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Exhibit 10.46    
  

WARRANT  

        NEITHER THIS WARRANT NOR ANY SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED UNLESS (A) SUBSEQUENTLY REGISTERED PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS OR (B) THE HOLDER HEREOF SHALL HAVE DELIVERED TO THE COMPANY A WRITTEN OPINION OF COUNSEL, IN FORM,
SUBSTANCE AND SCOPE REASONABLY ACCEPTABLE TO THE COMPANY, TO THE EFFECT THAT THE SHARES TO BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED ARE BEING OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION. 

ELECTRIC CITY CORP.

WARRANT TO PURCHASE COMMON STOCK  

	Warrant No.: 31	 	Number of Shares: 50,000
	Original Date of Issuance: December 16, 2002	 	 

        Electric
City Corp., a Delaware corporation (the "Company"), hereby certifies that, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, CapStone Investments, the registered holder hereof or its permitted assigns registered on the books of the Company (the  "Holder"), is entitled, subject to
the terms and conditions set forth below, to purchase from the Company upon surrender of this Warrant, at any time or
times on or after the date hereof, but not after 5:00 P.M. Eastern Standard Time on December 12, 2005 (the "Expiration Date"), Fifty
Thousand (50,000) fully paid and nonassessable shares (the "Warrant Shares") of the Company's common stock, par value $0.0001 per share (the  "Common Stock"), at the exercise price per share equal to $1.00, subject to adjustment as hereinafter provided (the "Warrant
Exercise Price"). 

        Section 1.    Definitions.    In addition to the capitalized terms defined elsewhere herein, the following
terms as used in this Warrant shall have the following meanings: 

          (i)  "Business Day" means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York
are authorized or required by law to remain closed. 

        (ii)  "Person" means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization or a government or any department or agency thereof. 

        (iii)  "Securities Act" means the Securities Act of 1933, as amended. 

        Section 2.    Exercise of Warrant.    

        (a)  Subject
to the terms and conditions hereof, this Warrant may be exercised by the Holder, in whole or in part, during normal business hours on any Business Day on or
after the date hereof and prior to 5:00 P.M. Eastern Standard Time on the Expiration Date by (i) delivery of a duly executed written notice, in the form of the subscription notice
attached as Exhibit A hereto (the "Exercise Notice"), of such Holder's election to exercise this
Warrant, which notice shall specify the number of Warrant Shares to be purchased, (ii) payment to the Company of an amount equal to the Warrant Exercise Price multiplied by the number of
Warrant Shares as to which this 

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Warrant is being exercised (the "Aggregate Exercise Price") in cash or by certified check or wire transfer of immediately available funds, and
(iii) delivery to the Company of this Warrant (or an indemnity and evidence with respect to this Warrant in the case of its loss, theft, mutilation or destruction as provided in
Section 11). In the event of any exercise of the rights represented by this Warrant in compliance with this Section 2(a), the Company shall, on or before the tenth (10th)
Business Day following the date of its receipt of the Exercise Notice, the Aggregate Exercise Price and this Warrant (or an indemnity and evidence with respect to this Warrant in the case of its loss,
theft, mutilation or destruction as provided in Section 11) (the "Exercise Delivery Documents"), deliver at the Company's expense to the Holder,
a certificate or certificates for the Warrant Shares so purchased, in such denominations as may be requested by Holder and registered in the name of Holder. Upon the Company's receipt of the Exercise
Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective
of the date of delivery of certificates evidencing such Warrant Shares. 

        (b)  Unless
the rights represented by this Warrant shall have expired or shall have been fully exercised, the Company shall, as soon as practicable and in no event later than
ten (10) Business Days after any exercise and at its own expense, issue a new Warrant identical in all respects to this Warrant exercised, except it shall represent rights to purchase the
number of Warrant Shares purchasable immediately prior to such exercise under this Warrant exercised, less the number of Warrant Shares with respect to which this Warrant is exercised. 

        (c)  No
fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock issued upon exercise of this
Warrant shall be rounded up or down to the nearest whole number. 

        Section 3.    Covenants.    The Company hereby represents, covenants and agrees as follows: 

        (a)  This
Warrant is, and any Warrants issued in substitution for or replacement of this Warrant will upon issuance be, duly authorized and validly issued. 

        (b)  All
Warrant Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued, fully paid and nonassessable
and free from all taxes, liens and charges with respect to the issue thereof. 

        (c)  Prior
to exercise of this Warrant, the Company shall secure the listing of the Warrant Shares upon each national securities exchange or market, if any, upon which shares
of Common Stock are then listed (subject to official notice of issuance upon exercise of this Warrant) and shall maintain such listing of the Warrant Shares so long as any other shares of Common Stock
shall be so listed. 

        (d)  The
Company has full power and authority to enter into this Warrant, and to issue and deliver this Warrant and the Warrant Shares, and to incur and perform fully the
obligations provided herein, all of which have been duly authorized by all necessary corporate action. 

