Document:

Document

                            This Instrument Prepared By:                     

/s/ Christie D. Cannon
Christie D. Cannon
                            Delmarva Power & Light Company
                            Mailstop 92DC42
                            500 N. Wakefield Drive
                            Newark, DE  19702-5440

DELMARVA POWER & LIGHT COMPANY

TO

THE BANK OF NEW YORK MELLON,
Trustee.

ONE HUNDRED AND TWENTY-EIGHTH SUPPLEMENTAL
INDENTURE

Dated as of January 1, 2021
(but executed on the dates shown on the execution page)

1

    This ONE HUNDRED AND TWENTY-EIGHTH SUPPLEMENTAL INDENTURE, dated as of the first day of January, 2021 (but executed on the dates hereinafter shown), made and entered into by and between DELMARVA POWER & LIGHT COMPANY, a corporation of the State of Delaware and the Commonwealth of Virginia, hereinafter called the Company and THE BANK OF NEW YORK MELLON, a New York banking corporation, hereinafter called the Trustee;

    WITNESSETH:

    WHEREAS, the Company heretofore executed and delivered its Indenture of Mortgage and Deed of Trust (hereinafter in this One Hundred and Twenty-Eighth Supplemental Indenture called the “Original Indenture”), dated as of October 1, 1943, to The New York Trust Company, a corporation of the State of New York, as Trustee, to which The Bank of New York Mellon is successor Trustee, to secure the First Mortgage Bonds of the Company, unlimited in aggregate principal amount and issuable in series, from time to time, in the manner and subject to the conditions set forth in the Original Indenture granted and conveyed unto the Trustee, upon the trusts, uses and purposes specifically therein set forth, certain real estate, franchises and other property therein described, including property acquired after the date thereof, except as therein otherwise provided; and

    WHEREAS, the Original Indenture has been supplemented by one hundred and twenty-six supplemental indentures specifically subjecting to the lien of the Original Indenture as though included in the granting clause thereof certain property in said supplemental indentures specifically described and amending and modifying the provisions of the Original Indenture (the Original Indenture, as amended, modified and supplemented by all of the indentures supplemental thereto, including this One Hundred and Twenty-Eighth Supplemental Indenture, is hereinafter in this One Hundred and Twenty-Eighth Supplemental Indenture called the “Indenture”); and

    WHEREAS, the execution and delivery of this One Hundred and Twenty-Eighth Supplemental Indenture has been duly authorized by Unanimous Written Consent of the Board of Directors of the Company, and all conditions and requirements necessary to make this One Hundred and Twenty-Eighth Supplemental Indenture a valid, binding and legal instrument in accordance with its terms, for the purposes herein expressed, and the execution and delivery hereof, have been in all respects duly authorized; and

    WHEREAS, it is provided in and by the Original Indenture, inter alia, as follows: 

    “IT IS HEREBY AGREED by the Company that all the property, rights and franchises acquired by the Company after the date hereof (except any hereinbefore or hereinafter expressly excepted) shall (subject to the provisions of Section 9.01 hereof and to the extent permitted by law) be as fully embraced within the lien hereof as if such property, rights and franchises were now owned by the Company and/or specifically described herein and conveyed hereby;”

and

    WHEREAS, the Company has acquired certain other property, real, personal and mixed, which heretofore has not been specifically conveyed to the Trustee;

    NOW, THEREFORE, this ONE HUNDRED AND TWENTY-EIGHTH SUPPLEMENTAL INDENTURE WITNESSETH that for and in consideration of the premises and in pursuance of the provisions of the Indenture, the Company has granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed, and granted a security interest therein, and by these presents does grant, bargain, sell, release, convey, assign, transfer, mortgage, pledge, set over and confirm, and grant a security interest therein, subject to the provisions of the Indenture, unto the Trustee and to its successors in the trust in the Indenture created, to its and their assigns forever, all the following described properties of the Company, and does confirm that the Company will not cause or consent to a partition, either voluntary or through legal proceedings, of property, whether herein described or heretofore or hereafter acquired, in which its ownership shall be as tenants in common, except as permitted by, and in conformity with, the provisions of the Indenture and particularly of Article IX thereof:
2

MARYLAND
Worcester County

															
	Property Name	Instrument Date	Deed Records	Tax Map No.
	Liber	Folio
	Ocean City Substation
Purchase of 0.1148 acres of land located 105 St Louis Ave, Ocean City, MD 21842
	12/10/2020	7875	0001	Tax Map 0110
Parcel 3953

Together with all other property, real, personal and mixed, tangible and intangible (except such property as in said Indenture expressly excepted from the lien and operation thereof), acquired by the Company on or prior to December 31, 2020, and not heretofore specifically subjected to the lien of the Indenture.

    Also without limitation of the generality of the foregoing, the easements and rights-of-way and other rights in or relating to real estate or the occupancy of the same owned by the Company, and whether used or not used in connection with the Company’s operations, which are conveyed to the Company and recorded in the following Real Property Deed Records to which reference is made for a more particular description, to wit:

DELAWARE
Kent County

												
	Instrument Date	Deed Records	Tax ID No.
	Instrument No.
	06/06/18	9966	47	7-00-11100-01-3800-00001
	03/19/19	9968	232	4-00-04700-01-4100-00001
	11/12/19	9968	236	3-12-01108-01-1300-00001
	01/27/20	10568	329	7-20-09406-04-4100
	04/02/20	10568	317	7-00-11200-01-0600-00001
	06/01/20	10261	130	8-00-12800-01-4000-000
	09/10/20	10568	325	7-02-08520-01-1000-00001
	09/24/20	10568	321	7-00-10400-01--4206-00001
	09/28/20	10568	313	7-00-10400-01--4205-00001
	11/20/20	2020-402813	3-00-04600-02-2900-00001

