Document:

Loan Agreement

 Exhibit 10-3 
 BB&T 
 LOAN AGREEMENT 

9660933120/00007 
 Account Number 
 This Loan Agreement (the “Agreement”) is made this 17th day of
September, 2012 by and between BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (“Bank”), and: 
 Southeast
Power Corporation, a State of Florida corporation (“Borrower”), having its executive office at Melbourne, Florida. 
 The Goldfield
Corporation, Pineapple House of Brevard, Inc. and Bayswater Development Corporation (individually “Guarantor” and collectively the “Guarantors”). 
 The Borrower has applied to Bank for and the Bank has agreed to make, subject to the terms of this Agreement, the following loan(s) (hereinafter referred to, singularly or collectively, if more than one,
as “Loan”): 
 Promissory Note in the original principal amount of $4,250,000.00 for the purpose of acquiring equipment for business
operations which shall be evidenced by the Borrower’s Promissory Note dated on or after the date hereof which shall mature September 19th, 2016, when the entire unpaid principal balance then outstanding plus accrued interest thereon shall
be paid in full (“Loan”). 
 The promissory note evidencing the Loan is referred to herein as the “Note” and shall include
all extensions, renewals, modifications and substitutions thereof. The Loan shall be secured by the collateral described in the security documents described below. 
 I. CONDITIONS PRECEDENT 
 The Bank shall not be obligated to make any disbursement of Loan
proceeds until all of the following conditions have been satisfied by proper evidence, execution, and/or delivery to the Bank of the following items in addition to this Agreement, all in form and substance satisfactory to the Bank and the
Bank’s counsel in their sole discretion: 
 USA Patriot Act Verification Information: Information or documentation, including but
not limited to the legal name, address, tax identification number, driver’s license, and date of birth (if the Borrower is an individual) of the Borrower sufficient for the Bank to verify the identity of the Borrower in accordance with the USA
Patriot Act. Borrower shall notify Bank promptly of any change in such information. 
 Note(s): The Note(s) evidencing the Loans(s) duly
executed by the Borrower. 

 Security Agreement(s): Security Agreement(s) in which Borrower and any other owner (a
“Debtor”) of personal property collateral shall grant to Bank a first priority security interest in the personal property specified therein. 
 UCC Financing Statements: Copies of UCC Financing Statements duly filed in Borrower’s or other owner’s state of incorporation, organization or residence, and in all jurisdictions
necessary, or in the opinion of the Bank desirable, to perfect the security interests granted in the Security Agreement(s), and certified copies of Information Requests identifying all previous financing statements on record for the Borrower or
other owner, as appropriate from all jurisdictions indicating that no security interest has previously been granted in any of the collateral described in the Security Agreement(s), unless prior approval has been given by the Bank. 

Authorization and Certificate: An Authorization and Certificate executed by each Debtor under which such Debtor authorizes Bank to file a UCC
Financing Statement describing collateral owned by such Debtor. 
 Commitment Fee: A commitment fee (or balance thereof) of $1,500.00
payable to the Bank on the date of execution of the Loan Documents. 
 Corporate Resolution: A Corporate Resolution duly adopted by the
Board of Directors of the Borrower authorizing the execution, delivery, and performance of the Loan Documents on or in a form provided by or acceptable to Bank. 
 Guaranty: Guaranty Agreement(s) duly executed by the Guarantor(s). 
 Additional
Documents: Receipt by the Bank of other approvals, opinions, or documents as the Bank may reasonably request. 
 II. REPRESENTATIONS AND
WARRANTIES 
 The Borrower and Guarantor(s) represent and warrant to Bank that: 
 2.1 Financial Statements. The balance sheet of the Borrower and its subsidiaries, if any, and the related Statements of Income and Retained Earnings of the Borrower and its subsidiaries, the
accompanying footnotes together with the accountant’s opinion thereon, and all other financial information previously furnished to the Bank, are true and correct and fairly reflect the financial condition of the Borrower and its subsidiaries as
of the dates thereof, including all contingent liabilities of every type, and the financial condition of the Borrower and its subsidiaries as stated therein has not changed materially and adversely since the date thereof. Each Guarantor further
represents and warrants that all financial statements provided by such Guarantor to Bank concerning such Guarantor’s financial condition are true and correct and fairly represent such Guarantor’s financial condition as of the dates
thereof. 
 2.2 Name, Capacity and Standing. The Borrower’s exact legal name is correctly stated in the initial paragraph of the
Agreement. If the Borrower and/or any Guarantor is a corporation, general partnership, limited partnership, limited liability partnership, or 

 
limited liability company, each warrants and represents that it is duly organized and validly existing under the laws of its respective state of incorporation or organization; that it and/or its
subsidiaries, if any, are duly qualified and in good standing in every other state in which the nature of their business shall require such qualification, and are each duly authorized by their board of directors, general partners or
member/manager(s), respectively, to enter into and perform the obligations under the Loan Documents. 
 2.3 No Violation of Other
Agreements. The execution of the Loan Documents, and the performance by the Borrower, by any and all pledgors (whether the Borrower or other owners of collateral property securing payment of the Loan (hereinafter sometimes referred to as the
“Pledgor”)) or by the Guarantor(s) thereunder will not violate any provision, as applicable, of its articles of incorporation, by-laws, articles of organization, operating agreement, agreement of partnership, limited partnership or limited
liability partnership, or, of any law, other agreement, indenture, note, or other instrument binding upon the Borrower, Pledgor or Guarantor(s), or give cause for the acceleration of any of the respective obligations of the Borrower or Guarantor(s).

 2.4 Authority. All authority from and approval by any federal, state, or local governmental body, commission or agency necessary to
the making, validity, or enforceability of this Agreement and the other Loan Documents has been obtained. 
 2.5 Asset Ownership. The
Borrower and each Guarantor have good and marketable title to all of the properties and assets reflected on the balance sheets and financial statements furnished to the Bank, and all such properties and assets are free and clear of mortgages, deeds
of trust, pledges, liens, and all other encumbrances except as otherwise disclosed by such financial statements. In addition, each other owner of collateral has good and marketable title to such collateral, free and clear of any liens, security
interests and encumbrances, except as otherwise disclosed to Bank. 
 2.6 Discharge of Liens and Taxes. The Borrower and its
subsidiaries, if any, and each Guarantor have filed, paid, and/or discharged all taxes or other claims which may become a lien on any of their respective properties or assets, excepting to the extent that such items are being appropriately contested
in good faith and for which an adequate reserve (in an amount acceptable to Bank) for the payment thereof is being maintained. 
 2.7
Regulations U and X. None of the Loan proceeds shall be used directly or indirectly for the purpose of purchasing or carrying any margin stock in violation of the provisions of Regulation U and Regulation X of the Board of Governors of the
Federal Reserve System. 
 2.8 ERISA. Each employee benefit plan, as defined by the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), maintained by the Borrower or by any subsidiary of the Borrower or Guarantor(s) meets, as of the date hereof the minimum funding standards of Section 302 of ERISA, all applicable requirements of ERISA and of the
Internal Revenue Code of 1986, as amended, and no “Reportable Event” nor “Prohibited Transaction” (as defined by ERISA) has occurred with respect to any such plan. 

