Document:

exv10w1

	 	 	 	 	 

Exhibit 10.1

Loan No. 68890396

DEPOSIT ACCOUNT PLEDGE AGREEMENT

(SPI Reserve Account Pledge)

     THIS DEPOSIT ACCOUNT PLEDGE AGREEMENT (this “Agreement”), dated June 22, 2010, is entered
into between Solar Power, Inc., a California corporation (“Grantor”) and Umpqua Bank, an Oregon
corporation (“Lender”). For valuable consideration, Grantor grants to Lender a security interest in
the Collateral to secure the Indebtedness of Solar Tax Partners 1, LLC, a California limited
liability company (“Borrower”) and agrees that Lender shall have the rights stated in this
Agreement with respect to the Collateral, in addition to all other rights which Lender may have
under the Loan Documents or by law.

     DEFINITIONS. The following words shall have the following meanings when used in this
Agreement. Terms not otherwise defined in this Agreement or in the Loan Agreement shall have the
meanings attributed to such terms in the Uniform Commercial Code. All references to dollar amounts
shall mean amounts in lawful money of the United States of America.

     Collateral. The word “Collateral” means the following described property of Grantor, whether
now owned or hereafter acquired, whether now existing or hereafter arising, and wherever located:
Umpqua Bank deposit account No. 991976481, established in the name of Grantor (the “Deposit
Account”). The Deposit Account is the “SPI Reserve Account” as such term is defined in the Loan
Agreement. Grantor acknowledges that the Deposit Account is a “blocked” account and that the funds
therein are available only to Lender for application to the Indebtedness as and when permitted by
the Loan Documents.

     In addition, the word “Collateral” includes all the following, whether now owned or hereafter
acquired, whether now existing or hereafter arising, and wherever located:

     (a) All increases, and additions to and all replacements of and substitutions for the
Collateral.

     (b) All products and produce of the Collateral, including but not limited to interest.

     (c) All accounts, general intangibles, instruments, rents, monies, payments, and all other
rights, arising out of a sale, lease, or other disposition of any of the Collateral.

     (d) All proceeds (including insurance proceeds) from the sale, destruction, loss, or other
disposition of any of the property described in this Collateral section.

     (e) All records and data relating to any of the property described in this Collateral section,
whether in the form of a writing, photograph, microfilm, microfiche, or electronic media, together
with all of Grantor’s right, title, and interest in and to all computer software required to
utilize, create, maintain, and process any such records or data on electronic media.

     Event of Default. The words “Event of Default” mean and include without limitation any of the
Events of Default set forth in any of the Loan Documents.

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     Indebtedness. The word “Indebtedness” means the indebtedness evidenced by the Note, including
all principal and interest, together with all other indebtedness and costs and expenses for which
Borrower is responsible under the Loan Documents. In addition, the word “Indebtedness” includes all
other obligations, debts and liabilities, plus interest thereon, of Borrower to Lender, as well as
all claims by Lender against Borrower whether existing now or later; whether they are voluntary or
involuntary, due or not due, direct or indirect, absolute or contingent, liquidated or
unliquidated; whether Borrower may be liable individually or jointly with others; whether Borrower
may be obligated as guarantor, surety, accommodation party or otherwise; whether recovery upon such
indebtedness may be or hereafter may become barred by any statute of limitations; and whether such
indebtedness may be or hereafter may become otherwise unenforceable.

     Note. The word “Note” means that certain Promissory Note of even date herewith, executed by
Borrower in favor of Lender, in the principal amount of Nine Million Nine Hundred Fifty Thousand
and 00/100 Dollars ($9,950,000.00).

     Loan Agreement. The words “Loan Agreement” mean that certain Loan Agreement executed by
Borrower and Lender of even date herewith, with respect to the Note and the Indebtedness.

     Loan Documents. The words “Loan Documents” means all documents evidencing, securing, or
executed in connection with the Indebtedness, whether now or hereafter existing, including but not
limited to the Loan Agreement, the Note, the Security Documents and this Agreement, each as they
may be modified, amended, extended, renewed, superseded or substituted from time to time.

     Uniform Commercial Code. The words “Uniform Commercial Code” shall mean the California
Uniform Commercial Code, as it may be amended from time to time.

     OBLIGATIONS OF GRANTOR. Grantor warrants and covenants to Lender as follows:

Perfection of Security Interest. Grantor agrees to take whatever actions are requested by Lender
to create, perfect and continue Lender’s security interest in the Collateral, including but not
limited to execution of signature cards, deposit account agreements and similar documents. Upon
request of Lender, Grantor will deliver to Lender any and all of the documents evidencing or
constituting the Collateral, and Grantor will note Lender’s interest upon any and all chattel paper
if not delivered to Lender for possession by Lender. Grantor hereby appoints Lender as its
irrevocable attorney-in-fact for the purpose of executing any documents necessary to create,
perfect or continue the security interest granted in this Agreement. Lender may at any time, and
without further authorization from Grantor, file a carbon, photographic or other reproduction of
any financing statement or of this Agreement for use as a financing statement. Grantor will
reimburse Lender for all expenses for the perfection and the continuation of the perfection of
Lender’s security interest in the Collateral. Grantor promptly will notify Lender before any change
in Grantor’s name, including any change to any assumed business names of Grantor. This

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is a continuing agreement and will continue in effect until the Indebtedness is indefeasibly paid
and performed in full; provided, however that: if (1) Borrower has achieved a Debt Service Coverage
Ratio of not less than 1.20:1.00 as of the end of the Fourth Loan Year and the Fifth Loan Year, or
if Borrower achieves a Debt Service Coverage Ratio of not less than 1.20:1.00 as of the end of each
of two subsequent and consecutive Loan Years beginning with the Sixth Loan Year, and (2) at that
time the Debt Service Reserve Account is fully funded in the amount of $700,000, or more, then the
Lender will release its security interest in the SPI Reserve Account.

     No Violation. The execution and delivery of this Agreement will not violate any law or
agreement governing Grantor or to which Grantor is a party, and its articles of incorporation and
bylaws do not prohibit any term or condition of this Agreement.

     Transactions Involving Collateral. Grantor shall not sell, offer to sell, or otherwise
transfer or dispose of the Collateral. Grantor shall not pledge, mortgage, encumber or otherwise
permit the Collateral to be subject to any lien, security interest, encumbrance, or charge, other
than the security interest provided for in this Agreement, without the prior written consent of
Lender. This includes security interests even if junior in right to the security interests granted
under this Agreement.

     Title. Grantor represents and warrants to Lender that it holds good and marketable title to
the Collateral, free and clear of all liens and encumbrances except for the lien of this Agreement.
No financing statement covering any of the Collateral is on file in any public office other than
those which reflect the security interest created by this Agreement or to which Lender has
specifically consented, and Grantor has not entered into any control agreement with any other
creditor concerning the Deposit Account. Grantor shall defend Lender’s rights in the Collateral
against the claims and demands of all other persons.

     Liens. Grantor will pay when due all taxes, assessments and liens upon the Collateral.
Grantor may withhold any such payment or may elect to contest any lien if Grantor is in good faith
conducting an appropriate proceeding to contest the obligation to pay and so long as Lender’s
interest in the Collateral is not jeopardized in Lender’s sole opinion. If the Collateral is
subjected to a lien which is not discharged within fifteen (15) days, Grantor shall deposit with
Lender cash, a sufficient corporate surety bond, or other security satisfactory to Lender in an
amount adequate to provide for the discharge of the lien plus any interest, costs, attorneys’ fees
or other charges that could accrue as a result of any lien on the Collateral. In any contest
Grantor shall defend itself and Lender, and shall satisfy any final adverse judgment before
enforcement against the Collateral. Grantor shall name Lender as an additional obligee under any
surety bond furnished in the contest proceedings.

     Compliance with Governmental Requirements. Grantor shall comply promptly with all laws,
ordinances, rules and regulations of all governmental authorities, now or hereafter in effect,
applicable to the ownership, production, disposition, or use of the Collateral. Grantor may contest
in good faith any such law, ordinance or regulation and withhold compliance during any proceeding,
including appropriate appeals, so long as Lender’s interest in the Collateral, in Lender’s opinion,
is not jeopardized.

