Document:

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                                                                    EXHIBIT 10.2

                             GUARANTY BY CORPORATION

                          (METRETEK TECHNOLOGIES, INC.)

      This Guaranty, dated as of September 6, 2002, is made by Metretek
Technologies, Inc., a Delaware corporation (the "Guarantor"), for the benefit of
Wells Fargo Business Credit, Inc., a Minnesota corporation (with its
participants, successors and assigns, the "Lender").

      The Lender and Metretek, Incorporated, a Florida corporation (the
"Borrower"), are parties to a Credit and Security Agreement of even date
herewith (as the same may be amended, supplemented or restated from time to
time, the "Credit Agreement") pursuant to which the Lender may make advances and
extend other financial accommodations to the Borrower.

      As a condition to extending such credit to the Borrower, the Lender has
required the execution and delivery of this Guaranty.

      ACCORDINGLY, the Guarantor, in consideration of the premises and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, hereby agrees as follows:

      1. Definitions. All terms defined in the Credit Agreement that are not
otherwise defined herein shall have the meanings given them in the Credit
Agreement.

      2. Indebtedness Guaranteed. The Guarantor hereby absolutely and
unconditionally guarantees to the Lender the full and prompt payment when due,
whether at maturity or earlier by reason of acceleration or otherwise, of (i)
the Obligations and (ii) each and every other sum now or hereafter owing to the
Lender by the Borrower, including but not limited to, debts, liabilities and
obligations arising out of loans, credit transactions, financial accommodations,
discounts, purchases of property or other transactions with the Borrower or for
the Borrower's account or out of any other transaction or event, owed to the
Lender or owed to others by reason of participations granted to or interests
acquired or created for or sold to them by the Lender, in each case whether now
existing or hereafter arising, whether arising directly in a transaction or
event involving the Lender or acquired by the Lender from another by purchase or
assignment or as collateral security, whether owed by the Borrower as drawer,
maker, endorser, accommodation party, guarantor, principal, surety or as a
member of any partnership, syndicate, association or group or in any other
capacity, whether absolute or contingent, direct or indirect, primary or
secondary, sole, joint, several or joint and several, secured or unsecured, due
or not due, contractual, tortious or statutory, liquidated or unliquidated,
arising by agreement or imposed by law or otherwise (all of said sums being
hereinafter called the "Indebtedness").

      3. Guarantor's Representations and Warranties. The Guarantor represents
and warrants to the Lender that (i) the Guarantor is a corporation, duly
organized and existing in good standing and has full power and authority to make
and deliver this Guaranty; (ii) the
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execution, delivery and performance of this Guaranty by the Guarantor have been
duly authorized by all necessary action of its directors and stockholders and do
not and will not violate the provisions of, or constitute a default under, any
presently applicable law or its Constituent Documents or any agreement presently
binding on it; (iii) this Guaranty has been duly executed and delivered by the
authorized Officers of the Guarantor and constitutes its lawful, binding and
legally enforceable obligation; and (iv) the authorization, execution, delivery
and performance of this Guaranty do not require notification to, registration
with, or consent or approval by, any federal, state or local regulatory body or
administrative agency. The Guarantor represents and warrants to the Lender that
the Guarantor has a direct and substantial economic interest in the Borrower and
expects to derive substantial benefits therefrom and from any loans, credit
transactions, financial accommodations, discounts, purchases of property and
other transactions and events resulting in the creation of the Indebtedness
guarantied hereby, and that this Guaranty is given for a corporate purpose. The
Guarantor agrees to rely exclusively on the right to revoke this Guaranty
prospectively as to future transactions, in accordance with paragraph 4, if at
any time, in the opinion of the directors or officers, the benefits then being
received by the Guarantor in connection with this Guaranty are not sufficient to
warrant the continuance of this Guaranty as to the future Indebtedness of the
Borrower. Accordingly, so long as this Guaranty is not revoked prospectively in
accordance with paragraph 4, the Lender may rely conclusively on a continuing
warranty, hereby made, that the Guarantor continues to be benefited by this
Guaranty and the Lender shall have no duty to inquire into or confirm the
receipt of any such benefits, and this Guaranty shall be effective and
enforceable by the Lender without regard to the receipt, nature or value of any
such benefits.

      4. Unconditional Nature. No act or thing need occur to establish the
Guarantor's liability hereunder, and no act or thing, except full payment and
discharge of all of the Indebtedness, shall in any way exonerate the Guarantor
hereunder or modify, reduce, limit or release the Guarantor's liability
hereunder. This is an absolute, unconditional and continuing guaranty of payment
of the Indebtedness and shall continue to be in force and be binding upon the
Guarantor, whether or not all of the Indebtedness is paid in full.
Notwithstanding the foregoing, this Guaranty shall terminate upon the
satisfaction in full of the Indebtedness and termination of the Commitment.