 2.9 Litigation. There is no claim, action, suit or proceeding pending, threatened or reasonably
anticipated before any court, commission, administrative agency, whether State or Federal, or arbitration which will materially adversely affect the financial condition, operations, properties, or business of the Borrower or its subsidiaries, if
any, or the Guarantor(s), or the ability of the Borrower or the Guarantor(s) to perform their obligations under the Loan Documents. 
 2.10
Other Agreements. The representations and warranties made by Borrower to Bank in the other Loan Documents are true and correct in all respects on the date hereof. 
 2.11 Binding and Enforceable. The Loan Documents, when executed, shall constitute valid and binding obligations of the Borrower and Guarantors respectively, the execution of such Loan Documents has
been duly authorized by the parties thereto, and are enforceable in accordance with their terms, except as may be limited by bankruptcy, insolvency, moratorium, or similar laws affecting creditors’ rights generally. 

2.12 Commercial Purpose. The Loan(s) are not “consumer transactions”, as defined in the Florida Uniform Commercial Code, and none of the
collateral was or will be purchased or held primarily for personal, family or household purposes. 
 III. AFFIRMATIVE COVENANTS

 The Borrower covenants and agrees that from the date hereof and until payment in full of all indebtedness and performance of all
obligations owed under the Loan Documents, Borrower shall: 
 3.1 Maintain Existence and Current Legal Form of Business.
(a) Maintain its existence and good standing in the state of its incorporation or organization, (b) maintain its current legal form of business indicated above, and, (c), as applicable, qualify and remain qualified as a foreign
corporation, general partnership, limited partnership, limited liability partnership or limited liability company in each jurisdiction in which such qualification is required. 
 3.2 Maintain Records. Keep adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently applied, reflecting all financial transactions of the
Borrower. 
 3.3 Maintain Properties. Maintain, keep, and preserve all of its properties (tangible and intangible) including the
collateral necessary or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted. 
 3.4
Conduct of Business. Continue to engage in an efficient, prudent, and economical manner in a business of the same general type as now conducted. 
 3.5 Maintain Insurance. Maintain insurance with financially sound and reputable insurance companies or associations in such amounts and covering such risks as are usually carried by companies
engaged in the same or a similar business, and business interruption insurance if required by Bank, which insurance may provide for reasonable 

 
deductible(s). The Bank shall be named as loss payee (Long Form) on all policies which apply to the Bank’s collateral, and the Borrower shall deliver certificates of insurance at closing
evidencing same. 
 3.6 Comply With Laws. Comply in all respects with all applicable laws, rules, regulations, and orders including,
without limitation, paying before the delinquency of all taxes, assessments, and governmental charges imposed upon it or upon its property, and all Environmental Laws. 
 3.7 Right of Inspection. Permit the officers and authorized agents of the Bank, at any reasonable time or times in the Bank’s sole discretion, to examine and make copies of the records and
books of account of, to visit the properties of the Borrower, and to discuss such matters with any officers, directors, managers, members or partners, limited or general of the Borrower, and the Borrower’s independent accountant as the Bank
deems necessary and proper. 
 3.8 Reporting Requirements. Furnish to the Bank: 

Quarterly Consolidated Financial Statements: As soon as available and not later than two (2) weeks after complying with
required Securities and Exchange Commission reporting requirements, consolidated and consolidating quarterly balance sheets, statements of income, cash flow, and retained earnings for the period ended, all in reasonable detail, and all prepared in
accordance with GAAP consistently applied and certified as true and correct by an officer of the Borrower. 
 Annual
Consolidated Financial Statements: As soon as available and not later than two (2) weeks after complying with required Securities and Exchange Commission reporting requirements, consolidated and consolidating annual balance sheets,
statements of income, cash flow and retained earnings for the period ended, all in reasonable detail, and all prepared in accordance with GAAP consistently applied. The financial statements must be of the following quality or better: Audited.

 Notice of Litigation: Promptly after the receipt by the Borrower, or by any Guarantor of which Borrower has knowledge,
of notice or complaint of any action, suit, and proceeding before any court or administrative agency of any type which, if determined adversely, could have a material adverse effect on the financial condition, properties, or operations of the
Borrower or Guarantor, as appropriate. 
 Notice of Default: Promptly upon discovery or knowledge thereof, notice of the
existence of any event of default under this Agreement or any other Loan Documents. 
 USA Patriot Act Verification
Information: Information or documentation, including but not limited to the legal name, address, tax identification number, driver’s license, and date of birth (if the Borrower is an individual) of the

 
Borrower sufficient for the Bank to verify the identity of the Borrower in accordance with the USA Patriot Act. Borrower shall notify Bank promptly of any change in such information. 

Financial Statement Certification: Along with Quarterly and Annual Consolidated Financial Statements, a certification executed by
the Chief Financial Officer of the Borrower stating: 
 Based on my knowledge, the financial statements do not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered. 

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented. 

Other Information: Such other information as the Bank may from time to time reasonably request. 

3.9 Deposit Accounts. Maintain substantially all of its demand deposit/operating accounts with the Bank. 

3.10 Affirmative Covenants from other Loan Documents. All affirmative covenants contained in any Deed of Trust, Security Agreement, Assignment of
Leases and Rents, or other security document executed by the Borrower which are described in Section I hereof are hereby incorporated by reference herein. 
 IV. GUARANTORS’ COVENANTS 
 Each Guarantor covenants and agrees that from the date
hereof and until payment in full of all indebtedness and performance of all obligations owed under the Loan Documents, Guarantor shall: 
 4.1
Maintain Existence and Current Legal Form of Business. If Guarantor is a corporation, partnership, limited partnership, limited liability partnership or limited liability company, (a) maintain its existence and good standing in the state
of its incorporation or organization, (b) maintain its current legal form of business as shown on the guaranty agreement provided by Guarantor to Bank in connection with the Loan, (c) without the Bank’s prior written consent enter
into any merger, consolidation, reorganization or exchange of stock, ownership interests or assets, and (d) as applicable, qualify and remain qualified as a foreign corporation, general partnership, limited partnership, limited liability
partnership or limited liability company in each jurisdiction in which such qualification is required. 

 4.2 Maintain Properties. Not, without the prior written consent of Bank, sell, transfer or otherwise
dispose of all or substantially all of Guarantor’s properties (tangible and intangible), except in the ordinary course of business. 
 4.3
Comply With Laws. Comply in all respects with all applicable laws, rules, regulations, and orders including, without limitation, paying before the delinquency of all taxes, assessments, and governmental charges imposed or assessed upon
Guarantor or upon Guarantor’s property, and all Environmental Laws. 
 4.4 Reporting Requirements. Furnish to the Bank: 

Annual Financial Statement(s): Not applicable. 
 Notice of Litigation: Promptly after the receipt by Guarantor, or by Borrower of which Guarantor has knowledge, of notice of any action, suit, and proceeding before any court or governmental agency
of any type which, if determined adversely, could have a material adverse effect on the financial condition, properties, or operations of the Guarantor or Borrower, as appropriate. 
 4.5 Other Information: Furnish such other information as the Bank may from time to time reasonably request. 
 V. FINANCIAL COVENANTS 
 The Borrower covenants and agrees that from the date hereof until
payment in full of all indebtedness and the performance of all obligations under the Loan Documents, the Borrower shall at all times maintain the following financial covenants and ratios all in accordance with GAAP unless otherwise specified:

 Tangible Net Worth. A minimum tangible net worth of not less than $12,500,000.00 increasing annually by 50% of positive
net income as evidenced by Borrower’s consolidated annual audited financial statement as included in its Form 10-K beginning with its fiscal year ending on December 31, 2012. Tangible Net Worth is defined as net worth, plus obligations
contractually subordinated to debts owed to Bank, minus goodwill, contract rights, and assets representing claims on stockholders or affiliated entities. 
 Debt to Tangible Net Worth. A ratio of total liabilities to tangible net worth of not greater than 2.25:1. In the event that this ratio exceeds 1.6:1, then the interest rate shall increase by .40%
as set forth in the Renewal and Additional Advance Promissory Note. 
 VI. NEGATIVE COVENANTS 

The Borrower covenants and agrees that from the date hereof and until payment in full of all indebtedness and performance of all obligations under the
Loan Documents, the Borrower shall not, without the prior written consent of the Bank: 
 6.1 Liens. Create, incur, assume, or suffer to
exist any lien upon or with respect to the Mortgaged Property, any of Borrower’s properties, or the properties of any Pledgor securing payment of the Loan, now owned or hereafter acquired, except: 

 

	 	(a)	Liens and security interests in favor of the Bank; 

	 	(b)	Liens for taxes not yet due and payable or otherwise being contested in good faith and for which appropriate reserves are maintained; 

 

	 	(c)	Other liens imposed by law not yet due and payable, or otherwise being contested in good faith and for which appropriate reserves are maintained;

  

	 	(d)	purchase money security interests on any property hereafter acquired, provided that such lien shall attach only to the property acquired. 

6.2 Debt. Create, incur, assume, or suffer to exist any debt in excess of $500,000.00 in the aggregate at any time, except: 

 

	 	(a)	Debt to the Bank; 

  

	 	(b)	Debt outstanding on the date hereof and shown on the most recent financial statements submitted to the Bank; 

 

	 	(c)	Accounts payable to trade creditors incurred in the ordinary course of business; 

 6.3 Change of Legal Form of Business; Purchase of Assets. Change the legal form of Borrower’s business as shown above, whether by merger, consolidation, conversion or otherwise, and Borrower
shall not purchase all or substantially all of the assets or business of any Person. 
 6.4 Leases. Create, incur, assume, or suffer to
exist any operating lease obligation in excess of $500,000.00 annually, except: 
  

	 	(a)	Operating leases outstanding on the date hereof; 

  

	 	(b)	Operating leases with a term of one (1) year or less; 

  

	 	(c)	Operating leases in excess of one (1) year for a specific job or contract and: 

 

	 	(i)	Lease payments are included in the job or contract costs; 

  

	 	(ii)	Term of the operating lease does not exceed the projected job or contract term. 

 6.5 Guaranties. Assume, guarantee, endorse, or otherwise be or become directly or contingently liable
for obligations of any Person, except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business. 
 6.6 Disposition of Assets. Sell, lease, or otherwise dispose of any of its assets or properties except in the ordinary and usual course of its business. 

6.7 Negative Covenants from other Loan Documents. All negative covenants contained in any Deed of Trust, Security Agreement, Assignment of Leases
or Rents, or other security document executed by the Borrower which are described in Section I hereof are hereby incorporated by reference herein. 
 VII. HAZARDOUS MATERIALS AND COMPLIANCE WITH ENVIRONMENTAL LAWS 
 7.1 Investigation.
Borrower hereby certifies that it has exercised due diligence to ascertain whether its real property, including without limitation the Mortgaged Property, is or has been affected by the presence of asbestos, oil, petroleum or other hydrocarbons,
urea formaldehyde, PCBs, hazardous or nuclear waste, toxic chemicals and substances, or other hazardous materials (collectively, “Hazardous Materials”), as defined in applicable Environmental Laws. Borrower represents and warrants that
there are no such Hazardous Materials contaminating its real property, nor have any such materials been released on or stored on or improperly disposed of on its real property during its ownership, occupancy or operation thereof Borrower hereby
agrees that, except in strict compliance with applicable Environmental Laws, it shall not knowingly permit any release, storage or contamination as long as any indebtedness or obligations to Bank under the Loan Documents remains unpaid or
unfulfilled. In addition, Borrower does not have or use any underground storage tanks on any of its real property, including the Mortgaged Property which are not registered with the appropriate Federal and/or State agencies and which are not
properly equipped and maintained in accordance with all Environmental Laws. If requested by Bank, Borrower shall provide Bank with all necessary and reasonable assistance required for purposes of determining the existence of Hazardous Materials on
the Mortgaged Property, including allowing Bank access to the Mortgaged Property, and access to Borrower’s employees having knowledge of, and to files and records within Borrower’s control relating to the existence, storage, or release of
Hazardous Materials on the Mortgaged Property. 
 7.2 Compliance. Borrower agrees to comply with all applicable Environmental Laws,
including, without limitation, all those relating to Hazardous Materials. Borrower further agrees to provide Bank, and all appropriate Federal and State authorities, with 

 
immediate notice in writing of any release of Hazardous Materials on the Collateral and to pursue diligently to completion all appropriate and/or required remedial action in the event of such
release. 
 7.3 Remedial Action. Bank shall have the right, but not the obligation, to undertake all or any part of such remedial action
in the event of a release of Hazardous Materials on the Collateral and to add any expenditures so made to the principal indebtedness secured by the Security Agreement. Borrower agrees to indemnify and hold Bank harmless from any and all loss or
liability arising out of any violation of the representations, covenants, and obligations contained in this Section VII, or resulting from the recording of the Security Agreement. 
 VIII. EVENTS OF DEFAULT 
 The following shall be “Events of Default” by Borrower
or any Guarantor: 
 8.1 The failure to make prompt payment of any installment of principal or interest on any of the Note(s) when due or
payable. 
 8.2 Should any representation or warranty made in the Loan Documents prove to be false or misleading in any material respect.

 8.3 Should any report, certificate, financial statement, or other document furnished prior to the execution of or pursuant to the terms of
this Agreement prove to be false or misleading in any material respect. 
 8.4 Should the Borrower or any Guarantor default on the performance
of any other obligation of indebtedness when due or in the performance of any obligation incurred in connection with money borrowed. 
 8.5
Should the Borrower, any Guarantor or any Pledgor breach any covenant, condition, or agreement made under any of the Loan Documents, or that certain Promissory Note dated February 22, 2011 in the original principal amount of $6,940,000.00 made
by Southeast Power Corporation in favor of Bank (Loan # 9660933120-00004) and any loan document or instrument evidencing and securing the liability under said Promissory Note, or that certain Promissory Note dated April 17, 2012 in the original
principal amount of $5,000,000.00 made by The Goldfield Corporation in favor of Bank (Loan # 966093082-00002) and any loan document or instrument evidencing and securing the liability under said Promissory Note or that certain Promissory Note dated
April 17, 2012 in the original principal amount of $1,500,000.00 made by Southeast Power Corporation in favor of Bank (Loan # 9660933120-00005) and any loan document or instrument evidencing and securing the liability under said Promissory Note

 8.6 Should a custodian be appointed for or take possession of any or all of the assets of the Borrower or any Guarantor, or should the
Borrower or any Guarantor either voluntarily or involuntarily become subject to any insolvency proceeding, including becoming a debtor under the United States Bankruptcy Code, any proceeding to dissolve

 
the Borrower or any Guarantor, any proceeding to have a receiver appointed, or should the Borrower or any Guarantor make an assignment for the benefit of creditors, or should there be an
attachment, execution, or other judicial seizure of all or any portion of the Borrower’s or any Guarantors assets, including an action or proceeding to seize any funds on deposit with the Bank, and such seizure is not discharged within 30 days.

