# EDGAR Filing Document

**Accession Number:** 0001908233
**File Stem:** 0001193125-23-002686
**Filing Date:** 2023-1
**Character Count:** 1856404
**Document Hash:** f61a2c0484f85a5a021032b5520f79c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-002686.hdr.sgml**: 20230106

**ACCESSION NUMBER**: 0001193125-23-002686

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 25

**FILED AS OF DATE**: 20230106

**DATE AS OF CHANGE**: 20230105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MN8 Energy, Inc.
- **CENTRAL INDEX KEY:** 0001908233
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-267378
- **FILM NUMBER:** 23513253

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-8890

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New PubCo Renewable Power Inc.
- **DATE OF NAME CHANGE:** 20220201

##### [**Table of Contents**](#toc)
**As filed with the U.S. Securities and Exchange Commission on January 5, 2023** 

**Registration No. 333-267378** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**AMENDMENT NO. 3** 

**TO** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

**UNDER** 

**THE SECURITIES ACT OF 1933** 

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**MN8 Energy, Inc.** 

**(Exact Name of Registrant as Specified in its Charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **4931** | **87-4650748** |
| **(State or other jurisdiction<br>of incorporation or organization)** | **(Primary Standard Industrial Classification Code Number)** | **(IRS Employer<br>Identification No.)** |

---

**1155 Avenue of the Americas, 27th Floor New York, NY 10036 (212) 902-8890** 

**(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of registrant's principal executive offices)** 

**Jon Yoder** 

**President and Chief Executive Officer 1155 Avenue of the Americas, 27th Floor New York, NY 10036 (212) 902-8890** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

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***Copies to:***

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| | |
|:---|:---|
| **Douglas E. McWilliams**<br> **Sarah K. Morgan**<br> **Jackson A. O'Maley**<br> **Vinson & Elkins L.L.P.<br>845 Texas Avenue<br>Houston, TX 77002<br>(713) 758-2222** | **Gregory P. Rodgers**<br> **Brittany D. Ruiz**<br> **Latham & Watkins LLP<br>1271 Avenue of the Americas<br>New York, NY 10020<br>(212) 906-1200** |

---

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**Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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##### [**Table of Contents**](#toc)
The information contained in this preliminary prospectus is not complete and may be changed. No securities may be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.

Subject to Completion. Dated , 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares

**MN8 Energy, Inc.** 

Common Stock

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This is an initial public offering of shares of common stock of MN8 Energy, Inc.

Prior to this offering, there has been no public market for shares of our common stock. It is currently estimated that the initial public offering price per share will be between $ and $. Upon consummation of the initial public offering, and assuming an initial public offering price of $ per share (the midpoint of the immediately preceding price range), GSAM (as defined herein) will own approximately % of our common stock, the Existing Owners (as defined herein) other than GSAM will own approximately % of our common stock and investors in this offering will own approximately % of our common stock. We intend to list our common stock on the New York Stock Exchange (the "NYSE") under the symbol "MNX".

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*See "[Risk Factors](#rom366853_6)" beginning on page 36 to read about risks you should consider before buying shares of our common stock.*

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**Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

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| | | |
|:---|:---|:---|
|  | Per Share | Total |
|  Initial public offering price | $| $|
|  Underwriting discount | $| $|
|  Proceeds, before expenses, to us | $| $|

---

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(1) See the section titled "Underwriting (Conflicts of Interest)" for additional information regarding compensation
payable to the underwriters.

To the extent that the underwriters sell more than shares of common stock, the underwriters have a 30-day option to purchase up to an additional shares of common stock from us at the public offering price less underwriting discounts and commissions.

The underwriters expect to deliver the shares of common stock against payment therefor on or about , 2023.

***Book-Running Managers***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Goldman Sachs & Co. LLC** | **BofA Securities** | **J.P. Morgan** | **HSBC** | **Wells Fargo Securities** |

---

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| | |
|:---|:---|
| **Jefferies** | **Wolfe \| Nomura Alliance** |

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***Co-Managers***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Cowen** | **KeyBanc Capital<br>Markets** | **SOCIETE**<br> **GENERALE** | **Drexel<br>Hamilton** | **Siebert Williams<br>Shank** |

---

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Prospectus dated , 2023

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##### [**Table of Contents**](#toc)
![LOGO](g366853g25z94.jpg)

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##### [**Table of Contents**](#toc)
![LOGO](g366853g13z23.jpg)

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

Prospectus

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| | |
|:---|:---|
|  [Basis of Presentation](#rom366853_1) | ii |
|  [Market and Industry Data](#rom366853_2) | ii |
|  [Trademarks and Trade Names](#rom366853_3) | iii |
|  [Certain Definitions](#rom366853_4) | iii |
|  [Prospectus Summary](#rom366853_5) | 1 |
|  [Risk Factors](#rom366853_6) | 36 |
|  [Cautionary Language Regarding Forward-Looking Statements](#rom366853_7) | 75 |
|  [Use of Proceeds](#rom366853_8) | 79 |
|  [Dividend Policy](#rom366853_9) | 80 |
|  [Capitalization](#rom366853_10) | 81 |
|  [Dilution](#rom366853_11) | 83 |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#rom366853_12) | 85 |
|  [Business](#rom366853_13) | 123 |
|  [Management](#rom366853_14) | 150 |
|  [Executive Compensation](#rom366853_15) | 162 |
|  [Internalization Transaction and Corporate Reorganization](#rom366853_16) | 182 |
|  [Certain Relationships and Related Party Transactions](#rom366853_17) | 186 |
|  [Security Ownership of Certain Beneficial Owners and Management](#rom366853_18) | 191 |
|  [Description of Capital Stock](#rom366853_19) | 193 |
|  [Shares Eligible for Future Sale](#rom366853_20) | 198 |
|  [Material U.S. Federal Income Tax Considerations for Non-U.S. Holders of Our Common Stock](#rom366853_21) | 200 |
|  [Certain ERISA Considerations](#rom366853_22) | 205 |
|  [Underwriting (Conflicts of Interest)](#rom366853_23) | 209 |
|  [Legal Matters](#rom366853_24) | 219 |
|  [Experts](#rom366853_25) | 219 |
|  [Additional Information](#rom366853_26) | 219 |
|  [Index to Financial Statements](#rom366853_27) | F-1 |

---

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You should rely only on the information contained in this prospectus and any free writing prospectus prepared by us or on behalf of us or the information which we have referred you. Neither we nor the underwriters have authorized anyone to provide you with information different from that contained in this prospectus and any free writing prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We and the underwriters are offering to sell shares of common stock and seeking offers to buy shares of common stock only in jurisdictions where offers and sales are permitted. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of the common stock. Our business, financial condition, results of operations and prospects may have changed since that date.

This prospectus contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. Please see "Risk Factors" and "Cautionary Language Regarding Forward-Looking Statements."

Through and including , 2023 (the 25th day after the date of this prospectus), all dealers effecting transactions in our shares, whether or not participating in this offering, may be required to deliver a prospectus. This requirement is in addition to the dealers' obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

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##### [**Table of Contents**](#toc)
**BASIS OF PRESENTATION** 

Unless otherwise indicated, the historical financial and operating information presented in this prospectus is that of MN8 Energy LLC (f/k/a Goldman Sachs Renewable Power LLC), our "predecessor" for financial reporting purposes, and its subsidiaries. Prior to the closing of this offering, MN8 Energy LLC will become a wholly owned subsidiary of MN8 Energy, Inc., a newly incorporated Delaware corporation formed for the purpose of effectuating this offering and the transactions related thereto.

All existing holders of limited liability company interests of MN8 Energy LLC will become holders of shares of common stock of MN8 Energy, Inc., as described under the heading "Internalization Transaction and Corporate Reorganization." In this prospectus, we refer to the merger of MergerCo, a wholly owned subsidiary of MN8 Energy, Inc. into MN8 Energy LLC, with MN8 Energy LLC surviving such merger as a wholly owned subsidiary of MN8 Energy, Inc., as the "Merger", to the exchange by an affiliate of GSAM (as defined herein) of an incentive interest in the nature of a profits interest in OpCo (as defined herein) for shares of common stock of MN8 Energy, Inc. in connection with the Merger as the "Special Interest Exchange", and to the Merger and Special Interest Exchange and all related transactions as the "Corporate Reorganization". We expect that the Corporate Reorganization will not have a material effect on our consolidated financial statements.

Unless otherwise indicated, references in this prospectus to our financial information on a "pro forma basis" refer to the historical financial information of MN8 Energy LLC, as adjusted to give pro forma effect to (i) the Internalization Transaction (as defined herein), (ii) the Corporate Reorganization and (iii) this offering and the application of the net proceeds from this offering as if they had been completed as of January 1, 2021, in the case of statement of operations data, and (x) the Corporate Reorganization and (y) this offering and the application of the net proceeds from this offering as if they had been completed as of September 30, 2022, in the case of balance sheet data. References in this prospectus to our financial or operating information "as adjusted for the NES Acquisition" or similar such phrasing refers to the financial or operating information of us or our Predecessor, as applicable, adjusted to give effect to the NES Acquisition and/or the financing therefor as if such transactions had been completed as of September 30, 2022.

For historical non-controlling interests associated with OpCo, net income was allocated in the consolidated statements of members' equity first in an amount equal to the OpCo Incentive Allocation (as defined herein) held by GSAM that was earned during the reporting period, with the remaining income allocated using the profit and loss percentages contained in the OpCo LLC Agreement (as defined herein). The non-controlling interest associated with OpCo is expected to be eliminated in connection with the Corporate Reorganization. For additional information regarding the OpCo Incentive Allocation and the transactions pursuant to which it was eliminated, see the section of this prospectus titled "Internalization Transaction and Corporate Reorganization."

The financial information and certain other information presented in this prospectus have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column in certain tables in this prospectus. In addition, certain percentages presented in this prospectus reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers or may not sum due to rounding.

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**MARKET AND INDUSTRY DATA** 

Certain market and industry data and forecasts used in this prospectus have been obtained from the following independent industry publications or reports: BloombergNEF, International Council on

ii

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##### [**Table of Contents**](#toc)
Clean Transportation, RE100, S&P Global Market Intelligence, Solar Energy Industries Association, Target Sustainability Strategy and Wood Mackenzie.

Some market data and statistical information contained in this prospectus are also based on management's estimates and calculations, which are derived from our review and interpretation of publicly available industry publications, our internal research and our knowledge of the markets in which we currently, and will in the future, operate. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such information. Although we believe these third-party sources to be reliable, we have not independently verified the data obtained from these sources and we cannot assure you of the accuracy or completeness of the data. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus. Statements as to our market position are based on market data currently available to us, as well as management's estimates and assumptions regarding the size of our markets within our industry. While we are not aware of any misstatements regarding our industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the headings "Risk Factors" and "Cautionary Language Regarding Forward-Looking Statements" in this prospectus. Neither we nor the underwriters can guarantee the accuracy or completeness of such information contained in this prospectus.

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**TRADEMARKS AND TRADE NAMES** 

We own or have rights to various trademarks, service marks and trade names that we use in connection with the operation of our business. This prospectus may also contain trademarks, service marks and trade names of third parties, which are the property of their respective owners. Our use or display of third parties' trademarks, service marks, trade names or products in this prospectus is not intended to, and does not imply a relationship with, or endorsement or sponsorship by us. Solely for convenience, the trademarks, service marks and trade names referred to in this prospectus may appear without the <sup>®</sup>, TM or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, service marks and trade names.

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**CERTAIN DEFINITIONS** 

As used in this prospectus, unless the context otherwise requires the terms "we," "us," "our," the "company" and like terms refer (i) prior to the Corporate Reorganization, to MN8 Energy LLC, our predecessor for financial reporting purposes, and (ii) subsequent to the Corporate Reorganization, to MN8 Energy, Inc., of which MN8 Energy LLC will at such time be a wholly owned subsidiary. In addition, the terms below that are used frequently in this prospectus have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AssetCo" refers to our subsidiary, AssetCo, LLC, a Delaware limited liability company, that will develop,
procure, construct, finance, operate and own HPC EV Stations in connection with the Mercedes-Benz Joint Ventures (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BNEF" refers to the BloombergNEF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "C&I" refers to commercial and industrial solar energy and energy storage projects with a generating capacity
of between one and fifty megawatts which can either serve our customers on-site (also referred to as "behind the meter") or deliver electricity to the grid. C&I is also referred to throughout
this prospectus as "distributed generation" and "middle-market";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CAISO" refers to California Independent System Operator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CCA" refers to a community choice aggregation program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CCGT" refers to combined cycle gas turbines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CCUS" refers to carbon capture, utilization, and sequestration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CERCLA" refers to the Comprehensive Environmental Response, Compensation, and Liability Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Code" refers to the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Corporate Reorganization" refers to the Merger, the Special Interest Exchange and all related transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "COVID-19" refers to the novel coronavirus (2019-nCoV);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Curtailment" refers to the reduction of output of a project below what it could have otherwise produced by its
off-taker, interconnecting transmission owner, or regional transmission organization, or ISO. A project's delivery of electricity may be subject to curtailment or other restrictions for various reasons, including for system maintenance or
reliability and stability purposes, over-generation, or due to transmission limitations, congestion, emergencies, or force majeure circumstances. Curtailment may be compensated in certain circumstances under a project's PPA and may be
uncompensated in other circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CWA" refers to the Clean Water Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "DriveCo" refers to DriveCo, LLC, a Delaware limited liability company, in which we hold a minority equity
interest, that will lease the HPC EV Stations developed and owned by AssetCo in connection with the Mercedes-Benz Joint Ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "DSW" refers to Desert Southwest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EHS" refers to environmental, health and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EIA" refers to United States Energy Information Administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ERISA" refers to Title I of the Employee Retirement Income Security Act of 1974, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ESPs" refers to energy service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Executive officers" or our "officers" refers to our executive officers following the Internalization
Transaction, who, prior to the Internalization Transaction, provided their services to us under the terms of the Management Services Agreement with Goldman Sachs Asset Management, L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Existing Owners" refers to the existing holders of limited liability company interests of MN8 Energy LLC,
including GSAM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FATCA" refers to the Foreign Account Tax Compliance Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FERC" refers to the Federal Energy Regulatory Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Fleet" refers to the operating projects or projects under construction that we own and excludes projects in our
development pipeline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GHG" refers to greenhouse gas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GS" refers to Goldman Sachs Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GSAM" refers to Goldman Sachs Asset Management, L.P. and its affiliates, including the Special Interest Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GW" refers to gigawatt, or one billion watts of electric capacity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GWh" refers to gigawatt hour, a measure of electric output equivalent to one billion watts generated per hour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "HLBV" refers to hypothetical liquidation at book value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Hoshine" refers to Hoshine Silicon Industry Co. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ITC" refers to the investment tax credit under Section 48(a) and 48(Y) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "IOUs" refers to Investor-Owned Utilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ISO-NE" refers to ISO-New England;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "kWh" refers to kilowatt hours, a measure of electric output equivalent to one thousand watts generated per hour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LCOE" refers to BNEF's global Levelized Cost of Electricity benchmark for solar projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LIBOR" refers to London Interbank Offered Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Mercedes-Benz Joint Ventures" refers to the AssetCo and DriveCo joint ventures and other related agreements
which were entered into with Mercedes-Benz Investment Company, an affiliate of Mercedes-Benz AG, to jointly construct, own and operate high powered EV charging stations and associated infrastructure in strategic locations throughout the United
States and Canada as further described in **  "Prospectus Summary—Recent Developments—Mercedes-Benz Joint Ventures";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Merger" refers to the merger of MergerCo, a wholly owned subsidiary of MN8 Energy, Inc. into MN8 Energy LLC,
with MN8 Energy LLC surviving such merger as a wholly owned subsidiary of MN8 Energy, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MN8 Energy" refers to MN8 Energy, Inc., issuer of the common stock offered hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MN8 Energy LLC" refers MN8 Energy LLC (f/k/a Goldman Sachs Renewable Power LLC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MW" refers to megawatts, or one million watts of electric capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MWh" refers to megawatt hours, a measure of electric output equivalent to one million watts generated per hour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NEPA" refers to the U.S. National Environmental Policy Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NES Acquisition" refers to the acquisition, completed on November 18, 2022, of a portfolio of certain projects,
which include a portfolio of solar assets from an affiliate of New Energy Solar, as further described in "Prospectus Summary—Recent Developments—NES Acquisition";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "New Revolving Credit Facility" refers to the $450.0 million revolving credit facility expected to be entered
into before or simultaneously with the close of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "O&M" refers to operations and maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OpCo" refers to MN8 Energy Operating Company LLC (f/k/a Goldman Sachs Renewable Power Operating Company LLC),
our subsidiary through which we currently operate our business and assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OpCo Incentive Allocation" refers to the Special Interest Member's right to receive incentive distributions
from OpCo that equate to a percentage of Core Operating Profit, as further described in "Certain Relationships and Related Party Transactions—OpCo LLC Agreement";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OpCo LLC Agreement" refers to the Second Amended and Restated Limited Liability Company Agreement of OpCo, dated
August 4, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Operating projects" refers to solar energy and energy storage systems that have reached commercial operations
and are producing and/or storing electricity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OSHA" refers to Occupational Safety and Health Act, as amended;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PJM" refers to PJM Interconnection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PPA" refers to power purchase agreements, the contracts pursuant to which we sell electricity to customers. We
refer to solar energy and/or energy storage systems that have signed PPAs as "contracted" and solar energy and/or energy storage systems without signed PPAs as "uncontracted";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Predecessor" or "our predecessor" refers to MN8 Energy LLC (f/k/a Goldman Sachs Renewable Power LLC),
our predecessor for financial reporting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Projects in our development pipeline" or our "pipeline" refer to those solar energy and energy storage
projects that we own or have entered into a binding agreement to acquire, which have land rights for the project site or have signed or filed for an interconnection agreement, or both, but are neither in operation nor under construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Projects under construction" refer to solar energy and energy storage systems where we have begun construction
but have not yet reached commercial operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PTC" refers to the production tax credit under Section 45 and 45(D) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PV" refers to photovoltaic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "QBI" refers to Quality Business Intelligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "RECs" refers to renewable energy certificates or credits, which are renewable energy attributes that are created
under the laws of individual states of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "RPS" refers to Renewable Portfolio Standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEIA" refers to the Solar Energy Industries Association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SP-15" refers to the Southern California market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Special Interest" refers to the incentive interest in the nature of a profits interest in OpCo, which includes
the OpCo Incentive Allocation prior to its termination in connection with the closing of the Internalization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Special Interest Exchange" refers to the exchange by the Special Interest Member of the Special Interest for
shares of MN8 Energy common stock in connection with the Corporate Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Special Interest Member" refers, prior to the Corporate Reorganization and the consummation of this offering and
the transactions related thereto, to GSAM Holdings II LLC and, immediately thereafter, to MN8 Energy, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SREC" refers to solar renewable energy certificates or credits, which are renewable energy attributes that are
created under the laws of individual states of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "TWh" refers to terawatt hours, a measure of electric output equivalent to one trillion watts generated per hour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "UBTI" refers to "unrelated business taxable income";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Uplift" refers to the year-over-year increase in the MWh produced by a solar energy or energy storage system
relative to its MWh production prior to repair, enhancement or other improvement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Utility-scale" refers to utility-scale solar energy and energy storage systems with a generating capacity of
over fifty megawatts that deliver energy to the grid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S." refers to the United States or the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "UC Regents" refers to The Regents of the University of California;

vi

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vii

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "USRPHC" refers to a United States real property holding corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "VIEs" refer to variable interest entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "WAPA" refers to the Western Area Power Administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "WoodMac" refers to Wood Mackenzie, a global research consultancy business for the natural resources industry;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "XUAR" refers to the Xinjiang Uyghur Autonomous Region.

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**PROSPECTUS SUMMARY** 

*This summary highlights selected information that is presented in greater detail elsewhere in this prospectus. This summary does not contain all of the information you should consider before investing in our common stock. You should read this entire prospectus carefully, including the sections titled "Risk Factors," "Cautionary Language Regarding Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes included elsewhere in this prospectus, before making an investment decision. The information presented in this prospectus assumes, unless otherwise indicated, that the underwriters do not exercise their option to purchase additional shares of common stock.* 

**Company Overview** 

We are a renewable energy company. Our mission is to serve enterprise customers by providing the renewable energy and related services that these customers need on their journey to an electrified, decarbonized world. To achieve this mission, we generate renewable energy with our fleet of solar projects and are able to store energy in our fleet of battery projects, in each case tailored to the needs of individual enterprise customers. In 2021, we were one of the largest independent solar energy and energy storage power producers in the U.S. and one of the top 5 largest solar and storage asset owners overall in the U.S., based on the total gross capacity of our projects that were operating according to S&P Global Market Intelligence. As of September 30, 2022, our fleet was composed of over 875 projects spread across 28 states with an aggregate capacity of approximately 2.7 gigawatts ("GW") of operating and under construction solar projects and approximately 270 megawatts ("MW") of operating and under construction battery storage projects, as adjusted for the NES Acquisition which closed in November 2022. We have a blue-chip set of over 200 enterprise customers, many of whom have bold decarbonization objectives, which we believe will provide us with many add-on commercial opportunities in the years to come.

**<u>2021 Top 5 U.S. Independent Solar and Storage Energy Producers by Capacity (GW)</u>**

**<u>(Includes Operating Solar Assets and Energy Storage Capacity)</u>**

![LOGO](g366853g09k88.jpg)

Source: MN8 Energy metrics as of December 31, 2021 (as adjusted per below), other metrics from S&P Global Market Intelligence as of December 31, 2021.

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(1) Includes operating solar assets and 0.3 GW<sub>AC</sub> energy storage
capacity. MN8 Energy metrics as of December 31, 2021, adjusted to also include the Slate Project and approximately 442 MW operating assets from the NES Acquisition which closed in November 2022.

(2) Formerly Capital Dynamics.

**Our Story** 

We were founded inside of Goldman Sachs Asset Management, L.P. in 2017. At the time, significant declines in the cost of solar modules and equipment had suddenly resulted in a new economic reality: that energy could be produced from the sun in many parts of the U.S. at the same or lower prices as energy produced from fossil fuels. Solar energy also held the distinct advantage of being able to be produced with mature technology that could be deployed in almost any location and in customized sizes. Concurrently, many leading private and public sector enterprises began setting ambitious targets for reducing their carbon emissions. We anticipated that these enterprise customers, which include corporations, federal, state and municipal entities, universities, colleges and school districts, communities (through community choice aggregation programs ("CCAs")), and utilities, would increasingly prefer to purchase solar energy that was produced on site or in proximity to where these customers were located as a means to lower their cost of energy, meet their carbon reduction targets and exert more control over where and how their energy was being produced. We believed that this provided an opportunity for us to disrupt the energy industry by owning and operating the solar energy facilities needed to meet these customer desires.

We envisioned that over time, as technology improved and costs came down, enterprise customers would want additional renewable energy infrastructure and services, as they adjusted to an electrified, decarbonized world. For example, adding battery storage to solar projects has the potential to capture excess solar power production during daylight hours and provide customers with renewable energy during more hours of the day, as well as to provide resiliency from power outages and the ability to participate in grid services programs. At the time, we did not know when battery storage would become economically viable, but we believed that focusing on long-term contractual relationships with customers would give us the runway to capture these opportunities. Today, with the decline in the cost of battery modules, we are seeing strong customer interest in adding battery storage to solar projects. Looking into the future, we believe that many enterprise customers will soon want to add electric vehicle ("EV") charging at their facilities as vehicle fleets convert from internal combustion engines to electric motors. We believe that our customer and project footprint is well-positioned to capture these opportunities as well.

**Our Business Model** 

***Produce long-term contracted cash flows with high credit quality enterprise customers*.** Our business model is to develop, own and operate renewable energy assets that serve enterprise customers while simultaneously producing attractive cash flow for our investors by selling energy, storage and related services to high credit quality customers under long-term contracts, typically at fixed prices. The average remaining capacity-weighted life of our existing operational contracts (exclusive of our storage operations) is approximately 15 years as of the date of this prospectus. Our renewable energy generation fleet is currently comprised exclusively of solar projects. We have focused on solar because it is a mature technology that produces a much lower expected energy production volatility than other renewable energy technologies such as wind turbines. The combination of long-term, typically fixed price contracts, limited technology risk and lower energy production volatility from our generation fleet results in recurring revenue and more predictable cash flow for our investors.

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***Place renewable energy assets in locations where they are likely to have long-term value*. *We seek to locate our renewable energy assets in locations where we believe they will have a higher value, such as places that have higher prevailing power prices, have strong and consistent solar irradiance, offer additional revenue streams such as renewable energy credits ("RECs") or have more barriers to operation or development of competing assets. Scaling our fleet of assets in certain desirable markets also provides us with economies of scale in those markets, including more efficient staging of spare parts to reduce project down time and better pricing and faster response times from local vendors who provide services to our fleet.***

***Actively manage our renewable energy assets to maximize revenue, minimize expenses and harness technological improvements***. We are intensely focused on our fleet of solar energy and energy storage systems. Our plant operations center continuously seeks to enhance revenue through proactive performance monitoring, customized preventative maintenance schedules and system design improvements, while our power markets and commodities team seek additional revenue sources, such as qualifying our assets for an additional incentive program or marketable capability. We also seek to minimize the expenses of operating our assets, such as by leveraging our increasing scale to drive better vendor pricing, utilizing the strength of our balance sheet to eliminate security deposit requirements and working with local authorities to manage property tax liabilities. In addition, we constantly scout and evaluate new or improved technologies that we can incorporate to either increase revenues or reduce expenses. For example, we have incorporated a program of periodic flyovers of our solar arrays by either planes or drones to perform thermal imaging analysis that can identify underperforming or internally damaged solar modules. With this information we can improve revenue by replacing or repairing affected solar modules. Another example is our use of improved inverter technology that allows us to perform more routine trouble shooting items remotely from our plant operations center, thereby eliminating the expense of sending a technician to the site.

***Finance renewable energy assets with long-term debt designed to minimize refinancing and interest rate risk*.** With long-term, fixed-price contracts and minimal technology risk, we have developed a clean and simplified approach to financing large and diversified project portfolios with primarily low-cost, long-term, fixed-rate fully amortizing debt accessed through the institutional green bond market. This approach allows for financial flexibility to incorporate tax-equity financings at the project level while also increasing debt capacity every year—with $411.3 million amortizing over the next five years. As of September 30, 2022, our total debt (excluding discounts and premiums) was $2,228.0 million. Of this amount, approximately 15.6% is project-level, fully-amortizing debt which we expect to pay off in full by 2038. To manage medium-term development and construction needs, we utilize our $500.0 million Warehouse facility that matures in 2026.

