Document:

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                                                                    EXHIBIT 10.2

                                     FORM OF
                             GUARANTY BY CORPORATION

                          (METRETEK TECHNOLOGIES, INC.)

         This Guaranty, dated as of September 24, 2001, is made by Metretek
Technologies, Inc., a Delaware corporation (the "Guarantor"), for the benefit of
Wells Fargo Business Credit, Inc., a Minnesota corporation (with its
participants, successors and assigns, the "Lender").

         The Lender and Southern Flow Companies, Inc., a Delaware corporation
(the "Borrower"), are parties to a Credit and Security Agreement of even date
herewith (as the same may be amended, supplemented or restated from time to
time, the "Credit Agreement") pursuant to which the Lender may make advances and
extend other financial accommodations to the Borrower.

         As a condition to extending such credit to the Borrower, the Lender has
required the execution and delivery of this Guaranty.

         ACCORDINGLY, the Guarantor, in consideration of the premises and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, hereby agrees as follows:

         1. DEFINITIONS. All terms defined in the Credit Agreement that are not
otherwise defined herein shall have the meanings given them in the Credit
Agreement.

         2. INDEBTEDNESS GUARANTEED. The Guarantor hereby absolutely and
unconditionally guarantees to the Lender the full and prompt payment when due,
whether at maturity or earlier by reason of acceleration or otherwise, of (i)
the Obligations and (ii) each and every other sum now or hereafter owing to the
Lender by the Borrower, including but not limited to, debts, liabilities and
obligations arising out of loans, credit transactions, financial accommodations,
discounts, purchases of property or other transactions with the Borrower or for
the Borrower's account or out of any other transaction or event, owed to the
Lender or owed to others by reason of participations granted to or interests
acquired or created for or sold to them by the Lender, in each case whether now
existing or hereafter arising, whether arising directly in a transaction or
event involving the Lender or acquired by the Lender from another by purchase or
assignment or as collateral security, whether owed by the Borrower as drawer,
maker, endorser, accommodation party, guarantor, principal, surety or as a
member of any partnership, syndicate, association or group or in any other
capacity, whether absolute or contingent, direct or indirect, primary or
secondary, sole, joint, several or joint and several, secured or unsecured, due
or not due, contractual, tortious or statutory, liquidated or unliquidated,
arising by agreement or imposed by law or otherwise (all of said sums being
hereinafter called the "Indebtedness").

         3. GUARANTOR'S REPRESENTATIONS AND WARRANTIES. The Guarantor represents
and warrants to the Lender that (i) the Guarantor is a corporation, duly
organized and existing in good standing and has full power and authority to make
and deliver this Guaranty; (ii) the execution, delivery and performance of this
Guaranty by the Guarantor have been duly authorized by all necessary action of
its directors and stockholders and do not and will not violate the provisions
of, or constitute a default under, any presently applicable law or its articles
of incorporation or

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bylaws or any agreement presently binding on it; (iii) this Guaranty has been
duly executed and delivered by the authorized officers of the Guarantor and
constitutes its lawful, binding and legally enforceable obligation; and (iv) the
authorization, execution, delivery and performance of this Guaranty do not
require notification to, registration with, or consent or approval by, any
federal, state or local regulatory body or administrative agency. The Guarantor
represents and warrants to the Lender that the Guarantor has a direct and
substantial economic interest in the Borrower and expects to derive substantial
benefits therefrom and from any loans, credit transactions, financial
accommodations, discounts, purchases of property and other transactions and
events resulting in the creation of the Indebtedness guarantied hereby, and that
this Guaranty is given for a corporate purpose. The Guarantor agrees to rely
exclusively on the right to revoke this Guaranty prospectively as to future
transactions, in accordance with paragraph 4, if at any time, in the opinion of
the directors or officers, the benefits then being received by the Guarantor in
connection with this Guaranty are not sufficient to warrant the continuance of
this Guaranty as to the future Indebtedness of the Borrower. Accordingly, so
long as this Guaranty is not revoked prospectively in accordance with paragraph
4, the Lender may rely conclusively on a continuing warranty, hereby made, that
the Guarantor continues to be benefited by this Guaranty and the Lender shall
have no duty to inquire into or confirm the receipt of any such benefits, and
this Guaranty shall be effective and enforceable by the Lender without regard to
the receipt, nature or value of any such benefits.

         4. UNCONDITIONAL NATURE. No act or thing need occur to establish the
Guarantor's liability hereunder, and no act or thing, except full payment and
discharge of all of the Indebtedness, shall in any way exonerate the Guarantor
hereunder or modify, reduce, limit or release the Guarantor's liability
hereunder. This is an absolute, unconditional and continuing guaranty of payment
of the Indebtedness and shall continue to be in force and be binding upon the
Guarantor, whether or not all of the Indebtedness is paid in full.
Notwithstanding the foregoing, this Guaranty shall terminate upon the
satisfaction in full of the Indebtedness and termination of the Commitment or,
if earlier, the events specified in Section 2.14 of the Credit Agreement.

