SECURITY AGREEMENTSecurity Agreement • October 5th, 2010 • Raser Technologies Inc • Electric services • New York
SECURITY AGREEMENT dated as of October 1, 2010 (as amended, supplemented, or otherwise modified from time to time, this “Agreement”) is entered into by and between LIGHTNING DOCK GEOTHERMAL HI-01, LLC, a Delaware limited liability company (the “Company”) and EVERGREEN –FE LIGHTNING DOCK, LLC, a Delaware limited liability company (the “Lender”).
October 1, 2010 Raser Technologies, Inc. Raser Power Systems, LLC Los Lobos Renewable Power, LLC Lightning Dock Geothermal HI-01, LLC 5152 N. Edgewood Drive, Suite 375 Provo, Utah 84604 Gentlemen:Letter Agreement • October 5th, 2010 • Raser Technologies Inc • Electric services • New York
This letter agreement (this “Letter Agreement“) is being entered into by and among Evergreen-FE Lightning Dock, LLC, a Delaware limited liability company (“EFLD“), Raser Technologies, Inc. a Delaware corporation (“Raser“), Los Lobos Renewable Power, LLC, a Delaware limited liability company (“Los Lobos“), Raser Power Systems LLC, a Delaware limited liability company (“Raser Power“) and Lightning Dock Geothermal HI-01, LLC, a Delaware limited liability company (“Project Company“). EFLD, Raser and Project Company are negotiating substantive terms of a proposed investment by EFLD in Project Company to finance the development and operation of the Lightning Dock geothermal project in Animas County, New Mexico (the “Project“), for a total of roughly $15.3 million representing a 51% interest in Project Company. In the meantime, this Letter Agreement sets forth our agreement with respect to the following:
