Document:

Loan Agreement

 Exhibit 10-8 

 

 

 LOAN AGREEMENT 

9660933082

 
 Account Number

 This Loan Agreement (the “Agreement”) is made this 22nd day of February, 2011 by and between BRANCH BANKING AND TRUST COMPANY, a
North Carolina banking corporation (“Bank”), and: 
 The Goldfield Corporation, a State of Delaware corporation
(“Borrower”), having its executive office at Melbourne, Florida. 
 Southeast Power 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”): 

Line of Credit (“Line of Credit”) in the maximum principal amount not to exceed $3,000,000.00 at any one time outstanding for the
purpose of renewal of existing line of credit for short term working capital which shall be evidenced by the Borrower’s Promissory Note dated on or after the date hereof which shall mature January 5, 2012, when the entire unpaid principal
balance then outstanding plus accrued interest thereon shall be paid in full. Prior to maturity or the occurrence of any Event of Default hereunder and subject to any availability limitations, as applicable, the Borrower may borrow, repay, and
reborrow under the Line of Credit through maturity. The Line of Credit shall bear interest at the rate set forth in any such Note evidencing all or any portion of the Line of Credit, the terms of which are incorporated herein by reference.

 The promissory note evidencing the Line of Credit is referred to herein as the “Note” and shall include all extensions, renewals,
modifications and substitutions thereof. The Line of Credit shall be secured by the collateral described in the security documents described below. 
 Section 1 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 $7,500.00 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. 
 Articles of Incorporation: A copy of the Articles of Incorporation and all other charter documents of the Borrower, all filed with and certified by the Secretary of State of the State of the
Borrower’s incorporation. 
 By-Laws: A copy of the By-Laws of the Borrower, certified by the
Secretary of the Borrower as to their completeness and accuracy. 
 Certificate of Incumbency: A
certificate of the Secretary of the Borrower certifying the names and true signatures of the officers of the Borrower authorized to sign the Loan Documents. 
 Certificate of Good Standing: A certification of the Secretary of State (or other government authority) of the State of the Borrower’s Incorporation or Organization as to the good standing of
the Borrower and its charter documents on file. 
 Opinion of Counsel: An opinion of counsel for the
Borrower satisfactory to the Bank and the Bank’s counsel. 
 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. 
 Section 2 Representations and Warranties 

The Borrower and Guarantor(s) represent and warrant to Bank that: 
 2.01. 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. 
 2.02. 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. 

2.03. 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). 

 

 

 LOAN AGREEMENT 
  

 2.04. 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. 
 2.05. 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. 
 2.06. 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.

 2.07. 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. 
 2.08. 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. 
 2.09. 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. 

Section 3 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: 
 3.01. 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. 
 3.02. 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. 
 3.03. 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. 
 3.04. Conduct of Business. Continue to engage in an efficient, prudent, and economical manner in a business of the same general type as now conducted. 

3.05. 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. All such insurance policies shall provide, and the certificates shall state,
that no policy will be terminated without 20 days prior written notice to Bank. 
 3.06. 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.

 3.07. 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. 
 3.08. Reporting
Requirements. Furnish to the Bank: 
 Quarterly Financial Statements: As soon as available and not more than two
(2) weeks after complying with required Securities and Exchange Commission reporting requirements, 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
Financial Statements: As soon as available and not more than two (2) weeks after complying with required Securities and Exchange Commission reporting requirements, 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. 
 Other Information: Such other information as the Bank may from time to time reasonably request. 
 3.09. 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 1 hereof are hereby incorporated by reference herein. 

  

					
	ACCOUNT # 9660933082 / NOTE # 00002	 		 	
			
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 LOAN AGREEMENT 
  

 Section 4 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: 
 4.01. 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, change Guarantor’s name, or 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. 
 4.02. 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. 
 4.03. 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. 
 4.04.
Reporting Requirements. Furnish to the Bank: 
 Annual Financial Statement(s): As soon as available and not more
than two (2) weeks after complying with required Securities and Exchange Commission reporting requirements, 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 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. 

4.05. Transfer of Ownership. Not, without the prior written consent of the Bank: If Guarantor is a corporation, (a) issue,
transfer or sell any new class of stock, or (b) issue, transfer or sell, in the aggregate, from its treasury stock and/or currently authorized but unissued shares of any class of stock, more than 10% of the total number of all such issued and
outstanding shares as of the date of this Agreement; or, if Guarantor is a general partnership, limited partnership, limited liability partnership or limited liability company, issue, transfer or sell any interest in Guarantor. 

