SEC Contract Filing

Filing Date: 2015-04-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>continuingguaranty.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<a name="sE5A4BC49E360CFEAE35A33B5C2A02CAF"></a><div></div><br><div style="line-height:100%;padding-top:1px;text-align:left;text-indent:480px;font-size:9.5pt;"><font style="font-family:Arial;font-size:9.5pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;Exhibit 10.3</font></div><div style="line-height:120%;text-align:left;padding-left:17px;text-indent:232px;font-size:9.5pt;"><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">CONTINUING GUARANTY</font></div><div style="line-height:100%;text-align:left;font-size:9.5pt;"><font style="font-family:Arial;font-size:9.5pt;"><br></font></div><div style="line-height:100%;text-align:left;font-size:9.5pt;"><font style="font-family:Arial;font-size:9.5pt;"><br></font></div><div style="line-height:100%;text-align:left;font-size:9.5pt;"><font style="font-family:Arial;font-size:9.5pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:17px;font-size:9.5pt;"><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">TO:&#160;&#160;&#160;&#160;WELLS FARGO BANK, NATIONAL ASSOCIATION</font></div><div style="line-height:120%;text-align:left;font-size:9.5pt;"><font style="font-family:Arial;font-size:9.5pt;"><br></font></div><div style="line-height:120%;padding-left:16px;padding-top:6px;text-align:left;text-indent:38px;"><font style="padding-top:6px;text-align:left;font-family:Arial;font-size:9.5pt;color:#1a1a1a;padding-right:40px;">1.</font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">GUARANTY</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">; </font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">DEFINITIONS</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">. </font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">In consideration of any credit or other financial accommodation heretofore, now or hereafter extended or made to ROANOKE GAS COMPANY ("Borrowers"), or any of them </font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">, </font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">by WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank"), and for other valuable consideration</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">, </font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">the undersigned RGC RESOURCES, INC</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">. </font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">(</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">"</font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">Guarantor''), jo</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">i</font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">ntly and severally unconditionally guarantees and promises to pay to Bank, or order</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">, </font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">on demand in lawful money of the United States of America and in immediately available funds, any and all Indebtedness of any of the Borrowers to Bank</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">. </font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">The term "Indebtedness" is used herein in its most comprehensive sense and</font><font style="font-family:Arial;font-size:9.5pt;color:#898989;">. </font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">includes any and alI advances, debts, obligations arid liabilities of Borrowers, or any of them, heretofore</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">, </font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">now or hereafter made, incurred or created, whether voluntary or involuntary and however arising, whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, including under any swap, derivative, foreign exchange, hedge, deposit, treasury management or other similar transaction or arrangement, and whether any of the Borrowers may be liable individually or jointly with others, or whether recovery upon such Indebtedness may be or hereafter becomes unenforceable. This Guaranty is a guaranty of payment and not collection</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">.</font></div><div style="line-height:110%;text-align:left;font-size:9.5pt;"><font style="font-family:Arial;font-size:9.5pt;"><br></font></div><div style="line-height:120%;padding-left:13px;text-align:left;text-indent:38px;"><font style="text-align:left;font-family:Arial;font-size:9.5pt;color:#1a1a1a;padding-right:40px;">2.</font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">MAXIMUM LIABILITY</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">; </font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">SUCCESSIVE TRANSACTIONS; REVOCATION; OBLIGATION UNDER OTHER GUARANTIES. This is a continuing guaranty and all rights</font><font style="font-family:Arial;font-size:9.5pt;color:#343434;">, </font><font style="font-family:Arial;font-size:9.5pt;color:#1a1a1a;">powers and remedies hereunder shall apply to all past, present and future Indebtedness of each of the Borrowers to Bank, including that arising under successive transactions which shall either continue the Indebtedness, increase or decrease it, or from time to time create new Indebtedness after all or any prior Indebtedne