3

DELAWARE
New Castle County

									
	Instrument Date	Deed Records	Tax ID No.
	09/25/18	20200427-0032737	18-036.00-001
	03/15/19	20200427-0032736	10-049.00-073
	05/13/19	20200424-0032384	12-027.00-112
	07/02/19	20200629-0052919	07-028.40-008
	07/02/19	20200629-0052920	07-028.40-033
	07/24/19	20200629-0052918	07-028.40-007
	10/25/19	20200110-0002868	26-043.40-203
	10/25/19	20200110-0002869	26-043.40-051
	10/28/19	202-00129-0008318	14-014.00-045
	10/30/19	20200424-0032382	18-013.00-106
	11/04/19	20200129-0008220	11-031.00-100
	11/19/19	20200424-0032383	10-014.00-002
	12/06/19	20200114-0003667	07-026.00-184
	12/19/19	20200109-0002683	13-019.00-025 & others
	12/19/19	20200109-0002684	11-030.20-002 & others
	12/20/19	202-00221-0004537	14-022.00-014
	12/31/19	20200122-0006059	13-017.00-148
	12/31/19	20200133-0006060	13-017.00-147
	01/15/20	20200414-0029065	26-043.10-276
	01/15/20	20200414-0029066	26-043.10-272
	01/23/20	202-00221-0004538	11-043.00-078
	01/23/20	20201228-0118622	07-032.10-131
	01/23/20	20201228-0118623	07-032.10-133
	01/30/20	202-00221-0004539	12-013.00-007
	02/06/20	20200629-0052888	10-033.30-026
	02/21/20	20200629-0052917	06-098.00-006
	03/04/20	20200313-0021028	10-010.20-165
	03/18/20	20200424-0032385	07-042.20-661, 660, 099, 663
	03/23/20	20200424-0032386	10-020.10-270
	03/23/20	20200914-0078828	26-014.10-002
	03/31/20	20200629-0052886	26-012.10-008, 013 to 017
	03/31/20	20200629-0052887	18-013.00-198
	05/07/20	20200611-0047411	09-018.00-045
	05/22/20	20200914-0078829	07-023.00-002
	06/08/20	20200708-005623	06-136.00-030
	06/23/20	20200914-0078831	08-048.00-005
	07/23/20	20201015-0090595	13-012.00-139
	07/23/20	20201015-0090596	13-012.00-140
	07/28/20	20200914-0078830	07-042.10-143
	08/13/20	20200921-0081716	07-026.00-182
	08/31/20	20201228-0118624	16-004.00-682
	08/31/20	20201228-0118625	16-004.00-690

4

									
	Instrument Date	Deed Records	Tax ID No.
	09/16/20	20201026-0095095	07-037.20-235
	10/06/20	20201105-0099408	10-048.00-001, 002, 003
	10/15/20	20201228-0118626	11-028.00-026
	12/14/20	20210121-0008763	09-029.00-012

DELAWARE
Sussex County

												
	Instrument Date	Deed Records	Tax ID No.
	Book	Page
	11/06/14	5216	267	334-10.00-30.26 &30.27
	04/17/17	5217	9	233-5.00-117.00
	10/23/19	5210	1	134-17.00-12.00
	02/02/20	5210	42	334-5.00-168.14
	02/14/20	5217	95	234-21.00-138.00
	03/10/20	5228	248	334-23.06-10.00
	03/11/20	5228	252	334-23.06-12.00
	05/01/20	5233	190	533-18.00-66.01
	05/19/20	5251	112	532-11.00-74.00, 74.01, 74.02
	05/19/20	5251	63	532-11.00-74.03
	05/20/20	5246	175	533-18.00-87.06
	05/20/20	5246	173	533-18.00-86.00
	05/20/20	5246	166	533-18.00-87.01
	05/21/20	5246	179	532-13.00-79.08
	08/21/20	5312	196	335-8.00-25.00
	08/27/20	5307	221	134-10.00-62.13
	09/26/20	5345	74	134-12.00-1026.00
	10/16/20	5346	204	134-12.00-333.00
	10/16/20	5346	201	134-12.00-334.00
	10/19/20	5346	207	532-6.00-67.01
	10/26/20	5384	145	334-19.00-170.03
	12/15/20	5384	141	832-13.00-78.00

MARYLAND
Caroline County

												
	Instrument Date	Deed Records	Tax Parcel
	Book	Page
	02/21/20	1414	309	0168
	08/17/20	1439	357	2012
	09/08/20	1439	355	2012

5

MARYLAND
Cecil County

															
	Instrument Date	Deed Records	Map	Parcel
	Book	Page
	11/15/19	4542	314	0067	0017
	01/03/20	4532	7	0031	0423
	01/08/20	4535	319	0025	0453
	01/16/20	4541	494	0304	2116
	01/23/20	4548	343	0302	1140
	02/13/20	4562	95	0002	0027
	02/21/20	4569	398	0034	0012
	02/22/20	4562	98	0695	0013
	03/06/20	4569	405	0038	0386
	03/07/20	4569	402	0037	0597
	03/09/20	4566	247	0036	0366
	03/18/20	4579	16	0013	0002
	04/20/20	4592	485	0318	0463
	05/08/20	4610	353	0062	0017
	05/14/20	4617	233	0019	0531
	06/26/20	4633	439	0032	0485
	07/02/20	4642	214	0031	0231
	07/08/20	4678	482	0031	0623
	07/22/20	4658	230	0800	0682
	07/25/20	4651	119	0035	0654
	07/28/20	4658	226	0025	0801
	07/29/20	4678	485	062C	0106
	09/14/20	4698	464	031B	0536
	09/21/20	4698	468	025H	0493
	09/25/20	4706	221	0030	0018
	09/25/20	4706	224	0030	0085
	09/28/20	4706	227	0018	0381
	10/14/20	4730	156	0036	0550
	11/16/20	4749	322	0031	0667
	11/16/20	4756	16	0031	0666