        (e)  This
Warrant has been duly executed and delivered and is the valid and binding obligation of the Company enforceable in accordance with its terms. 

        Section 4.    Taxes.    The Company shall pay any and all taxes, except income taxes, which may be payable with
respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. 

        Section 5.    Holder Not Deemed a Stockholder.    Except as otherwise specifically provided herein, this
Warrant shall not entitle Holder to vote or receive dividends or any other rights of a stockholder of the Company, including, without limitation, any right to vote, give or withhold consent to any
corporate action (whether a reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings or receive subscription rights. 

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        Section 6.    Representations of Holder.    The Holder, by the acceptance hereof, represents and warrants that
it (a) is acquiring this Warrant and the Warrant Shares solely for its own account, for investment and not with a view towards the distribution or resale thereof in violation of the Securities
Act or any applicable state securities laws, (b) has received such documents, materials and information as Holder deems necessary or appropriate for evaluation of the acquisition of the Warrant
and the Warrant Shares, (c) is an "accredited investor" as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act and has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits and risks of an investment in the Warrant and the Warrant Shares, (d) understands that no U.S. federal,
state or regulatory agency has recommended, approved or endorsed, or passed upon the fairness or suitability of, an investment in the Warrant or Warrant Shares or passed up on the accuracy or adequacy
of the information provided to Holder, and (e) recognizes that an investment in the Warrant Shares involves a high degree of financial risk, can bear the economic risk of losing its entire
investment in the Warrant Shares and has sought, or will seek, such accounting, legal and tax advice as it has considered, or will consider, necessary to make an informed investment decision with
respect to its acquisition of this Warrant and Warrant Shares. If Holder cannot make any of the foregoing representations at the time of exercising this Warrant because it would be factually
incorrect, Holder shall so notify the Company, and it shall be a condition to Holder's exercise of this Warrant that the Company receive such other assurances as the Company considers reasonably
necessary to assure the Company that the issuance of the Warrant Shares upon exercise of this Warrant shall not violate the Securities Act or any state securities laws. 

        Section 7.    Restriction on Transfer.    

        (a)  This
Warrant and the rights granted to Holder are transferable, in whole or in part, upon surrender of this Warrant, together with a properly executed warrant power in
the form of Exhibit B attached hereto; provided, however, that any transfer or assignment shall be subject to the approval of the Company, such
approval not to be unreasonably withheld and the conditions set forth in Section 7(b) below. 

        (b)  Holder
represents and warrants that it understands that, except as set forth in Section 8 below, the Company is under no obligation to register this Warrant or
the Warrant Shares under the Securities Act and that the Warrant and Warrant Shares will be characterized as "restricted securities" under the Securities Act because they are being acquired from the
Company in a transaction not involving a public offering. Holder also represents and warrants that it understands that neither the Warrant nor the Warrant Shares may be offered for sale, sold,
assigned or transferred unless (a) subsequently registered pursuant to an effective registration statement under the Securities Act and applicable state securities laws or (b) Holder
shall have delivered to the Company a written opinion of counsel, in form, substance and scope reasonably acceptable to the Company, to the effect that the securities to be offered for sale, sold,
assigned or transferred are being offered for sale, sold, assigned or transferred pursuant to an exemption from such registration. 

        (c)  Unless
upon their issuance such Warrant Shares are then registered under the Securities Act pursuant to an effective registration statement, any certificates
representing Warrant Shares issued in accordance with this Warrant shall bear a legend substantially in the following form: 

        THE
SHARES OF COMMON STOCK OF ELECTRIC CITY CORP. (THE "COMPANY") REPRESENTED BY THIS CERTIFICATE (THE "SHARES") HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED UNLESS (A) SUBSEQUENTLY REGISTERED PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND APPLICABLE STATE SECURITIES LAWS OR (B) THE HOLDER HEREOF SHALL HAVE 

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DELIVERED TO THE COMPANY A WRITTEN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE REASONABLY ACCEPTABLE TO THE COMPANY, TO THE EFFECT THAT THE SHARES TO BE OFFERED FOR SALE, SOLD, TRANSFERRED OR
ASSIGNED ARE BEING OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION. 

        Section 8.    This Section has been left blank intentionally.    

        Section 9.

        (a)    Adjustment of Warrant Exercise Price and Number of Warrant Shares upon Subdivision or Combination of Company
Stock.    If the Company at any time after the date of issuance of this Warrant subdivides (by any stock split or stock dividend of its Common Stock) its outstanding
shares of Common Stock into a greater number of shares of Common Stock, the Warrant Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of
Warrant Shares obtainable upon exercise of this Warrant will be proportionately increased. If the Company at any time after the date of issuance of this Warrant combines (by reverse stock split or
otherwise) its outstanding shares of Common Stock into a smaller number of shares of Common Stock, the Warrant Exercise Price in effect immediately prior to such combination will be proportionately
increased and the number of Warrant Shares obtainable upon exercise of this Warrant will be proportionately decreased. Any adjustment under this Section 9(a) shall become effective at the close
of business on the date the subdivision or combination becomes effective. 