      5. Dissolution or Insolvency of Guarantor. The dissolution or adjudication
of bankruptcy of the Guarantor shall not revoke this Guaranty, except upon
actual receipt of written notice thereof by the Lender and only prospectively,
as to future transactions, as herein set forth. If the Guarantor shall be
dissolved or shall be or become insolvent (however defined), then the Lender
shall have the right to declare immediately due and payable, and the Guarantor
will forthwith pay to the Lender, the full amount of all of the Indebtedness
whether due and payable or unmatured. If the Guarantor voluntarily commences or
there is commenced involuntarily against the Guarantor a case under the United
States Bankruptcy Code, the full amount of all Indebtedness, whether due and
payable or unmatured, shall be immediately due and payable without demand or
notice thereof.

      6. Subrogation, etc. The Guarantor hereby waives all rights that the
Guarantor may now have or hereafter acquire, whether by subrogation,
contribution, reimbursement, recourse, exoneration, contract or otherwise, to
recover from the Borrower or from any property of the Borrower any sums paid
under this Guaranty. The Guarantor will not exercise or enforce any

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right of contribution to recover any such sums from any person who is a
co-obligor with the Borrower or a guarantor or surety of the Indebtedness or
from any property of any such person until all of the Indebtedness shall have
been fully paid and discharged.

      7. Enforcement Expenses. The Guarantor will pay or reimburse the Lender
for all costs, expenses and attorneys' fees paid or incurred by the Lender in
endeavoring to collect and enforce the Indebtedness and in enforcing this
Guaranty.

      8. Lender's Rights. The Lender shall not be obligated by reason of its
acceptance of this Guaranty to engage in any transactions with or for the
Borrower. Whether or not any existing relationship between the Guarantor and the
Borrower has been changed or ended and whether or not this Guaranty has been
revoked, the Lender may enter into transactions resulting in the creation or
continuance of the Indebtedness and may otherwise agree, consent to or suffer
the creation or continuance of any of the Indebtedness, without any consent or
approval by the Guarantor and without any prior or subsequent notice to the
Guarantor. The Guarantor's liability shall not be affected or impaired by any of
the following acts or things (which the Lender is expressly authorized to do,
omit or suffer from time to time, both before and after revocation of this
Guaranty, without consent or approval by or notice to the Guarantor): (i) any
acceptance of collateral security, guarantors, accommodation parties or sureties
for any or all of the Indebtedness; (ii) one or more extensions or renewals of
the Indebtedness (whether or not for longer than the original period) or any
modification of the interest rates, maturities, if any, or other contractual
terms applicable to any of the Indebtedness or any amendment or modification of
any of the terms or provisions of any loan agreement or other agreement under
which the Indebtedness or any part thereof arose; (iii) any waiver or indulgence
granted to the Borrower, any delay or lack of diligence in the enforcement of
the Indebtedness or any failure to institute proceedings, file a claim, give any
required notices or otherwise protect any of the Indebtedness; (iv) any full or
partial release of, compromise or settlement with, or agreement not to sue, the
Borrower or any guarantor or other person liable in respect of any of the
Indebtedness; (v) any release, surrender, cancellation or other discharge of any
evidence of the Indebtedness or the acceptance of any instrument in renewal or
substitution therefor; (vi) any failure to obtain collateral security (including
rights of setoff) for the Indebtedness, or to see to the proper or sufficient
creation and perfection thereof, or to establish the priority thereof, or to
preserve, protect, insure, care for, exercise or enforce any collateral
security; or any modification, alteration, substitution, exchange, surrender,
cancellation, termination, release or other change, impairment, limitation, loss
or discharge of any collateral security; (vii) any collection, sale, lease or
disposition of, or any other foreclosure or enforcement of or realization on,
any collateral security; (viii) any assignment, pledge or other transfer of any
of the Indebtedness or any evidence thereof; (ix) any manner, order or method of
application of any payments or credits upon the Indebtedness; and (x) any
election by the Lender under Section 1111(b) of the United States Bankruptcy
Code. The Guarantor waives any and all defenses and discharges available to a
surety, guarantor or accommodation co-obligor.

      9. Waivers by Guarantor. The Guarantor waives any and all defenses,
claims, setoffs and discharges of the Borrower, or any other obligor, pertaining
to the Indebtedness, except the defense of discharge by payment in full. Without
limiting the generality of the foregoing, the Guarantor will not assert, plead
or enforce against the Lender any defense of waiver, release, discharge or
disallowance in bankruptcy, statute of limitations, res judicata,

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statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury,
illegality or unenforceability which may be available to the Borrower or any
other person liable in respect of any of the Indebtedness, or any setoff
available against the Lender to the Borrower or any other such person, whether
or not on account of a related transaction. The Guarantor expressly agrees that
the Guarantor shall be and remain liable for any deficiency remaining after
foreclosure of any mortgage or security interest securing the Indebtedness,
whether or not the liability of the Borrower or any other obligor for such
deficiency is discharged pursuant to statute or judicial decision. The liability
of the Guarantor shall not be affected or impaired by any voluntary or
involuntary liquidation, dissolution, sale or other disposition of all or
substantially all of the assets, marshalling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of, or other similar
event or proceeding affecting, the Borrower or any of its assets. The Guarantor
will not assert, plead or enforce against the Lender any claim, defense or
setoff available to the Guarantor against the Borrower. The Guarantor waives
presentment, demand for payment, notice of dishonor or nonpayment and protest of
any instrument evidencing the Indebtedness. The Lender shall not be required
first to resort for payment of the Indebtedness to the Borrower or other
persons, or their properties, or first to enforce, realize upon or exhaust any
collateral security for the Indebtedness, before enforcing this Guaranty.