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     EXPENDITURES BY LENDER. If not discharged or paid when due, Lender may (but shall not be
obligated to) discharge or pay any amounts required to be discharged or paid by Grantor under this
Agreement, including without limitation all taxes, liens, security interests, encumbrances, and
other claims, at any time levied or placed on the Collateral. Lender also may (but shall not be
obligated to) pay all costs for insuring, maintaining and preserving the Collateral. All such
expenditures incurred or paid by Lender for such purposes will then bear interest at the rate
charged under the Note from the date incurred or paid by Lender to the date of repayment by
Grantor. All such expenses shall become a part of the Indebtedness and, at Lender’s option, will:
(a) be payable on demand; (b) be added to the balance of the Note and be apportioned among and be
payable with any installment payments to become due during either: (i) the remaining term of the
Note; or (ii) be treated as a balloon payment which will be due and payable at the Note’s maturity.
This Agreement also will secure payment of these amounts. Such right shall be in addition to all
other rights and remedies to which Lender may be entitled upon the occurrence of an Event of
Default.

     CONSENTS OF GRANTOR: The Grantor hereby unconditionally consents and agrees that, without
notice to or further assent from the Grantor:

          (a) the principal amount of the Indebtedness may be increased or decreased and additional
Indebtedness or obligations of the Borrower under the Loan Documents may be incurred, by one or
more amendments, modifications, renewals or extensions of any Loan Document or otherwise;

          (b) the time, manner, place or terms of any payment under any Loan Document may be extended or
changed, including by an increase or decrease in the interest rate on any Indebtedness or any fee
or other amount payable related to the Indebtedness or under such Loan Document, by an amendment,
modification or renewal of any Loan Document or otherwise;

          (c) the time for the Borrower’s (or any other Person’s) performance of or compliance with any
term, covenant or agreement on its part to be performed or observed under any Loan Document may be
extended, or such performance or compliance waived, or failure in or departure from such
performance or compliance consented to, all in such manner and upon such terms as the Lender may
deem proper;

          (d) the Lender may discharge or release, in whole or in part, any other grantor of security
for the Indebtedness, or any Guarantor or other Person liable for the payment and performance of
all or any part of the Indebtedness, and may permit or consent to any such action or any result of
such action, and shall not be obligated to demand or enforce payment upon any of the collateral for
the Indebtedness, nor shall the Lender be liable to the Grantor for any failure to collect or
enforce payment or performance of the Indebtedness from any Guarantor or Person or to realize on
the collateral therefor;

          (e) in addition to the collateral encumbered by the Security Documents, the Lender may take
and hold other security (legal or equitable) of any kind, at any time, as collateral for the
Indebtedness, and may, from time to time, in whole or in part, exchange, sell, surrender, release,
subordinate, modify, waive, rescind, compromise or extend such security and may permit

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or consent to any such action or the result of any such action, and may apply such security and
direct the order or manner of sale thereof;

          (f) the Lender may request and accept other guaranties of the Indebtedness and any other
obligations or liabilities of the Borrower to the Lender and may, from time to time, in whole or in
part, surrender, release, subordinate, modify, waive, rescind, compromise or extend any such
guaranty and may permit or consent to any such action or the result of any such action; and

          (g) the Lender may exercise, or waive or otherwise refrain from exercising, any other right,
remedy, power or privilege (including the right to accelerate the maturity of any Indebtedness and
any power of sale) granted by any Loan Document or Security Document or agreement, or otherwise
available to the Lender, with respect to the Indebtedness, any of the collateral or other security
for any or all of the Indebtedness, even if the exercise of such right, remedy, power or privilege
affects or eliminates any right of subrogation or any other right of the Grantor against the
Borrower;

     all as the Lender may deem advisable, and all without impairing, abridging, releasing or
affecting this Agreement.

     GRANTOR WAIVERS.

          (a) Grantor waives and agrees not to assert:

               (i) any right to require the Lender to marshal assets in favor of the Borrower, the Grantor,
any Guarantor or any other Person, to proceed against the Borrower, any other grantor of collateral
for the Indebtedness or any Guarantor or other Person, to proceed against or exhaust any of the
collateral or any other security held for the Indebtedness, to give notice of the terms, time and
place of any public or private sale of personal property security constituting the collateral or
any other collateral or security for the Indebtedness or comply with any other provisions of §9504
of the Uniform Commercial Code (or any equivalent provision of any other applicable law) or to
pursue any other right, remedy, power or privilege of the Lender whatsoever;

               (ii) the defense of the statute of limitations in any action hereunder or for the collection
or performance of the Indebtedness;

               (iii) any defense arising by reason of any lack of corporate or other authority or any other
defense of the Borrower, the Grantor, any Guarantor, or any other Person;

               (iv) any defense based upon the Lender or Trustee’s errors or omissions in the administration
of the Indebtedness;

               (v) any rights to set-offs and counterclaims;

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               (vi) (A) the Grantor’s rights of subrogation, reimbursement, indemnification, and
contribution and (B) any other rights and defenses that are or may become available to the Grantor
by reason of California Civil Code Sections 2787 to 2855, inclusive;

               (vii) any rights or defenses the Grantor may have in respect of its obligations as a grantor
of collateral for the Indebtedness, a guarantor or other surety by reason of any election of
remedies by the creditor;

               (viii) any rights or defenses Grantor may have because the Loan obligation is secured by real
property or an estate for years. These rights or defenses include, but are not limited to, any
rights or defenses that are based upon directly or indirectly, the application of Section 580a,
580b, 580d or 726 of the California Code of Civil Procedure to the Loan;

               (ix) any rights or defenses that Grantor may have because the Loan is secured by real
property. This means, among other things: (A) Lender may collect from Grantor without first
foreclosing on any real or personal property collateral pledged by Borrower; and (B) If Lender
forecloses on any real property collateral pledged by Borrower: (1) The amount of the
Indebtedness may be reduced only by the price for which that collateral is sold at the foreclosure
sale, even if the collateral is worth more than the sale price; and (2) Lender may collect from
Grantor even if Lender or Trustee, by foreclosing on the real property collateral, has destroyed
any right Grantor may have to collect from Borrower. This is an unconditional and irrevocable
waiver of any rights and defenses Grantor may have because the Borrower’s debt is secured by real
property. These rights and defenses include, but are not limited to, any rights or defenses based
upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure;

               (x) any rights or defenses arising out of an election of remedies by the creditor, even though
that election of remedies, such as a nonjudicial foreclosure with respect to security for the
Indebtedness has destroyed the Grantor’s rights of subrogation and reimbursement against the
principal by the operation of California Code of Civil Procedure Section 580d or otherwise; and

               (xi) without limiting the generality of the foregoing, to the fullest extent permitted by law,
any defenses or benefits that may be derived from or afforded by applicable law limiting the
liability of or exonerating guarantors or sureties, or which may conflict with the terms of this
Agreement.

          (b) The Grantor waives any and all notice of the acceptance of this Agreement, and any and all
notice of the creation, renewal, modification, extension or accrual of the Indebtedness, or the
reliance by the Lender upon this Agreement, or the exercise of any right, power or privilege
hereunder. The Indebtedness shall conclusively be deemed to have been created, contracted,
incurred and permitted to exist in reliance upon this Agreement. The Grantor waives promptness,
diligence, presentment, protest, demand for payment, notice of default, dishonor or nonpayment and
all other notices to or upon the Borrower, the Grantor or any guarantor or other person with
respect to the Indebtedness.

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          (c) The obligations of the Grantor hereunder are independent of and separate from the
obligations of the Borrower, and any other guarantor and upon the occurrence and during the
continuance of any Event of Default, a separate action or actions may be taken or brought against
the Grantor to foreclose this Agreement, whether or not the Borrower or any Guarantor or any other
grantor of collateral for the Indebtedness is joined therein or a separate action or actions are
brought against the Borrower , any Guarantor, or any other Grantor.

          (d) The Grantor shall not have any right to require the Lender to obtain or disclose any
information with respect to: (i) the financial condition or character of the Borrower or the
ability of the Borrower to pay and perform the Indebtedness; (ii) the Indebtedness; (iii) the
collateral or other security for any or all of the Indebtedness; (iv) the existence or nonexistence
of any other guarantees of all or any part of the Indebtedness; (v) any action or inaction on the
part of the Lender or any other Person; or (vi) any other matter, fact or occurrence whatsoever.

          (e) The Grantor shall not have, shall not directly or indirectly exercise, and hereby
subordinates to the rights of Lender and Borrower, (i) any rights that it may acquire by way of
subrogation under this Agreement, by any payment hereunder or otherwise, (ii) any rights of
contribution, indemnification, reimbursement or similar suretyship claims arising out of this
Agreement, and (iii) any other right which it might otherwise have or acquire (in any way
whatsoever) which could entitle it at any time to share or participate in any right, remedy or
security of the Lender as against the Borrower, other Grantor, or any guarantor, whether in
connection with any of the Loan Documents or otherwise. If any amount shall be paid to the Grantor
on account of the foregoing rights at any time when all the Indebtedness shall not have been paid
in full, such amount shall be held in trust for the benefit of the Lender and shall forthwith be
paid to the Lender to be credited and applied to the Indebtedness, whether matured or unmatured, in
accordance with the terms of the Loan Documents.