6

MARYLAND
Dorchester County

															
	Instrument Date	Deed Records	Map	Parcel
	Liber	Folio
	12/18/19	1557	201	0305	3780
	01/06/20	1556	171	0034	0001
	01/23/20	1562	172	0030	0282
	02/05/20	1562	98	0305	3946
	02/06/20	1574	407	0022	0120
	02/28/20	1570	223	0035	0165
	03/16/20	1571	72	0018	0040
	07/26/20	1590	131	0500	0011
	09/17/20	1598	30	0030	0002
	10/16/20	1609	401	0017	0073
	11/04/20	1613	403	0030	0250
	11/20/20	1613	399	0301	4487
	03/02/20	13750	399	0028	0256

MARYLAND
Harford County

																		
	Instrument Date	Deed Records	Map	Parcel	
	Liber	Folio	
	03/02/20	13750	399	0028	0256	

MARYLAND
Kent County

															
	Instrument Date	Deed Records	Map	Parcel
	Liber	Folio
	02/07/20	1045	295	0044	0115
	02/21/20	1047	174	0203	1195
	06/29/20	1086	240	0100	1575

MARYLAND
Queen Anne’s County

															
	Instrument Date	Deed Records	Map	Parcel
	Liber	Folio
	07/13/20	3403	283	0052	0012
	10/29/20	3540	105	0054	0025

7

MARYLAND
Talbot County

															
	Instrument Date	Deed Records	Map	Parcel
	Liber	Folio
	01/07/20	2682	362	0047	0087 & 0124
	01/21/20	2676	452	0055	0028
	02/24/20	2687	50	0052	0032
	02/24/20	2687	46	0059	0009
	05/14/20	2706	497	0033	0031 & 0106
	07/13/20	1112	44	0028	0324
	09/01/20	1104	248	015F	0110
	09/01/20	1104	252	072B	0297
	09/01/20	1104	256	0032	0196

MARYLAND
Wicomico County

																		
	Instrument Date	Deed Records	Map	Parcel	Lot
	Liber	Folio
	07/20/19	4669	91	0059	0032	
	01/24/20	4587	340	0104	1353	
	01/30/20	4593	84	0039	0421	
	02/05/20	4595	493	0031	0450	
	03/19/20	4616	80	0020	0153 & 0215	
	04/28/20	4632	97	0107	1066	
	04/30/20	4654	81	0104	1811	4 & 5
	05/26/20	4640	228	0038	0001	
	06/01/20	4656	1	011A	0121	1, 2, 3, 4
	06/03/20	4656	5	0063	0064	
	06/23/20	4658	140	0042	0044	
	08/19/20	4693	2	0041	0087	
	11/17/20	4749	477	0030	0271	
	11/17/20	4749	483	0030	0069	1A
	11/30/20	4758	43	0020	0005	2
	12/21/20	1117	1	0300	1728	

8

MARYLAND
Worcester County

																		
	Instrument Date	Deed Records	Map	Parcel	Lot

	Liber	Folio
	12/14/19	7582	188	0115	9962	F - 47
	01/24/20	7599	62	0020	0190	
	03/19/20	7642	496	0009	0146	
	05/05/20	7768	140	0093	0052	
	06/22/20	7768	136	0019	0123	5
	08/26/20	7799	108	0020	0108	2
	08/26/20	7799	112	0020	0108	3
	08/26/20	7799	116	0020	0108	4
	09/08/20	7799	104	0026	0392	
	09/29/20	7892	85	0026	0258	
	10/09/20	7892	76	0100	0116	
	10/09/20	7892	93	0049	0114	
	10/09/20	7897	294	0063	0140	
	10/09/20	7897	303	0063	0140	
	10/29/20	7892	81	0010	0153	
	10/31/20	7892	89	0079	0215	
	11/11/20	7909	455	0401	0717	
	11/12/20	7897	299	0113	7975	
	11/30/20	7909	168	0009	0067	3

    The following is a schedule of bonds issued under the Eighty-Eighth Supplemental Indenture and Credit Line Deed of Trust, effective as of October 1, 1994, that can be designated as First Mortgage Bonds, Series I, which may also be designated as Secured Medium Term Notes, Series I; and First Mortgage Bonds, Pledged Series I.

																		
		First Mortgage Bonds, Series I/Secured Medium Term Notes, Series I
	
						
		Issuance Date    
	Tranche
	Maturity
	Principal
	
		06/19/95
	7.71% Bonds     
	06/01/25
	$100,000,000	
		06/19/95
	6.95% Amortizing Bonds
	06/01/08
	$25,800,000	
		11/25/08
	6.40% Bonds
	12/01/13
	$250,000,000	
						
		First Mortgage Bonds, Pledged Series I
	
						
		Issuance Date    
	Tranche
	Maturity
	Principal
	
		10/12/94
	1994	10/01/29
	$33,750,000	
						
		Total Bonds Issued:
	$409,550,000	

9

    As supplemented and amended by this One Hundred and Twenty-Eighth Supplemental Indenture, the Original Indenture and all indentures supplemental thereto are in all respects ratified and confirmed and the Original Indenture and the aforesaid supplemental indentures and this One Hundred and Twenty-Eighth Supplemental Indenture shall be read, taken and construed as one and the same instrument.

