Document:

Exhibit
                                         10.2

 

MMA Capital Management and TSSP Announce Formation of Solar Lending Joint Venture

BALTIMORE, Nov. 9, 2016 /PRNewswire/ -- MMA Capital Management, LLC (NASDAQ: MMAC) ("MMA Capital" or "the Company") today announced that the Company has entered into an agreement with an affiliate of TSSP, a leading special situations investment platform, to form a solar lending joint venture.  The joint venture will operate under the name Renewable Energy Lending, LLC ("REL") and will provide financing for the construction and ongoing operations of solar power projects located throughout North America. MMA Energy Capital, LLC ("MEC"), a wholly-owned subsidiary of MMA Capital, will provide loan origination and administrative services
to REL. Kimberlite Advisors, LLC served as financial advisor in the formation of Renewable Energy Lending, LLC.
Michael Falcone, MMA Capital Management's Chief Executive Officer stated, "We are pleased to announce another step in the growth of our overall energy capital platform.  With this opportunity we are adding a world class capital partner to our renewable energy capital business. When combined with our ongoing relationship with Fundamental Advisors, we think this new venture will allow us to grow our origination platform across multiple product types within the solar lending space and allow us to deploy capital at attractive rates of returns."
"We are excited to enter into this partnership that will increase the capital we have available to provide construction and permanent financing for this very active marketplace.  Our deep pipeline of
opportunities continues to grow and the opportunity to partner with additional institutional capital will enable us to meet the anticipated growth of our business.  There were over 2 gigawatts of solar installed in the 2nd quarter this year in the United States, a 43% year over year increase, and we are well positioned to serve this growing industry.  We are extremely pleased to have TSSP as a partner in this endeavor," Bob Hopper, Managing Director of MMA Energy Capital stated. 
Additional information on the transaction can be found in the Company's Current Report on Form 8-K filed today.  The Company will also discuss this transaction as part of its quarterly conference call.  Details of the call are provided below. 
Conference Call Information
The Company plans to host a conference call on Thursday, November 10, 2016 at 8:30 a.m. ET to
provide a business update and review financial results for the three months ended September 30, 2016.  The conference call with investors will be webcast.  All interested parties are welcome to join the live webcast, which can be accessed through the Company's web site at www.mmacapitalmanagement.com, under Investor Relations.  Participants may also join the conference call by dialing toll free 1-888-346-6987 or 1-412-902-4268 for international participants and 1-866-605-3851 for Canadian participants. 
For purposes of the conference call, the Company will reference select tables from Item 2 of the Third Quarter 2016 Report (Management's Discussion & Analysis) to be filed on Form 10-Q on November 9, 2016.  
An archived replay of the event will be available one hour after the event through November 17, 2016, toll free at 1-877-344-7529, or 1-412-317-0088 for
international participants and 1-855-669-9658 for Canadian participants (Passcode: 10095567).
About MMA Capital Management
MMA Capital Management partners with institutional capital to create and manage investments in affordable housing and renewable energy.  We invest for our own account and co-invest with our institutional capital partners.  We derive revenue from returns on our investments as well as asset management, performance and other fees from the investments as well as funds and ventures we manage.
About TSSP
TSSP is the global credit and special situations platform of TPG.  Co-founded in 2009 by Chief Investment Officer Alan Waxman, TSSP has approximately $19 billion in assets under management.  TSSP has a long-term oriented, highly flexible capital base that allows it to invest across industries, geographies, capital structures and asset
classes, in distressed assets but also healthy and growth companies.  TSSP's investments are typically complex to source, analyze and execute.  For more information, please visit www.tpg.com/platforms/tssp. 
About Fundamental Advisors
Fundamental Advisors is a leading alternative asset manager dedicated to the municipal markets.  Founded in 2007 as a private equity firm focused on revitalizing distressed assets, Fundamental invests in a range of vehicles that capitalize on the growing opportunity set in the municipal market.
About Kimberlite
Kimberlite Advisors, LLC is an investment banking firm focused on real estate and financial services companies, both private and public.  Kimberlite provides senior level advice and capital markets expertise to its clients. Founded in 2013 and owned by its partners, Kimberlite is a member FINRA.
MMA
CAPITAL MANAGEMENT: INTEGRITY. INNOVATION. SERVICE.
www.mmacapitalmanagement.com
 

CONTACT: Brooks Martin, Investor Relations, (855) 650-6932SECURED PROMISSORY NOTE

Exhibit 10.1

SECURED PROMISSORY NOTE

$500,000.00

Issuance Date: October 5, 2016

Maturity Date: December 15, 2017

FOR VALUE RECEIVED, Ecosphere Technologies, Inc. (the “Company”), a Delaware corporation, hereby promises to pay to the order of Brisben Water Solutions LLC or its assigns (the “Holder”), the principal sum of $500,000.00 together with interest at 10% per annum  on the basis of a 360-day year on the principal amount of $500,000.00 from the Issuance Date. This note (the “Note”) is issued in addition to, and not in replacement or modification of, that certain Amended, Restated and Consolidated Convertible Note issued September 12, 2016 (the “Prior Note”).

