Document:

Loan Agreement

  
 Exhibit 10(m)(m)(m)

  
 BANK OF AMERICA, N.A. 
  
 LOAN AGREEMENT 
  
 This Loan Agreement (the “Agreement”) dated as of September 26,
2003, by and between Bank of America, N.A., a national banking association (“Lender”) and the Borrower described below.  
  
 In consideration of the Loan or Loans described below and the mutual covenants and agreements contained herein, and intending to be legally bound hereby,
Lender and Borrower agree as follows: 
  
 1. DEFINITIONS AND
REFERENCE TERMS. In addition to any other terms defined herein, the following terms shall have the meaning set forth with respect thereto: 
  
 A. Borrower: Bluefield Gas Company, a West Virginia corporation 
  
 B. Borrower’s Address: 
  
 519 Kimball Avenue 
 Roanoke, VA 24030 
  
 C. Hazardous Materials. Hazardous Materials include all materials defined as hazardous materials or substances under any local,
state or federal environmental laws, rules or regulations, and petroleum, petroleum products, oil and asbestos. 
  
 D. Loan Documents. Loan Documents means this Loan Agreement and any and all promissory notes executed by Borrower in favor of
Lender and all other documents, instruments, guarantees, certificates and agreements executed and/or delivered by Borrower, any guarantor or third party in connection with any Loan. 
  
 E. Accounting Terms. All accounting terms not specifically defined or specified herein shall have the
meanings generally attributed to such terms under generally accepted accounting principles (“GAAP”), as in effect from time to time, consistently applied, with respect to the financial statements referenced in Section 3.H. hereof.

  
 2. LOANS. 
  
 A. Loan(s). Lender hereby agrees to make (or has
made) one or more loans (each a “Loan” and collectively the “Loans”) to Borrower in the aggregate principal face amount of $2,000,000. The obligation to repay the Loan(s) is evidenced by promissory note(s) dated September 26,
2003 (each promissory note, together all renewals, extensions or rearrangements thereof being hereafter individually and collectively, as the case may be, referred to as the “Note”). All terms governing the repayment, interest rate and
maturity date of the Loans shall be as set forth in the respective Note. 
  

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 3. REPRESENTATIONS AND WARRANTIES. Borrower hereby represents and warrants to Lender
as follows: 
  
 A. Good Standing. Borrower
is a Corporation, duly organized, validly existing and in good standing under the laws of the Commonwealth of Virginia and has the power and authority to own its property and to carry on its business in each jurisdiction in which Borrower does
business. 
  
 B. Authority and Compliance.
Borrower has full power and authority to execute and deliver the Loan Documents and to incur and perform the obligations provided for therein, all of which have been duly authorized by all proper and necessary action of the appropriate governing
body of Borrower. No consent or approval of any public authority or other third party is required as a condition to the validity of any Loan Document, and Borrower is in compliance with all laws and regulatory requirements to which it is subject.

  
 C. Binding Agreement. This Agreement
and the other Loan Documents executed by Borrower constitute valid and legally binding obligations of Borrower, enforceable in accordance with their terms. 
  
 D. Litigation. There is no proceeding involving Borrower pending or, to the knowledge of Borrower, threatened before any court or
governmental authority, agency or arbitration authority, except as disclosed to Lender in writing and acknowledged by Lender prior to the date of this Agreement. 
  
 E. No Conflicting Agreements. There is no charter, bylaw, stock provision, partnership agreement or
other document pertaining to the organization, power or authority of Borrower and no provision of any existing agreement, mortgage, indenture or contract binding on Borrower or affecting its property, which would conflict with or in any way prevent
the execution, delivery or carrying out of the terms of this Agreement and the other Loan Documents. 
  
 F. Ownership of Assets. Borrower has good title to its assets, and its assets are free and clear of liens, except those granted to
Lender and as disclosed to Lender in writing prior to the date of this Agreement. 
  
 G. Taxes. All taxes and assessments due and payable by Borrower have been paid or are being contested in good faith by appropriate
proceedings and the Borrower has filed all tax returns which it is required to file. 
  
 H. Financial Statements. The financial statements of Borrower heretofore delivered to Lender have been prepared in accordance with
GAAP applied on a consistent basis throughout the period involved and fairly present Borrower’s financial condition as of the date or dates thereof, and there has been no material adverse change in Borrower’s financial condition or
operations since April 30, 2003. All factual information furnished by Borrower to Lender in connection with this Agreement and the other Loan Documents is and will be accurate and complete on the date as of which such information is delivered to
Lender and is not and will not be incomplete by the omission of any material fact necessary to make such information not misleading. 
  

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 I. Environmental. The conduct of Borrower’s business operations and the
condition of Borrower’s property does not and will not violate any federal laws, rules or ordinances for environmental protection, regulations of the Environmental Protection Agency, any applicable local or state law, rule, regulation or rule
of common law or any judicial interpretation thereof relating primarily to the environment or Hazardous Materials. 
  
 J. Continuation of Representations and Warranties. All representations and warranties made under this Agreement shall be deemed to
be made at and as of the date hereof and at and as of the date of any advance under any Loan. 
  
 4. AFFIRMATIVE COVENANTS. Until full payment and performance of all obligations of Borrower under the Loan Documents, Borrower will, unless Lender consents otherwise in writing (and without
limiting any requirement of any other Loan Document): 
  
 A. Financial Condition. Maintain Borrower’s financial condition as follows, determined in accordance with GAAP applied on a consistent basis throughout the period involved except to the extent modified by the definitions shown
on the attached Exhibit A: 
  
 1. Maximum Long
Term Debt to Total Capitalization. A ratio of Consolidated Long Term Debt plus current maturities of Consolidated Long Term Debt to Consolidated Total Capitalization of no greater than .65 to 1.0. 
  