    This One Hundred and Twenty-Eighth Supplemental Indenture shall be simultaneously executed in several counterparts, and all such counterparts executed and delivered, each as an original, shall constitute but one and the same instrument.

    The recitals of fact contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same.

    The debtor and its mailing address are Delmarva Power & Light Company, Mailstop 92DC42, 500 N. Wakefield Drive, Newark, Delaware 19702-5440.  The secured party and its address, from which information concerning the security interest hereunder may be obtained, is The Bank of New York Mellon, 500 Ross Street, 12th Floor, Pittsburgh, Pennsylvania 15262, Attn: Corporate Trust Administration.

    The Company acknowledges that it received a true and correct copy of this One Hundred and Twenty-Eighth Supplemental Indenture.

    This One Hundred and Twenty-Eighth Supplemental Indenture is executed and delivered pursuant to the provisions of Section 5.11 and paragraph (a) of Section 17.01 of the Indenture for the purpose of conveying, transferring and assigning to the Trustee and of subjecting to the lien of the Indenture with the same force and effect as though included in the granting clause thereof the above described property so acquired by the Company on or prior to the date of execution, and not heretofore specifically subject to the lien of the Indenture; but nothing contained in this One Hundred and Twenty-Eighth Supplemental Indenture shall be deemed in any manner to affect (except for such purposes) or to impair the provisions, terms and conditions of the Original Indenture, or of any indenture supplemental thereto and the provisions, terms and conditions thereof are hereby expressly confirmed.

[Signatures on following pages]

10

IN WITNESS WHEREOF, each of the Company and the Trustee has caused this instrument to be signed in its name and behalf by an Authorized Officer, effective as of the 1st day of January, 2021.

                DELMARVA POWER & LIGHT COMPANY

Date of Execution            By    /s/ Brian J. Buck            
March 29, 2021                Brian J. Buck
Authorized Officer

DISTRICT OF COLUMBIA    )  SS

    BE IT REMEMBERED that as of the 29th day of March, 2021, personally came before me, a notary public for the District of Columbia, Brian J. Buck, Authorized Officer of DELMARVA POWER & LIGHT COMPANY, a corporation of the State of Delaware and the Commonwealth of Virginia (the “Company”), party to the foregoing instrument, known to me personally to be such, and acknowledged the instrument to be his own act and deed and the act and deed of the Company; that his signature is in his own proper handwriting; and that his act of signing, executing and delivering such instrument was duly authorized by resolution of the Board of Directors of the Company.

    GIVEN under my hand and official seal the day and year aforesaid.

                /s/ Dorothy Bonds                    
                Notary Public, District of Columbia
                My commission expires 10/14/2021.

11

                THE BANK OF NEW YORK MELLON,
                    as Trustee

Date of Execution            By    /s/ Rita Duggan            
March 17, 2021                Rita Duggan
Vice President

STATE OF NEW YORK        )
    ) SS.
COUNTY OF NEW YORK    )

    BE IT REMEMBERED that as of the 17th day of March, 2021, personally came before me, a Notary Public for the State of New York, Rita Duggan, Vice President of THE BANK OF NEW YORK MELLON, a New York banking corporation (the “Trustee”), party to the foregoing instrument, known to me personally to be such, and acknowledged the instrument to be [his/her/their] own act and deed and the act and deed of the Trustee; that [his/her/their] signature is [his/her/their] own proper handwriting; and that his act of signing, executing and delivering said instrument was duly authorized by resolution of the Board of Directors of the Trustee.

    GIVEN under my hand and official seal the day and year aforesaid.

                /s/ Rafal Bar                    
                Rafal Bar
                Notary Public, State of New York
                No. 01BA6293822
                Qualified Kings County
                Commission Expires January 31, 2022

12

CERTIFICATE OF RESIDENCE

    THE BANK OF NEW YORK MELLON, successor Trustee to the Trustee within named, hereby certifies that it has a residence at 240 Greenwich Street, in the Borough of Manhattan, in The City of New York, in the State of New York.

                THE BANK OF NEW YORK MELLON

                    By    /s/ Rita Duggan        
                        Rita Duggan
Vice President

13

Certification

    This document was prepared under the supervision of an attorney admitted to practice before the Court of Appeals of Maryland, or by or on behalf of one of the parties named in the within instrument.

                    /s/ Christie D. Cannon                
                    Christie D. Cannon
14Exhibit 10.19(b)

Loan No. RX0024T10

PROMISSORY NOTE AND SUPPLEMENT

(Multiple Advance Term Loan)

THIS PROMISSORY NOTE
AND SUPPLEMENT (this “Promissory Note and Supplement”) is entered into as of March 29, 2021 between TIDEWATER
UTILITIES, INC., a Delaware corporation (the “Company”), and CoBANK, ACB, a federally chartered instrumentality
of the United States (“CoBank”), and supplements that certain Master Loan Agreement dated as of May 23, 2003, as amended
by the Amendment dated as of September 28, 2004, the Second Amendment to Master Loan Agreement dated as of August 22, 2005 and the Third
Amendment to Master Loan Agreement dated as December 1, 2015 (as further amended or restated from time to time, the “MLA”).
Capitalized terms used herein and not defined herein shall have the meanings given to those terms in the MLA.

SECTION 1.        The Commitment.
On the terms and conditions set forth in the MLA and this Promissory Note and Supplement, CoBank agrees to make loans (each, a “Loan”)
to the Company from time to time during the period set forth below in an aggregate principal amount not to exceed $20,000,000 (the “Commitment”).
Under the Commitment, amounts borrowed and later repaid may not be reborrowed.

