Document:

Exhibit 10(i)53

PROMISSORY
NOTE

	
 

	
 

	
$15,000,000.00

	
Albany,
 New York

	
 

	
Date:
 April 16, 2007

          FOR
Value Received, CENTRAL HUDSON GAS & ELECTRIC CORPORATION, a New York
corporation (the “Debtor”), HEREBY PROMISES TO PAY to the order of JPMORGAN
CHASE BANK, N.A. (the “Bank”), at its offices located at 12 Corporate Woods
Blvd., Albany, New York 12211, or at such other place as the Bank or any holder
hereof may from time to time designate, the principal sum of Fifteen Million
and 00/100 Dollars ($15,000,000), or such lesser amount as may constitute the
outstanding balance hereof, in lawful money of the United States, on or before
the earlier of (i) On demand; (ii) June 30, 2008 (the “Termination Date”); or
(iii) the date set forth on the Grid Schedule attached hereto as the maturity
date (the “Maturity Date”) with respect to each loan made hereunder (each a
“Loan” and collectively, the “Loans”); and to pay interest in like money at
said office or place from the date hereof on the unpaid principal balance of
each Loan made hereunder at a rate equal to the “Applicable Interest Rate” (as
hereinafter defined) for such Loan, which interest shall be payable on the
first day of each month commencing with the first month immediately following
the date of a Loan and on the Maturity Date for such Loan or until such Loan
shall be due and payable by acceleration or otherwise, and thereafter, on
demand. Interest after the Maturity Date for a Loan or after a Loan becomes due
and payable by acceleration or otherwise shall be payable at a rate of two
percent (2%) per annum above the Bank’s Prime Rate, which rate shall be
computed for the actual number of days elapsed on the basis of a 360-day year
and shall be adjusted as of the date of each such change, but in no event higher
than the maximum permitted under applicable law. “Prime Rate” shall mean the
rate of interest as is publicly announced at the Bank’s principal office from
time to time as its Prime Rate.

          The
Bank is authorized to enter on the Grid Schedule attached hereto (i) the amount
of each Loan made from time to time hereunder, (ii) the date on which each Loan
is made, (iii) the Maturity Date for each Loan, which in no event shall be a
date later than the Termination Date; (iv) the Interest Rate agreed upon
between the Debtor and the Bank for each Loan (each such rate, the “Applicable
Interest Rate” being either the “Fixed Rate”, or the “Prime Rate”, as
hereinabove defined); (v) the amount of each payment made hereunder, and (vi)
the outstanding principal balance of the Loans hereunder from time to time, all
of which entries, in the absence of manifest error, shall be conclusive and
binding on the Debtor; provided, however, that the failure of the Bank to make
any such entries shall not relieve the Debtor from its obligation to pay any
amount due hereunder.

          “Fixed
Rate” means a rate of interest per annum quoted to the Debtor by the Bank in
its discretion, from time to time at the request of the Debtor, by 11:00 a.m.,
New York City time, upon one (1) Business Days’ prior request therefor by the
Debtor; such quoted rate shall be the fixed rate which would be applicable to a
Fixed Rate Loan by the Bank on the requested date for the proposed borrowing,
in the specified amount and with the specified Interest Period; the Debtor may
request a Fixed Rate Loan on the basis of such quote. Notwithstanding any other
provision of this Note, (i) rates quoted by the Bank shall be determined in the
sole discretion of the Bank by reference to such factors and considerations as
the Bank shall deem relevant, and (ii) the Bank shall not be required to quote
any rate at all for any proposed Loan or upon the termination of an Interest
Period relating to any existing Loan.

          “Interest
Period” means as to any Fixed Rate Loan the period mutually agreed upon by the
Debtor and the Bank; provided, however, that (i) if any Interest Period would
end on a day which shall not be a Business Day, such Interest Period shall be
extended to the succeeding Business Day, and (ii) no Interest Period may be
selected which expires later than the Termination Date.

          “Business
Day” shall mean any day that is not a Saturday, Sunday or legal holiday in
which banks in New York City are open for business.