 2. Minimum Retained Earnings. Retained earnings of at
least $1,400,000. 
  
 B. Financial Statements
and Other Information. Maintain a system of accounting satisfactory to Lender and in accordance with GAAP applied on a consistent basis throughout the period involved, permit Lender’s officers or authorized representatives to visit and
inspect Borrower’s books of account and other records at such reasonable times and as often as Lender may desire, and, if a default under the Loan Documents has occurred, pay the reasonable fees and disbursements of any accountants or other
agents of Lender selected by Lender for the foregoing purposes. Unless written notice of another location is given to Lender, Borrower’s books and records will be located at Borrower’s chief executive office set forth above. All financial
statements called for below shall be prepared in form and content acceptable to Lender and by independent certified public accountants acceptable to Lender. 
  
 In addition, Borrower shall provide (or cause to be provided) the following financial information and statements in form and content acceptable to Lender,
and such additional information as requested by Lender from time to time: 
  
 1. Within 120 days of Borrower’s fiscal year end, Borrower’s annual financial statements. These financial statements must be audited by Borrower’s current accounting firm of Deloitte & Touche or
another Certified Public Accountant acceptable to Lender (which acceptance shall not be unreasonably delayed or withheld). The statements shall be prepared on a consolidated and consolidating basis. 
  

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 2. Within 46 days of the period’s end (including the last period in each fiscal
year), Borrower’s quarterly financial statement, certified and dated by an authorized financial officer of Borrower. These financial statements may be Borrower prepared. The statements shall be prepared on a consolidated and consolidating
basis. 
  
 3. Promptly, upon sending or receipt,
copies of any management letters and correspondence relating to management letters, sent or received by Borrower to or from Borrower’s auditor. 
  
 4. Within the period(s) provided in (a) and (b) above, a compliance certificate of Borrower signed by an authorized financial officer of
Borrower setting forth (i) the information and computations (in sufficient detail) to establish that Borrower is in compliance with all financial covenants at the end of the period covered by the financial statements then being furnished and (ii)
whether there existed as of the date of such financial statements and whether there exists as of the date of the certificate, any default under this Agreement and, if any such default exists, specifying the nature thereof and the action Borrower is
taking and proposes to take with respect thereto. 
  
 C. Insurance. Maintain insurance with responsible insurance companies on such of its properties, in such amounts and against such risks as is customarily maintained by similar businesses operating in the same vicinity, specifically
to include fire and extended coverage insurance covering all assets, workers’ compensation insurance and liability insurance, all to be with such companies and in such amounts as are satisfactory to Lender and providing for at least 30 days
prior notice to Lender of any cancellation thereof. Satisfactory evidence of such insurance will be supplied to Lender prior to funding under the Loan(s) and prior to each policy renewal. 
  
 D. Existence and Compliance. Maintain its existence,
good standing and qualification to do business, where required and comply with all laws, regulations and governmental requirements including, without limitation, environmental laws applicable to it or to any of its property, business operations and
transactions. 
  
 E. Adverse Conditions or
Events. Promptly advise Lender in writing of (i) any condition, event or act which comes to its attention that would or might materially adversely affect Borrower’s financial condition or operations or Lender’s rights under the Loan
Documents, (ii) any litigation filed by or against Borrower, (iii) any event that has occurred that would constitute an event of default under any Loan Documents and (iv) any uninsured or partially uninsured loss through fire, theft, liability or
property damage in excess of an aggregate of $250,000. 
  
 F. Taxes and Other Obligations. Pay all of its taxes, assessments and other obligations, including, but not limited to taxes, costs or other expenses arising out of this transaction, as the same become due and payable, except to the
extent the same are being contested in good faith by appropriate proceedings in a diligent manner. 
  

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 G. Maintenance. Maintain all of its tangible property in good condition and repair
and make all necessary replacements thereof, and preserve and maintain all licenses, trademarks, privileges, permits, franchises, certificates and the like necessary for the operation of its business. 
  
 H. Environmental Matters. Immediately advise Lender
in writing of (i) any and all enforcement, cleanup, remedial, removal, or other governmental or regulatory actions instituted, completed or threatened pursuant to any applicable federal, state, or local laws, ordinances or regulations relating to
any Hazardous Materials affecting Borrower’s business operations; and (ii) all claims made or threatened by any third party against Borrower relating to damages, contribution, cost recovery, compensation, loss or injury resulting from any
Hazardous Materials. Borrower shall immediately notify Lender of any remedial action taken by Borrower with respect to Borrower’s business operations. Borrower will not use or permit any other party to use any Hazardous Materials at any of
Borrower’s places of business or at any other property owned by Borrower except such materials as are incidental to Borrower’s normal course of business, maintenance and repairs and which are handled in compliance with all applicable
environmental laws. Borrower agrees to permit Lender, its agents, contractors and employees to enter and inspect any of Borrower’s places of business or any other property of Borrower at any reasonable times upon three (3) days prior notice for
the purposes of conducting an environmental investigation and audit (including taking physical samples) to insure that Borrower is complying with this covenant and Borrower shall reimburse Lender on demand for the costs of any such environmental
investigation and audit. Borrower shall provide Lender, its agents, contractors, employees and representatives with access to and copies of any and all data and documents relating to or dealing with any Hazardous Materials used, generated,
manufactured, stored or disposed of by Borrower’s business operations within five (5) days of the request therefore. 
  
