if any, have been terminated, the power of sale or other disposition and all other rights, powers, privileges and remedies
granted to Trustee hereunder shall continue to exist and may be exercised by Trustee at any time and from time to time irrespective of the fact that the Indebtedness or any part thereof may have become barred by any statute of limitations. 

13.        Miscellaneous.    Debtor hereby waives any right
to require Trustee to (i) proceed against Debtor or any other person, (ii) proceed against or exhaust any security from Debtor or any other person, (iii) perform any obligation of Debtor with respect to any Collateral or Proceeds, and
(d) make any presentment or demand, or give any notice of nonpayment or nonperformance, protest, notice of protest or notice of dishonor hereunder or in connection with any Collateral or Proceeds. Debtor further waives any right to direct the
application of payments or security for any Indebtedness of Debtor or indebtedness of customers of Debtor. 

  

14.        Notices.    All notices, requests and demands
required under this Agreement must be in writing, addressed to Trustee at the address specified in any other documents relating to the Bonds issued by the Issuer, or entered into between Debtor and Trustee and to Debtor at the address of its chief
executive office (or principal residence, if applicable) specified below or to such other address as any party may designate by written notice to each other party, and shall be deemed to have been given or made as follows: (a) if personally
delivered, upon delivery; (b) if sent by mail, upon the earlier of the date of receipt or three (3) days after deposit in the U.S. mail, first class and postage prepaid; and (c) if sent by telecopy, upon receipt. 

15.        Costs, Expenses and Attorneys’
Fees.    Debtor shall pay to Trustee immediately upon demand the full amount of all reasonable payments, advances, charges, costs and expenses, including reasonable attorneys’ fees (to include outside counsel fees and
all allocated costs of Trustee’s in-house counsel), expended or incurred by Trustee in exercising any right, power, privilege or remedy conferred by this Agreement or in the enforcement thereof, whether incurred at the trial or appellate level,
in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Trustee or any other
person) relating to Debtor or in any way affecting any of the Collateral or Trustee’s ability to exercise any of its rights or remedies with respect thereto. All of the foregoing shall be paid by Debtor with interest from the date of demand
until paid in full at a rate per annum equal to the greater of ten percent (10%) or Trustee’s Prime Rate in effect from time to time. No such payment shall be due if Trustee is at fault with respect to such matter, Trustee has breached
this Agreement, any loan agreement, or any of the documents entered into as contemplated or required by any loan agreement, or in the event of Trustee’s negligence or willful misconduct. There shall likewise be no payment due if it is
determined that Trustee wrongfully asserted a claim for enforcement hereunder. 

16.        Successors; Assigns; Amendment.    This
Agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives, successors and assigns of the parties, and may be amended or modified only in writing signed by Trustee and Debtor. 

17.        Severability of Provisions.    If any provision
of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or any remaining
provisions of this Agreement. 
 18.        Governing
Law.    This Agreement shall be governed by and construed in accordance with the laws of the State of Arizona. All rights of the Trustee hereunder are subject to the terms of the Intercreditor Agreement. 

Debtor warrants that Debtor is an organization organized under the laws of the State of Delaware. 

Debtor warrants that its chief executive office (or principal residence, if applicable) is located at the following address:
21410 N. 19th Avenue, Suite 201, Phoenix, Arizona 85027, Attn: Trevor Hill. 

  

 IN WITNESS WHEREOF, this Agreement has been duly executed as of October 1, 2008.

  

					
	 DEBTOR

	
	 GLOBAL WATER RESOURCES, L.L.C.,

a Delaware limited liability company

		
	 By:    
	 	Levine Investments Limited Partnership, Member
			
		 	 By: 
	 	 /s/ William S. Levine

		 		 	 William S. Levine

General Partner

			
		 	 By:
	 	 /s/ Trevor Hill

		 		 	 Trevor Hill

Member

			
		 	 By:
	 	 /s/ Leo Commandeur

		 		 	 Leo Commandeur

Member

 [SIGNATURE PAGE AMENDED AND RESTATED SECURITY AGREEMENT]EX-10.16

 Exhibit 10.16 

SECOND AMENDED AND RESTATED 

INTERCREDITOR AGREEMENT 

THIS SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT (“Agreement”) is made as of October 1, 2008 by
and among WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Lender”), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (in a corporate trust capacity, together with its
successors, for the benefit of the holders of the Bonds (as defined below), the “Trustee”), and GLOBAL WATER RESOURCES, LLC, a Delaware limited liability company (“Borrower”). This Agreement amends and restates in its
entirety that certain Intercreditor Agreement, dated as of December 1, 2006, among Lender, Trustee and Borrower (“Original Intercreditor Agreement”), as amended and restated in its entirety by that certain Amended and Restated
Intercreditor Agreement dated as of November 28, 2007 among Lender, Trustee and Borrower (“First Amended Intercreditor Agreement” and together with the Original Intercreditor Agreement, the “Prior Intercreditor Agreement”).