      10. If Payments Set Aside, etc. If any payment applied by the Lender to
the Indebtedness is thereafter set aside, recovered, rescinded or required to be
returned for any reason (including, without limitation, the bankruptcy,
insolvency or reorganization of the Borrower or any other obligor), the
Indebtedness to which such payment was applied shall for the purpose of this
Guaranty be deemed to have continued in existence, notwithstanding such
application, and this Guaranty shall be enforceable as to such Indebtedness as
fully as if such application had never been made.

      11. Additional Obligation of Guarantor. The Guarantor's liability under
this Guaranty is in addition to and shall be cumulative with all other
liabilities of the Guarantor to the Lender as guarantor, surety, endorser,
accommodation co-obligor or otherwise of any of the Indebtedness or obligation
of the Borrower, without any limitation as to amount, unless the instrument or
agreement evidencing or creating such other liability specifically provides to
the contrary.

      12. Financial Information. The Guarantor will deliver to the Lender all
financial information concerning the Guarantor required to be delivered under
the Credit Agreement.

      13. No Duties Owed by Lender. The Guarantor acknowledges and agrees that
the Lender (i) has not made any representations or warranties with respect to,
(ii) does not assume any responsibility to the Guarantor for, and (iii) has no
duty to provide information to the Guarantor regarding, the enforceability of
any of the Indebtedness or the financial condition of the Borrower or any
guarantor. The Guarantor has independently determined the creditworthiness of
the Borrower and the enforceability of the Indebtedness and until the
Indebtedness is paid in full will independently and without reliance on the
Lender continue to make such determinations.

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      14. Miscellaneous. This Guaranty shall be effective upon delivery to the
Lender, without further act, condition or acceptance by the Lender, shall be
binding upon the Guarantor and the successors and assigns of the Guarantor and
shall inure to the benefit of the Lender and its participants, successors and
assigns. Any invalidity or unenforceability of any provision or application of
this Guaranty shall not affect other lawful provisions and application thereof,
and to this end the provisions of this Guaranty are declared to be severable.
This Guaranty may not be waived, modified, amended, terminated, released or
otherwise changed except by a writing signed by the Guarantor and the Lender.
This Guaranty shall be governed by and construed in accordance with the
substantive laws (other than conflict laws) of the State of Colorado. The
Guarantor hereby (i) consents to the personal jurisdiction of the state and
federal courts located in the State of Colorado in connection with any
controversy related to this Guaranty; (ii) waives any argument that venue in any
such forum is not convenient, (iii) agrees that any litigation initiated by the
Lender or the Guarantor in connection with this Guaranty may be venued in either
the state or federal courts located in the City and County of Denver, Colorado;
and (iv) agrees that a final judgment in any such suit, action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law.

      THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, BASED ON OR PERTAINING TO
THIS GUARANTY.

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      IN WITNESS WHEREOF, this Guaranty has been duly executed by the Guarantor
the date first written above.

                                         METRETEK TECHNOLOGIES, INC.

                                         By
                                            -----------------------------------
                                            A. Bradley Gabbard
                                            Executive Vice President

                          Address:       303 East Seventeenth Avenue, Suite 660
                                         Denver, Colorado 80203

STATE OF COLORADO                   )
                                    ) ss.
CITY AND COUNTY OF DENVER           )

            The foregoing instrument was acknowledged before me this 6th day of
September, 2002, by A. Bradley Gabbard, the Executive Vice President of Metretek
Technologies, Inc. a Delaware corporation, on behalf of the corporation.

                                            -----------------------------------
                                            Notary Public

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                                                                    EXHIBIT 10.3

                               SECURITY AGREEMENT

                          (METRETEK TECHNOLOGIES, INC.)

      This Agreement, dated as of September 6, 2002, is made by and between
Metretek Technologies, Inc., a Delaware corporation (the "Corporate Guarantor"),
and Wells Fargo Business Credit, Inc., a Minnesota corporation (the "Secured
Party").

      Pursuant to a Credit and Security Agreement of even date herewith (as the
same may be amended, supplemented or restated from time to time, the "Credit
Agreement"), the Secured Party may extend credit accommodations to Metretek,
Incorporated, a Florida corporation (the "Borrower").

      As a condition to extending credit to the Borrower, the Secured Party has
required the execution and delivery of the Corporate Guarantor's Guaranty of
even date herewith, guaranteeing the payment and performance of all obligations
of the Borrower arising under or pursuant to the Credit Agreement (the
"Guaranty").

      As a further condition to extending credit to the Borrower under the
Credit Agreement, the Secured Party has required the execution and delivery of
this Agreement by the Corporate Guarantor.