***Leverage our customer relationships to provide additional renewable energy and related services as their decarbonization goals advance*.** We believe that there is significant value embedded in our direct customer relationships. Customers are using renewable energy for only a fraction of their total energy needs, providing us with an opportunity to scale our relationship. We also see customers increasingly focused on the transition to EVs, and we believe this focus will continue in part due to the EV tax credits for new and used EVs contained in the Inflation Reduction Act. Additional EVs will require both additional charging infrastructure as well as increased on-site energy. We believe that many of our existing and potential future customers will want to use renewable energy to power their EV charging infrastructure. In many cases, the ability to store power in batteries will be helpful or required in order to provide the power needed to charge EVs and add a resiliency solution in the face of potential grid reliability issues. Demonstrating our commitment to meeting the evolving needs of our customers, we have partnered with ChargePoint and entered into the Mercedes-Benz Joint Ventures to address the growing market for EV charging infrastructure. We believe that these trends will provide us

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with an opportunity to offer renewable energy, EV charging infrastructure and batteries on a bundled or individual basis to service our customers.

**Our Team** 

To execute our business, we have built a team composed of approximately 170 professionals by combining accomplished personnel from Goldman Sachs with extensive investment, finance and commodity expertise with seasoned personnel from the renewable energy industry with extensive expertise spanning the renewable project life-cycle, including project development, engineering and design, procurement, construction oversight, operations and maintenance ("O&M") oversight, and asset management. We believe this combination of skill sets, drawn from world class institutions, is a key differentiator and sets the foundation for success. Our team deploys a differentiated approach to developing, owning and operating renewable projects utilizing a purpose-built, end to end software solution. At our inception, there were no third-party platforms or software packages that allowed us to track a project from origination through operation and to optimize performance. As such, we partnered with Quality Business Intelligence ("QBI") to develop such a platform. The QBI software provides us with a data-driven operating system that improves efficiency and decision making through automation, strengthens data integrity and enhances performance by providing powerful data analytics. The skill and experience of our team, combined with the QBI operating system, has been crucial to building a robust pipeline of both development and acquisition opportunities and operating our portfolio with a high level of availability, strong performance and thoughtful expense management.

We have experienced significant growth. The chart below shows the growth of our fleet since our inception, both in total capacity and operating revenues.

**<u>Capacity and Operating Revenue Growth Since Inception</u>**

![LOGO](g366853g84f68.jpg)

Note: September 30, 2022 revenues reflect trailing twelve months.

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**Current Operations** 

As of September 30, 2022, our fleet consists of approximately 2.4 GW of operating and 0.3 GW of under construction solar projects as well as approximately 270 MW of operating and 0 MW of under construction energy storage projects, as adjusted for the NES Acquisition which closed in November 2022. The fleet is strategically located primarily in places with well established, deregulated electricity markets and having strong support for renewable energy, often through renewable power generation requirements or targets. It is also primarily located in places with high prevailing power prices and barriers to operation or development of competing assets. These barriers include limited available land for development of energy projects, limited transmission capacity or formidable regulatory hurdles. We believe that strategic locations of our fleet preserve and build long-term value.

Our fleet is diversified with projects located across over 875 project sites in 28 U.S. states, as adjusted for the NES Acquisition, which closed in November 2022, and anchored by long-term off-take agreements with over 200 enterprise customers. We believe that the geographic dispersion of the fleet, including scaled presences on both U.S. coasts supports more consistent financial performance by reducing the impact of adverse regional weather patterns and natural disaster events. It also reduces the impact of adverse regulatory or market changes made by a particular state or regional transmission organization. Our large roster of enterprise customers is a mitigant to individual customer credit risk. The solar modules, inverters, racking and other equipment used in our fleet are also diversified by manufacturer which we believe meaningfully limits our exposure to serial manufacturing defects and design risks. We are purposeful in creating significant diversification across many metrics in an effort to produce greater financial stability with our fleet.

In originating our fleet, we are focused on the needs of our enterprise customers. We do not define our focus as "utility-scale" or "C&I" or "distributed generation" projects. Rather, we recognize that our customers have a wide range of needs including both smaller scale, on-site power generation, such as rooftop, canopy or carport projects, and larger scale, off site power generation, such as ground mounted projects covering many acres of land. As a result of our customer driven approach, our fleet comprises a wide range of sizes for customized solutions.

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The following map provides an overview of our current fleet as of September 30, 2022 (as adjusted to include the approximately 442 MW operating assets from the NES Acquisition which closed in November 2022):

![LOGO](g366853g06u89.jpg)

The following pie charts provide an overview of our fleet's customer characteristics as of September 30, 2022:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Customer Type (% by Total MW)** | **Customer Credit Quality (% by Total MW)** | **PPA Term Remaining (% by Total MW)** |
| &nbsp;&nbsp;&nbsp;**Customer Type (% by Total MW)** | **Customer Credit Quality (% by Total MW)** |  |

---

![LOGO](g366853g07i15.jpg)

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Note: "Shadow IG" refers to unofficial investment grade ratings that are not publicly announced. Excludes less than 1% of Not Rated customers. Customer credit ratings are only shown for operating assets.

In addition to our current fleet, we have a large, diversified pipeline of projects in development. As of September 30, 2022, the projects in our development pipeline had an aggregate capacity of approximately 5.0 GW, which is made up of approximately 3.9 GW of solar generation projects and approximately 1.2 GW of energy storage projects. These projects are primarily located in well-established, deregulated electricity markets with strong support for renewable energy, that have characteristics similar to those of our current fleet, supporting the creation of long-term value. The projects in our pipeline are in various stages of the development process. Among our total pipeline of projects, we expect approximately 47 MW to reach Notice to Proceed ("NTP") by December 31, 2022. These projects, along with the approximately 318 MW of solar and storage projects that are under construction as of September 30, 2022 and the Slate Project represent the primary pathway to our EBITDA growth over the next two years. The other approximately 5.0 GW of projects in our pipeline are expected to reach NTP after December 31, 2022. We are targeting commercial operation of these projects between 2023 and 2028, with up to 793 MW of projects expected to reach commercial operation in 2022 and 2023, which would result in a 30% increase in our operating and under construction MWs.

**Our Market Opportunity** 

Today, the demand for sustainable, efficient, and reliable electricity in the U.S. continues to accelerate as governments and corporations establish renewable targets and decarbonization goals. We expect electricity generated by renewables to not only replace that generated by the burning of fossil fuels, but also to be utilized to meet growing electricity demand as transportation, heating, and cooking–all once powered primarily by fossil fuels–are electrified.

Solar is the fastest growing form of new electricity generation in the U.S. According to the Solar Energy Industries Association ("SEIA"), installed solar capacity in the U.S. has experienced an average annual growth rate of 33% in the past decade. During each of the last nine years, solar has been either the first or second source of new electric capacity additions. In 2021, 46% of all new electric capacity added to the grid came from solar, the largest such share in history and the third year in a row that solar added the most generating capacity to the grid. We believe the growth of solar installations is poised to continue. According to BloombergNEF ("BNEF") in an October 2022 report, the U.S. had approximately 73 GW of combined utility-scale and commercial and industrial ("C&I") solar capacity as of 2020 and capacity is expected to grow by 320 GW to approximately 390 GW, or approximately 15%, implying an approximately 17% compound annual growth rate ("CAGR") by 2030. These new capacity additions represent the total addressable market ("TAM") for our renewable generation business, with the charts below demonstrating the expected incremental growth in capacity expected year-over-year and the overall expected growth of our key focus areas.

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**<u>2021—2030 Cumulative U.S. Utility-Scale and C&I Solar Capacity Additions (GW)</u>**

![LOGO](g366853g15x89.jpg)

Source: BloombergNEF, second half of 2022 U.S. Renewable Energy Market Outlook.

**<u>Growth in U.S. Total Addressable Market</u>**

**<u>(MW or Number of Chargers)</u>**

![LOGO](g366853g11h92.jpg)

Source: BloombergNEF, second half of 2022 U.S. Renewable Energy Market Outlook, second half of 2022 Energy Storage Market Outlook; International Council on Clean Transportation, Charging up America: Addressing the Growing Need for U.S. Charging Infrastructure through 2030, as of July 2021.

National governments have encouraged the ongoing energy transition, setting ambitious climate targets and providing attractive incentives for renewable energy producers. The recently enacted Inflation Reduction Act of 2022 (the "Inflation Reduction Act") positions the U.S. to reach net-zero emissions by no later than 2050 through a combination of investments in the domestic production of solar panels and batteries, extensions and expansions of existing tax credits and providing capital to innovative green technologies.

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In particular, the Inflation Reduction Act has (i) extended the ITC for solar to at least 2032, providing significant runway and certainty on the tax incentives that will be available to our projects in the future, (ii) expanded the ITC to include stand-alone energy storage projects so that such storage projects may claim the ITC without being integrated into a solar facility, (iii) allowed solar to claim the PTC that is a production based credit that extends for 10 years following the placed in service date of the facility, which provides for greater flexibility for different financing structures, including having a solar plus storage project take advantage of the PTC for solar and the ITC for storage, (iv) revised tax credits for EV charging infrastructure and new EVs and introduced tax credits for used EVs and commercial EVs, and (v) introduced the concept of transferability of tax credits, providing an additional option to monetize such credits. We believe the Inflation Reduction Act will increase demand for our services due to the extensions and expansions of various tax credits that are critical for financing our business and may provide more flexibility in the various financing structures we can now use while also providing more certainty in and visibility into the supply chain for materials and components for solar and energy storage systems. However, the impact of the Inflation Reduction Act cannot be known with any certainty and we may not achieve any or all of the expected benefits of Inflation Reduction Act.

The commercial enterprise solar market continues to be boosted by corporate clean energy and decarbonization goals. According to a Wood Mackenzie ("WoodMac") report for SEIA, C&I renewable demand in the U.S. is expected to drive approximately 10 to 13 GW of new solar generation from 2022 through 2026.

The number of companies making commitments to clean energy has also been growing steadily, increasing the size of the market opportunity. RE100, a global initiative that brings together corporations committed to sourcing 100% of their energy needs from renewable sources by or before 2050, has grown from 13 members at the end of the year of its founding in 2014, to 387 members by November 2022, and includes a number of Fortune 500 companies that are already our customers. This organization alone represents hundreds of annual terawatt hours ("TWh") of demand for renewable energy, and it is estimated that RE100 members' renewable energy demand will exceed supply by as much as 275 TWh by 2030 without significant investment in additional renewable energy supply. Further, approximately 1.2% of commercial electricity demand is served by on-site solar according to SEIA, as of December 31, 2021. This shortfall, combined with low-levels of market penetration for on-site solar creates a huge opportunity for further growth in the segment.

**<u>RE100 Member Companies Cumulative Growth (number of members at year-end)</u>**

![LOGO](g366853g29g47.jpg)

Source: RE100 as of November 2022.

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**<u>Projected Renewable Shortfall for RE100 Members</u>**

![LOGO](g366853g39k17.jpg)

Source: BloombergNEF second half 2022 Corporate Energy Market Outlook, Bloomberg Terminal, The Climate Group, company sustainability reports, RE100, SEIA as of December 31, 2021.

**<u>On-Site Commercial Solar Installations and Penetration Growth</u>**

![LOGO](g366853g09x58.jpg)

Source: SEIA/Wood Mackenzie Power & Renewables U.S. Solar Market Insight, 2021 Year in Review.

*Note: Excludes commercial electricity demand met by utility-scale or other off-site generation.* 

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As solar module prices have continued to fall, commercial solar installations have grown rapidly and have diversified to include everything from rooftop systems, solar parking canopies, and large off-site installations. Average commercial system sizes have also been growing over time, primarily driven by falling prices and more financing flexibility. With corporate renewable and decarbonization goals continuing to increase, we believe this growth in average system size is likely to continue.

In addition to the diversification in types of solar installations, enterprises are also increasingly looking for solar systems paired with battery storage. According to SEIA, by 2025, over 29% of all behind-the-meter solar systems will be paired with storage, compared to less than 11% in 2021. Larger scale solar projects are also more frequently being paired with storage, with over 45 GW of commissioned or announced projects paired with storage, representing over 50 GWh of storage capacity. In an analysis of long-term projected capacity additions through 2050 done by the U.S. Energy Information Administration ("EIA"), large-scale battery storage energy capacity is projected to grow to 235 GWh (59 GW power capacity of four-hour duration systems) by 2050, which would include 153 GWh (38 GW) of storage paired with solar. In the nearer term, BNEF expects the U.S. to add approximately 41 GW of utility-scale and approximately 1 GW of C&I storage capacity between 2021 and 2025. We consider this to be our TAM for battery storage during this time period.

**<u>2021—2025 U.S. Storage Capacity Additions (GWh)</u>**

![LOGO](g366853g19p93.jpg)

Source: BloombergNEF, second half of 2022 Energy Storage Market Outlook.

As major auto manufacturers have committed to electrification, we believe that EV charging presents a significant opportunity to serve enterprise customers. Due to rising policy and customer support, new battery technologies and lower costs, we believe the next 20 years will bring significant changes as EVs reshape automotive and freight industries. This will also bring a substantial need for EV charging infrastructure, as fleet operators and businesses prepare for this transition. Although the EV charging market is relatively new, the significant increase in projected EV sales in the near-term illustrates the growing need for EV charging infrastructure. Prior to the modification to the new EV tax credit and the introduction of the tax credits for used EVs and commercial EVs in the Inflation Reduction Act, BNEF had estimated that by 2025, EV's share of new passenger vehicle sales will be approximately 12.5%, compared to less than 5% in 2021. To support the additional EVs on the road, the annual investment required in EV charging infrastructure will need to increase from approximately $1 billion in 2021 to greater than $4 billion by 2030, according to the International Council on Clean Transportation. This investment will likely be aided by the tax credit for EV charging infrastructure, as modified by the Inflation Reduction Act. The chart below illustrates the number of non-home EV chargers that are expected to be needed to meet demand through 2030.

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**<u>Non-home EV Chargers</u>**

![LOGO](g366853g20p94.jpg)

Source: International Council on Clean Transportation, Charging up America: Addressing the Growing Need for U.S. Charging Infrastructure through 2030, as of July 2021.

**Key Growth Drivers** 

We believe the key factors that will continue to drive growth in U.S. solar generation include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing economic competitiveness of solar with fossil generation sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accelerating demand for and deployment of cost effective battery energy storage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• growing corporate and investor support for decarbonization of energy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government policies and incentives, including Renewable Portfolio Standards ("RPSs"), which require that a
certain percentage of electricity come from renewable energy resources, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Inflation Reduction Act, which incentivizes investment in renewable power and related technologies through a
combination of investments in the domestic production of solar panels and batteries, extensions and expansions of existing tax credits, new tax credits, an option to transfer tax credits and providing capital to innovative green technologies.

**Our Competitive Strengths** 

We have several key competitive strengths that differentiate us from our peers, including:

***Differentiated partner for our customers***. In 2021, we were one of the largest independent solar energy and energy storage power producers in the U.S. and one of the top 5 largest solar and

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storage asset owners overall in the U.S., based on the total gross capacity of our projects that were operating according to S&P Global Market Intelligence. Our role as a large, stable asset owner provides us with advantages in attracting off-takers who know that we will be the long-term owner of the asset and not someone whose business model is to "develop and flip" or whose capital base will require a divestiture prior to the end of the off-take contract. We have found this consistency in counterparty to be important to our customers. We believe this has been key in enabling us to win projects and has earned us a reputation among customers as a credible developer and owner and made us a partner of choice. We believe these key qualities are part of the reason that approximately 50% of our customers have more than one project contracted with us as of September 30, 2022. Our reputation as a successful developer has also allowed us to expand our product offerings to meet our customer needs. Customers and potential customers are looking to us for support in developing products beyond solar and storage given our successful development track record. The recent Mercedes-Benz Joint Ventures provides an example of this ability to be a differentiated partner to our customers.

***Our customers are diverse and creditworthy, which reduces the risk of our portfolio***. Our over 200 customers are corporations, federal, state and municipal entities, universities, college, and school districts, communities (through CCAs), and utilities. Some are among the largest and most creditworthy entities in the world. As of September 30, 2022, approximately 84% of our contracted operational MWs are with investment grade rated customers, approximately 11% are with unrated customers whose credit risk we view as equivalent to investment grade, and approximately 4% are from community solar, a credit diversified portfolio. The combination of this counterparty diversification and high credit quality reduces the risk of defaults and allows us to maximize the predictability of our cash flows over the long term.

***Strong balance sheet provides ability to deliver on commitments***. We typically enter into solar generation contracts with a term of 15 years or longer. The average remaining capacity-weighted life of our existing operational contracts (exclusive of our storage operations) is approximately 15 years as of the date of this prospectus. These long-term contracts with our diverse and highly-rated customers create consistent cash flows that have allowed us to build a strong balance sheet and the financial wherewithal to deliver on our commitments to customers and for our long-term growth. We have a repeat track record of financing large and diversified project portfolios through the institutional green bond market. Since 2019, we have executed $1.3 billion of financings in the green bond market, including $252 million in senior secured notes due 2047 that were issued in April 2022. These financings are fixed rate and fully amortizing, with a 25-year tenor, and a weighted average cost of debt of 3.4%. They represent some of the lowest costs ever achieved in the green bond market. In addition, this strategy has mitigated both interest rate and refinancing risk. As we focus on 100% ownership of our projects, these larger financings allow for a more simplified capital structure with increased flexibility for tax-equity financings and capital capacity due to their self-amortizing debt.

***Industry-leading operator of solar assets***. We believe our team's intense focus on details has allowed us to outperform customer expectations while remaining cost-conscious, which we believe will generate value for our shareholders. From our plant operations center, our asset operations team closely monitors our assets and continually pursues opportunities to optimize costs, while our technical team monitors asset performance and pursues opportunities to enhance project performance. These teams, and our origination and project management teams, leverage QBI, an industry-leading asset management software and valuable tool we use to manage and optimize our portfolio. Some examples of our operational capabilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• creation of an algorithm to estimate soiling on solar modules based on geographical information, meteorological conditions
and the most recent cleansing rainfall. This information

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is used to inform decisions on when to perform washings of solar modules to maximize energy production and has led to a 3% Uplift in production in applicable projects; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• re-engineering of solar projects in areas that experience regular seasonal snowfall
to limit the potential for damaging spikes in electric current that can occur when solar irradiance is magnified by reflections from snow cover which has led to a 1% Uplift in applicable projects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of data analytics to uncover correlations that can be used to predict and avoid equipment failures which has
led to a 0.7% Uplift in applicable projects.

***Exceptional team with experience across the renewable asset life-cycle***. Our team of approximately 170 highly-skilled professionals combines investing, finance and commodities expertise honed at Goldman Sachs with renewable energy industry expertise across all phases of a project's lifecycle: development, engineering and design, procurement, construction oversight, O&M oversight, and asset management. These in-house capabilities provide execution certainty to our customers. Collectively, our team has over 475 years of experience in the renewable energy industry and has developed or operated over 150 GW of projects. The expertise of our team has also allowed us to find opportunities where we can invest capital for a higher rate of return than we might find in a one-off project. We have embraced a "Land and Expand" strategy that leverages existing infrastructure and customers to introduce further product offerings and add significant value to existing assets. A few selected examples of this include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• asset upsizing and retrofitting: when CAISO began to require load serving entities to produce capacity, we brought a
solution to one of our customers by adding an additional battery. This asset enhancement is strongly accretive to the underlying solar project. As a result, we were also able to enter into a long-term tolling agreement with one of the customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adding revenue streams: we developed an innovative solution to reduce electricity costs and carbon emissions, and to
qualify for California's low-carbon fuel standard ("LCFS") credits. By leveraging existing energy infrastructure as well as state and federal decarbonization incentives, we created significant value for the customer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanding relationship with an existing customer: from 2019 to early 2021, we increased our project count with one of our
key customers from eight to 18 projects. The customer is a subsidiary of a Fortune 10 company and has approximately 500 retail locations in North America. The majority of our projects with this customer are located in California. Our position as a
first-mover in providing solar and storage solutions drove our ability grow the relationship. In addition to delivering carbon-reduction benefits, these projects have produced savings for our customer versus grid prices and provide resiliency
through the added storage.

**Our Growth Strategy** 

***Executing on our pipeline of projects in development***. We have a robust pipeline of existing projects in various stages of development. As of September 30, 2022, the pipeline of pre-operational projects was made up of 3.9 GW of solar projects and 1.2 GW of energy storage projects. This represents projects that are pre-construction. We have a strong track record of executing on projects in our pipeline to accomplish our growth objectives. In addition, we will look to continuously grow our pipeline going forward by adding projects sourced both from development and merger and acquisition opportunities.

***Continue to grow business with existing customer base***. As our customers continue to decarbonize their businesses, we strive to be their go-to providers for energy transition solutions,

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capturing the market share of some of the largest enterprise customers and finding opportunities for cross-sell opportunities. In order to fulfill our mission of serving our customers and assisting them in their energy-transition journey to an electrified, decarbonized world, we maintain an ongoing dialogue with our existing customers in order to understand their current and anticipated future energy needs and look to position ourselves to help them find the most efficient and relevant solutions. We believe that many customers will want more renewable energy and battery storage. Our existing long-term contractual relationships with our customers provides both the relationship and the runway to meet these needs. Many of our existing customers have committed to decarbonization goals that will require them to procure more of their power from renewables in the coming years, creating additional opportunities for us to partner. As an example, Target, which is one of our larger corporate customers, has committed to purchasing 100% of its electricity from renewable sources by 2030. Today, the projects and partnerships it has put in place to source this electricity will result in Target purchasing approximately 38% of its electricity from renewable sources in 2020, leaving substantial capacity still to be sourced by 2030 according to Target's 2021 Target Corporate Responsibility Report.

***Growth of potential customer base***. The number of enterprise customers seeking to decarbonize their operations continues to accelerate. As an example of this growth, RE100, a global initiative that brings together corporations committed to sourcing 100% of their energy needs from renewable sources by or before 2050, has grown from 13 members at the end of the year of its founding in 2014, to 387 members as of November 2022. Our business development team is focused on growing our customer base through participating in requests for proposals and developing new relationships with these customers through bilateral dialogue. Our successful track record and reputation as an industry-leading operator positions us well to win new business against other competitors in the space.

***Expansion of product offerings***. We recognize our customers' needs are evolving beyond solar energy power purchase agreements and we expect to meet their needs in adjacent areas. As we consider areas for product and service expansion, we will continue to look for opportunities that meet the following key attributes: scalability, strong margins and growth runway, recurring revenue, long-term value and products and services where we have a competitive advantage. As customers are increasingly seeking reliability and resiliency in their renewable energy procurement, we are continuing to grow our battery storage portfolio and offer our customers various energy storage solutions. We are also developing solutions for EV infrastructure needs such as charging stations for enterprise fleets and customer and employee use. We view both of these product offerings as having the key attributes that are core to our business strategy. In particular, we view EV charging infrastructure as a service that has synergies with our existing generation and storage business as our customers view it as part of a comprehensive solution, alongside renewable generation and storage, that will allow them to pursue decarbonization of this full application.

In March 2022, we announced our first partnership in the EV infrastructure space, a key milestone for our growth plans in this product area. We have entered into a Project Development Agreement ("PDA") with ChargePoint, Inc. (NYSE:CHPT) ("ChargePoint"), a leading EV charging network, to introduce new tailored solutions that will allow us to offer comprehensive EV charging solutions to enterprise customers. The PDA establishes a framework through which we will jointly originate and develop EV charging station project opportunities with ChargePoint. We will own the project assets, be responsible for the financing of the assets, engage and liaise with the customers. ChargePoint will supply the EV charging equipment and certain cloud-based application services and provide certain warranty, operations and maintenance services for the charging stations. This partnership will allow us to provide turnkey charging solutions, which will enable our customers to host a station at zero upfront cost to them. The partnership aligns with our goal to provide customers with a broader variety of solutions to meet their evolving decarbonization needs. These new offerings will

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make it easier for enterprise customers to electrify their fleets, and for employers and businesses to provide the increasing number of employees and customers driving EVs with on-site charging solutions. Under the terms of the PDA, we have the option to commit capital to developing EV charging station projects and will do so as opportunities arise. To date, we have deployed an immaterial amount of capital in developing such projects.

On January 4, 2023, we entered into definitive documentation with MBIC, an affiliate of Mercedes-Benz AG, to jointly construct, own and operate HPC EV Stations in strategic locations throughout the United States and Canada through the AssetCo joint venture. The Mercedes-Benz Joint Ventures contemplate the development of more than 400 HPC EV Stations with approximately 2,500 charging points by the end of 2027. The HPC EV Stations will be an open network available for use by Mercedes-Benz and non-Mercedes-Benz customers through the DriveCo joint venture. For additional information, please see "Prospectus Summary—Recent Developments—Mercedes-Benz Joint Ventures."

In addition, we are evaluating a variety of emerging technologies in order to continue to meet our enterprise customers' needs. For example, we may expand our product offerings with clean hydrogen facilities and, when such technology becomes available, 24/7 clean energy solutions for our enterprise customers.

**Recent Developments** 

**Mercedes-Benz Joint Ventures** 

On January 4, 2023, we entered into definitive documentation with Mercedes-Benz Investment Company ("MBIC"), an affiliate of Mercedes-Benz AG, to jointly construct, own and operate high power EV charging stations and associated infrastructure ("HPC EV Stations") in strategic locations throughout the United States and Canada through the AssetCo joint venture described below. The Mercedes-Benz Joint Ventures (defined below) contemplate the development of more than 400 HPC EV Stations with approximately 2,500 charging points by 2027. The HPC EV Stations will be an open network available for use by Mercedes-Benz and non-Mercedes-Benz customers through the DriveCo joint venture described below. The AssetCo joint venture, the DriveCo joint venture and other related agreements are collectively referred herein to as the "Mercedes-Benz Joint Ventures".