 I. Auto Debit. Borrower has elected to authorize Lender to effect payment of sums due under the Note by means of debiting
Borrower’s account our bank account # maintained at Wachovia Bank. Borrower will sign the authorization form attached as Exhibit B. This authorization shall not affect the obligation of Borrower to pay such sums when due, without notice, if
there are insufficient funds in such account to make such payment in full on the due date thereof, or if Lender fails to debit the account. 
  
 5. NEGATIVE COVENANTS. Until full payment and performance of all obligations of Borrower under the Loan Documents, Borrower will not,
without the prior written consent of Lender (and without limiting any requirement of any other Loan Documents): 
  
 A. Transfer of Assets. Sell, lease, assign or otherwise dispose of or transfer any assets, except in the normal course of its
business. 
  
 B. Not to Suspend Business.
Voluntarily suspend its business. 
  
 C.
Borrowings. Create, incur, assume or become liable in any manner for any indebtedness (for borrowed money, deferred payment for the purchase of assets, lease payments, as surety or guarantor for the debt for another, or otherwise) in excess
of $2,000,000 in the aggregate, other than to Lender, except for normal trade debts incurred in the ordinary course of Borrower’s business, and except for existing indebtedness disclosed to Lender in writing and acknowledged by Lender prior to
the date of this Agreement. 
  

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 D. Character of Business. Change the general character of business as conducted at
the date hereof, or engage in any type of business not reasonably related to its business as presently conducted. 
  
 6. DEFAULT. Borrower shall be in default under this Agreement and under each of the other Loan Documents if it shall default in the
payment of any amounts due and owing under the Loan or should it fail to timely and properly observe, keep or perform any term, covenant, agreement or condition in any Loan Document or in any other loan agreement, promissory note, security
agreement, deed of trust, deed to secure debt, mortgage, assignment or other contract securing or evidencing payment of any indebtedness of Borrower to Lender or any affiliate or subsidiary of Lender of America Corporation. 
  
 7. REMEDIES UPON DEFAULT. If an event of default shall
occur, Lender shall have all rights, powers and remedies available under each of the Loan Documents as well as all rights and remedies available at law or in equity. 
  
 8. NOTICES. All notices, requests or demands which any party is required or may desire to give to any
other party under any provision of this Agreement must be in writing delivered to the other party at the following address: 
  
 Borrower: 
  
 Bluefield Gas Company 
 519 Kimball Avenue

 Roanoke, VA 24030 
 Fax.
No.540-777-2636 
  
 Lender: 
  
 Bank of America, N.A. 
 302 South Jefferson Street 
 Roanoke, VA
24011-2010 
 Fax No. 540-265-3187 
  
 or to such other address as any party may designate by written notice to the other party. Each such notice, request and demand shall be deemed given or made as follows:

  
 A. If sent by mail, upon the earlier of the
date of receipt or five (5) days after deposit in the U.S. Mail, first class postage prepaid; 
  
 B. If sent by any other means, upon delivery. 
  
 9. COSTS, EXPENSES AND ATTORNEYS’ FEES. Borrower shall pay to Lender immediately upon demand the full amount of all costs and
expenses, including reasonable attorneys’ fees incurred by Lender in connection with (a) negotiation and preparation of this Agreement and each 

  

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of the Loan Documents, and (b) all other costs and attorneys’ fees incurred by Lender for which Borrower is obligated to reimburse Lender in accordance
with the terms of the Loan Documents. 
  
 10.
MISCELLANEOUS. Borrower and Lender further covenant and agree as follows, without limiting any requirement of any other Loan Document: 
  
 A. Cumulative Rights and No Waiver. Each and every right granted to Lender under any Loan Document, or allowed it by law or equity
shall be cumulative of each other and may be exercised in addition to any and all other rights of Lender, and no delay in exercising any right shall operate as a waiver thereof, nor shall any single or partial exercise by Lender of any right
preclude any other or future exercise thereof or the exercise of any other right. Borrower expressly waives any presentment, demand, protest or other notice of any kind, including but not limited to notice of intent to accelerate and notice of
acceleration. No notice to or demand on Borrower in any case shall, of itself, entitle Borrower to any other or future notice or demand in similar or other circumstances. 
  
 B. Applicable Law. This Loan Agreement and the rights and obligations of the parties hereunder shall
be governed by and interpreted in accordance with the laws of Virginia and applicable United States federal law. 
  
 C. Amendment. No modification, consent, amendment or waiver of any provision of this Loan Agreement, nor consent to any departure
by Borrower therefrom, shall be effective unless the same shall be in writing and signed by an officer of Lender, and then shall be effective only in the specified instance and for the purpose for which given. This Loan Agreement is binding upon
Borrower, its successors and assigns, and inures to the benefit of Lender, its successors and assigns; however, no assignment or other transfer of Borrower’s rights or obligations hereunder shall be made or be effective without Lender’s
prior written consent, nor shall it relieve Borrower of any obligations hereunder. There is no third party beneficiary of this Loan Agreement. 
  
 D. Documents. All documents, certificates and other items required under this Loan Agreement to be executed and/or delivered to
Lender shall be in form and content satisfactory to Lender and its counsel. 
  
 E. Partial Invalidity. The unenforceability or invalidity of any provision of this Loan Agreement shall not affect the enforceability or validity of any other provision herein and the invalidity or
unenforceability of any provision of any Loan Document to any person or circumstance shall not affect the enforceability or validity of such provision as it may apply to other persons or circumstances. 
  
