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Exhibit 10.3
Execution Copy
SECOND AMENDMENT TO REIMBURSEMENT
AND CREDIT AGREEMENT
This SECOND
AMENDMENT TO REIMBURSEMENT AND CREDIT AGREEMENT (the "
Second Amendment ") is made and entered into this 23rd day
of August, 2007 by and between THE CONNECTICUT WATER
COMPANY, a corporation duly organized and existing under the
laws of the State of Connecticut with an office at 93 West Main
Street, Clinton, Connecticut 06413 (the " Borrower "), and
CITIZENS BANK OF RHODE ISLAND, with an office at One
Citizens Plaza, Providence, Rhode Island 02903, (the " Bank
").
WITNESSETH:
WHEREAS, the Connecticut Development Authority
issued and sold the $4,550,000 Water Facilities Refunding Revenue
Bonds (The Connecticut Water Company Project-2004B Series (the
“Bonds”) and loaned funds to the Borrower pursuant to
the terms of the Indenture;
WHEREAS, the Borrower and the Bank entered into
a Reimbursement and Credit Agreement, dated as of August 1, 2004,
to provide for an irrevocable direct pay letter of credit to be
issued by the Bank for the account of the Borrower to secure the
Bonds, as amended by a First Amendment to Reimbursement and Credit
Agreement dated April 28, 2006 by and between the Borrower and the
Bank (collectively, the
“Agreement”). Capitalized terms used in this
Second Amendment and not otherwise defined herein shall have the
meanings ascribed thereto in the Agreement;
WHEREAS, the Borrower wishes to increase the
amount of Borrower&rsqu
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