     EVENTS OF DEFAULT. The occurrence of any of the following shall constitute an event of
default hereunder (“Event of Default”):

          (a) If any representation or warranty of Grantor contained in this Assignment is found to be
untrue or misleading in any material respect;

          (b) If Grantor shall fail to pay when due or to observe or perform any other material
obligation, term covenant, condition, representation, or warranty contained in the PBI Agreement
subject to any applicable notice and cure periods; and

          (c) The occurrence of any Event of Default under the Loan Agreement, or any of the Loan
Documents.

Upon the occurrence of any Event of Default hereunder, Assignee may take any action Assignee may
deem necessary to protect its security, and may exercise any of its rights or remedies set forth in
the Loan Documents, or otherwise available at law or in equity. All such rights and remedies of
Assignee shall be cumulative.

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     RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Agreement, at any
time thereafter, Lender shall have all the rights of a secured party under the California Uniform
Commercial Code. In addition and without limitation, Lender may exercise any one or more of the
following rights and remedies:

     Appoint Receiver. To the extent permitted by applicable law, Lender shall have the following
rights and remedies regarding the appointment of a receiver: (a) Lender may have a receiver
appointed as a matter of right; (b) the receiver may be an employee of Lender and may serve without
bond; and (c) all fees of the receiver and his or her attorney shall become part of the
Indebtedness secured by this Agreement and shall be payable on demand, with interest at the Note
rate from date of expenditure until repaid.

     Collect Revenues, Apply Accounts. Lender, either itself or through a receiver, may collect
the payments, rents, income, and revenues from the Collateral, including but not limited to
interest. Lender may at any time in its discretion transfer any Collateral into its own name or
that of its nominee and receive the payments, rents, income, and revenues therefrom and hold the
same as security for the Indebtedness or apply it to payment of the Indebtedness in such order of
preference as Lender may determine. If the Collateral is applied to the Indebtedness, the amount
applied shall be the principal balance of the Deposit Account and all accrued interest not
previously paid to Grantor, less any penalties for early withdrawal or similar changes. Insofar as
the Collateral consists of accounts, general intangibles, insurance policies, instruments, chattel
paper, choses in action, or similar property, Lender may demand, collect, receipt for, settle,
compromise, adjust, sue for, foreclose, or realize on the Collateral as Lender may determine,
whether or not Indebtedness or Collateral is then due. For these purposes, Lender may, on behalf of
and in the name of Grantor, receive, open and dispose of mail addressed to Grantor; change any
address to which mail and payments are to be sent; and endorse notes, checks, drafts, money orders,
documents of title, instruments and items pertaining to payment, shipment, or storage of any
Collateral.

     Obtain Deficiency. If Lender chooses to sell or realize on any or all of the Collateral,
Lender may obtain a judgment against Borrower for any deficiency remaining on the Indebtedness due
to Lender after application of all amounts received from the exercise of the rights provided in
this Agreement.

     Other Rights and Remedies. Lender shall have all the rights and remedies of a secured creditor
under the provisions of the Uniform Commercial Code, as may be amended from time to time. In
addition, Lender shall have and may exercise any or all other rights and remedies it may have
available at law, in equity, or otherwise.

     Cumulative Remedies. All of Lender’s rights and remedies, whether evidenced by this Agreement
or by any other writing, shall be cumulative and may be exercised singularly or concurrently.
Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an
election to make expenditures or to take action to perform an obligation of Grantor under this
Agreement, after Grantor’s failure to perform, shall not affect Lender’s right to declare a default
and to exercise its remedies.

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     MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this
Agreement:

     Amendments. This Agreement, together with any Loan Documents, constitutes the entire
understanding and agreement of the parties as to the matters set forth in this Agreement. No
alteration of or amendment to this Agreement shall be effective unless given in writing and signed
by the party or parties sought to be charged or bound by the alteration or amendment.

     Applicable Law. This Agreement has been delivered to Lender and accepted by Lender in the
State of California. This Agreement shall be governed by and construed in accordance with the laws
of the State of California.

     Attorneys’ Fees; Expenses. Grantor agrees to pay upon demand all of Lender’s reasonable costs
and expenses, including attorneys’ fees and Lender’s legal expenses, incurred in connection with
the enforcement of this Agreement outside of a judicial or quasi-judicial proceeding. Lender may
pay someone else to help enforce this Agreement in that manner and Grantor shall pay the costs and
expenses of such enforcement. In the event of any action, proceeding, or arbitration arising out
of or in connection with this Agreement, whether or not pursued to judgment, the prevailing party
shall be entitled, in addition to all other relief, to recover its costs and reasonable attorneys’
fees, including those incurred in any case, action, proceeding or claim under the Federal
Bankruptcy Code or any successor statute. Costs and expenses include attorneys’ fees, legal
expenses, expert witness and consulting fees whether or not there is a lawsuit, including
attorneys’ fees, costs and legal expenses for bankruptcy proceedings (including efforts to modify
or vacate any automatic stay or injunction), appeals, or post-judgment collection services or
proceedings.

     Caption Headings. Caption headings in this Agreement are for convenience purposes only and
are not to be used to interpret or define the provisions of this Agreement.

     Notices. Any notice to be given or other document to be delivered by any party to the other
or others hereunder, may be delivered in person to an officer of any party, or transmitted via
facsimile with receipt confirmed by telephone, or by Federal Express or other similar overnight
delivery service, overnight charges prepaid, and addressed to the party for whom intended, as
follows:

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Loan No. 68890396

	 	 	 	 	 

	 To Lender:

	 	 	 	Umpqua Bank

Attn: Ed Jensen

One Capitol Mall, Suite 600

Sacramento, CA 95814

Facsimile: (916) 556-1570
	 
	 	 	 	 
	 	 	with a copy to:
	 
	 	 	 	 
	 

	 	 	 	Kraft Opich, LLP

7509 Madison Avenue, Suite 111

Citrus Heights, CA 95610

Attention: Martha Evensen Opich

Facsimile: (916) 880-3045
	 
	 	 	 	 
	To Grantor:

	 	 	 	Solar Power, Inc.

1115 Orlando Avenue

Roseville, CA 95661

Facsimile: (916) 721-0478
	 
	 	 	 	 
	 	 	with a copy to:
	 
	 	 	 	 
	 

	 	 	 	Weintraub Genshlea Chediak

400 Capitol Mall, 11th Floor 

Sacramento, CA 95814

Attn: David Adams

Facsimile: (916) 446-1611

     Power of Attorney. Grantor hereby appoints Lender as its true and lawful attorney-in-fact,
irrevocably, with full power of substitution to do the following: (a) to demand, collect, receive
receipt for, sue and recover all sums of money or other property which may now or hereafter become
due, owing or payable from the Collateral; (b) to execute, sign and endorse any and all claims,
instruments, receipts, checks, drafts or warrants issued in payment for the Collateral; (c) to
settle or compromise any and all claims arising under the Collateral, and, in the place and stead
of Grantor, to execute and deliver its release and settlement for the claim; and (d) to file any
claim or claims or to take any action or institute or take part in any proceedings, either in its
own name or in the name of Grantor, or otherwise, which in the discretion of Lender may seem to be
necessary or advisable. This power is given as security for the Indebtedness, and the authority
hereby conferred is and shall be irrevocable and shall remain in full force and effect until
renounced by Lender.

     Preference Payments. Any monies Lender pays because of an asserted preference claim in
Grantor’s or Borrower’s bankruptcy will become a part of the Indebtedness and, at Lender’s option,
shall be payable by Grantor or Borrower as provided above in the “Expenditures By Lender”
paragraph.

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     Severability. If a court of competent jurisdiction finds any provision of this Agreement to
be invalid or unenforceable as to any person or circumstance, such finding shall not render that
provision invalid or unenforceable as to any other persons or circumstances. If feasible, any such
offending provision shall be deemed to be modified to be within the limits of enforceability or
validity; however, if the offending provision cannot be so modified, it shall be stricken and all
other provisions of this Agreement in all other respects shall remain valid and enforceable.

     Successor Interests. Subject to the limitations set forth above on transfer of the
Collateral, this Agreement shall be binding upon and inure to the benefit of the parties, their
successors and assigns.

