Exhibit 10.1

 

AMENDMENT NO. 3
TO
AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

THIS AMENDMENT NO. 3 TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this
“Amendment”), dated as of May 4, 2018, is entered into by and among TESLA 2014
WAREHOUSE SPV LLC, a Delaware limited liability company (the “Borrower”), TESLA
FINANCE LLC, a Delaware limited liability company (“TFL”), the Lenders party
hereto, the Group Agents party hereto, and DEUTSCHE BANK AG, NEW YORK BRANCH, as
administrative agent (in such capacity, the “Administrative Agent”) and is made
in respect of the Amended and Restated Loan and Security Agreement, dated as of
August 17, 2017, as amended on October 18, 2017, as further amended on March 23,
2018 (the “Loan Agreement”) among the Borrower, TFL, the Lenders party thereto,
the Group Agents party thereto and the Administrative Agent.  Defined terms used
herein and not otherwise defined herein shall have the respective meanings given
to them in the Loan Agreement as amended hereby.

WHEREAS, the Borrower, the Lenders, the Group Agents and the Administrative
Agent have agreed to amend the Loan Agreement on the terms and conditions set
forth herein;

NOW, THEREFORE, in consideration of the premises set forth above, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Borrower, the Lenders, the Group Agents and the Administrative
Agent agree as follows:

1.Amendments to Loan Agreement.  Effective as of the Amendment Effective Date
(as defined below) and subject to the satisfaction of the conditions precedent
set forth in Section 2 hereof:

(a)Section 1.01 of the Loan Agreement is hereby amended by deleting the
definition “Interest Rate Hedge Trigger Event” in its entirety and inserting in
lieu thereof a new definition of “Interest Rate Hedge Trigger Event” reading in
its entirety as follows:

“‘Interest Rate Hedge Trigger Event’ shall mean the Eurodollar Rate is greater
than 2.5% per annum for a period of five consecutive Business Days (measured at
the close of each such Business Day).”

(b)Section 1.01 of the Loan Agreement is hereby amended by amending the
definition of “Required Aggregate Notional Principal Amount” by replacing the
reference to “Section 6.01(m)” in clause (a) thereof with “Section 6.01(n)”.

(c)Section 6.01 of the Loan Agreement is hereby amended by amending clause (v)
of subsection (n) thereof by replacing the reference to “Section 6.01(m)” with
“Section 6.01(n)”.

 

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2.Conditions Precedent. This Amendment shall become effective as of the date
hereof (the “Amendment Effective Date”) upon satisfaction or waiver of the
following conditions precedent:

(a)the receipt by the Administrative Agent or its counsel of counterpart
signature pages to this Amendment;

(b)no Default, Event of Default or Potential Servicer Default shall have
occurred or be continuing, the Termination Date shall not have occurred and no
Event of Bankruptcy shall have occurred with respect to TFL or Tesla, Inc.; and

(c)the Administrative Agent and each Group Agent shall have received such other
documents, instruments and agreements as the Administrative Agent or such Group
Agent may have reasonably requested.

3.Representations and Warranties of the Borrower.  The Borrower hereby
represents and warrants to the Administrative Agent, each Group Agent and each
Lender as of the date hereof that:

(a)This Amendment and the Loan Agreement, as amended hereby, constitute the
legal, valid and binding obligations of the Borrower and are enforceable against
the Borrower in accordance with their respective terms, except as such
enforcement may be limited by applicable bankruptcy, insolvency, reorganization
or other similar laws relating to or limiting creditors’ rights generally and by
general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law).

(b)Upon the effectiveness of this Amendment, the Borrower hereby affirms that
all representations and warranties made by it in Article IV of the Loan
Agreement, as amended, are correct in all material respects on the date hereof
as though made as of the effective date of this Amendment, unless and to the
extent that any such representation and warranty is stated to relate solely to
an earlier date, in which case such representation and warranty shall have been
true and correct in all material respects as of such earlier date.

(c)As of the date hereof, no Default, Event of Default or Potential Servicer
Default shall have occurred or be continuing, the Termination Date shall not
have occurred and no Event of Bankruptcy shall have occurred with respect to TFL
or Tesla, Inc.

4.Reference to and Effect on the Loan Agreement.

(a)Upon the effectiveness of Section 1 hereof, each reference in the Loan
Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like
import shall mean and be a reference to the Loan Agreement as amended hereby.

(b)The Loan Agreement, as amended hereby, and all other documents, instruments
and agreements executed and/or delivered in connection therewith, shall remain
in full force and effect until hereafter terminated in accordance with their
respective terms, and the Loan Agreement and such documents, instruments and
agreements are hereby ratified and confirmed.

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(c)Except as expressly provided herein, the execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Administrative Agent, any Agent or any Lender, nor
constitute a waiver of any provision of the Loan Agreement or any other
documents, instruments and agreements executed and/or delivered in connection
therewith.

5.Costs and Expenses.  The Borrower agrees to pay all reasonable and actual
costs, fees, and out‑of‑pocket expenses (including the reasonable attorneys’
fees, costs and expenses of Sidley Austin LLP, counsel to the Administrative
Agent, the Group Agents and the Lenders) incurred by the Administrative Agent,
each Group Agent and each Lender in connection with the preparation, review,
execution and enforcement of this Amendment.