 RECITALS: 

A.        Lender has provided and expects to continue to provide financing to Borrower
and certain of its corporate affiliates (collectively, “Borrower Corporate Affiliates”) pursuant to an Amended and Restated Credit Agreement, dated as of December 9, 2005, as amended by that certain First Modification Agreement, dated
as of July 1, 2006, that certain Second Modification Agreement, dated as of December 1, 2006, that certain Third Modification Agreement, dated as of April 20, 2007 and that certain Fourth Modification Agreement dated February 28,
2008 (as further amended from time to time, “Credit Facility Agreement”) to be limited to a maximum aggregate principal amount of up to $60,000,000 concurrently upon issuance of the hereinafter defined Series 2008 Bonds (as such aggregate
principal amount is increased or decreased from time to time, the “Credit Facility Indebtedness”). 

B.        The payment and performance obligations of the Borrower and the Borrower
Corporate Affiliates under the Credit Facility Agreement are evidenced by that certain Second Amended and Restated Revolving Line of Credit Note, dated as of July 1, 2006 (as further amended from time to time, “Credit Facility Note”)
and are secured by, among other collateral and security, certain stock pledge agreements, collateral assignments of member interests and guarantees entered into by Borrower, Borrower Corporate Affiliates and certain related and unrelated parties and
individuals, all for the benefit of Lender pursuant to various collateral and security documents (collectively, the “Credit Facility Security Documents”). 

C.        A portion of the collateral and security pledged and assigned to secure the
Credit Facility Indebtedness pursuant to the Credit Facility Security Documents constitutes certain payment rights of Borrower to the net operating revenues of (i) Global Water-Palo Verde Utility Company, an Arizona corporation, (as successor
in interest to Palo Verde Utilities Company, LLC, an Arizona limited liability company, with such corporation and such limited liability company being referred to herein individually and collectively as “Palo Verde”) and (ii) Global
Water-Santa Cruz Water Company, an Arizona corporation, (as successor in interest to Santa Cruz Water Company, LLC, an Arizona limited liability company, with such corporation and 

 
such limited liability company being referred to herein individually and collectively as “Santa Cruz,” and together with Palo Verde, as the “Borrower Operating Affiliates”).

 D.        Borrower has (i) previously requested the assistance of The
Industrial Development Authority of the County of Pima (“Issuer”) through the issuance of its Water and Wastewater Revenue Bonds (Global Water Resources, LLC Project) Series 2006 (“Series 2006 Bonds”) initially in an aggregate
principal amount of $36,495,000, (ii) further requested the assistance of the Issuer through the issuance of its Water and Wastewater Revenue Bonds (Global Water Resources, LLC (Global Water Resources, LLC Project) Series 2007 (“Series
2007 Bonds”) in an aggregate principal amount of $54,135,000 and (ii) now requested the assistance of the Issuer through the issuance of its Water and Wastewater Revenue Bonds (Global Water Resources, LLC Project) Series 2008 (“Series
2008 Bonds” and together with the Series 2006 Bonds, and the Series 2007 Bonds, collectively, the “Bonds”) initially in an aggregate principal amount of $24,550,000, all pursuant to the terms of a Trust Indenture, dated as of
December 1, 2006 (“2006 Indenture”), as supplemented by a First Supplemental Trust Indenture, dated as of November 1, 2007 (“First Supplemental Indenture”), as further supplemented by a Second Supplemental Trust
Indenture dated as of August 1, 2008 (“Second Supplemental Indenture” and together with the 2006 Indenture and the First Supplemental Indenture, collectively, the “Trust Indenture”) each by and between the Issuer and the
Trustee who serves in such capacity for the benefit of the holders from time to time of the Bonds. 

E.        Issuer has agreed to loan the proceeds from the sale of the Bonds
(collectively, “Loan”) to Borrower for certain prior and anticipated capital expenditures pursuant to the terms of a Loan Agreement, dated as of December 1, 2006 (“2006 Loan Agreement”), as amended by a First Amendment to
Loan Agreement, dated as of November 1, 2007 (“First Amendment to Loan Agreement”), as further amended by a Second Amendment to Loan Agreement dated as of August 1, 2008 (“Second Amendment to Loan Agreement” and
together with the 2006 Loan Agreement and First Amendment to Loan Agreement, collectively “Loan Agreement”) each by and among the Issuer, the Trustee and the Borrower. 

