GENERAL BUSINESS SECURITY AGREEMENTGeneral Business Security Agreement • September 17th, 2009 • Telkonet Inc • Communications services, nec • Wisconsin
In consideration of any financial accommodation at any time granted by Wisconsin Department of Commerce (“Lender”) to Telkonet, Inc. (“Borrower”), each of the undersigned (“Debtor,” whether one or more) grants Lender a security interest in all equipment, fixtures, inventory, documents, general intangibles, accounts, deposit accounts (unless a security interest would render a nontaxable account taxable), contract rights, chattel paper, patents, trademarks and copyrights (and the good will associated with and registrations and licenses of any of them), instruments, letter of credit rights and investment property, now owned or hereafter acquired by Debtor (or by Debtor with spouse), and all additions and accessions to, all spare and repair parts, special tools, equipment and replacements for, software used in, all returned or repossessed goods the sale of which gave rise to and all proceeds, supporting obligations and products of the foregoing (“Collateral”), wherever located, to secure a
LOAN AGREEMENT BETWEEN THE WISCONSIN DEPARTMENT OF COMMERCE AND TELKONET, INC.Loan Agreement • September 17th, 2009 • Telkonet Inc • Communications services, nec • Wisconsin
This Agreement is entered into by and between the Wisconsin Department of Commerce (“Department”) and Telkonet, Inc., (“Borrower”).
PROMISSORY NOTEPromissory Note • September 17th, 2009 • Telkonet Inc • Communications services, nec • Wisconsin
FOR VALID CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, and in consideration for the terms and conditions set forth in the Gaming Economic Development Loan Agreement between the Wisconsin Department of Commerce (“Department”) and Telkonet, Inc. (“Borrower”) also identified as Contract #GEDL FY09-19444, the Borrower promises to pay the Department the principal sum of Three Hundred Thousand and 00/100 Dollars ($300,000.00), or so much thereof as may be advanced by the Department, together with interest, in accordance with the terms and conditions hereinafter set forth.
Intercreditor Agreement September 11, 2009Intercreditor Agreement • September 17th, 2009 • Telkonet Inc • Communications services, nec • Wisconsin
Thermo Credit, LLC (“Thermo Credit”) and the above-referenced Client have entered into a Factoring Agreement dated as of January 28, 2008 (as amended and in effect, and together with all other documents, instruments and agreements executed in connection therewith, the “Factoring Agreement”). The Client’s obligations under the Factoring Agreement (the “Factoring Obligations”) are secured by a security interest (the “Factoring Lien”) in all Receivables and Accounts of the Client, whether now owned or hereafter acquired, consisting of “Purchased Receivables” and “Records” (as defined in the Factoring Agreement) relating to the same, and proceeds and payments related to the same and all deposit accounts set up under or pursuant to the Factoring Agreement to receive such proceeds or payments (the “TCL Collateral”).