SECTION 2.        Purpose.
The purpose of the Commitment is to: (A) refinance the outstanding principal balance of the loans made by CoBank to the Company from
time to time under that certain Promissory Note and Supplement (Revolving Term Loan Supplement) dated as of March 19, 2009 and number
RX0024T6, as amended by a First Amendment to Promissory Note and Supplement dated as of August 31, 2011, a Second Amendment to Promissory
Note and Supplement dated as of October 15, 2014, a Third Amendment to Promissory Note and Supplement dated as of March 7, 2017 and a
Fourth Amendment to Promissory Note and Supplement dated as of August 19, 2020 (the “Revolving Term Loan”); (B) refinance
debt of the Company to Middlesex Water Company (“Middlesex Water”) that was incurred to finance capital expenditures;
and (C) finance additional capital expenditures.

SECTION 3.        Term of Commitment.
The term of the Commitment shall be from the date hereof up to and including September 29, 2021, or such later date as CoBank may, in
its sole discretion, authorize in writing.

SECTION 4.        Availability.
Notwithstanding Section 2 of the MLA: (A) Loans will be made available upon written request in form and content prescribed by CoBank (the
“Request for Loan”); (B) (C) Loans to be made for the purpose of refinancing the Revolving Term Loan will be made by
CoBank retaining the proceeds of the Loans and applying them against the unpaid principal balance of the Revolving Term Loan; and (C)
Loans to be made for the purpose of refinancing the Company’s existing indebtedness owed to Middlesex Water will be made by wire
transfer of immediately available funds directly to Middlesex Water.

     

     

    

SECTION
5.        Interest.

(A)        Rate
Options. The Company agrees to pay interest on the unpaid balance of the Loans in accordance with one or more of the following interest
rate options, as selected by the Company:

(1)        Weekly
Variable Rate Option. At a rate per annum equal to the rate of interest established by CoBank on the first Business Day of each week
(the “Variable Rate Option”). The rate established by CoBank shall be effective until the first Business Day of the
next week. Each change in the rate shall be applicable to all balances subject to this option and information about the then current rate
shall be made available upon telephonic request.

(2)        Quoted
Rate Option. At a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance (the “Quoted Fixed
Rate Option”). Under this option, rates may be fixed on such balances and for such periods (each, a “Quoted Fixed Rate
Period”) as may be agreeable to CoBank in its sole discretion in each instance, provided that: (1) rates may not be fixed for
Quoted Fixed Rate Periods of less than one year; (2) unless the Company fixes the rate of interest on the entire amount of the Loans,
rates may only be fixed on balances not less than $100,000.00; and (3) the maximum number of balances that may be subject to this option
at any one time shall be five (5).

(3)        LIBOR
Option. At a fixed rate per annum equal to LIBOR (as hereinafter defined) plus 1.30%. Under this option: (1) rates may be fixed for
Interest Periods (as hereinafter defined) of 1, 2, 3, 6 or 12 months, as selected by the Company; (2) amounts may be fixed in an amount
not less than $100,000.00; (3) the maximum number of fixes in place at any one time will be five; (4) rates may only be fixed on a Banking
Day (as hereinafter defined) on three Banking Days’ prior written notice, and (5) no Interest Period will end later than the maturity
date of the Loans as may be extended from time to time. For purposes hereof: (a) “LIBOR” means the higher of: (i) zero
percent (0.000%); or (ii) the rate (rounded upward to the nearest 1/100th and adjusted for reserves required on Eurocurrency Liabilities
(as hereinafter defined) for banks subject to FRB Regulation D (as hereinafter defined) or required by any other federal law or regulation)
reported at 11:00 a.m. London time two Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits
in the London interbank market for the Interest Period designated by the Company, by Bloomberg Information Services (or any successor
or substitute service providing rate quotations comparable to those currently provided by such service, as determined by CoBank from time
to time, for the purpose of providing quotations of interest rates applicable to dollar deposits in the London interbank market); (b)
“Banking Day” means a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried
out in the London interbank market, and banks are open for business in New York City and London, England; (c) “Interest Period”
means a period commencing on the date this option is to take effect and ending on the numerically corresponding day in the month that
is 1, 2, 3, 6 or 12 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not a Banking
Day, such period will be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case
it will end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period will end
on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” will have meaning as set forth in FRB

    2 

     

    

Regulation D; and (e) “FRB Regulation
D” means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

(B)        Elections.
Subject to the limitations set forth above, the Company: (1) shall select the applicable rate option(s) at the time it requests a Loan;
(2) may, on any Business Day, elect to convert balances bearing interest at the Variable Rate Option to the Quoted Fixed Rate Option;
(3) may, on the last day of any Quoted Fixed Rate Period, elect to refix the rate under the Quoted Fixed Rate Option or convert the balance
to the Variable Rate Option; (4) may, on the last day of any Interest Period, elect to convert balances bearing interest at the LIBOR
Option to the Variable Rate Option or Quoted Fixed Rate Option; and (5) may, on three Banking Days’ prior notice, elect to convert
balances bearing interest at the Variable Rate Option or the Quoted Fixed Rate Option to the LIBOR Option or refix a rate under the LIBOR
Option; provided, however, that balances bearing interest at the Quoted Fixed Rate Option or the LIBOR Option may not be converted to
or continued under the LIBOR Option until the last day of the Quoted Fixed Rate Period or Interest Period applicable thereto. In the absence
of an election provided for herein, the Company shall be deemed to have elected the Variable Rate Option. All elections provided for herein
may be made telephonically, in writing, or, if agreed to in a separate agreement, electronically, and must be received by 12:00 noon Company’s
local time on the applicable day. Any election made telephonically, shall be promptly confirmed in writing if so requested by CoBank.
Notwithstanding the foregoing, while a Default or Event of Default exists the Company may not fix rates under the Quoted Fixed Rate or
LIBOR Options.

