MASTER REVOLVING NOTESemco Energy Inc • October 17th, 2006 • Natural gas distribution
This Note is a note under which Advances, repayments and new Advances may be made from time to time, provided that Bank shall not be obligated to make any Advance hereunder (notwithstanding anything expressed or implied herein or elsewhere to the contrary), and the Bank, at any time and from time to time, without notice, and in its sole and absolute discretion, may refuse to make Advances to Borrower hereunder without incurring any liability whatsoever and without in any way affecting Borrower's liability hereunder for all amounts advanced. Advances hereunder may be requested in Borrower's discretion by telephonic notice to Bank or by submission to Bank of a Request for Advance in form annexed hereto as Exhibit "A". Any Advance requested by telephon-ic notice shall be confirmed by Borrower that same day by submission to Bank, either by first class mail or telefax, of the written Request for Advance aforementioned. Borrower acknowledges that if Bank makes an Advance based on a telephoni
Semco Energy, Inc. Troy, MI 48084 Gentlemen:Negative Pledge Agreement • October 17th, 2006 • Semco Energy Inc • Natural gas distribution • Michigan
This Negative Pledge Agreement (the “Agreement”) is made by SEMCO ENERGY, INC., a Michigan corporation (herein the “Borrower”), located at 2301 West Big Beaver Road, Suite 212, Troy, MI 48084, in favor of COMERICA BANK, a Michigan banking corporation (herein the “Bank”), located at 500 Woodward Avenue, Detroit, Michigan 48226, pertaining to certain loans and other credit which Bank has made or may from time to time hereafter make available to Borrower, which are evidenced by that certain Master Revolving Note dated as of October 1, 2006, made in the principal amount of $15,000,000 by Borrower, payable to Bank, as may be amended, restated supplemented or replaced from time to time (the “Master Note”).