         5. DISSOLUTION OR INSOLVENCY OF GUARANTOR. The dissolution or
adjudication of bankruptcy of the Guarantor shall not revoke this Guaranty,
except upon actual receipt of written notice thereof by the Lender and only
prospectively, as to future transactions, as herein set forth. If the Guarantor
shall be dissolved or shall be or become insolvent (however defined), then the
Lender shall have the right to declare immediately due and payable, and the
Guarantor will forthwith pay to the Lender, the full amount of all of the
Indebtedness whether due and payable or unmatured. If the Guarantor voluntarily
commences or there is commenced involuntarily against the Guarantor a case under
the United States Bankruptcy Code, the full amount of all Indebtedness, whether
due and payable or unmatured, shall be immediately due and payable without
demand or notice thereof.

         6. SUBROGATION, ETC. The Guarantor hereby waives all rights that the
Guarantor may now have or hereafter acquire, whether by subrogation,
contribution, reimbursement, recourse, exoneration, contract or otherwise, to
recover from the Borrower or from any property of the Borrower any sums paid
under this Guaranty. The Guarantor will not exercise or enforce any right of
contribution to recover any such sums from any person who is a co-obligor with
the Borrower or a guarantor or surety of the Indebtedness or from any property
of any such person until all of the Indebtedness shall have been fully paid and
discharged.

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         7. ENFORCEMENT EXPENSES. The Guarantor will pay or reimburse the Lender
for all costs, expenses and attorneys' fees paid or incurred by the Lender in
endeavoring to collect and enforce the Indebtedness and in enforcing this
Guaranty.

         8. LENDER'S RIGHTS. The Lender shall not be obligated by reason of its
acceptance of this Guaranty to engage in any transactions with or for the
Borrower. Whether or not any existing relationship between the Guarantor and the
Borrower has been changed or ended and whether or not this Guaranty has been
revoked, the Lender may enter into transactions resulting in the creation or
continuance of the Indebtedness and may otherwise agree, consent to or suffer
the creation or continuance of any of the Indebtedness, without any consent or
approval by the Guarantor and without any prior or subsequent notice to the
Guarantor. The Guarantor's liability shall not be affected or impaired by any of
the following acts or things (which the Lender is expressly authorized to do,
omit or suffer from time to time, both before and after revocation of this
Guaranty, without consent or approval by or notice to the Guarantor): (i) any
acceptance of collateral security, guarantors, accommodation parties or sureties
for any or all of the Indebtedness; (ii) one or more extensions or renewals of
the Indebtedness (whether or not for longer than the original period) or any
modification of the interest rates, maturities, if any, or other contractual
terms applicable to any of the Indebtedness or any amendment or modification of
any of the terms or provisions of any loan agreement or other agreement under
which the Indebtedness or any part thereof arose; (iii) any waiver or indulgence
granted to the Borrower, any delay or lack of diligence in the enforcement of
the Indebtedness or any failure to institute proceedings, file a claim, give any
required notices or otherwise protect any of the Indebtedness; (iv) any full or
partial release of, compromise or settlement with, or agreement not to sue, the
Borrower or any guarantor or other person liable in respect of any of the
Indebtedness; (v) any release, surrender, cancellation or other discharge of any
evidence of the Indebtedness or the acceptance of any instrument in renewal or
substitution therefore; (vi) any failure to obtain collateral security
(including rights of setoff) for the Indebtedness, or to see to the proper or
sufficient creation and perfection thereof, or to establish the priority
thereof, or to preserve, protect, insure, care for, exercise or enforce any
collateral security; or any modification, alteration, substitution, exchange,
surrender, cancellation, termination, release or other change, impairment,
limitation, loss or discharge of any collateral security; (vii) any collection,
sale, lease or disposition of, or any other foreclosure or enforcement of or
realization on, any collateral security; (viii) any assignment, pledge or other
transfer of any of the Indebtedness or any evidence thereof; (ix) any manner,
order or method of application of any payments or credits upon the Indebtedness;
and (x) any election by the Lender under Section 1111(b) of the United States
Bankruptcy Code. The Guarantor waives any and all defenses and discharges
available to a surety, guarantor or accommodation co-obligor.

         9. WAIVERS BY GUARANTOR. The Guarantor waives any and all defenses,
claims, setoffs and discharges of the Borrower, or any other obligor, pertaining
to the Indebtedness, except the defense of discharge by payment in full. Without
limiting the generality of the foregoing, the Guarantor will not assert, plead
or enforce against the Lender any defense of waiver, release, discharge or
disallowance in bankruptcy, statute of limitations, res judicata, statute of
frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality
or unenforceability which may be available to the Borrower or any other person
liable in respect of any of the Indebtedness, or any setoff available against
the Lender to the Borrower or any other such person, whether or not on account
of a related transaction. The Guarantor expressly agrees that the Guarantor
shall be and remain liable for any deficiency remaining after foreclosure of any
mortgage or security interest securing the Indebtedness, whether or not the
liability of the Borrower or any other

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obligor for such deficiency is discharged pursuant to statute or judicial
decision. The liability of the Guarantor shall not be affected or impaired by
any voluntary or involuntary liquidation, dissolution, sale or other disposition
of all or substantially all of the assets, marshaling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of, or other similar
event or proceeding affecting, the Borrower or any of its assets. The Guarantor
will not assert, plead or enforce against the Lender any claim, defense or
setoff available to the Guarantor against the Borrower. The Guarantor waives
presentment, demand for payment, notice of dishonor or nonpayment and protest of
any instrument evidencing the Indebtedness. The Lender shall not be required
first to resort for payment of the Indebtedness to the Borrower or other
persons, or their properties, or first to enforce, realize upon or exhaust any
collateral security for the Indebtedness, before enforcing this Guaranty.