F.        It is proposed that the payment and performance by Borrower of its
obligations under the Loan Agreement will be secured by a pledge of the collateral described in the Amended and Restated Security Agreement, dated as of December 1, 2006 (“Bond Security Agreement” which together with the Trust
Indenture, the Loan Agreement and the other documents relating from time to time to the Bonds as the same may be amended and supplemented from time to time, the “Bond Documents”) between the Borrower and the Trustee consisting of
Borrower’s exclusive right to receive the Palo Verde Receipts (as defined in the Loan Agreement) and the Santa Cruz Receipts (as defined in the Loan Agreement) which payment rights to such collateral receipts are subject to the Credit Facility
Security Documents. 
 G.        Borrower has requested Lender’s consent to the
(i) pledge of the collateral and security granted in the Bond Security Agreement which comprises a portion of the “trust estate” granted to secure the Bonds pursuant to the Trust Indenture, (ii) issuance of the Series 2008 Bonds
as contemplated by the Bond Documents, and (iii) amendments and supplements to the Bond Documents set forth in the Second Supplemental Indenture and the Loan Agreement Amendment. 

  
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 H.        Lender has agreed to consent to
such (i) pledge of Borrower’s exclusive right to receive the Palo Verde Receipts and the Santa Cruz Receipts, (ii) the issuance of the Series 2008 Bonds as contemplated by the Bond Documents, and (iii) the amendments and
supplements to the Bond Documents set forth in the Second Supplemental Trust Indenture and the Second Amendment to Loan Agreement, subject in each instance to the execution and delivery and continuing effectiveness of this Agreement. 

I.        The parties desire to enter into this Agreement to establish certain rights
in and to Borrower’s exclusive right to receive the Palo Verde Receipts and the Santa Cruz Receipts which are collectively referred to herein as the “Shared Collateral” and certain related matters concerning relative priority of
payment and interests in and to the Shared Collateral notwithstanding any contrary or conflicting provisions of the Credit Facility Documents and the Bond Documents or any of the foregoing. 

THEREFORE, in consideration of the following mutual agreements and other valuable consideration, the receipt and sufficiency
of which are acknowledged, and intending to be legally bound, the Creditors, with the consent of the Borrower, agree as follows: 

AGREEMENTS: 

1.        Definitions. 

To the extent not defined in the Recitals to this Agreement, unless the context or use clearly indicates another meaning or
intent: 
 1.1        “Borrower Affiliates” means, collectively,
the Borrower Corporate Affiliates and the Borrower Operating Affiliates. 

1.2        “Claims” means the Lender Claims and the Trustee Claims.

 1.3        “Credit Facility Documents” means all present and
future loan agreements, notes, reimbursement agreements, security documents, guaranties or other documents or agreements in any way evidencing or documenting the Credit Facility Indebtedness or any Lender Claims, as the same may from time to time be
amended, modified, renewed, extended or restated. 

1.4        “Creditors” means Lender and Trustee and each is a
“Creditor.” 
 1.5        “Enforcement Action”
means, with respect to any portion of the Shared Collateral: possessing, repossessing, selling, converting or otherwise disposing of all or any part of such collateral, or exercising notification or collection rights with respect to all or any
portion thereof, or exercising notification or collection rights with respect to such collateral pursuant to any of the default remedies under any of such Credit Facility Documents or the Bond Documents, the UCC or other applicable laws; or
appropriating, setting off, or applying any part or all of such collateral in the possession of, or coming into the possession of, such Creditor or its agent or bailee, to such Creditor’s Claims. 

  
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 1.6        “Enforcement
Period” means, with respect to the claims of any Creditor Claim, any period of time commencing upon the occurrence of any default with respect to such Creditor’s Claim that permits such Creditor to take any of the Enforcement Actions,
and continuing until either (a) the final payment or satisfaction in full of such Creditor’s Claims, or (b) the Creditors agree in writing to terminate such Enforcement Period. 

1.7        “Financing Documents” means, collectively, the Credit
Facility Documents and the Bond Documents. 
 1.8        “Lender
Claims” means all present and future claims of Lender against Borrower for the payment of money, including all claims for principal and interest (including interest accruing after the commencement of a bankruptcy proceeding by or against
Borrower), or for reimbursement in connection with amounts paid under letters of credit, or for reimbursement of fees, costs or expenses, or otherwise, whether fixed or contingent, matured or unmatured, liquidated or unliquidated, and whether
arising under contract, in tort or otherwise. 
 1.9        “Lender
Collateral” means (i) the Shared Collateral; and (ii) any and all collateral and security granted, pledged, assigned, delivered or dedicated by or on behalf of the Borrower to or for the benefit of the Lender, and guaranties,
including but not limited to the collateral and security provided by way of the Credit Facility Security Documents. 

1.10        “Trustee Claims” means all present and future claims of
Trustee against Borrower for the payment of principal of and interest and any premium on the Bonds (including interest accruing after the commencement of a bankruptcy proceeding by or against Borrower), or for reimbursement of amounts paid or
incurred by Trustee on account of such claims pursuant to the terms of the Bond Documents. 

1.11        “Trustee Collateral” means (i) the Shared
Collateral; and (ii) the Trust Estate. 
 1.12        “Trust
Estate” means the trust estate established in the granting clauses of the Trust Indenture. 

