Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - FC Financial Services Inc. - Exhibit 10.2

LIMITED RECOURSE GUARANTEE

This Limited Recourse Guarantee dated as of July 4, 2006 made
by and among SASS M. PERESS, PERESS FAMILY TRUST, ARLENE ADES and JOEL
COHEN (the “Guarantors”) to and in favour of FC FINANCIAL SERVICES
INC. (the “Lender”) as lender under the Loan Agreement (as hereinafter
defined).

WHEREAS:

	A. 	
      ICP Solar Technologies Inc. (the “Borrower”) has
      entered into a loan agreement with the Lender dated as of May 16, 2006, as
      amended on July 4, 2006 (as such agreement may at any time or from time to
      time be amended, supplemented, extended or otherwise modified or restated,
      the “Loan Agreement”) pursuant to which a loan in the principal
      amount of US$1,500,000 is being advanced by the Lender to the Borrower
      (the “Loan”)

	 	 
	B. 	
      It is a condition of the advance of the Loan by the
      lender to the Borrower that the Guarantors execute and deliver this
      limited recourse guarantee and a pledge of all of the shares in the
      capital of the Borrower owned by them to and in favour of the Lender as
      collateral security for the payment and performance of the Guaranteed
      Obligations (as hereinafter defined); and

	 	 
	C. 	
      The Lender has agreed that its sole recourse under this
      limited recourse guarantee is to realize on such pledged shares and that
      the Guarantors shall not be personally liable for any
  deficiency.

NOW THEREFORE WITNESSETH that in consideration of the
payment of the sum of $1.00 in lawful money of Canada by the Lender to the
Guarantors and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Guarantors hereby covenant,
declare and agree as follows:

	1. 	
      Prior Guarantee.     
      This Limited Recourse Guarantee shall supercede and replace in its
      entirety the prior Limited Course Guarantee dated May 16, 2006 provided by
      the Guarantors in favour of the Lender.

	2. 	
      Guarantee.      The
      Guarantors hereby irrevocably and unconditionally guarantee the due and
      punctual performance and payment to the Lender, whether at stated
      maturity, by acceleration or otherwise, of all obligations of the Borrower
      to the Lender, now or hereafter existing under or pursuant to the Loan
      Agreement, whether for principal, interest, expenses, indemnity or
      otherwise, and any and all out-of-pocket expenses (including counsel fees
      and disbursements on a solicitor and own client basis) incurred by the
      Lender in enforcing any of its rights under this guarantee (such
      obligations being herein called the “Guaranteed Obligations”), it
      being understood and agreed that the Lender’s recourse hereunder is
      limited solely to it exercising its remedies under a share pledge
      agreement dated the date hereof between the Guarantors and the Lender, and
      that upon such exercise by the Lender the Guarantors shall cease to have
      any further liability hereunder for any deficiency or
  otherwise.

	3. 	
      Absolute Liability.     
      Subject to the limitation on recourse set forth in section 1
      above, the Guarantors guarantee that the Guaranteed Obligations will be
      paid and performed strictly in accordance with the terms of the Loan
      Agreement. The liability of the Guarantors under this guarantee shall be
      absolute and unconditional irrespective of:

	 	a. 	
      the lack of validity or enforceability of any terms of
      the Loan Agreement or any security granted to the Lender by the Borrower
      or any other person or persons pursuant to the terms of the Loan
      Agreement;

	 	 	 
	 	b. 	
      any consent by the Borrower or any other person as to the
      amount of the Guaranteed Obligations or the validity or enforceability of
      any terms of the Loan Agreement;

	 	 	 
	 	c. 	
      any defence, counter-claim or right of set-off available
      to the Borrower;

	 	 	 
	 	d. 	
      any extension of the time or times for payment of the
      Guaranteed Obligations or any other indulgences the Lender may grant to
      the Borrower;

	 	 	 
	 	e. 	
      any dealings with the security which the Lender holds or
      may hold pursuant to the terms and conditions of the Loan Agreement,
      including the taking and giving up of securities, the accepting of
      compositions and the granting of releases and discharges;

	 	 	 
	 	f. 	
      the assignment of all or any part of the benefits of this
      guarantee;

	 	 	 
	 	g. 	
      any modification or amendment of or supplement to the
      Guaranteed Obligations or the Loan Agreement, including, without
      limitation, any assignment or assumption of the commitment or commitments
      of the Lender under the Loan Agreement and any increase or decrease in the
      principal, the rates of interest or other amounts payable under the Loan
      Agreement; or

	 	 	 
	 	h. 	
      any other circumstances which might otherwise constituted
      a defence available to or a discharge of a guarantor, the Borrower or any
      other person in respect of the Guaranteed Obligations, or of the
      Guarantors in respect to this guarantee.

	4. 	
      Remedies.      The
      Guarantors agree that the Lender shall not be bound to seek or exhaust its
      recourses against the Borrower before being entitled to payment hereunder.
      Should the Lender elect to realize on any security it may hold, either
      before, concurrently with our after demand for payment under this
      guarantee, the Guarantors shall have no right of discussion or
      division.