To support the Mercedes-Benz Joint Ventures, we and MBIC have agreed to commit an aggregate of approximately $538.5 million to a subsidiary we formed, AssetCo LLC, a Delaware limited liability company ("AssetCo"), through the earlier of (i) December 31, 2029 or (ii) the completion of more than 400 HPC EV Stations (the "Roll Out Plan"), and an aggregate of approximately $631.7 million to a subsidiary formed by MBIC, DriveCo, LLC, a Delaware limited liability company ("DriveCo," and, together with AssetCo, LeaseCo, MBIC, MN8 Energy LLC and their respective affiliates and subsidiaries, the "MB JV Parties"), through the fifteenth anniversary of the consummation of the Mercedes-Benz Joint Ventures (the "Commitment Period"). Our commitments to AssetCo and DriveCo total approximately $557.1 million (of which $430.8 million is for AssetCo), and the board of directors of each of AssetCo and DriveCo will control the timing of the capital calls and deployment of capital with respect to each entity, subject to then-applicable budgets. We expect to fund such commitments with equity contributions, pro rata based on our expected ownership of the respective entities, and a debt facility entered into by a wholly owned subsidiary of MN8 Energy, in an amount not to exceed 80% of our AssetCo capital contributions. Our AssetCo capital contributions are guaranteed by OpCo in an amount up to our total AssetCo capital commitment. To the extent available, we will utilize AssetCo's operating cash flows to fund its budgeted capital expenditures and satisfy its

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contractual obligations. Any such amounts or obligations for which operating cash flows are not sufficient to fund or satisfy will be funded by capital contributions by us and MBIC or our respective affiliates. AssetCo will make distributions of excess cash (which will be reduced by cash reserves necessary to make payments with respect to budgeted items and to maintain compliance with applicable law or contractual obligations) on a quarterly basis, provided that the board of directors of AssetCo may cause distributions to be made on a more frequent basis. Following the earlier of (i) the expiration of the Commitment Period or (ii) the completion of all committed capital contributions, DriveCo will make contributions of excess cash on an annual basis, provided that the board of directors of DriveCo may cause distributions to be made on a more frequent basis.

As part of our Mercedes-Benz Joint Ventures we have committed to hiring or seconding a minimum of 50 people by the end of 2023 who will be fully focused on this venture.

For additional information regarding the risks associated with the Mercedes-Benz Joint Ventures, please see "Risk Factors—The Mercedes-Benz Joint Ventures are joint ventures and our investments could be adversely affected by our lack of sole decision-making authority and restrictions on transfer relating to the Mercedes-Benz Joint Ventures. The Mercedes-Benz Joint Ventures may also impair our operating flexibility and subject us to risks not present in our other investments that involve co-ownership" and "Risk Factors—We may be unable to identify and acquire sites for the development of HPC EV Stations and to successfully develop those HPC EV Stations at all or at the scale expected for the Mercedes-Benz Joint Ventures."

**NES Acquisition** 

On November 18, 2022, the Company acquired a portfolio of certain projects (the "NES Acquisition"), which include a portfolio of solar assets of approximately 442 MW situated in California, Nevada, North Carolina and Oregon with an affiliate of New Energy Solar ("NES"). The table below illustrates the revenues and operating expenses, excluding depreciation and amortization expense, associated with such projects, as well as our anticipated ownership interest in each such project.

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| | | | |
|:---|:---|:---|:---|
| **Project** | **The Company's<br>Ownership Interest<sup>(1)</sup>** | **Project<br>Revenues<sup>(2)</sup>Year Ended<br>December 31, 2021<br>(In Thousands)** | **Project Operations and<br>maintenance**<br>**expenses, excluding<br>depreciation, amortization<br>and accretion<sup>(2)</sup>** <br>**Year Ended**<br>**December 31, 2021**<br>**(In Thousands)** |
|  IS-31/IS-47/Rigel | 100.0% | $13000 | $4000 |
|  GFS/SSCA | 99.9% | 12012 | 6006 |
|  Hercules | 50.0% | 26000 | 4000 |
|  BSP | 49.0% | 12245 | 4082 |

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(1) Represents the Company's net ownership interest in the entity holding the relevant project, excluding tax equity
ownership interests in each Project (other than the IS-31/IS-47 Projects, which are no longer subject to tax equity investments).

(2) Represents the total revenues and operations and maintenance expenses, excluding depreciation, amortization and accretion
of the applicable project. While we intend to consolidate the results of the IS-31, IS-47, Rigel, GFS and SSCA projects in our financial statements, we have determined that our investments in the Hercules and BSP projects will be accounted for under
the equity method of accounting. Thus the full extent of the project revenues and expenses attributable to each of Hercules and BSP will not be included in our consolidated revenues and expenses.

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The aggregate purchase price for the NES Acquisition was approximately $254.8 million in cash, subject to purchase price adjustments. We have received additional capital contributions from the Existing Owners that were used to fund the NES Acquisition.

***Entry into New Revolving Credit Facility***

In connection with the consummation of this offering, we intend to fully repay the Subscription Facility and enter into the New Revolving Credit Facility. We expect the New Revolving Credit Facility will be used to finance our operating and investing activities. The credit agreement governing the New Revolving Credit Facility is expected to contain customary affirmative covenants, including regarding financial reporting, existence, maintenance of insurance and properties, inspection rights, maintenance of collateral, and compliance with laws. The credit agreement is also expected to contain various negative covenants, including restrictions on the borrower's ability to incur indebtedness, grant liens, make fundamental changes, dispose of assets, and fund dividends, distributions, investments, or acquisitions, and customary events of default, subject to certain exceptions and cure periods. We will also be subject to certain financial covenants. The failure to comply with such financial covenants could result in an event of default, if not cured. For more information, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Project and Corporate-Level Financing."

**Internalization Transaction** 

Prior to August 4, 2022, we did not have any employees but had rather been externally managed by Goldman Sachs Asset Management, L.P. ("GSAM"), a wholly owned subsidiary of The Goldman Sachs Group, Inc. ("GS"). GSAM is a highly diversified global investment management firm supervising over $2 trillion in assets as of June 30, 2022. With more than 2,000 professionals across 31 offices worldwide, GSAM provides investment and advisory solutions for institutional and individual investors across multiple asset classes.

Under a Management Services Agreement, GSAM historically dedicated to us a team of approximately 100 professionals with extensive experience spanning transaction sourcing and financial analysis, power markets and physical asset analysis in the solar industry. In addition to this dedicated team, GSAM had risk management, legal, accounting, tax, information technology and compliance personnel, among others, who provided services to us. Under the Management Services Agreement, GSAM was entitled to certain administrative fees and management fees for the services provided to us. See "Certain Relationships and Related Party Transactions—Management Services Agreement."

In addition, under the terms of the limited liability company agreement of MN8 Energy Operating Company LLC (f/k/a Goldman Sachs Renewable Power Operating Company LLC) ("OpCo"), GSAM Holdings II LLC (the "Special Interest Member") holds the Special Interest, which for periods prior to the closing on August 4, 2022, of the Internalization Transaction described below included the right to receive the OpCo Incentive Allocation, the value of which was based on certain operational and financial metrics as further described in "Certain Relationships and Related Party Transactions—OpCo LLC Agreement."

On May 18, 2022, we entered into an agreement (the "Internalization Agreement") with OpCo, MN8 Energy, GSAM and the Special Interest Member to engage in an internalization transaction ("Internalization Transaction"), which we closed on August 4. 2022. Pursuant to the Internalization Transaction, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Management Services Agreement was terminated and GSAM is no longer entitled to management fees or administrative fees
from us;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we agreed to directly or indirectly employ the approximately 100 professionals previously employed by GSAM that were
dedicated to our business under the Management Services Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we entered into a transition services agreement with MN8 Energy, OpCo and GSAM that provides for the provision of certain
administrative services by GSAM to MN8 Energy, OpCo and us for a specified period of time following the closing of the Internalization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the OpCo Incentive Allocation was terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OpCo and its subsidiaries made an aggregate payment of $30 million (less $3.0 million in cash signing bonuses to be paid to
former GSAM employees) to the Special Interest Member and affiliates thereof, and $4 million of such payment was credited against, and reduced, the purchase price payable to GSAM Holdings LLC ("GSAM Holdings") pursuant to the QBI Solutions
Share Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties agreed that, in connection with the Corporate Reorganization, the Special Interest will be exchanged (the
"Special Interest Exchange") by the Special Interest Member for a number of shares of common stock of MN8 Energy (the "Special Interest Shares") calculated in the manner further described in "Internalization Transaction and
Corporate Reorganization", which calculation is derived from an implied equity value for our company before giving effect to this offering based on the initial public offering price per share set forth on the cover of this prospectus and takes
into account prior distributions, including the cash payment to the Special Interest Member described above; using an assumed initial public offering price for our common stock of
$ per share (the midpoint of the price range set forth on the cover of this prospectus), we would issue
 Special Interest Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are subject to non-competition covenants under the Internalization Agreement, which may limit our operations in certain
respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties agreed that GSAM will have the right to one board seat until such time following the Corporate Reorganization
as GSAM's ownership of MN8 Energy's common stock falls below five percent of the common stock then outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties agreed that The Regents of the University of California (the "UC Regents") has the option to appoint
a board observer until the earlier of (i) prior to the initial public offering, the UC Regents no longer owning 10% of MN8 Energy LLC or (ii) after the initial public offering, the UC Regents no longer owning 10% of MN8 Energy's common stock.

**Corporate Reorganization** 

MN8 Energy LLC (f/k/a Goldman Sachs Renewable Power LLC) was formed in Delaware on September 19, 2017. Prior to this offering, in the Merger, a wholly owned subsidiary of MN8 Energy, Inc. ("MN8 Energy"), a newly incorporated Delaware corporation formed for the purpose of effecting this offering and the transactions related thereto, will merge into MN8 Energy LLC, with MN8 Energy LLC surviving such Merger, and all outstanding limited liability company interests in MN8 Energy LLC will be exchanged for shares of common stock of MN8 Energy, with each member entitled to receive its pro rata portion of such shares of common stock based on such member's rights to distributions from MN8 Energy LLC. In connection with the Merger and the Special Interest Exchange, an aggregate of shares of common stock of MN8 Energy will be issued to the Existing Owners and the Special Interest Member of which, based on the an initial public offering price of $ per common share (the midpoint of the price range on the cover of this prospectus), shares will be issued to the Existing Owners in the Merger and shares will be issued to the Special Interest Member in the

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Special Interest Exchange. Following the Merger and the Special Interest Exchange, MN8 Energy will issue shares of common stock to the public in this offering in exchange for the proceeds of this offering.

After giving effect to the Merger and the Special Interest Exchange, which we refer to as the "Corporate Reorganization," the Internalization Transaction and the offering contemplated by this prospectus, and assuming no exercise of the underwriters' option to purchase additional shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GSAM (including through the Special Interest Member) will
own of our shares of common stock, which, based on an initial public offering price of $ per share (the
midpoint of the price range set forth on the cover page of this prospectus), representing an aggregate illustrative value of approximately $ and approximately % of the voting
power thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Existing Owners other than GSAM will
own of our shares of common stock, which, based on an initial public offering price of $ per share (the
midpoint of the price range set forth on the cover page of this prospectus), representing an aggregate illustrative value of approximately $ and approximately % of the voting
power thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors in this offering will
own of our shares of common stock, representing which, based on an initial public offering price of $ per
share (the midpoint of the price range set forth on the cover page of this prospectus), representing an aggregate illustrative value of approximately $ and % of the voting power
thereof.

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The following diagram indicates our simplified ownership structure immediately following the Internalization Transaction, the Corporate Reorganization and the consummation of this offering and the transactions related thereto (assuming the underwriters' option to purchase additional shares is not exercised).

![LOGO](g366853g97l25.jpg)

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(1) Other Existing Investors includes the UC Regents, which we expect to own, based on the assumptions set forth above,
shares of our Common Stock, representing an aggregate illustrative value of approximately $ million and approximately % of the
voting power of our Common Stock.

The ownership figures set forth above assume an initial public offering price of $ per common share, which is the midpoint of the price range set forth on the cover of this prospectus. Any increase or decrease (as applicable) of the assumed initial public offering price will result in an increase or decrease, respectively, in the number of Special Interest Shares to be issued to GSAM, and an equivalent decrease or increase, respectively, in the number of shares of common stock to be received by the other Existing Owners of MN8 Energy LLC. Accordingly, any such change in our initial public offering price will not affect the aggregate number of shares of common stock held collectively by the Existing Owners (including GSAM) and the public. See "Internalization Transaction and Corporate Reorganization—Existing Owners' Ownership."

**Summary Risk Factors** 

Investing in our common stock involves risks that relate to, among other things, our business, our dealers, market factors, governmental policies and regulation, competition, the pace of technological innovations, the credit risk of our customers, our ability to raise financing and the level of our indebtedness. The risks described under the heading "Risk Factors" included elsewhere in this prospectus may cause us not to realize the full benefits of our strengths or may cause us to be unable to successfully execute all or part of our strategy. Some of the most significant challenges and risks we face include the following:

**Risks Related to Our Industry and Operations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to irradiance at our solar facilities or weather conditions generally, as a result of climate change or otherwise,
at any of our solar facilities could materially adversely affect our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supply and demand in the energy market is volatile, and such volatility could have an adverse impact on electricity prices
and a material adverse effect on our assets, liabilities, business, financial condition, results of operations and cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As our contracts expire, we may not be able to replace them with agreements on similar terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to obtain long-term contracts for the sale of power produced by our projects on favorable terms and we
may not meet certain milestones and other performance criteria under existing PPAs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A portion of our operating revenues is attributable to the sale of SRECs, which are renewable energy attributes that are
created under the laws of individual states of the U.S., and our failure to be able to sell such SRECs at attractive prices, or at all, could materially adversely affect our business, financial condition and results of operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disruptions in our supply chain for materials and components, alongside increased logistics costs, have adversely affected
our business and may continue to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face competition from traditional utilities and renewable energy companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advances in technology could impair or eliminate the competitive advantage of our projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of uncontracted generation in our portfolio may increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a risk that our concessions and licenses will not be renewed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our use and enjoyment of real property rights for our solar facilities may be adversely affected by the rights of
lienholders and leaseholders that are superior to those of the grantors of those real property rights to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The cost of operating our plants could increase for reasons beyond our control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience equipment failure, including failures relating to solar panels and batteries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The solar energy systems we own have a limited operating history and may not perform as we expect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not effectively manage the Internalization Transaction or realize the anticipated benefits thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to non-competition covenants under the Internalization Agreement, which may limit our operations in certain
respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Mercedes-Benz Joint Ventures are joint ventures and our investments could be adversely affected by our lack of sole
decision-making authority and restrictions on transfer relating to the Mercedes-Benz Joint Ventures. The Mercedes-Benz Joint Ventures may also impair our operating flexibility and subject us to risks not present in our other investments that involve
co-ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be unable to identify and acquire sites for the development of HPC EV Stations and to successfully develop those HPC
EV Stations at all or at the scale expected for the Mercedes-Benz Joint Ventures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not successfully integrate the assets acquired in or realize the benefits expected from acquisitions, including the
NES Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we choose to acquire or lend to projects before they are operational, we will be subject to risks associated with
projects that remain under development or construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is concentrated in certain markets, putting us at risk of region-specific disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on computerized business systems, which could expose us to cyber-attacks.

**Risks Related to Taxes and Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may fail to comply with the conditions in, or may not be able to maintain, our governmental permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increases in the cost or reduction in supply of solar energy and energy storage system components due to tariffs or trade
restrictions imposed by the U.S. government could have an adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in effective tax rates, or adverse outcomes resulting from other tax increases or an examination of our income or
other tax returns, could adversely affect our results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If either (a) the solar energy systems in which we are invested cease to be qualifying property within five years of
the applicable placed in service date of such property or (b) the IRS makes a determination that the tax basis of any such solar energy system is materially lower than what was reported on the applicable tax returns, we may have to pay
significant amounts to the partnerships that own such solar energy systems, to our tax-equity investors and/or to the U.S. government, and any such payment obligations could adversely affect our results of
operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If 50% or more of the value of our stock is held by tax-exempt entities that each
own at least 5% of our stock and we do not file a timely irrevocable election to not be treated as a

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tax-exempt entity under Section 168(h)(6) of the Code, it could adversely affect our results of operations and financial condition. If we do make such an election, tax-exempt entities that own our stock may face adverse tax consequences from owning our shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. federal income tax law is not clear regarding when our projects can be considered to have been "placed in
service," and we have obligations to indemnify some of our tax-equity investors if the IRS is successful in asserting that the relevant tax-equity fund did not
place in service the system it owns. If we were required to make any payments as a result of this indemnity, it could adversely affect our results of operations and financial condition.

**Risks Related to this Offering and Our Common Stock** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirements of being a public company, including compliance with the reporting requirements of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), and the requirements of the Sarbanes-Oxley Act of 2002, may strain our resources, increase our costs and distract management, and we may be unable to comply with these requirements in a timely
or cost-effective manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The initial public offering price of our common stock may not be indicative of the market price of our common stock after
this offering. In addition, an active, liquid and orderly trading market for our common stock may not develop or be maintained, and our stock price may be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain of our Existing Owners will hold a significant portion of the voting power of our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain Designated Parties (as defined herein) are not limited in their ability to compete with us, and the corporate
opportunity provisions in our certificate of incorporation could enable such Designated Parties and their respective affiliates to benefit from corporate opportunities that might otherwise be available to us.

**General Risk Factors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developments associated with the COVID-19 pandemic could have an adverse effect on
our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ongoing military action between Russia and Ukraine could adversely affect our business, financial condition and results
of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be exposed to uninsurable losses and may become subject to higher insurance premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience increased labor costs, including as a result of changes in applicable laws and regulations, and the
unavailability of skilled workers or our failure to attract and retain qualified personnel could adversely affect us.

Before you invest in our common stock, you should carefully consider all the information in this prospectus, including matters set forth under the heading "Risk Factors."

**Corporate Information** 

Our principal executive offices are located at 1155 Avenue of the Americas, 27th Floor, New York, NY 10036, and our telephone number is (332) 245-4052. Our website address is *www.mn8energy.com*. Information contained on, or that can be accessed through, our website does not constitute part of this prospectus and inclusions of our website address in this prospectus are inactive textual references only.

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**THE OFFERING** 

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| | |
|:---|:---|
|  Issuer | MN8 Energy, Inc. |
|  Common stock offered to the public | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares (shares, if the underwriters exercise in full their option to purchase additional shares of our common stock). |
|  Underwriters' option | The underwriters have a 30-day option to purchase up to additional shares of our common stock. |
| Common stock to be outstanding immediately after completion of this offering | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares (shares, if the underwriters exercise in full their option to purchase additional shares of our common stock). |
|  Voting rights | Each share of our common stock entitles its holder to one vote on all matters to be voted on by stockholders generally. See "Description of Capital Stock." |
|  Use of proceeds | We expect to receive net proceeds from the sale of shares of our common stock in this offering of approximately $ million, based on the initial public offering price of $ per share, after deducting underwriting discounts and commissions and estimated expenses payable by us. Assuming that the underwriters option to purchase additional shares is exercised in full, we expect to receive net proceeds from the sale of shares of our common stock in this offering of approximately $ million, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. |
|  | We intend to use the net proceeds from this offering to fund approximately $275.0 million to $325.0 million of development and construction activities on our renewables, battery storage and EV charging pipeline projects through the end of 2025. We intend to use any remaining net proceeds for general corporate purposes, which may include opportunistically funding solar and energy storage acquisitions, the repayment of indebtedness and other strategic opportunities. Notwithstanding the generality of the foregoing, the principal purpose of this offering is to increase our capitalization and financial flexibility, create a public market for our common stock and increase our visibility in the marketplace. Immediately after receipt of the net proceeds of this offering, management may use a certain amount to temporarily pay down the balance of |

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|:---|:---|
|  | the New Revolving Credit Facility—including amounts drawn thereunder to repay the Subscription Facility prior to this offering—to more efficiently manage the Company's liquidity and minimize interest expense. As development and construction expenditures become due, management will then redraw capital from the New Revolving Credit Facility to fund said expenditures. The New Revolving Credit Facility bears interest for ABR Loans, at the Alternate Base Rate plus the Applicable Rate, ranging from 0.50% to 0.75% (as each such capitalized term is defined in the Credit Agreement), for Term Benchmark Loans, at the Adjusted Term SOFR Rate plus the Applicable Rate, ranging from 1.50% to 1.75% (as each such capitalized term is defined in the Credit Agreement), or for RFR Loans, at the Adjusted Daily Simple SOFR plus the Applicable Rate, ranging from 1.50% to 1.75% (as each such capitalized term is defined in the Credit Agreement) and matures in January 2028. See the section titled "Use of Proceeds" for additional information. |
|  Dividend Policy | We do not anticipate declaring or paying any cash dividends to holders of our common stock in the foreseeable future. We currently intend to retain future earnings, if any, to finance our operations and the growth of our business. Our future dividend policy is within the discretion of our board of directors and will depend upon then-existing conditions, including our results of operations, financial condition, capital requirements, investment opportunities, statutory restrictions on our ability to pay dividends and other factors our board of directors may deem relevant. In addition, the agreements governing our indebtedness may place restrictions on our ability to pay cash dividends. See the section titled "Dividend Policy" for additional information. |
|  Conflicts of Interest | Because affiliates of Goldman Sachs & Co LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, HSBC Securities (USA) Inc., Wells Fargo Securities, LLC and SG Americas Securities, LLC will be lenders under our New Revolving Credit Facility and will receive 5% or more of the net proceeds of this offering due to the repayment of borrowings under our New Revolving Credit Facility, Goldman Sachs & Co LLC, BofA Securities, Inc., J.P. Morgan |

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| | |
|:---|:---|
|  | Securities LLC, HSBC Securities (USA) Inc., Wells Fargo Securities, LLC and SG Americas Securities, LLC are deemed to have a conflict of interest within the meaning of Rule 5121 ("Rule 5121") of the Financial Industry Regulatory Authority, Inc. ("FINRA"). In addition, certain of our directors and officers were formerly employed by affiliates of Goldman Sachs & Co LLC prior to the Internalization Transaction. Because Goldman Sachs & Co LLC is an Underwriter in this offering, Goldman Sachs & Co LLC is deemed to have a "conflict of interest" under Rule 5121 of FINRA. Accordingly, this offering will be conducted in compliance with Rule 5121, which requires, among other things, that a "qualified independent underwriter" participate in the preparation of, and exercise the usual standards of "due diligence" with respect to, the registration statement and this prospectus. Jefferies LLC has agreed to act as a qualified independent underwriter for this offering and to undertake the legal responsibilities and liabilities of an underwriter under the Securities Act of 1933, as amended (the "Securities Act"), specifically including those inherent in Section 11 thereof. Jefferies LLC will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. We have agreed to indemnify Jefferies LLC against liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the Securities Act. See "Underwriting (Conflicts of Interest)—Conflicts of Interest." |
|  Reserved Share Program | At our request, an affiliate of BofA Securities, Inc., a participating Underwriter, has reserved for sale, at the initial public offering price, up to 5.0% of the shares offered by this prospectus (the "Reserved Shares") for sale to some of our directors, officers, employees, distributors, dealers, business associates and related persons. We do not know if these persons will choose to purchase all or any portion of these Reserved Shares, but if these persons purchase Reserved Shares it will reduce the number of shares available for sale to the general public. For more information, see "Underwriting (Conflicts of Interest)." |

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| | |
|:---|:---|
|  Risk Factors | Please read "Risk Factors" for a discussion of risks that you should consider before investing in our common stock. |
|  NYSE trading symbol | "MNX" |

---

Except as otherwise indicated, all information above assumes that the shares of common stock offered hereby will be sold at the midpoint of the price range set forth on the cover of this prospectus. However, except as otherwise indicated, the information above does not assume or reflect the issuance of shares of common stock reserved for issuance under our long-term incentive plan (of which are expected to be issued upon vesting of the Restricted Stock Units we intend to grant following this offering) and shares of common stock reserved for issuance under our Employee Stock Purchase Program.

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**SUMMARY HISTORICAL AND PRO FORMA CONDENSED CONSOLIDATED FINANCIAL AND OPERATIONAL DATA** 

The following summary historical and pro forma condensed consolidated financial data of MN8 Energy LLC (our "Predecessor") should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Internalization Transaction and Corporate Reorganization" and the consolidated financial statements and related notes thereto included elsewhere in this prospectus. Our Predecessor's historical results are not necessarily indicative of our future results. The summary financial data in this section are not intended to replace the consolidated financial statements and related notes thereto included elsewhere in this prospectus and are qualified in their entirety by the consolidated financial statements and related notes thereto included elsewhere in this prospectus.

The summary unaudited pro forma consolidated statement of operations data of MN8 Energy for the nine months ended September 30, 2022 and the year ended December 31, 2021, has been prepared to give pro forma effect to (i) the Internalization Transaction, (ii) the Corporate Reorganization and (iii) this offering and the application of the net proceeds from this offering as if they had been completed as of January 1, 2021. The summary unaudited pro forma condensed consolidated balance sheet data as of September 30, 2022, has been prepared to give pro forma effect to (i) the Corporate Reorganization and (ii) this offering and the application of the net proceeds of this offering as if they had been completed on September 30, 2022. The summary unaudited pro forma condensed consolidated financial data are presented for informational purposes only and should not be considered indicative of actual results of operations that would have been achieved had the Internalization Transaction, Corporate Reorganization and this offering been consummated on the dates indicated, and do not purport to be indicative of statements of financial position or results of operations as of any future date or for any future period. For more information, see "Unaudited Pro Forma Consolidated Financial Statements."