     Waiver. Lender shall not be deemed to have waived any rights under this Agreement unless such
waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in
exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender
of a provision of this Agreement shall not prejudice or constitute a waiver of Lender’s right
otherwise to demand strict compliance with that provision or any other provision of this Agreement.
No prior waiver by Lender, nor any course of dealing between Lender and Grantor, shall constitute a
waiver of any of Lender’s rights or of any of Grantor’s obligations as to any future transactions.
Whenever the consent of Lender is required under this Agreement, the granting of such consent by
Lender in any instance shall not constitute continuing consent to subsequent instances where such
consent is required and in all cases such consent may be granted or withheld in the sole discretion
of Lender.

     Waiver of Co-obligor’s Rights. If more than one person is obligated for the Indebtedness,
Grantor irrevocably waives, disclaims and relinquishes all claims against such other person which
Grantor has or would otherwise have by virtue of payment of the Indebtedness or any part thereof
specifically including but not limited to all rights of indemnity, contribution or exoneration.

     Jury Trial Waiver. Grantor waives any right to trial by jury with respect to any action or
proceeding brought by Borrower, Lender, or any other Person relating to the Loan, the Loan
Documents, this Agreement or any understandings or prior dealings between the parties.

GRANTOR AGREES THAT THIS AGREEMENT CONSTITUTES A WRITTEN CONSENT TO WAIVER OF TRIAL BY JURY
PURSUANT TO THE PROVISIONS OF CODE OF CIVIL PROCEDURE § 631 AND GRANTOR DOES CONSTITUTE AND APPOINT
LENDER ITS TRUE AND LAWFUL ATTORNEY-IN-FACT (THE APPOINTMENT BEING COUPLED WITH AN INTEREST) AND
GRANTOR DOES AUTHORIZE AND EMPOWER ASSIGNEE, IN THE NAME, PLACE, AND STEAD OF GRANTOR, TO FILE THIS
LOAN AGREEMENT WITH THE CLERK OR JUDGE OF ANY COURT OF COMPETENT JURISDICTION AS A STATUTORY
WRITTEN CONSENT TO WAIVER OF TRIAL BY JURY.

Initials:                      [Insert initials of parties].

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     Judicial Reference Provision: In the event the Jury Trial Waiver set forth above is not
enforceable, the parties elect to proceed under this Judicial Reference Provision.

     (a) With the exception of the items specified in clause (c), below, any controversy, dispute
or claim (each, a “Claim”) between the parties arising out of or relating to the Loan or this
Agreement or any other document, instrument or agreement between the undersigned parties
(collectively in this Section, the “Bank Documents”), will be resolved by a reference proceeding in
California in accordance with the provisions of Sections 638 et seq. of the California Code of
Civil Procedure (“CCP”), or their successor sections, which shall constitute the exclusive remedy
for the resolution of any Claim, including whether the Claim is subject to the reference
proceeding. Except as otherwise provided in the Bank Documents, venue for the reference proceeding
will be in the state or federal court in the county or district where the real property involved in
the action, if any, is located or in the state or federal court in the county or district where
venue is otherwise appropriate under applicable law (the “Court").

     (b) The matters that shall not be subject to a reference are the following: (i) nonjudicial
foreclosure of any security interests in real or personal property, (ii) exercise of self-help
remedies (including, without limitation, set-off), (iii) appointment of a receiver and (iv)
temporary, provisional or ancillary remedies (including, without limitation, writs of attachment,
writs of possession, temporary restraining orders or preliminary injunctions). This reference
provision does not limit the right of any party to exercise or oppose any of the rights and
remedies described in clauses (i) and (ii) or to seek or oppose from a court of competent
jurisdiction any of the items described in clauses (iii) and (iv). The exercise of, or opposition
to, any of those items does not waive the right of any party to a reference pursuant to this
reference provision as provided herein.

     (c) The referee shall be a retired judge or justice selected by mutual written agreement of
the parties. If the parties do not agree within ten (10) days of a written request to do so by any
party, then, upon request of any party, the referee shall be selected by the Presiding Judge of the
Court (or his or her representative). A request for appointment of a referee may be heard on an ex
parte or expedited basis, and the parties agree that irreparable harm would result if ex parte
relief is not granted. Pursuant to CCP § 170.6, each party shall have one peremptory challenge to
the referee selected by the Presiding Judge of the Court (or his or her representative).

     (d) The parties agree that time is of the essence in conducting the reference proceedings.
Accordingly, the referee shall be requested, subject to change in the time periods specified herein
for good cause shown, to (i) set the matter for a status and trial-setting conference within
fifteen (15) days after the date of selection of the referee, (ii) if practicable, try all issues
of law or fact within one hundred twenty (120) days after the date of the conference and (iii)
report a statement of decision within twenty (20) days after the matter has been submitted for
decision.

     (e) The referee will have power to expand or limit the amount and duration of discovery. The
referee may set or extend discovery deadlines or cutoffs for good cause, including a party’s
failure to provide requested discovery for any reason whatsoever. Unless

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otherwise ordered based upon good cause shown, no party shall be entitled to “priority” in
conducting discovery, depositions may be taken by either party upon seven (7) days written notice,
and all other discovery shall be responded to within fifteen (15) days after service. All disputes
relating to discovery which cannot be resolved by the parties shall be submitted to the referee
whose decision shall be final and binding.

     (f) Except as expressly set forth herein, the referee shall determine the manner in which the
reference proceeding is conducted including the time and place of hearings, the order of
presentation of evidence, and all other questions that arise with respect to the course of the
reference proceeding. All proceedings and hearings conducted before the referee, except for trial,
shall be conducted without a court reporter, except that when any party so requests, a court
reporter will be used at any hearing conducted before the referee, and the referee will be provided
a courtesy copy of the transcript. The party making such a request shall have the obligation to
arrange for and pay the court reporter. Subject to the referee’s power to award costs to the
prevailing party, the parties will equally share the cost of the referee and the court reporter at
trial.

     (g) The referee shall be required to determine all issues in accordance with existing case law
and the statutory laws of the State of California. The rules of evidence applicable to proceedings
at law in the State of California will be applicable to the reference proceeding. The referee shall
be empowered to enter equitable as well as legal relief, enter equitable orders that will be
binding on the parties and rule on any motion which would be authorized in a court proceeding,
including without limitation motions for summary judgment or summary adjudication. The referee
shall issue a decision at the close of the reference proceeding, which disposes of all claims of
the parties that are the subject of the reference. Pursuant to CCP § 644, such decision shall be
entered by the Court as a judgment or an order in the same manner as if the action had been tried
by the Court and any such decision will be final, binding and conclusive. The parties reserve the
right to appeal from the final judgment or order or from any appealable decision or order entered
by the referee. The parties reserve the right to findings of fact, conclusions of laws, a written
statement of decision, and the right to move for a new trial or a different judgment, which new
trial, if granted, is also to be a reference proceeding under this provision.

     (h) If the enabling legislation, which provides for appointment of a referee is repealed (and
no successor statute is enacted), any dispute between the parties that would otherwise be
determined by reference procedure will be resolved and determined by arbitration. The arbitration
will be conducted by a retired judge or justice, in accordance with the California Arbitration Act
§1280 through §1294.2 of the CCP as amended from time to time. The limitations with respect to
discovery set forth above shall apply to any such arbitration proceeding.

     (i) THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED UNDER
THIS REFERENCE PROVISION WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR
HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH PARTY
KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL

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BENEFIT OF ALL PARTIES, AGREES THAT THIS REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY,
DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO, THE LOAN OR THIS
AGREEMENT, OR THE OTHER BANK DOCUMENTS.

     Initials:                      [Insert initials of parties].

     USA Patriot Act Notice. Lender hereby notifies Grantor that pursuant to the requirements of
the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”),
it is required to obtain, verify and record information that identifies Grantor, which information
includes the name and address of Grantor and other information that will allow Lender to identify
Grantor in accordance with the Act.

[Signatures Follow on Next Page(s)]

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     Whereupon, this Deposit Account Pledge Agreement is entered into as of the date first above
written

GRANTOR:

Solar Power, Inc.,

a California corporation

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Stephen C. Kircher 	 
	 	 	Its: 	CEO	 
	 	 	 	 
	 

LENDER:

Umpqua Bank, an Oregon corporation

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Ed Jensen 	 
	 	 	Ed Jensen 	 
	 	 	Senior Vice Presidentexv10w2

	 	 	 	 	 

Exhibit 10.2

Lone No. 68890396

INTERCREDITOR AGREEMENT

          THIS INTERCREDITOR AGREEMENT (this “Agreement”), dated as of June 22, 2010 is made among Solar
Tax Partners 1, LLC, a California limited liability company (“Borrower”), Umpqua Lender, an Oregon
corporation (“Lender”), Solar Power, Inc., a California corporation (“Creditor”) and HEK Partners,
LLC, a California limited liability company (“Maker”).