	5. 	
      Amount of Guaranteed
      Obligations.      Any account settled or
      stated by or between the Lender and the Borrower or, if any such account
      has not been so settled or stated immediately before demand for payment
      under this guarantee, any account thereafter stated by the Lender shall,
      in the absence of demonstrated error, be accepted by the Guarantors as
      conclusive evidence of the amount of the Guaranteed Obligations which at
      the date of the account so settled or stated is due by the Borrower to the
      Lender or remains unpaid by the Borrower to the Lender.

	 	 
	6. 	
      Subrogation and
      Repayment.      Upon receipt by the Lender of
      any payments on account of liability under this guarantee, whether by
      realization on security or otherwise, the Guarantors shall not be entitled
      to claim repayment against the Borrower until the Lender’s claims against
      the Borrower in respect of the Guaranteed Obligations have been repaid in
      full. In the case of the liquidation, winding-up or bankruptcy of the
      Borrower (whether voluntary or compulsory) or in the event that the
      Borrower shall make a bulk sale of any of the Borrower’s assets within the
      provisions of any bulk sales legislation or any composition with creditors
      or scheme of arrangement, the Lender shall have the right to rank in
      priority to the Guarantors for its full claims in respect of the
      Guaranteed Obligations and receive all dividends or other payments in
      respect thereof until its claims in respect of the Guaranteed Obligations
      have been paid in full, . If any amount shall be paid to the Guarantors on
      account of any subrogation rights at any time when all the Guaranteed
      Obligations 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 upon the Guaranteed
Obligations, whether matured or unmatured.

	7. 	
      No Prejudice to the
      Lender.      The Lender shall not be
      prejudiced in any way in the right to enforce any provision of this
      guarantee by any act or failure to act on the part of the Borrower. The
      Lender may, at any time and from time to time, without any consent of or
      notice to the Guarantors and without impairing or releasing the Guarantors
      from their obligations hereunder:

	 	a. 	
      change the manner, place or terms of payment or change or
      extend time of payment of, or renew or alter, the Guaranteed
      Obligations;

	 	 	 
	 	b. 	
      release anyone liable in any manner under or in respect
      of the Guaranteed Obligations;

	 	 	 
	 	c. 	
      exercise or refrain from exercising any rights against
      the Borrower or the Guarantors or any other person; and

	 	 	 
	 	d. 	
      apply to the Guaranteed Obligations any sums from time to
      time received.

	8. 	
      No Recourse.      Any
      right of subrogation acquired by the Guarantors by reason of payment under
      or pursuant to this guarantee shall not be exercised until the Guaranteed
      Obligations and other amounts due to the Lender hereunder have been paid
      or repaid in full to the Lender, and shall be no greater than the right
      held by the Lender and the Guarantors shall have no recourse against the
      Lender for any invalidity, non-perfection or unenforceability of any
      security held by the Lender or any irregularity or defect in the manner or
      procedure by which the Lender realizes on such security.

	 	 
	9. 	
      Continuing Guarantee.     
      This guarantee shall continue to be effective or be reinstated, as the
      case may be, if at any time any payment of any of the Guaranteed
      Obligations is rescinded or must otherwise be returned by the Lender upon
      the insolvency, bankruptcy or reorganization of the Borrower or otherwise,
      all as though such payment had not been made.

	 	 
	10. 	
      Supplemental Security.     
      This guarantee is in addition, without prejudice and supplemental to
      all other guarantees and securities held, or which may hereafter be held,
      by or for the Lender.

	 	 
	11. 	
      Representations.

	 	(1) 	
      The Guarantors represent and warrant that:

	 	 	 	 
	 		a. 	
      all representations and warranties of the Borrower in the
      Loan Agreement are true and correct as at the date hereof; and

	 	 	 	 
	 		b. 	
      the Borrower has complied with all covenants contained in
      the Loan Agreement and there exists no Event of Default (as such terms are
      defined in the Loan Agreement) which is continuing on the date
    hereof.

	 	 	 	 
	 	(2) 	
      The execution and delivery by the Guarantors of this
      guarantee has been duly authorized by all necessary action by each of the
      Guarantors.

	12. 	
      Interest Act (Canada).     
      For purposes of the Interest Act (Canada), the Guarantors hereby
      acknowledge that the rate or rates of interests applicable to the
      Guaranteed Obligations shall be computed and shall be paid at the times
      and in the manner set forth in the Loan
Agreement.

	13. 	
      Governing Law.      This
      guarantee shall be governed by and constructed in accordance with the laws
      of the Province of Ontario and the laws of Canada applicable therein and
      shall be treated in all respects as an Ontario contract.

	 	 
	14. 	
      Successors, etc.     
      This guarantee shall extend to and enure to the benefit of the Lender
      and its successors and assigns and shall be binding upon the Guarantors
      and their successors and permitted assigns. This guarantee shall not be
      assigned by the Guarantors without the Lender’s written consent. All
      rights of the Lender hereunder shall be assignable in accordance with the
      terms of the Loan Agreement.