         10. IF PAYMENTS SET ASIDE, ETC. If any payment applied by the Lender to
the Indebtedness is thereafter set aside, recovered, rescinded or required to be
returned for any reason (including, without limitation, the bankruptcy,
insolvency or reorganization of the Borrower or any other obligor), the
Indebtedness to which such payment was applied shall for the purpose of this
Guaranty be deemed to have continued in existence, notwithstanding such
application, and this Guaranty shall be enforceable as to such Indebtedness as
fully as if such application had never been made.

         11. ADDITIONAL OBLIGATION OF GUARANTOR. The Guarantor's liability under
this Guaranty is in addition to and shall be cumulative with all other
liabilities of the Guarantor to the Lender as guarantor, surety, endorser,
accommodation co-obligor or otherwise of any of the Indebtedness or obligation
of the Borrower, without any limitation as to amount, unless the instrument or
agreement evidencing or creating such other liability specifically provides to
the contrary.

         12. FINANCIAL INFORMATION. The Guarantor will deliver to the Lender all
financial information concerning the Guarantor required to be delivered under
the Credit Agreement.

         13. NO DUTIES OWED BY LENDER. The Guarantor acknowledges and agrees
that the Lender (i) has not made any representations or warranties with respect
to, (ii) does not assume any responsibility to the Guarantor for, and (iii) has
no duty to provide information to the Guarantor regarding, the enforceability of
any of the Indebtedness or the financial condition of the Borrower or any
guarantor. The Guarantor has independently determined the creditworthiness of
the Borrower and the enforceability of the Indebtedness and until the
Indebtedness is paid in full will independently and without reliance on the
Lender continue to make such determinations.

         14. MISCELLANEOUS. This Guaranty shall be effective upon delivery to
the Lender, without further act, condition or acceptance by the Lender, shall be
binding upon the Guarantor and the successors and assigns of the Guarantor and
shall inure to the benefit of the Lender and its participants, successors and
assigns. Any invalidity or unenforceability of any provision or application of
this Guaranty shall not affect other lawful provisions and application thereof,
and to this end the provisions of this Guaranty are declared to be severable.
This Guaranty may not be waived, modified, amended, terminated, released or
otherwise changed except by a writing signed by the Guarantor and the Lender.
This Guaranty shall be governed by and construed in accordance with the
substantive laws (other than conflict laws) of the State of Colorado. The
Guarantor hereby (i) consents to the personal jurisdiction of the state and
federal courts located in the State of Colorado in connection with any
controversy related to this Guaranty; (ii) waives any argument that venue in any
such forum is not convenient, (iii) agrees that any litigation initiated

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by the Lender or the Guarantor in connection with this Guaranty may be venued in
either the state or federal courts located in the City and County of Denver,
Colorado; and (iv) agrees that a final judgment in any such suit, action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law.

         15. WAIVER OF JURY TRIAL. THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL
RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT
OF, BASED ON OR PERTAINING TO THIS GUARANTY.

         IN WITNESS WHEREOF, this Guaranty has been duly executed by the
Guarantor the date first written above.

                                             METRETEK TECHNOLOGIES, INC., a
                                             Delaware corporation

                                             By _______________________________
                                             Name:_____________________________
                                             Title:____________________________

                              Address:       600 - 17th Street, Suite 800 North
                                             Denver, Colorado 80202

STATE OF COLORADO          )
                           )
COUNTY OF _________________)

                  The foregoing instrument was acknowledged before me this ____
day of __________, 2001 by _____________ _____________________, the
_______________________ of Metretek Technologies, Inc., a Delaware corporation,
on behalf of the corporation.

                                               --------------------------------
                                                         Notary Public

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                                                                    EXHIBIT 10.3

                                     FORM OF
                               SECURITY AGREEMENT

                          (METRETEK TECHNOLOGIES, INC.)

         This Agreement, dated as of September 24, 2001, is made by and between
Metretek Technologies, Inc., a Delaware corporation (the "Corporate Guarantor"),
and Wells Fargo Business Credit, Inc., a Minnesota corporation (the "Secured
Party").

         Pursuant to a Credit and Security Agreement of even date herewith (as
the same may be amended, supplemented or restated from time to time, the "Credit
Agreement"), the Secured Party may extend credit accommodations to Southern Flow
Companies, Inc., a Delaware corporation (the "Borrower").

         As a condition to extending credit to the Borrower, the Secured Party
has required the execution and delivery of the Corporate Guarantor's Guaranty of
even date herewith, guaranteeing the payment and performance of all obligations
of the Borrower arising under or pursuant to the Credit Agreement (the
"Guaranty").

         As a further condition to extending credit to the Borrower under the
Credit Agreement, the Secured Party has required the execution and delivery of
this Agreement by the Corporate Guarantor.