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Pro Forma (MN8 Energy)** | **Pro Forma (MN8 Energy)** |
|  | **Nine Months<br>Ended September 30,** | **Nine Months<br>Ended September 30,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Nine Months<br>Ended<br>September 30,** | **Year Ended<br>December 31,** |
|  | **2022** | **2021** | **2021** | **2020** | **2019** | **2022** | **2021** |
|  | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** |
|  **Consolidated Statements of Operations Data:** |  |  |  |  |  |  |  |
|  Operating revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenues | $284318 | $238431 | $294441 | $272684 | $174721 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract amortization | (35904) | (35698) | (48007) | (51297) | (33885) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues, net | 248414 | 202733 | 246434 | 221387 | 140836 |  |  |
|  Operating costs and expenses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations and maintenance, excluding depreciation, amortization and accretion | 39631 | 30384 | 41670 | 33844 | 18617 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and accretion | 82996 | 49960 | 78884 | 58824 | 28817 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and development costs | 2716 | 8248 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internalization costs | 10283 |  |  |  |  |  |  |

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##### [**Table of Contents**](#toc)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Pro Forma (MN8 Energy)** | **Pro Forma (MN8 Energy)** |
|  | **Nine Months<br>Ended September 30,** | **Nine Months<br>Ended September 30,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Nine Months<br>Ended<br>September 30,** | **Year Ended<br>December 31,** |
|  | **2022** | **2021** | **2021** | **2020** | **2019** | **2022** | **2021** |
|  | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** | **(in thousands, except share/unit and per share/per unit amounts)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 26125 | 17365 | 41617 | 33637 | 24526 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party management and administration fee | 12395 | 13426 | 18059 | 13173 | 7089 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating costs and expenses | 174146 | 119383 | 180230 | 139478 | 79049 |  |  |
|  Operating income | 74268 | 83350 | 66204 | 81909 | 61787 |  |  |
|  Other expense: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | (64188) | (50913) | (75910) | (82667) | (60241) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on tax-equity sale-leaseback buyouts | 9609 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt |  |  |  | (9771) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense), net | 1924 | (5640) | (7885) | (5325) | (456) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense | (52655) | (56553) | (83795) | (97763) | (60697) |  |  |
|  Net income (loss) before income taxes | 21613 | 26797 | 17591 | 15854 | 1090 |  |  |
|  Income tax expense  | 104339 | 36241 | 38618 | 4481 | 5349 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | (82726) | (9444) | (56209) | (20335) | (4259) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests | (102450) | (98233) | (230845) | (38575) | 17222 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) attributable to shareholders | $19724 | $88789 | $174636 | $18240 | $(21481) | $— | $— |
|  Net income (loss) per share attributable to shareholders |  |  |  |  |  |  |  |
|  Weighted average shares used to compute net income (loss) per share |  |  |  |  |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** |
|  | **Nine Months**<br>**Ended September 30,** | **Nine Months**<br>**Ended September 30,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2021** | **2020** | **2019** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Condensed Consolidated Cash Flow Data:** |  |  |  |  |  |
|  Net cash from operating activities | $104670 | $62249 | $125760 | $140763 | $118817 |
|  Net cash used in investing activities | $(272585) | $(662653) | $(902032) | $(567492) | $(469026) |
|  Net cash from financing activities | $384456 | $726910 | $991589 | $476105 | $418639 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Pro Forma (MN8<br>Energy)** |
|  | **As of December 31,** | **As of December 31,** | **As of**<br>**September 30,** | **As of**<br>**September 30,** |
|  | **2021** | **2020** | **2022** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | |
|  **Condensed Consolidated Balance Sheet Data:** |  |  |  |  |
|  Total assets | $4236950 | $3076254 | $4852878 | $|
|  Tax equity sale-leaseback, current portion | $77035 | $47749 | $48841 | $|
|  Long-term debt, current portion | $451742 | $57363 | $393173 | $|
|  Tax equity sale-leaseback, net of current portion | $396672 | $446902 | $359887 | $|
|  Long-term debt, net of current portion | $1609067 | $1075673 | $1820277 | $|
|  Total liabilities | $3057188 | $1975327 | $3430252 | $|
|  Redeemable non-controlling interests | $28393 | $66582 | $33774 | $|
|  Non-controlling interests | $143794 | $118698 | $149095 | $|
|  Members' equity | $1007575 | $915647 | $1239757 | $|
|  Total equity | $1151369 | $1034345 | $1388852 | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, redeemable non-controlling interests and members' equity | $4236950 | $3076254 | $4852878 | $|

---

**Non-GAAP Financial Measures** 

The table below discloses our non-GAAP measures of Adjusted EBITDA and Project Contribution Margin for the periods presented. Adjusted EBITDA and Project Contribution Margin are financial measures that we use, and that we believe investors and securities analysts use, in evaluating our operating performance. These measurements are not recognized in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance such as revenues or net income (loss). The presentation of these non-GAAP financial measures should not be construed to suggest that our future results will be unaffected by items excluded from the calculations of such measures but included in the comparable GAAP measures. In addition, our calculations of Adjusted EBITDA and Project Contribution Margin are not necessarily comparable to similarly titled non-GAAP measures disclosed by other companies.

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##### [**Table of Contents**](#toc)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Pro Forma (MN8 Energy)** | **Pro Forma (MN8 Energy)** |
|  | **Nine Months<br>Ended September 30,** | **Nine Months<br>Ended September 30,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Nine Months<br>Ended September 30,** | **Year Ended<br>December 31,** |
|  | **2022** | **2021** | **2021** | **2020** | **2019** | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Adjusted EBITDA | $204184 | $171905 | $206972 | $186705 | $124033 | $| $|
|  Project Contribution Margin | $244687 | $208047 | $252771 | $238840 | $156104 | $| $|

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We define Adjusted EBITDA as net income (loss) before interest expense, net, interest expense, net, (gain) loss on tax equity sale-leaseback buyouts and acquisitions, gain on termination of purchase obligation, legal settlements, loss on extinguishment of debt, income tax (benefit) expense, depreciation, amortization and accretion, restructuring and offering costs, contract amortization and acquisition and development costs. The GAAP measure most directly comparable to Adjusted EBITDA is net income (loss).

We believe Adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. These adjustments are intended to exclude items that are not indicative of the ongoing operating performance of the business. Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our board of directors in setting performance-based compensation targets.

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##### [**Table of Contents**](#toc)
The following table reconciles Adjusted EBITDA to net income (loss):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Pro Forma (MN8 Energy)** | **Pro Forma (MN8 Energy)** |
|  | **Nine Months**<br>**Ended September 30,** | **Nine Months**<br>**Ended September 30,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Nine Months<br>Ended September 30,** | **Year Ended<br>December 31,** |
|  | **2022** | **2021** | **2021** | **2020** | **2019** | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Net income (loss) | $(82726) | $(9444) | $(56209) | $(20335) | $(4259) | $| $|
|  Interest expense, net | 64188 | 50913 | 75910 | 82667 | 60241 |  |  |
| (Gain) loss on tax equity sale-leaseback buyouts and acquisitions | (9609) | 289 | 289 |  |  |  |  |
|  Gain on termination of purchase obligation | (1907) |  |  |  |  |  |  |
|  Legal settlements | (2000) |  |  |  |  |  |  |
|  Loss on extinguishment of debt |  |  |  | 9771 |  |  |  |
|  Income tax expense | 104339 | 36241 | 38618 | 4481 | 5349 |  |  |
|  Depreciation, amortization and accretion | 82996 | 49960 | 78884 | 58824 | 28817 |  |  |
|  Restructuring and offering costs<sup>(1)</sup> | 10283 |  |  |  |  |  |  |
|  Contract amortization<sup>(2)</sup> | 35904 | 35698 | 48007 | 51297 | 33885 |  |  |
|  Acquisition and development costs<sup>(3)</sup> | 2716 | 8248 | 21473 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA | $204184 | $171905 | $206972 | $186705 | $124033 | $| $|

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(1) Restructuring and offering costs includes costs relating to this offering, the Internalization Transaction and Corporate
Reorganization. For more information, see the section entitled "Internalization Transaction and Corporate Reorganization."

(2) Contract amortization represents the aggregate impact of amortizing on a straight-line basis the assets and liabilities
from acquired PPAs for which the fair value has been determined to be significantly less (more) than market. For more information, see the section entitled "Management's Discussion and Analysis of Financial Condition and Results of
Operations—Principal Sources of Our Operating Revenues."

(3) Acquisition and development costs include costs associated with the acquisition, financing and development of our solar
and energy storage systems.

We define Project Contribution Margin as gross margin, adding contract amortization and depreciation, amortization and accretion expense, less operations and maintenance, excluding depreciation, amortization and accretion. The GAAP measure most directly comparable to Project Contribution Margin is gross margin. We believe Project Contribution Margin is useful to management, investors and analysts in providing a measure of our asset-level operating performance. Project Contribution Margin is also useful to our management in that it allows for evaluation of performance on a project-by-project basis, the results of which management can utilize to prioritize marketing decisions and cost reduction measures.

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##### [**Table of Contents**](#toc)
The following table reconciles Project Contribution Margin to gross margin:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Pro Forma (MN8 Energy)** | **Pro Forma (MN8 Energy)** |
|  | **Nine Months**<br>**Ended September 30,** | **Nine Months**<br>**Ended September 30,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Nine Months<br>Ended September 30,** | **Year Ended<br>December 31,** |
|  | **2022** | **2021** | **2021** | **2020** | **2019** | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Operating revenues | $284318 | $238431 | $294441 | $272684 | $174721 | $| $|
|  Contract amortization | (35904) | (35698) | (48007) | (51297) | (33885) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating revenues, net. | 248414 | 202733 | 246434 | 221387 | 140836 |  |  |
|  Depreciation, amortization and accretion | 82996 | 49960 | 78884 | 58824 | 28817 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross margin<sup>(1)</sup> | 165418 | 152773 | 167550 | 162563 | 112019 |  |  |
|  *Add-Back:* |  |  |  |  |  |  |  |
|  Contract amortization | 35904 | 35698 | 48007 | 51297 | 33885 |  |  |
|  Depreciation, amortization and accretion | 82996 | 49960 | 78884 | 58824 | 28817 |  |  |
|  *Less:* |  |  |  |  |  |  |  |
|  Operations and maintenance, excluding depreciation, amortization and accretion | 39631 | 30384 | 41670 | 33844 | 18617 |  |  |
|  Project Contribution Margin | 244687 | 208047 | 252771 | 238840 | 156104 |  |  |
|  Project Contribution Margin Ratio<sup>(2)</sup> | 86% | 87% | 86% | 88% | 89% |  |  |

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(1) Gross margin as determined in accordance with GAAP is defined as the excess of revenues over cost of goods sold. Based on
the nature of our revenue sources and the direct costs associated therewith, gross margin as presented for our business herein represents operating revenues less contract amortization and depreciation, amortization and accretion, but before other
relatively fixed operations and maintenance expenses.

(2) Project Contribution Margin Ratio is equal to Project Contribution Margin divided by Operating Revenues for the
applicable period.

**Key Operational Metrics** 

In addition to the measures presented in our consolidated financial statements, we use the following key operational metrics to evaluate our business, measure our performance, develop financial forecasts, and make strategic decisions. The following table summarizes our key operational metrics for each period presented below, which are unaudited. For more information on key business

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##### [**Table of Contents**](#toc)
metrics, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operational Metrics and Non-GAAP Financial Measures."

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** |
|  | **Nine Months**<br>**Ended September 30,** | **Nine Months**<br>**Ended September 30,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2021** | **2020** | **2019** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Operating Megawatts Added and Generated:** |  |  |  |  |  |
|  **Generation**: |  |  |  |  |  |
|  Megawatts added<sup>(1)</sup> | 330 MW | 29 MW | 254 MW | 251 MW | 808 MW |
|  Megawatts hours generated | 2,894,224 MWh | 1,991,030 MWh | 2,417,803 MWh | 2,033,126 MWh | 1,128,589 MWh |
|  Megawatt capacity | 2,038 MW | 1,482 MW | 1,709 MW | 1,455 MW | 1,204 MW |
|  **Storage**: |  |  |  |  |  |
|  Megawatt hours capacity of energy storage | 1,065 MWh | 4 MWh | 504 MWh | 4 MWh | 4 MWh |

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(1) Megawatts added include acquisitions and projects achieving commercial operation.

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**RISK FACTORS** 

*Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below together with all of the other information included in this prospectus before deciding to invest in our common stock. If any of the following risks actually occur, they may materially and adversely affect our business, financial condition, cash flows and results of operations. In this event, the trading price of our common stock could decline, and you could lose all or part of your investment in us. We may experience additional risks and uncertainties not currently known to us; or, as a result of developments occurring in the future, conditions that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, cash flows and results of operations.* 

**Risks Related to Our Industry and Operations** 

***Changes to irradiance at our solar facilities or weather conditions generally, as a result of climate change or otherwise, at any of our solar facilities could materially adversely affect our operations.***

The revenues generated by our solar facilities are correlated to the amount of electricity generated, which in turn is dependent upon irradiance and weather conditions generally. Irradiance and weather conditions have natural variations from season to season and from year to year and may also undergo long-term or permanent change because of climate change or other factors. While we may try to reduce such risks through studies of present or historical conditions or modelling of future conditions, projections of solar resources depend on assumptions about weather patterns, shading and irradiance, which are inherently uncertain and may not be consistent with actual conditions at the site. A sustained decline in weather conditions could lead to a material adverse change in the volume of electricity generated, revenues and cash flow.

Additionally, climate change may increase the frequency and severity of adverse weather conditions, such as tropical storms, wildfires, droughts, floods, hurricanes, tornadoes, ice storms or extreme temperature, and may have the long-term effect of changing weather patterns, which could result in more frequent and severe disruptions to our solar facilities. Such disruptions may include, among other things, damage to or destruction of our assets or to assets required for electricity transmission or the impaired operation or forced shutdown of these assets. If one or more of our solar facilities were to be subject to these or similar events, or if other unexpected geological or other adverse physical conditions were to develop at any of our solar facilities, the generation capacity of that facility could be significantly reduced or eliminated. Additionally, such events may elicit changes in energy regulations in the jurisdictions in which we operate, which may result in, among other things, increased compliance costs, reduced revenues or incentives, operational restrictions, or difficulties in obtaining or maintaining necessary permits, licenses, exemptions, or other authorizations required for our business. A disruption or failure of our solar facilities may prevent us from operating in the normal course.

In addition, customers' energy needs generally vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, customers' energy use could increase or decrease depending on the duration and magnitude of changing weather conditions, which could adversely affect our business, results of operations and cash flows.

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***Supply and demand in the energy market is volatile, and such volatility could have an adverse impact on electricity prices and a material adverse effect on our assets, liabilities, business, financial condition, results of operations and cash flow.***

A portion of our operating revenues are tied, either directly or indirectly, to the wholesale market price for electricity in the markets in which we operate. Wholesale market electricity prices are impacted by a number of factors including: the price of fuel (for example, natural gas) that is used to generate electricity; the management of generation and the amount of excess generating capacity relative to load in a particular market; the cost of controlling emissions of pollution, including the cost of emitting carbon dioxide; the structure of the electricity market; and weather conditions (such as extremely hot or cold weather) that impact electrical load. More generally, there is uncertainty surrounding the trend in electricity demand growth, which is influenced by: macroeconomic conditions; absolute and relative energy prices; and energy conservation and demand-side management. Correspondingly, from a supply perspective, there are uncertainties associated with the timing of generating plant retirements—in part driven by environmental regulations—and with the scale, pace and structure of replacement capacity, again reflecting a complex interaction of economic and political pressures and environmental preferences. This volatility and uncertainty in the power market generally, including the non-renewable power market, could have a material adverse effect on our assets, liabilities, business, financial condition, results of operations and cash flow.

***As our contracts expire, we may not be able to replace them with agreements on similar terms.***

Certain PPAs in our portfolio will be subject to re-contracting in the future. If the price of electricity in power markets is declining at the time of such re-contracting, it may impact our ability to re-negotiate or replace these contracts on terms that are acceptable to us, or at all. In addition, a concentrated pool of potential buyers for electricity generated by our renewable energy facilities in certain jurisdictions may restrict our ability to negotiate favorable terms under new PPAs or existing PPAs that are subject to re-contracting.

While we depreciate our solar facilities over 35 years, our PPAs typically have initial terms of 15 to 25 years. Our PPAs include optional renewal features for our customers, but we cannot guarantee that our PPAs will be renewed. Although we believe that 35 years is a reasonable estimate of the economic life of our solar facilities based on publicly available information, there is no guarantee that our customers will choose to renew their PPAs with us after the expiration of the initial term. Therefore there can be no certainty that our solar facilities will produce cash flows over their depreciable life.

As stated above, we cannot provide any assurance that we will be able to re-negotiate or replace these contracts once they expire, and even if we are able to do so, we cannot provide any assurance that we will be able to obtain the same prices or terms we currently receive. If we are unable to re-negotiate or replace these contracts, or unable to secure prices at least equal to the current prices we receive, our business, financial condition, results of operation and prospects could be adversely affected.

***We may not be able to obtain long-term contracts for the sale of power produced by our projects on favorable terms and we may not meet certain milestones and other performance criteria under existing PPAs.***

Obtaining long-term contracts for the sale of power produced by our projects at prices and on other terms favorable to us is essential for our long-term success. We must compete for PPAs against other developers of renewable energy projects. This intense competition for PPAs has resulted in downward pressure on PPA pricing for newly contracted projects. This downward pricing pressure may particularly affect our business as we seek to negotiate PPAs for projects we have developed. The

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inability to compete successfully against other power producers or otherwise enter into PPAs favorable to us would negatively affect our ability to develop and finance our projects and negatively affect our revenues. In addition, the availability of PPAs depends on utility and corporate energy procurement practices that could evolve and shift allocation of market risks over time. In addition, PPA availability and terms are a function of a number of economic, regulatory, tax, and public policy factors, which are also subject to change.

Our PPAs typically require us to meet certain milestones and other performance criteria. Our failure to meet these milestones and other criteria, including minimum quantities, may result in price concessions and may result in the termination of our PPAs, in which case we would lose any future cash flow from the relevant project and may be required to pay fees and penalties to our counterparty. If our PPAs are terminated, it could materially and adversely affect the development of our solar and energy storage projects, our results of operations, and cash flow until we are able to replace the PPA or interconnection agreement on similar terms. Additionally, we cannot assure you that we will be able to perform our obligations under such agreements or that we will have sufficient funds to pay any fees or penalties thereunder.

***A portion of our operating revenues is attributable to the sale of SRECs, which are renewable energy attributes that are created under the laws of individual states of the U.S., and our failure to be able to sell such SRECs at attractive prices, or at all, could materially adversely affect our business, financial condition and results of operation.***

A portion of our operating revenues is attributable to the sale of SRECs and other environmental attributes of our facilities. The sale of SRECs has constituted a significant portion of our revenue historically, representing 27%, 27% and 36% of our revenue for each of the years ended December 31, 2021, 2020 and 2019, respectively, and 22% and 25% of our revenue for the nine months ended September 30, 2022 and 2021, respectively. These SRECs and other environmental attributes are created under the state laws, generally in the state where the renewable energy facility is located. We sometimes seek to sell forward a portion of our SRECs or other environmental attributes to fix the revenues from those attributes and hedge against future declines in prices of SRECs or other environmental attributes. These programs have a finite life and our revenues may decline if and when we are unable to generate a sufficient number of SRECs. If our renewable energy facilities do not generate the amount of electricity required to earn the SRECs or other environmental attributes sold under such forward contracts or if for any reason the electricity we generate does not produce SRECs or other environmental attributes for a particular state, we may be required to make up the shortfall of SRECs or other environmental attributes under such forward contracts through purchases on the open market or make payments of liquidated damages. We have from time to time provided guarantees as credit support for these obligations. Additionally, forward contracts for SREC sales often contain adequate assurances clauses that allow our counterparties to require us to provide credit support in the form of parent guarantees, letters of credit or cash collateral.

Our ability to hedge forward our anticipated volume of SRECs or other environmental attributes is limited by market conditions, leaving us exposed to the risk of falling prices for SRECs or other environmental attributes. Utilities in many states are required by law or regulation to purchase a portion of their energy from renewable energy sources. Changes in state laws or regulations relating to SRECs may adversely affect the demand for, or availability of, SRECs or other environmental attributes and the future prices for such products. This could have an adverse effect on our business, financial condition and results of operations.

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***We guarantee certain of the obligations of our projects and other subsidiaries, and a requirement to make a payment under such guarantee may have a material adverse effect on our financial condition or liquidity.***

Our subsidiaries incur various types of debt and other obligations. Project non-recourse debt or obligations are repayable solely from the applicable project's or entity's future revenues and, in some cases, are secured by the project's or entity's physical assets, major contracts, cash accounts, and our ownership interests in other entities. While we seek to secure project non-recourse debt for our projects, in certain cases we are unable to do so, and thus may be liable for some of our subsidiaries' obligations in connection with certain limited recourse debt or obligations, where we (or another of our subsidiaries) have provided a limited guarantee, making us directly liable to creditors or counterparties if our subsidiaries default on such obligations. To satisfy these obligations, we may be required to use amounts distributed by our other subsidiaries, as well as other sources of available cash, reducing the cash available to execute our business plan. In addition, if our subsidiaries default on their obligations under non-recourse financing or other agreements, we may decide to make payments to prevent the creditors of these subsidiaries from foreclosing on the relevant collateral (which foreclosure would result in a loss of our ownership interest in the subsidiary or in some or all of its assets). Such payments or losses could have a material adverse effect on our business, financial condition and results of operations.

***The use of tax-equity arrangements to finance projects limits certain management rights and operational flexibility with respect to those projects, as well as our rights to cash flows, tax credits, and depreciation deductions generated by those projects.***

A significant portion of the projects in our current portfolio have tax-equity financing arrangements in place, and we expect that some or all of our future projects will be financed with tax-equity arrangements. Under many of these arrangements, a tax-equity investor acquires an equity interest in the company that directly or indirectly owns the project, which entitles the tax-equity investor to a significant percentage of the tax credits and depreciation deductions generated by the project, as well as a percentage of the project's cash flows (which may be significant in certain transactions), until a certain point in time. If a project underperforms, it could delay such point in time and, as a consequence, a tax-equity investor may become entitled to receive a greater percentage or, in some cases, all of the project's cash flows until such point in time. The tax-equity investor also has the right to approve certain unanticipated management decisions with respect to the applicable project. These approval rights include decisions regarding material capital expenditures, replacement of major contracts, bankruptcy, and the sale of the applicable project. To the extent we want to take any of these project level actions at a project in which we co-invest with a tax-equity investor, we may be required to obtain the tax-equity investor's consent prior to taking such action. As a result, compliance with our obligations to our tax equity investors may prevent us from making certain business decisions.

***Disruptions in our supply chain for materials and components, alongside increased logistics costs, have adversely affected our business and may continue to do so.***

Critical inputs to the manufacturing of solar panels and batteries, including those used in energy storage projects, may include lithium, cobalt, nickel, and various rare earth and other critical minerals. In particular, lithium, cobalt and nickel are critical inputs in the manufacturing of batteries, including the batteries used in our energy storage projects. These raw materials are in high demand, subject to price fluctuations and of limited availability. If manufacturers are not able to procure enough of these raw materials or components, or procure them in a timely manner, this may result in a shortage, which may have a material adverse effect on the development and maintenance of our projects and, in turn, on our business, financial condition, and results of operations. Such concerns may also impact other raw

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materials, such as steel and aluminum, which are used in the construction and maintenance of our solar energy systems. As a result of the COVID-19 pandemic and other disruptions, including shipping and transportation constraints, and political, social, or economic instability in regions where such components and materials are produced, there may be delays in, or increased costs associated with, obtaining the various raw materials or components used in our operations. Any change in the cost of solar panels, energy storage technology or other raw materials would impact the costs of constructing our projects and affect our financial results. In addition, both global and localized events could disrupt our international supply chains. For example, disruptions in the supply chain for modules and corresponding cost increases for modules have led to material delays in the construction of some of our projects, including in our New York state portfolio. Such costs may also increase as a result of any actions taken by governments to promote self-sufficiency or national security with regards to critical minerals or equipment, such as tariffs, import/export restrictions, or domestic procurement quotas, among others.

In addition to such risks of supply chain disruptions, jurisdictions are increasingly requiring companies to monitor for and address certain practices from their supply chain, including but not limited to certain labor practices and the procurement of conflict minerals. Such requirements may require us to incur substantial costs in order to comply and, to the extent such requirements are modified or expanded, we may be required to incur further substantial costs to maintain compliance.

***We face competition from traditional utilities and renewable energy companies.***

The solar energy industry and the broader clean energy industry are highly competitive and continually evolving, as market participants strive to distinguish themselves within their markets and compete with large incumbent utilities and new market entrants. We believe that our primary competitors are the traditional incumbent utilities that supply energy to our potential customers under highly regulated rate and tariff structures. We compete with these traditional utilities primarily based on price, predictability of price and the ease with which customers can switch to electricity generated by our renewable energy facilities. If we cannot offer compelling value to our customers based on these factors, then our business will not grow. Traditional utilities generally have substantially greater financial, technical, operational and other resources than we do, and as a result may be able to devote more resources to the research, development, promotion and sale of their products or respond more quickly to evolving industry standards and changes in market conditions than we can. Traditional utilities could also offer other value-added products or services that could help them to compete with us even if the cost of electricity they offer is higher than ours. In addition, the source of a majority of traditional utilities' electricity is non-renewable, which may allow them to sell electricity more cheaply than electricity generated by our solar facilities. Such non-renewable generation is typically available for dispatch at any time, as it is not dependent on the availability of intermittent resources.

We also face risks that traditional utilities could change their volumetric-based (i.e., cents per kWh rate) and tariff structures to make distributed solar generation less economically attractive to their retail customers. Currently, net metering programs are utilized in a majority of states to support the growth of distributed generation facilities by requiring traditional utilities to reimburse certain of their retail customers for the excess power they generate at the level of the utilities' retail rates rather than the rates at which those utilities buy power at wholesale. Certain states allow their traditional utilities to assess a surcharge on customers with solar facilities for their use of the utility's grid, based on the size of the customer's solar facility. This surcharge reduces the economic returns for the excess electricity that the solar facilities produce. These types of charges, which reduce or eliminate the economic benefits of net metering, if implemented across a large number of states, could significantly change the economic benefits of solar energy as perceived by traditional utilities' retail customers.

We also face competition from other renewable energy companies who may offer different products, lower prices and other incentives, which may impact our ability to maintain our customer

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base. As the solar industry grows and evolves, we will also face new competitors who are not currently in the market, such as an emerging energy storage market. The Inflation Reduction Act, through its combination of tax incentives and investments in renewable power projects and technologies, may lower barriers to entry into the renewable energy market which could have the effect of increasing competition, potentially eroding our market position and may result in continued downward pricing pressure on our PPAs. Our failure to adapt to changing market conditions and to compete successfully with existing or new competitors could limit our growth and could have a material adverse effect on our business and prospects.

***Advances in technology could impair or eliminate the competitive advantage of our projects.***

Technology related to the production and storage of renewable power and conventional power generation are continually advancing, resulting in a gradual decline in the cost of producing or storing electricity. If advances in technology further reduce the cost of producing or storing power, the competitive advantage of our existing projects may be significantly impaired or eliminated and our assets, liabilities, business, financial condition, results of operations and cash flow could be materially and adversely affected as a result.

***The amount of uncontracted generation in our portfolio may increase.***

As of September 30, 2022, 89% of our operating revenue was contracted over the following two to five years under a mix of short and long-term, fixed price contracts with creditworthy counterparties. In 2021, 2020 and 2019, 97%, 99% and 98%, respectively, of our operating revenue was contracted in each of those calendar years. The portion of our portfolio that is uncontracted may increase over time which would increase our exposure to variability in power prices, which could, in certain circumstances, have an adverse effect on our business, financial condition, ability to issue and/or refinance debt, results of operations and cash flows.

***There is a risk that our concessions and licenses will not be renewed.***

We hold concessions and licenses and we have rights to operate our facilities, which generally include rights to the land required for power generation and which are subject to renewal at the end of their terms. We generally expect that our concessions and licenses will be renewed. However, if we are not granted renewal rights, or if our concessions or licenses are renewed subject to conditions that impose additional costs or impose additional restrictions such as setting a price ceiling for energy sales, our profitability and operational activity could be adversely impacted.