      ACCORDINGLY, in consideration of the mutual covenants contained in the
Credit Agreement and herein, the parties hereby agree as follows:

      1. Definitions. All terms defined in the recitals hereto and the Credit
Agreement that are not otherwise defined herein shall have the meanings given
them in the recitals and the Credit Agreement. All terms defined in the UCC and
not otherwise defined herein have the meanings assigned to them in the UCC. In
addition, the following terms have the meanings set forth below or in the
referenced Section of this Agreement:

      "Accounts" means all of the Corporate Guarantor's accounts, as such term
is defined in the UCC, including each and every right of the Corporate Guarantor
to the payment of money, whether such right to payment now exists or hereafter
arises, whether such right to payment arises out of a sale, lease or other
disposition of goods or other property, out of a rendering of services, out of a
loan, out of the overpayment of taxes or other liabilities, or otherwise arises
under any contract or agreement, whether such right to payment is created,
generated or earned by the Corporate Guarantor or by some other person who
subsequently transfers such person's interest to the Corporate Guarantor,
whether such right to payment is or is not already earned by performance, and
howsoever such right to payment may be evidenced, together with all other rights
and interests (including all Liens) which the Corporate Guarantor may at any
time have by law or agreement against any account debtor or other obligor
obligated to make any such payment or against any property of such account
debtor or other obligor; all including but not limited to all present and future
accounts, contract rights, loans and obligations receivable,
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chattel papers, bonds, notes and other debt instruments, tax refunds and rights
to payment in the nature of general intangibles.

      "Collateral" means all of the Corporate Guarantor's Accounts, chattel
paper, deposit accounts, documents, Equipment, General Intangibles, goods,
instruments, Inventory, Investment Property, letter-of-credit rights, letters of
credit, all sums on deposit in any Collateral Account, and any items in any
Lockbox; together with (i) all substitutions and replacements for and products
of any of the foregoing; (ii) in the case of all goods, all accessions; (iii)
all accessories, attachments, parts, equipment and repairs now or hereafter
attached or affixed to or used in connection with any goods; (iv) all warehouse
receipts, bills of lading and other documents of title now or hereafter covering
such goods; (v) any money, or other assets of the Borrower that now or hereafter
come into the possession, custody, or control of the Lender; and (vi) proceeds
of any and all of the foregoing.

      "Equipment" means all of the Corporate Guarantor's equipment, as such term
is defined in the UCC, whether now owned or hereafter acquired, including but
not limited to all present and future machinery, vehicles, furniture, fixtures,
manufacturing equipment, shop equipment, office and recordkeeping equipment,
parts, tools, supplies, and including specifically the goods described in any
equipment schedule or list herewith or hereafter furnished to the Lender by the
Corporate Guarantor.

      "Event of Default" has the meaning given in Section 6.

      "General Intangibles" means all of the Corporate Guarantor's general
intangibles, as such term is defined in the UCC, whether now owned or hereafter
acquired, including all present and future Intellectual Property Rights,
customer or supplier lists and contracts, manuals, operating instructions,
permits, franchises, the right to use the Corporate Guarantor's name, and the
goodwill of the Corporate Guarantor's business.

      "Intellectual Property Rights" means all actual or prospective rights
arising in connection with any intellectual property or other proprietary
rights, including all rights arising in connection with copyrights, patents,
service marks, trade dress, trade secrets, trademarks, trade names or mask
works.

      "Inventory" means all of the Corporate Guarantor's inventory, as such term
is defined in the UCC, whether now owned or hereafter acquired, whether
consisting of whole goods, spare parts or components, supplies or materials,
whether acquired, held or furnished for sale, for lease or under service
contracts or for manufacture or processing, and wherever located.

      "Investment Property" means all of the Corporate Guarantor's investment
property, as such term is defined in the UCC, whether now owned or hereafter
acquired, including but not limited to all securities, security entitlements,
securities accounts, commodity contracts, commodity accounts, stocks, bonds,
mutual fund shares, money market shares and U.S. Government securities.

      "Lien" means any security interest, mortgage, deed of trust, pledge, lien,
charge, encumbrance, title retention agreement or analogous instrument or
device, including the interest of each lessor under any capitalized lease and
the interest of any bondsman under any payment

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or performance bond, in, of or on any assets or properties of a person, whether
now owned or hereafter acquired and whether arising by agreement or operation of
law.

      "Obligations" means (i) the Note, including interest thereon and any
extensions, renewals or replacements thereof, and all other obligations of
Borrower to Lender under the Loan documents, and (ii) each and every debt,
liability and obligation of every type and description which the Corporate
Guarantor may now or at any time hereafter owe to the Secured Party, whether
such debt, liability or obligation now exists or is hereafter created or
incurred and whether it is or may be direct or indirect, due or to become due,
or absolute or contingent, including without limitation all obligations under
the Guaranty.

      "Permitted Liens" means (i) the Security Interest, (ii) covenants,
restrictions, rights, easements and minor irregularities in title which do not
materially interfere with the Corporate Guarantor's business or operations as
presently conducted, and (iii) Liens in existence on the date hereof and
described on Exhibit B hereto, (iv) purchase money Liens relating to the
acquisition or lease of vehicles, machinery and equipment of the Corporate
Guarantor not exceeding the lesser of cost or fair market value thereof, in the
ordinary course of business, and so long as no Default Period is then in
existence and none would exist immediately after such acquisition, (v) liens for
taxes, assessments, or other governmental charges which are not delinquent or
which are being contested in good faith and for which adequate reserves have
been established in accordance with GAAP, and (vi) liens of mechanics,
materialmen, warehousemen, carriers or other similar statutory liens securing
obligations that are not yet due and are incurred in the ordinary course of
business.