1.13        “UCC” means the Uniform Commercial Code in effect from
time to time in Arizona. 
 2.        Security Interest
Priorities.        Notwithstanding (a) the date, manner or order of perfection of the security interests and liens granted in favor of Creditors, (b) the provisions of the UCC or any other
applicable laws or decisions, (c) the provisions of any contract or Financing Document in effect between either Creditor, on the one hand, and Borrower or any Borrower Affiliate, on the other, and (d) whether either Creditor or any agent
or bailee thereof holds possession of any part or all of the Shared Collateral, the following, as among Creditors, will be the relative priority of the perfected security interests and liens of Creditors in the Shared Collateral: 

2.1        Lender and Trustee agree that such parties’ interests in and to the
Shared Collateral are pari passu and of equal priority. 

  
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 2.2        For so long as there is any
Credit Facility Indebtedness outstanding or any commitment by Lender to provide financing remains, the Trustee shall not deem or declare any future or prospective event or circumstances to be an Event of Default with respect to Bonds or the Loan
(collectively “Prospective Default”), or demand or accelerate the Bonds or the Loan based on such Prospective Default, or commence any action or proceeding against Borrower to recover all or any part of the Bonds or the Loan on account of
the Shared Collateral based on such Prospective Default unless Lender shall consent to the Trustee’s declaration of a Prospective Default. Notwithstanding anything to the contrary herein, nothing in this Agreement shall limit the Trustee in
declaring an Event of Default under the Bond Documents based on a current breach of the terms of such Bond Documents subject to the Lender’s right to cure such Event of Default provided in Section 4.1 below. 

2.3        Upon a default or event of default under the Financing Documents or any of
them except as set forth under subparagraph (iii) below, Lender and Trustee agree that neither shall exercise any right, power or remedy with respect to the Shared Collateral without the prior written consent of the other Creditor except that:

 (i)        Trustee may exercise all rights and remedies available
to it under the Bond Documents (or any of them) not relating to the Shared Collateral without the prior written consent of Lender; 

(ii)        Lender may exercise all rights and remedies available to
it under the Credit Facility Documents (or any of them) not relating to the Shared Collateral without the prior written consent of Trustee; and 

(iii)        Lender may at any time, irrespective of whether there
then exists a default or event of default under the Credit Facility Documents (or any of them), exercise all rights available to it under the Credit Facility Documents (or any of them) without the prior written consent of the Trustee with respect to
the Lender Collateral other than the Shared Collateral. 
 Provided that, if either of the consents described in subparagraphs (i) and
(ii) above are not obtained or should Lender and Trustee not otherwise reach agreement, in either instance, within ten (10) Business Days (as defined in the Trust Indenture) as to the exercise of rights and remedies then available to
either Creditor with respect to the Shared Collateral, then each Creditor shall be entitled to direct and pursue any exercise of its pari passu rights in and to the Shared Collateral on a pro rata (e.g., proportionate) basis based on
(a) the aggregate principal amount of the Bonds then outstanding under the Trust Indenture on the part of the Trustee on one hand and (b) the aggregate principal amount of Credit Facility Indebtedness then outstanding under the Credit
Facility Documents on the part of the Lender on the other hand; and provided further, that Trustee shall not, under any circumstances, commence any action or proceeding against Borrower under bankruptcy, reorganization, insolvency, moratorium, debt
adjustment or arrangement, receivership, liquidation or other creditors’ rights statutes without the prior written consent of Lender. 

For the purposes of the foregoing allocation of priorities, any claim of a right of setoff will be treated in all respects as
a security interest, and no claimed right of setoff will be asserted 

  
 5 

 
to defeat or diminish, the rights or priorities provided for herein. The priorities set forth herein are solely for the purpose of establishing the relative rights of the Creditors in and to the
Shared Collateral and there are no other persons or entities who are intended to be benefited in any way by this Agreement. 

3.        Distribution of Proceeds of
Collateral.    During any Enforcement Period, all realizations upon Shared Collateral will be distributed in accordance with the following procedure: 

First: the appropriate parties or representatives thereof, as an amount equal to any unpaid expenses of such sale, disposition
or other realization, all costs, expenses, liabilities and advances incurred or made by or on behalf of such parties in connection therewith, and all reasonable attorneys’ fees incurred in connection therewith; 

Second: to Lender and Trustee, on an equal and proportionate basis, all amounts then due and owing in respect to the Credit
Facility Documents and the Bond Documents, respectively; 
 Third: in the event the obligations of Borrower under the Credit
Facility Documents and/or the Bond Documents have been declared immediately due and payable in whole, to Lender and Trustee, on an equal and proportional basis, all amounts in respect of the Credit Facility Indebtedness and the Bonds, respectively;
and 
 Fourth: to the extent there has been an acceleration of Borrower’s obligations as described in the immediately
foregoing subparagraph and all of the Credit Facility Indebtedness and the Bonds have been paid in full in accordance with their respective terms, any surplus remaining shall be paid to the Borrower or its respective successors or assigns, or to
whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. 