         ACCORDINGLY, in consideration of the mutual covenants contained in the
Credit Agreement and herein, the parties hereby agree as follows:

          1. DEFINITIONS. All terms defined in the recitals hereto and the
Credit Agreement that are not otherwise defined herein shall have the meanings
given them in the recitals and the Credit Agreement. All terms defined in the
UCC and not otherwise defined herein have the meanings assigned to them in the
UCC. In addition, the following terms have the meanings set forth below or in
the referenced Section of this Agreement:

         "Accounts" means all of the Corporate Guarantor's accounts, as such
term is defined in the UCC, including each and every right of the Corporate
Guarantor to the payment of money, whether such right to payment now exists or
hereafter arises, whether such right to payment arises out of a sale, lease or
other disposition of goods or other property, out of a rendering of services,
out of a loan, out of the overpayment of taxes or other liabilities, or
otherwise arises under any contract or agreement, whether such right to payment
is created, generated or earned by the Corporate Guarantor or by some other
person who subsequently transfers such person's interest to the Corporate
Guarantor, whether such right to payment is or is not already earned by
performance, and howsoever such right to payment may be evidenced, together with
all other rights and interests (including all Liens)which the Corporate
Guarantor may at any time have by law or agreement against any account debtor or
other obligor obligated to make any such payment or against any property of such
account debtor or other obligor; all including but not limited to all present
and future accounts, contract rights, loans and obligations receivable,

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chattel papers, bonds, notes and other debt instruments, tax refunds and rights
to payment in the nature of general intangibles.

         "Collateral" means all of the Corporate Guarantor's Accounts, chattel
paper, deposit accounts, documents, Equipment, General Intangibles, goods,
instruments, Inventory, Investment Property, letter-of-credit rights, letters of
credit, all sums on deposit in any Collateral Account, and any items in any
Lockbox; together with (i) all substitutions and replacements for and products
of any of the foregoing; (ii) in the case of all goods, all accessions; (iii)
all accessories, attachments, parts, equipment and repairs now or hereafter
attached or affixed to or used in connection with any goods; (iv) all warehouse
receipts, bills of lading and other documents of title now or hereafter covering
such goods; (v) any money, or other assets of the Corporate Guarantor that now
or hereafter come into the possession, custody, or control of the Lender; and
(vi) proceeds of any and all of the foregoing.

         "Equipment" means all of the Corporate Guarantor's equipment, as such
term is defined in the UCC, whether now owned or hereafter acquired, including
but not limited to all present and future machinery, vehicles, furniture,
fixtures, manufacturing equipment, shop equipment, office and recordkeeping
equipment, parts, tools, supplies, and including specifically the goods
described in any equipment schedule or list herewith or hereafter furnished to
the Lender by the Corporate Guarantor.

          "Event of Default" has the meaning given in Section 6.

         "General Intangibles" means all of the Corporate Guarantor's general
intangibles, as such term is defined in the UCC, whether now owned or hereafter
acquired, including all present and future Intellectual Property Rights,
customer or supplier lists and contracts, manuals, operating instructions,
permits, franchises, the right to use the Corporate Guarantor's name, and the
goodwill of the Corporate Guarantor's business.

         "Intellectual Property Rights" means all actual or prospective rights
arising in connection with any intellectual property or other proprietary
rights, including all rights arising in connection with copyrights, patents,
service marks, trade dress, trade secrets, trademarks, trade names or mask
works.

         "Inventory" means all of the Corporate Guarantor's inventory, as such
term is defined in the UCC, whether now owned or hereafter acquired, whether
consisting of whole goods, spare parts or components, supplies or materials,
whether acquired, held or furnished for sale, for lease or under service
contracts or for manufacture or processing, and wherever located.

         "Investment Property" means all of the Corporate Guarantor's investment
property, as such term is defined in the UCC, whether now owned or hereafter
acquired, including but not limited to all securities, security entitlements,
securities accounts, commodity contracts, commodity accounts, stocks, bonds,
mutual fund shares, money market shares and U.S. Government securities.

         "Lien" means any security interest, mortgage, deed of trust, pledge,
lien, charge, encumbrance, title retention agreement or analogous instrument or
device, including the interest of each lessor under any capitalized lease and
the interest of any bondsman under any payment or performance bond, in, of or on
any assets or properties of a person, whether now owned or hereafter acquired
and whether arising by agreement or operation of law.

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         "Obligations" means (i) the Note, including interest thereon and any
extensions, renewals or replacements thereof, and all other obligations of
Borrower to Lender under the Loan Documents, and (ii) each and every debt,
liability and obligation of every type and description which the Corporate
Guarantor may now or at any time hereafter owe to the Secured Party, whether
such debt, liability or obligation now exists or is hereafter created or
incurred and whether it is or may be direct or indirect, due or to become due,
or absolute or contingent, including without limitation all obligations under
the Guaranty.

         "Permitted Liens" means (i) the Security Interest, (ii) covenants,
restrictions, rights, easements and minor irregularities in title which do not
materially interfere with the Corporate Guarantor's business or operations as
presently conducted, (iii) Liens in existence on the date hereof and described
on EXHIBIT B hereto, (iv) purchase money Liens relating to the acquisition or
lease of vehicles, machinery and equipment of the Corporate Guarantor not
exceeding the lesser of cost or fair market value thereof, in the ordinary
course of business, and so long as no Default Period is then in existence and
none would exist immediately after such acquisition, (v) liens for taxes,
assessments, or other governmental charges which are not delinquent or which are
being contested in good faith and for which adequate reserves have been
established in accordance with GAAP, and (vi) liens of mechanics, materialmen,
warehousemen, carriers or other similar statutory liens securing obligations
that are not yet due and are incurred in the ordinary course of business.

         "Security Interest" has the meaning given in Section 2.