      "Security Interest" has the meaning given in Section 2.

      "UCC" means Uniform Commercial Code as in effect from time to time
(including after July 1, 2001) in the State of Colorado.

      2. Security Interest. The Corporate Guarantor hereby grants the Secured
Party a security interest (the "Security Interest") in the Collateral to secure
payment of the Obligations.

      3. Representations, Warranties and Agreements. The Corporate Guarantor
hereby represents, warrants and agrees as follows:

      (a) TITLE. The Corporate Guarantor (i) has absolute title to each item of
Collateral in existence on the date hereof, free and clear of all Liens except
the Security Interest, the permitted liens as identified on Exhibit B hereto
(the "Permitted Liens"), (ii) will have, at the time the Corporate Guarantor
acquires any rights in Collateral hereafter arising, absolute title to, or a
valid "leasehold interest" (as such term is defined in Section 2.5.103 of the
UCC) in each such item of Collateral free and clear of all Liens except
Permitted Liens, (iii) will keep all Collateral free and clear of all Liens
except Permitted Liens, and (iv) will defend the Collateral against all claims
or demands of all persons other than the Secured Party. The Corporate Guarantor
will not sell or otherwise dispose of the Collateral or any interest therein,
outside the ordinary course of business, without the prior written consent of
the Secured Party.

      (b) CHIEF EXECUTIVE OFFICE; IDENTIFICATION NUMBER. The Corporate
Guarantor's chief executive office and principal place of business is located at
the address set forth under its

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signature below. The Corporate Guarantor's federal employer identification
number is correctly set forth under its signature below.

      (c) LOCATION OF COLLATERAL. As of the date hereof, the tangible Collateral
is located only in the states and at the address, as identified on Exhibit A
attached hereto. The Corporate Guarantor will not permit any tangible Collateral
to be located in any state (and, if county filing is required, in any county) in
which a financing statement covering such Collateral is required to be, but has
not in fact been, filed in order to perfect the Security Interest.

      (d) CHANGES IN NAME, CONSTITUENT DOCUMENTS, LOCATION. The Corporate
Guarantor will not change its name, articles of incorporation or bylaws, or
jurisdiction of organization, without the prior written consent of the Secured
Party. The Corporate Guarantor will not change its business address, without
prior written notice to the Secured Party.

      (e) FIXTURES. The Corporate Guarantor will not permit any tangible
Collateral to become part of or to be affixed to any real property without first
assuring to the reasonable satisfaction of the Secured Party that the Security
Interest will be prior and senior to any Lien then held or thereafter acquired
by any mortgagee of such real property or the owner or purchaser of any interest
therein.

      (f) RIGHTS TO PAYMENT. Each right to payment and each instrument,
document, chattel paper and other agreement constituting or evidencing
Collateral is (or will be when arising, issued or assigned to the Secured Party)
the valid, genuine and legally enforceable obligation, subject to no defense,
setoff or counterclaim (other than those arising in the ordinary course of
business), of the account debtor or other obligor named therein or in the
Corporate Guarantor's records pertaining thereto as being obligated to pay such
obligation. The Corporate Guarantor will neither agree to any material
modification or amendment nor agree to any forbearance, release or cancellation
of any such obligation, and will not subordinate any such right to payment to
claims of other creditors of such account debtor or other obligor.

      (g) COMMERCIAL TORT CLAIMS. Promptly upon knowledge thereof, the Corporate
Guarantor will deliver to the Secured Party notice of any commercial tort claims
it may bring against any person, including the name and address of each
defendant, a summary of the facts, an estimate of the Corporate Guarantor's
damages, copies of any complaint or demand letter submitted by the Corporate
Guarantor, and such other information as the Lender may request. Upon request by
the Secured Party, the Corporate Guarantor will grant the Secured Party a
security interest in all commercial tort claims it may have against any person.

      (h) MISCELLANEOUS COVENANTS. The Corporate Guarantor will:

            (i) keep all tangible Collateral in good repair, working order and
      condition, normal depreciation excepted, and will, from time to time,
      replace any worn, broken or defective parts thereof;

            (ii) promptly pay all taxes and other governmental charges levied or
      assessed upon or against any Collateral or upon or against the creation,
      perfection or continuance of the Security Interest;

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<PAGE>
            (iii) at all reasonable times, permit the Secured Party or its
      representatives to examine or inspect any Collateral, wherever located,
      and to examine, inspect and copy the Corporate Guarantor's books and
      records pertaining to the Collateral and its business and financial
      condition and to send and discuss with account debtors and other obligors
      requests for verifications of amounts owed to the Corporate Guarantor;

            (iv) keep accurate and complete records pertaining to the Collateral
      and pertaining to the Corporate Guarantor's business and financial
      condition and submit to the Secured Party such periodic reports concerning
      the Collateral and the Corporate Guarantor's business and financial
      condition as the Secured Party may from time to time reasonably request;