(C)        Calculation
and Payment. Interest shall be calculated on the actual number of days the Loans are outstanding on the basis of a year consisting
of 360 days. In calculating interest, the date each Loan is made shall be included and the date each Loan is repaid shall, if received
before 3:00 P.M. Mountain time, be excluded. Interest shall be: (1) calculated monthly in arrears as of the last day of each month and
on the final maturity date of the Loans; and (2) due and payable on the 20th day of the following month and on the final maturity
date of the Loans. Notwithstanding the foregoing, at CoBank’s option, interest on balances bearing interest at the LIBOR Option
shall be payable on the last day of the Interest Period or, in the case of Interest Periods of longer than three months, at three month
intervals.

(D)        Additional
Provisions Regarding the LIBOR Option. If at any time the generally recognized administrator of interest rates offered for U.S. dollars
on the London interbank market (a “LIBOR Rate”) ceases to provide quotations for LIBOR Rates, or if such administrator
or any person having authority over such administrator or with respect to LIBOR Rates generally announces that LIBOR Rates will cease
to be provided within a period not exceeding 90 days, or if CoBank otherwise determines that LIBOR Rates have been, or are likely within
a period not exceeding 90 days to be, discontinued, or that LIBOR Rates do not, or are likely within a period not exceeding 90 days not
to, adequately and fairly reflect the cost to CoBank of making or maintaining loans hereunder, then CoBank may, after consultation with
but without the consent of the Company, amend this Promissory Note and Supplement and any other Loan Document to (1) replace any interest
rate in this Promissory Note and Supplement based upon the LIBOR Rate with a replacement benchmark rate deemed appropriate by CoBank in
good faith and in its sole discretion, (2) adjust the margins applicable to the determination of interest rates under this Promissory
Note and Supplement (whether up or down) as deemed appropriate by CoBank in good faith and in its sole discretion to compensate for differences

    3 

     

    

between the LIBOR Rate and such replacement
benchmark rate, and (3) after consultation with but without the consent of the Company, effect such other technical, administrative and
operational changes to the Loan Documents as CoBank in good faith and in its sole discretion deems appropriate to reflect the adoption
and implementation of such replacement rate. CoBank shall give the Company not less than five days’ notice of any such amendment
prior to the effective date thereof.

Notwithstanding the foregoing
paragraph, if prior to the commencement of any Interest Period proposed to be subject to a LIBOR Rate, CoBank determines (which determination
shall be conclusive and binding absent manifest error) that: (1) either dollar deposits are not being offered to banks in the London interbank
market or that adequate and reasonable means do not exist for ascertaining a LIBOR Rate for such Interest Period; or (2) a LIBOR Rate
for such Interest Period will not adequately and fairly reflect the cost to CoBank of making or maintaining the loans for such Interest
Period; then CoBank shall give notice thereof to the Company as promptly as practicable thereafter and, until CoBank notifies the Company
that the circumstances giving rise to such notice no longer exist, (a) any request to convert any loan to, or continue any LIBOR Rate
loan at, a LIBOR Rate shall be ineffective, and (b) CoBank shall, after consultation but without the consent of the Company, select an
alternate rate of interest to apply to any and all balances upon the expiration of the Interest Period applicable thereto, which rate
of interest shall be commercially reasonable and generally consistent with the then-prevailing market convention, if any, for replacement
of a LIBOR Rate in bilateral loan transactions.

SECTION 6.        Fees.
[Waived by CoBank]

SECTION 7.        Promissory
Note. The Company promises to repay the Loans to CoBank or order on September 29, 2046. In addition to the above, the Company promises
to pay to CoBank or order interest on the unpaid principal balance of the Loans at the times and in accordance with the provisions set
forth above. If any date on which principal or interest is due is not a Business Day, then such payment shall be due and payable on the
next Business Day and, in the case of principal, interest shall continue to accrue on the amount thereof.

SECTION 8.        Prepayment. Subject
to Section 10.01 of the MLA, the Company may, on three Business Days’ prior written notice, prepay all or any portion of the Loans.
Unless otherwise agreed, all prepayments will be applied to such balances, fixed or variable, as CoBank shall specify.

SECTION 9.        Security.
The Company’s obligations hereunder and, to the extent related hereto, the MLA, shall be secured as provided in Section 2.04 of
the MLA.

SECTION 10.     Conditions
Precedent. In addition to the conditions precedent set forth in the MLA, CoBank’s obligation to make:

(A)        Initial Loan.
The initial Loan to the Company hereunder is subject to the conditions precedent that CoBank shall have received each of the following
(which in the case of instruments or documents, must be originals, duly executed, and in form and content acceptable to CoBank): (A) an
amendment to the Mortgage (the “Mortgage Amendment”); (B) such

    4 

     

    

evidence as CoBank shall require that the Mortgage
Amendment has been recorded in all places where the Mortgage has been recorded; (C) a lien search conducted in the office of the Delaware
Secretary of State showing that there are no Liens on any property of the Company other than Liens in favor of CoBank and Liens permitted
under Section 6.01 of the MLA; and (D) an endorsement to the “Title Policy” (as hereinafter defined) adding this Promissory
Note and Supplement to the list of debt instruments secured by the Mortgage and insured by the Title Policy. For purposes hereof, the
“Title Policy” shall mean that certain title insurance policy dated as of May 23, 2003 and issued by Stewart Title
Guaranty Company, as endorsed to the date hereof.