6.GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS
CONFLICTS OF LAWS PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW).

7.Headings.  Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

8.Counterparts.  This Amendment may be executed by one or more of the parties to
the Amendment on any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.  Delivery of an executed counterpart of a signature page to this
Amendment by facsimile (transmitted by telecopier or by email) shall be
effective as delivery of a manually executed counterpart of this Amendment.

Remainder of page left intentionally blank

 

 

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
and delivered by their duly authorized signatories as of the date first above
written.

 

TESLA 2014 WAREHOUSE SPV LLC,

as Borrower

 

 

 

By:

 

/s/ Yaron Klein

Name:

 

Yaron Klein

Title:

 

Authorized Signatory

1

 

Signature Page to Amendment No. 3 to Amended and Restated Loan and Security
Agreement

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DEUTSCHE BANK AG, NEW YORK BRANCH,

as Administrative Agent, as a Group Agent and as

a Committed Lender

 

 

 

By:

 

/s/ Kevin Fagan

Name:

 

Kevin Fagan

Title:

 

Vice President

 

 

 

By:

 

/s/ Katherine Bologna

Name:

 

Katherine Bologna

Title:

 

Managing Director

 

 

 

 

2

 

Signature Page to Amendment No. 3 to Amended and Restated Loan and Security
Agreement

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CITIBANK, N.A.,

as a Group Agent and as a Committed Lender

 

 

 

By:

 

/s/ Brian Chin

Name:

 

Brian Chin

Title:

 

Vice President

 

 

 

CAFCO, LLC,

as Conduit Lender

 

By:

 

Citibank, N.A., as Attorney-in-Fact

 

 

 

By:

 

/s/ Brian Chin

Name:

 

Brian Chin

Title:

 

Vice President

 

 

 

CHARTA, LLC,

as Conduit Lender

 

 

 

By:

 

Citibank, N.A., as Attorney-in-Fact

 

 

 

By:

 

/s/ Brian Chin

Name:

 

Brian Chin

Title:

 

Vice President

 

3

 

Signature Page to Amendment No. 3 to Amended and Restated Loan and Security
Agreement

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CIESCO, LLC,

as Conduit Lender

 

By:

 

Citibank, N.A., as Attorney-in-Fact

 

 

 

By:

 

/s/ Brian Chin

Name:

 

Brian Chin

Title:

 

Vice President

 

 

 

CRC FUNDING, LLC,

as Conduit Lender

 

 

 

By:

 

Citibank, N.A., as Attorney-in-Fact

 

 

 

By:

 

/s/ Brian Chin

Name:

 

Brian Chin

Title:

 

Vice President

 

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Signature Page to Amendment No. 3 to Amended and Restated Loan and Security
Agreement

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BANK OF AMERICA, N.A.,

as a Group Agent and as a Committed Lender

 

 

 

By:

 

/s/ Rahra K. Macaltao

Name:

 

Rahra K. Macaltao

Title:

 

Director

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Signature Page to Amendment No. 3 to Amended and Restated Loan and Security
Agreement

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ROYAL BANK OF CANADA,

as a Group Agent and as a Committed Lender

 

 

 

By:

 

/s/ Angela Nimoh-Etsiakoh

Name:

 

Angela Nimoh-Etsiakoh

Title:

 

Authorized Signatory

 

 

 

By:

 

/s/ Sofia Shields

Name:

 

Sofia Shields

Title:

 

Authorized Signatory

 

 

 

LAKESHORE TRUST,

as a Conduit Lender

 

 

 

By:

 

/s/ Nur Khan

Name:

 

Nur Khan

Title:

 

Authorized Signatory

6

 

Signature Page to Amendment No. 3 to Amended and Restated Loan and Security
Agreement

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CREDIT SUISSE AG, NEW YORK BRANCH,

as a Group Agent

 

 

 

By:

 

/s/ Patrick Duggan

Name:

 

Patrick Duggan

Title:

 

Vice President

 

 

 

By:

 

/s/ Patrick J. Hart

Name:

 

Patrick J. Hart

Title:

 

Vice President

 

 

 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as a Committed Lender

 

 

 

By:

 

/s/ Patrick Duggan

Name:

 

Patrick Duggan

Title:

 

Vice President

 

 

 

By:

 

/s/ Patrick J. Hart

Name:

 

Patrick J. Hart

Title:

 

Vice President

 

 

 

GIFS CAPITAL COMPANY LLC,

as a Conduit Lender

 

 

 

By:

 

/s/ Chris J. Murray

Name:

 

Chris J. Murray

Title:

 

Authorized Signer

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Signature Page to Amendment No. 3 to Amended and Restated Loan and Security
Agreement

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BARCLAYS BANK PLC,

as a Group Agent

 

 

 

By:

 

/s/ John McCarthy

Name:

 

John McCarthy

Title:

 

Director

 

 

 

SALISBURY RECEIVABLES COMPANY LLC,

as a Conduit Lender

 

 

 

By: Barclays Bank PLC, as attorney-in-fact

 

 

 

By:

 

/s/ John McCarthy

Name:

 

John McCarthy

Title:

 

Director

 

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Signature Page to Amendment No. 3 to Amended and Restated Loan and Security
Agreement