 F. Indemnification. Notwithstanding anything to the
contrary contained in Section 10(G), Borrower shall indemnify, defend and hold Lender and its successors and assigns harmless from and against any and all claims, demands, suits, losses, damages, assessments, fines, penalties, costs or other
expenses (including reasonable attorneys’ fees and court costs) arising from or in any way related to any of the transactions contemplated hereby, including, but not limited to, actual or threatened damage to the environment, agency costs of
investigation, personal injury or death, or property damage, due to a release or alleged release of Hazardous Materials, arising from Borrower’s business operations, any other property owned by Borrower or in the surface or ground water arising

  

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from Borrower’s business operations, or gaseous emissions arising from Borrower’s business operations or any other condition existing or arising
from Borrower’s business operations resulting from the use or existence of Hazardous Materials, whether such claim proves to be true or false. Borrower further agrees that its indemnity obligations shall include, but are not limited to,
liability for damages resulting from the personal injury or death of an employee of the Borrower, regardless of whether the Borrower has paid the employee under the workers’ compensation laws of any state or other similar federal or state
legislation for the protection of employees. The term “property damage” as used in this paragraph includes, but is not limited to, damage to any real or personal property of Borrower, Lender, and of any third parties. Borrower’s
obligations under this paragraph shall survive the repayment of the Loan and any deed in lieu of foreclosure or foreclosure of any Deed to Secure Debt, Deed of Trust, Security Agreement or Mortgage securing the Loan. 
  
 G. Survivability. All covenants, agreements,
representations and warranties made herein or in the other Loan Documents shall survive the making of the Loan and shall continue in full force and effect so long as the Loan is outstanding or the obligation of the Lender to make any advances under
the Line shall not have expired. 
  
 11.
ARBITRATION. Any claim or controversy (“Claim”) between the parties, whether arising in contract or tort or by statute including, but not limited to, Claims resulting from or relating to this Agreement shall, upon the request of
either party, be resolved by binding arbitration in accordance with the Federal Arbitration Act (Title 9, US Code). Arbitration proceedings will be conducted in accordance with the applicable rules for the arbitration of disputes of JAMS or any
successor thereof. The arbitration shall be conducted in any U.S. state where real or tangible personal property collateral for the credit is located or if there is no such collateral, in Virginia. The arbitration hearing shall commence within 90
days of the demand for arbitration and close within 90 days of commencement, and any award, which may include legal fees, shall be issued (with a brief written statement of the reasons therefore) within 30 days of the close of hearing. Any dispute
concerning whether a claim is arbitrable or barred by the statute of limitations shall be determined by the arbitrator. This arbitration provision is not intended to limit the right of any party to exercise self-help remedies, to seek and obtain
interim or provisional relief of any kind or to initiate judicial or non-judicial foreclosure against any real or personal property collateral. By agreeing to binding arbitration, the parties irrevocably and voluntarily waive any right they may have
to a trial by jury in respect of any Claim. Furthermore, if for any reason a Claim is not arbitrated, the parties irrevocably and voluntarily agree to waive any right to a trial by jury in respect of such Claim. 
  
 12. NO ORAL AGREEMENT. THIS WRITTEN LOAN AGREEMENT AND THE
OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed under seal by their
duly authorized representatives as of the date first above written. 
  

					
	LENDER: Bank of America, N.A.
			
	By:	 	/s/    Greg L. Richards        	 	(Seal)
	 	 	
	 	 
	 Name:
	 	 Greg L. Richards
	 	 
	 Title:
	 	 Senior Vice President
	 	 
	
	BORROWER: Bluefield Gas Company
			
	By:	 	/s/    Dale P. Moore        	 	(Seal)
	 	 	
	 	 
	 Name:
	 	 Dale P. Moore
	 	 
	 Title:
	 	 Vice President and Secretary
	 	 

  

 9 

 EXHIBIT A 
  
 Financial Covenant Definitions 
  
 “Consolidated” when used with respect to Long Term Debt means Long Term Debt of the Borrower and its Affiliates determined on a consolidated basis eliminating
intercompany items. 
  
 “Long Term Debt” of any Person means (i) all
Indebtedness of such Person for borrowed money or which has been incurred in connection with the acquisition of assets in each case having a final maturity of more than one year form the date of origin thereof (or which is renewable or extendible at
the option of the obligor for a periods or periods more that one year from the date of origin), but excluding all payments in respect thereof that are required to be made within one year from the date of any determination of Long Term Debt, whether
or not the obligation to make such payments shall constitute a current liability of the obligor under GAAP, (ii) obligations secured by any lien upon property or assets owned by such Person, even though such Person has not assumed or become liable
for the payment of such obligations, (iii) obligations created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, notwithstanding the fact that the rights and remedies of the
seller, lender or lessor under such agreement in the event of default are limited to repossession or sale of property, (iv) all capitalized rentals of such Person, and (v) all guaranties by such Person of Long Term Debt of others. 
  
 “Consolidated Total Capitalization” means, as of the date of any determination
thereof, the sum of (i) Consolidated Long Term Debt, plus (ii) current maturities of Consolidated Long Term Debt, plus (iii) consolidated stockholders’ equity. 
  

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 EXHIBIT B 
  
 (Auto Debit Authorization) 
  
 1.1 Beginning the date of this Authorization, Lender shall debit Borrower’s designated deposit account with the Depository listed below (the
“Designated Account”) in the amount of each payment of principal, interest and other fees and charges on Borrower’s extensions of credit from Lender on the dates such payments become due. 
  
 DEPOSITORY NAME: Wachovia Bank 
 Address: Roanoke, VA 
 Routing Number: Our
Bank Account Number 
 Borrower’s Deposit Account Number: Our Bank Account Number 
 (A voided copy of a check on this account is attached to this Authorization). 
  
