Document:

Exhibit 21 (10.18) - Secured Promissory Note ($130,000)

    
      

      

    

    Exhibit
      10.18

     

    SECURED
      PROMISSORY NOTE

    

    

    
      	 	
              Granite
                Bay, California

            
	
              $130,000

            	
              September
                27, 2006

            

    

    

    This
      Secured Promissory Note (this "Note") is made and delivered pursuant to that
      certain Credit Facility Agreement dated as of September 19, 2006 between Solar
      Power, Inc., a California corporation (“Borrower”) and Welund Fund, Inc., a
      Nevada corporation (“Lender” or “Holder”), as such may be amended from time to
      time (the "Credit Agreement"). Unless otherwise defined herein, all capitalized
      terms used in this Note shall have the same meanings that are given to such
      terms in the Credit Agreement, the terms of which are incorporated into this
      Note by reference.

     

     

    1. 
Obligation.
      The
      Borrower hereby promises to pay to the order of Lender or Holder on or before
      the Maturity Date, at Lender's principal place of business, or at such other
      place as Holder may direct, the principal sum of One hundred thirty thousand
      Dollars ($130,000.00) or so much thereof as may be advanced and outstanding,
      together with all interest accrued on unpaid principal, to be computed on each
      Advance from the date of its disbursement to Borrower, at a rate equal to eight
      percent (8%) simple interest per annum, as provided in the Credit Agreement.
      The
      outstanding principal amount of this Note, together with accrued interest
      thereon, shall be due and payable in full on the Maturity Date. The outstanding
      unpaid principal balance of this Note at any time shall be the total principal
      amounts advanced hereunder by Holder less the amounts of payments of principal
      made hereon by Borrower, which balance may be endorsed hereon from time to
      time
      by Holder in accordance with Section 2.

    

    2. 
Recording
      Advances and Payments.
      Holder
      is authorized to record on Schedule A hereto, and on any continuation(s) of
      such
      Schedule that may be attached to this Note: (a) the date and principal amount
      of
      each Advance by Lender under the Credit Agreement; and (b) the date and amount
      of each payment or prepayment of principal and/or accrued interest of any
      Advance; which recordation will constitute prima facie evidence of the accuracy
      of the information so endorsed on Schedule A; provided however, that any failure
      to record such information on such Schedule or continuation thereof will not
      in
      any manner affect the obligations of Borrower to make payments of principal
      and
      interest in accordance with the terms of this Note. Holder will promptly provide
      Borrower with a copy of each recordation made by Holder on Schedule A attached
      hereto.

    

    3.
       
Security.
      This
      Note is subject to a Security Agreement executed September 19 2006 between
      Lender as the Secured party and Borrower as Debtor.

    

    4. 
Prepayment.
      Prepayment of unpaid principal and/or interest due under this Note may be made
      at any time without penalty as specified in the Credit Agreement. Unless
      otherwise agreed in writing by Holder, all payments will be made in lawful
      tender of the United States and will be applied (a) first, to the payment of
      accrued interest, and (b) second, (to the extent that the amount of such
      prepayment exceeds the amount of all such accrued interest), to the payment
      of
      principal.

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    5. 
Default,
      Acceleration of Obligation.
      Borrower will be deemed to be in default under this Note and the outstanding
      unpaid principal balance of this Note, together with all interest accrued
      thereon, will immediately become due and payable in full, without the need
      for
      any further action on the part of Holder, upon the occurrence of any Event
      of
      Default (as defined in the Credit Agreement or the Security Agreement) not
      otherwise remedied pursuant to the terms of the Credit Agreement or the Security
      Agreement.

    

    6. 
Remedies
      on Default; Acceleration.
      Upon
      any Event of Default, Holder will have, in addition to its rights and remedies
      under this Note, the Credit Agreement and Security Agreement, full recourse
      against any real, personal, tangible or intangible assets of Borrower, and
      may
      pursue any legal or equitable remedies that are available to Holder, and may
      declare the entire unpaid principal amount of this Note and all unpaid accrued
      interest under this Note to be immediately due and payable in full.

    

    7. 
Waiver
      and Amendment.
      Any
      provision of this Note may be amended or modified only by a writing signed
      by
      both Borrower and Holder. Except as provided below with respect to waivers
      by
      Borrower, no waiver or consent with respect to this Note will be binding or
      effective unless it is set forth in writing and signed by the party against
      whom
      such waiver is asserted. No course of dealing between Borrower and Holder will
      operate as a waiver or modification of any party's rights or obligations under
      this Note. No delay or failure on the part of either party in exercising any
      right or remedy under this Note will operate as a waiver of such right or any
      other right. A waiver given on one occasion will not be construed as a bar
      to,
      or as a waiver of, any right or remedy on any future occasion.