        (b)    Notices.    Upon any adjustment of the Warrant Exercise Price or number of issuable Warrant Shares pursuant to
Section 9(a), the Company will give written notice thereof to the Holder, setting forth in reasonable detail the calculation of such adjustment. 

        Section 10.    Reorganization, Reclassification, Consolidation, Merger or Sale.    If at any time, as a result
of: 

          (i)  a
capital reorganization or reclassification (other than a subdivision or combination provided for in Section 9), or 

        (ii)  a
merger or consolidation of the Company with another corporation (whether or not the Company is the surviving corporation) or sale of substantially all of the
Company's stock, the Common Stock issuable upon exercise of this Warrant shall be changed into or exchanged for the same or a different number of shares of any class or classes of capital stock of the
Company or any other Person, or other securities convertible into such shares, then, as a part of such reorganization, reclassification, merger, consolidation or sale, appropriate adjustments shall be
made in the terms of this Warrant (or of any securities into which this Warrant is exercised or for which this Warrant is exchanged), so that Holder shall thereafter be entitled to receive, upon
exercise of this Warrant or of such substitute securities, the kind and amount of shares of stock, other securities, money and property which Holder would have received at the time of such capital
reorganization, reclassification, merger, consolidation or sale, if Holder had exercised this Warrant immediately prior to such capital reorganization, reclassification, merger, consolidation or sale.
This Warrant, including, without limitation, the provisions of this Section 10 will be binding upon any entity succeeding to the Company by merger, consolidation or acquisition of all or
substantially all of the Company's assets. The provisions of this Section 10 shall similarly apply to (x) successive capital reorganizations, reclassifications, mergers, consolidations
and sale and (y) the securities of any other Person that are at the time receivable upon the exercise of this Warrant. 

        Section 11.    Lost, Stolen, Mutilated or Destroyed Warrant.    If this Warrant is lost, stolen, mutilated or
destroyed, the Company shall promptly, on receipt of evidence reasonably satisfactory to the 

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Company of the ownership of, and the loss, theft, mutilation or destruction of, this Warrant, and an indemnity reasonably satisfactory to the Company (or in the case of a mutilated Warrant, the
Warrant), issue in lieu thereof a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed. 

        Section 12.    Notice.    Any notices, consents, waivers or other communications required or permitted to be
given under the terms of this Warrant must be in writing and will be deemed to have been made upon receipt when delivered personally, via pre-paid overnight courier or by certified mail,
postage pre-paid, return receipt requested. The addresses for such communications shall be: 

If
to the Company: 

Electric
City Corp.

1280 Landmeier Road

Elk Grove Village, IL 60007

Attention: General Counsel

If
to the Holder: 

CapStone
Investments

4660 La Jolla Village Drive

Suite 1040

San Diego, CA 92122

Attention: President 

or
such other address as the Company or Holder, as applicable, may specify in written notice given to the other party in accordance with this Section 12. 

        Section 13.    Amendments.    This Warrant and any term hereof may be changed, waived, discharged, or
terminated only by an instrument in writing signed by the party hereto against which enforcement of such change, waiver, discharge or termination is sought. 

        Section 14.    Expiration.    This Warrant, in all events, shall be wholly void and of no effect after
5:00 P.M. Eastern Standard Time on the Expiration Date, except that notwithstanding any other provisions hereof, the provisions of Sections 7 and 8 shall continue in full force and effect after
such date as to any Warrant Shares or other securities issued upon the exercise of this Warrant. 

        Section 15.    Successors and Assigns.    The terms and provisions of this Warrant shall inure to the benefit
of, and be binding upon, the Company and the Holder and their respective successors and permitted assigns. 

        Section 16.    Descriptive Headings; Governing Law; Arbitration.    The descriptive headings of the several
sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. All questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be governed by the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
Illinois or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Illinois. 

        In
the event of any and all disagreements and controversies arising from this Warrant, such disagreements and controversies shall be subject to binding arbitration as arbitrated in
accordance with the then current Commercial Arbitration Rules of the American Arbitration Association in Chicago, Illinois before one neutral arbitrator. Either party may apply to the arbitrator
seeking injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved. Without waiving any remedy under this Warrant, either party may also seek from any court
having jurisdiction any interim or provisional relief that is necessary to protect the rights or property of that party, pending the 

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establishment of the arbitral tribunal (or pending the arbitral tribunal's determination of the merits of the controversy). In the event of any such disagreement or controversy, neither party shall
directly or indirectly reveal, report, publish or disclose any information relating to such disagreement or controversy to any person, firm or corporation not expressly authorized by the other party
to receive such information or use such information or assist any other person in doing so, except to comply with actual legal obligations of such party, or unless such disclosure is directly related
to an arbitration proceeding as provided herein, including, but not limited to, the prosecution or defense of any claim in such arbitration. The costs and expenses of the arbitration (excluding
attorneys' fees) shall be paid by the non-prevailing party or as determined by the arbitrator. 

        IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by a duly authorized officer, as of the            day of
December, 2002. 

	 	 	ELECTRIC CITY CORP.
	

 	
 	
By:	

 
	 	 	 	

	

 	
 	

Jeffrey Mistarz
	

 	
 	

Title: Chief Financial Officer

6

 
EXHIBIT A TO WARRANT  

SUBSCRIPTION FORM  

 TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT  

 ELECTRIC CITY CORP.  

        The undersigned Holder hereby exercises the right to
purchase                        of the shares of Common Stock ("Warrant
Shares") of Electric City Corp., a Delaware corporation (the "Company"), evidenced by the attached Warrant (the  "Warrant"). The
Holder tenders herewith payment of the Aggregate Exercise Price in full in the amount of $                        in the form of
cash, certified
check or wire transfer of immediately available funds with respect to                        Warrant Shares. Capitalized terms
used herein and not otherwise defined shall have the respective meanings set
forth in the Warrant. 

Date:                            ,
200            

Name
of Holder 

	By:	 	 	 	 
	 	 	
	 	 
	 	 	Name:	 	 	 
	 	 	 	
	 	 
	 	 	Title:	 	 	 
	 	 	 	
	 	 

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EXHIBIT B TO WARRANT  

FORM OF WARRANT POWER  

        FOR VALUE RECEIVED, the undersigned does hereby assign and transfer
to                        , a warrant to
purchase                        shares of the Common Stock of
Electric City Corp., a Delaware corporation, represented by warrant certificate no.            , standing in the name of the undersigned on the books of said corporation. The undersigned
does
hereby irrevocably constitute and appoint                        , to transfer the warrants of said corporation, with full power
of substitution in the premises. 

Dated:                        ,
200            

	 	 	

	

 	
 	

By:	

 
	 	 	 	

	 	 	Name:	 
	 	 	 	

	 	 	Its:	 
	 	 	 	

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Exhibit 10.47    
  

COMMON STOCK WARRANT  

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED, QUALIFIED, APPROVED OR DISAPPROVED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT OR SUCH LAWS AND NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER FEDERAL OR STATE REGULATORY AUTHORITY HAS PASSED ON OR ENDORSED THE MERITS OF THESE
SECURITIES. 

THE
SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE OF THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO A STOCK TRADING AGREEMENT, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH IS
AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICES OF THE COMPANY. 

WARRANT
NO. 32 

WARRANT CERTIFICATE  

 TO PURCHASE SHARES OF COMMON STOCK,  

 PAR VALUE $0.0001 PER SHARE

OF

ELECTRIC CITY CORP.  

        THIS
IS TO CERTIFY THAT SF Capital Partners, or its registered assigns (the "Holder"), is the owner of 300,000 warrants (the
"Warrants"), each of which entitles the registered Holder thereof to purchase from Electric City Corp., a Delaware corporation (the
"Company"), one fully paid, duly authorized and nonassessable share of Common Stock, par value $0.0001 per share (the "Common
Stock"), of the Company at any time or from time to time on or before 5:00 p.m., New York City time, on the Warrant Expiration Date, at an exercise price of $1.00 per
share, subject to adjustment from time to time as set forth herein (the "Exercise Price"), all on the terms and subject to the conditions hereinafter
set forth. 

        The
number of shares of Common Stock issuable upon exercise of each Warrant (the "Number Issuable") shall be determined for each Warrant
by dividing $1.00 by the Exercise Price in effect at the time of such exercise, and is initially one (1) share of Common Stock. Capitalized terms used herein but not otherwise defined shall
have the meanings given them in Section 13 hereof or, if not therein defined, in the SF Securities Purchase Agreement. 

        Section 1.    Exercise Of Warrants.    Subject to the last paragraph of this  Section 1, the Warrants evidenced hereby may be
exercised, in whole or in part, by the registered Holder hereof at any time or from time to time
on or before 5:00 p.m., New York City time, on the Warrant Expiration Date, upon delivery to the Company at the principal executive office of the Company in the United States of America, of
(a) this Warrant Certificate, (b) a written notice stating that such Holder elects to exercise the Warrants evidenced hereby in accordance with the provisions of this  Section 1 and
specifying the number of Warrants being exercised and the name or names in which such Holder wishes the certificate or certificates
for shares of Common Stock to be issued and (c) payment of the Exercise Price for the shares of Common Stock issuable upon exercise of such Warrants, which shall be payable by any one or any
combination of the following: (i) wire transfer of immediately available funds, (ii) certified or official bank check payable to the order of the Company or (iii) by the surrender
(which surrender shall be evidenced by cancellation of the relevant number of Warrants represented by any Warrant certificate presented in connection with a Cashless Exercise (as defined below)) of a 

