SECURITY AGREEMENTSecurity Agreement • May 30th, 2008 • Alternative Construction Company, Inc. • Prefabricated metal buildings & components • New York
This SECURITY AGREEMENT, dated as of May 8, 2008 (this “Agreement”), is among Alternative Construction Technologies, Inc., a Delaware corporation (the “Company”), all of the Subsidiaries of the Company (such subsidiaries, the “Guarantors” and together with the Company, the “Debtors”) and the holders of the Company’s Senior Secured Grid Notes due May 1, 2010 and to be issued pursuant to the Company’s Line of Credit Agreement of date even herewith, in the aggregate original aggregate principal amount of up to $4,500,000 (collectively, the “Notes”) signatory hereto, their endorsees, transferees and assigns (collectively, the “Secured Parties”).
ContractAlternative Construction Company, Inc. • May 30th, 2008 • Prefabricated metal buildings & components • New York
THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF OR EXERCISED UNLESS (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS SHALL HAVE BECOME EFFECTIVE WITH REGARD THERETO, OR (ii) AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE IN CONNECTION WITH SUCH OFFER, SALE OR TRANSFER.
LINE OF CREDIT AGREEMENTLine of Credit Agreement • May 30th, 2008 • Alternative Construction Company, Inc. • Prefabricated metal buildings & components • New York
This LINE OF CREDIT AGREEMENT (this "Agreement" or “Line of Credit Agreement”), dated as of May 8, 2008, by and among Alternative Construction Technologies, Inc., a Florida corporation, ("Company" or “Borrower”), and each buyer listed on the Schedule of Buyers attached hereto (each, including its successors and assigns, a “Buyer” or a “Lender” and collectively the “Buyers” or“Lenders”).
SENIOR SECURED GRID NOTE DUE MAY 1, 2010Senior Secured Grid Note • May 30th, 2008 • Alternative Construction Company, Inc. • Prefabricated metal buildings & components • New York
This Note evidences loans made by Holder to Borrower from time to time, subject to, and as provided in the Line of Credit Agreement. The unpaid principal balance of this Note at any time shall be the total amount advanced by Holder to Borrower, less the total amount of principal payments made hereon by Borrower. The date and amount of each Advance and each payment on account of principal thereof may be endorsed by Holder on the grid attached to and made a part of this Note, and when so endorsed shall represent evidence thereof binding upon Borrower in the absence of manifest error. Any failure by Holder to so endorse shall in no way mitigate or discharge the obligation of Borrower to repay any loans actually made. Borrower may prepay this Note in whole or in part at any time with all accrued interest to the date of prepayment.