4.        Enforcement Actions.    The Creditors
agree that: 
 4.1        Notwithstanding any provision in this Agreement, the
Credit Facility Documents or the Bond Documents to the contrary, Lender shall have the right but not the obligation to provide cure and make any payments for Trustee Claims to the extent such cure right is given to the Borrower under the Bond
Documents, and the Trustee shall have the right but not the obligation to provide cure and make any payments for Lender Claims to the extent such cure right is given to the Borrower under the Credit Facility Documents, except as otherwise provided
by applicable law in any relevant circumstance. 
 4.2        Beyond the duties
hereunder to account to the other Creditor for moneys received by it on account of the Shared Collateral, Lender and Trustee shall each use reasonable care to preserve or protect any Shared Collateral in its possession or control or in the
possession or control of any of its or their respective agents or nominees, or any income thereon or proceeds thereof, or as to the preservation of rights against prior parties or any other rights pertaining thereto. 

4.3        Notwithstanding the commencement of any Enforcement Action, the rights and
obligations of Lender and Trustee under this Agreement shall remain in full force and 

  
 6 

 
effect until (i) all Credit Facility Indebtedness has been paid in full and Lender’s commitment to provide such indebtedness shall have terminated, and (ii) the Bonds shall have
been paid in full, irrespective of: 
 (a)        any lack of
validity or enforceability of this Agreement, any Bond Document or any Credit Facility Document; 

(b)        any change in the amount, manner, place or terms of
payment or change or extension of the time of payment of or renewal or alternation of any indebtedness in any respect, or any modification or amendment of any Bond Document or Credit Facility Documents; provided that it is understood, acknowledged
and agreed that no additional Bond or Loan indebtedness shall be incurred or material amendments or supplements be made to any of the Bond Documents without the prior written consent of Lender in each instance; and provided further that, Lender, by
its execution and delivery of this Agreement, consents to the (i) issuance of the Series 2008 Bonds as contemplated in the Bond Documents, and (ii) amendments of and supplements to the Bond Documents set forth in the Supplemental Indenture
and the Loan Agreement Amendment. 
 (c)        sale, exchange,
release or other dealings with all or any part of the Shared Collateral; 

(d)        exercise or refrain by either Creditor from exercising any
rights against Borrower and/or others; 
 (e)        application of
any sums, by whomsoever paid or howsoever realized, to any indebtedness of Borrower in any manner or order in such creditor’s sole discretion in accordance with the provisions of the related Financing Documents,; provided that it is understood,
acknowledged and agreed that Borrower’s obligations in respect of the Loan and the Bonds are secured only to the extent of the Trustee Collateral; or 

(f)        any other circumstance or event that might otherwise
constitute a defense available to, or a discharge of, Borrower in respect of any of the Bonds, the Loan or the Credit Facility Indebtedness, or Trustee or Lender in respect of this Agreement. 

5.        Waiver of
Rights.        Each Creditor hereby expressly waives any right that it otherwise may have to require the other Creditor to resort to the Shared Collateral, the Lender Collateral and/or the Trustee
Collateral, as the case may be, in any particular order or manner, whether provided for by common law or statute, provided that this paragraph 5 will not override any specific provision of this Agreement. Without limiting the generality of the
foregoing but subject to the applicable provisions of this Agreement, Lender shall not be required to enforce any guaranty or any security interest given by any person or entity action other than Borrower (in the Credit Facility Security Documents
or by or on behalf of any Borrower Affiliate or otherwise) as a condition precedent or concurrent to the taking of any Enforcement Action with respect to the Shared Collateral. 

6.        Exercise of
Remedies.        Subject only to any express provision of this Agreement that requires a Creditor to take or refrain from taking an action, each Creditor may exercise its good faith discretion with
respect to exercising or refraining from exercising any of its rights and 

  
 7 

 
remedies under the Financing Documents or taking or refraining from taking any Enforcement Action in any instance other than those relating to the Shared Collateral. 