 1.2 Borrower authorizes Lender to debit the Designated Account by no later than the close of business on the dates payments
become due. The ACH debits shall be subject to the operating rules of the National Automated Clearing House Association, as in effect from time to time. If a due date does not fall on a Business Day, Lender shall debit the Designated Account on the
first day following such due date. For purposes of this Agreement, “Business Day” means a day other than Saturday, Sunday or other day on which commercial banks are authorized to close or are in fact closed in the state where the
Lender’s lending office is located. 
  
 1.3 Borrower shall
maintain sufficient funds in the Designated Account on the dates Lender enters debits authorized by this Agreement. If there are insufficient funds in the Designated Account on the date Lender enters any debit authorized by this Agreement, such
debit will be reversed. 
  
 1.4 Lender or Borrower may terminate
this Authorization by notice in writing. Any such termination notice shall be effective ten (10) days after its receipt. In the event Lender or Borrower terminates this Authorization, Borrower shall commence, as of the date such termination is
effective, to make principal, interest and other payments in the funds and at such office of Lender as Lender may from time to time select or as otherwise provided in any agreement between Lender and Borrower for an extension of credit. 

 
 1.5 The amount of the debits on the Designated Account may be different
from time to time. The Lender will notify Borrower of the amount of the next debit amount on each periodic billing statement. 
  
 1.6 The Borrower is being furnished a copy of this executed Authorization to keep. 
  

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 1.7 Notices and inquiries to the Lender and Borrower should be addressed to: 
  
 Lender: 
 Bank of America, N.A. 
 Attention: Greg L.
Richards 
 Roanoke Commercial Banking 
 302 South Jefferson Street 
 Roanoke, VA 24011-2010 
  
 Phone:
                             
 Fax:
                             
  
 Borrower: 
 Bluefield Gas Company 
 519 Kimball Avenue 
 Roanoke, VA 24030 
  
 Phone:
                             
 Fax:
                                 
  
 Dated: 9/30/02 
  

			
	 Bluefield Gas Company.

		
	By:	 	 /s/    Dale P. Moore

	 	 	

	 Its:
	 	 Vice President & Secetery

	 	 	

	
	 Bank of America, N. A.

		
	By:	 	 /s/    Greg L. Richards

	 	 	

	 	 	 Greg L. Richards, Senior Vice President

  

 12Promissory Note

  
 Exhibit 10(n)(n)(n)

  
 Bank of America, N.A. 
  
 Promissory Note 
  
 Date September 26, 2003         x New          ̈ Renewal        
Amount $2,000,000         Maturity Date November 21, 2005 
  

			
	Lender:	  	Borrower:
		
	 Bank of America, N.A.
 Roanoke Commercial Banking
 302 South Jefferson Street
 Roanoke, VA 24011-2010
	  	     Bluefield Gas Company
     519 Kimball Avenue
     Roanoke, VA 24030

  
 FOR VALUE RECEIVED, the undersigned
Borrower unconditionally (and jointly and severally, if more than one) promises to pay to the order of Lender, its successors and assigns, without setoff, at its offices indicated at the beginning of this Note, or at such other place as may be
designated by Lender, the principal amount of Two Million and 00/100 Dollars ($2,000,000), or so much thereof as may be advanced from time to time in immediately available funds, together with interest computed daily on the outstanding principal
balance hereunder, at an annual interest rate, and in accordance with the payment schedule, indicated below. 
  
 1. Rate 
  
 (a) Interest on
this Note shall accrue at a per annum rate or rates equal to the LIBOR Rate plus 1.13% per annum. 
  
 (b) The “LIBOR Rate” means the interest rate determined by the following formula, rounded upward to the nearest 1/100 of one percent. (All
amounts in the calculation will be determined by Lender as of the first day of the interest period.) 
  

					
	 LIBOR Rate
	  	=	  	 London Inter-Bank Offered Rate

	  	  	(1.00 - Reserve Percentage)

  
 Where, 
  
 (1) “London Inter-Bank Offered Rate” means the average per annum
interest rate at which U.S. dollar deposits would be offered for the “Applicable Interest Period,” as defined below, by major banks in the London inter-bank market, as shown on the Telerate Page 3750 (or any successor page) at
approximately 11:00 a.m. London time two (2) London Banking Days before the commencement of the Applicable Interest Period. If such rate does not appear on the Telerate Page 3750 (or any successor page), the rate for that Applicable Interest Period
will be determined by such alternate method as reasonably selected by Lender. A “London Banking Day” is a day on which Lender’s London Banking Center is open for business and dealing in offshore dollars. 
  
 (2) “Reserve Percentage” means the total of the maximum reserve
percentages for determining the reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency Liabilities, as defined in Federal Reserve Board Regulation D, rounded upward to the nearest 1/100 of one percent. The
percentage will be expressed as a decimal, and will include, but not be limited to, marginal, emergency, supplemental, special, and other reserve percentages. 
  

(3) “Applicable Interest Period” means each one-month period commencing on the first LIBOR Banking Day, defined below, of each calendar month
through and including the day immediately before the first LIBOR Banking Day of the next calendar month. “LIBOR Banking Day” means a day, other than a Saturday or a Sunday, on which Lender is open for business in New York and London and
dealing in offshore dollars. 
  