 8.7 Should final judgment for the payment of money be rendered against the Borrower or any Guarantor which is not covered by insurance and
shall remain undischarged for a period of 30 days unless such judgment or execution thereon be effectively stayed. 
 8.8 Upon the death of, or
termination of existence of, or dissolution of, any Borrower, Pledge, or Guarantor. 
 8.9 Should the Bank in good faith deem itself, its liens
and security interests, if any, or any debt thereunder unsafe or insecure, or should the Bank believe in good faith that the prospect of payment of any debt or other performance by the Borrower or any Guarantor is impaired. 

8.10 Should any lien or security interest granted to Bank to secure payment of the Note(s) terminate, fail for any reason to have the priority agreed to
by Bank on the date granted, or become unperfected or invalid for any reason. 
 8.11 Except for monetary defaults, Borrower shall have a forty
five (45) day cure period from the date the Bank notifies the Borrower of any Events of Default. 
 IX. REMEDIES UPON DEFAULT

 Upon the occurrence of any of the above listed Events of Default, the Bank may at any time thereafter, at its option, take any or all of
the following actions, at the same or at different times: 
 9.1 Declare the balance(s) of the Note(s) to be immediately due and payable, both
as to principal and interest, late fees, and all other amounts/expenditures without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived by Borrower and each Guarantor, and such balance(s) shall accrue
interest at the Default Rate as provided herein until paid in full; 
 9.2 Require the Borrower or Guarantor(s) to pledge additional collateral
to the Bank from the Borrower’s or any Guarantor’s assets and properties, the acceptability and sufficiency of such collateral to be determined in the Bank’s sole discretion; 
 9.3 Take immediate possession of and foreclose upon any or all collateral which may be granted to the Bank as security for the indebtedness and obligations of Borrower or any Guarantor under the Loan
Documents; 

 9.4 Exercise any and all other rights and remedies available to the Bank under the terms of the Loan
Documents and applicable law, including the Florida Uniform Commercial Code; 
 9.5 Any obligation of the Bank to advance funds to the Borrower
or any other Person under the terms of under the Note(s) and all other obligations, if any, of the Bank under the Loan Documents shall immediately cease and terminate unless and until Bank shall reinstate such obligation in writing. 

X. MISCELLANEOUS PROVISIONS 
 10.1
Definitions. 
 “Default Rate” shall mean a rate of interest equal to Bank’s Prime Rate plus five
percent (5%) per annum (not to exceed the legal maximum rate) from and after the date of an Event of Default hereunder which shall apply, in the Bank’s sole discretion, to all sums owing, including principal and interest, on such date.

 “Environmental Laws” shall mean all applicable federal and state laws and regulations which affect or may
affect the Mortgaged Property, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. Sections 9601 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. Sections 6901 et seq.),
the Federal Water Pollution Control Act (33 U.S.C. Sections 1251 et seq.), the Clean Air Act (42 U.S.C. Section 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. Section 2601 et seq.), all such applicable environmental laws and
regulations of the State of Florida, as such laws and regulation„ may be amended from time to time. 
 “Loan
Documents” shall mean this Agreement including any schedule attached hereto, the Note(s), the Deed(s) of Trust, the Mortgage(s), Security Deeds, the Security Agreement(s), the Assignment(s) of Leases and Rents, all UCC Financing Statements,
the Guaranty Agreement(s), and all other documents, certificates, and instruments executed in connection therewith, and all renewals, extensions, modifications, substitutions, and replacements thereto and therefore. 

“Person” shall mean an individual, partnership, corporation, trust, unincorporated organization, limited liability
company, limited liability partnership, association, joint venture, or a government agency or political subdivision thereof. 

“GAAP” shall mean generally accepted accounting principles as established by the Financial Accounting Standards Board or
the American Institute of Certified Public Accountants, as amended and supplemented from time to time. 
 “Prime
Rate” shall mean the rate of interest per annum announced by the Bank from time to time and adopted as its Prime Rate, which is one of several rate indexes employed by the Bank when extending credit, and may not necessarily be the
Bank’s lowest lending rate. 

 10.2 Non-impairment. If any one or more provisions contained in the Loan Documents shall be held
invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions contained therein shall not in any way be affected or impaired thereby and shall otherwise remain in full force and effect.

 10.3 Applicable Law. The Loan Documents shall be construed in accordance with and governed by the laws of the State of Florida.

 10.4 Waiver. Neither the failure or any delay on the part of the Bank in exercising any right, power or privilege granted in the Loan
Documents shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise of any other right, power, or privilege which may be provided by law. 

10.5 Modification. No modification, amendment, or waiver of any provision of any of the Loan Documents shall be effective unless in writing and
signed by the Borrower and Bank. 
 10.6 Payment Amount Adjustment. In the event that any Loan(s) referenced herein has a variable
(floating) interest rate and the interest rate increases, Bank, at its sole discretion, may at any time adjust the Borrower’s payment amount(s) to prevent the amount of interest accrued in a given period to exceed the periodic payment amount or
to cause the Loan(s) to be repaid within the same period of time as originally agreed upon. 
 10.7 Stamps and Fees. The Borrower shall
pay all federal or state stamps, taxes, or other fees or charges, if any are payable or are determined to be payable by reason of the execution, delivery, or issuance of the Loan Documents or any security granted to the Bank; and the Borrower and
Guarantor agree to indemnify and hold harmless the Bank against any and all liability in respect thereof. 
 10.8 Attorneys’ Fees.
In the event the Borrower or any Pledgor or Guarantor shall default in any of its obligations hereunder and the Bank believes it necessary to employ an attorney to assist in the enforcement or collection of the indebtedness of the Borrower to the
Bank, to enforce the terms and provisions of the Loan Documents, to modify the Loan Documents, or in the event the Bank voluntarily or otherwise should become a party to any suit or legal proceeding (including a proceeding conducted under the
Bankruptcy Code), the Borrower and Guarantors agree to pay the reasonable attorneys’ fees of the Bank and all related costs of collection or enforcement that may be incurred by the Bank. The Borrower and Guarantor shall be liable for such
attorneys’ fees and costs whether or not any suit or proceeding is actually commenced. 
 10.9 Bank Making Required Payments. In the
event Borrower shall fail to maintain insurance, pay taxes or assessments, costs and expenses which Borrower is, under any of the terms hereof or of any Loan Documents, required to pay, or fail to keep any of the properties and assets constituting
collateral free from new security interests, liens, or encumbrances, except as permitted herein, Bank may at its election make expenditures for any or all such purposes and the amounts expended together with interest thereon at the Default Rate,
shall become immediately due and payable to Bank, and shall have benefit of and be secured by the collateral; provided, however, the Bank shall be under no duty or obligation to make any such payments or expenditures. 

 10.10 Right of Offset. Any indebtedness owing from Bank to Borrower may be set off and applied by
Bank on any indebtedness or liability of Borrower to Bank, at any time and from time to time after maturity, whether by acceleration or otherwise, and without demand or notice to Borrower. Bank may sell participations in or make assignments of any
Loan made under this Agreement, and Borrower agrees that any such participant or assignee shall have the same right of setoff as is granted to the Bank herein. 
 10.11 UCC Authorization. Borrower authorizes Bank to file such UCC Financing Statements describing the collateral in any location deemed necessary and appropriate by Bank. 

