SEC Contract Filing

Filing Date: 2023-11-09

Document Content:
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<TYPE>EX-10.17C
<SEQUENCE>2
<FILENAME>ex10-17c.htm
<DESCRIPTION>EX-10.17C
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.2pt 12.05pt 0 0; text-align: right">Exhibit 10.17(c)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.2pt 12.05pt 0 0; text-align: right">Loan No. RX0024T11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 86.7pt 0 79.8pt; text-align: center">PROMISSORY NOTE AND SUPPLEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 162.1pt 0 155.15pt; text-align: center">(Multiple Advance Term Loan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.9pt 11.95pt 0 5.15pt; text-align: justify; text-indent: 34.1pt"><B>THIS
PROMISSORY NOTE AND SUPPLEMENT </B>(this &ldquo;<U>Promissory Note and Supplement</U>&rdquo;) is entered into as of May 11, 2023 between
<B>TIDEWATER UTILITIES, INC.</B>, a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and <B>CoBANK, ACB</B>, a federally chartered
instrumentality of the United States (&ldquo;<U>CoBank</U>&rdquo;), 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 &ldquo;<U>MLA</U>&rdquo;). Capitalized terms used herein and not defined herein shall have the meanings given to those terms in the
MLA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.95pt 0 5.15pt; text-align: justify; text-indent: 34.1pt"><B>SECTION 1.
The Commitment</B>. On the terms and conditions set forth in the MLA and this Promissory Note and Supplement, CoBank agrees to make loans
(each, a &ldquo;<U>Loan</U>&rdquo;) 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 &ldquo;<U>Commitment</U>&rdquo;). Under the Commitment, amounts borrowed and later repaid may not be reborrowed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.95pt 0 5.15pt; text-align: justify; text-indent: 34.1pt"><B>SECTION 2.
Purpose</B>. 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, a Fourth
Amendment to Promissory Note and Supplement dated as of August 19, 2020, an Omnibus Amendment to Promissory Notes and Supplements dated
as of December 6, 2022 and a Sixth Amendment to Promissory Note and Supplement dated as of the date hereof (the &ldquo;<U>Revolving Term
Loan</U>&rdquo;); (B) refinance debt of the Company to Middlesex Water Company (&ldquo;<U>Middlesex Water</U>&rdquo;) that was incurred
to finance capital expenditures; and (C) finance additional capital expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 11.95pt 0 5.15pt; text-align: justify; text-indent: 34.1pt"><B>SECTION
3. Term of Commitment</B>. The term of the Commitment shall be from the date hereof up to and including December 20, 2023, or such later
date as CoBank may, in its sole discretion, authorize in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.9pt 0 5.15pt; text-align: justify; text-indent: 34.1pt"><B>SECTION 4.
Availability</B>. Notwithstanding Section 2 of the MLA: (A) Loans will be made available upon written request in form and content prescribed
by CoBank (the &ldquo;<U>Request for Loan</U>&rdquo;); (B) 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&rsquo;s existing indebtedness owed to Middlesex Water will be made
by wire transfer of immediately available funds directly to Middlesex Water.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 5.2pt 0 0 39.25pt; text-align: left">SECTION 5. Interest<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.9pt 0 5.15pt; text-align: justify; text-indent: 68.25pt"><B>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate
Options</B>. 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:</P>

<P STYLE="font: 10pt Times N