 (c) If at any time after the date
hereof, the Lender (which shall include, for purposes of this Section, any corporation controlling the Lender) determines that the adoption or modification of any applicable Law regarding taxation, the Lender’s required levels of reserves,
deposits, insurance or capital (including any allocation of capital requirements or conditions), or similar requirements, or any interpretation or administration thereof by any Tribunal or compliance of the Lender with any of such requirements, has
or would have the effect of (a) increasing the Lender’s costs relating to the loan 

  

 
evidenced by this Note, or (b) reducing the yield or rate of return of the Lender on such loan, to a level below that which the Lender could have achieved
but for the adoption or modification of any such requirements, the Borrower shall, within fifteen (15) days of any request by the Lender, pay to the Lender such additional amounts as (in the Lender’s sole judgment, after good faith and
reasonable computation) will compensate the Lender for such increase in costs or reduction in yield or rate of return of the Lender. No failure by the Lender to immediately demand payment of any additional amounts payable hereunder shall constitute
a waiver of the Lender’s right to demand payment of such amounts at any subsequent time. Nothing herein contained shall be construed or so operate as to require the Borrower to pay any interest, fees, costs or charges greater than is permitted
by applicable Law. For purposes of this Note: 
  
 “Laws”
means all constitutions, treaties, statutes, laws, ordinances, regulations, rules, order, writs, injunctions, or decrees of the United States of America, any state or commonwealth, any municipality, any foreign country, any territory or possession,
or any Tribunal; and 
  
 “Tribunal” means any state,
commonwealth, federal, foreign, territorial or other court or governmental department, commission, board, bureau, district, authority, agency, central bank, or instrumentality, or any arbitration authority. 
  
 Notwithstanding any provision of this Note, Lender does not intend to charge and Borrower
shall not be required to pay any amount of interest or other charges in excess of the maximum permitted by the applicable law of the Commonwealth of Virginia; if any higher rate ceiling is lawful, then that higher rate ceiling shall apply, and any
payment in excess of such maximum shall be refunded to Borrower or credited against principal, at the option of Lender. The foregoing sentence shall have no effect if under Virginia law Borrower is unable to plead usury as a defense. 
  
 2. Accrual Method. Unless otherwise indicated, interest at the Rate set forth above
will be calculated by the 365/360 day method (a daily amount of interest is computed for a hypothetical year of 360 days; that amount is multiplied by the actual number of days for which any principal is outstanding hereunder). 
  
 3. Rate Change Date. Any Rate based on a fluctuating index or base rate will change,
unless otherwise provided, each time and as of the date that the index or base rate changes. In the event any index is discontinued, Lender shall substitute an index determined by Lender to be comparable, in its sole discretion. 
  
 4. Payment Schedule. All payments received hereunder shall be applied first to the
payment of any expense or charges payable hereunder or under any other loan documents executed in connection with this Note, then to interest due and payable, with the balance applied to principal, or in such other order as Lender shall determine at
its option. 
  
 The principal of and interest on this Note shall
be due and payable as follows: 
  

	 	a.	On October 1, 2003, and the same day of each month thereafter until this Note is paid in full, the amount of accrued but unpaid interest hereon shall be due and payable; and

  

	 	b.	All indebtedness hereunder, including outstanding principal and accrued interest, unless sooner paid, shall be due and payable on November 21, 2005. 

  
 5. Automatic Payment. 
  
 Borrower has elected to authorize Lender to effect payment of sums due under this Note by
means of debiting Borrower’s account number /VA. This authorization shall not affect the obligation of Borrower to pay such sums when due, without notice, if there are insufficient funds in such account to make such payment in full on the due
date thereof, or if Lender fails to debit the account. 
  
 6. Waivers, Consents
and Covenants. Borrower, any indorser or guarantor hereof, or any other party hereto (individually an “Obligor” and collectively “Obligors”) and each of them jointly and severally: (a) waive presentment, demand, protest,
notice of demand, notice of intent to accelerate, notice of acceleration of maturity, notice of protest, notice of nonpayment, notice of dishonor, and any other notice required to be given under the law to any Obligor in connection with the
delivery, acceptance, performance, default or enforcement of this Note, any indorsement or guaranty of this Note, or any other documents executed in connection with this Note or any other note or other loan documents now or hereafter executed in
connection with any obligation of Borrower to Lender (the “Loan Documents”); (b) consent to all delays, extensions, renewals or other modifications of this Note or the Loan Documents, or waivers of any term hereof or of the Loan Documents,
or release or discharge by Lender of any of Obligors, or release, substitution or exchange of any security for the payment hereof, or the failure to act on the part of Lender, or any indulgence shown by Lender (without notice to or further assent
from any of Obligors), and agree that no such action, failure to act or failure to exercise any right or remedy by Lender shall in any way affect or impair the obligations of any Obligors or be construed as a waiver by Lender of, or otherwise
affect, any of Lender’s rights under this Note, under any indorsement or guaranty of this Note or under any of the Loan Documents; and (c) agree to pay, on demand, all costs and expenses of collection or defense of this Note or of any
indorsement or guaranty hereof and/or the enforcement or defense of Lender’s rights with respect to, or the administration, supervision, preservation, or protection of, or realization upon, any property securing payment hereof, including,
without limitation, reasonable attorney’s fees, including fees related to any suit, mediation or arbitration proceeding, out of court payment agreement, trial, appeal, bankruptcy proceedings or other proceeding, in the amount of 25% of the
principal amount of this Note, or such greater amount as may be determined reasonable by any arbitrator or court, whichever is applicable. 
  

 2 

 7. Prepayments. Prepayments may be made in whole or in part at any time without penalty or premium. All
prepayments of principal shall be applied in the inverse order of maturity, or in such other order as Lender shall determine in its sole discretion. If there is a prepayment of any such principal, because of acceleration or otherwise, the prepayment
shall be accompanied by the amount of accrued interest on the amount prepaid. 
  
 8. Delinquency Charge. To the extent permitted by law, a delinquency charge may be imposed in an amount not to exceed four percent (4%) of any payment that is more than fifteen days late. 
  