         2. SECURITY INTEREST. The Corporate Guarantor hereby grants the Secured
Party a security interest (the "Security Interest") in the Collateral to secure
payment of the Obligations.

         3. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. The Corporate Guarantor
hereby represents, warrants and agrees as follows:

         (a) Title. The Corporate Guarantor (i) has absolute title to each item
of Collateral in existence on the date hereof, free and clear of all Liens
except Permitted Liens, (ii) will have, at the time the Corporate Guarantor
acquires any rights in Collateral hereafter arising, absolute title to, or a
valid "leasehold interest" (as such term in defined in Section 2.5.103 of the
UCC) in each such item of Collateral free and clear of all Liens except
Permitted Liens, (iii) will keep all Collateral free and clear of all Liens
except Permitted Liens, and (iv) will defend the Collateral against all claims
or demands of all persons other than the Secured Party. The Corporate Guarantor
will not sell or otherwise dispose of the Collateral or any interest therein,
outside the ordinary course of business, without the prior written consent of
the Secured Party.

         (b) Chief Executive Office; Identification Number; Jurisdiction of
Incorporation; Name. The Corporate Guarantor's chief executive office and
principal place of business is, and for the past five years was, located at the
address set forth under its signature below. The Corporate Guarantor's federal
employer identification number is correctly set forth under its signature below.
The Corporate Guarantor is, and for the past five years was, a corporation duly
organized, validly existing and in good standing in the State of Delaware. The
Corporate Guarantor's exact legal name is as set forth on the signature page
hereof.

         (c) Location of Collateral. As of the date hereof, the tangible
Collateral is, and for the past five years was, located only in the states and
at the addresses, as identified on EXHIBIT A attached hereto. The Corporate
Guarantor will not permit any tangible Collateral to be located in

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any state (and, if county filing is required, in any county) in which a
financing statement covering such Collateral is required to be, but has not in
fact been, filed in order to perfect the Security Interest unless and until the
Corporate Guarantor has given prior written notice thereof to Secured Party, and
Corporate Guarantor agrees, upon request by the Secured Party, to promptly
execute and deliver any financing statements required to perfect the Collateral
in any such states.

         (d) Changes in Name, Location or Jurisdiction of Incorporation. The
Corporate Guarantor will not change its name in any way whatsoever, without
prior written notice to the Secured Party. The Corporate Guarantor will not
change its business address, without prior written notice to the Secured Party.
The Corporate Guarantor will not change its articles or certificate of
incorporation, its bylaws or its jurisdiction of organization, without the prior
written consent of Secured Party, which shall not be unreasonably withheld.

         (e) Fixtures. The Corporate Guarantor will not permit any tangible
Collateral to become part of or to be affixed to any real property without first
assuring to the reasonable satisfaction of the Secured Party that the Security
Interest will be prior and senior to any Lien then held or thereafter acquired
by any mortgagee of such real property or the owner or purchaser of any interest
therein. I (f) Rights to Payment. Each right to payment and each instrument,
document, chattel paper and other agreement constituting or evidencing
Collateral is (or will be when arising, issued or assigned to the Secured Party)
the valid, genuine and legally enforceable obligation, subject to no defense,
setoff or counterclaim (other than those arising in the ordinary course of
business), of the account debtor or other obligor named therein or in the
Corporate Guarantor's records pertaining thereto as being obligated to pay such
obligation. The Corporate Guarantor will neither agree to any material
modification or amendment nor agree to any forbearance, release or cancellation
of any such obligation, and will not subordinate any such right to payment to
claims of other creditors of such account debtor or other obligor.

         (g) Commercial Tort Claims. Promptly upon knowledge thereof, the
Corporate Guarantor will deliver to the Secured Party notice of any commercial
tort claims it intends to or does bring against any person, including the name
and address of each defendant, a summary of the facts, an estimate of the
Corporate Guarantor's damages, copies of any complaint or demand letter
submitted by the Corporate Guarantor, and such other information as the Lender
may request. Upon request by the Secured Party, the Corporate Guarantor will
grant the Secured Party a security interest in all commercial tort claims it may
have against any person.

         (h) Miscellaneous Covenants. The Corporate Guarantor will:

                  (i)     keep all tangible Collateral in good repair, working
                          order and condition, normal depreciation excepted, and
                          will, from time to time, replace any worn, broken or
                          defective parts thereof;

                  (ii)    promptly pay all taxes and other governmental charges
                          levied or assessed upon or against any Collateral or
                          upon or against the creation, perfection or
                          continuance of the Security Interest, provided, that
                          the Corporate Guarantor shall not be required to pay
                          any tax or charge to the extent it is being contested
                          in good faith by appropriate proceedings and for which
                          proper reserves have been made in accordance with
                          GAAP;

                  (iii)   at all reasonable times, and upon reasonable notice,
                          permit the Secured Party or its representatives to
                          examine or inspect any Collateral, wherever

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                           located, and to examine, inspect and copy the
                           Corporate Guarantor's books and records pertaining to
                           the Collateral and its business and financial
                           condition and to send and discuss with account
                           debtors and other obligors requests for verifications
                           of amounts owed to the Corporate Guarantor;

                  (iv)    keep accurate and complete records pertaining to the
                          Collateral and pertaining to the Corporate Guarantor's
                          business and financial condition and submit to the
                          Secured Party such periodic reports concerning the
                          Collateral and the Corporate Guarantor's business and
                          financial condition as the Secured Party may from time
                          to time reasonably request;