	 	 
	15. 	
      Notices.      All
      notices, requests, demands, directions and communications
      (“notices”) hereunder shall be sent by telecopy or similar means of
      recorded communication or hand delivery , and shall be effective when hand
      delivered or, in the case of telecopy or similar means of recorded
      communication, when received. All notices shall be given to the Lender at
      its principal office as show in the Loan Agreement and to the Guarantors
      at the address referred to in Section 5 hereof, or otherwise in accordance
      with any unrevoked written direction of the Guarantors to the Lender at
      its principal office as to a change of address, given in accordance with
      this Section 16.

	 	 
	16. 	
      Attornment/Service. The Guarantors hereby
      irrevocably submit to the jurisdiction of any Ontario court in any action
      or proceeding arising out of or relating to this guarantee, and hereby
      irrevocably agree that all claims in respect of any such action or
      proceeding may be heard and determined in such Ontario court. The
      Guarantors hereby irrevocably appoint the Borrower at its principal office
      and to the attention of the officer shown on the signature pages of the
      Loan Agreement as its agent to receive on behalf of the Guarantors service
      of copies of the summons and complaint and any other process which may be
      served in any such action or proceeding. Such service may be made by
      delivering a copy of such process to the Guarantors in care of such agent
      and the Guarantors hereby irrevocably authorize and direct such agent to
      accept such service on their behalf. As an alternative method of service,
      the Guarantors also irrevocably consent to the service of any process in
      any such action or proceeding by the mailing of copies of such process to
      the Guarantors at the address referred to in Section 5 hereof, or at such
      other address as they may direct. The Guarantors agree that a final
      judgement in any such action or proceeding shall be conclusive and may be
      enforced in other jurisdictions by suit on the judgement or in any other
      manner provided by law. Nothing in this Section shall affect the right of
      the Lender to serve legal process in any other manner permitted by law or
      affect the right of the Lender to bring any action or proceeding against
      the Guarantors or their property in the courts of other
    jurisdictions.

	 	 
	17. 	
      Acknowledgement of
      Receipt/Waiver.      The Guarantors
      acknowledge receipt of an executed copy of this guarantee and the Loan
      Agreement.

	18. 	
      Independent Legal Advice. This Guarantee has been
      prepared by Northwest Law Group acting solely on behalf of the Lender and
      the Guarantors acknowledge that they been advised to obtain independent
      legal advice.

	 	 
		
      IN WITNESS WHEREOF the Guarantors have duly
      executed this guarantee and affixed their seals as of the date first above
      written.

 

	/s/ Sass M. Peress 	 	/s/
      Arelene Ades 
	SASS M. PERESS 	 	ARELENE ADES 
	 	  	 	  
	PERESS FAMILY TRUST 	 	  
	 	  	 	  
	Per:	/s/ Sass
      M. Peress	 	/s/ Joel
      Cohen
	 	Authorized Signatory 	 	JOEL COHENFiled by Automated Filing Services Inc. (604) 609-0244 - FC Financial Services Inc. - Exhibit 10.3

PROMISSORY NOTE

FOR VALUE RECEIVED the undersigned hereby promises to
pay to or to the order of FC FINANCIAL SERVICES INC. (the "Lender") at 110
Jardin Drive Suite 13-14, Concord, ON L4K 2T7, on the earlier of 90 days
following completion of the Acquisition of the Lender by the Borrower or
November 8, 2006 (the “Maturity Date”), the principal sum of $1,500,000 (US)
together with interest thereon at the rate of 10% per annum from the date of
advancement of funds.

Should the undersigned commit an event of default under the terms
  and conditions of the loan agreement between the undersigned and the Lender
  dated the 16th day of May, 2006, as amended July 4, 2006, the principal sum
  remaining unpaid together with interest thereon as aforesaid shall be due and
  payable forthwith without demand and shall bear interest from the date of such
  default at the rate of 2% per month, compounded monthly.

The undersigned waives presentment, demand, notice, protest and
notice of dishonour and all other demands and notices in connection with the
delivery, acceptance, performance, default or enforcement of this Promissory
Note.

The undersigned agrees this Promissory Note may be negotiated,
assigned, discounted, or pledged by the Lender and in every case payment will be
made to the holder of this Promissory Note instead of the Lender upon notice
being given by the holder to the undersigned, and no holder of this Promissory
Note will be affected by the state of accounts between the undersigned and the
Lender or by any equities existing between the undersigned and the Lender and
will be deemed to be a holder in due course and for the value of the Promissory
Note held by him.

This Promissory Note shall supercede and replace all previous
promissory notes executed by the undersigned in favour of the Lender including
the Promissory Note dated May 16, 2006.

DATED at Vancouver, British Columbia, this 4th day
of July, 2006.

ICP SOLAR TECHNOLOGIES INC.

Per:   /s/ Sass M. Peress

            Authorized Signatory

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