 9. Events of Default. The following are events of default hereunder: (a) the failure
to pay or perform any obligation, liability or indebtedness of any Obligor to Lender, or to any affiliate or subsidiary of Bank of America, N.A. Corporation, whether under this Note or any Loan Documents, as and when due (whether upon demand, at
maturity or by acceleration); (b) the failure to pay or perform any other obligation, liability or indebtedness of any Obligor to any other party; (c) the death of any Obligor (if an individual); (d) the resignation or withdrawal of any partner or a
material owner/guarantor of Borrower, as determined by Lender in its sole discretion; (e) the commencement of a proceeding against any Obligor for dissolution or liquidation, the voluntary or involuntary termination or dissolution of any Obligor or
the merger or consolidation of any Obligor with or into another entity; (f) the insolvency of, the business failure of, the appointment of a custodian, trustee, liquidator or receiver for or for any of the property of, the assignment for the benefit
of creditors by, or the filing of a petition under bankruptcy, insolvency or debtor’s relief law or the filing of a petition for any adjustment of indebtedness, composition or extension by or against any Obligor; (g) the determination by Lender
that any representation or warranty made to Lender by any Obligor in any Loan Documents or otherwise is or was, when it was made, untrue or materially misleading; (h) the failure of any Obligor to timely deliver such financial statements, including
tax returns, other statements of condition or other information, as Lender shall request from time to time; (i) the entry of a judgment against any Obligor which Lender deems to be of a material nature, in Lender’s sole discretion; (j) the
seizure or forfeiture of, or the issuance of any writ of possession, garnishment or attachment, or any turnover order for any property of any Obligor; (k) the determination by Lender that it is insecure for any reason; (l) the determination by
Lender that a material adverse change has occurred in the financial condition of any Obligor; or (m) the failure of Borrower’s business to comply with any law or regulation controlling its operation. 
  
 10. Remedies upon Default. Whenever there is a default under this Note (a) the entire
balance outstanding hereunder and all other obligations of any Obligor to Lender (however acquired or evidenced) shall, at the option of Lender, become immediately due and payable and any obligation of Lender to permit further borrowing under this
Note shall immediately cease and terminate, and/or (b) to the extent permitted by law, the Rate of interest on the unpaid principal shall be increased at Lender’s discretion up to the maximum rate allowed by law, or if none, 25% per annum (the
“Default Rate”). The provisions herein for a Default Rate shall not be deemed to extend the time for any payment hereunder or to constitute a “grace period” giving Obligors a right to cure any default. At Lender’s option,
any accrued and unpaid interest, fees or charges may, for purposes of computing and accruing interest on a daily basis after the due date of this Note or any installment thereof, be deemed to be a part of the principal balance, and interest shall
accrue on a daily compounded basis after such date at the Default Rate provided in this Note until the entire outstanding balance of principal and interest is paid in full. Upon a default under this Note, Lender is hereby authorized at any time, at
its option and without notice or demand, to set off and charge against any deposit accounts of any Obligor (as well as any money, instruments, securities, documents, chattel paper, credits, claims, demands, income and any other property, rights and
interests of any Obligor), which at any time shall come into the possession or custody or under the control of Lender or any of its agents, affiliates or correspondents, any and all obligations due hereunder. Additionally, Lender shall have all
rights and remedies available under each of the Loan Documents, as well as all rights and remedies available at law or in equity. 
  
 11. Non-waiver. The failure at any time of Lender to exercise any of its options or any other rights hereunder shall not constitute a waiver thereof, nor shall it
be a bar to the exercise of any of its options or rights at a later date. All rights and remedies of Lender shall be cumulative and may be pursued singly, successively or together, at the option of Lender. The acceptance by Lender of any partial
payment shall not constitute a waiver of any default or of any of Lender’s rights under this Note. No waiver of any of its rights hereunder, and no modification or amendment of this Note, shall be deemed to be made by Lender unless the same
shall be in writing, duly signed on behalf of Lender; each such waiver shall apply only with respect to the specific instance involved, and shall in no way impair the rights of Lender or the obligations of Obligors to Lender in any other respect at
any other time. 
  
 12. Applicable Law, Venue and Jurisdiction. This Note
and the rights and obligations of Borrower and Lender shall be governed by and interpreted in accordance with the law of the Commonwealth of Virginia. In any litigation in connection with or to enforce this Note or any indorsement or guaranty of
this Note or any Loan Documents, Obligors, and each of them, irrevocably consent to and confer personal jurisdiction on the courts of the Commonwealth of Virginia or the United States located within the Commonwealth of Virginia and expressly waive
any objections as to venue in any such courts. Nothing contained herein shall, however, prevent Lender from bringing any action or exercising any rights within any other state or jurisdiction or from obtaining personal jurisdiction by any other
means available under applicable law. 
  
 13. Partial Invalidity. The
unenforceability or invalidity of any provision of this Note shall not affect the enforceability or validity of any other provision herein and the invalidity or unenforceability of any provision of this Note or of the Loan Documents to any person or
circumstance shall not affect the enforceability or validity of such provision as it may apply to other persons or circumstances. 
  
 14. Binding Effect. This Note shall be binding upon and inure to the benefit of Borrower, Obligors and Lender and their respective successors, assigns, heirs and
personal representatives, provided, however, that no obligations of Borrower or Obligors hereunder can be assigned without prior written consent of Lender. 
  
 15. Controlling Document. To the extent that this Note conflicts with or is in any way incompatible with any other document related specifically to the loan
evidenced by this Note, this Note shall control over any other such document, and if this Note does not address an issue, then each such document shall control to the extent that it deals most specifically with an issue. 
  