                  (v)     promptly notify the Secured Party of any material loss
                          of or material damage to any Collateral or of any
                          adverse change, known to the Corporate Guarantor, in
                          the prospect of payment of any sums due on or under
                          any instrument, chattel paper, or account constituting
                          Collateral;

                  (vi)    if the Secured Party at any time so requests (after
                          the occurrence of an Event of Default), promptly
                          deliver to the Secured Party any instrument, document
                          or chattel paper constituting Collateral, duly
                          endorsed or assigned by the Corporate Guarantor;

                  (vii)   at all times keep all tangible Collateral insured
                          against risks of fire (including so-called extended
                          coverage), theft, collision (in case of Collateral
                          consisting of motor vehicles) and such other risks and
                          in such amounts as the Secured Party may reasonably
                          request, with any such policies containing a lender
                          loss payable endorsement acceptable to the Secured
                          Party;

                  (viii)  from time to time execute such financing statements as
                          the Secured Party may reasonably require in order to
                          perfect the Security Interest and, if any Collateral
                          consists of a motor vehicle, execute such documents as
                          may be required to have the Security Interest properly
                          noted on a certificate of title;

                  (ix)    pay when due or reimburse the Secured Party on demand
                          for all reasonable costs of collection of any of the
                          Obligations and all other out-of-pocket expenses
                          (including in each case all reasonable attorneys'
                          fees) incurred by the Secured Party in connection with
                          the creation, perfection, satisfaction, protection,
                          defense or enforcement of the Security Interest or the
                          creation, continuance, protection, defense or
                          enforcement of this Agreement or any or all of the
                          Obligations, including expenses incurred in any
                          litigation or bankruptcy or insolvency proceedings;

                  (x)     execute, deliver or endorse any and all instruments,
                          documents, assignments, security agreements and other
                          agreements and writings which the Secured Party may at
                          any time reasonably request in order to secure,
                          protect, perfect or enforce the Security Interest and
                          the Secured Party's rights under this Agreement; and

                                      5
<PAGE>   6

                  (xi)    not use or keep any Collateral, or permit it to be
                          used or kept, for any unlawful purpose or in violation
                          of any federal, state or local law, statute or
                          ordinance.

         (i) Secured Party's Right to Take Action. The Corporate Guarantor
authorizes the Secured Party to file from time to time where permitted by law,
such financing statements against collateral described as "all personal
property" as the Secured Party deems reasonably necessary to perfect the
Security Interest in the Collateral. The Corporate Guarantor will not amend any
financing statements in favor of the Secured Party except as permitted by law.
Further, if the Corporate Guarantor at any time fails to perform or observe any
agreement contained in Section 3(h), and if such failure continues for a period
of ten (10) days after the Secured Party gives the Corporate Guarantor written
notice thereof (or, in the case of the agreements contained in clauses (vii) and
(viii) of Section 3(h), immediately upon the occurrence of such failure, without
notice or lapse of time), the Secured Party may (but need not) perform or
observe such agreement on behalf and in the name, place and stead of the
Corporate Guarantor (or, at the Secured Party's option, in the Secured Party's
own name) and may (but need not) take any and all other actions which the
Secured Party may reasonably deem necessary to cure or correct such failure
(including, without limitation the payment of taxes, the satisfaction of
security interests, liens, or encumbrances, the performance of obligations under
contracts or agreements with account debtors or other obligors, the procurement
and maintenance of insurance, the execution of financing statements, the
endorsement of instruments, and the procurement of repairs or transportation);
and, except to the extent that the effect of such payment would be to render any
loan or forbearance of money usurious or otherwise illegal under any applicable
law, the Corporate Guarantor shall thereupon pay the Secured Party on demand the
amount of all moneys expended and all costs and expenses (including reasonable
attorneys' fees) incurred by the Secured Party in connection with or as a result
of the Secured Party's performing or observing such agreements or taking such
actions, together with interest thereon from the date expended or incurred by
the Secured Party at the highest rate then applicable to any of the Obligations.
To facilitate the performance or observance by the Secured Party of such
agreements of the Corporate Guarantor, the Corporate Guarantor hereby
irrevocably appoints (which appointment is coupled with an interest) the Secured
Party, or its delegate, as the attorney-in-fact of the Corporate Guarantor with
the right (but not the duty) from time to time to create, prepare, complete,
execute, deliver, endorse or file, in the name and on behalf of the Corporate
Guarantor, any and all instruments, documents, financing statements,
applications for insurance and other agreements and writings required to be
obtained, executed, delivered or endorsed by the Corporate Guarantor under this
Section 3 and Section 4.

         4. RIGHTS OF SECURED PARTY. At any time and from time to time, whether
before or after an Event of Default, the Secured Party may take any or all of
the following actions:

         (a) ACCOUNT VERIFICATION. The Secured Party may at any time and from
time to time send or require the Corporate Guarantor to send requests for
verification of accounts or notices of assignment to account debtors and other
obligors. The Secured Party may also at any time and from time to time telephone
account debtors and other obligors to verify accounts.

