SEC Contract Filing

Filing Date: 2021-01-22

Document Content:
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<TYPE>EX-10.1
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<FILENAME>ex10-1.htm
<DESCRIPTION>EX-10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CREDIT AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">January 15, 2021</P>

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 <TD STYLE="width: 0.75in; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Borrower:</B></FONT></TD>
 <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: justify">&nbsp;&nbsp;Corning Natural Gas Corporation</TD></TR>
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 <TD STYLE="font-size: 10pt; text-align: justify; width: 5in">a(n)&nbsp;&nbsp;&#9744; individual&nbsp;&nbsp;&#9746; corporation&nbsp;&nbsp;&#9744; general
 partnership&nbsp;&nbsp;&nbsp;&#9744; limited liability company&nbsp;&nbsp;&nbsp;&#9744;</TD>
 <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
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 <TD STYLE="width: 2.25in; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">organized under the laws of </FONT></TD>
 <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;New York </TD></TR>
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 <TD STYLE="width: 2.25in; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">having its chief executive office at </FONT></TD>
 <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">330 West William Street, Corning, New York 14830</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Bank:</B></TD><TD STYLE="text-align: justify"><B>M&amp;T BANK</B>, a New York banking corporation with its chief executive office at One M&amp;T
Plaza, Buffalo, NY 14203. Attention: Office of General Counsel.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Bank and the Borrower agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS.</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify"><B>&ldquo;Agreement&rdquo; </B>means this Credit Agreement.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify"><B>&ldquo;Capital Expenditures&rdquo;</B> (&ldquo;CAPEX&rdquo;) means, at any time, all acquisitions
of machinery, equipment, land, leaseholds, buildings, improvements and all other expenditures considered to be for fixed assets
under G.A.A.P., consistently applied. Where an asset is acquired under a capital lease, the amount required to be capitalized shall
be considered a capital expenditure during the first year of the lease.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Ca