Warrant or Warrants (represented by one or more relevant Warrant certificates), and without the payment of the Exercise Price in cash, in return for the delivery to the surrendering Holder of such
number of shares of Common Stock equal to the number of shares of Common Stock for which such Warrant is exercised as of the date of exercise (if the Exercise Price were being paid in cash) reduced by
that number of shares of Common Stock equal to the number of shares for which such Warrant is exercised multiplied by a fraction, the numerator of which is (A) the Exercise Price and the
denominator of which is (B) the Market Price of one share of Common Stock on the Business Day that immediately precedes the day of exercise of the Warrant. An exercise of a Warrant in
accordance with clause (iii) is herein referred to as a "Cashless Exercise." The documentation and consideration, if any, delivered in accordance
with clauses (a), (b) and (c) of this paragraph above are collectively referred to herein as the "Warrant Exercise Documentation." 

        As
promptly as practicable, and in any event within five (5) Business Days after receipt of the Warrant Exercise Documentation, the Company shall deliver or cause to be delivered
certificates representing the number of validly issued, fully paid and nonassessable shares of Common Stock issuable in connection with such exercise, and if less than the full number of Warrants
evidenced hereby are being exercised, a new Warrant Certificate or Certificates, of like tenor, for the number of Warrants evidenced by this Warrant Certificate, less the number of Warrants then being
exercised or surrendered; provided, however, that no new Warrant Certificate need be delivered if the
Warrant Expiration Date has occurred. Such exercise shall be deemed to have been made at the close of business on the date of delivery of the Warrant Exercise Documentation so that the Person entitled
to receive shares of Common Stock upon such exercise shall be treated for all purposes as having become the record holder of such shares of Common Stock at such time. 

        The
Company shall pay all expenses in connection with, and all taxes and other governmental charges (other than income taxes of the Holder) that may be imposed in respect of the issue or
delivery of any shares of Common Stock issuable upon the exercise of the Warrants evidenced hereby. The Company shall not be required, however, to pay any tax or other charge imposed in connection
with any transfer involved in the issue of any certificate for shares of Common Stock in any name other than that of the registered Holder of the Warrants evidenced hereby. 

        In
connection with the exercise of any Warrants evidenced hereby, at the Company's option, no fractions of shares of Common Stock shall be issued, but in lieu thereof the Company may
elect to pay a cash adjustment in respect of such fractional interest in an amount equal to any such fractional interest multiplied by the current Market Price per share of Common Stock on the
Business Day that precedes the day of exercise. If more than one such Warrant shall be exercised by the Holder thereof at the same time, the number of full shares of Common Stock issuable on such
exercise shall be computed on the basis of the total number of Warrants so exercised. 

        Notwithstanding
anything to the contrary contained herein, the number of shares of Common Stock that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in
respect hereof) shall be limited to the extent necessary to insure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned pursuant to
this transaction by such Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder's for purposes of Section 13(d) of the
Exchange Act, does not exceed 4.999% of the total number of issued and outstanding shares of Common Stock (including for such
purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder. This provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of
securities or other consideration that such Holder may receive in the event of a merger or other business combination or reclassification involving the Company as contemplated in this Warrant. 

        Section 2.    Adjustments.    The Exercise Price shall be subject to adjustment from time to time as provided
in this Section 2. 

        (a)  Adjustment of Exercise Price Upon Issuance of Common Stock. If, on the date that the Company files its Report
10-KSB for fiscal year 2003 with the Securities and Exchange Commission (i) the consolidated revenue reported in such 10-KSB is less than $25 million and
(ii) the closing price of the Company's Common Stock on such date of filing is less than $2.00 per share, then the Exercise Price shall be adjusted to $0.75 per share as of the filing date.
Notwithstanding the foregoing, if, at any time following the closing date under the SF Securities Purchase Agreement and during the term of the Warrant, the Company shall in any manner issue any of
its Common Stock or any equity securities or debt that is convertible into Common Stock and such issuance price (or convertible price) is less than $1.00 per share (or $0.75 per share upon the
occurrence of (i) and (ii) of this Section 2(a)), and the Exercise Price in effect on the date immediately prior to the date of such issue is greater than such issuance price or
convertible price, then, immediately upon such issue, the Exercise Price then in effect shall be reduced to such lower price per share. 

        (b)  Subdivision; Combination of Stock or Stock Dividends. In case the Company shall at any time subdivide its outstanding
shares of Common Stock into a greater number of shares, by split or otherwise, or issue additional shares of Common Stock as a dividend, the Exercise Price in effect immediately prior to such
subdivision shall be proportionately reduced and, conversely, in case the outstanding shares of Common Stock of the Company shall be combined into a smaller number of shares, the Exercise Price in
effect immediately prior to such combination shall be proportionately increased. 