            (v) promptly notify the Secured Party of any loss of or material
      damage to any Collateral or of any adverse change, known to the Corporate
      Guarantor, in the prospect of payment of any sums due on or under any
      instrument, chattel paper, or account constituting Collateral;

            (vi) if the Secured Party at any time so requests (after the
      occurrence of an Event of Default), promptly deliver to the Secured Party
      any instrument, document or chattel paper constituting Collateral, duly
      endorsed or assigned by the Corporate Guarantor;

            (vii) at all times keep all tangible Collateral insured against
      risks of fire (including so-called extended coverage), theft, collision
      (in case of Collateral consisting of motor vehicles) and such other risks
      and in such amounts as the Secured Party may reasonably request, with any
      such policies containing a lender loss payable endorsement acceptable to
      the Secured Party;

            (viii) from time to time execute such financing statements as the
      Secured Party may reasonably require in order to perfect the Security
      Interest and, if any Collateral consists of a motor vehicle, execute such
      documents as may be required to have the Security Interest properly noted
      on a certificate of title;

            (ix) pay when due or reimburse the Secured Party on demand for all
      costs of collection of any of the Obligations and all other out-of-pocket
      expenses (including in each case all reasonable attorneys' fees) incurred
      by the Secured Party in connection with the creation, perfection,
      satisfaction, protection, defense or enforcement of the Security Interest
      or the creation, continuance, protection, defense or enforcement of this
      Agreement or any or all of the Obligations, including expenses incurred in
      any litigation or bankruptcy or insolvency proceedings;

            (x) execute, deliver or endorse any and all instruments, documents,
      assignments, security agreements and other agreements and writings which
      the Secured Party may at any time reasonably request in order to secure,
      protect, perfect or enforce the Security Interest and the Secured Party's
      rights under this Agreement; and

            (xi) not use or keep any Collateral, or permit it to be used or
      kept, for any unlawful purpose or in violation of any federal, state or
      local law, statute or ordinance.

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      (i) SECURED PARTY'S RIGHT TO TAKE ACTION. The Corporate Guarantor
authorizes the Secured Party to file from time to time where permitted by law,
such financing statements against collateral described as "all personal
property" as the Secured Party deems necessary or useful to perfect the Security
Interest. The Corporate Guarantor will not amend any financing statements in
favor of the Secured Party except as permitted by law. Further, if the Corporate
Guarantor at any time fails to perform or observe any agreement contained in
Section 3(h), and if such failure continues for a period of ten (10) days after
the Secured Party gives the Corporate Guarantor written notice thereof (or, in
the case of the agreements contained in clauses (vii) and (viii) of Section
3(h), immediately upon the occurrence of such failure, without notice or lapse
of time), the Secured Party may (but need not) perform or observe such agreement
on behalf and in the name, place and stead of the Corporate Guarantor (or, at
the Secured Party's option, in the Secured Party's own name) and may (but need
not) take any and all other actions which the Secured Party may reasonably deem
necessary to cure or correct such failure (including, without limitation the
payment of taxes, the satisfaction of security interests, liens, or
encumbrances, the performance of obligations under contracts or agreements with
account debtors or other obligors, the procurement and maintenance of insurance,
the execution of financing statements, the endorsement of instruments, and the
procurement of repairs or transportation); and, except to the extent that the
effect of such payment would be to render any loan or forbearance of money
usurious or otherwise illegal under any applicable law, the Corporate Guarantor
shall thereupon pay the Secured Party on demand the amount of all moneys
expended and all costs and expenses (including reasonable attorneys' fees)
incurred by the Secured Party in connection with or as a result of the Secured
Party's performing or observing such agreements or taking such actions, together
with interest thereon from the date expended or incurred by the Secured Party at
the highest rate then applicable to any of the Obligations. To facilitate the
performance or observance by the Secured Party of such agreements of the
Corporate Guarantor, the Corporate Guarantor hereby irrevocably appoints (which
appointment is coupled with an interest) the Secured Party, or its delegate, as
the attorney-in-fact of the Corporate Guarantor with the right (but not the
duty) from time to time to create, prepare, complete, execute, deliver, endorse
or file, in the name and on behalf of the Corporate Guarantor, any and all
instruments, documents, financing statements, applications for insurance and
other agreements and writings required to be obtained, executed, delivered or
endorsed by the Corporate Guarantor under this Section 3 and Section 4.

      4. Rights of Secured Party. At any time and from time to time, whether
before or after an Event of Default, the Secured Party may take any or all of
the following actions:

      (a) ACCOUNT VERIFICATION. The Secured Party may at any time and from time
to time send or require the Corporate Guarantor to send requests for
verification of accounts or notices of assignment to account debtors and other
obligors. The Secured Party may also at any time and from time to time telephone
account debtors and other obligors to verify accounts.