RECITALS

     A. Creditor and Borrower are parties to that certain Engineering, Procurement and Construction
Agreement dated September 30, 2009 (the “EPC”), pursuant to which Creditor constructed and
delivered to Borrower a photovoltaic solar generating facility (the “Generating Facility”). In
consideration for the construction of the Generating Facility, Borrower agreed to pay certain sums
to Creditor.

     B. Maker is the manager of Borrower. As part of Maker’s capital contribution to Borrower,
Maker agreed to assume a portion of Borrower’s obligations to Creditor under the EPC. Maker’s
obligation to Creditor in this regard is evidenced by a Promissory Note dated December 22, 2009 in
the original principal amount of Three Million Six Hundred Thirty Thousand One Hundred Sixty-Four
and 00/100 Dollars ($3,630,164.00) (the “Subordinated Note”). The Subordinated Note is unsecured.
In connection with Creditor’s acceptance of the Subordinated Note from Maker, Creditor has executed
and delivered a release of a portion of Borrower’s payment obligations to Creditor under the EPC
pursuant to Section 8.10 of the Amended and Restated Operating Agreement of Borrower.

     C. Borrower and Lender are parties to a Loan Agreement dated as of June _, 2010 (as it may be
amended, modified, renewed, extended or replaced from time to time, the “Senior Loan Agreement”),
pursuant to which Lender has agreed to extend a loan in the original principal amount of Nine
Million Nine Hundred Fifty Thousand and 00/100 Dollars ($9,950,000.00) to Borrower (the “Senior
Loan”). The Senior Loan is also evidenced by a Promissory Note of even date with the Senior Loan
Agreement in the original principal amount of Nine Million Nine Hundred Fifty Thousand and 00/100
Dollars ($9,950,000.00) (the “Senior Note”).

     D. It is a condition to Lender’s willingness to make the Senior Loan and to accept the Senior
Note that Creditor execute and deliver this Agreement to provide for the subordination of Maker’s
obligations to Creditor under the Subordinated Note to the payment and performance of Borrower’s
obligations to Creditor under the Senior Note and the other Senior Loan Documents. Upon the terms
and subject to the conditions set forth in this Agreement, Creditor has agreed to the subordination
of Borrower’s indebtedness to it. Creditor will derive substantial direct and indirect value from
Lender’s making the Loan to Borrower, in that Loan funds will be applied by Borrower to pay a
portion of the indebtedness owed by Borrower to Creditor under the EPC.

     Whereupon, for valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

SECTION 1. Definitions; Interpretation.

     (a) Certain Defined Terms. As used in this Agreement, the following terms shall have
the following meanings:

     “Creditor Collateral” means any property now existing or hereafter acquired (including any
property of Borrower) which may at any time be or become subject to a security interest, lien,
charge or encumbrance of any kind (collectively, a “Lien”) in favor of any Creditor securing
payment and performance of the Subordinated Debt.

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     “Senior Debt” means all indebtedness, liabilities and other obligations of Borrower to Lender,
whether created under, arising out of or in connection with the Senior Loan Documents or otherwise,
including all interest accrued thereon, all fees (including attorneys fees) due under the Senior
Loan Documents and all other amounts payable by Borrower to Lender thereunder or in connection
therewith, whether now existing or hereafter arising, and whether due or to become due, absolute or
contingent, liquidated or unliquidated, determined or undetermined.

     “Senior Loan Documents” means the Senior Loan Agreement, the Senior Note and all other
contracts, agreements, instruments and other documents (including all amendments, modifications and
supplements thereto) executed and delivered in connection with the Senior Loan at any time.

     “Subordinated Debt” means all indebtedness, liabilities and other obligations of Maker to
Creditor, whether now existing or hereafter arising, and whether due or to become due, absolute or
contingent, liquidated or unliquidated, determined or undetermined, including all principal on the
Subordinated Note, all interest accrued thereon, all fees and all other amounts payable by Maker to
Creditor under or in connection with the Subordinated Note and any other documents or instruments
related thereto.

     “Subordinated Debt Payment” means any payment or distribution by or on behalf of Maker,
directly or indirectly, of assets of Maker of any kind or character, whether in cash, property or
securities, including on account of the purchase, redemption or other acquisition of Subordinated
Debt, as a result of any collection, sale or other disposition of collateral, or by setoff,
exchange or in any other manner, for or on account of the Subordinated Debt.

     (b) Interpretation. In this Agreement, except to the extent the context otherwise
requires:

          (i) Any reference in this Agreement to an Article, a Section, a Schedule or an Exhibit is a
reference to an article hereof, a section hereof, a schedule hereto or an exhibit hereto,
respectively, and to a subsection hereof or a clause hereof is, unless otherwise stated, a
reference to a subsection or a clause of the Section or subsection in which the reference appears.

          (ii) The words “hereof,” “herein,” “hereto,” “hereunder” and the like mean and refer to this
Agreement as a whole and not merely to the specific Article, Section, subsection, paragraph or
clause in which the respective word appears.

          (iii) The meaning of defined terms shall be equally applicable to both the singular and plural
forms of the terms defined.

          (iv) The words “including,” “includes” and “include” shall be deemed to be followed by the
words “without limitation”.

          (v) References to agreements and other contractual instruments shall be deemed to include all
subsequent amendments and other modifications thereto.

          (vi) References to statutes or regulations are to be construed as including all statutory and
regulatory provisions consolidating, amending or replacing the statute or regulation referred to.

          (vii) The captions and headings are for convenience of reference only and shall not affect the
construction of this Agreement.

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SECTION 2. Agreement of Subordination.

     (a) Subordination to Payment of Senior Debt. All payments on account of the
Subordinated Debt shall be subject, subordinate and junior, in right of payment and exercise of
remedies, to the extent and in the manner set forth herein, to the prior payment in full in cash or
cash equivalents of the Senior Debt.

     (b) Subordination of Liens. The Subordinated Debt is, and at all times shall remain,
unsecured. In the event, however, that Creditor acquires or obtains a Lien of any kind on any
Creditor Collateral, then all Liens of any Creditor on any Creditor Collateral shall be subject,
subordinate and junior in all respects and at all times to the Liens now or hereafter existing of
Lender therein, regardless of the time or order of attachment or perfection of such Liens, the time
or order of filing of financing statements, the acquisition of purchase money or other Liens, the
time of giving or failure to give notice of the acquisition or expected acquisition of any purchase
money or other Liens, or any other circumstances whatsoever.

SECTION 3. Payments on Subordinated Debt.

     (a) Permitted Payments. Prior to the occurrence of any Event of Default (as defined
in the Senior Loan Documents),Maker may make, and Creditor shall be entitled to accept and receive,
only regularly scheduled payments on account of principal of and interest on the Subordinated Debt,
in accordance with the terms of the Subordinated Note. Maker shall in no event make, and Creditor
shall in no event accept or receive, any prepayments on account of the Subordinated Debt.

     (b) No Payment Upon Senior Debt Defaults. Upon the occurrence of any Event of
Default, and until such Event of Default is cured by Borrower or waived by Lender, Maker shall not
make, and Creditor shall not accept or receive, any Subordinated Debt Payment.

SECTION 4. Subordination of Remedies. As long as any Senior Debt shall remain outstanding
and unpaid, Creditor shall not, without the prior written consent of Lender:

     (a) accelerate, make demand or otherwise make due and payable prior to the original stated
maturity thereof any Subordinated Debt or bring suit or institute any other actions or proceedings
to enforce its rights or interests under or in respect of any of the Subordinated Note; or

     (b) exercise any rights under or with respect to (i) any guaranties of the Subordinated Debt,
or (ii) any Creditor Collateral, including causing or compelling the pledge or delivery of any
Creditor Collateral, any attachment of, levy upon, execution against, foreclosure upon or the
taking of other action against or institution of other proceedings with respect to any Creditor
Collateral, notifying any account debtors of Maker or Borrower, or asserting any claim or interest
in any insurance with respect to Creditor Collateral, or attempt to do any of the foregoing; or

     (c) exercise any rights to set-offs and counterclaims in respect of any indebtedness,
liabilities or obligations of Creditor to Maker or Borrower against any of the Subordinated Debt;
or

     (d) commence, or cause to be commenced, or join with any creditor other than Lender in
commencing, any Bankruptcy, insolvency or receivership proceeding against Maker or Borrower; or

     (e) assert that any default by Maker with respect to the Subordinated Debt has the effect of
reviving or reinstating any obligations of Borrower to Creditor under the EPC.