    

    8. 
Waiver
      of Borrower.
      Borrower
      hereby waives presentment, notice of non-payment, notice of dishonor, protest,
      demand and diligence. This Note may be amended only by a writing executed by
      Borrower and Holder.

    

    9. 
Governing
      Law.
      This
      Note will be governed by and construed in accordance with the internal laws
      of
      the State of California as applied to agreements between residents thereof
      to be
      performed entirely within such State, without reference to that body of law
      relating to conflict of laws or choice of law.

    

    10.         Severability;
      Headings.
      The
      invalidity or unenforceability of any term or provision of this Note will not
      affect the validity or enforceability of any other term or provision hereof.
      The
      headings in this Note are for convenience of reference only and will not alter
      or otherwise affect the meaning of this Note.

    

    11.         Jurisdiction;
      Venue.
      Borrower, by its execution of this Note, hereby irrevocably submits to the
      in
      personal jurisdiction of the state courts of the State of California and of
      the
      United States District Court for the Northern District of California that are
      located in Sacramento, California, for the purpose of any suit, action or other
      proceeding arising out of or based upon this Note.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    12.         Assignment.
      This
      Note is not assignable by Holder without the written consent of Borrower. This
      Note may not be assigned or delegated by Borrower, whether by voluntary
      assignment or transfer, operation of law, merger or otherwise.

    

    13.         Credit
      Agreement and Security Agreement.
      This
      Note incorporates by reference all the provisions of the Credit Agreement and
      the Security Agreement, including but not limited to all provisions contained
      therein with respect to Events of Default, waivers, remedies and covenants,
      and
      the description of the benefits, rights and obligations of each of Borrower
      and
      Holder under the Credit Agreement and the Security Agreement.

    

    IN
      WITNESS WHEREOF, the Borrower has executed and delivered this Note effective
      as
      of the date first above written.

    

    

    
      	 	
              SOLAR
                POWER, INC.

            
	 	 
	 	
              /s/
                Glenn
                Carnahan                                     
                

            
	 	
              Glenn
                Carnahan, Chief Financial Officer

            

    

    

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
       

      SCHEDULE
        A

      

      LOANS
        AND
        PAYMENTS OF PRINCIPAL

      
        	 	 	 	 
	
                Date
                  

              	
                Amount
                  of Loan

              	
                Amount
                  of Principal Repaid

              	
                Notation
                  Made By

              
	 
	
                
                  

                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              

      

      

       

    

    

    
 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      4Exhibit 22 (10.19) - Secured Promissory Note ($75,000)

    
      

      

    

    Exhibit
      10.19

     

    SECURED
      PROMISSORY NOTE

    

    

    
      	 	
              Granite
                Bay, California

            
	
              $75,000

            	
              October
                6, 2006

            

    

    

    This
      Secured Promissory Note (this "Note") is made and delivered pursuant to that
      certain Credit Facility Agreement dated as of September 19, 2006 between Solar
      Power, Inc., a California corporation (“Borrower”) and Solar Power, Inc.,
      formerly Welund Fund, Inc., a Nevada corporation (“Lender” or “Holder”), as such
      may be amended from time to time (the "Credit Agreement"). Unless otherwise
      defined herein, all capitalized terms used in this Note shall have the same
      meanings that are given to such terms in the Credit Agreement, the terms of
      which are incorporated into this Note by reference.

     

     

    1. 
Obligation.
      The
      Borrower hereby promises to pay to the order of Lender or Holder on or before
      the Maturity Date, at Lender's principal place of business, or at such other
      place as Holder may direct, the principal sum of Seventy-five thousand dollars
      ($75,000.00) or so much thereof as may be advanced and outstanding, together
      with all interest accrued on unpaid principal, to be computed on each Advance
      from the date of its disbursement to Borrower, at a rate equal to eight percent
      (8%) simple interest per annum, as provided in the Credit Agreement. The
      outstanding principal amount of this Note, together with accrued interest
      thereon, shall be due and payable in full on the Maturity Date. The outstanding
      unpaid principal balance of this Note at any time shall be the total principal
      amounts advanced hereunder by Holder less the amounts of payments of principal
      made hereon by Borrower, which balance may be endorsed hereon from time to
      time
      by Holder in accordance with Section 2.

    

    2. 
Recording
      Advances and Payments.
      Holder
      is authorized to record on Schedule A hereto, and on any continuation(s) of
      such
      Schedule that may be attached to this Note: (a) the date and principal amount
      of
      each Advance by Lender under the Credit Agreement; and (b) the date and amount
      of each payment or prepayment of principal and/or accrued interest of any
      Advance; which recordation will constitute prima facie evidence of the accuracy
      of the information so endorsed on Schedule A; provided however, that any failure
      to record such information on such Schedule or continuation thereof will not
      in
      any manner affect the obligations of Borrower to make payments of principal
      and
      interest in accordance with the terms of this Note. Holder will promptly provide
      Borrower with a copy of each recordation made by Holder on Schedule A attached
      hereto.