 16. ARBITRATION. ANY CONTROVERSY OR CLAIM BETWEEN OR AMONG THE PARTIES HERETO INCLUDING
BUT NOT LIMITED TO THOSE ARISING OUT OF OR RELATING TO THIS INSTRUMENT, AGREEMENT OR DOCUMENT OR ANY RELATED INSTRUMENTS, 
  

 3 

 
AGREEMENTS OR DOCUMENTS, INCLUDING ANY CLAIM BASED ON OR ARISING FROM AN ALLEGED TORT, SHALL BE DETERMINED BY BINDING ARBITRATION IN ACCORDANCE WITH THE
FEDERAL ARBITRATION ACT (OR IF NOT APPLICABLE, THE APPLICABLE STATE LAW), THE RULES OF PRACTICE AND PROCEDURE FOR THE ARBITRATION OF COMMERCIAL DISPUTES OF J.A.M.S./ENDISPUTE OR ANY SUCCESSOR THEREOF (“J.A.M.S.”), AND THE “SPECIAL
RULES” SET FORTH BELOW. IN THE EVENT OF ANY INCONSISTENCY, THE SPECIAL RULES SHALL CONTROL. JUDGMENT UPON ANY ARBITRATION AWARD MAY BE ENTERED IN ANY COURT HAVING JURISDICTION. ANY PARTY TO THIS INSTRUMENT, AGREEMENT OR DOCUMENT MAY BRING AN
ACTION, INCLUDING A SUMMARY OR EXPEDITED PROCEEDING, TO COMPEL ARBITRATION OF ANY CONTROVERSY OR CLAIM TO WHICH THIS AGREEMENT APPLIES IN ANY COURT HAVING JURISDICTION OVER SUCH ACTION. 
  
 A. SPECIAL RULES. THE ARBITRATION SHALL BE CONDUCTED IN THE COUNTY
OF ANY BORROWER’S DOMICILE AT THE TIME OF THE EXECUTION OF THIS INSTRUMENT, AGREEMENT OR DOCUMENT AND ADMINISTERED BY J.A.M.S. WHO WILL APPOINT AN ARBITRATOR; IF J.A.M.S. IS UNABLE OR LEGALLY PRECLUDED FROM ADMINISTERING THE ARBITRATION, THEN
THE AMERICAN ARBITRATION ASSOCIATION WILL SERVE. ALL ARBITRATION HEARINGS WILL BE COMMENCED WITHIN 90 DAYS OF THE DEMAND FOR ARBITRATION; FURTHER, THE ARBITRATOR SHALL ONLY, UPON A SHOWING OF CAUSE, BE PERMITTED TO EXTEND THE COMMENCEMENT OF SUCH
HEARING FOR UP TO AN ADDITIONAL 60 DAYS. 
  
 B.
RESERVATION OF RIGHTS. NOTHING IN THIS ARBITRATION PROVISION SHALL BE DEEMED TO (I) LIMIT THE APPLICABILITY OF ANY OTHERWISE APPLICABLE STATUTES OF LIMITATION OR REPOSE AND ANY WAIVERS CONTAINED IN THIS INSTRUMENT, AGREEMENT OR DOCUMENT; OR
(II) BE A WAIVER BY LENDER OF THE PROTECTION AFFORDED TO IT BY 12 U.S.C. SEC. 91 OR ANY SUBSTANTIALLY EQUIVALENT STATE LAW; OR (III) LIMIT THE RIGHT OF LENDER HERETO (A) TO EXERCISE SELF HELP REMEDIES SUCH AS (BUT NOT LIMITED TO) SETOFF, OR (B) TO
FORECLOSE AGAINST ANY REAL OR PERSONAL PROPERTY COLLATERAL, OR (C) TO OBTAIN FROM A COURT PROVISIONAL OR ANCILLARY REMEDIES SUCH AS (BUT NOT LIMITED TO) INJUNCTIVE RELIEF, WRIT OF POSSESSION OR THE APPOINTMENT OF A RECEIVER. LENDER MAY EXERCISE SUCH
SELF HELP RIGHTS, FORECLOSE UPON SUCH PROPERTY, OR OBTAIN SUCH PROVISIONAL OR ANCILLARY REMEDIES BEFORE, DURING OR AFTER THE PENDENCY OF ANY ARBITRATION PROCEEDING BROUGHT PURSUANT TO THIS INSTRUMENT, AGREEMENT OR DOCUMENT. NEITHER THIS EXERCISE OF
SELF HELP REMEDIES NOR THE INSTITUTION OR MAINTENANCE OF AN ACTION FOR FORECLOSURE OR PROVISIONAL OR ANCILLARY REMEDIES SHALL CONSTITUTE A WAIVER OF THE RIGHT OF ANY PARTY, INCLUDING THE CLAIMANT IN ANY SUCH ACTION, TO ARBITRATE THE MERITS OF THE
CONTROVERSY OR CLAIM OCCASIONING RESORT TO SUCH REMEDIES. 
  
 Borrower
represents to Lender that the proceeds of this loan are to be used primarily for business, commercial or agricultural purposes. Borrower acknowledges having read and understood, and agrees to be bound by, all terms and conditions of this Note and
hereby executes this Note under seal as of the date here above written. 
  
 NOTICE OF FINAL AGREEMENT. THIS WRITTEN PROMISSORY NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
  
 Borrower 

 

			
	Bluefield Gas Company
		
	By:	 	/s/    Dale P. Moore        
	 	 	

	 Name:
	 	 Dale P. Moore

	 Its:
	 	 Vice President and Secretary

  

 4

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