SECURITY AGREEMENTSecurity Agreement • November 12th, 2010 • Op Tech Environmental Services Inc • Hazardous waste management • New York
SECURITY AGREEMENT (this “Agreement”), dated as of August 31, 2010, between OP TECH ENVIRONMENTAL SERVICES, INC. (“Borrower”), a Delaware corporation, and each lender identified on the signature pages hereto (each, including its successors and assigns, a “Lender” and collectively the “Lenders”). The Lenders and the Borrower are concurrently entering into a loan agreement (the “Loan Agreement”) pursuant to which the Borrower will issue to each Lender a Secured Convertible Note, dated as of even date herewith, (as amended, modified or supplemented from time to time in accordance with its terms, the (“Notes”) pursuant to which the Lender will make a loan to the Borrower in the Principal Sum (as such term is defined in the Note) pursuant to, and subject to the terms and conditions thereof.