    

    3.
       
Security.
      This
      Note is subject to a Security Agreement executed September 19, 2006 between
      Lender as the Secured party and Borrower as Debtor.

    

    4. 
Prepayment.
      Prepayment of unpaid principal and/or interest due under this Note may be made
      at any time without penalty as specified in the Credit Agreement. Unless
      otherwise agreed in writing by Holder, all payments will be made in lawful
      tender of the United States and will be applied (a) first, to the payment of
      accrued interest, and (b) second, (to the extent that the amount of such
      prepayment exceeds the amount of all such accrued interest), to the payment
      of
      principal.

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    5. 
Default,
      Acceleration of Obligation.
      Borrower will be deemed to be in default under this Note and the outstanding
      unpaid principal balance of this Note, together with all interest accrued
      thereon, will immediately become due and payable in full, without the need
      for
      any further action on the part of Holder, upon the occurrence of any Event
      of
      Default (as defined in the Credit Agreement or the Security Agreement) not
      otherwise remedied pursuant to the terms of the Credit Agreement or the Security
      Agreement.

    

    6. 
Remedies
      on Default; Acceleration.
      Upon
      any Event of Default, Holder will have, in addition to its rights and remedies
      under this Note, the Credit Agreement and Security Agreement, full recourse
      against any real, personal, tangible or intangible assets of Borrower, and
      may
      pursue any legal or equitable remedies that are available to Holder, and may
      declare the entire unpaid principal amount of this Note and all unpaid accrued
      interest under this Note to be immediately due and payable in full.

    

    7. 
Waiver
      and Amendment.
      Any
      provision of this Note may be amended or modified only by a writing signed
      by
      both Borrower and Holder. Except as provided below with respect to waivers
      by
      Borrower, no waiver or consent with respect to this Note will be binding or
      effective unless it is set forth in writing and signed by the party against
      whom
      such waiver is asserted. No course of dealing between Borrower and Holder will
      operate as a waiver or modification of any party's rights or obligations under
      this Note. No delay or failure on the part of either party in exercising any
      right or remedy under this Note will operate as a waiver of such right or any
      other right. A waiver given on one occasion will not be construed as a bar
      to,
      or as a waiver of, any right or remedy on any future occasion.

    

    8. 
Waiver
      of Borrower.
      Borrower
      hereby waives presentment, notice of non-payment, notice of dishonor, protest,
      demand and diligence. This Note may be amended only by a writing executed by
      Borrower and Holder.

    

    9. 
Governing
      Law.
      This
      Note will be governed by and construed in accordance with the internal laws
      of
      the State of California as applied to agreements between residents thereof
      to be
      performed entirely within such State, without reference to that body of law
      relating to conflict of laws or choice of law.

    

    10.         Severability;
      Headings.
      The
      invalidity or unenforceability of any term or provision of this Note will not
      affect the validity or enforceability of any other term or provision hereof.
      The
      headings in this Note are for convenience of reference only and will not alter
      or otherwise affect the meaning of this Note.

    

    11.         Jurisdiction;
      Venue.
      Borrower, by its execution of this Note, hereby irrevocably submits to the
      in
      personal jurisdiction of the state courts of the State of California and of
      the
      United States District Court for the Northern District of California that are
      located in Sacramento, California, for the purpose of any suit, action or other
      proceeding arising out of or based upon this Note.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    12.         Assignment.
      This
      Note is not assignable by Holder without the written consent of Borrower. This
      Note may not be assigned or delegated by Borrower, whether by voluntary
      assignment or transfer, operation of law, merger or otherwise.

    

    13.         Credit
      Agreement and Security Agreement.
      This
      Note incorporates by reference all the provisions of the Credit Agreement and
      the Security Agreement, including but not limited to all provisions contained
      therein with respect to Events of Default, waivers, remedies and covenants,
      and
      the description of the benefits, rights and obligations of each of Borrower
      and
      Holder under the Credit Agreement and the Security Agreement.

    

    IN
      WITNESS WHEREOF, the Borrower has executed and delivered this Note effective
      as
      of the date first above written.

    

    

    
      	 	
              SOLAR
                POWER, INC.

            
	 	 
	 	
              /s/
                Glenn
                Carnahan                                     
                

            
	 	
              Glenn
                Carnahan, Chief Financial Officer

            

    

    

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      SCHEDULE
        A

      

      LOANS
        AND
        PAYMENTS OF PRINCIPAL

      
        	 	 	 	 
	
                Date
                  

              	
                Amount
                  of Loan

              	
                Amount
                  of Principal Repaid

              	
                Notation
                  Made By

              
	 
	
                
                  

                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              
	 
	
                

              

      

      

      
 

    

    
 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      4

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