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Exhibit 10.4
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 Borrower issued and sold the
$12,500,000 Variable Rate Taxable Debenture Bonds, Series 2004 (the
“Bonds”) pursuant to the terms of the
Indenture;
WHEREAS, the Borrower and the Bank entered into
a Reimbursement and Credit Agreement, dated as of March 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 the Borrower’s Permitted Indebtedness to the
Connecticut Development
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