      (b) COLLATERAL ACCOUNT. The Secured Party may establish a collateral
account for the deposit of checks, drafts and cash payments made by the
Corporate Guarantor's account debtors. If a collateral account is so
established, the Corporate Guarantor shall promptly deliver to the Secured
Party, for deposit into said collateral account, all payments on Accounts and
chattel paper received by it. All such payments shall be delivered to the
Secured Party in the form received (except for the Corporate Guarantor's
endorsement where necessary). Until so deposited, all payments on Accounts and
chattel paper received by the Corporate Guarantor shall

                                      -12-
<PAGE>
be held in trust by the Corporate Guarantor for and as the property of the
Secured Party and shall not be commingled with any funds or property of the
Corporate Guarantor. All deposits in said collateral account shall constitute
proceeds of Collateral and shall not constitute payment of any Obligation.
Unless otherwise agreed in writing, the Corporate Guarantor shall have no right
to withdraw amounts on deposit in any collateral account.

      (c) LOCKBOX. The Secured Party may, by notice to the Corporate Guarantor,
require the Corporate Guarantor to direct each of its account debtors to make
payment directly to a special lockbox to be under the control of the Secured
Party. The Corporate Guarantor hereby authorizes and directs the Secured Party
to deposit all checks, drafts and cash payments received in said lockbox into
the collateral account established as set forth above.

      (d) DIRECT COLLECTION. The Secured Party may notify any account debtor, or
any other person obligated to pay any amount due, that such chattel paper,
Account, or other right to payment has been assigned or transferred to the
Secured Party for security and shall be paid directly to the Secured Party. At
any time after the Secured Party or the Corporate Guarantor gives such notice to
an account debtor or other obligor, the Secured Party may (but need not), in its
own name or in the Corporate Guarantor's name, demand, sue for, collect or
receive any money or property at any time payable or receivable on account of,
or securing, any such chattel paper, Account, or other right to payment, or
grant any extension to, make any compromise or settlement with or otherwise
agree to waive, modify, amend or change the obligations (including collateral
obligations) of any such account debtor or other obligor.

      5. Assignment of Insurance. The Corporate Guarantor hereby assigns to the
Secured Party, as additional security for the payment of the Obligations, any
and all moneys (including but not limited to proceeds of insurance and refunds
of unearned premiums) due or to become due under, and all other rights of the
Corporate Guarantor under or with respect to, any and all policies of insurance
covering the Collateral, and the Corporate Guarantor hereby directs the issuer
of any such policy to pay any such moneys directly to the Secured Party. After
the occurrence of an Event of Default, the Secured Party may (but need not), in
its own name or in the Corporate Guarantor's name, execute and deliver proofs of
claim, receive all such moneys, endorse checks and other instruments
representing payment of such moneys, and adjust, litigate, compromise or release
any claim against the issuer of any such policy.

      6. Events of Default. Each of the following occurrences shall constitute
an event of default under this Agreement (herein called "Event of Default"): (i)
an Event of Default shall occur under the Credit Agreement; or (ii) the
Corporate Guarantor shall fail to pay any or all of the Obligations when due or
(if payable on demand) on demand; or (iii) the Corporate Guarantor shall fail to
observe or perform any covenant or agreement herein binding on it.

      7. Remedies upon Event of Default. Upon the occurrence of an Event of
Default and at any time thereafter, the Secured Party may exercise any one or
more of the following rights and remedies: (i) declare all unmatured Obligations
to be immediately due and payable, and the same shall thereupon be immediately
due and payable, without presentment or other notice or demand; (ii) exercise
and enforce any or all rights and remedies available upon default to a secured
party under the UCC, including but not limited to the right to take possession
of any Collateral, proceeding without judicial process or by judicial process
(without a prior hearing or notice thereof, which the Corporate Guarantor hereby
expressly waives), and the right to sell,

                                      -13-
<PAGE>
lease or otherwise dispose of any or all of the Collateral, and in connection
therewith, the Secured Party may require the Corporate Guarantor to make the
Collateral available to the Secured Party at a place to be designated by the
Secured Party which is reasonably convenient to both parties, and if notice to
the Corporate Guarantor of any intended disposition of Collateral or any other
intended action is required by law in a particular instance, such notice shall
be deemed commercially reasonable if given (in the manner specified in Section
9) at least ten (10) days prior to the date of intended disposition or other
action; (iii) exercise or enforce any or all other rights or remedies available
to the Secured Party by law or agreement against the Collateral, against the
Corporate Guarantor or against any other person or property. The Secured Party
is hereby granted a nonexclusive, worldwide and royalty-free license to use or
otherwise exploit all Intellectual Property Rights owned by or licensed to the
Corporate Guarantor that the Secured Party deems necessary or appropriate to the
disposition of any Collateral.

      8. Other Personal Property. Unless at the time the Secured Party takes
possession of any tangible Collateral, or within seven days thereafter, the
Corporate Guarantor gives written notice to the Secured Party of the existence
of any goods, papers or other property of the Corporate Guarantor, not affixed
to or constituting a part of such Collateral, but which are located or found
upon or within such Collateral, describing such property, the Secured Party
shall not be responsible or liable to the Corporate Guarantor for any action
taken or omitted by or on behalf of the Secured Party with respect to such
property.