         (b) COLLATERAL ACCOUNT. The Secured Party may establish a collateral
account for the deposit of checks, drafts and cash payments made by the
Corporate Guarantor's account debtors. If a collateral account is so
established, the Corporate Guarantor shall promptly deliver to the Secured
Party, for deposit into said collateral account, all payments on Accounts and
chattel

                                      6
<PAGE>   7

paper received by it. All such payments shall be delivered to the Secured Party
in the form received (except for the Corporate Guarantor's endorsement where
necessary). Until so deposited, all payments on Accounts and chattel paper
received by the Corporate Guarantor shall be held in trust by the Corporate
Guarantor for and as the property of the Secured Party and shall not be
commingled with any funds or property of the Corporate Guarantor. All deposits
in said collateral account shall constitute proceeds of Collateral and shall not
constitute payment of any Obligation. Unless otherwise agreed in writing, the
Corporate Guarantor shall have no right to withdraw amounts on deposit in any
collateral account.

         (c) LOCKBOX. The Secured Party may, by notice to the Corporate
Guarantor, require the Corporate Guarantor to direct each of its account debtors
to make payment directly to a special lockbox to be under the control of the
Secured Party. The Corporate Guarantor hereby authorizes and directs the Secured
Party to deposit all checks, drafts and cash payments received in said lockbox
into the collateral account established as set forth above.

         (d) DIRECT COLLECTION. The Secured Party may notify any account debtor,
or any other person obligated to pay any amount due, that such chattel paper,
Account, or other right to payment has been assigned or transferred to the
Secured Party for security and shall be paid directly to the Secured Party. At
any time after the Secured Party or the Corporate Guarantor gives such notice to
an account debtor or other obligor, the Secured Party may (but need not), in its
own name or in the Corporate Guarantor's name, demand, sue for, collect or
receive any money or property at any time payable or receivable on account of,
or securing, any such chattel paper, Account, or other right to payment, or
grant any extension to, make any compromise or settlement with or otherwise
agree to waive, modify, amend or change the obligations (including collateral
obligations) of any such account debtor or other obligor.

5. ASSIGNMENT OF INSURANCE. The Corporate Guarantor hereby assigns to the
Secured Party, as additional security for the payment of the Obligations, any
and all moneys (including but not limited to proceeds of insurance and refunds
of unearned premiums) due or to become due under, and all other rights of the
Corporate Guarantor under or with respect to, any and all policies of insurance
covering the Collateral, and the Corporate Guarantor hereby directs the issuer
of any such policy to pay any such moneys directly to the Secured Party. After
the occurrence of an Event of Default, the Secured Party may (but need not), in
its own name or in the Corporate Guarantor's name, execute and deliver proofs of
claim, receive all such moneys, endorse checks and other instruments
representing payment of such moneys, and adjust, litigate, compromise or release
any claim against the issuer of any such policy.

         6. EVENTS OF DEFAULT. Each of the following occurrences shall
constitute an event of default under this Agreement (herein called "Event of
Default"): (i) an Event of Default shall occur under the Credit Agreement; or
(ii) the Corporate Guarantor shall fail to pay any or all of the Obligations
when due or (if payable on demand) on demand; or (iii) the Corporate Guarantor
shall fail to observe or perform any covenant or agreement herein binding on it.

         7. REMEDIES UPON EVENT OF DEFAULT. Upon the occurrence of an Event of
Default and at any time thereafter, the Secured Party may exercise any one or
more of the following rights and remedies: (i) declare all unmatured Obligations
to be immediately due and payable, and the same shall thereupon be immediately
due and payable, without presentment or other notice or demand; (ii) exercise
and enforce any or all rights and remedies available upon default to a secured
party under the UCC, including but not limited to the right to take possession
of any Collateral, proceeding without judicial process or by judicial process
(without a prior hearing or

                                      7
<PAGE>   8

notice thereof, which the Corporate Guarantor hereby expressly waives), and the
right to sell, lease or otherwise dispose of any or all of the Collateral, and
in connection therewith, the Secured Party may require the Corporate Guarantor
to make the Collateral available to the Secured Party at a place to be
designated by the Secured Party which is reasonably convenient to both parties,
and if notice to the Corporate Guarantor of any intended disposition of
Collateral or any other intended action is required by law in a particular
instance, such notice shall be deemed commercially reasonable if given (in the
manner specified in Section 9) at least ten (10) days prior to the date of
intended disposition or other action; (iii) exercise or enforce any or all other
rights or remedies available to the Secured Party by law or agreement against
the Collateral, against the Corporate Guarantor or against any other person or
property. The Secured Party is hereby granted a nonexclusive, worldwide and
royalty-free license to use or otherwise exploit all Intellectual Property
Rights owned by or licensed to the Corporate Guarantor that the Secured Party
deems necessary or appropriate to the disposition of any Collateral.

         8. OTHER PERSONAL PROPERTY. Unless at the time the Secured Party takes
possession of any tangible Collateral, or within seven days thereafter, the
Corporate Guarantor gives written notice to the Secured Party of the existence
of any goods, papers or other property of the Corporate Guarantor, not affixed
to or constituting a part of such Collateral, but which are located or found
upon or within such Collateral, describing such property, the Secured Party
shall not be responsible or liable to the Corporate Guarantor for any action
taken or omitted by or on behalf of the Secured Party with respect to such
property.