4.06. Other Information: Furnish such other information as the Bank may from time to time reasonably request. 

Section 5 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 $13,500,000.00. Tangible Net Worth is defined as net worth, minus obligations contractually subordinated to debts owed to Bank, minus goodwill, contract rights, and assets representing claims on stockholders or affiliated entities. 

Debt to Worth. A ratio of total liabilities to tangible net worth of not greater than 1.5 to 1.0. 

Section 6 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: 

6.01. 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. 

6.02. Debt. Create, incur, assume, or suffer to exist any debt, 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; 

 

	 	(d)	Debt secured by purchase money security interests as outlined above in Section 6.01 (e); 

 

	 	(e)	Additional debt not to exceed $500,000.00 in the aggregate at any time. 

 6.03. Capital Expenditures. Expenditures for fixed assets in any fiscal year shall not exceed in the aggregate the sum of $N/A. 

6.04. Change of Legal Form of Business; Purchase of Assets. Change Borrower’s name or 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. 

6.05. Leases. Create, incur, assume, or suffer to exist any leases, except: 

 

	 	(a)	Leases outstanding on the date hereof and showing on the most recent financial statement submitted to the Bank; 

 

	 	(b)	Operating Leases with a duration of more than one (1) year for machinery and equipment which do not in the aggregate require payments in excess of $500,000.00 in
any fiscal year of the Borrower. 

 6.06. Dividends or Distributions; Acquisition of Capital Stock or Other
Ownership Interests. Declare or pay any dividends or distributions of any kind, or purchase or redeem, retire, or otherwise acquire any of Borrower’s capital stock or other ownership interests, now or hereafter outstanding, in excess of
$N/A in any fiscal year of the Borrower. 
 6.07. Salaries. Salaries and any other cash compensation to
owners/officers/partners/managers shall be limited as follows: N/A. 
 6.08. 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. 

6.09. Loans. Loans to directors, officers, partners, members, shareholders, subsidiaries and affiliates shall be limited as
follows: N/A. 
 6.10. 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. 
 6.11. Transfer of Ownership. If Borrower is a corporation,
(a) issue, transfer or sell any new class of stock, or (b) issue, transfer or sell, in the aggregate, from its treasury stock and/or currently authorized but unissued shares of any class of stock, more than 10% of the total number of all
such issued and outstanding shares as of the date of this Agreement. If Borrower is a general partnership, limited partnership, limited liability partnership or limited liability company, issue, transfer or sell any interest in Borrower. 

  

					
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 LOAN AGREEMENT 
  

 6.12. 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 1 hereof are hereby incorporated by reference herein. 

Section 7 Hazardous Materials and Compliance with Environmental Laws 
 7.01. 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. 
 7.02.
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 Mortgaged Property and to pursue diligently to completion all appropriate and/or required remedial action in the event of such release. 

7.03. 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 Mortgaged Property and to add any expenditures so made to the principal indebtedness secured by the Mortgage. 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 7, or resulting from the recording of the Mortgage. 
 Section 8 Events of Default 
 The following shall be “Events of Default” by
Borrower or any Guarantor: 
 8.01. The failure to make prompt payment of any installment of principal or interest on any of the
Note(s) when due or payable. 
 8.02. Should any representation or warranty made in the Loan Documents prove to be false or
misleading in any material respect. 
 8.03 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. 

8.04. 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. 
 8.05. Should the Borrower, any Guarantor or any
Pledgor breach any covenant, condition, or agreement made under any of the Loan Documents. 
 8.06. 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 Guarantor’s assets, including an action or proceeding to seize any funds on deposit with the Bank, and such seizure is not discharged within 30
days. 
 8.07. 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. 
 8.08. Upon the death of, or termination of existence of, or dissolution of, any Borrower, Pledgor or Guarantor. 
 8.09. 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. 
 Section 9 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:

 9.01. 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; 
 9.02. 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; 
 9.03. 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; 
 9.04. 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; 
 9.05. 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.

 Section 10 Miscellaneous Provisions 
 10.01. 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 regulations may be amended from time to time. 

  

					
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 LOAN AGREEMENT 
  

 “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. 
 10.02. 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. 
 10.03. Applicable Law. The Loan Documents shall
be construed in accordance with and governed by the laws of the State of Florida. 
 10.04. 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. 
 10.05. 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. 
 10.06.
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. 