      9. Notices; Requests for Accounting. All notices and other communications
hereunder shall be in writing and shall be (a) personally delivered, (b) sent by
first class United States mail, (c) sent by overnight courier of national
reputation, or (d) transmitted by telecopy, in each case addressed or telecopied
to the party to whom notice is being given at its address or telecopier number
as set forth below its signature or, as to each party, at such other address or
telecopier number as may hereafter be designated by such party in a written
notice to the other party complying as to delivery with the terms of this
Section. All such notices, requests, demands and other communications shall be
deemed to have been given on (i) the date received if personally delivered, (ii)
when deposited in the mail if delivered by mail, (iii) the date sent if sent by
overnight courier, or (iv) the date of transmission if delivered by telecopy.
All requests under Section 9-210 of the UCC (i) shall be made in a writing
signed by an authorized person, (ii) shall be personally delivered, sent by
registered or certified mail, return receipt requested, or by overnight courier
of national reputation (iii) shall be deemed to be sent when received by the
Secured Party and (iv) shall otherwise comply with the requirements of Section
9-210. The Corporate Guarantor requests that the Secured Party respond to all
such requests which on their face appear to come from an authorized individual
and releases the Secured Party from any liability for so responding. The
Corporate Guarantor shall pay Secured Party the maximum amount allowed by law
for responding to such requests.

      10. Termination. This Agreement, and the Security Interest granted by the
Corporate Guarantor to the Secured Party hereunder, shall terminate upon the
date all Obligations are satisfied in full and the Commitment is terminated.

      11. Miscellaneous. This Agreement has been duly and validly authorized by
all necessary corporate action. This Agreement does not contemplate a sale of
accounts, or chattel paper. This Agreement can be waived, modified, amended,
terminated or discharged, and the Security Interest can be released, only
explicitly in a writing signed by the Secured Party, and, in

                                      -14-
<PAGE>
the case of amendment or modification, in a writing signed by the Corporate
Guarantor. A waiver signed by the Secured Party shall be effective only in the
specific instance and for the specific purpose given. Mere delay or failure to
act shall not preclude the exercise or enforcement of any of the Secured Party's
rights or remedies. All rights and remedies of the Secured Party shall be
cumulative and may be exercised singularly or concurrently, at the Secured
Party's option, and the exercise or enforcement of any one such right or remedy
shall neither be a condition to nor bar the exercise or enforcement of any
other. The Secured Party's duty of care with respect to Collateral in its
possession (as imposed by law) shall be deemed fulfilled if the Secured Party
exercises reasonable care in physically safekeeping such Collateral or, in the
case of Collateral in the custody or possession of a bailee or other third
person, exercises reasonable care in the selection of the bailee or other third
person, and the Secured Party need not otherwise preserve, protect, insure or
care for any Collateral. The Secured Party shall not be obligated to preserve
any rights the Corporate Guarantor may have against prior parties, to realize on
the Collateral at all or in any particular manner or order, or to apply any cash
proceeds of Collateral in any particular order of application. This Agreement
shall be binding upon and inure to the benefit of the Corporate Guarantor and
the Secured Party and their respective successors and assigns and shall take
effect when signed by the Corporate Guarantor and delivered to the Secured
Party, and the Corporate Guarantor waives notice of the Secured Party's
acceptance hereof. The Secured Party may execute this Agreement if appropriate
for the purpose of filing, but the failure of the Secured Party to execute this
Agreement shall not affect or impair the validity or effectiveness of this
Agreement. A carbon, photographic or other reproduction of this Agreement or of
any financing statement signed by the Corporate Guarantor shall have the same
force and effect as the original for all purposes of a financing statement. This
Agreement shall be governed by and construed in accordance with the substantive
laws (other than conflict laws) of the State of Colorado. If any provision or
application of this Agreement is held unlawful or unenforceable in any respect,
such illegality or unenforceability shall not affect other provisions or
applications which can be given effect and this Agreement shall be construed as
if the unlawful or unenforceable provision or application had never been
contained herein or prescribed hereby. All representations and warranties
contained in this Agreement shall survive the execution, delivery and
performance of this Agreement and the creation and payment of the Obligations.
The parties hereto hereby (i) consent to the personal jurisdiction of the state
and federal courts located in the State of Colorado in connection with any
controversy related to this Agreement; (ii) waive any argument that venue in any
such forum is not convenient, (iii) agree that any litigation initiated by the
Secured Party or the Corporate Guarantor in connection with this Agreement or
the other Loan Documents may be venued in either the state or federal courts
located in the City and County of Denver, Colorado; and (iv) agree that a final
judgment in any such suit, action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.

      THE PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BASED ON OR PERTAINING TO THIS AGREEMENT.

                                      -15-
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date and year first above written.

<TABLE>
<S>                                                          <C>
WELLS FARGO BUSINESS CREDIT, INC.                            METRETEK TECHNOLOGIES, INC.

By:  ________________________________                        By:  ________________________________
         Debra L. Tracy                                               A. Bradley Gabbard
         Vice President                                               Executive Vice President

Address:
Wells Fargo Business Credit, Inc.                            Address:
MAC C7300-210
1740 Broadway                                                303 East Seventeenth Avenue
Denver, Colorado  80274                                      Suite 660
Attention: Debra L. Tracy                                    Denver, Colorado 80203
Employer identification number: 41-1237652                   Attention: A. Bradley Gabbard
                                                             Employer identification number: 84-1169358
</TABLE>

                                      -16-

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