REVOLVING NOTESemco Energy Inc • November 20th, 2006 • Natural gas distribution
This Note is a note under which Advances (as hereafter defined), 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 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 written request for an advance, in form acceptable to Bank, which request shall specify (i) the date and aggregate amount of the proposed Advance (which shall be at least Five Hundred Thousand Dollars ($500,000)), (ii) the maturity date (each a “Repayment Date”) for repayment of such Advance (which Repayment Date
Semco Energy, Inc. Port Huron, MI 48060 Gentlemen:Negative Pledge Agreement • November 20th, 2006 • Semco Energy Inc • Natural gas distribution • Wisconsin
This Negative Pledge Agreement (the “Agreement”) is made by SEMCO ENERGY, INC., a Michigan corporation (herein “Borrower”), located at 1411 Third Street, Suite A, Port Huron, MI 48060, in favor of U.S. BANK NATIONAL ASSOCIATION (herein “Bank”), located at 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202, 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 Revolving Note dated as of November 16, 2006, made in the principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00) by Borrower, payable to Bank, as may be amended, restated supplemented or replaced from time to time (the “Note”).