(B)        Each
Loan. Each Loan to the Company (including the initial Loan) is subject to the condition precedent that CoBank receive a duly completed
and executed Request for Loan.

SECTION 11.      Representations
and Warranties. In addition to the representations and warranties set forth in the MLA, the Company represents and warrants to CoBank
that Appendix B to the Mortgage (as amended) sets forth all real property and interests in real property of the Company as of the date
hereof, including without limitation, all real property on or under which the Company has a well, water treatment plant, or water storage
facility.

SECTION 12.      Counterparts
and Electronic Delivery. This Promissory Note and Supplement may be executed in counterparts (and by different parties in different
counterparts), each of which shall constitute an original, and all of which when taken together shall constitute a single agreement. In
addition, this Promissory Note and Supplement may be delivered by electronic means.

Signature page on next page

    5 

     

    

IN
WITNESS WHEREOF, the parties have caused this Promissory Note and Supplement to be executed by their duly authorized officers as of
the date shown above.

	CoBANK, ACB	 	TIDEWATER UTILITIES, INC.
	 	 	 	 	 
	By:	/s/ Christen Spencer	 	By:	/s/ A. Bruce O’Connor
	 	 	 	 	 
	Title:	Assistant Corporate Secretary	 	Title:	President

 

     

     

    

Tax Parcel No.: See Attached List of Parcel Numbers

Prepared by/Return to:

Richards, Layton & Finger, P.A.

P.O. Box 551

Wilmington, DE 19899

 

AMENDMENT
TO COMBINATION WATER UTILITY REAL ESTATE MORTGAGE AND SECURITY AGREEMENT

BY

TIDEWATER UTILITIES, INC.

1100 South Little Creek Road

Dover, DE 19901

IN FAVOR OF

COBANK, ACB

6340 South Fiddlers Green Circle

Greenwood Village, Colorado 80111

 

THE MORTGAGE GRANTS A SECURITY INTEREST

BY A TRANSMITTING UTILITY

THE MORTGAGE CONTAINS AFTER ACQUIRED PROPERTY PROVISIONS

AND SUCH AFTER ACQUIRED PROPERTY IS SECURED BY THE MORTGAGE

THIS AMENDMENT TO COMBINATION WATER UTILITY REAL ESTATE MORTGAGE AND SECURITY AGREEMENT MAY BE FILED AS A FINANCING STATEMENT AND MAY
BE RECORDED IN THE REAL PROPERTY RECORDS

THIS AMENDMENT INCREASES THE AMOUNT THAT MAY
BE SECURED BY THE MORTGAGE AND ADDS NEW DEBT TO THE DEBT SECURED BY THE MORTGAGE

 

 

     

     

    

 

 

LIST OF TAX PARCEL NUMBERS

 

 

	Sussex County
	  
	3-34.13.00-543.1
	2-34.11.20-91.00
	2-34-11.16-4.00
	2-34.11.00-64.1
	3-31-3.00-232.00
	3-34-12.00-377.00
	4-32-7.00-32.02
	1-33-10.00-83.01

 

 

     

     

    

AMENDMENT
TO COMBINATION WATER UTILITY REAL ESTATE MORTGAGE AND

 SECURITY AGREEMENT

THIS AMENDMENT TO COMBINATION
WATER UTILITY REAL ESTATE MORTGAGE AND SECURITY AGREEMENT (this “Amendment”) is entered into as of March 29, 2021,
between TIDEWATER UTILITIES, INC., a Delaware corporation (the “Company”), and CoBANK, ACB, a federally
chartered instrumentality of the United States (“CoBank”).

RECITALS

WHEREAS, CoBank and the
Company are parties to that certain Master Loan Agreement dated as of May 23, 2003 and various amendments thereto (as amended, the “MLA”);

WHEREAS, in connection
with the MLA, CoBank is the mortgagee under the Combination Water Utility Mortgage and Security Agreement between the Company and CoBank
dated as of May 23, 2003 and recorded in the Office of the Recorder of Deeds in and for Sussex County, State of Delaware (“Recorder’s
Office”) in Mortgage Book 5554, Page 159, as amended by an Amendment to Combination Water Utility Real Estate Mortgage and Security
Agreement dated as of September 28, 2004 and recorded in the Recorder’s Office in Mortgage Book 7095, Page 72, an Amendment to Combination
Water Utility Real Estate Mortgage and Security Agreement dated April 22, 2005 and recorded in the Recorder’s Office in Mortgage
Book 7967, Page 314, an Amendment to Combination Water Utility Real Estate Mortgage and Security Agreement dated as of March 19, 2009
and recorded in the Recorder’s Office in Mortgage Book 10940, Page 216, and an Amendment to Combination Water Utility Real Estate
Mortgage and Security Agreement dated as of October 15, 2014 and recorded in the Recorder’s Office in Mortgage Book 14517, Page
186 (collectively, as amended, the “Mortgage”);

WHEREAS, pursuant to the
MLA, CoBank made various loans to the Company evidenced by the notes described on Appendix A to the Mortgage;

WHEREAS, pursuant to the
MLA, CoBank has agreed to extend $20,000,000 in additional loans to the Company to be evidenced by that certain Promissory Note and Supplement
(Multiple Advance Term Loan) dated as of March 29, 2021;

WHEREAS, in connection
therewith, the parties desire to amend the existing Mortgage as set forth herein to give notice of the increase in the secured obligations
of the Company; and

WHEREAS, the Mortgage,
as amended hereby, remains in full force and effect and the lien and security interest and the priority of such lien and security interest
granted thereunder continues (without interruption) thereunder. Except as amended hereby, the Mortgage shall otherwise remain unchanged.
Capitalized terms used but not defined herein shall have the meanings assigned to such terms or defined by reference in the Mortgage.