        (c)  Reorganization; Reclassification; Consolidation; Merger or Sale of Assets. In case of (i) any capital
reorganization or reclassification or other change of outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as
a result of a subdivision or combination), (ii) any consolidation or merger of the Company with or into another Person (other than a consolidation or merger in which the Company is the
resulting or surviving Person and that does not result in any reclassification or change of outstanding Common Stock) or (iii) transfer or sale of all or substantially all of the Company's
Assets to another person (any of the foregoing, a "Transaction"), the Company, or such successor or purchasing Person, as the case may be, shall execute
and deliver to the Holder of the Warrants evidenced hereby, at least five (5) Business Days prior to effecting any of the foregoing Transactions, a certificate that the Holder of each such
Warrant then outstanding shall have the right thereafter to exercise such Warrant into the
kind and highest amount of shares of stock or other securities (of the Company or another issuer) or property or cash receivable upon such Transaction by a holder of the number of shares of Common
Stock into which such Warrant could have been exercised immediately prior to such Transaction. Such certificate shall provide for adjustments that shall be as nearly equivalent as may be practicable
to the adjustments provided for in this Section 2 and shall contain other terms identical to the terms hereof. If, in the case of any such
Transaction, the stock, other securities, cash or property receivable thereupon by a holder of Common Stock includes shares of stock or other securities of a Person other than the successor or
purchasing Persons and other than the Company, who controls or is controlled by the successor or purchasing Person or who, in connection with such Transaction, issues stock, securities, other property
or cash to holders of Common Stock, then such certificate also shall be executed by such Person, and such Person shall, in such certificate, specifically assume the obligations of such successor or
purchasing Person and acknowledge its obligations to issue such stock, securities, other property or cash to Holders of the Warrants upon exercise thereof as provided above. The provisions of this  Section 2(c)
 similarly shall apply to successive Transactions. 

        (d)  Adjustment for Other Distributions. If the Company distributes to all holders of its Common Stock any of its assets
(including but not limited to cash), debt securities, preferred stock, or any rights 

or warrants to purchase debt securities, preferred stock, assets or other securities of the Company, the Exercise Price shall be adjusted in accordance with the following formula: 

	E'	 	=	 	E	 	x	 	M - F	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	 	M	 	 

	where:	 	 	 	 	 	 	 	 
	E'	 	=	 	the adjusted Exercise Price.
	E	 	=	 	the current Exercise Price.
	M	 	=	 	the Market Price of one share of Common Stock on the record date mentioned below.
	F	 	=	 	the fair market value (determined in good faith by the Board of Directors of the Company) on the record date of the assets, securities, rights or warrants applicable to one share of Common Stock.

        The
adjustment shall be made successively whenever any such distribution is made and shall become effective immediately after the record date for the determination of stockholders
entitled to receive the distribution. This Section 2(d) does not apply to any dividend or distribution that results in an adjustment to the
Exercise Price pursuant to Section 2(a) or Section 2(b) above. 

        Section 3.    Notice of Certain Events.    In case at any time or from time to time the Company shall declare
any dividend or any other distribution to the holders of its Common Stock, or shall authorize the granting to the holders of its Common Stock of rights or warrants to subscribe for or purchase any
additional shares of stock of any class or any other right, or shall authorize the issuance or sale of any other shares or rights that would result in an adjustment to the Exercise Price pursuant to  Section 2(a)
 or Section 2(d), or there shall be any capital reorganization or
reclassification of the Common Stock or consolidation or merger of the Company with or into another Person, or any sale or other disposition of all or substantially all the assets of the Company, or
there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company, then, in any one or more of such cases the Company shall mail to each Holder of the Warrants evidenced
hereby at such Holder's address as it appears on the transfer books of the Company, as promptly as practicable but in any event at least ten (10) Business Days prior to the applicable date
hereinafter specified, a notice stating (a) the date on which a record is to be taken for the purpose of such dividend, distribution, rights or warrants or, if a record is not to be taken, the
date as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights or warrants are to be determined, (b) the issue date of such dividend, distribution,
rights or warrants or (c) the date on which such reorganization, reclassification, consolidation, merger, sale, disposition, dissolution, liquidation or winding up is expected to become
effective. Such notice also shall specify the date as of which it is expected that the holders of Common Stock of record shall be entitled to exchange their Common Stock for shares of stock or other
securities or property or cash deliverable upon such reorganization, reclassification, consolidation, merger, sale, disposition, dissolution, liquidation or winding up. 