10.07 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. 
 10.08. 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. 
 10.09. 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,

  

					
	ACCOUNT # 9660933082 / NOTE # 00002	 		 	
			
		 	- 5 -	 	

 

 

 LOAN AGREEMENT 
  

 
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. 
 [SIGNATURES ON FOLLOWING PAGE] 

  

					
	ACCOUNT # 9660933082 / NOTE # 00002	 		 	
			
		 	- 6 -	 	

 

 

 LOAN AGREEMENT 
  

 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.

  

							
	Witnesses:	 		 	BORROWER:
			
		 		 	The Goldfield Corporation
				
	 /s/ BARRY FORBES
	 		 	By:	 	     /s/ STEPHEN R. WHERRY

	Print Name: Barry Forbes	 		 		 	Stephen R Wherry, Sr. Vice President
				
	 /s/ DEBRA PAVLAKOS
	 		 		 	
	Print Name: Debra Pavlakos	 		 		 	
			
	Witnesses:	 		 	GUARANTORS:
			
		 		 	Southeast Power Corporation
				
	 /s/ BARRY FORBES
	 		 	By:	 	     /s/ STEPHEN R. WHERRY

	Print Name: Barry Forbes	 		 		 	Stephen R. Wherry, Treasurer
			
	 /s/ DEBRA PAVLAKOS
	 		 	Pineapple House of Brevard, Inc.
	Print Name: Debra Pavlakos	 		 		 	
				
		 		 	By:	 	     /s/ STEPHEN R. WHERRY

		 		 		 	Stephen R. Wherry, Vice President
			
		 		 	Bayswater Development Corporation
				
		 		 	By:	 	     /s/ STEPHEN R. WHERRY

		 		 		 	Stephen R. Wherry, Treasurer
			
	Witnesses:	 		 	BANK:
			
		 		 	Branch Banking and Trust Company
				
	 /s/ DEBRA PAVLAKOS
	 		 	By:	 	     /s/ BARRY FORBES

	Print Name: Debra Pavlakos	 		 		 	Barry Forbes, Sr. Vice President
				
	 /s/ VICTORIA COSTA
	 		 		 	
	Print Name: Victoria Costa	 		 		 	

  

					
	ACCOUNT # 9660933082 / NOTE # 00002	 		 	
			
		 	- 7 -BB&T Security Agreement

 Exhibit 10-9 
 City: Melbourne, FL 
 BB&T SECURITY AGREEMENT 

This Security Agreement (“Security Agreement”) is made February 22, 2011, between Southeast Power Corporation (“Debtor”), and
Branch Banking and Trust Company, a North Carolina banking corporation (“Secured Party”). 
 This Security Agreement is entered into
in connection with: 
  

	 	(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; 

  

	 	(ii)	a Promissory Note dated February 22, 2011 (including all extensions, renewals, modifications and substitutions thereof, the (“Note”), of The Goldfield
Corporation (the “Borrower”), in the principal amount of $ 3,000,000.00; 

  

	 	(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”): 
  

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

 

	 	(ii)	All vehicles owned by Debtor including, but not limited to, those vehicles described in Exhibit “A” attached hereto; 

 

	 	(iii)	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. 

 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. 

  

	 	(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. 

  

					
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	 		 	Page 1 of 5

 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. 

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

 

	 	(i)	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. 

  

					
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	 		 	Page 2 of 5

	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. 

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. 

  

					
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 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. 

  

					
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	 		 	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 MATERAL 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
				
	WITNESS:	 		 		 	
				
	 /s/ BARRY FORBES
	 		 	By:	 	     /s/ STEPHEN R. WHERRY

	Barry Forbes	 		 		 	Stephen R. Wherry, Treasurer
				
	 /s/ DEBRA PAVLAKOS
	 		 		 	
	Debra Pavlakos	 		 		 	
			
		 		 	Branch Banking and Trust Company
				
	WITNESS:	 		 		 	
				
	 /s/ DEBRA PAVLAKOS
	 		 	By:	 	     /s/ BARRY FORBES

	Debra Pavlakos	 		 		 	Print Name: Barry Forbes
		 		 		 	Its: Sr. Vice President
				
	 /s/ VICTORIA COSTA
	 		 		 	
	Victoria Costa	 		 		 	

  

					
	ACCOUNT # 9660933082 / NOTE # 00002	 		 	
			
	 1476 FL NB
	 		 	Page 5 of 5

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