7.        UCC Notices; Notice of Default.    In the
event that any Creditor shall be required by the UCC or any other applicable law to give any notice to the other Creditor, such notice shall be given in accordance with Section 18 and ten (10) days’ prior notice shall be conclusively
deemed to be commercially reasonable. In addition to the foregoing, each Creditor agrees to provide notice to the other Creditor at the same time and in the same manner as notice is provided to Borrower on account of any default or event of default
under the Financing Documents or any of them. 
 8.        Independent Credit
Investigation.    No Creditor nor any of its directors, officers, employees, agents or counsel will be responsible to the other Creditor or to any other person or entity for Borrower’s solvency, creditworthiness,
financial condition or ability to repay any of the Claims or for the accuracy of any recitals, statements, representatives or warranties of Borrower, oral or written, or for the validity, sufficiency, enforceability or perfection of the Claims or
the Financing Documents, or any security interests or liens granted by Borrower to any Creditor in connection therewith. Each Creditor has entered into its respective financing agreements with Borrower based upon its own independent investigation,
and makes no warranty or representation to the other Creditor, nor does it rely upon any representation of the other Creditor with respect to matters identified or referred to in this paragraph. Neither Creditor will have any responsibility to the
other Creditor for monitoring or assuring compliance by Borrower with any of Borrower’s covenants or representations made to either Creditor. Without limiting the generality of the foregoing, either Creditor may perform in accordance with the
terms of its Financing Documents (subject to this Agreement) without regard to whether Borrower’s performance in accordance with the terms thereof might or would constitute or result in a breach of covenants or representations under the
Creditor’s Financing Documents, and under no circumstances will any Creditor be liable to the other for inducing a breach or violations of the other’s Financing Documents by virtue of performing in accordance with the terms of its own
Financing Documents (subject to this Agreement). 
 9.        Non-Avoidability
and Perfection of Liens.    The subordinations and relative priorities set forth in this Agreement are expressly conditioned upon the non-avoidability and perfection of the security interest to which all other security
interests are subordinated. If the security interest to which another security interest is subordinated is not perfected or is voidable for any reason, then the subordination provided for herein will not be effective to the extent of such
non-perfection or avoidability. 
 10.        Perfection of Security
Interests. 
 10.1        For the limited purpose of perfecting the
security interests of the Creditors in the Shared Collateral in which a security interest may be perfected by possession, each Creditor hereby appoints the other as its agent for the limited purpose of possessing on its behalf any such Collateral
that may come into the possession of such other Creditor from time to time, and each Creditor agrees to act as the other’s agent for such limited purpose of perfecting the other’s security interest by possession through an agent; provided
that neither Creditor will incur any liability to the other Creditor by virtue of acting as the other’s agent hereunder, and either 

  
 8 

 
Creditor may relinquish possession of Collateral in its possession without the consent of the other Creditor, and without incurring liability to the other Creditor, unless there is an express
written agreement to the contrary in effect between the Creditors; and provided further that each appointment made pursuant to this paragraph 10.1 shall be and shall be deemed to be coupled with an interest. 

10.2        For the purpose of perfecting the security interests of the Creditors in
the Shared Collateral while such security interests may be perfected by controlling a “deposit account” or other similar depository or investment or securities account arrangement (whether or not through an intermediary) within the meaning
of the UCC, the Creditors, the Borrower and the Borrower Operating Affiliates (as appropriate) shall enter into a control agreement or control agreements, as the case may be (collectively, “Control Agreements”), with the depository,
intermediary and/or investment institution or institutions, as applicable, to establish such control and perfect such security interests and Creditors shall cooperate with each other in establishing, maintaining and enforcing such Control
Agreements; provided that each of the foregoing actions by the Creditors or either of them shall, in each instance, be subject to this Agreement. 

11.        Additional
Agreements.        Notwithstanding anything to the contrary in the Financing Documents or any of them, the Creditors hereby agree as follows: 

(i)        Borrower shall not be permitted, directly or indirectly, to
engage in or benefit from any hedge or derivative transactions relating, directly or indirectly, to the Loan or the Bonds without the prior written consent of Lender; 

(ii)        Borrower shall not be permitted, directly or indirectly,
to engage in or benefit from any off balance sheet transactions without the prior written consent of Lender, irrespective of the treatment of such transactions under generally accepted accounting principles consistently applied; 

(iii)        there shall be no defeasance of Bonds under the Trust
Indenture with a direct assignment or application of the Shared Collateral without reasonable prior notice to and consultation with Lender; 

(iv)        Borrower agrees that it will give prior notice to and
consult with Lender prior to exercising (whether in whole or in part) its right to optionally prepay the Loan under the Loan Agreement or redeem the Bonds under the Trust Indenture; 

(v)        there shall be no purchase of Bonds in lieu of redemption
under the Trust Indenture or in the open markets with a direct assignment or application of the Shared Collateral without reasonable prior notice to and consultation with Lender; 

(vi)        except to the extent expressly set forth herein with
respect to the issuance of the Series 2008 Bonds and the execution and delivery of the Second Supplemental Trust Indenture and the Second Amendment to Loan Agreement, there shall be no further amendment of the economic terms of (i) the Loan or
the Bonds (whether or not resulting in a reissuance for federal income tax purposes), (ii) any credit enhancement or liquidity support for the Bonds, or (iii) the Bond Documents, in any instance, without prior consent of Lender which
consent shall not be unreasonably withheld; 

  
 9 

 (vii)        Lender shall
amend the Credit Facility Documents to add as an additional default thereunder any default or “event of default” under the Bond Documents or any of them; and 

(viii)        Creditors’ rights to notice and cure as set forth
in this Agreements shall, in each instance, be subject to the applicable terms of the Financing Documents and any cure offered by a Creditor shall be accepted or rejected by the other Creditor upon the same terms, standards and conditions (including
without limitation, any timing requirements) as if such cure had been offered by Borrower or any Borrower Affiliate. 

