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Matters

Retail Supplier Enters Into Supply, Finance Agreement

February 26, 2018

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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

Summer Energy Northeast, LLC (Summer Northeast), a wholly-owned subsidiary of Summer Energy Holdings, Inc., entered into a transaction with EDF Energy Services, LLC (EDF), whereby EDF becomes Summer Northeast’s primary provider for the purchase and sale of electricity and would, subject to certain limitations, provide supply finance and third party credit support on behalf of Summer Northeast (the Transaction), Summer Energy Holdings, Inc. said in an 8-K

The Transaction is governed by the 1992 ISDA Master Agreement, as well as a Schedule and Credit Support Annex thereto (the ISDA Documents). In conjunction therewith, Northeast and EDF also entered into a Security Agreement securing Northeast’s obligations under the ISDA Documents and whereby Northeast grants EDF a continuing security interest in all of the assets of Northeast, including but not limited to its accounts receivable. Also in conjunction with the Transaction, the Company entered into a Guaranty in favor of EDF whereby the Company acts as guarantor for Northeast’s obligations under the ISDA Documents.

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