***Our use and enjoyment of real property rights for our solar facilities may be adversely affected by the rights of lienholders and leaseholders that are superior to those of the grantors of those real property rights to us.***

Solar facilities generally are, and in the future are likely to be, located on land occupied by the facility pursuant to long-term easements and leases. The ownership interests in the land subject to these easements and leases may be subject to mortgages securing loans or other liens (such as tax liens) and other easement and lease rights of third parties (such as leases of oil or mineral rights) that were created prior to the facility's easements and leases. As a result, the facility's rights under these easements or leases may be subject, and subordinate, to the rights of those third parties. Although we take certain measures to protect ourselves against these risks, such measures may, however, be inadequate to protect us against all risk of loss of our rights to use the land on which our solar facilities are located, which could have an adverse effect on our business, financial condition and results of operations.

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***The cost of operating our plants could increase for reasons beyond our control.***

While we currently maintain an appropriate and competitive cost position, there is a risk that increases in our cost structure that are beyond our control could materially adversely impact our financial performance. Examples of such costs include compliance with new conditions imposed during a relicensing process, municipal property taxes and the cost of procuring materials and services required for maintenance activities.

***We may experience equipment failure, including failures relating to solar panels and batteries.***

Our solar energy and energy storage systems may not continue to perform as they have in the past and there is a risk of equipment failure due to wear and tear, latent defect, design error, operator error or early obsolescence, among other things, which could have a material adverse effect on our assets, liabilities, business, financial condition, results of operations and cash flow. Solar panels have shorter lifespans than other renewable energy sources, including hydroelectric assets. Spare parts for solar panels and key pieces of equipment may be difficult to acquire as a result of a limited number of suppliers of solar panels and other system components and equipment associated with solar facilities. Any resulting delay in replacing equipment could result in significant delays in returning facilities to full operation, which could adversely impact our business and financial condition. Additionally, although rare, lithium-ion and certain other batteries that may be used in energy storage projects, may on occasion rapidly release the energy they contain, resulting in flames that can ignite nearby materials as well as other battery cells. Equipment failure at our solar energy and energy storage systems could also result in significant personal injury or loss of life, damage to and destruction of property, plant and equipment and contamination of, or damage to, the environment and suspension of operations. In addition, we could face liability with respect to remedial costs at third-party disposal facilities where we have sent discarded equipment or other wastes. The occurrence of any one of these events may result in us being named as a defendant in lawsuits asserting claims for substantial damages, including for environmental cleanup costs, personal injury and property damage and fines and/or penalties.

Although we expect to benefit from various warranties, including construction, product quality, and performance warranties provided by our counterparties in connection with the construction of our solar energy and energy storage systems, the purchase of equipment necessary to operate our solar energy and energy storage systems, and certain other matters, our counterparties may default on their warranty obligations, including because such counterparties may become insolvent or cease operations. Even if a counterparty fulfills its obligations, many of our warranties do not cover reimbursement for lost revenue and we cannot guarantee any warranties will be sufficient to compensate us for all of our losses. Further, there are limitations in most warranties, including limits on liability. Many warranties have exclusions rendering them inapplicable if, for example, the owner does not follow the manufacturer's operating instructions. We may disagree with a counterparty about whether a particular product defect, performance shortfall, or other similar matter is covered by a warranty, in whole or in part, as well as the manner in which any such matter should be resolved. As a result, enforcing any such warranty may be costly or impossible. Such costs may include significant out-of-pocket and internal expenses, some or all of which may not be recovered.

Moreover, we have provided production guarantees to certain off-takers in our PPAs. To the extent that the associated solar facilities become temporarily or permanently nonoperational, we will be liable to compensate the off-taker for the difference between the actual production and the guaranteed production amount, which could result in breaches of our PPAs and adversely impact our business and financial condition.

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***The solar energy systems we own have a limited operating history and may not perform as we expect.***

We expect that many of the solar energy systems that we currently own or that we may acquire in the future will not have commenced operations, have recently commenced operations or otherwise have a limited operating history. Of the solar energy systems in operation at the end of each of the following years, 15%, 16% and 2% achieved commercial operation in 2021, 2020 and 2019, respectively, and 16% and 2% achieved commercial operations as of September 30, 2022 and 2021, respectively. The ability of our solar energy systems to perform as we expect will also be subject to risks inherent in newly constructed renewable energy assets, including breakdowns and outages, latent defects, equipment that performs below our expectations, system failures and outages. As a result, our assumptions and estimates regarding the performance of these solar energy systems are, and will be, made without the benefit of a meaningful operating history, which may impair our ability to accurately assess the potential profitability of the solar energy systems and, in turn, our results of operations, financial condition and cash flows.

***We may not effectively manage the Internalization Transaction or realize the anticipated benefits thereof.***

The Internalization Transaction exposed us to risks to which we had not historically been exposed. Prior to the closing of the Internalization Transaction on August 4, 2022, we did not have any employees but had rather been externally managed by GSAM pursuant to a Management Services Agreement. Under the Management Services Agreement, GSAM dedicated to us a team of approximately 100 professionals with extensive experience spanning transaction sourcing and financial analysis, power markets and physical asset analysis in the solar industry. In addition to this dedicated team, GSAM provided risk management, legal, accounting, tax, information technology and compliance personnel, among others, who provide services to us.

On May 18, 2022, we entered into an agreement with OpCo, MN8 Energy, GSAM and the Special Interest Member to engage in the Internalization Transaction, which we closed on August 4, 2022. Pursuant to the Internalization Transaction, among other things, (i) the Management Services Agreement was terminated, (ii) we agreed to directly or indirectly employ the approximately 100 professionals previously employed by GSAM that were dedicated to our business under the Management Services Agreement, and (iii) we entered into a transition services agreement with GSAM that provides for the provision of certain services to MN8 Energy, OpCo and us, including risk management, legal, accounting, tax, information technology and compliance, for a specified period of time following completion of the Internalization Transaction. The internalized company may encounter potential difficulties in the integration process which may result in the inability to successfully internalize corporate management or related corporate support functions in a manner that permits us to achieve the cost savings anticipated to result from the Internalization Transaction. Further, although we have closed the Internalization Transaction, we expect to continue to be reliant on GSAM for certain services such as information technology, investor relations, tax and accounting for a period of time after the closing of this offering pursuant to a transition services agreement. If we are unable to internalize or find other providers for these services within a reasonable time period, we may not achieve all of the expected benefits of the Internalization Transaction and our business, financial condition and results of operations could be materially and adversely affected.

In addition, while we currently have retained most GSAM employees who provided services to us pursuant to the Management Services Agreement, the failure to retain any such personnel, including members of our senior management, in the future could have significant adverse effects on our business and operations. We entered into agreements with certain members of our senior management that contain certain restrictions, including a restriction on engaging in activities that are

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deemed competitive with our business. Although we believe these covenants are enforceable under current law in the states in which we do business, there can be no guarantee that if these executives were to breach these covenants and engage in competitive activities, a court of law would fully enforce these restrictions. If these executives were to terminate their employment with us and engage in competitive activities, such activities could have a material adverse effect on our business, financial condition and results of operations. In addition, we expect the agreements we will enter into with such members of our senior management will provide that if their employment with us terminates under certain circumstances (including in connection with a change in control), then we may be required to pay them significant amounts of severance compensation, thereby making it costly to terminate their employment.

Further, our general and administrative expenses as an internalized company could be higher than our current expectations. The failure to smoothly transition services or retain employees, could result in the anticipated benefits of the Internalization Transaction not being realized in the timeframe currently anticipated or at all. As an employer, we are subject to those potential liabilities that are commonly faced by employers, such as workers' disability and compensation claims, potential labor disputes and other employee-related liabilities and grievances, and we will bear the costs of the establishment and maintenance of employee benefit plans. There may be other unforeseen costs, expenses and difficulties associated with operating as an internally managed company. Any of these foregoing risks could materially adversely affect our business, financial condition and results of operations.

***We may be unable to identify sufficient investment opportunities and complete transactions as planned.***

Our strategy for building value is to seek to acquire or develop high-quality assets that generate sustainable and increasing cash flows, with the objective of achieving appropriate risk-adjusted returns on our invested capital over the long-term. However, there is no certainty that we will be able to find sufficient investment opportunities and complete transactions that meet our investment criteria. Our investment criteria consider, among other things, the financial, operating, and strategic merits of a proposed acquisition including whether we expect it will meet our targeted return hurdle and, as such, there is no certainty that we will be able to continue growing our group's business by making acquisitions or developing assets at attractive returns. Competition for assets is significant and competition from other well-capitalized investors or companies may significantly increase the purchase price or prevent us from completing an acquisition. We may also decline opportunities that we do not believe meet our investment criteria, which our competition may pursue instead. Further, our growth initiatives may be subject to a number of closing conditions, including, as applicable, third-party consents, regulatory approvals (including from antitrust authorities) and other third-party approvals or actions that are beyond our control. If all or some of our growth initiatives are unable to be completed on the terms agreed, we may need to delay certain acquisitions or abandon them altogether. If returns are lower than anticipated from such initiatives, we also may not be able to achieve growth in our distributions in line with our stated goals and the market value of our shares may decline.

***The Mercedes-Benz Joint Ventures are joint ventures and our investments could be adversely affected by our lack of sole decision-making authority and restrictions on transfer relating to the Mercedes-Benz Joint Ventures. The Mercedes-Benz Joint Ventures may also impair our operating flexibility and subject us to risks not present in our other investments that involve co-ownership.***

Although we have the right to appoint one of the five persons to serve on the board of directors of DriveCo and four of the five persons to serve on the board of directors of AssetCo, the limited liability company agreements of AssetCo (the "AssetCo LLC Agreement") and DriveCo (the "DriveCo LLC Agreement," and, together with the AssetCo LLC Agreement, the "MB JV LLCAs") contain certain

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provisions requiring the unanimous or supermajority consent of the equity holders of AssetCo and DriveCo. For example, the sale or disposition of substantially all of the assets of AssetCo and/or DriveCo, approval of certain major investments of AssetCo, changes in tax status or form of legal entity of either of AssetCo or DriveCo, amending the terms of the organizational documents of AssetCo or DriveCo in a manner disproportionately adverse to an equity holder as compared to another equity holder and requiring certain capital contributions from equity holders in excess of then-approved business plans require either unanimous or supermajority consents of the equity holders pursuant to the MB JV LLCAs. Thus, our investments in AssetCo and DriveCo involve risks that are not present when we are able to exercise sole control over an asset, including certain major decisions requiring unanimous or supermajority decision-making beyond our sole control and are subject to agreement with MBIC. Differences in views between us and MBIC may result in delayed decisions or failures to agree on major matters, such as large expenditures or the construction or acquisition of assets, and delayed decisions and disagreements could adversely affect the business and operations of the Mercedes-Benz Joint Ventures, and, in turn, our business, operations and financial results.

In addition, we are subject to transfer restrictions with respect to our equity ownership interests in AssetCo and DriveCo, including restrictions on transferring our equity ownership interests to certain competitors, a right of first offer and tag-along rights in favor of the other (non-transferring) member, which may make it more difficult to sell such interests in the future. We and MBIC are also subject to "lock-up" provisions, pursuant to which we are prohibited from selling, transferring or encumbering our shares in AssetCo or DriveCo (other than encumbrances on our shares in AssetCo created as security for certain permitted indebtedness) for a period of 5 years from the date of the consummation of the Mercedes-Benz Joint Ventures, which may impair our financial and operational flexibility. Furthermore, MBIC has the right, in connection with the transfer of its equity interests in AssetCo or DriveCo, to effect the sale to MBIC of assets of AssetCo or DriveCo that are required for the continued operation of certain designated HPC EV Stations located on MBIC properties or at Mercedes-Benz dealerships. Such sales would be on arm's length terms with the applicable Company.

To support the Mercedes-Benz Joint Ventures, we and MBIC have agreed to commit an aggregate of approximately $538.5 million to AssetCo through the earlier of (i) December 31, 2029 or (ii) the completion of the Roll Out Plan, and an aggregate of approximately $631.7 million to DriveCo through the fifteen year Commitment Period. Our commitments to AssetCo and DriveCo total approximately $557.1 million (of which $430.8 million is for AssetCo), and the board of directors of each of AssetCo and DriveCo will control the timing of the capital calls and deployment of capital with respect to each entity, subject to then-applicable budgets. We expect to fund such capital commitments with equity contributions, pro rata based on our expected ownership of the respective entities, and a debt facility entered into by a wholly owned subsidiary of MN8 Energy in an amount not to exceed 80% of our AssetCo capital contributions. Our AssetCo capital contributions are guaranteed by OpCo in an amount up to our total AssetCo capital commitment. Our ability to fund such equity contributions will depend on our operating results, our ability to access the capital markets and general economic conditions. Similarly, our ability to raise debt to fund such commitments will depend upon our credit ratings, the debt markets and general economic conditions. To the extent we are able raise any debt, we may be unable to raise it on favorable terms. In the event we are unable to fund our equity or debt commitments to AssetCo and DriveCo, we will be subject to a penalty interest rate on such unfunded capital contribution at the greater of (i) the prime rate, as published by the Wall Street Journal, and (ii) 10%, compounded monthly, under the applicable MB JV LLCA. In the event of a foreclosure at LeaseCo in connection with the aforementioned debt facility, (i) distributions will be made pro rata in accordance with percentage interests in LeaseCo, but in certain circumstances MBIC and/or its affiliates have a right to priority distributions and (ii) MBIC possesses a limited right to cause a dissolution of AssetCo in the event the lenders foreclose on certain leased properties. If we are unable to meet our capital commitments to AssetCo and DriveCo, we may not achieve the benefits expected from the Mercedes-Benz Joint Ventures, and, in turn it could adversely affect our business,

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operations and financial results. Moreover, if we are unable to make payments to service the debt facility related to the Mercedes-Benz Joint Ventures, we will be subject to penalties that may adversely affect our business, operations and financial results.

Moreover, the Mercedes-Benz Joint Ventures, like joint ventures generally, could impair our operational flexibility and subject us to risks not present in our other investments that involve co-ownership. The master lease agreement entered into by and between a wholly owned subsidiary of AssetCo, AssetCo HPC Leasing, LLC, a Delaware limited liability company ("LeaseCo") and DriveCo (the "Master Lease Agreement") gives DriveCo sole responsibility for final approvals of site selection, leasing and equipment. The energy management services agreement entered into by and between DriveCo and MN8 Marketing (the "Energy Management Services Agreement") will give DriveCo approval rights for the energy procurement plans we develop as well as for the development of any on-site solar or battery energy storage facilities. Furthermore, AssetCo and/or DriveCo may establish separate financing arrangements that contain restrictive covenants that may limit or restrict the applicable entity's ability to make cash distributions to their members under certain circumstances. Additionally, from time to time, the MB JV Entities may be involved in disputes or legal proceedings which may negatively affect the Mercedes-Benz Joint Ventures or our investment.

***We may be unable to identify and acquire sites for the development of HPC EV Stations and to successfully develop those HPC EV Stations at all or at the scale expected for the Mercedes-Benz Joint Ventures.***

While we and MBIC have made capital commitments to support the Mercedes-Benz Joint Ventures, we may be unable to identify and acquire sites for the development of HPC EV Stations and to successfully develop those HPC EV Stations at all or at the scale expected for the Mercedes-Benz Joint Ventures. Moreover, we may be unable to successfully manage the HPC EV Stations we jointly develop or achieve the benefits we expect from the Mercedes-Benz Joint Ventures, which may adversely affect the business and operations of the Mercedes-Benz Joint Ventures and our own business, operations and financial results. For example, significant delays in planned sites for a year or significant downtime could materially reduce the anticipated revenues paid to LeaseCo under the Master Lease Agreement.

***We may not successfully integrate the assets acquired in or realize the benefits expected from acquisitions, including the NES Acquisition.***

In the ordinary course of our business, we have pursued and intend to continue to pursue selected acquisitions of complementary assets and businesses. For example, we consummated the NES Acquisition on November 18, 2022. See "Prospectus Summary—Recent Developments—NES Acquisition." However, there can be no assurance that we will successfully integrate the assets or businesses that we acquire, including the approximately 442 MW of operating assets we acquired in the NES Acquisition, or that we will realize the benefits expected from such acquisitions. The process of integrating acquired assets and businesses may involve unforeseen costs and delays or other operational, technical and financial difficulties and may require a significant amount of time and resources. For example, we may experience difficulties integrating NES's operations into our business and realizing expected benefits and synergies from the NES Acquisition. The integration process may involve unforeseen difficulties and may require a disproportionate amount of our managerial and financial resources. If we are unable to successfully integrate the assets and business of NES or assets and businesses from future acquisitions with our business, we may be unable to achieve consolidation savings and may incur unanticipated costs and liabilities.

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***If we choose to acquire or lend to projects before they are operational, we will be subject to risks associated with projects that remain under development or construction.***

As part of our business strategy, we may choose to acquire or lend to projects that have not yet commenced operations and remain under development or construction. Our development pipeline of pre-construction projects consists of approximately 3.9 GW in solar capacity and approximately 1.2 GW (or approximately 4.7 GWh) in energy storage capacity as of September 30, 2022. These projects are in various stages of the development process and we are targeting commercial operation dates between 2023 and 2028. There can be no assurance that our pipeline will be converted into completed projects or generate revenues or that we can obtain the necessary financing to construct these projects. As we develop our pipeline organically or through acquisitions, some of the projects in our pipeline may not be completed or proceed to construction. There may be delays or unexpected developments in completing any future construction projects, which could cause the construction costs of these projects to exceed our expectations, result in substantial delays or prevent the project from commencing commercial operation. Various factors could contribute to construction-cost overruns, construction halts or delays or failure to commence commercial operation, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays in obtaining, or the inability to obtain, necessary permits and licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays and increased costs related to the interconnection of new projects to the transmission system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to acquire or maintain land use and access rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to receive contracted third-party services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interruptions to dispatch at our projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supplier interruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• work stoppages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weather interferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• force majeure events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unforeseen engineering, environmental and geological problems, including discoveries of contamination, protected plant or
animal species or habitat, archaeological or cultural resources or other environment-related factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated cost overruns in excess of budgeted contingencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of contracting parties to perform under contracts, including the engineering, procurement and construction
provider.

In addition, where we have a relationship with a third party to complete construction of a construction project, we are subject to the viability and performance of the third party. Our inability to find a replacement contracting party, where the original contracting party has failed to perform, could result in the abandonment of the construction of such project, while we could remain obligated under other agreements associated with the project, including offtake agreements, which may result in a default or termination of such offtake agreement, the imposition of liquidated damages or termination payments, or the loss of performance security.

Moreover, we may not be successful in achieving commercial operations for our projects that are under construction and in our development pipeline. The completion of solar energy and energy

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storage systems involves numerous risks and uncertainties including the risks set forth elsewhere in this prospectus. These risks and uncertainties may prevent some projects from progressing to construction and commercial operations. In addition, for a variety of reasons, we may elect not to proceed with the development or construction of a project currently in our fleet or in our development pipeline. Our growth depends on our continued ability to progress projects to commercial operations and our results in the future may not be consistent with our expectations or historical results.

Any of these risks could cause our financial returns on these solar energy systems to be lower than expected or otherwise delay or prevent the completion of such project or distribution of cash to us, or could cause us to operate below expected capacity or availability levels, which could have a material adverse effect on our ability to grow our business and generate sustainable and increasing cash flows.

***Our growth strategy depends on the widespread adoption of solar energy and energy storage technology.***

The market for solar energy and energy storage products is emerging and rapidly evolving, and our future success is uncertain. If solar energy technology proves unsuitable for widespread commercial deployment or if demand for solar energy and energy storage products fails to develop sufficiently, we may have difficulty in identifying and developing a pipeline of high-quality assets that meet our investment criteria, which could affect our ability to generate sustainable and increasing cash flows. The factors influencing the widespread adoption of solar energy and energy storage technology include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost-effectiveness of solar energy and energy storage technologies as compared with conventional and non-solar alternative energy technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performance and reliability of solar energy and energy storage systems as compared with conventional and non-solar alternative energy products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued deregulation of the electric power industry and broader energy industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in economic and market conditions which impact the viability of conventional and non-solar alternative energy sources, such as increases or decreases in the prices of oil and other fossil fuels or in the prices or availability of minerals critical to the solar energy and energy storage sectors;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of governmental subsidies and incentives.

***We may be unable to efficiently acquire a large number of additional "middle-market" solar energy systems or otherwise adapt to the needs of our customer base.***

We have historically targeted a significant portion of our investments in "middle-market" solar energy systems. The term "middle-market" includes solar energy systems that are larger than typical residential rooftop installations but smaller than large "utility-scale" installations, and that are expected to generally have generating capacity of between one and fifty MW. Projects on the lower end of this range include those referred to as "distributed generation", "commercial and industrial" or "C&I" projects. Transaction costs associated with opportunities in middle-market solar energy systems are often high relative to opportunity size. Although we expect to develop efficiencies, such efficiencies may not materialize. If these efficiencies do not materialize, transaction costs associated with participating in middle-market solar energy systems may be higher than forecasted, resulting in lower than expected economic returns or a decision not to acquire a particular asset. Further, the current size of the middle-market relative to other segments of the renewable energy market in the U.S. is small, and there is no certainty regarding whether our customer base will remain active in the middle-market segment. If we are unable to identify a sufficient number of middle-market acquisition opportunities, we may be unable to deploy capital for such projects.

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Our strategy is to tailor our products and services to the needs of our customers. Customer needs may change over time. Given our historical focus on middle-market solar energy systems, we may be unable to effectively identify, acquire, develop and operate solar energy systems in other segments of the solar energy market. Accordingly, we may be unable to adapt to changing market dynamics and the requirements of our enterprise customers. If we are unable to do so, our financial condition, results of operations and cash flow could be materially and adversely affected.

***We have recently added energy storage systems to our fleet. Such projects may present construction and operational issues and other unforeseen challenges associated with deploying new technology.***

The inclusion of energy storage systems in our fleet will require us to make assumptions regarding their useful life, cost of operations, need for insurance, likelihood of claims against warranties, and other such factors relating to their successful operation. For example, risks associated with the relatively unproven nature of energy storage systems, such as the risk of fire or explosion, increase the level of unpredictability in making assumptions relating to the costs associated with our fleet. Because we have less experience developing, building, and operating energy storage systems than solar energy systems, we may be more likely to make assumptions regarding such matters that prove to be incorrect. We may also be unable to develop, construct, or operate such systems successfully or profitably. Failure to accurately estimate such inputs may result in the related PPAs not being attractive, or not being as attractive as anticipated, which could in turn negatively affect our business. Similarly, incorrect assumptions on the nature of costs to operate such assets or the kind or amount of warranty protection such systems are likely to need, could, in turn, negatively affect our business.

***Our business is concentrated in certain markets, putting us at risk of region-specific disruptions.***

As of September 30, 2022, approximately 63%, 10% and 5% of our solar energy and energy storage systems were located in California, New Jersey and Arizona, respectively. In addition, we expect much of our near-term future growth to occur in these same markets, further concentrating our operational infrastructure. Accordingly, our business and results of operations are particularly susceptible to adverse economic, regulatory, political, weather and other conditions in such markets and in other markets that may become similarly concentrated. Any of these conditions, even if only in one such market, could have a material adverse effect on our business, financial condition and results of operations. In addition, all of our current solar energy and energy storage systems are located in the U.S. and its territories, which makes us particularly susceptible to adverse changes in U.S. tax laws.

***The ability to deliver electricity to our various counterparties requires the availability of and access to interconnection facilities and transmission systems.***

Our ability to sell electricity is impacted by the availability of, and access to, the various transmission systems to deliver power to our contractual delivery point and the arrangements and facilities for interconnecting the generation projects to the transmission systems. The absence of this availability and access, our inability to obtain reasonable terms and conditions for interconnection and transmission agreements, the operational failure or decommissioning of existing interconnection facilities or transmission facilities, the lack of adequate capacity on such interconnection or transmission facilities, curtailment as a result of transmission facility downtime, or the failure of any relevant jurisdiction to expand transmission facilities, may have a material adverse effect on our ability to deliver electricity to its various counterparties or the requirement of counterparties to accept and pay for energy delivery. Additionally, to the extent that any of our projects now or in the future require new transmission capacity to serve potential customers, we may be indirectly exposed to permitting risks

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and delays associated with the construction of new transmission assets. All of the above could materially and adversely affect our assets, liabilities, business, financial condition, results of operations and cash flow.

***Counterparties to our contracts may not fulfill their obligations.***

If, for any reason, any of the purchasers of power under our PPAs are unable or unwilling to fulfill their contractual obligations under the relevant PPA or if they refuse to accept delivery of power pursuant to the relevant PPA, our assets, liabilities, business, financial condition, results of operations and cash flow could be materially and adversely affected as we may not be able to replace the agreement with an agreement on equivalent terms and conditions. External events, such as a severe economic downturn, could impair the ability of some counterparties to the PPAs or some customers to pay for electricity received. In addition, inadequate performance by counterparties to operation and maintenance contracts related to certain of its assets or investments may increase the risk of operational or mechanical failures of such facilities.

***We will be exposed to credit, commodity price and interest rate risk.***

We may acquire solar energy systems that expose us to credit, commodity price and interest rate risk. "Credit risk" refers to the likelihood that a company will default in the payment of principal and/or interest on an instrument. Financial strength and solvency of a company are the primary factors influencing credit risk. In addition, lack or inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument. Securities that are rated by rating agencies are often reviewed and may be subject to downgrade, which generally results in a decline in the market value of such security. "Commodity price risk" refers to the risk of loss in cash flows and future earnings from adverse changes in the price of electricity and of tax attributes such as SRECs. "Interest rate risk" refers to the risks associated with market changes in interest rates. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate securities) and directly (especially in the case of instruments whose rates are adjustable). Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules. Current economic and market conditions, which include a volatile credit market, may accentuate credit, commodity price and interest rate risks and expose us to a greater risk of loss.

***Most of our customer contracts do not include inflation-based price increases and sustained levels of high inflation could materially adversely impact our business.***

Although approximately 58% of our customer contracts have price escalator provisions, such provisions are relatively standard increases that are not specifically linked to macroeconomic or industry-wide measures of inflation. As a result, although our operations have not yet been materially impacted by inflationary pressures—in part because our O&M contracts are fixed price—we could be materially adversely impacted in the future to the extent sustained levels of inflation over time materially outpace the price escalations in our PPAs. In this regard, we note that we have experienced an increase in module and racking prices of approximately $11 million related to our $420.0 million in planned capital expenditures through 2023. Although we plan to further evaluate the existing and prospective future terms of our contractual provisions with our suppliers and service providers, as well as with the purchasers under our PPAs, as they relate to scheduled price increases, inflation adjustments and market competitiveness, there can be no guarantees that we will be able to adequately address such risk in a manner that permits us to alleviate all or a part of any such inflationary pressures.