10.12 Modification and Renewal Fees. Bank may, at its option, charge any fees for modification, renewal, extension, or amendment of any terms of
the Note(s) not prohibited by Florida law, and as otherwise permitted by law if Borrower is located in another state. 
 10.13 Conflicting
Provisions. If provisions of this Agreement shall conflict with any terms or provisions of any of the Note(s) or security document(s) or any schedule attached hereto, the provisions of such Note(s) or security document(s) or any schedule
attached hereto, as appropriate, shall take priority over any provisions in this Agreement. 
 10.14 Notices. Any notice permitted or
required by the provisions of this Agreement shall be deemed to have been given when delivered in writing to the City Executive or any Vice President of the Bank at its offices in Melbourne, Florida, and to the President of the Borrower at its
offices in Melbourne, Florida, when sent by certified mail and return receipt requested. 
 10.15 Consent to Jurisdiction. Borrower
hereby irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement may be instituted in any Florida state court or federal court sitting in the State of Florida, or in such other appropriate court and venue as
Bank may choose in its sole discretion. Borrower consents to the jurisdiction of such courts and waives any objection relating to the basis for personal or in rem jurisdiction or to venue which Borrower may now or hereafter have in any such
legal action or proceedings. 
 10.16 Arbitration. Upon demand of any party hereto, whether made before or after institution of any
judicial proceeding, any dispute, claim or controversy arising out of, connected with, or relating to the Agreement and other Loan Documents (“Disputes”) between or among the parties to this Agreement and other Loan Documents shall be
resolved by binding arbitration as provided herein. Institution of a judicial proceeding by a party does not waive the right of that party to demand arbitration hereunder. Disputes may include, without limitation, tort claims, counterclaims,
disputes as to whether a matter is subject to arbitration, claims brought as class actions, claims arising from Loan Documents executed in the future, or claims arising out of or connected with the

 
transaction reflected by this Agreement and other Loan Documents. Arbitration shall be conducted under and governed by the Commercial Financial Disputes Arbitration Rules (the “Arbitration
Rules”) of the American Arbitration Association (the “AAA”) and Title 9 of the U.S. Code. All arbitration hearings shall be conducted in the city of Tallahassee. The expedited procedures set forth in Rule 51 et seq. of the Arbitration
Rules shall be applicable to claims less than $1,500,000. All applicable statutes of limitation shall apply to any Dispute. A judgment upon the award may be entered in any court having jurisdiction. The panel from which all arbitrators are selected
shall be comprised of licensed attorneys. The single arbitrator selected for expedited procedure shall be a retired judge from the highest court of general jurisdiction, state or federal, of the state where the hearing will be conducted or if such
person is not available to serve, the single arbitrator may be a licensed attorney. Notwithstanding the foregoing, this arbitration provision does not apply to disputes under or related to swap or hedging agreements. 

10.17 Counterparts. This Agreement may be executed by one or more parties on any number of separate counterparts and all of such counterparts
taken together shall be deemed to constitute one and the same instrument. 
 10.18 Entire Agreement. The Loan Documents embody the entire
agreement between Borrower and Bank with respect to the Loans, and there are no oral or parol agreements existing between Bank and Borrower with respect to the Loans which are not expressly set forth in the Loan Documents. 

10.19 Indemnification. The Borrower and the Guarantors hereby jointly and severally agree to and do hereby indemnify and defend the Bank, its
affiliates, their successors and assigns and their respective directors, officer, employees and shareholders, and do hereby hold each of them harmless from and against, any loss, liability, lawsuit, proceeding, cost expense or damage (including
reasonable in-house and outside counsel fees, whether suit is brought or not) arising from or otherwise relating to the closing, disbursement, administration, or repayment of the Loans, including without limitation: (i) the failure to make any
payment to the Bank promptly when due, whether under the Notes evidencing the Loans or otherwise; (ii) the breach of any representations or warranties to the Bank contained in this agreement or in any other loan documents now or hereafter
executed in connection with the Loans; or (iii) the violation of any covenants or agreements made for the benefit of the Bank and contained in any of the loan documents; provided, however, that the foregoing indemnification shall not be deemed
to cover any loss which is finally determined by a court of competent jurisdiction to result solely from the Bank’s gross negligence or willful misconduct. 
 10.20 Notice and Cure Period. Notwithstanding any provision in this Loan Agreement, the Security Agreement, the Note or Loan Documents to the contrary, an event of default shall not be deemed to
have occurred hereunder as to a non-monetary provision of this Loan Agreement unless and until the Borrower shall fail to cure and remedy said non-monetary breach or default within forty five (45) days after the Borrower has received written
notice thereof from the Bank, and an event of default shall not be deemed to have occurred hereunder as to a monetary provision of the Loan Agreement unless and until the Borrower shall fail to cure and remedy said monetary breach or default within
ten (10) days after the Borrower has received written notice thereof from the Bank. 

 10.21 WAIVER OF JURY TRIAL. UNLESS EXPRESSLY PROHIBITED BY APPLICABLE LAW, THE UNDERSIGNED HEREBY WAIVE
THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS AGREEMENT OR ANY OF THE LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE UNDERSIGNED AND BANK THIS PROVISION IS A MATERIAL
INDUCEMENT FOR BANK TO MAKE THE LOAN AND ENTER INTO THIS AGREEMENT. FURTHER, THE UNDERSIGNED HEREBY CERTIFY THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BANK WOULD NOT SEEK TO
ENFORCE THIS WAIVER OR RIGHT TO JURY TRIAL PROVISION. NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION. 

 SIGNATURE PAGE 

IN WITNESS WHEREOF, the Bank, Borrower and Guarantor(s) have caused this Agreement to be duly executed under seal all as of the date
first above written. 
  

									
	Witness:	 		 		 	BORROWER:
				
		 		 		 	Southeast Power Corporation, a Florida corporation
				
	 /s/ Robert L. Jones
	 		 	By:	 	 /s/ Stephen R. Wherry

	Print Name:	 	 Robert L. Jones
	 		 	Stephen R. Wherry
		 		 	Title: Treasurer
	 /s/ Brett Wherry
	 		 	
	Print Name:	 	 Brett Wherry
	 		 		 	
				
	Witness:	 		 		 	GUARANTORS:
				
		 		 		 	The Goldfield Corporation, a Delaware corporation
				
	 /s/ Robert L. Jones
	 		 	By:	 	 /s/ Stephen R. Wherry

	Print Name:	 	 Robert L. Jones
	 		 	Stephen R. Wherry
		 		 		 	Title: Senior Vice President
	 /s/ Brett Wherry
	 		 		 	
	Print Name:	 	 Brett Wherry
	 		 		 	
				
		 		 		 	Pineapple House of Brevard, Inc., a Florida corporation
				
	 /s/ Robert L. Jones
	 		 	By:	 	 /s/ Stephen R. Wherry

	Print Name:	 	 Robert L. Jones
	 		 	Stephen R. Wherry
		 		 		 	Title: Vice President
	 /s/ Brett Wherry
	 		 		 	
	Print Name:	 	 Brett Wherry
	 		 		 	
				
		 		 		 	Bayswater Development Corporation, a Florida corporation
				
	 /s/ Robert L. Jones
	 		 	By:	 	 /s/ Stephen R. Wherry

	Print Name:	 	 Robert L. Jones
	 		 	Stephen R. Wherry
		 		 		 	Title: Treasurer
	 /s/ Brett Wherry
	 		 		 	