12.        Amendments, Modifications and
Increases.        Each Creditor may, subject to the terms of such documents and the express limitations of this Agreement, enter into amendments, modifications, renewals or extensions of its
Financing Documents with Borrower without in any way affecting the rights and obligations of the Creditors or either of them under this Agreement. Should either or both Creditors enter into amendments, modifications, renewals or extensions of its
Financing Documents with Borrower, this Agreement nevertheless shall continue in effect in full force and effect as to the outstanding Claims of each Creditor until this Agreement is terminated in accordance with its terms. 

13.        Termination.        
This Agreement is a continuing agreement, and, unless both Creditors have specifically consented in writing to its earlier termination, this Agreement will remain in full force and effect in all respects until the earlier of the time when
(a) no Bonds remain outstanding within the meaning of the Trust Indenture and the lien of the Trust Indenture upon the Trust Estate shall have been released and discharged with respect to the Trust Estate, (b) no portion of the Loan
remains unpaid under the Loan Agreement and all promissory notes relating thereto have been paid in full and canceled, (c) all of the Credit Facility Indebtedness shall have been paid in full and Lender terminates its commitment to provide
financing to Borrower pursuant to the Credit Facility Documents or otherwise, or (d) either Creditor releases or terminate its security interest in the Shared Collateral. 

14.        Accountings.        
Each Creditor agrees, upon the occurrence of any Enforcement Action, to provide timely to the other Creditor upon reasonable request periodic accountings of the amount of such Creditor’s Claims, giving effect to any proposed applications of
realization upon the Shared Collateral. Additionally, Trustee agrees to provide the Lender with copies of all reports, notices and any amendments or supplements received by the Trustee under the Bond Documents with respect to defaults (prospective
or otherwise) or events of default thereunder. 
 15.        Effect on
Bankruptcy.        This Agreement will be and remain enforceable notwithstanding any bankruptcy, insolvency or other similar creditors’ rights proceedings by or against Borrower. 

16.        Construction.       
 Captions and headings are for convenience and reference only and do not define, limit or affect the contents of this Agreement. References to “paragraphs” or “sections” refer to this Agreement unless stated otherwise.
The terms “include” or “including” mean “without limitation by reason of enumeration.” The term “person” includes natural persons, corporations, partnerships, limited liability companies, trusts, estates or
any other entity. All grammatical usage will be deemed to refer to the masculine, feminine, neuter, singular or 

  
 10 

 
plural as the context and identity of any person(s) may require. Capitalized terms used in this Agreement are defined in the respective paragraph or as incorporated by reference. 

17.        Entirety; Modification.    This Agreement
constitutes the entire agreement of the Creditors, and supersedes all previous written or oral agreements or understandings among the Creditors. No Creditor will be bound by or deemed to have made any promise, representation or warranty except as
provided in this Agreement. This Agreement may be amended only by a written document signed by all the Creditors and approved by Borrower. 

18.        Waivers.    No waiver under this Agreement is
valid unless it is in writing and signed by the Creditor giving the waiver. A waiver of a particular matter or remedy does not waive a subsequent or similar matter or remedy. 

19.        Notices.    Except as otherwise required by law,
all notices under this Agreement will be in writing. Notices are deemed given and received (a) when personally delivered, (b) when received by facsimile or by overnight courier service, or (c) on the fifth Business Day after mailing
by certified/registered U.S. Mail, return receipt requested. Notices will be addressed as follows: 
  

			
	 To Lender:
	  	Wells Fargo Bank, National Association
		  	100 West Washington Street
		  	MAC 54101-251
		  	Phoenix, Arizona 85003
		  	Telephone: (602) 378-4593
		  	Facsimile: (602) 3787-4758
		  	Attention: Keri Tignini, Vice President
		
	 To Trustee:
	  	U.S. Bank National Association, as Trustee
		  	101 North 1st Avenue, Suite 1600
		  	Phoenix, Arizona 85003
		  	Telephone: (602) 257-5331
		  	Facsimile: (602) 257-5433
		  	Attention: Corporate Trust Services
		
	 To Company:
	  	Global Water Resources, LLC
		  	21410 North 19th Avenue, Suite 201
		  	Phoenix, Arizona 85027
		  	Telephone: (623) 580-9600
		  	Facsimile: (623) 580-9659
		  	Attention: Trevor Hill

 (or at any other address designated in a notice given by a Creditor to change its address). Rejection or
refusal to accept, or the inability to deliver because of change in address as to which no notification has been given, will be deemed to constitute receipt if given as provided above. 