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

     

     

    

SECTION 1.        Recitals.
The recitals set forth above constitute an integral part of this Agreement, are true and correct, and such recitals and the Mortgage
are incorporated herein by this reference with the same force and effect as if fully set forth herein.

SECTION
2.        Amendments. Appendix A is hereby amended and restated as provided in
Appendix A hereto.

SECTION 3.        Ratification.
The Company hereby confirms and ratifies the Mortgage, and confirms and agrees that the Mortgaged Property shall secure all of the
Company’s obligations under the Credit Agreements, including, without limitation, those shown on Appendix A hereto.

Signature pages follow

    2

     

    

IN WITNESS WHEREOF,
TIDEWATER UTILITIES, INC., as Mortgagor, has caused this Amendment to be signed in its name and its corporate seal to be hereunto
affixed and attested by its officers thereunto duly authorized, all as of the day and year first above written.

	 	TIDEWATER UTILITIES, INC., Mortgagor
	Signed, sealed and delivered	 
	in the presence of:	 
	 	 
	/s/ Jay L. Kooper       	By: /s/ A. Bruce O’Connor                (SEAL)
	Witness	Name: A. Bruce O’Connor
	 	Title: President
	 	 
	Attest:	 
	 	 
	By: /s/ Jay L. Kooper	 
	Name: Jay L. Kooper	 
	Title: General Counsel and Secretary	 

 

 

 

 

	STATE OF NEW JERSEY	)
	 	)
	COUNTY OF MIDDLESEX	)

The foregoing instrument was acknowledged before me this 25th day of March,
2021, by A. Bruce O’Connor, as President of Tidewater Utilities, Inc., a Delaware corporation, on behalf of said corporation.

IN WITNESS WHEREOF, I have
hereunto set my hand and affixed my official seal in the County and State aforesaid, the day and year in first above written.

/s/ Selena Montero 

Notary Public

Name: Selena Montero

My commission expires: December 28, 2023

 

Signature page to Amendment to Combination Water
Utility Real Estate Mortgage and Security Agreement

     

     

    

IN WITNESS WHEREOF,
CoBANK, ACB, as Mortgagee, has caused this Amendment to be signed in its name and its corporate seal to be hereunto affixed and
attested by its officers thereunto duly authorized, all as of the day and year first above written.

	 	CoBANK, ACB, Mortgagee
	Signed, sealed and delivered	 
	in the presence of:	 
	 	 
	/s/ Illegible Manual Signature_____	By: /s/ Christian Spencer        (SEAL)
	Witness	Name: Christian Spencer 
	 	Title: Assistant Corporate Secretary

 

 

	Attest:
	 
	By: /s/ Carey Norton
	Name: Carey Norton
	Title: Assistant Corporate Secretary

 

 

 

 

 

	STATE OF Colorado	)
	 	)
	COUNTY OF Arapohoe)	 

The foregoing instrument
was acknowledged before me this 29th day of March , 2021, by Christian Spencer, as Assistant Corporate Secretary of CoBank,
ACB, a federally chartered instrumentality of the United States, on behalf of said corporation.

IN WITNESS WHEREOF, I have
hereunto set my hand and affixed my official seal in the County and State aforesaid, the day and year in first above written.

 

/s/ Karen Buxman

Notary Public

Name: Karen Buxman

My commission expires: 09-13-2024

 

 

Signature page to Amendment to Combination Water
Utility Real Estate Mortgage and Security Agreement

 

     

     

    

APPENDIX A - - CERTAIN OBLIGATIONS; ETC.

 

	The “Credit Agreement” referred to in Section 1.01 of the Mortgage are as follows:

		(A)	Master Loan Agreement dated as of May 23, 2003 and numbered RX0024;

		(B)	Promissory Note and Supplement dated as of May 23, 2003 and numbered RX0024T1 in the principal amount
of $3,187,241.75;

		(C)	Promissory Note and Supplement dated as of May 23, 2003 and numbered RX0024T2 in the principal amount
of $10,500,000;

		(D)	Promissory Note and Supplement dated as of August 22, 2005, and numbered RX0024T3 in the principal amount
of $7,000,000;

		(E)	Promissory Note and Supplement dated as of August 22, 2005, and numbered RX0024T4 in the principal amount
of $7,000,000;

		(F)	Promissory Note and Supplement dated as of August 22, 2005, and numbered RX0024T5 in the principal amount
of $7,000,000;

		(G)	Promissory Note and Supplement dated as of March 19, 2009, and numbered RX0024T6 in the principal amount
of $10,000,000;

		(H)	Promissory Note and Supplement dated as of March 19, 2009, and numbered RX0024T7 in the principal amount
of $7,000,000;

		(I)	Promissory Note and Supplement dated as of March 19, 2009, and numbered RX0024T8 in the principal amount
of $15,000,000; 

		(J)	Promissory Note and Supplement dated as of October 15, 2014, and numbered RX0024T9 in the principal
amount of $15,000,000; 

		(K)	Promissory Note and Supplement dated as of March 29, 2021, and numbered RX0024T10 in the principal amount
of $20,000,000; and

		(L)	All amendments to and restatements of any of the foregoing.

 

	The “Maximum Debt Limit” is: $102,000,000.00 plus: (1) all accrued interest, prepayment
premiums, fees and other charges owing to the Mortgagee; and (2) other sums as provided in Section 6.09 of the Mortgage.

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