	Print Name:	 	 Brett Wherry
	 		 		 	

									
	Witness:	 		 	BANK:
			
		 		 	Branch Banking and Trust Company
				
	 /s/ Stephen R. Wherry
	 		 	By:	 	 /s/ Barry Forbes

	Print Name:	 	 Stephen R. Wherry
	 		 		 	
		 		 	Name: Barry Forbes
	 /s/ John H. Sottile
	 		 		 	
	Print Name:	 	 John H. Sottile
	 		 	Title: Senior Vice PresidentSecurity Agreement

 Exhibit 10-4 
 City: Melbourne, FL 
 BB&T SECURITY AGREEMENT 

This Security Agreement (“Security Agreement”) is made September 17, 2012, between Southeast Power Corporation, a Florida corporation
(“Debtor”), and Branch Banking and Trust Company, a North Carolina banking corporation (“Secured Party”). 
 This Security
Agreement is entered into in connection with (check applicable items): 
  

	 	x	(i) a Loan Agreement (“Loan Agreement”) dated on or before the date of this Security Agreement under which the Secured Party has agreed to make a loan(s)
and/or establish a line(s) of credit; 

  

	 	x	(ii) a Promissory Note dated September 17, 2012 (including all extensions, renewals, modifications and substitutions thereof, the “Note”), of Southeast
Power Corporation, a Florida corporation (the “Borrower”), in the principal amount of $4,250,000.00; 

  

	 	x	(iii) a guaranty agreement or agreements (whether one or more, the “Guaranty”) executed by the guarantors named therein (whether one or more, the
“Guarantors”) dated on or about the same date as this Security Agreement; 

 Secured Party and Debtor agree as
follows: 
  

	I.	DEFINITIONS. 

 1.1
Collateral. Unless specific items of personal property are described below, the Collateral shall consist of all now owned and hereafter acquired and wherever located personal property of Debtor identified below, each capitalized term as defined
in Article 9 of the Florida Uniform Commercial Code (“UCC”): 
  

	 	x	(i) Machinery and Equipment, including all Accessions thereto, and all manufacturers’ warranties, parts and tools therefore; 

 

	 	x	(ii) All vehicles owned by Debtor; 

  

	 	x	(iii) to the extent not listed above as original collateral, all proceeds (cash and non-cash) and products of the foregoing; 

 

	 	x	(iv) General intangibles, including all Payment Intangibles, copyrights, trademarks, patents, tradenames, tax refunds, company records (paper and electronic), rights
under equipment leases, warranties, software licenses, and the following, if any:  

  

	 	x	(v) to the extent not listed above as original collateral, all proceeds (cash and non-cash) and products of the foregoing. 

1.2 Obligations. This Security Agreement secures the following (collectively, the “Obligations”): 

 

	 	(i)	Debtor’s or Borrower’s obligations under the Note, the Loan Agreement, and this Security Agreement, and in addition to the foregoing obligations, if the
Debtor is a Guarantor, its obligations under its Guaranty; 

  

	 	(ii)	all of Debtor’s or Borrower’s present and future indebtedness and obligations to Secured Party including without limitation reimbursement of drafts or
drawings paid by Secured Party on any Commercial or Standby Letter of Credit issued on the account of the Debtor or Borrower; and all indebtedness and obligations of Debtor or Borrower to Secured Party (or an affiliate of Secured Party) under any
interest rate swap transactions, interest rate cap and/or floor transactions, interest rate collar transactions, swap agreements (as defined in 11 U.S.C. § 101) or other similar transactions or agreements, including without limitation any ISDA
Master Agreement executed by Debtor or Borrower and all Schedules and Confirmations entered into in connection therewith, hereinafter collectively referred to as a Hedge Agreement. 

(iii) the repayment of (a) any amounts that Secured Party may advance or spend for the maintenance or preservation of the Collateral,
and (b) any other expenditures that Secured Party may make under the provisions of this Security Agreement or for the benefit of Debtor or Borrower; 
 (iv) all amounts owed under any modifications, renewals, extensions or substitutions of any of the foregoing obligations; 
 (v) all Default Costs, as defined in Paragraph VIII of this Security Agreement; and 

(vi) any of the foregoing that may arise after the filing of a petition by or against Debtor or Borrower under the Bankruptcy Code, even
if the obligations do not accrue because of the automatic stay under Bankruptcy Code § 362 or otherwise. 
 (vii) Renewal
and Additional Promissory Note dated April 17, 2012 executed by The Goldfield Corporation, a Delaware corporation, in favor of Secured Party in the original principal amount of $5,000,000.00. 

(viii) Promissory Note dated February 22, 2011 in the original principal amount of $6,940,000.00 executed by Southeast Power
Corporation, a Florida corporation, in favor of Secured Party. 
 (ix) Promissory Note dated April 17, 2012 in the original
principal amount of $1,500,000.00 executed by Southeast Power Corporation, a Florida corporation, in favor of Secured Party. 

1.3 UCC. Any term used in the UCC and not otherwise defined in this Security Agreement has the meaning given to the term in the
UCC. 
  

	II.	GRANT OF SECURITY INTEREST. 

 Debtor
grants a security interest in the Collateral to Secured Party to secure the payment and performance of the Obligations. 
  

	III.	PERFECTION OF SECURITY INTERESTS. 

 3.1 Filing of Security Interests. 
  

	 	(i)	Debtor authorizes Secured Party to execute on the Debtor’s behalf and file any financing statement (the “Financing Statement”) describing the Collateral
in any location deemed necessary and appropriate by Secured Party. 

  

			
	 ACCOUNT# / NOTE#
  

1476 FL NB
 ORLDOCS 12458876 1
	  	Page 1 of 5

	 	(ii)	Debtor authorizes Secured Party to file a Financing Statement describing any agricultural liens or other statutory liens held by Secured Party.

  

	 	(iii)	Secured Party shall receive prior to the closing an official report from the Secretary of State of each Place of Business and the Debtor State, each as defined below,
collectively (the “Filing Reports”) indicating that Secured Party’s security interest is prior to all other security interests or other interests reflected in the report. 

3.2 Possession. 
  

	 	(i)	Debtor shall have possession of the Collateral, except where expressly otherwise provided in this Security Agreement or where Secured Party chooses to perfect its
security interest by possession in addition to the filing of a Financing Statement. 

  

	 	(ii)	Where Collateral is in the possession of a third party, Debtor will join with Secured Party in notifying the third party of Secured Party’s security interest and
obtaining an acknowledgment from the third party that it is holding the Collateral for the benefit of Secured Party. 

 3.3 Control Agreements. Debtor will cooperate with Secured Party in obtaining a control agreement in form and substance satisfactory to Secured Party with respect to Collateral consisting of (check
appropriate items): 
  

	 	 ̈	Deposit Accounts (for deposit accounts at other financial institutions); 

  

	 	 ̈	Investment Property (for securities accounts, mutual funds and other uncertificated securities); 

 

	 	 ̈	Letter-of-credit rights; and/or 

  

	 	 ̈	Electronic chattel paper. 

3.4 Marking of Chattel Paper. If Chattel Paper is part of the Collateral, Debtor will not create any Chattel Paper without placing
a legend on the Chattel Paper acceptable to Secured Party indicating that Secured Party has a security interest in the Chattel Paper. 
  