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SECTION 5. Payment Over to Lender. In the event that, notwithstanding the provisions of
Sections 3 and 4, any Subordinated Debt Payment shall be received by a Creditor in
contravention of such Sections 3 and 4 before all Senior Debt is paid in full in cash or
cash equivalents, such Subordinated Debt Payments shall be held in trust for the benefit of Lender
and shall be paid over or delivered to Lender for application to the payment in full in cash or
cash equivalents of all Senior Debt remaining unpaid to the extent necessary to give effect to such
Sections 3 and 4, after giving effect to any concurrent payments or distributions to Lender
in respect of the Senior Debt.

SECTION 6. Representations and Warranties. Creditor represents and warrants to Lender
that:

     (a) Organization and Powers. Creditor has all requisite power and authority to
execute, deliver and perform its obligations under this Agreement.

     (b) Authorization; No Conflict. The execution, delivery and performance by Creditor
of this Agreement has been duly authorized by all necessary action of Creditor and do not and will
not contravene the terms of the articles of incorporation or bylaws under which Creditor was formed
and is operating. The execution, delivery and performance by each Creditor of this Agreement do
not and will not (i) result in a breach of or constitute a default under any indenture or loan or
any other agreement, lease or instrument to which Creditor is a party or by which it or its
properties may be bound or affected, or (ii) violate any provision of any law, rule, regulation,
order, writ, judgment, injunction, decree or the like binding on or affecting Creditor.

     (c) Binding Obligation. This Agreement constitutes the legal, valid and binding
obligation of Creditor, enforceable against Creditor in accordance with its terms.

     (d) Consents. No authorization, consent, approval, license, exemption of, or filing
or registration with, any governmental authority, or approval or consent of any other person or
entity, is required for the due execution, delivery or performance by Creditor of this Agreement.

     (e) No Prior Assignment. Creditor has not previously assigned any interest in the
Subordinated Debt or any Creditor Collateral; no person or entity other than Creditor owns an
interest in the Subordinated Debt or Creditor Collateral (whether as joint holders of the
Subordinated Debt, participants or otherwise); and the entire Subordinated Debt is owing only to
Creditor.

     (f) Independent Investigation. The Creditor hereby acknowledges that it has
undertaken its own independent investigation of the financial condition of Borrower and Maker and
of all other matters pertaining to this Agreement and further acknowledges that it is not relying
in any manner upon any representation or statement of Lender with respect thereto. The Creditor
represents and warrants that it is aware of the terms of the Senior Loan Documents and that it is
in a position to obtain, and it hereby assumes full responsibility for obtaining, any additional
information concerning the financial condition of Borrower and Maker and any other matters
pertinent hereto or thereto that Creditor may desire. The Creditor is not relying upon or
expecting Lender to furnish to Creditor any information now or hereafter in Lender’s possession
concerning the financial condition of Borrower or Maker, or any other matter.

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SECTION 7. Certain Agreements of Creditor.

     (a) Not Third Party Beneficiaries. The Creditor understands that there may be various
agreements between Lender and Borrower evidencing and governing the Senior Debt, and Creditor
acknowledges and agree that it is not a third party beneficiary of such agreements and that Lender
shall have no obligation to Creditor or any other person or entity to exercise any rights, enforce
any remedies, or take any actions which may be available to them under such agreements.

     (b) No Interference. The Creditor acknowledges that Borrower has granted Lender a
security interest in certain of Borrower’s assets and agrees not to interfere with or in any manner
oppose a disposition of any collateral by Lender in accordance with applicable law.

     (c) Reliance by Lender. The Creditor acknowledges and agrees that Lender will have
relied upon and will continue to rely upon the subordination provisions provided for herein and the
other provisions hereof in entering into the Senior Loan Agreement and extending the Senior Loan.

     (d) Waivers. The Creditor waives any and all notice of the incurrence of the Senior
Debt or any part thereof and any right to require marshalling of assets.

     (e) Obligations of Creditor Not Affected. The Creditor agrees that at any time and
from time to time, without notice to or the consent of Creditor, without incurring responsibility
to Creditor, and without impairing or releasing the subordination provided for herein or otherwise
impairing the rights of Lender hereunder:

          (i) the time for Borrower’s performance of or compliance with any of its agreements contained
in the Senior Loan Agreement or any other Loan Document may be extended or such performance or
compliance may be waived by Lender;

          (ii) the agreements of Borrower with respect to the Senior Loan Documents may from time to
time be modified by Borrower and Lender for the purpose of adding any requirements thereto or
changing in any manner the rights and obligations of Borrower and Lender thereunder;

          (iii) the manner, place or terms for payment of Senior Debt or any portion thereof may be
altered or the terms for payment extended, or the Senior Debt may be increased or renewed in whole
or in part;

          (iv) the maturity of the Senior Debt may be accelerated in accordance with the terms of any
present or future agreement by Borrower and Lender;

          (v) any collateral may be sold, exchanged, released or substituted and any Lien in favor of
Lender may be terminated, subordinated or fail to be perfected or become unperfected;

          (vi) any person or entity liable in any manner for Senior Debt may be discharged, released or
substituted; and

          (vii) all other rights against Borrower, any other person or entity or with respect to any
collateral may be exercised (or Lender may waive or refrain from exercising such rights).

     (f) Rights of Lender Not to Be Impaired. No right of Lender to enforce the
subordination provided for herein or to exercise its other rights hereunder shall at any time in
any way be prejudiced or impaired by any act or failure to act by Borrower or Lender hereunder or under or in connection
with the other Senior Loan

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Documents or by any noncompliance by Borrower with the terms and
provisions and covenants herein or in any other Senior Loan Document, regardless of any knowledge
thereof Lender may have or otherwise be charged with.

     (g) Financial Condition of Borrower and Maker. The Creditor shall not have any right
to require Lender to obtain or disclose any information with respect to: (i) the financial
condition or character of Borrower or Maker or the ability of Borrower to pay and perform Senior
Debt; (ii) the Senior Debt; (iii) the collateral or other security for any or all of the Senior
Debt; (iv) the existence or nonexistence of any guarantees of, or any other subordination
agreements with respect to, all or any part of the Senior Debt; (v) any action or inaction on the
part of Lender or any other person or entity; or (vi) any other matter, fact or occurrence
whatsoever.

SECTION 8. Subrogation.

     (a) Subrogation. Until the payment and performance in full of all Senior Debt,
Creditor shall not have, and shall not directly or indirectly exercise, rights, if any, that it may
acquire by way of subrogation under this Agreement, by any payment or distribution to Lender
hereunder or otherwise. Upon the payment and performance in full of all Senior Debt, Creditor
shall be subrogated to the rights of Lender to receive payments or distributions applicable to the
Senior Debt until the Subordinated Debt shall be paid in full. For the purposes of the foregoing
subrogation, no payments or distributions to Lender of any cash, property or securities to which
Creditor would be entitled except for the provisions of Section 3 or 4 shall, as among
Borrower, its Creditor (other than Lender) and Creditor, be deemed to be a payment by Borrower to
or on account of the Senior Debt.

     (b) Payments Over to Creditor. If any payment or distribution to which Creditor would
otherwise have been entitled but for the provisions of Section 3 or 4 shall have been
applied pursuant to the provisions of Section 3 or 4 to the payment of all amounts payable
under the Senior Debt, Creditor shall be entitled to receive from Lender any payments or
distributions received by Lender in excess of the amount sufficient to pay in full all amounts
payable under or in respect of the Senior Debt. If any such excess payment is made to Lender,
Lender shall promptly remit such excess to Creditor for the benefit of Creditor and Creditor shall
then promptly apply such amounts in accordance with the terms of the Subordinated Note.

SECTION 9. Continuing Agreement; Reinstatement.

     (a) Continuing Agreement. This Agreement is a continuing agreement of subordination
and shall continue in effect and be binding upon Creditor until payment and performance in full of
the Senior Debt and termination of Lender’s obligations under the Senior Loan Agreement. The
subordinations, agreements and priorities set forth herein shall remain in full force and effect
regardless of whether any party hereto in the future seeks to rescind, amend, terminate or reform,
by litigation or otherwise, its respective agreements with Borrower.

     (b) Reinstatement. This Agreement shall continue to be effective or shall be
reinstated, as the case may be, if, for any reason, any payment of the Senior Debt by or on behalf
of Borrower shall be rescinded or must otherwise be restored by Lender.

SECTION 10. Payments. The Creditor shall make each payment hereunder, unconditionally in
full without set-off, counterclaim or other defense, on the day when due in Dollars and in same day
or immediately available funds, to Lender at its office located at One Capitol Mall, Suite 600,
Sacramento, California 95814, or to such other office of Lender as Lender from time to time shall
designate in a written notice to Creditor.