20.        Counterparts.    This Agreement may be executed
in identical counterparts, each of which upon execution shall be deemed an original, but all of which together will constitute 

  
 11 

 
one document. Partially executed signature pages of any one counterpart may be combined with any other partially executed counterpart to constitute a fully executed original Agreement. Facsimiles
of executed signature pages are effective as original signatures. 

21.        Severability and Interpretation.   The invalidity or
unenforceability of any provision of this Agreement does not affect the other remaining provisions. This Agreement will be construed as if it excluded any invalid or unenforceable provision, which will be severed from this Agreement. Whenever
possible, this Agreement will be interpreted so as to be valid under applicable law, and will not be construed strictly in favor of or against any particular Creditor, including any Creditor who drafted or prepared this Agreement, but instead
according to its plain meaning to give effect to its intended purposes. 

22.        Governing Law.   This Agreement is governed by the laws of
the State of Arizona, including its choice of law principles. The Creditors consent and submit to the nonexclusive jurisdiction of the courts of the State of Arizona and the United States District Court for the District of Arizona, to be venued in
Phoenix, Maricopa County, Arizona, concerning any action or proceeding arising under this Agreement. 

23.        No Third Party Beneficiary.   This Agreement is solely for
the benefit of the Creditors (and any permitted successors and assigns) and does not confer any rights or remedies on any other persons. 

24.        No Partnership or Agency.   This Agreement does not create
any partnership, joint venture, limited liability company or any other form of organizational relationship between/among the Creditors. No Creditor is the principal or agent of the other except as otherwise expressly provided. 

25.        Attorneys’ Fees.   If either Creditor enforces its
rights or asserts its remedies under this Agreement, by litigation (including appeals and bankruptcy or other insolvency proceedings) or by non-litigation proceeding or process, or seeks to interpret this Agreement, the prevailing Creditor will
recover from the unsuccessful Creditor its reasonable attorneys’ fees, costs and expenses as incurred, all as determined or confirmed by a court sitting without a jury. 

26.        Release of Shared Collateral.   Creditors agree that
either Creditor may release or refrain from enforcing its security interest in the Shared Collateral or any portion thereof, without incurring any liability to the other Creditor by doing so. 

27.        Binding Effect.   This Agreement is binding upon and
inures to the benefit of the Creditors and their respective successors and assigns, including without limitation, any successor to Trustee under the Trust Indenture; provided that any such succession or assignment is made expressly subject to the
terms and provisions of this Agreement and the successor or assignee shall enter into an agreement with the non-transferring creditor acknowledging that it is bound by such terms and provisions. Nothing herein is intended or shall be construed to
give any other person or entity any right, remedy or claim with respect to this Agreement, the Bonds or the Credit Facility Indebtedness. 

  
 12 

 28.        Effective Date. This
Agreement is entered into as of October 1, 2008 and amends and restates in its entirety the Prior Intercreditor Agreements and is deemed to be effective as of December 1, 2006 (“Effective Date”). 

[Remainder of page left blank intentionally.] 

  
 13 

 
			
	 LENDER:
  

WELLS FARGO BANK, NATIONAL ASSOCIATION,
 a national banking
association

		
	By:	 	 

	Its:	 	Vice President

 [Signatures continue on following page] 

 
			
	 TRUSTEE:
  

U.S. BANK NATIONAL ASSOCIATION,
 a national
banking association,
 as Trustee

		
	By:	 	/s/ Brenda D. Black

 
			
	Name:	 	Brenda D. Black

 
			
	Its:	 	Vice President

 [Signatures continue on following page] 

Global Water Second Amended and Restated 

Intercreditor Agreement 

 The undersigned, GLOBAL WATER RESOURCES, LLC, a Delaware limited liability
company (“Borrower”), on behalf of itself and the Borrower Affiliates (as defined in the Intercreditor Agreement) acknowledges receipt of a copy of the foregoing Second Amended and Restated Intercreditor Agreement (as so amended and
restated, the “Intercreditor Agreement,” all capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the Intercreditor Agreement) and consents to the terms thereof. Borrower
acknowledges and agrees that any payments or other amounts received by a Creditor that are required to be turned over or otherwise remitted by such Creditor to the other Creditor pursuant to the terms of the Intercreditor Agreement will not be
deemed to be payments on the Claims of the Creditor who is required to turn over or otherwise remit such payments or other amounts to the other Creditor. 

Dated this 1st day of October, 2008. 

 

			
	 GLOBAL WATER RESOURCES, LLC,

a Delaware limited liability company

		
	By:	 	/s/ Trevor T. Hill

 
			
	Name:	 	Trevor T. Hill

 
			
	Title:	 	President/CEO

 [SIGNATURE PAGE TO SECOND AMENDED AND 

RESTATED INTERCREDITOR AGREEMENT] 

Global Water Second Amended and Restated 

Intercreditor Agreement

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