	IV.	POST-CLOSING COVENANTS AND RIGHTS CONCERNING THE COLLATERAL. 

 4.1 Inspection. The parties to this Security Agreement may inspect any Collateral in the other party’s possession, at any time upon reasonable notice. 

4.2 Personal Property. Except for items specifically identified by Debtor and Secured Party as Fixtures, the Collateral shall
remain personal property at all times, and Debtor shall not affix any of the Collateral to any real property in any manner which would change its nature from that of personal property to real property or to a fixture. 

4.3 Secured Party’s Collection Rights. Secured Party shall have the right at any time to enforce Debtor’s rights against
any account debtors and obligors. 
 4.4 Limitations on Obligations Concerning Maintenance of Collateral. 

 

	 	(i)	Risk of Loss. Debtor has the risk of loss of the Collateral. 

  

	 	(ii)	No Collection Obligation. Secured Party has no duty to collect any income accruing on the Collateral or to preserve any rights relating to the Collateral.

 4.5 No Disposition of Collateral. Secured Party does not authorize, and Debtor agrees not to: 

 

	 	(i)	make any sales or leases of any of the Collateral other than in the ordinary course of business; 

 

	 	(ii)	license any of the Collateral; or 

  

	 	(iii)	grant any other security interest in any of the Collateral. 

 4.6 Purchase Money Security Interests. To the extent Debtor uses the Loan to purchase Collateral, Debtor’s repayment of the Loan shall apply on a “first-in-first-out” basis so that
the portion of the Loan used to purchase a particular item of Collateral shall be paid in the chronological order the Debtor purchased the Collateral. 
 4.7 Insurance. Debtor shall obtain and keep in force such insurance on the Collateral as is normal and customary in the Debtor’s business or as the Secured Party may require, all in such
amounts, under such forms of policies, upon such terms, for such periods and written by such insurance companies as the Secured Party may approve. All policies of insurance will contain the long-form Lender’s Loss Payable clause in favor of the
Secured Party, and the Debtor shall deliver the policies or complete copies thereof to the Secured Party. Such policies shall be noncancellable except upon thirty (30) days’ prior written notice to the Secured Party. The proceeds of all
such insurance, if any loss should occur, may be applied by the Secured Party to the payment of the Obligations or to the replacement of any of the Collateral damaged or destroyed, as the Secured Party may elect or direct in its sole discretion. The
Debtor hereby appoints (which appointment constitutes a power coupled with an interest and is irrevocable as long as any of the Obligations remain outstanding) Secured Party as its lawful attorney-in-fact with full authority to make, adjust, settle
claims under and/or cancel such insurance and to endorse the Debtor’s name on any instruments or drafts issued by or upon any insurance companies. 
  

	V.	DEBTOR’S REPRESENTATIONS AND WARRANTIES. 

 Debtor represents and warrants to Secured Party: 
 5.1 Title to and transfer of
Collateral. It has rights in or the power to transfer the Collateral and its title to the Collateral is free of all adverse claims, liens, security interests and restrictions on transfer or pledge except as created by this Security Agreement.

 5.2 Location of Collateral. All collateral consisting of goods (equipment, inventory, fixtures, crops, unborn young of
animals, timber to be cut, manufactured homes; and other tangible, movable personal property) is located solely in the following States (the “Collateral States”): Florida, Delaware, Texas, and South Carolina. 

  

			
	 ACCOUNT # 9660933120 / NOTE # 00007
  

1476 FL NB
 ORLDOCS 12458876 1
	  	 Page 2 of 5

 

 5.3 Location, State of Incorporation and Name of Debtor. Debtor’s: 

 

	 	(i)	chief executive office (if Debtor has more than one place of business), place of business (if Debtor has one place of business), or principal residence (if Debtor is an
individual), is located in the following State and address (the “Place of Business”): 1684 W. Hibiscus Blvd., Melbourne, Florida 32901. 

  

	 	(ii)	state of incorporation or organization is Florida (the “Debtor State”); 

 

	 	(iii)	exact legal name is as set forth in the first paragraph of this Security Agreement. 

5.4 Business or Agricultural Purpose. None of the Obligations is a Consumer Transaction, as defined in the UCC and none of the
Collateral has been or will be purchased or held primarily for personal, family or household purposes. 
  

	VI.	DEBTOR’S COVENANTS. 

 Until the
Obligations are paid in full, Debtor agrees that it will: 
 6.1 preserve its legal existence and not, in one transaction
or a series of related transactions, merge into or consolidate with any other entity, or sell all or substantially all of its assets; 
 6.2 not change the Debtor State of its registered organization; 
 6.3
not change its registered name without providing Secured Party with 30 days’ prior written notice; and 
 6.4 not
change the state of its Place of Business or, if Debtor is an individual, change his state of residence without providing Secured Party with 30 days’ prior written notice. 

 

	VII.	EVENTS OF DEFAULT. 

 The occurrence of any
of the following shall, at the option of Secured Party, be an Event of Default: 
 7.1 Any default or Event of Default by
Borrower or Debtor under the Note, Loan Agreement, Hedge Agreement or any of the other loan documents, and any Guaranty or any of the other Obligations; 
 7.2 Debtor’s failure to comply with any of the provisions of, or the incorrectness of any representation or warranty contained in, this Security Agreement, the Note, the Loan Agreement, or in
any other document relating to the Obligations; 
 7.3 Transfer or disposition of any of the Collateral, except as
expressly permitted by this Security Agreement; 
 7.4 Attachment, execution or levy on any of the Collateral; 

7.5 Debtor voluntarily or involuntarily becoming subject to any proceeding under (a) the Bankruptcy Code or (b) any
similar remedy under state statutory or common law; 
 7.6 Debtor shall fail to comply with, or become subject to any
administrative or judicial proceeding under any federal, state or local (a) hazardous waste or environmental law, (b) asset forfeiture or similar law which can result in the forfeiture of property, or (c) other law, where
noncompliance may have any significant effect on the Collateral; or 
 7.7 Secured Party shall receive at any time
following the closing a UCC filing report indicating that Secured Party’s security interest is not prior to all other security interests or other interests reflected in the report. 

 

	VIII.	DEFAULT COSTS. 

 8.1
Should an Event of Default occur, Debtor will pay to Secured Party all costs incurred by the Secured Party for the purpose of enforcing its rights hereunder, including: 

 

	 	(i)	costs of foreclosure; 

  

	 	(ii)	costs of obtaining money damages; and 

  

	 	(iii)	a reasonable fee for the service of attorneys employed by Secured Party for any purpose related to this Security Agreement or the Obligations, including without
limitation consultation, drafting documents, sending notices or instituting, prosecuting or defending litigation or arbitration. 

  

	IX.	REMEDIES UPON DEFAULT. 

9.1 General. Upon any Event of Default, Secured Party may pursue any remedy available at law (including those available under the
provisions of the UCC), or in equity to collect, enforce or satisfy any Obligations then owing, whether by acceleration or otherwise. 
 9.2. Concurrent Remedies. Upon any Event of Default, Secured Party shall have the right to pursue any of the following remedies separately, successively or concurrently: 

 

	 	(i)	File suit and obtain judgment and, in conjunction with any action, Secured Party may seek any ancillary remedies provided by law or at equity, including levy of
attachment and garnishment. 