          The
Debtor shall not have the right to prepay any Loan bearing interest at the
Fixed Rate prior to the Maturity Date of such Loan. In the event the Debtor
does prepay such a Loan prior to its Maturity Date, the Debtor shall reimburse
the Bank on demand for any loss incurred or to be incurred by it in the
reemployment of the funds released by any prepayment.

          If
the Debtor shall default in the punctual payment of any sum payable with
respect to, or in the observance or performance of any of the terms and
conditions of, this Note, or any other agreement with or in favor of the Bank,
or if a default or event of default that is accelerated shall occur for any
reason under any such agreement, or if the Debtor shall default with respect to
any other obligations for borrowed money, or if the Bank shall, in its sole
discretion, consider any of the obligations of the Debtor hereunder insecure,
or if any warranty, representation or statement of fact made in writing to the
Bank at any time by an officer, agent or employee of the Debtor is false or
misleading in any material respect when made, or if the Debtor shall be
dissolved or shall fail to maintain its existence in good standing, or if the
usual business of the Debtor shall be suspended or terminated, or if any levy,
execution, seizure, attachment or garnishment shall be issued, made or filed on
or against any material portion of the property of the Debtor, or if the Debtor
shall become insolvent (however defined or evidenced), make an assignment for
the benefit of creditors or make or send a notice of intended bulk transfer, or
if a committee of creditors is appointed for, or any petition or proceeding for
any relief under any bankruptcy, reorganization, arrangement, insolvency,
readjustment of debt, receivership, liquidation or dissolution law or statue
now or hereafter in affect (whether at law or in equity) is filed or commenced
by or against the Debtor or any material portion of its property, or if any
trustee or receiver is appointed for the Debtor or any such property - then and
in any such event, in addition to all rights and remedies of the Bank under
applicable law and otherwise, all such rights and remedies being cumulative,
not exclusive and enforceable alternatively, successively and/or concurrently,
the Bank may, at its option, declare any and all of the amounts owing under
this Note to be due and payable, whereupon the maturity of the then unpaid
balance hereof shall be accelerated and the same, together with all interest
accrued hereon, shall forthwith become due and payable.

          The
Debtor hereby waives diligence, demand, presentment, protest and notice of any
kind, and assents to extensions of the time of payment, release, surrender or
substitution of security, or forbearance or other indulgence, without notice.

          This
Note may not be changed, modified or terminated orally, but only by an
agreement in writing signed by the Debtor and the Bank.

          In
the event the Bank or any holder hereof shall refer this Note to an attorney
for collection, the Debtor agrees to pay, in addition to unpaid principal and
interest, all the costs and expenses incurred in attempting or effecting
collection hereunder, including reasonable attorney’s fees, whether or not suit
is instituted.

          In
the event of any litigation with respect to this Note, the Debtor waives the
right to a trial by jury and all rights of setoff and rights to interpose
counter-claims and cross-claims. The Debtor hereby irrevocably consents to the
jurisdiction of the courts of the State of New York and of any Federal court
located in such State in connection with any action or proceeding arising out
of or relating to this Note. The execution and delivery of this Note has been
authorized by the Board of Directors and by any necessary vote or consent of
the stockholders of the Debtor. The Debtor hereby authorizes the Bank to
complete this Note in any particulars according to the terms of the Loan
evidenced hereby.

          This
Note shall be governed by an construed in accordance with the laws of the State
of New York applicable to contracts made and to be performed in such State, and
shall be binding upon the successors and assigns of the Debtor and inure to the
benefit of the Bank, its successors, endorsees and assigns.

          If
any term or provision of this Note shall be held invalid, illegal or
unenforceable, the validity of all other terms and provisions hereof shall in
no way be affected thereby.