Historically, the renewable energy industry has seen extended periods of declining costs. However, during 2021 and 2022 a number of macroeconomic, political and other factors have led to

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sustained periods of increasing global and domestic price inflation. Inflation in our industry has the effect of increasing the actual and expected costs of land, raw materials and labor as well as other goods and services needed to operate our business, which in turn raises the costs of developing, constructing, and operating our projects. Accordingly, continued periods of heightened inflation may have an adverse impact on our business, financial condition and results of operations. Moreover, there is no guarantee that recently-enacted legislation such as the Inflation Reduction Act will effectively reduce the inflationary pressures on our business. Further, in addition to the direct impact of cost increases, sustained levels of high inflation have caused the U.S. Federal Reserve and other central banks to increase benchmark interest rates, which can have the effects of raising the cost of capital and depressing economic growth, either of which—or the combination thereof—could materially adversely impact our business.

***The operation of our fleet and development of our pipeline could be affected by local communities.***

We may become impacted by the interests of local communities and stakeholders, including in some cases, indigenous peoples, that affect the operation of our facilities. Certain of these communities may have or may develop interests or objectives which are different from or even in conflict with our objectives, including the use of our project lands. Any such differences could have a negative impact on the successful operation of our fleet and the development of our pipeline. As well, disputes surrounding, and settlements of, indigenous land claims regarding lands on or near our generating assets could interfere with operations and/or result in additional operating costs or restrictions, as well as adversely impact the use and enjoyment of our real property rights with respect to our fleet and pipeline.

***We rely on computerized business systems, which could expose us to cyber-attacks.***

Our business relies on information technology. In addition, our business relies upon telecommunication services to remotely monitor and control our assets and interface with regulatory agencies, wholesale power markets and customers. The information and embedded systems of key business partners, including suppliers of the information technology systems on which they rely, and regulatory agencies are also important to our operations. In light of this, we may be subject to cyber security risks or other breaches of information technology security intended to obtain unauthorized access to our proprietary information and that of our business partners, destroy data or disable, degrade, or sabotage these systems through the introduction of computer viruses, fraudulent emails, cyber-attacks and other means, and such breaches could originate from a variety of sources including our own employees or unknown third parties. There can be no assurance that measures implemented to protect the integrity of these systems will provide adequate protection, and any such breach of our information technology could go undetected for an extended period of time. A breach of our cyber security measures or the failure or malfunction of any of our computerized business systems, associated backup or data storage systems could cause us to suffer a disruption in one or more parts of our business and experience, among other things, financial loss, a loss of business opportunities, misappropriation or unauthorized release of confidential or personal information, damage to our systems and those with whom we do business, violation of privacy and other laws, litigation, regulatory penalties and remediation and restoration costs as well as increased costs to maintain our systems. Cyber-security breaches or failures of our information technology systems could have a material adverse effect on our business operations, financial reporting, financial condition and results of operations, and result in reputational damage.

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***There can be no guarantee that newly developed technologies that we invest in will perform as anticipated.***

We may invest in and use newly developed, less proven, technologies in our development projects or in maintaining or enhancing our existing assets. There is no guarantee that such new technologies will perform as anticipated. The failure of a new technology to perform as anticipated may materially and adversely affect the profitability of a particular development project or existing asset.

***Performance of our operating entities may be harmed by future labor disruptions and economically unfavorable collective bargaining agreements.***

Certain of our subsidiaries may in the future be parties to collective agreements that expire periodically and those subsidiaries may not be able to renew their collective agreements without a labor disruption or without agreeing to significant increases in cost. In the event a labor disruption such as a strike or lock-out should occur in the future, the ability of our solar energy systems to generate electricity may be impaired and our results from operations and cash flow could be materially and adversely affected.

***Some of our transactions and current operations are structured as joint ventures, partnerships and consortium arrangements, and we intend to continue to operate in this manner in the future, which may reduce our influence over our operating subsidiaries and may subject us to additional obligations.***

Some of our transactions and current operations are structured as joint ventures, partnerships and consortium arrangements. These arrangements are driven by the magnitude of capital required to complete acquisitions of generating assets, strategic partnering arrangements to access operating expertise, and other industrywide trends that we believe will continue. Such arrangements involve risks not present where a third party is not involved, including the possibility that partners or co-venturers might become bankrupt or otherwise fail to fund their share of required capital contributions. Additionally, partners or co-venturers might at any time have economic or other business interests or goals different from those of our management, GSAM and/or our shareholders.

While our strategy is to structure these arrangements to afford us certain protective rights in relation to operating and financing activities, joint ventures, partnerships and consortium investments may provide for a reduced level of influence over an acquired company because governance rights are shared with others. Accordingly, certain unanticipated management decisions relating to the underlying operations and financing activities, including decisions relating to the management and operation, the investment of capital within the arrangement, and the timing and nature of any exit, will be made by a majority or supermajority vote of the investors or by separate agreements that are reached with respect to individual decisions. In addition, such operations may be subject to the risk that other investors may make business, financial or management decisions with which we do not agree, or the management of the applicable company may take risks or otherwise act in a manner that does not serve our interests. Because we may have a reduced level of influence over such operations, we may not be able to realize some or all of the benefits that we believe will be created from our involvement. If any of the foregoing were to occur, our business, financial condition and results of operations could suffer as a result.

In addition, because some of our transactions and current operations are structured as joint ventures, partnerships or consortium arrangements, the sale or transfer of interests in some of our operations are or may be subject to rights of first refusal or first offer, tag along rights or drag along rights and some agreements provide for buy-sell or similar arrangements. Such rights may be triggered at a time when we may not want them to be exercised and such rights may inhibit our ability to sell our interest in an entity within our desired time frame or on any other desired basis.

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***Changes in demand for power or power derived from renewable energy sources specifically may adversely affect our business.***

Demand for power is affected by a variety of factors, which are not necessarily within our control. Slow growth or an overall reduction in demand for power, such as through improvements in energy efficiency, could have a material adverse effect on our business prospects, financial condition and results of operations. Demand for renewables is affected by a complex interaction of economic and political pressures and environmental preferences. There are uncertainties associated with the timing of fossil fuel plant retirements—in part driven by environmental regulations—and with the scale, pace and structure of replacement capacity. Slow growth or volatility in the demand for renewable energy specifically could also have a material adverse effect on our plan to grow our business.

Any political changes in the jurisdictions in which we operate, particularly those that reduce, eliminate, or cause to expire government incentives for renewable energy, may impact the competitiveness of renewable energy or the growth of the industry generally and the economic value of certain of our projects in particular.

***Developments in alternative energy transition, energy efficiency technologies and energy storage could negatively impact the demand for our capacity, power generation, and battery operations.***

Renewable energy production, such as solar and battery, face competition from several other energy transition technologies, to include hydrogen and fossil fuel energy generation paired with carbon capture, utilization, and sequestration ("CCUS"), among others. The demand for renewable energy may be materially and adversely affected by the development of such alternative technologies. For example, CCUS may improve the emissions profile of natural gas such that it maintains a role as a preferred alternative to renewable-based electricity generation. Similarly, hydrogen may be considered a better means of energy production than renewables or a better long-term or long-distance energy storage mechanism than batteries. Regulatory bodies could adopt rules that favor certain forms of energy generation and storage over others, which may not include renewables, such as solar, or battery storage. Alternative storage technologies may limit the demand for lithium-ion batteries or

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similar electrochemical technologies. If any of the above cause or contribute to a lower demand for electricity generated from renewable sources, particularly solar, or battery storage, it could adversely impact our long-term growth, business, results of operations, and financial condition.

Additionally, advances in energy efficiency technologies may reduce the demand for electricity and, subsequently, for our products and services. For more information, see our risk factor titled "Changes in demand for power or power derived from renewable energy sources specifically may adversely affect our business."

***Changes in our credit ratings may have an adverse effect on our financial position and ability to raise capital.***

Our cost of borrowing under our credit facilities and our ability and the terms under which we may access the credit markets are affected by credit ratings assigned to us by the major credit rating agencies. These ratings are premised on our performance under assorted financial metrics and other measures of financial strength, business and financial risk, industry conditions, timeliness of financial reporting and other factors determined by the credit rating agencies. Our current ratings have served to lower our borrowing costs and facilitate access to a variety of lenders. However, there can be no assurance that our credit ratings or outlook will not be lowered in the future in response to adverse changes in these metrics and factors caused by our operating results or by actions that we take, that reduce our profitability, or that require us to incur additional indebtedness for items such as substantial acquisitions, significant increases in costs and capital spending in security and IT systems, significant costs related to settlements of litigation or regulatory requirements or by returning excess cash to shareholders through dividends. A downgrade of our credit ratings would increase our cost of borrowing, negatively affect our ability to access the capital markets on advantageous terms, or at all, negatively affect the trading price of our securities, and have a significant negative impact on our business, financial condition and results of operations.

***We have and will continue to have high levels of indebtedness and our relatively large fixed costs magnify the impact of revenues fluctuations on our operating results.***

We had $2.2 billion of indebtedness as of September 30, 2022, primarily consisting of $308.3 million outstanding under our Subscription Facility (defined below), $311.6 million outstanding under our Warehouse Facility (defined below), $432.3 million, $577.7 million and $250.5 million outstanding under our secured notes due 2044, 2046 and 2047, respectively, and $348.2 million of project-level debt, as discussed more fully in Note 8 to our unaudited consolidated financial statements. In connection with the consummation of this offering, we intend to fully repay and terminate the Subscription Facility and enter into the New Revolving Credit Facility. For more information, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Project and Corporate-Level Financing" and "Use of Proceeds."

Because borrowings under our Subscription Facility and Warehouse Facility bear interest at variable rates, and because we expect borrowings under our New Revolving Credit Facility will bear interest at variable rates, any increase in interest rates on debt that we have not fixed using interest rate swap agreements will increase our interest expense, reduce our cash flow or increase the cost of future borrowings or refinancings. Our indebtedness could have important consequences to our investors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing vulnerability to, and reducing its flexibility to respond to, general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring the dedication of a substantial portion of cash flow from operations to the payment of principal of, and interest
on, our indebtedness, thereby reducing the availability of such cash

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flow to fund working capital, capital expenditures, acquisitions, joint ventures or other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting flexibility in planning for, or reacting to, changes in our business and the competitive environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to borrow additional funds and increasing the cost of any such borrowing.

Other than variable rate debt, we believe our business has relatively large fixed costs and low variable costs, which magnifies the impact of revenue fluctuations on our operating results. As a result, a decline in our revenues may lead to a relatively larger impact on operating results. A substantial portion of our operating expenses will be related to general and administrative expenses and operations and maintenance expenses, none of which can be adjusted quickly and some of which cannot be adjusted at all. Our operating expense levels will be based on our expectations for future revenues. If actual revenues are below management's expectations, or if our expenses increase before revenues do, both revenues less transaction-based expenses and operating results would be materially and adversely affected. Because of these factors, it is possible that our operating results or other operating metrics may fail to meet the expectations of stock market analysts and investors. If this happens, the market price of our common stock may be adversely affected.

***We are subject to non-competition covenants under the Internalization Agreement, which may limit our operations in certain respects.***

We are subject to non-competition covenants in the Internalization Agreement, until the earlier of (i) the six year anniversary of the completion of this offering or (ii) if a specified change of control transaction has occurred, the later of the second anniversary of completion of this offering or the date of the specified change of control transaction. During this period of time, subject to certain exceptions, we will generally be prohibited from (i) (A) providing or agreeing to provide recommendations with respect to the purchase or sale of assets of any type for non-affiliates in exchange for compensation (other than certain compensation typically received by operating companies in our industry), (B) meeting the definition of an investment company or an investment advisor under the Investment Company Act of 1940, as amended, and (C) certain other activities that would require us to act in a fiduciary capacity or participate in capital raising transactions on behalf of third parties in exchange for compensation (collectively, and as further defined in the Internalization Agreement, "Investment Management Activities"), (ii) owning any interest in an entity engaged in such Investment Management Activities and (iii) receiving or having a contractual right to receive consideration relating to Investment Management Activities on behalf of any person other than the Company, OpCo or MN8 Energy LLC and any direct or indirect subsidiary of the Company, OpCo or MN8 Energy LLC. For additional information, please see "Certain Relationships and Related Party Transactions—Internalization Agreement".

***Uncertainty relating to the phasing out of LIBOR may result in our paying increased interest under our credit facilities.***

In July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. As a result, LIBOR was discontinued at the end of 2021.

Borrowings under our credit facilities bear interest at rates determined using LIBOR as the reference rate, except for our Subscription Facility, which was amended during the first quarter of 2022 and will utilize the secured overnight financing rate. At this time, it is not possible to predict the effect that any discontinuance, modification or other reform of LIBOR or any other reference rate, or the establishment of alternative reference rates, may have on LIBOR, other benchmarks, or LIBOR-based debt instruments such as our credit facilities. However, the use of alternative reference rates or other reforms could cause the interest rates payable under our credit facilities to be substantially higher than we would otherwise have expected.

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**Risks Related to Taxes and Regulations** 

***We may fail to comply with the conditions in, or may not be able to maintain, our governmental permits.***

Our solar energy and energy storage systems are, and any assets which we may acquire will be, required to comply with numerous supranational, federal, regional, state, provincial and local statutory and regulatory standards and to maintain numerous licenses, permits and governmental approvals required for operation. Some of the licenses, permits and governmental approvals that have been issued to our operations contain conditions and restrictions, or may have limited terms. If we fail to satisfy the conditions or comply with the restrictions imposed by our licenses, permits and governmental approvals, or the restrictions imposed by any statutory or regulatory requirements, we may become subject to regulatory enforcement or be subject to fines, penalties or additional costs or revocation of regulatory approvals, permits or licenses. In addition, if we are not able to renew, maintain or obtain all necessary licenses, permits and governmental approvals required for the continued operation or further development of our projects, the operation or development of our assets may be limited or suspended. Our failure to renew, maintain or obtain all necessary licenses, permits or governmental approvals may have a material adverse effect on our assets, liabilities, business, financial condition, results of operations and cash flow.

***We may be involved in litigation and other disputes and may be subject to governmental and regulatory investigations.***

In the normal course of our operations, we and our affiliates may be involved in various legal actions such as contractual disputes and other litigation that could expose us to liability for damages and potential negative publicity associated with such legal actions. The outcome with respect to outstanding, pending or future actions cannot be predicted with certainty and may be adverse to us and, as a result, could have an adverse effect on our assets, liabilities, business, financial condition, results of operations, cash flow and reputation. We and our affiliates are also subject to governmental or regulatory investigations from time to time. Governmental and regulatory investigations, regardless of its outcome, are generally costly, divert management attention, and have the potential to damage our reputation. The unfavorable resolution of any governmental or regulatory investigation could result in criminal liability, fines, penalties or other monetary or non-monetary remedies and could materially affect our business or results of operations.

***We are subject to complex environmental, health, and safety laws and regulations that may affect our operations.***

Our operations are subject to numerous environmental, health, and safety ("EHS") laws and regulations in the jurisdictions in which we operate. These laws and regulations require that we obtain, maintain, and comply with permits, licenses, and other approvals, engage in review processes, and implement EHS programs and procedures to control risks associated with the siting, construction, operation, and decommissioning of power projects. Some projects, in order to obtain permits, licenses, and other approvals, are required to undergo environmental impact assessments and, if applicable, install or undertake programs that safeguard protected species, sites, or otherwise limit the impacts of their operations. If such programs are unsuccessful, our projects could be subject to increased levels of delay; costly mitigation or remediation requirements; operational curtailment; penalties; or revocation of our permits. Moreover, various parties may choose to challenge certain of our permits or authorizations or bring legal complaints for alleged non-compliance with laws and regulations. This may cause us to incur defense costs and/or perform additional mitigation or remedial activities or otherwise delay construction activities. We may also be subject to local opposition, to include efforts by environmental groups, which could attract negative publicity or have an adverse impact on our reputation and ability to timely complete projects.

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Our operations are subject to stringent and complex laws and regulations relating to the generation, use, handling, storage, recycling, disposal and exposure to solid and hazardous wastes, which laws are subject to change. In the course of our operations, we may generate solid or certain hazardous wastes through the disposal of solar panels, spent batteries, and other materials utilized in our operations. Additionally, environmental laws can result in the imposition of liability in connection with end-of-life system disposal, to include the disposal of and recycling of solar panels or batteries, amongst other wastes generated in connection with our operations. These laws, such as the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), may impose strict, joint, and several liability, without regard to fault or the legality of the activities giving rise to the claim, for the investigation and remediation of areas where hazardous substances may have been released or disposed. We may also become liable under certain of these laws and regulations for costs to investigate or remediate contamination at properties we own or operate, that we formerly owned or operated, or that have received our hazardous waste for disposal or treatment. Remediation liabilities can be substantial, the costs of which may not be covered by insurance.

We may also incur substantial costs to maintain compliance with EHS laws and regulations. Such costs could increase if existing laws and regulations are revised or reinterpreted or if new laws or regulations become applicable to our operations. Any failure to comply with such laws and regulations may result in the imposition of restrictions on our operating activities, adverse publicity, administrative, civil or criminal liabilities, injunctions, third-party property damage or personal injury claims, investigatory, cleanup or other remedial costs, or other adverse effects on our business, financial condition, or results of operations. Furthermore, future developments such as more stringent enforcement policies, or the discovery of presently unknown environmental conditions may require expenditures that could have an adverse effect on our business, financial condition, and results of operations. Additionally, changes in wholesale market structures or rules, such as generation curtailment requirements or limitations to access the power grid, could have a material adverse effect on our ability to generate revenues from our facilities and any environmental attributes we may generate in connection with our operations. For example, in North America, many of our assets are subject to the operating and market-setting rules determined by independent system operators. These independent system operators could introduce rules that adversely impact our operations by limiting our ability to recover certain costs or by favoring certain types of power generation over others.

Our operations also require us to ensure our employees receive adequate training and guidance to follow the health, safety, and security policies, procedures, and programs we implement in order to effectively comply with applicable EHS laws and regulations. The consequences of our employees receiving inadequate training or failing to follow the policies, procedures, and programs in place could be harmful to us, impairing our operations, causing us to incur significant legal liability or fines, result in reputational damage, and negatively impacting employee morale. In addition, worker safety incidents occurring in connection with our operations could expose us to personal injury claims or fines and penalties from governmental authorities, the costs of which may not be covered by insurance. The occurrence of any of these events or any changes, additions to or more rigorous enforcement of EHS laws and regulations could have an adverse impact on operations and result in additional material expenditures. Additional EHS issues relating to presently known or unknown matters may require unanticipated expenditures, or result in fines, penalties or other consequences (including changes to operations) that may be adverse to our business and results of operations. See "Business—Environmental Laws and Regulations" for additional information regarding certain environmental requirements applicable to our operations.

***Our business is subject to physical hazards that could result in substantial liabilities and weaken our financial condition.***

We are subject to a number of federal and state laws and regulations relating to our workforce, including the federal Occupational Safety and Health Act, as amended ("OSHA"), which establishes

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requirements to protect the health and safety of workers. Many of our operations expose our workers to heavy equipment, mechanical failures, hazardous conditions, transportation accidents, adverse weather conditions, and the risk of damage to equipment and property. These hazards can cause personal injuries and loss of life, severe damage to or destruction of property and equipment and other consequential damages and could lead to suspension of operations, large damage claims and litigation which could, in some cases, substantially exceed the amount we charge for the associated services. The occurrence of accidents in our business could result in significant liabilities, worker turnover, increase the costs of our projects, or harm our ability to perform under our contracts or enter into new customer contracts, all of which could materially adversely affect our business, financial condition, results of operations, profitability, cash flows and growth prospects. Further, to the extent our reputation or safety record is adversely affected, our customer relationships may be negatively impacted.

***Our operations are highly regulated and may be exposed to increased regulation, which could result in additional costs to us.***

Our solar energy systems are subject to extensive regulation by various government agencies and regulatory bodies in different countries at the federal, regional, state, provincial and local level. As legal requirements frequently change and are subject to interpretation and discretion, we may be unable to predict the ultimate cost of compliance with these requirements or their effect on our operations. Any new law, rule or regulation could require additional expenditure to achieve or maintain compliance or could adversely impact our ability to generate and deliver energy. Also, operations that are not currently regulated may become subject to regulation, which could result in additional cost to its business.

In March 2022, the SEC proposed new rules relating to the disclosure of a range of climate-related risks. As proposed, the rules would require, among other items, disclosure of physical risks resulting from the impacts of climate change, such as the potential for increasing severity and frequency of weather events, changes in precipitation, and sea level rise. In some cases, such disclosures would require a high degree of specificity; for example, the location by zip code of assets subject to flooding risk. If the rules are finalized as proposed, we may incur materially increased costs in order to comply with the rules' requirements.

***Electric utility policies and regulations, including those affecting electric rates, may present regulatory and economic barriers to the purchase and use of solar energy systems that may significantly reduce demand for electricity from our solar energy systems and adversely impact our results of operations.***

Federal, state and local government regulations and policies concerning the electric utility industry, utility rates and rate structures and internal policies and regulations promulgated by electric utilities, heavily influence the market for electricity generation products and services. These regulations and policies often relate to electricity pricing. Policies and regulations that promote renewable energy and distributed energy generation have been challenged by centralized electric utilities and questioned by those in government and others arguing for less governmental spending and involvement in the energy market. To the extent such views are reflected in government policies and regulations, the changes in such policies and regulations could adversely affect our business, financial condition and results of operations. Furthermore, any effort to overturn federal and state laws, regulations or policies that are supportive of solar energy generation and energy storage or that remove costs or other limitations on other types of energy generation that compete with solar energy systems could materially and adversely affect our business.

In the U.S., governmental authorities and state public service commissions that determine utility rates, rate structures and the terms and conditions of electric service continuously modify these regulations and policies. These regulations and policies could result in a significant reduction in the potential demand for electricity from our solar energy and energy storage systems and could deter customers from entering into PPAs with us or from re-contracting PPAs on terms favorable to us.

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***Increases in the cost or reduction in supply of solar energy and energy storage system components due to tariffs or trade restrictions imposed by the U.S. government could have an adverse effect on our business, financial condition and results of operations.***

China is a major producer of solar cells and other solar products. Certain solar cells, modules, laminates and panels from China are subject to various U.S. antidumping and countervailing duty rates, depending on the exporter supplying the product, imposed by the U.S. government as a result of determinations that the U.S. was materially injured as a result of such imports being sold at less than fair value and subsidized by the Chinese government. We have purchased these products from manufacturers in China in the past and may continue to do so in the future. In addition, tariffs on solar cells, modules and inverters in China may put upward pressure on prices of these products in other jurisdictions from which we currently purchase equipment, which could reduce our ability to offer competitive pricing to potential customers.

On February 4, 2022, the President of the U.S. issued Proclamation 10339, extending the safeguard tariffs on imported solar cells and modules to provide relief to U.S. manufacturers and impose safeguard tariffs on imported solar cells and modules for an additional four years, based on the investigations, findings, and recommendations of the U.S. International Trade Commission (the "International Trade Commission"). Modules are subject to a four-year tariff at a rate of 14.75% in the first year, declining 0.25% in each of the three subsequent years, to a final tariff rate of 14% in 2026. Cells are subject to a tariff-rate quota, under which the first 5 GW of cell imports each year will be exempt from tariffs; and cells imported after the 5 GW quota has been reached will be subject to the same 14.75% tariff as modules in the first year, with the same 0.25% decline in each of the three subsequent years. The tariff-free cell quota applies globally, without any allocation by country or region.

Additionally, the U.S. government has imposed various trade restrictions on Chinese entities determined to be acting contrary to U.S. foreign policy and national security interests. For example, the U.S. Department of Commerce's Bureau of Industry and Security has added a number of Chinese entities to its entity list for enabling human rights abuses in the Xinjiang Uyghur Autonomous Region ("XUAR") or for procuring U.S. technology to advance China's military modernization efforts, thereby imposing severe trade restrictions against these designated entities. Moreover, on June 23, 2021, U.S. Customs and Border Protection issued a Withhold Release Order pursuant to Section 307 of the Tariff Act of 1930 excluding the entry into U.S. commerce silica-based products (such as polysilicon) manufactured by Hoshine Silicon Industry Co. Ltd. ("Hoshine") and related companies, as well as goods made using those products, based on allegations relating to Hoshine labor practices in the XUAR to manufacture such products. Additionally, on December 23, 2021, the Uyghur Forced Labor Prevention Act, which effectively prohibits imports of any goods made either wholly or in part in the XUAR, was signed into law and went into effect on June 21, 2022. The law creates a rebuttable presumption banning "the importation of goods made, manufactured, or mined in the XUAR (and certain other categories of persons in China)" unless the importer meets certain due diligence standards, responds to all inquiries from U.S. Customs and Border Protection ("CBP") related to forced labor and the CBP determines, based on "clear and convincing evidence", that the goods in question were not produced wholly or in part by forced labor. We have implemented policies and controls to mitigate risk of forced labor in our supply chain, and we do not believe that our suppliers source materials from the XUAR. However, these legal and policy developments could disrupt the renewable energy supply chain or cause our suppliers to renegotiate existing arrangements with us or fail to perform on such obligations. Broader policy uncertainty could also reduce Chinese panel production, affecting supplies and/or prices for panels, regardless of supplier. While we have developed multiple supply sources in a variety of countries, we could still be adversely affected by increases in our costs, negative publicity related to the industry and the sourcing of raw materials and finished equipment, or other adverse consequences to our business.

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An additional category of tariffs that may apply materials we rely upon in our solar energy systems is U.S. antidumping and countervailing duties ("AD/CVD"), depending on the exporter supplying the product. These duties are imposed by the U.S. government as a result of determinations that the U.S. industry was materially injured as a result of such imports being sold at less than fair value and subsidized by the Chinese government. The AD/CVD discussed above are subject to annual review and may be increased or decreased. In addition, petitioners are able to file anti-circumvention petitions alleging that materials manufactured in other countries are circumventing AD/CVD on products from China. Such a petition was filed in August of 2021, before being rejected by the U.S. Department of Commerce in November of 2021. More recently, in February of 2022, a petitioner asked the U.S. Department of Commerce (the "DOC") to investigate whether companies are circumventing the Chinese AD/CVD by manufacturing crystalline silicon cells and modules in Malaysia, Thailand, Vietnam and Cambodia, and this petition remains pending. While the Biden Administration declared a two-year tariff exemption on solar equipment imports from Malaysia, Thailand, Vietnam and Cambodia in June 2022, the existence of such petitions and possibility of further petitions and investigations create uncertainty related to the supply of solar modules, which can negatively impact the global solar market and the timing and viability of solar projects in our development pipeline, which could have a material adverse effect on our business and our growth.

