Fillable Security Agreement Template (January 2014) (Page 3 of 11) in pdf

“Project Documents” means: (a) the Power Purchase Agreement (if any), the Site

Agreement (if any) and the Operations and Maintenance Agreement (as such terms are defined in the

Loan Agreement); (b) the Construction Agreement; (c) Lien waivers signed by any supplier, vendor

or contractor performing work or providing services or equipment to the Project; (d) Lien waivers

and subordination agreements signed by any other lienholders or mortgagees of Grantor or Grantor’s

landlord, if any, waiving or subordinating any Liens on the Collateral; (e) Project specifications,

maintenance agreements and other technical information regarding the Project; (f) any and all

applicable permits, licenses, easements, variances and other authorizations; (g) Program Application

documents, project plans and pro formas, and other Program-related documents; (h) warranties from

Equipment manufacturers or contractors; and (i) any and all other appropriate documents as may be

requested by Secured Party.

“Real Property” means the premises, real property and improvements located at

______________________ in the Municipality of _____________, County of __________, and

State of New Jersey, and inscribed on the tax map therefor as Block ____, Lot _____.

“Secured Party” has the meaning ascribed to such term in the Preamble.

“Security Interest” has the meaning set forth in Section 2.1.

“SREC” means a Solar Renewable Energy Certificate which represents one megawatt

hour of electricity production from the operation of the Project.

“SREC Account” means the electronic account, if any, Grantor establishes and

maintains with SREC Program Administrator to track SRECs produced by the Project.

“SREC Program Administrator” means the entity designated by the New Jersey

Board of Public Utilities to manage and track SRECs, currently designated as PJM Environmental

Information Services, Inc.

1.2

Interpretation. For purposes of this Agreement the singular includes the

plural and the plural the singular; words denoting one gender include the other; the words

“including”, “includes” and “include” shall be deemed to be followed by the words “without

limitation”; references to agreements and other contractual instruments shall be deemed to include all

subsequent amendments, revisions and other modifications thereto, without prejudice to any

provisions of this Agreement prohibiting such amendments, revisions and other modifications; and

references to Persons include their respective heirs, legal representatives, permitted successors and/or

assigns.

1.3

Relationship of the Parties. For purposes of this Agreement, Secured Party

and Grantor expressly agree that the relationship of Secured Party to Grantor is that of a lender only.

The intent of this provision is to clarify and stipulate that Secured Party is not a partner, fiduciary

and/or coventurer of Grantor and that Secured Party's sole interest in the Collateral is for the purpose

of security for repayment of the obligations of Grantor to Secured Party.

Security Interest; Financing Statements.

Security Agreement Template (January 2014) Page 3