  

	 	(ii)	Take possession of any Collateral if not already in its possession without demand and without legal process. Upon Secured Party’s demand, Debtor will assemble and
make the Collateral available to Secured Party as it directs. Debtor grants to Secured Party the right, for this purpose, to enter into or on any premises where Collateral may be located. 

 

	 	(iii)	Without taking possession, sell, lease or otherwise dispose of the Collateral at public or private sale in accordance with the UCC. 

 

	X.	FORECLOSURE PROCEDURES. 

10.1 No Waiver. No delay or omission by Secured Party to exercise any right or remedy accruing upon any Event of Default shall
(a) impair any right or remedy, (b) waive any default or operate as an acquiescence to the Event of Default, or (c) affect any subsequent default of the same or of a different nature. 

  

			
	 ACCOUNT # 9660933120 / NOTE # 00007
  

1476 FL NB
 ORLDOCS 12458876 1
	  	 Page 3 of 5

 

 10.2 Notices. Secured Party shall give Debtor such notice of any private or public
sale as may be required by the UCC. 
 10.3 Condition of Collateral. Secured Party has no obligation to repair, clean-up
or otherwise prepare the Collateral for sale. 
 10.4 No Obligation to Pursue Others. Secured Party has no obligation to
attempt to satisfy the Obligations by collecting them from any other person liable for them and Secured Party may release, modify or waive any collateral provided by any other person to secure any of the Obligations, all without affecting Secured
Party’s rights against Debtor. Debtor waives any right it may have to require Secured Party to pursue any third person for any of the Obligations. 
 10.5 Compliance With Other Laws. Secured Party may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be
considered adversely to affect the commercial reasonableness of any sale of the Collateral. 
 10.6 Warranties. Secured
Party may sell the Collateral without giving any warranties as to the Collateral and may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale
of the Collateral. 
 10.7 Sales on Credit. If Secured Party sells any of the Collateral upon credit, Debtor will be
credited only with payments actually made by the purchaser, received by Secured Party and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Secured Party may resell the Collateral and Debtor
shall be credited with the proceeds of the sale as and when received, less expenses. 
 10.8 Purchases by Secured Party.
In the event Secured Party purchases any of the Collateral being sold, Secured Party may pay for the Collateral by crediting some or all of the Obligations of the Debtor. 
 10.9 No Marshalling. Secured Party has no obligation to marshal any assets in favor of Debtor, or against or in payment of: 

 

	 	(i)	the Note, 

  

	 	(ii)	any of the other Obligations, or 

  

	 	(iii)	any other obligation owed to Secured Party, Borrower or any other person. 

 

	XI.	MISCELLANEOUS. 

11.1 Assignment. 
  

	 	(i)	Binds Assignees. This Security Agreement shall bind and shall inure to the benefit of the successors and assigns of Secured Party, and shall bind all heirs,
personal representatives, executors, administrators, successors and permitted assigns of Debtor. 

  

	 	(ii)	No Assignments by Debtor. Secured Party does not consent to any assignment by Debtor except as expressly provided in this Security Agreement.

  

	 	(iii)	Secured Party Assignments. Secured Party may assign its rights and interests under this Security Agreement. If an assignment is made, Debtor shall render
performance under this Security Agreement to the assignee. Debtor waives and will not assert against any assignee any claims, defenses or set-offs which Debtor could assert against Secured Party except defenses which cannot be waived.

 11.2 Severability. Should any provision of this Security Agreement be found to be void, invalid or
unenforceable by a court or panel of arbitrators of competent jurisdiction, that finding shall only affect the provisions found to be void, invalid or unenforceable and shall not affect the remaining provisions of this Security Agreement.

 11.3 Notices. Any notices required by this Security Agreement shall be deemed to be delivered when a record has been
(a) deposited in any United States postal box if postage is prepaid, and the notice properly addressed to the intended recipient, (b) received by telecopy, (c) received through the Internet, and (d) when personally delivered.

 11.4 Headings. Section headings used in this Security Agreement are for convenience only. They are not a part of this
Security Agreement and shall not be used in construing it. 
 11.5 Governing Law. This Security Agreement is being
executed and delivered and is intended to be performed in the State of Florida shall be construed and enforced in accordance with the laws of the State of Florida, except to the extent that the UCC provides for the application of the law of the
Debtor State. 
 11.6 Rules of Construction. 

 

	 	(i)	No reference to “proceeds” in this Security Agreement authorizes any sale, transfer, or other disposition of the Collateral by the Debtor except in the
ordinary course of business. 

  

	 	(ii)	“Includes” and “including” are not limiting. 

  

	 	(iii)	“Or” is not exclusive. 

  

	 	(iv)	“All” includes “any” and “any” includes “all.” 

11.7 Integration and Modifications. 
  

	 	(i)	This Security Agreement is the entire agreement of the Debtor and Secured Party concerning its subject matter. 

 

	 	(ii)	Any modification to this Security Agreement must be made in writing and signed by the party adversely affected. 

11.8 Waiver. Any party to this Security Agreement may waive the enforcement of any provision to the extent the provision is for its
benefit. 
 11.9 Further Assurances. Debtor agrees to execute any further documents, and to take any further actions,
reasonably requested by Secured Party to evidence or perfect the security interest granted herein or to effectuate the rights granted to Secured Party herein. 

  

			
	 ACCOUNT # 9660933120 / NOTE # 00007
  

1476 FL NB
 ORLDOCS 12458876 1
	  	 Page 4 of 5

 

 11.10 WAIVER OF TRIAL BY JURY. UNLESS EXPRESSLY PROHIBITED BY APPLICABLE LAW, THE
UNDERSIGNED HEREBY WAIVE THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS SECURITY AGREEMENT OR ANY LOAN DOCUMENT EXECUTED IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE UNDERSIGNED AND SECURED
PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR SECURED PARTY TO MAKE THE LOAN TO DEBTOR OR BORROWER. FURTHER, THE UNDERSIGNED HEREBY CERTIFY THAT NO REPRESENTATIVE OR AGENT OF SECURED PARTY, NOR SECURED PARTY’S COUNSEL, HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SECURED PARTY WOULD NOT SEEK TO ENFORCE THIS WAIVER OR RIGHT TO JURY TRIAL PROVISION IN THE EVEN OF LITIGATION. NO REPRESENTATIVE OR AGENT OF SECURED PARTY, NOR SECURED PARTY’S COUNSEL, HAS THE AUTHORITY TO WAIVE,
CONDITION OR MODIFY THIS PROVISION. 
 The parties have signed this Security Agreement under seal as of the day and year first above
written. 
  

							
		 		 	Southeast Power Corporation, a Florida corporation
				
	WITNESS:	 		 		 	
				
	 /s/ Robert L. Jones
	 		 	By:	 	 /s/ Stephen R. Wherry

				
	 /s/ Brett Wherry
	 		 	Name:	 	 Stephen R. Wherry

				
		 		 	Title:	 	 Treasurer

				
	WITNESS:	 		 		 	Branch Banking and Trust Company
				
	 /s/ Stephen R. Wherry
	 		 	By:	 	 /s/ Barry Forbes

				
	 /s/ John H. Sottile
	 		 	Name:	 	 Barry Forbes

				
		 		 	Title:	 	 Senior Vice President

  

			
	 ACCOUNT # 9660933120 / NOTE # 00007
  

1476 FL NB
 ORLDOCS 12458876 1
	  	 Page 5 of 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}]]