By the end of 2021, we had identified high-quality suppliers outside of China and reduced the extent to which our supply chain for our projects is subject to existing tariffs, as we have entered into customer relationships with manufacturers in many other countries that will be able to independently produce materials for our solar energy and battery energy storage systems in the near term. While these actions have the intention of minimizing the effect of tariffs and potential supply chain disruptions on our business by reducing our reliance on China, we may not succeed or be able to continue to do so on attractive terms or at all. For example, for solar projects reaching commercial operation date in 2022, none of our modules were sourced from China. We anticipate the construction of 793 MW of solar energy and energy storage systems over the course of 2022 and 2023, a majority of which are either fully constructed or have shifted delivery risk to the applicable engineering, procurement and construction ("EPC") contractors. Under our agreements with EPC contractors, delays driven by supply chain disruptions and/or any incremental costs due to constrained capacity in said supply chain would result in liquidated damages to the Company. We believe such liquidated damages could compensate us for any reasonably expected delays. Further, we expect to directly source approximately 140 MW of solar energy systems planned for construction in 2022 and 2023 from a variety of suppliers outside of China. However, the uncertainty around the DOC's investigation into AD/CVD duties may expose us to increased product prices. While the Biden Administration's tariff exemption reduces the near-term risk that our suppliers will be exposed to tariffs, to the extent there is a determination in the future that companies are circumventing such duties by manufacturing crystalline silicon cells and modules outside of China, we may experience a material adverse effect on our business, financial condition and results of operations.

We cannot predict what additional actions the U.S. may adopt with respect to tariffs or other trade regulations or what actions may be taken by other countries in retaliation for such measures. If additional measures are imposed or other negotiated outcomes occur, our ability to purchase these products on competitive terms or to access specialized technologies from other countries could be further limited, which could adversely affect our business, financial condition and results of operations.

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***Changes in effective tax rates, or adverse outcomes resulting from other tax increases or an examination of our income or other tax returns, could adversely affect our results of operations and financial condition.***

Any changes in our effective tax rates or tax liabilities could adversely affect our results of operations and financial condition. Our future effective tax rates or tax liabilities could be subject to volatility or adversely affected by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the valuation of our deferred tax assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected timing and amount of the release of any tax valuation allowances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expansion into or future activities in new jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of tax deductions, credits, exemptions, refunds, and other benefits to reduce tax liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax effects of share-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the tax characterization of certain of our activities or investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, tax regulations, accounting principles, or interpretations or applications thereof.

For example, the recently enacted Inflation Reduction Act extends certain tax credits for renewable energy facilities. As part of these changes, certain facilities will be subject to additional requirements and/or limitations which may increase the cost to develop or finance such facilities. The exact impact of these changes is not fully known. These and any other changes to government incentives that impose additional restrictions or favor certain renewable energy sources or projects over our renewable energy sources or projects could increase costs, limit our ability to utilize tax benefits, reduce our competitiveness, and/or adversely impact our growth, which could have a material adverse effect on our business, financial condition, and results of operations.

In addition, an adverse outcome arising from an examination of our income or other tax returns could result in higher tax exposure, penalties, interest, or other liabilities that could have an adverse effect on our operating results and financial condition.

Further, our ITCs will be subject to recapture if our relevant energy systems, including our solar or storage energy facilities cease to be qualifying property or undergo certain changes in ownership within five years of the date such system is placed in service. The amount of such recapture decreases for each successive year the relevant system is in place. If such recapture were to occur, we could owe certain tax liabilities, including penalties and interest, based on those recaptured ITCs.

***If either (a) the solar energy systems in which we are invested cease to be qualifying property within five years of the applicable placed in service date of such property or (b) the IRS makes a determination that the tax basis of any such solar energy system is materially lower than what was reported on the applicable tax returns, we may have to pay significant amounts to the partnerships that own such solar energy systems, to our tax-equity investors and/or to the U.S. government, and any such payment obligations could adversely affect our results of operations and financial condition.***

ITCs are subject to recapture if a solar energy system ceases to be qualifying property for any reason (*e.g.*, due to a solar energy system becoming temporarily or permanently nonoperational) within five years of its placed in service date. The ITCs subject to recapture with respect to a solar energy system decrease by 20% on each anniversary of such solar energy system's placed in service date. If such a recapture event were to occur with respect to one of the solar energy systems owned by a

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partnership in which we are invested, we could owe the partnership, or the tax-equity investors in such partnership, an amount equal to the value of the tax-equity investors' share of the ITCs that were recaptured. We could also be subject to tax liabilities, including interest and penalties, based on our share of recaptured ITCs. Any such recapture could adversely affect our results of operations and financial condition.

The ITCs available to be claimed with respect to any solar energy system are determined in part by the tax basis of the applicable solar energy system. The tax basis of the solar energy systems in which we are invested are reported on the tax returns of the partnerships that own the applicable solar energy systems. The tax basis reported on any such tax return is based on the appraised fair market value of the applicable solar energy system. The IRS may review the basis on audit and determine whether any tax credits previously claimed should be reduced. In these circumstances, if the basis is determined to be less than reported, we may owe our tax-equity investors an amount equal to the value of their share of the ITCs claimed on the difference, plus any costs and expenses associated with a challenge to that valuation. We could also be subject to tax liabilities, including interest and penalties, based on our share of ITCs claimed that are eliminated in any such determination. Any such determination by the IRS could adversely affect our results of operations and financial condition.

***If 50% or more of the value of our stock is held by tax-exempt entities that each own at least 5% of our stock and we do not file a timely irrevocable election to not be treated as a tax-exempt entity under Section 168(h)(6) of the Code, it could adversely affect our results of operations and financial condition. If we do make such an election, tax-exempt entities that own our stock may face adverse tax consequences from owning our shares.***

We are invested in a number of partnership arrangements in which we customarily agree to indemnify the partnership and any other investor in the partnership for losses incurred if we become a tax-exempt entity for federal income tax purposes. We may be considered a tax-exempt entity if 50% or more of the value of our stock is held by tax-exempt entities that each own at least 5% of our stock and we do not file a timely irrevocable election to not be treated as a tax-exempt entity for purposes of Section 168(h)(6) of the Code (any such election, a "Section 168(h)(6)(F) Election"). We may not be aware of ownership changes of our stock that would cause us to be considered a tax-exempt entity, or we may not be aware of such ownership changes in sufficient time, such that it is impracticable to timely make a Section 168(h)(6)(F) Election.

If we become a tax-exempt entity and we do *not* make a Section 168(h)(6)(F) Election, a portion of the assets held by partnerships in which we hold an interest could be classified as tax-exempt-use property. Tax-exempt use property is not qualifying property for purposes of the ITC, which could result in recapture of ITCs, and is ineligible for accelerated depreciation. If property of any partnership in which we hold an interest is classified as tax-exempt use property as a result of our new status as a tax-exempt entity, we could owe certain of our affected partnerships, or the other investors in such partnerships, an amount equal to the losses incurred by such persons from delayed depreciation deductions, recapture of ITCs and interest and penalties, which could adversely affect the results of our operations and financial condition.

If we would otherwise become a tax-exempt entity and do make a Section 168(h)(6)(F) Election, none of the assets of any of partnership in which we hold an interest would be classified as tax-exempt use property as a result of our ownership. However, our Section 168(h)(6)(F) Election would result in interest received or accrued from us, gain on the sale of our stock and certain dividends received or accrued from us being treated as "unrelated business taxable income" ("UBTI") to any tax-exempt shareholder. The potential for income to be characterized as UBTI could make our shares an unsuitable investment for a tax-exempt entity. Tax-exempt shareholders are urged to consult their tax advisors regarding the tax consequences of an investment in our shares.

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***U.S. federal income tax law is not clear regarding when our projects can be considered to have been "placed in service," and we have obligations to indemnify some of our tax-equity investors if the IRS is successful in asserting that the relevant tax-equity fund did not place in service the system it owns. If we were required to make any payments as a result of this indemnity, it could adversely affect our results of operations and financial condition.***

Generally, only the entity that originally places a solar energy system in service may claim an ITC. The term "placed in service" for U.S. federal income tax purposes is not statutorily defined, and while the IRS and tax court decisions have provided general guidance related to the factors that should determine when property is placed in service for U.S. federal income tax purposes, it has not provided any guidance specifically related to this issue for solar energy systems. We currently have indemnification obligations in place with some of our tax-equity investors for ITC losses resulting from a determination that solar energy systems were placed in service for U.S. federal income tax purposes prior to being transferred to the relevant tax-equity fund. If the IRS were to assert that these solar energy systems were placed in service for U.S. federal income tax purposes before being transferred to the relevant tax-equity fund, it could lead to the loss of the ITCs claimed on these systems, and any resulting indemnification payments that we may be required to make to our tax-equity investors, now or in the future, could adversely affect our financial condition.

***Changes in the treatment of renewable energy certificates may adversely impact our business.***

A significant portion of our business revenue is generated from the sale of RECs, in particular SRECs. RECs represent the "renewable" nature of the electricity. The creation of RECs depends on the type of renewable energy, such as solar, and includes criteria such as location, size, date of operation of the project, and energy delivery needs. RECs can be sold bundled with electricity or sold separately. The demand for RECs, and their associated price, may change depending on the availability of renewable electricity in a particular jurisdiction and the need for other entities to purchase RECs to meet regulatory or other requirements or expectations. To the extent that renewable energy becomes more prevalent, the price of RECs could fall which would result in an adverse impact upon our revenues from the sale thereof. Additionally, some jurisdictions may favor certain types of renewable power generation over others with respect to the creation and value of RECs, which may impact the value of RECs. For example, the RPS in certain jurisdictions requires a minimum portion of the renewable capacity to be met by solar energy, which may result in a premium for SRECs. However, requirements related to the creation and value of RECs are subject to change, and it cannot be guaranteed that our operations will always generate higher value RECs. Furthermore, regulatory changes that lower the value assigned to RECs generated in connection with certain of our assets have the potential to materially adversely affect our financial condition.

We are required to comply with complex recordkeeping requirements associated with the generation and sale of RECs. Such requirements become more complex when RECs are separated from the electricity produced at our projects. If we do not comply with recordkeeping requirements, this could result in less RECs than expected. Separate sales may also impact how we are allowed to characterize the REC-less electricity, which could adversely impact our operations.

***Changes to, or reductions in, tax credits and other financial incentives could materially adversely affect our business, financial condition and results of operation.***

Our business depends in part on current government policies that promote and support solar energy and enhance the economic viability of solar energy systems. These incentives include tax credits and other financial incentives. A loss of, or reduction in, such incentives could decrease the attractiveness of new solar energy systems to tax-equity investors, which could adversely impact our business and our access to capital.

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The federal government currently offers an ITC for the installation of certain solar energy facilities owned for business purposes. If construction on the facility began before January 1, 2020, the amount of the ITC available is 30%. If construction began during 2020 or 2021, and the facility was placed in service prior to January 1, 2022, the amount of the ITC available is 26%. If the facility is placed in service on or after January 1, 2022, the ITC available is 30% so long as certain requirements relating to prevailing wages and apprentices are satisfied or an exception to such requirements applies. The ITC has been a significant driver of the financing supporting the adoption of solar energy systems in the United States. Any future reduction in these tax credits may impact the attractiveness of solar energy systems and have an adverse effect on our business, financial condition and results of operations.

The economics of purchasing a solar energy system and energy storage system are also improved by eligibility for accelerated depreciation, also known as the modified accelerated cost recovery system ("MACRS"), which allows for the depreciation of equipment according to an accelerated schedule set forth by the IRS. This accelerated schedule allows a taxpayer, such as a tax-equity investor, to recognize the depreciation of tangible solar property on a five-year basis even though the useful life of such property is generally greater than five years. To the extent that these policies are changed in a manner that reduces the incentives that benefit our business, we may experience reduced revenues and increased financing costs and encounter difficulty obtaining financing.

**Risks Related to this Offering and Our Common Stock** 

***We have a history of losses and may not achieve or sustain profitability in the future.***

We have suffered recurring losses from operations and have been dependent on new investment to sustain our operations. During the years ended December 31, 2021, 2020 and 2019, we reported net losses of $56.2 million, $20.3 million and $4.3 million, respectively. We may not achieve profitability in the foreseeable future, if at all. In addition, our operating expenses may be more than our future revenue growth. We expect our future cost of revenue and operating expenses to continue to increase in the foreseeable future as we continue to expand our operations.

***The requirements of being a public company, including compliance with the reporting requirements of the Exchange Act, and the requirements of the Sarbanes-Oxley Act of 2002, may strain our resources, increase our costs and distract management, and we may be unable to comply with these requirements in a timely or cost-effective manner.***

As a public company, we will need to comply with new laws, regulations and requirements, certain corporate governance provisions of the Sarbanes-Oxley Act of 2002, related regulations of the SEC and the requirements of the NYSE, with which we are not required to comply as a private company. Complying with these statutes, regulations and requirements will occupy a significant amount of time of our board of directors and management and will significantly increase our costs and expenses. We will need to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• institute a more comprehensive compliance function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comply with rules promulgated by the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continue to prepare and distribute periodic public reports in compliance with our obligations under the federal securities
laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish new internal policies, such as those relating to insider trading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• involve and retain to a greater degree outside counsel and accountants in the above activities.

Furthermore, while we generally must comply with Section 404 of the Sarbanes-Oxley Act of 2002 for our fiscal year ending December 31, 2023, we are not required to have our independent

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registered public accounting firm attest to the effectiveness of our internal controls until our first annual report subsequent to our ceasing to be a "non-accelerated filer." Accordingly, we may not be required to have our independent registered public accounting firm attest to the effectiveness of our internal controls until as late as our second annual report following the offering. Once it is required to do so, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our controls are documented, designed, operated or reviewed. Compliance with these requirements may strain our resources, increase our costs and distract management, and we may be unable to comply with these requirements in a timely or cost-effective manner.

In addition, we expect that being a public company subject to these rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our board of directors or as executive officers. We are currently evaluating these rules, and we cannot predict or estimate the amount of additional costs we may incur or the timing of such costs.

***If we fail to develop or maintain an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud. As a result, current and potential stockholders could lose confidence in our financial reporting, which would harm our business and the trading price of our common stock.***

Effective internal controls are necessary for us to provide reliable financial reports, prevent fraud and operate successfully as a public company. If we cannot provide reliable financial reports or prevent fraud, our reputation and operating results would be harmed. We cannot be certain that our efforts to develop and maintain our internal controls will be successful, that we will be able to maintain adequate controls over our financial processes and reporting in the future or that we will be able to comply with our obligations under Section 404 of the Sarbanes-Oxley Act of 2002. In this regard, we may face particular challenges given our historical reliance on GSAM to externally manage us pursuant to the Management Services Agreement and the risk that we may not be able to retain all accounting, legal, information technology and other personnel and systems that we have historically been provided to us following the Internalization Transaction. Any failure to develop or maintain effective internal controls, or difficulties encountered in implementing or improving our internal controls, could harm our operating results or cause us to fail to meet our reporting obligations. Ineffective internal controls could also cause investors to lose confidence in our reported financial information, which would likely have a negative effect on the trading price of our common stock.

***The initial public offering price of our common stock may not be indicative of the market price of our common stock after this offering. In addition, an active, liquid and orderly trading market for our common stock may not develop or be maintained, and our stock price may be volatile.***

Prior to this offering, our common stock was not traded on any market. An active, liquid and orderly trading market for our common stock may not develop or be maintained after this offering. Active, liquid and orderly trading markets usually result in less price volatility and more efficiency in carrying out investors' purchase and sale orders. The market price of our common stock could vary significantly as a result of a number of factors, some of which are beyond our control. In the event of a drop in the market price of our common stock, you could lose a substantial part or all of your investment in our common stock. The initial public offering price will be negotiated between us and the representatives of the underwriters, based on numerous factors which we discuss in "Underwriting (Conflicts of Interest)," and may not be indicative of the market price of our common stock after this offering. Consequently, you may not be able to sell shares of our common stock at prices equal to or greater than the price paid by you in this offering.

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The following factors could affect our stock price:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quarterly variations in our financial and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public reaction to our press releases, our other public announcements and our filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic actions by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in revenue or earnings estimates, or changes in recommendations or withdrawal of research coverage, by equity
research analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speculation in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of research analysts to cover our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of our common stock by us or other stockholders, or the perception that such sales may occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles, policies, guidance, interpretations or standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions by our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general market conditions, including fluctuations in commodity prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• domestic and international economic, legal and regulatory factors unrelated to our performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the realization of any risks described under this "Risk Factors" section.

The stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our common stock. Securities class-action litigation has often been instituted against companies following periods of volatility in the overall market and in the market price of a company's securities. Such litigation, if instituted against us, could result in very substantial costs, divert our management's attention and resources and harm our business, operating results and financial condition.

***Certain of our Existing Owners will hold a significant portion of the voting power of our common stock.***

While we do not expect to be a "controlled company" within the meaning of NYSE's corporate governance standards, upon completion of this offering (assuming no exercise of the underwriters' option to purchase additional shares and an assumed initial public offering price for our common stock of $ per share (the midpoint of the price range set forth on the cover of this prospectus)), GSAM and the UC Regents will own approximately % of our common stock. As a result, they will have significant influence on the outcome of all matters requiring stockholder approval, including mergers and other material transactions and the composition of our board of directors. The existence of a significant stockholder may also have the effect of deterring hostile takeovers, delaying or preventing changes in control or changes in management, or limiting the ability of our other stockholders to approve transactions that they may deem to be in our best interests.

So long as GSAM and the UC Regents continue to control a significant amount of our common stock, they will continue to be able to strongly influence all matters requiring stockholder approval, regardless of whether or not other stockholders believe that a potential transaction is in their own best interests. In any of these matters, their interests may differ or conflict with the interests of our other stockholders. In addition, they may, from time to time, acquire interests in businesses that directly or

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indirectly compete with our business, as well as businesses that are significant existing or potential customers. Such entities and persons may acquire or seek to acquire assets that we seek to acquire and, as a result, those acquisition opportunities may not be available to us or may be more expensive for us to pursue. Moreover, this concentration of stock ownership may also adversely affect the trading price of our common stock to the extent investors perceive a disadvantage in owning stock of a company with a significant stockholder.

***Certain Designated Parties are not limited in their ability to compete with us, and the corporate opportunity provisions in our certificate of incorporation could enable such Designated Parties and their respective affiliates to benefit from corporate opportunities that might otherwise be available to us.***

Our governing documents will provide that our directors who are not also our officers, including any such directors affiliated with GSAM, and their respective portfolio investments and affiliates (collectively, the "Designated Parties") are not restricted from owning assets or engaging in businesses that compete directly or indirectly with us. In particular, subject to the limitations of applicable law, our certificate of incorporation will, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit such Designated Parties to conduct business that competes with us and to make investments in any kind of property in
which we may make investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide that if such Designated Parties, or any employee, partner, member, manager, officer or director of such Designated
Parties who is also one of our directors, becomes aware of a potential business opportunity, transaction or other matter, they will have no duty to communicate or offer that opportunity to us.

The Designated Parties may become aware, from time to time, of certain business opportunities (such as acquisition opportunities) and may direct such opportunities to other businesses in which they have invested, in which case we may not become aware of or otherwise have the ability to pursue such opportunity. Furthermore, such businesses may choose to compete with us for these opportunities, possibly causing these opportunities to not be available to us or causing them to be more expensive for us to pursue. In addition, the Designated Parties may dispose of solar energy and energy storage systems in the future, without any obligation to offer us the opportunity to purchase any of those assets. As a result, our renouncing our interest and expectancy in any business opportunity that may be from time to time presented to the Designated Parties could adversely impact our business or prospects if attractive business opportunities are procured by such parties for their own benefit rather than for ours. Please read "Description of Capital Stock."

***Our certificate of incorporation and bylaws, as well as Delaware law, will contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our common stock and could deprive our investors of the opportunity to receive a premium for their shares.***

Our certificate of incorporation will authorize our board of directors to issue preferred stock without stockholder approval in one or more series, designate the number of shares constituting any series, and fix the rights, preferences, privileges and restrictions thereof, including dividend rights, voting rights, rights and terms of redemption, redemption price or prices and liquidation preferences of such series. If our board of directors elects to issue preferred stock, it could be more difficult for a third party to acquire us. In addition, some provisions of our certificate of incorporation and bylaws could make it more difficult for a third party to acquire control of us, even if the change of control would be beneficial to our stockholders. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initially dividing our board of directors into three classes of directors, with each class serving staggered three-year
terms, and transitioning to an annually elected board at the third annual meeting following the completion of this offering;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing that all vacancies, including newly created directorships, may, except as otherwise required by law or, if
applicable, the rights of holders of a series of preferred stock, only be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum (prior to such time, vacancies may also be filled by stockholders holding
a majority of the outstanding shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permitting any action by stockholders to be taken only at an annual meeting or special meeting rather than by a written
consent of the stockholders, subject to the rights of any series of preferred stock with respect to such rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permitting special meetings of our stockholders to be called only by our board of directors pursuant to a resolution
adopted by the affirmative vote of a majority of the total number of authorized directors whether or not there exist any vacancies in previously authorized directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring, while we have a staggered board, the affirmative vote of the holders of at least 66.66% in voting power of all
then outstanding common stock entitled to vote generally in the election of directors, voting together as a single class, to remove any or all of the directors from office at any time, and directors will be removable only for "cause;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibiting cumulative voting in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing advance notice provisions for stockholder proposals and nominations for elections to the board of directors to
be acted upon at meetings of stockholders; and

providing that the board of directors is expressly authorized to adopt, or to alter or repeal our bylaws.

***Our certificate of incorporation will designate the Court of Chancery of the State of Delaware and, to the extent enforceable, the federal district courts of the United States of America as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.***

Our certificate of incorporation will provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on our or our stockholders' behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our current or former directors, officers, employees, agents and stockholders to us or our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law ("DGCL"), our certificate of incorporation or our bylaws, (iv) any action as to which the DGCL confers jurisdiction to the Court of Chancery of the State of Delaware, or (v) any other action asserting a claim that is governed by the internal affairs doctrine shall be the Court of Chancery of the State of Delaware. Our certificate of incorporation will also provide that, to the fullest extent permitted by applicable law, the federal district courts of the U.S. are the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act, subject to and contingent upon a final adjudication in the State of Delaware of the enforceability of such exclusive forum provision.

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to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially adversely affect our business, financial condition and results of operations and result in a diversion of the time and resources of our management and board of directors. For example, the Court of Chancery of the State of Delaware recently determined a provision stating that U.S. federal district courts are the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act is not enforceable.

***Future sales of our common stock in the public market, or the perception that such sales may occur, could reduce our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us.***

We may sell additional shares of our common stock in subsequent offerings. As of , 2023, after the completion of this offering, we will have outstanding shares of common stock, including shares of common stock that we are selling in this offering but excluding the shares of common stock that we may sell in this offering if the underwriters' option to purchase additional shares is fully exercised, which may be resold immediately in the public market. Following the completion of this offering, GSAM and the UC Regents (assuming an initial public offering price for our common stock of $ per share (the midpoint of the price range set forth on the cover of this prospectus)) will collectively own shares of common stock, representing approximately % (or % if the underwriters' option to purchase additional shares is exercised in full) of our outstanding common stock. All such shares, and other shares held by our Existing Owners, are restricted from immediate resale under the federal securities laws but may be sold into the market in the future. We expect that GSAM and the UC Regents will be party to a registration rights agreement with us that will require us to effect the registration of their shares in certain circumstances no earlier than the expiration of the lock-up period contained in the underwriting agreement entered into in connection with this offering. See "Shares Eligible for Future Sale" and "Certain Relationships and Related Party Transactions—Registration Rights Agreements."

In connection with this offering, we intend to file a registration statement with the SEC on Form S-8 providing for the registration of shares of our common stock issued or reserved for issuance under our long-term incentive plan. Subject to the satisfaction of vesting conditions, the expiration of lock-up agreements and the requirements of Rule 144, shares registered under the registration statement on Form S-8 may be made available for resale immediately in the public market without restriction.

We cannot predict the size of future issuances of our common stock or securities convertible into common stock or the effect, if any, that future issuances and sales of shares of our common stock will have on the market price of our common stock. Sales of substantial amounts of our common stock (including shares issued in connection with an acquisition), or the perception that such sales could occur, may adversely affect prevailing market prices of our common stock.

***If you purchase shares of our common stock sold in this offering, you will incur immediate and substantial dilution.***

If you purchase shares of our common stock in this offering, you will incur immediate and substantial dilution in the amount of $ per share because the initial public offering price will be substantially higher than the pro forma net tangible book value per share of our outstanding common stock. This dilution will result because our earlier investors paid substantially less than the initial public offering price when they initially acquired their interests in us. In addition, you may also experience additional dilution upon future equity issuances, the exercise of stock options to purchase common stock granted to our employees and directors under our stock option and equity incentive plans or the exercise of warrants to purchase common stock. See "Dilution."

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***The underwriters of this offering may waive or release parties to the lock-up agreements entered into in connection with this offering, which could adversely affect the price of our common stock.***

We and all of our directors and executive officers have entered or will enter into lock-up agreements, and substantially all of our other stockholders immediately prior to this offering will be governed by provisions of our certificate of incorporation, in each case pursuant to which we and they will be subject to certain restrictions with respect to the sale or other disposition of our common stock for a period of days following the date of this prospectus. The underwriters, at any time and without notice, may release all or any portion of the common stock subject to the foregoing lock-up agreements. See "Underwriting (Conflicts of Interest)" for more information on these agreements. If the restrictions under the lock-up agreements are waived, then the common stock, subject to compliance with the Securities Act or exceptions therefrom, will be available for sale into the public markets, which could cause the market price of our common stock to decline and impair our ability to raise capital.

***We may issue preferred stock the terms of which could adversely affect the voting power or value of our common stock.***

Our certificate of incorporation will authorize us to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such designations, preferences, limitations and relative rights, including preferences over our common stock respecting dividends and distributions, as our board of directors may determine. The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of our common stock. For example, we might grant holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could affect the residual value of the common stock.

***If securities or industry analysts do not publish research or reports about our business, if they adversely change their recommendations regarding our common stock or if our operating results do not meet their expectations, our stock price could decline.***

The trading market for our common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. If one or more of these analysts ceases to cover us or fails to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. Moreover, if one or more of the analysts who covers us downgrades our common stock or if our operating results do not meet their expectations, our stock price could decline.

