Renewal Letter for $20,000,000 Committed Line of Credit between PNC Bank and Middlesex Water Company
PNC Bank has renewed Middlesex Water Company's $20 million committed line of credit, extending the expiration date from January 29, 2014, to January 29, 2015. All other terms and conditions of the original agreement and note remain unchanged. This letter serves as formal notice of the extension, ensuring continued access to the credit line for Middlesex Water Company for another year.
Exhibit 10.32
(PNC BANK LETTERHEAD)
January 28, 2014
Middlesex Water Company
1500 Ronson Road
Iselin, New Jersey ###-###-####
Attn: A. Bruce O’Connor, V.P. & CFO
| Re: | Renewal of Expiration Date for $20,000,000.00 Committed Line of Credit |
Dear Bruce:
We are pleased to inform you that your committed line of credit has been renewed. The Expiration Date, as set forth in that certain Letter Agreement dated August 27, 2001 (the “Agreement”), and in the Amended and Restated committed Line of Credit Note dated January 29, 2010 executed and delivered pursuant to that Agreement (the “Note”), has been extended from January 29, 2014 to January 29, 2015, effective on January 30, 2014. All other terms and conditions of the Note and the Agreement remain in full force and effect.
It has been a pleasure working with you and I look forward to a continued successful relationship. Thank you again for your business.
Very truly yours,
| PNC BANK, NATIONAL ASSOCIATION | ||
| By: | /s/Virginia G. Alling | |
| Virginia G. Alling | ||
| Vice President | ||
