LOAN AND SECURITY AGREEMENTLoan and Security Agreement • May 22nd, 2009 • Applied Solar, Inc. • Semiconductors & related devices • California
THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of May 18, 2009 (the “Effective Date”), entered into by and among Applied Solar, Inc., a Nevada corporation (“Borrower”), and The Quercus Trust (“Lender”), sets forth the agreement pursuant to which Borrower is borrowing funds from Lender, pledging its interest in, and granting a security interest and general Lien (as defined in Section 14.2 below) in and upon, the Collateral (as defined in Section 14.2 below) as security for satisfaction of any and all obligations of Borrower arising out of or related to that certain Secured Promissory Note made by Borrower in favor of Lender and dated as of the date hereof or arising out of or related to this Agreement or any of the Loan Documents (the “Obligations”).