Interest and the principal of this Note shall be due and payable on the Maturity Date (defined above).

While in default, this Note (or the amount thereof in default) shall bear interest at the rate of 18% per annum or such maximum rate of interest allowable under the laws of the State of Florida. Payments shall be made in lawful money of the United States. On 10 business days prior written notice to the Holder, the Company may prepay the principal and accrued and unpaid interest, in whole or in part, without penalty or provision.  This Note shall be prepaid upon the sale by the Company of any part of the Collateral (as defined below) and shall be repaid upon occurrence of any events requiring repayment under the Security Agreement (defined below).  The Company shall give the Holder written notice of any sale of any part of the Collateral at least 30 days prior to such sale.

1.  

Collateral.  This Note and the Prior Note shall be secured by the Collateral, as defined in the Security Agreement between the Company and the Holder, dated as of the date hereof, which replaces and supersedes all prior security agreements entered into between the Company and the Holder prior to the date hereof (the “Security Agreement”). 

2.

Event of Default.  In the event of any failure to pay this Note or the Prior Note when due; or the Company shall be in breach of or default under any agreement with the Holder; or the Company shall sell all or substantially all of its assets, or dissolve, liquidate, or wind up its affairs, or enter into an agreement to do any of the foregoing; or the Company shall commence any case, proceeding or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its debts, or seeking appointment of a receiver, custodian, trustee or other similar official for it or for all or any substantial part of its assets; or there shall be commenced against the Company, any case, proceeding or other action which results in the entry of an order for relief or any such adjudication or appointment remains undismissed, undischarged or unbonded for a period of 30 days after service upon the Company; or there shall be commenced against the Company, any case, proceeding or other action seeking issuance of a warrant of attachment, execution, restraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 10 days from the entry thereof after service upon the Company; 

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or the Company shall make an assignment for the benefit of creditors; or the Company shall take any action indicating its consent to, approval of, or acquiescence in, or in furtherance of, any of the foregoing; or the Company or any of its subsidiaries shall fail to pay any indebtedness for borrowed money to any third party when due; then, or any time thereafter during the continuance of any of such events, the entire unpaid balance of this Note then outstanding, together with accrued interest thereon, if any, shall be and become immediately due and payable without notice of demand by Holder.

3.

Investment Intent.  The Holder, by acceptance of this Note, warrants and represents that it is acquiring this Note for its own account, for investment and not with a view to, or for resale in connection with, the distribution thereof.  The Holder has no present intention of reselling or distributing it after any period of time.  The acquisition of this Note for investment is consistent with Holder’s financial needs.

4.

Miscellaneous.

(a)

All makers and endorsers now or hereafter becoming parties hereto jointly and severally waive demand, presentment, notice of non-payment and protest. 

(b)

This Note may not be changed or terminated orally, but only with an agreement in writing, signed by the parties against whom enforcement of any waiver, change, modification, or discharge is sought with such agreement being effective and binding only upon attachment hereto.

(c)

This Note and the rights and obligations of the Holder and of the undersigned shall be governed and construed in accordance with the laws of the State of Delaware.

(d)

Any action brought by either party against the other concerning this Note shall be brought only in the state or federal courts of Florida and venue shall be in the County of Martin or the Southern District of Florida.  The parties to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. 

(e)

In the event that there is any controversy or claim arising out of or relating to this Note, or to the interpretation, breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of this Note, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and expenses (including such fees and costs on appeal).

(f)

Upon any endorsement, assignment, or other transfer of this Note by the Holder or by operation of law, the term “Holder,” as used herein, shall mean such endorsee, assignee, or other transferee or successor to the Holder, then becoming the holder of this Note.  This Note shall inure to the benefit of the Holder and its successors and assigns and shall be binding upon the undersigned and their successors and assigns.  

(g) 

In the event that any interest paid on this Note is deemed to be in excess of the then legal maximum rate, then that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of this Note, and any surplus thereafter shall immediately be refunded to the Company.

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(h)

To the extent permitted by law, any reproduction of this Note shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by Holder or the Company in the regular course of business) and that, to the extent permitted by law, any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

5. 

Modification of Prior Note.  The Prior Note is modified to add as an Event of Default thereof any failure to pay this Note when due.

[Signature Page Follows]

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IN WITNESS WHEREOF, the Company has caused this Note to be executed as of the date aforesaid.

			
	 
	COMPANY:

	 
	 

	 
	Ecosphere Technologies, Inc.,

	 
	a Delaware corporation

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	By:  

	/s/ Dennis McGuire

	 
	 
	Dennis McGuire,

	 
	 
	Chief Executive Officer

 

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