        Section 4.    Certain Covenants.    The Company will at all
times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued Common Stock or its authorized and issued Common Stock held as "treasury shares", for
the purpose of enabling it to satisfy any obligation to issue Common Stock upon exercise of the Warrants, the maximum number of shares of Common Stock that may then be deliverable upon the exercise of
all outstanding Warrants. The Company shall take all action required to increase the authorized number of shares of Common Stock if at any time there shall be insufficient authorized but unissued
shares of Common Stock to permit such reservation or to permit the exercise of all outstanding Warrants. 

        The
Company or, if appointed, the transfer agent for the Common Stock (the "Transfer Agent") and every subsequent transfer agent for any
shares of the Company's capital stock issuable upon the exercise of any of the rights of purchase aforesaid will be irrevocably authorized and directed at all times to reserve such number of
authorized shares as shall be required for such purpose. The Company 

will keep a copy of this Warrant Certificate on file with the Transfer Agent and with every subsequent transfer agent for any shares of the Company's capital stock issuable upon the exercise of the
rights of purchase represented by the Warrants. 

        Before
taking any action that would cause an adjustment pursuant to Section 2 hereof to reduce the Exercise Price below the then
par value (if any) of the Common Stock, the Company will take any corporate action that may, in the opinion of its counsel (which may be counsel employed by the Company), be necessary in order that
the Company may validly and legally issue fully paid and nonassessable Common Stock at the Exercise Price as so adjusted. 

        The
Company covenants that all Common Stock that may be issued upon exercise of the Warrants will, upon issue, be validly issued, fully paid, nonassessable, free of preemptive rights and
free from all taxes, liens, charges and security interests with respect to the issue thereof. 

        Section 5.    Registered Holder.    The person in whose name
this Warrant Certificate is registered shall be deemed the owner hereof and of the Warrants evidenced hereby for all purposes. 

        Section 6.    Transfer of Warrants.    Any transfer of the
rights represented by this Warrant Certificate shall be effected by the surrender of this Warrant Certificate, along with the form of assignment attached hereto, properly completed and executed by the
registered Holder hereof, at the principal executive office of the Company in the United States of America. Thereupon, the Company shall issue in the name or names specified by the registered Holder
hereof and, in the event of a partial transfer, in the name of the registered Holder hereof, a new Warrant Certificate or Certificates evidencing the right to purchase such number of shares of Common
Stock as shall be equal to the number of shares of Common Stock then purchasable hereunder. 

        Section 7.    Restrictive Legend.    Each certificate
representing the Common Stock issued upon exercise of this Warrant shall be stamped or otherwise imprinted with a legend in the following form (in addition to any legend required under applicable
state securities laws): 

	

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED, QUALIFIED, APPROVED OR DISAPPROVED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT OR SUCH LAWS AND NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR ANY
OTHER FEDERAL OR STATE REGULATORY AUTHORITY HAS PASSED ON OR ENDORSED THE MERITS OF THESE SECURITIES.
	

THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO A STOCK TRADING AGREEMENT, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICES OF THE COMPANY.

Said legends shall be removed by the Company, upon the request of the Holder hereof, at such time as the restrictions on the transfer of the applicable security under
applicable securities laws and the obligations imposed on the Holder hereof under the Stock Trading Agreement shall have terminated. 

        Section 8.    Denominations.    The Company will, at its
expense, promptly upon surrender of this Warrant Certificate at the principal executive office of the Company in the United States of America, execute and deliver to the registered Holder hereof a new
Warrant Certificate or Certificates in denominations specified by such Holder for an aggregate number of Warrants equal to the number of Warrants evidenced by this Warrant Certificate. 

        Section 9.    Replacement of Warrants.    Upon receipt of
evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant Certificate and, in the case of loss, theft or destruction, upon delivery of an indemnity reasonably
satisfactory to the Company (in the case of an 

insurance company or other institutional investor, its own unsecured indemnity agreement shall be deemed to be reasonably satisfactory), or, in the case of mutilation, upon surrender and cancellation
thereof, the Company will issue a new Warrant Certificate of like tenor for a number of Warrants equal to the number of Warrants evidenced by this Warrant Certificate. 

        Section 10.    Governing Law.    Except as to matters governed
by the General Corporation Law of the State of Delaware and decisions thereunder of the Delaware courts applicable to Delaware corporations, which shall be governed by such laws and decisions, this
Warrant Certificate shall be construed and
enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Illinois applicable to agreements made and to be performed entirely within such State. 

        Section 11.    Rights Inure to Registered Holder.    The
Warrants evidenced by this Warrant Certificate will inure to the benefit of and be binding upon the registered Holder hereof and the Company and their respective successors and permitted assigns.
Nothing in this Warrant Certificate shall be construed to give to any Person other than the Company and the registered Holder and their respective successors and permitted assigns any legal or
equitable right, remedy or claim under this Warrant Certificate, and this Warrant Certificate shall be for the sole and exclusive benefit of the Company and such registered Holder. Nothing in this
Warrant Certificate shall be construed to give the registered Holder hereof any rights as a holder of shares of Common Stock until such time, if any, as the Warrants evidenced by this Warrant
Certificate are exercised in accordance with the provisions hereof. 