         9. NOTICE; REQUESTS FOR ACCOUNTING. All notices and other
communications hereunder shall be in writing and shall be (a) personally
delivered, (b) sent by first class United States mail, (c) sent by overnight
courier of national reputation, or (d) transmitted by telecopy, in each case
addressed or telecopied to the party to whom notice is being given at its
address or telecopier number as set forth below its signature or, as to each
party, at such other address or telecopier number as may hereafter be designated
by such party in a written notice to the other party complying as to delivery
with the terms of this Section. All such notices, requests, demands and other
communications shall be deemed to have been given on (i) the date received if
personally delivered, (ii) when deposited in the mail if delivered by mail,
(iii) the date sent if sent by overnight courier, or (iv) the date of
transmission if delivered by telecopy. All requests under Section 9-210 of the
UCC (i) shall be made in a writing signed by an authorized person, (ii) shall be
personally delivered, sent by registered or certified mail, return receipt
requested, or by overnight courier of national reputation (iii) shall be deemed
to be sent when received by the Secured Party and (iv) shall otherwise comply
with the requirements of Section 9-210. The Corporate Guarantor requests that
the Secured Party respond to all such requests which on their face appear to
come from an authorized individual and releases the Secured Party from any
liability for so responding. The Corporate Guarantor shall pay Secured Party the
maximum amount allowed by law for responding to such requests.

         10. TERMINATION. This Agreement, and the Security Interest granted by
the Corporate Guarantor to the Secured Party hereunder, shall terminate upon the
earlier of: (a) the date all Obligations are satisfied in full and the
Commitment is terminated; or (b) as provided in Section 2.14 of the Credit
Agreement.

         11. MISCELLANEOUS. This Agreement has been duly and validly authorized
by all necessary corporate action. This Agreement does not contemplate a sale of
accounts, or chattel paper. This Agreement can be waived, modified, amended,
terminated or discharged, and the

                                      8
<PAGE>   9

Security Interest can be released, only explicitly in a writing signed by the
Secured Party, and, in the case of amendment or modification, in a writing
signed by the Corporate Guarantor. A waiver signed by the Secured Party shall be
effective only in the specific instance and for the specific purpose given. Mere
delay or failure to act shall not preclude the exercise or enforcement of any of
the Secured Party's rights or remedies. All rights and remedies of the Secured
Party shall be cumulative and may be exercised singularly or concurrently, at
the Secured Party's option, and the exercise or enforcement of any one such
right or remedy shall neither be a condition to nor bar the exercise or
enforcement of any other. The Secured Party's duty of care with respect to
Collateral in its possession (as imposed by law) shall be deemed fulfilled if
the Secured Party exercises reasonable care in physically safekeeping such
Collateral or, in the case of Collateral in the custody or possession of a
bailee or other third person, exercises reasonable care in the selection of the
bailee or other third person, and the Secured Party need not otherwise preserve,
protect, insure or care for any Collateral. The Secured Party shall not be
obligated to preserve any rights the Corporate Guarantor may have against prior
parties, to realize on the Collateral at all or in any particular manner or
order, or to apply any cash proceeds of Collateral in any particular order of
application. This Agreement shall be binding upon and inure to the benefit of
the Corporate Guarantor and the Secured Party and their respective successors
and assigns and shall take effect when signed by the Corporate Guarantor and
delivered to the Secured Party, and the Corporate Guarantor waives notice of the
Secured Party's acceptance hereof. The Secured Party may execute this Agreement
if appropriate for the purpose of filing, but the failure of the Secured Party
to execute this Agreement shall not affect or impair the validity or
effectiveness of this Agreement. A carbon, photographic or other reproduction of
this Agreement or of any financing statement signed by the Corporate Guarantor
shall have the same force and effect as the original for all purposes of a
financing statement. This Agreement shall be governed by and construed in
accordance with the substantive laws (other than conflict laws) of the State of
Colorado. If any provision or application of this Agreement is held unlawful or
unenforceable in any respect, such illegality or unenforceability shall not
affect other provisions or applications which can be given effect and this
Agreement shall be construed as if the unlawful or unenforceable provision or
application had never been contained herein or prescribed hereby. All
representations and warranties contained in this Agreement shall survive the
execution, delivery and performance of this Agreement and the creation and
payment of the Obligations. The parties hereto hereby (i) consent to the
personal jurisdiction of the state and federal courts located in the State of
Colorado in connection with any controversy related to this Agreement; (ii)
waive any argument that venue in any such forum is not convenient, (iii) agree
that any litigation initiated by the Secured Party or the Corporate Guarantor in
connection with this Agreement or the other Loan Documents may be venued in
either the state or federal courts located in either the District Court for the
City and County of Denver, Colorado, or the United States District Court,
District of Colorado; and (iv) agree that a final judgment in any such suit,
action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.

THE PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED
ON OR PERTAINING TO THIS AGREEMENT.

                                      9
<PAGE>   10

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date and year first above written.

METRETEK TECHNOLOGIES, INC. a               WELLS FARGO BUSINESS CREDIT, INC.
Delaware corporation                        a Minnesota corporation

By:                                         By:
    ---------------------------               ----------------------------
Name:                                       Name:
    ---------------------------                ---------------------------
Title:                                      Title:
     --------------------------                  -------------------------

Address:                                     Address:

600 - 17th Street, Suite 800 North           1740 Broadway
Denver, CO  80202                            C7300-300 MAC
Attention: A. Bradley Gabbard                Denver, Colorado  80274
                                             Attention: Tony Lee

Employer identification number: 84-1169358

                                       10

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