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SECTION 11. Transfer of Subordinated Debt. The Creditor may not assign or transfer its
rights and obligations under the Subordinated Note or any interest in the Subordinated Debt or
Creditor Collateral without the prior written consent of Lender, and any such transferee or
assignee, as a condition to acquiring the Subordinated Note or interest in the Subordinated Debt or
Creditor Collateral shall agree to be bound hereby, in form satisfactory to Lender.

SECTION 12. Amendments of Subordinated Debt. Neither Maker nor Creditor shall, without the
prior written consent of Lender, agree to or permit any amendment, modification or waiver of any
material provisions of the Subordinated Note or any other agreement relating to any Subordinated
Debt (including any amendment, modification or waiver pursuant to an exchange of other securities
or instruments for outstanding Subordinated Debt) if the effect of such amendment, modification or
waiver is to: (i) increase the interest rate on the Subordinated Debt or change (to earlier dates)
the dates upon which principal and interest are due thereon; (ii) alter the redemption, prepayment
or subordination provisions thereof; (iii) alter the covenants and events of default in a manner
which would make such provisions more onerous or restrictive to Borrower or any subsidiary; or (iv)
otherwise increase the obligations of Maker in respect of the Subordinated Debt or confer
additional rights upon Creditor which individually or in the aggregate would be adverse to
Borrower, Maker or Lender.

SECTION 13. Obligations of Maker Not Affected. The provisions of this Agreement are
intended solely for the purpose of defining the relative rights against Borrower and Maker of
Creditor, on the one hand, and Lender, on the other hand. Nothing contained in this Agreement
shall impair, as between Maker and Creditor, the obligation of Maker to pay the principal of or
interest on the Subordinated Note and its other obligations with respect to the Subordinated Debt
as and when the same shall become due and payable in accordance with the terms thereof.

SECTION 14. Endorsement of Subordinated Note; Further Assurances and Additional Acts.

     (a) Endorsement of Subordinated Note. At the request of Lender, the Subordinated Note
and all other documents and instruments evidencing any of the Subordinated Debt shall be endorsed
with a legend noting that the Subordinated Note and such other documents and instruments are
subject to this Agreement, and Creditor shall promptly deliver to Lender evidence of the same.

     (b) Further Assurances and Additional Acts. Each of Creditor, Maker and Borrower
shall execute, acknowledge, deliver, file, notarize and register at its own expense all such
further agreements, instruments, certificates, financing statements, documents and assurances, and
perform such acts as Lender shall deem necessary or appropriate to effectuate the purposes of this
Agreement, and promptly provide Lender with evidence of the foregoing satisfactory in form and
substance to Lender.

SECTION 15. Notices. All notices and other communications provided for hereunder shall,
unless otherwise stated herein, be in writing (including by facsimile transmission) and shall be
mailed, sent or delivered at or to the address or facsimile number of the respective party or
parties set forth below, or at or to such other address or facsimile number as such party or
parties shall have designated in a written notice to the other party or parties. All such notices
and communications shall be effective (i) if delivered
by hand, when delivered; (ii) if sent by mail, upon the earlier of the date of receipt or five
business days after deposit in the mail, first class, postage prepaid; and (iii) if sent by
facsimile transmission, when sent.

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	To Lender:
	 	Umpqua Bank
	 
	 	Attn:  Ed Jensen
	 
	 	One Capitol Mall, Suite 600
	 
	 	Sacramento, CA  95814
	 
	 	Facsimile:  (916) 556-1570
	 
	 	 
	With a copy to:
	 	Kraft Opich, LLP
	 
	 	7509 Madison Avenue, Suite 111
	 
	 	Citrus Heights, CA  95610
	 
	 	Attention:  Martha Evensen Opich
	 
	 	Facsimile:  (916) 880-3045
	 
	 	 
	To Borrower
	 	Solar Tax Partners 1, LLC
	 
	 	1838 15th Street
	 
	 	San Francisco, CA 94103
	 
	 	Facsimile:  (415) 512-9277
	 
	 	 
	With a copy to:
	 	Greystone Renewable Energy Fund 2008-A LLC
	 
	 	152 West 57th Street, 60th Floor
	 
	 	New York, NY 10019
	 
	 	Attn: Steven Shoukry
	 
	 	Facsimile:  (212) 649-9701
	 
	 	 
	And:
	 	Solar Power, Inc.
	 
	 	1115 Orlando Avenue
	 
	 	Roseville, CA  95661
	 
	 	Attn:                     
	 
	 	Facsimile:  (916) 649-9701
	 
	 	 
	To Maker:
	 	HEK Partners, LLC
	 
	 	1838 15th Street
	 
	 	San Francisco, CA  94103
	 
	 	 
	With a copy to:
	 	Solar Power, Inc.
	 
	 	1115 Orlando Avenue
	 
	 	Roseville, CA  95661
	 
	 	Facsimile: (916) 649-9701
	 
	 	 
	To Creditor:
	 	Solar Power, Inc.
	 
	 	1115 Orlando Avenue
	 
	 	Roseville, CA  95661
	 
	 	Attn:                     
	 
	 	Facsimile:  (916) 649-9701
	 
	 	 
	With a copy to:
	 	Weintraub Genshlea Chediak
	 
	 	400 Capitol Mall, Suite 1100
	 
	 	Sacramento, CA  95814
	 
	 	Attn: David C. Adams
	 
	 	Facsimile:  (916) 446-1611

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SECTION 16. No Waiver; Cumulative Remedies. No failure on the part of Lender to exercise,
and no delay in exercising, any right, remedy, power or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or
privilege preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights and remedies under this Agreement are cumulative and not
exclusive of any rights, remedies, powers and privileges that may otherwise be available to Lender.

SECTION 17. Costs and Expenses.

     (a) Payments by Borrower. Borrower agrees to pay to Lender on demand the reasonable
out-of-pocket costs and expenses of Lender, and the reasonable fees and disbursements of counsel to
Lender (including allocated costs of internal counsel), in connection with the negotiation,
preparation, execution, delivery and administration of this Agreement, and any amendments,
modifications or waivers of the terms thereof.

     (b) Payments by Borrower and Creditor. Each of Borrower and Creditor jointly and
severally agrees to pay to Lender on demand all costs and expenses of Lender, and the fees and
disbursements of counsel (including allocated costs of internal counsel), in connection with the
enforcement or attempted enforcement of, and preservation of rights or interests under, this
Agreement, including any losses, costs and expenses sustained by Lender as a result of any failure
by Creditor to perform or observe its obligations contained in this Agreement.

SECTION 18. Survival. All covenants, agreements, representations and warranties made in
this Agreement shall, except to the extent otherwise provided herein, survive the execution and
delivery of this Agreement, and shall continue in full force and effect so long as any Senior Debt
remains unpaid. Without limiting the generality of the foregoing, the obligations of Borrower and
Creditor under Section 17 shall survive the satisfaction of the Senior Debt and the termination of
the line of credit.

SECTION 19. Benefits of Agreement. This Agreement is entered into for the sole protection
and benefit of the parties hereto and their respective successors and assigns, and no other person
or entity shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause
of action or claim in connection with, this Agreement.

SECTION 20. Binding Effect. This Agreement shall be binding upon, inure to the benefit of
and be enforceable by Borrower, each Creditor and Lender and its respective successors and assigns.

SECTION 21. Governing Law. This Agreement shall be governed by and construed in accordance
with the law of the State of California.

SECTION 22. Dispute Resolution.

     (a) Jury Trial Waiver. Borrower waives any right to trial by jury with respect to any
action or proceeding relating to the Loan or the Loan Documents, or any understandings or prior
dealings between the parties.

THE PARTIES ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT
MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED BY LAW, EACH PARTY,
AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL
OF ITS, HIS OR HER CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL
PARTIES, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION ARISING OUT OF OR
RELATED TO THIS AGREEMENT, THE INDEBTEDNESS, AND ANY OF

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THE LOAN DOCUMENTS, OR ANY OTHER DOCUMENT, INSTRUMENT OR AGREEMENT BETWEEN THE UNDERSIGNED PARTIES.

Initials:                      [Insert initials of parties].

     (b) Judicial Reference Provision.

          (i) In the event the Jury Trial Waiver set forth above is not enforceable, the parties elect
to proceed under this Judicial Reference Provision.

          (ii) With the exception of the items specified in clause (c), below, any controversy, dispute
or claim (each, a “Claim”) between the parties arising out of or relating to the Loan or this
Agreement or any other document, instrument or agreement between the undersigned parties
(collectively in this Section, the “Bank Documents”), will be resolved by a reference proceeding in
California in accordance with the provisions of Sections 638 et seq. of the California Code of
Civil Procedure (“CCP”), or their successor sections, which shall constitute the exclusive remedy
for the resolution of any Claim, including whether the Claim is subject to the reference
proceeding. Except as otherwise provided in the Bank Documents, venue for the reference proceeding
will be in the state or federal court in the county or district where the real property involved in
the action, if any, is located or in the state or federal court in the county or district where
venue is otherwise appropriate under applicable law (the “Court").