        Section 12. Notice. All notices, demands and other communications provided for or
permitted hereunder shall be made in writing and shall be given by registered or certified first-class mail, return receipt requested, nationally recognized overnight delivery service or personal
delivery, (a) if to the Holder, at the Holder's last known address appearing on the books of the Company; and (b) if to the Company, at its principal executive office in the United
States located at the address designated for notices in the SF Securities Purchase Agreement, or such other address as shall have been furnished to the party given or making such notice, demand or
other communication. All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; when delivered if delivered by a nationally
recognized overnight delivery service; and five (5) Business Days after being deposited in the mail, as aforesaid, postage prepaid, if mailed. 

        Section 13. Definitions. For the purposes of this Warrant Certificate, the
following terms shall have the meanings indicated below: 

        "Business Day" means any day other than a Saturday, Sunday or other day on which commercial banks in the City of Chicago are authorized or
required by law or executive order to close. 

        "Cashless Exercise" shall have the meaning set forth in Section 1 hereof. 

        "Company" shall have the meaning set forth in the preamble hereof. 

        "Common Stock" shall have the meaning set forth in the preamble hereof. 

        "Exercise Price" shall have the meaning set forth in the preamble hereof. 

        "Holder" shall have the meaning set forth in the preamble. 

        "Issue Date" shall mean February 27, 2003. 

        "Market Price" means the last reported sale price of the applicable security as reported by The American Stock Exchange or the National
Association of Securities Dealers, Inc. Automatic Quotations System or, if the applicable security is listed or admitted for trading on another securities exchange, the last reported sales
price of the applicable security on the principal exchange on which the applicable security is listed or admitted for trading (which shall be for consolidated trading if applicable to such exchange),
or if neither so reported or listed or admitted for trading, the last reported bid price of the applicable security in the over-the-counter market. In the event that the Market
Price cannot be determined as aforesaid, the Board of Directors of the Company shall determine the Market Price on the basis of such quotations as it in good faith considers appropriate, in
consultation with a nationally recognized investment bank. The Market Price shall be such price averaged over a period of ten 

(10) consecutive Business Days ending two (2) days prior to the day as of which "Market Price" is being determined. 

        "Number Issuable" shall have the meaning set forth in the preamble. 

        "Person" means any individual, corporation, limited liability company, partnership, trust, incorporated or unincorporated association,
joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind. 

        "SF Securities Purchase Agreement" means that certain Securities Purchase Agreement, dated February    , 2003], by
the Company and SF Capital Partners, as the same may be amended, modified or otherwise supplemented from time to time in accordance with its terms. 

        "Transaction" shall have the meaning set forth in Section 2(c) hereof. 

        "Transfer Agent" shall have the meaning set forth in Section 4 hereof. 

        "Warrants" shall have the meaning set forth in the preamble hereof. 

        "Warrant Exercise Documentation" shall have the meaning set forth in Section 1
hereof. 

        "Warrant Expiration Date" means February 26, 2008. 

[SIGNATURE PAGE FOLLOWS]

        IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed as of the Issue Date. 

	

 	

COMPANY

ELECTRIC CITY CORP.,

a Delaware corporation
	

 	

By:	

	

 	

Name:	

	

 	

Title:	

	ATTEST:	 	 
	  	 	 
	  
	 	 

Form of Assignment Form 

[To
be executed upon assignment of Warrants] 

        The
undersigned hereby assigns and transfers unto                        , whose Social Security Number or Tax ID Number
is                        and whose record address
is                        the rights
represented by the attached Warrant Certificate with respect to    Warrants to which the attached Warrant Certificate relates, and irrevocably
appoints                        as agent to transfer
this security on the books of the Company. Such agent may substitute another to act for such agent. 

	

 	

Signature:
	 	
 (Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate)
	

 	

Signature Guarantee:
	

 	

	Date:                                       
   	 

(SUBSCRIPTION
FORM TO BE EXECUTED UPON EXERCISE OF

SOME OR ALL OF THE WARRANTS) 

        The
undersigned, registered Holder, successor or assignee of such registered Holder of the within Warrant Certificate, hereby: 

        (a)  subscribes
for    shares of Common Stock which the undersigned is entitled to purchase under the terms of the within Warrant Certificate, (b) makes
the full cash payment therefor called for by the within Warrant Certificate or elects a Cashless Exercise or In-Kind Exercise as provided therein, and (c) directs that the Common
Stock issuable upon exercise of said Warrants be issued as described hereunder. 

	 	
 (Name)
	

	

 (Address)
	

	

 SIGNATURE
	

Dated:                                        
  	

 

QuickLinks

Exhibit 10.47

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}]]