CENTRAL HUDSON GAS &
ELECTRIC CORPORATION

	
 

	
 

	
 

	
 

	
 

	
By: 

	

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ATTEST:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
LINCOLN
 E. BLEVEANS, Secretary

GRID
SCHEDULE

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Date 

	
 

	
Note# 

	
 

	
Effective

Date

	
 

	
Applicable

 Interest Rate

	
 

	
Amount 

	
 

	
Maturity

 DateExhibit 10(i)54

PROMISSORY
NOTE

	
 

	
 

	
 

	
 

	
Date:

	
6/22/07

	
 

	
Poughkeepsie, New York

FOR VALUE RECEIVED, the
undersigned, Central Hudson Gas & Electric Corporation, a New York
corporation (the “Company”), promises to pay to the order of Citizens Bank,
N.A. (the “Bank”), on demand, at the principal office of the Bank located 833
Broadway Albany, NY, the principal sum equal to the lesser of (a) 40,000,000.00
or (b) the aggregate unpaid principal amount of all advances (the “Loans”) made
to the Company by the Bank hereunder, as reflected on the schedule (the
“Schedule”) to this promissory note (this “Note”) or otherwise in accordance
with the Bank’s usual practices on the Bank’s loan account records, payable to
the Bank on the respective maturity date of each such Loan specified on the
Schedule, in lawful money of the United State of America and in immediately
available funds, and to pay interest (computed on the bases of a year of 360
days for the actual days elapsed) on the unpaid principal amount of such loans
until due, in like funds, at the rate per annum for each such Loan specified on
the Schedule. The principal amount of any Loan not paid when due hereunder
shall thereafter bear interest at a rate per annum equal to two percent in
excess of the rate announced by the Bank from time to time as its “prime” rate.
Interest not paid when due shall thereafter bear like interest as the principal
to the extent permitted by applicable law.

          Any
of the persons authorized to borrow on behalf of the Company (an “Authorized
Person”), the names of which shall be communicated by the Company to the Bank
in writing, may request a Loan hereunder by telephone which shall be confirmed
by the Company in writing the same day via facsimile or electronic mail. In the
absence of the Bank’s negligence or willful misconduct, the Company agrees
that, in implementing this arrangement, the Bank is authorized to honor
requests for Loans which it believes, in good faith, to emanate from Authorized
Person acting pursuant to this Note. The Bank shall credit all Loan proceeds to
such Company bank account as the Company identifies in writing to the Bank,
which account shall be maintained with the Bank.

          The
Company hereby irrevocably authorizes the Bank to endorse on the Schedule, or
otherwise in accordance with Bank’s usual practices, the amount and maturity
date of each Loan made by the Bank to the Company hereunder, the interest rate
therefore, the

amount of principal payments
thereof, and the outstanding principal balance hereunder from time to time, and
all such endorsements shall constitute prima facie evidence of the accuracy of
the information so recorded (in the absence of an error that is clearly
apparent from the a review of the Schedule) in any proceeding to enforce a
payment under this Note; provided, however, that no failure or omission to make
any such notation shall affect the obligations of the Company to repay each
Loan hereunder. The Bank shall have no
obligation to make any Loans or to renew any Loan hereunder at any time.
The Company may repay voluntarily any Loan hereunder prior to its stated final
maturity date.

          In
the event that the Company fails to pay any amount of principal or interest on
any Loan as the same shall become due and payable, the Bank may declare the
entire unpaid principal amount of all Loans due and payable in whole or in
part, whereupon the principal amount of all Loans so declared to be due
payable, together with accrued interest thereon, shall become forthwith due and
payable, without notice, demand, protest or presentment of any kind, all of
which are expressly waived by the Company.

          This
Note shall be governed by and construed in accordance with the laws of the
State of New York, without regard to any provision thereof which would require
the application of the laws of any other jurisdiction.

	
 

	
 

	
 

	
 

	
Central
 Hudson Gas & Electric

 Corporation

	
 

	
 

	
 

	
By: 

	

	
 

	
 

	

	
 

	
Name: Stacey A. Renner 

	
 

	
Title:   Treasurer 

SCHEDULE

LOANS
AND PAYMENTS OF PRINCIPAL

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Date of

 Notation

	
 

	
Amount of

 Loan

	
 

	
Maturity

 Date

	
 

	
Interest

 Rate

	
 

	
Amount
 of

 Principal

 Paid or

 Prepaid

	
 

	
Unpaid

 Principal

 Balance

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