          (iii) The matters that shall not be subject to a reference are the following: (i) nonjudicial
foreclosure of any security interests in real or personal property, (ii) exercise of self-help
remedies (including, without limitation, set-off), (iii) appointment of a receiver and (iv)
temporary, provisional or ancillary remedies (including, without limitation, writs of attachment,
writs of possession, temporary restraining orders or preliminary injunctions). This reference
provision does not limit the right of any party to exercise or oppose any of the rights and
remedies described in clauses (i) and (ii) or to seek or oppose from a court of competent
jurisdiction any of the items described in clauses (iii) and (iv). The exercise of, or opposition
to, any of those items does not waive the right of any party to a reference pursuant to this
reference provision as provided herein.

          (iv) The referee shall be a retired judge or justice selected by mutual written agreement of
the parties. If the parties do not agree within ten (10) days of a written request to do so by any
party, then, upon request of any party, the referee shall be selected by the Presiding Judge of the
Court (or his or her representative). A request for appointment of a referee may be heard on an ex
parte or expedited basis, and the parties agree that irreparable harm would result if ex parte
relief is not granted. Pursuant to CCP § 170.6, each party shall have one peremptory challenge to
the referee selected by the Presiding Judge of the Court (or his or her representative).

          (v) The parties agree that time is of the essence in conducting the reference proceedings.
Accordingly, the referee shall be requested, subject to change in the time periods specified herein
for good cause shown, to (i) set the matter for a status and trial-setting conference within
fifteen (15) days after the date of selection of the referee, (ii) if practicable, try all issues
of law or fact within one hundred twenty (120) days after the date of the conference and (iii)
report a statement of decision within twenty (20) days after the matter has been submitted for
decision.

          (vi) The referee will have power to expand or limit the amount and duration of discovery. The
referee may set or extend discovery deadlines or cutoffs for good cause, including a party’s
failure to provide requested discovery for any reason whatsoever. Unless otherwise ordered based
upon good cause shown, no party shall be entitled to “priority” in conducting discovery,
depositions may be taken by either party upon seven (7) days written notice, and all other
discovery shall be responded to within fifteen (15) days after service. All

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disputes relating to discovery which cannot be resolved by the parties shall be submitted to the referee whose decision
shall be final and binding.

          (vii) Except as expressly set forth herein, the referee shall determine the manner in which
the reference proceeding is conducted including the time and place of hearings, the order of
presentation of evidence, and all other questions that arise with respect to the course of the
reference proceeding. All proceedings and hearings conducted before the referee, except for trial,
shall be conducted without a court reporter, except that when any party so requests, a court
reporter will be used at any hearing conducted before the referee, and the referee will be provided
a courtesy copy of the transcript. The party making such a request shall have the obligation to
arrange for and pay the court reporter. Subject to the referee’s power to award costs to the
prevailing party, the parties will equally share the cost of the referee and the court reporter at
trial.

          (viii) The referee shall be required to determine all issues in accordance with existing case
law and the statutory laws of the State of California. The rules of evidence applicable to
proceedings at law in the State of California will be applicable to the reference proceeding. The
referee shall be empowered to enter equitable as well as legal relief, enter equitable orders that
will be binding on the parties and rule on any motion which would be authorized in a court
proceeding, including without limitation motions for summary judgment or summary adjudication. The
referee shall issue a decision at the close of the reference proceeding, which disposes of all
claims of the parties that are the subject of the reference. Pursuant to CCP §644, such decision
shall be entered by the Court as a judgment or an order in the same manner as if the action had
been tried by the Court and any such decision will be final, binding and conclusive. The parties
reserve the right to appeal from the final judgment or order or from any appealable decision or
order entered by the referee. The parties reserve the right to findings of fact, conclusions of
laws, a written statement of decision, and the right to move for a new trial or a different
judgment, which new trial, if granted, is also to be a reference proceeding under this provision.

          (ix) If the enabling legislation, which provides for appointment of a referee is repealed (and
no successor statute is enacted), any dispute between the parties that would otherwise be
determined by reference procedure will be resolved and determined by arbitration. The arbitration
will be conducted by a retired judge or justice, in accordance with the California Arbitration Act
§1280 through §1294.2 of the CCP as amended from time to time. The limitations with respect to
discovery set forth above shall apply to any such arbitration proceeding.

          (x) THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED UNDER
THIS REFERENCE PROVISION WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR
HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH PARTY
KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS REFERENCE
PROVISION WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR
IN ANY WAY RELATED TO, THE LOAN OR THIS AGREEMENT, OR THE OTHER BANK DOCUMENTS.

     Initials:                      [Insert initials of parties].

SECTION 23. Entire Agreement; Amendments and Waivers.

     (a) Entire Agreement. This Agreement constitutes the entire agreement of Borrower,
Maker, Lender and Creditor with respect to the matters set forth herein and supersedes any prior
agreements, commitments, drafts, communications, discussions and understandings, oral or written,
with respect thereto. There are no conditions to the full effectiveness of this Agreement.

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     (b) Amendments and Waivers. This Agreement may not be amended except by a writing
signed by Borrower, Maker, Creditor and Lender. No waiver of any rights of Lender under any
provision of this Agreement or consent to any departure by Creditor, Maker or Borrower therefrom
shall be effective unless in writing and signed by Lender. Any such amendment, waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given.

SECTION 24. Conflicts. In case of any conflict or inconsistency between any terms of this
Agreement, on the one hand, and the Subordinated Note or any other document or instrument relating
to the Subordinated Debt, on the other hand, then the terms of this Agreement shall control.

SECTION 25. Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under all applicable laws and regulations.
If, however, any provision of this Agreement shall be prohibited by or invalid under any such law
or regulation in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform
to the minimum requirements of such law or regulation, or, if for any reason it is not deemed so
modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity
without affecting the remaining provisions of this Agreement or the validity or effectiveness of
such provision in any other jurisdiction.

SECTION 26. Interpretation. This Agreement is the result of negotiations between and has
been reviewed by counsel to Lender, Maker, Creditor, Borrower and other parties, and is the product
of all parties hereto. Accordingly, this Agreement shall not be construed against Lender merely
because of Lender’s involvement in the preparation thereof.

SECTION 27. Counterparts. This Agreement may be executed in any number of counterparts and
by different parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute but one and the same
agreement.

SECTION 28. Termination of Agreement. Upon payment and performance in full of the Senior
Debt and the termination of the line of credit thereunder, this Agreement shall terminate and
Lender shall promptly execute and deliver to Borrower. Maker and Creditor such documents and
instruments as shall be necessary to evidence such termination; provided, however,
that the obligations of Borrower and Creditor under Section 17 shall survive such
termination.

(Signatures begin on the following page)

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     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first
above written.

BORROWER:

Solar Tax Partners 1, LLC, a California limited liability company

	 	 	 	 	 	 	 	 	 

	 	 	By:	 	HEK Partners, LLC, a California limited liability company	 	 
	 	 	Its:	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ William Hedden	 	 
	 

	 	 	 	 	 	 

WILLIAM HEDDEN, Manager
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Steven Kay	 	 
	 

	 	 	 	 	 	 

STEVEN KAY, Manager
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Stephen C. Kircher	 	 
	 

	 	 	 	 	 	 

STEPHEN C. KIRCHER, Manager
	 	 
	 
	 	 	 	 	 	 	 	 
	MAKER:	 	 
	 
	 	 	 	 	 	 	 	 
	HEK Partners, LLC, a California limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ William Hedden	 	 
	 	 	 	 	 	 	 
	 	 	 	 	WILLIAM HEDDEN, Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Steven Kay	 	 
	 	 	 	 	 	 	 
	 	 	 	 	STEVEN KAY, Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Stephen C. Kircher	 	 
	 	 	 	 	 	 	 
	 	 	 	 	STEPHEN C. KIRCHER, Manager	 	 
	 
	 	 	 	 	 	 	 	 
	CREDITOR:	 	 
	 
	 	 	 	 	 	 	 	 
	Solar Power, Inc.,	 	 
	a California corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Stephen C. Kircher	 	 
	 	 	 	 	 	 	 
	 

	 	Its:	 	CEO	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	LENDER:	 	 
	 
	 	 	 	 	 	 	 	 
	Umpqua Bank,	 	 
	an Oregon corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Ed Jensen	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Ed Jensen	 	 
	 	 	 	 	Senior Vice President

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