***We are not, and do not intend to become, regulated as an investment company under the Investment Company Act of 1940 (the "Investment Company Act") (and similar legislation in other jurisdictions) and, if we are deemed an "investment company" under the Investment Company Act, applicable restrictions could make it impractical for us to operate as contemplated.***

The Investment Company Act (and similar legislation in other jurisdictions) provides certain protections to investors and imposes certain restrictions on companies that are required to be regulated as investment companies. Among other things, such rules limit or prohibit transactions with affiliates, impose limitations on the issuance of debt and equity securities and impose certain governance requirements. We are not and do not intend to become regulated as an investment company and we intend to conduct our activities so we will not be deemed to be an investment company under the Investment Company Act (and similar legislation in other jurisdictions). In order to

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ensure that we are not deemed to be an investment company, we may be required to materially restrict or limit the scope of our operations or plans. We are and will be limited in the types of acquisitions that it may make, and we may need to modify our organizational structure or dispose of assets which we would not otherwise dispose of. Moreover, if anything were to happen which would cause us to be deemed an investment company under the Investment Company Act, it would be impractical for us to operate as contemplated. Agreements and arrangements between and among GSAM and us would be impaired, the type and number of acquisitions that we would be able to make as a principal would be limited and our business, financial condition and results of operations would be materially adversely affected. Accordingly, we would be required to take extraordinary steps to address the situation, such as the restructuring of our company and our operating subsidiaries, the amendment of our governing documents or the dissolution of our company, any of which could materially adversely affect the value of our common stock.

**General Risk Factors** 

***Developments associated with the ongoing COVID-19 pandemic could have an adverse effect on our business.***

The rapid spread of the novel coronavirus (2019-nCoV) ("COVID-19"), which was declared by the World Health Organization to be a pandemic on March 11, 2020, and actions taken globally in response to COVID-19, have significantly disrupted international business activities. The COVID-19 pandemic resulted in governments around the world implementing stringent measures to help control the spread of the virus, including quarantines, social distancing protocols, "shelter in place" and "stay at home" orders, travel restrictions, business curtailments, school closures and other measures. Governments and central banks around the world enacted fiscal and monetary stimulus measures to counteract the effects of the COVID-19 pandemic and various other response measures, however, the overall magnitude and long-term effectiveness of these actions remain uncertain. In addition, our business relies, to a certain extent, on free movement of goods, services, and capital from around the world, which has been significantly restricted as a result of the COVID-19 pandemic. We have implemented a response plan to maintain our operations despite the outbreak of the virus, including extra safety precautions with respect to our personnel and contingency plans with respect to our facilities. However, we may experience direct or indirect impacts from the pandemic, including delays in development or construction activities in its business and has some risk that its contract counterparties could fail to meet their obligations.

Given the ongoing and dynamic nature of the circumstances surrounding the COVID-19 pandemic, it is difficult to predict how significant the impact of the COVID-19 pandemic, including any responses to it, will be on the global economy or for how long any disruptions are likely to continue. The extent of such impact will depend on future developments, which are highly uncertain, continually evolving and difficult to predict, including the duration of the outbreak within the United States and the related impact on the oil and natural gas industry, the impact of governmental actions designed to prevent the spread of COVID-19 and the availability of effective treatments and vaccines. While vaccines have become available in most countries and many economies have reopened, the status of the global recovery remains uncertain and unpredictable, especially in light of new variant strains. Business activity may not recover as quickly as anticipated, and widespread recovery will be impacted by future developments, including future waves of outbreak or new variant strains of the virus which may require re-closures or other preventative measures. Conditions will be subject to the effectiveness of government policies, vaccine administration rates, and other factors that may not be foreseeable. Such developments could have an adverse effect on our assets, liabilities, business, financial condition, results of operations and cash flow.

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***The ongoing military action between Russia and Ukraine could adversely affect our business, financial condition and results of operations.***

On February 24, 2022, Russian military forces invaded Ukraine, and sustained conflict and disruption in the region is likely. Although the length, impact and outcome of the ongoing military conflict in Ukraine is highly unpredictable, this conflict could lead to significant market and other disruptions, including significant volatility in commodity prices and supply of energy resources, instability in financial markets, supply chain interruptions, political and social instability, changes in consumer or purchaser preferences as well as increase in cyberattacks and espionage.

Russia's recognition of two separatist republics in the Donetsk and Luhansk regions of Ukraine and subsequent military action against Ukraine have led to an unprecedented expansion of sanction programs imposed by the United States, the European Union, the United Kingdom, Canada, Switzerland, Japan and other countries against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic, including, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• blocking sanctions against some of the largest state-owned and private Russian financial institutions (and their subsequent
removal from the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") payment system) and certain Russian businesses, some of which have significant financial and trade ties to the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• blocking sanctions against Russian and Belarusian individuals, including the Russian President, other politicians and those
with government connections or involved in Russian military activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• blocking of Russia's foreign currency reserves as well as expansion of sectoral sanctions and export and trade
restrictions, limitations on investments and access to capital markets and bans on various Russian imports.

In retaliation against new international sanctions and as part of measures to stabilize and support the volatile Russian financial and currency markets, the Russian authorities also imposed significant currency control measures aimed at restricting the outflow of foreign currency and capital from Russia, imposed various restrictions on transacting with non-Russian parties, banned exports of various products and other economic and financial restrictions. The situation is rapidly evolving as a result of the conflict in Ukraine, and the United States, the European Union, the United Kingdom and other countries may implement additional sanctions, export controls or other measures against Russia, Belarus and other countries, regions, officials, individuals or industries in the respective territories. Such sanctions and other measures, as well as the existing and potential further responses from Russia or other countries to such sanctions, tensions and military actions, could adversely affect the global economy and financial markets and could adversely affect our business, financial condition and results of operations.

We are actively monitoring the situation in Ukraine and assessing its impact on our business, including our business partners and customers. To date we have not experienced any material interruptions in our infrastructure, supplies, technology systems or networks needed to support our operations. We have no way to predict the progress or outcome of the conflict in Ukraine or its impacts in Ukraine, Russia or Belarus as the conflict, and any resulting government reactions, are rapidly developing and beyond our control. The extent and duration of the military action, sanctions and resulting market disruptions could be significant and could potentially have substantial impact on the global economy and our business for an unknown period of time. Any of the abovementioned factors could affect our business, financial condition and results of operations. Any such disruptions may also magnify the impact of other risks described in this prospectus.

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***We may be exposed to uninsurable losses and may become subject to higher insurance premiums.***

While we maintain certain insurance coverage, including property insurance coverage for catastrophic losses such as hurricanes, earthquakes or floods, such insurance may not continue to be offered on an economically feasible basis, may not cover all events that could give rise to a loss or claim involving our assets or operations, and may not cover all of our assets. If our insurance coverage is insufficient and we are forced to bear such losses or claims or are subject to higher deductibles, our financial position could be materially and adversely affected. Our insurance policies may cover losses as a result of certain types of natural disasters or sabotage, among other things, but such coverage is not always available in the insurance market on commercially reasonable terms and is often capped at predetermined limits that may not be adequate. Our insurance policies are subject to review by our insurers and may not be renewed on similar or favorable terms or at all.

***Seeking to enforce a contract through the courts may take significant amounts of time and expense with no certainty of success.***

Our business could be adversely affected if we are required to enforce contracts through the courts and we are unsuccessful or incur significant amounts of time and expenses seeking to do so. High litigation costs and long delays make resolving commercial disputes in court time consuming and expensive. Such costs can be difficult to calculate with certainty. In addition, in certain jurisdictions in which we currently conduct business or may seek to conduct business in the future, there can be uncertainty regarding the interpretation and application of laws and regulations relating to the enforceability of contractual rights.

***We may experience increased labor costs, including as a result of changes in applicable laws and regulations, and the unavailability of skilled workers or our failure to attract and retain qualified personnel could adversely affect us.***

We and the third-party service providers we contract with are dependent upon the available labor pool of skilled employees. We and our service providers compete with other energy companies and other employers to attract and retain qualified personnel with the technical skills and experience required to construct and operate our fleet and our pipeline and to provide our customers with the highest quality service. We and our service providers are also subject to the Fair Labor Standards Act, which governs such matters as minimum wage, overtime and other working conditions. A shortage in the labor pool of skilled workers in the U.S., or other general inflationary pressures or changes in applicable laws and regulations, could make it more difficult for us or our service providers to attract and retain qualified personnel and could require an increase in the wage and benefits packages that we offer or an increase in the rates of our service providers, thereby increasing our operating costs. For example, the recently enacted Inflation Reduction Act includes certain prevailing wage requirements related to tax credit availability which may impact our labor costs going forward. Any increase in our operating costs could materially and adversely affect our business, financial condition, operating results, liquidity and prospects.

***We may be exposed to force majeure events.***

The occurrence of a significant event that disrupts the ability of our fleet to produce or sell power for an extended period, including events which preclude customers from purchasing electricity, could have a material adverse effect on our assets, liabilities, business, financial condition, results of operations and cash flow. In addition, force majeure events affecting our assets could result in damage to the environment or harm to third parties or the public, which could expose us to significant liability. Our fleet and our pipeline could be exposed to severe weather conditions, natural disasters and

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potentially catastrophic events. An assault or an act of malicious destruction, cyber-attacks, sabotage or terrorism committed on our fleet and/or our pipeline could also disrupt its ability to generate or sell power. In certain cases, there is the potential that some events may not excuse us from performing our obligations pursuant to agreements with third parties and therefore may expose us to liability.

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**CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS** 

These statements generally relate to future events or our future financial or operating performance. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "may," "will," "likely," "should," "expect," "anticipate," "could," "contemplate," "target," "anticipate," "future," "plan," "believe," "intend," "goal," "seek," "estimate," "project," "target," "predict," "potential," "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. There are many reasons we may not achieve the results we disclose in this prospectus, including, without limitation, the factors listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to irradiance at our solar facilities or to weather generally, as a result of climate change or otherwise, at any
of our solar facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility in supply and demand in the energy markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to re-negotiate or replace expiring PPAs on similar terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to obtain long-term contracts for the sale of our power produced by our projects on favorable terms and our
inability to meet certain milestones and other performance criteria under existing PPAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to be able to sell such SRECs at attractive prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential losses due to our guarantee of certain of the obligations of our projects and other subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to use tax-equity arrangements to finance projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions in our supply chain for materials and components and increased logistics costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from traditional utilities and renewable energy companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advances in technology that impair or eliminate the competitive advantage of our projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in the amount of uncontracted generation in our portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our concessions and licenses not being renewed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our real property rights for solar renewable energy facilities being adversely affected by the rights of lienholders and
leaseholders that are superior to those granted to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in the cost of operating our facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equipment failures and the costs and potential liabilities associated with such failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• solar energy systems may not perform as we expect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectively manage the Internalization Transaction or realize the anticipated benefits thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to identify sufficient investment opportunities and complete transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully manage the Mercedes-Benz Joint Ventures or realize the anticipated benefits thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to identify and acquire sites for the development of HPC EV Stations and to successfully develop those HPC EV
Stations at all or at the scale expected for the Mercedes-Benz Joint Ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully integrate the assets acquired in or realize the benefits from acquisitions, including the NES
Acquisition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with projects that remain under development or construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• widespread adoption of solar energy and energy storage technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to efficiently acquire a large number of additional "middle-market" solar energy projects or otherwise
adapt to the needs of our customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• construction and operational issues and other unforeseen challenges associated with deploying new technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our concentration in certain markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability and access to interconnection facilities and transmission systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• counterparties to our contracts not fulfilling their obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• credit, commodity price and interest rate risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer contracts not including inflation-based price increases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generating facilities affected by local communities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on computerized business systems, which could expose us to cyber-attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• newly developed technologies that our company invests not performing as anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor disruptions and economically unfavorable collective bargaining agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduction of our influence over our operating subsidiaries and subjection to additional obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in demand for power or power derived from renewable energy sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments in alternative energy transition, energy efficiency technologies and energy storage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our credit ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our high level of indebtedness and relatively large fixed costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-competition covenants which we are subject to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainties relating to the phasing out of LIBOR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to comply with or our inability to maintain governmental permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation and other disputes and governmental regulatory investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complex environmental, health, and safety laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• physical hazards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased regulation on our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and economic barriers to the purchase and use of solar energy systems by electric utility policies and
regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in the cost or reduction in supply of solar energy and energy storage system components due to tariffs or trade
restrictions imposed by the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in effective tax rates, or adverse outcomes resulting from other tax increases or an examination of our income or
other tax returns and tax inefficiencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our solar energy systems ceasing to be qualifying property within five years of the applicable placed in service date or an
IRS determination that the tax basis of our solar energy systems is materially lower than that reported on the applicable tax return;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% of more of our stock being held by tax-exempt entities that each own at least 5% of our common stock and our failure to
make a timely Section 168(h)(6)(F) Election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty regarding when our projects can be considered to have been "placed in service" under U.S. federal
income tax law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in treatment of RECs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to, or reductions in, tax credits and other financial incentives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our history of losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirements and increased expenses associated with being a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of our internal controls over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market price risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant influence over our business by certain of our Existing Owners

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Competition with Designated Parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future sales of our common stock in the public market, or the perception that such sales may occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations to our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors,
officers, employees or agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dilution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waiver or release of parties to the lock-up agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible issuance of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• energy marketing risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the severity, duration and spread of the COVID-19 pandemic, as well as the direct
and indirect impacts that the virus may have;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility of the global financial markets and uncertain economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ongoing military action between Russia and Ukraine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uninsurable losses and higher insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the growth of our portfolio and our inability to realize the expected benefits of transactions or acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seeking to enforce a contract through the courts may take significant amounts of time and expense with no certainty of
success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to attract and retain qualified personnel, increased labor costs, and the unavailability of skilled workers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposure to force majeure events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our anticipated uses of net proceeds from this offering.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this prospectus.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this prospectus primarily on our current expectations and projections about future events and trends that we believe may affect our business,

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financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled "Risk Factors" and elsewhere in this prospectus. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this prospectus relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this prospectus to reflect events or circumstances after the date of this prospectus or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

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**USE OF PROCEEDS** 

We expect to receive net proceeds from the sale of shares of our common stock in this offering of approximately $ million, based on the initial public offering price of $ per share, after deducting underwriting discounts and commissions and estimated expenses payable by us. Assuming that the underwriters' option to purchase additional shares is exercised in full, we expect to receive net proceeds from the sale of shares of our common stock in this offering of approximately $ million, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

We intend to use the net proceeds from this offering to fund approximately $275.0 million to $325.0 million of development and construction activities on our renewables, battery storage and EV charging pipeline projects through the end of 2025. We intend to use any remaining net proceeds for general corporate purposes, which may include opportunistically funding solar, battery storage, energy acquisitions and other strategic opportunities. Notwithstanding the generality of the foregoing, the principal purpose of this offering is to increase our capitalization and financial flexibility, create a public market for our common stock and increase our visibility in the marketplace. Immediately after receipt of the net proceeds of this offering, management may use a certain amount to temporarily pay down the balance of the New Revolving Credit Facility—including amounts drawn thereunder to repay the Subscription Facility prior to this offering—to more efficiently manage the Company's liquidity and minimize interest expense. As development and construction expenditures become due, management will then redraw capital from the New Revolving Credit Facility to fund said expenditures. The New Revolving Credit Facility bears interest for ABR Loans, at the Alternate Base Rate plus the Applicable Rate, ranging from 0.50% to 0.75% (as each such capitalized term is defined in the Credit Agreement), for Term Benchmark Loans, at the Adjusted Term SOFR Rate plus the Applicable Rate, ranging from 1.50% to 1.75% (as each such capitalized term is defined in the Credit Agreement), or for RFR Loans, at the Adjusted Daily Simple SOFR plus the Applicable Rate, ranging from 1.50% to 1.75% (as each such capitalized term is defined in the Credit Agreement) and matures in January 2028.

Certain of the underwriters and/or their affiliates are agents or lenders under our Subscription Facility and will be lenders under our New Revolving Credit Facility, and therefore, may receive a portion of the net proceeds from this offering to the extent any such proceeds are used to manage the Company's liquidity and repay amounts outstanding thereunder. See "Underwriting (Conflicts of Interest)."

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**DIVIDEND POLICY** 

We do not anticipate declaring or paying any cash dividends to holders of our common stock in the foreseeable future. We currently intend to retain future earnings, if any, to finance our operations and the growth of our business. Our future dividend policy is within the discretion of our board of directors and will depend upon then-existing conditions, including our results of operations, financial condition, capital requirements, investment opportunities, statutory restrictions on our ability to pay dividends and other factors our board of directors may deem relevant. In addition, the agreements governing our indebtedness may place restrictions on our ability to pay cash dividends. Our board of directors will take into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and business conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial condition and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and anticipated cash needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capital requirements, including future acquisitions and existing reinvestment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal, tax, regulatory and contractual restrictions and implications on the payment of dividends by us to our shareholders;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other factors as our board of directors may deem relevant.

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**CAPITALIZATION** 

The following table sets forth our cash and capitalization as of September 30, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Predecessor on an actual basis as of September 30, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MN8 Energy on an as adjusted basis to give effect to (i) the Internalization Transaction, (ii) the Corporate
Reorganization and (iii) this offering and the use of proceeds therefrom as if such transactions occurred on September 30, 2022.

The following table should be read together with our predecessor's consolidated financial statements and related notes, and the sections titled "Summary Historical and Pro Forma Condensed Consolidated Financial and Operational Data," "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Unaudited Pro Forma Consolidated Financial Statements" that are included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **As of September 30, 2022** | **As of September 30, 2022** |
|  | **Actual<br> (Predecessor)** | **As Adjusted<br> (MN8 Energy)** |
|  | **(in thousands)** | **(in thousands)** |
|  Cash and cash equivalents<sup>(1)</sup> | $475881 | $— |
|  Long-term debt<sup>(2)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77% Senior Notes due 2044<sup>(3)</sup> | $432288 | $432288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10% Senior Notes due 2046<sup>(3)</sup> | $577141 | $577141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29% Senior Notes due 2047<sup>(3)</sup> | $250470 | $250470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription Facility<sup>(4)</sup> | $308291 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Revolving Credit Facility<sup>(4)</sup> | $— | $308291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warehouse Facility | $311636 | $311636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project-Level Notes Payable<sup>(5)</sup> | $348211 | $348211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | $2228037 | $2228037 |
|  Redeemable non-controlling interests | 33774 | 33774 |
|  Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Members' / shareholders' equity<sup>(1)</sup> | 1239757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock—$0.01 par value; no shares authorized, issued or outstanding (actual); 1,000,000,000 shares authorized and shares issued and outstanding (pro forma) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock; no shares authorized, issued or outstanding (actual), 500,000,000 shares authorized, shares issued or outstanding (pro forma)) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid in capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-redeemable non-controlling interest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest | 149095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 1388852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capitalization | $3650663 | $— |

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(1) The "Actual" and "As Adjusted" amounts include the capital contributions from the Existing Owners to
our Predecessor, which were received prior to or following September 30, 2022, respectively, for purposes of funding the cash consideration for the NES Acquisition, as described further under "Prospectus Summary—Recent
Developments—NES Acquisition." The NES Acquisition closed on November 18, 2022 for approximately $254.8 million of cash consideration, subject to purchase price adjustments, funded with these proceeds.

(2) All outstanding amounts of indebtedness shown at principal amount.

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(3) The Senior Notes are the obligations of our subsidiary portfolios and we do not guarantee the indebtedness represented
thereby; however, we consolidate the assets and liabilities of each such subsidiary portfolio on our consolidated balance sheet. See Note 8 to our unaudited consolidated financial statements included elsewhere in this prospectus.

(4) The "Actual" column includes amounts outstanding under the Subscription Facility as of September 30, 2022. In
connection with the consummation of this offering, we intend to fully repay and terminate the Subscription Facility and enter into the New Revolving Credit Facility (defined below), a $450.0 million revolving credit facility. For additional
information, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Project and Corporate-Level Financing."

(5) See Note 8 to our unaudited consolidated financial statements included elsewhere in this prospectus for additional
information regarding our project-level notes payable.

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**DILUTION** 

If you purchase shares of our common stock in this offering, your ownership interest will be diluted to the extent of the difference between the initial public offering price per share of our common stock in this offering and the as further adjusted net tangible book value per share of our common stock immediately after this offering. Dilution in as further adjusted net tangible book value per share to investors purchasing shares of our common stock in this offering represents the difference between the amount per share paid by investors purchasing shares of our common stock in this offering and the as further adjusted net tangible book value per share of our common stock immediately after completion of this offering.

Our as adjusted net tangible book value as of September 30, 2022, was $ million, or $ per share. Our as adjusted net tangible book value per share represents the amount of our historical tangible book value as of September 30, 2022, after giving effect to the Internalization Transaction and the Corporate Reorganization, which will occur immediately prior to or contemporaneously with the completion of this offering. Our as adjusted net tangible book value as of September 30, 2022, gives effect to the capital contributions from the Existing Owners to our predecessor, which were received prior to or following September 30, 2022, respectively, for purposes of funding the cash consideration for the NES Acquisition, as described further under "Prospectus Summary—Recent Developments."

After giving effect to the sale by us of shares of our common stock in this offering at the initial public offering price of $ per share, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our as further adjusted net tangible book value as of September 30, 2022, would have been $ million, or $ per share. This represents an immediate increase in as adjusted net tangible book value of $ per share to our existing stockholders and an immediate dilution of $ per share to investors purchasing shares of our common stock in this offering. The following table illustrates this dilution:

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| | | |
|:---|:---|:---|
|  Initial public offering price per share |  | $|
|  As adjusted net tangible book value per share as of ,  | $|  |
|  Increase in as adjusted net tangible book value per share attributable to investors purchasing shares of our common stock in this offering | $|  |
|  As further adjusted net tangible book value per share of our common stock immediately after the completion of this offering (after giving effect to the Internalization Transaction and the Corporate Reorganization) |  | $|
|  Dilution in as adjusted net tangible book value per share to investors purchasing shares of our common stock in this offering |  | $|

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The following table presents, as of September 30, 2022, after giving effect to (i) the Internalization Transaction, (ii) the Corporate Reorganization and (iii) the sale by us of shares of our common stock in this offering at the initial public offering price of $ per share, the difference between the existing stockholders and the investors purchasing shares of our common stock in this offering with respect to the number of shares of our common stock purchased from us, the total consideration paid or to be paid to us, and the average price per share paid or to be paid to us, before deducting underwriting discounts and commissions and estimated offering expenses payable by us:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average<br>Price Per<br>Share** |
|  | **Number** | **Percent** | **Percent** | **Percent** | **Average<br>Price Per<br>Share** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Existing stockholders<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |  |  | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | $|
|  Investors purchasing shares of our common stock in this offering<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |  |  | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | $|
|  Totals<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |  |  | $— | 100% | $|

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Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters' option to purchase additional shares of our common stock. If the underwriters exercise their option to purchase additional shares of our common stock in full, our existing stockholders would own % and the investors purchasing shares of our common stock in this offering would own % of the total number of shares of our common stock outstanding immediately after completion of this offering, after giving effect to the Corporate Reorganization.

To the extent that any outstanding options to purchase our common stock are exercised or new awards are granted under our equity compensation plans, there will be further dilution to investors participating in this offering.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF** 

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

*The following discussion and analysis of the historical financial condition and results of operations of our accounting predecessor should be read in conjunction with "Selected Consolidated Financial Data" and the audited consolidated financial statements and unaudited condensed consolidated financial statements of our accounting predecessor and the related notes thereto included elsewhere in this prospectus. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that are subject to risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those discussed under "Cautionary Language Regarding Forward-Looking Statements," "Risk Factors" and elsewhere in this prospectus.* 

**Overview** 

We are a renewable energy company. Our mission is to serve enterprise customers by providing the renewable energy and related services that these customers need on their journey to an electrified, decarbonized world. To achieve this mission, we generate renewable energy with our fleet of solar projects and are able to store energy in our fleet of battery projects, in each case tailored to the needs of individual enterprise customers. In 2021, we were one of the largest independent solar energy and energy storage power producers in the U.S. and one of the top 5 largest solar and storage asset owners overall in the U.S., based on the total gross capacity of our projects that were operating according to S&P Global Market Intelligence. As of September 30, 2022, our fleet was composed of over 875 projects spread across 28 states with an aggregate capacity of approximately 2.4 GW of operating and 0.3 GW of under construction solar projects and approximately 270 MW of operating and 0 MW of under construction battery storage projects, as adjusted for the NES Acquisition. We have a blue-chip set of over 200 enterprise customers, many of whom have bold decarbonization objectives, which we believe will provide us with many add-on commercial opportunities in the years to come.

**Basis of Presentation** 

Unless otherwise indicated, the historical financial and operating information presented in this section is that of MN8 Energy LLC (f/k/a Goldman Sachs Renewable Power LLC), the predecessor of MN8 Energy for financial reporting purposes.

The financial information and certain other information presented in this section have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column in certain tables in this prospectus. In addition, certain percentages presented in this section reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers or may not sum due to rounding.

For historical non-controlling interests associated with OpCo, net income was allocated in the consolidated statements of members' equity first in an amount equal to the OpCo Incentive Allocation held by GSAM that was earned during the reporting period, with the remaining income allocated using the profit and loss percentages contained in the OpCo LLC Agreement. The non-controlling interest associated with OpCo is expected to be eliminated in connection with the Corporate Reorganization. For additional information regarding the OpCo Incentive Allocation and the transactions pursuant to which it was eliminated, see the section of this prospectus titled "Internalization Transaction and Corporate Reorganization."

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**Key Factors Affecting Our Performance** 

Our results of operations and our ability to sustain and grow our business over time could be impacted by a number of factors and trends that affect our industry generally, as well as new offerings of services and products we may acquire or seek to acquire in the future. Additionally, our business is concentrated in certain markets, putting us at risk of region-specific disruptions such as adverse economic, regulatory, political, weather and other conditions. See "Risk Factors" elsewhere in this prospectus for further discussion of risks affecting our business. We believe the factors discussed below are key to our success:

***Capitalizing on Growth Opportunities***

We believe we are in the beginning stages of a market opportunity driven by a secular megatrend of transitioning away from traditional energy sources to renewable energy. Further, we believe we have identified a trend in the renewable energy markets whereby stakeholders are increasingly placing a premium on actual and potential future growth, rather than the historical industry focus on yield, as the market for such products and services rapidly expands. In this regard, we have experienced significant growth in our asset value and revenue since our formation in 2017 through organic project development and acquisitions and we believe we have become a leading operator of solar energy and energy storage systems across 28 states. As of September 30, 2022, our fleet consists of approximately 2.4 GW of operating and 0.3 GW of under construction solar projects as well as approximately 270 MW of operating and 0 MW of under construction energy storage projects, as adjusted for the NES Acquisition which closed in November 2022. In addition to our fleet of operating and under construction projects, the projects in our development pipeline consist of approximately 3.9 GW in solar capacity and approximately 1.2 GW (or approximately 4.7 GWh) in energy storage capacity as of September 30, 2022. These projects are in various stages of the development process and we are targeting commercial operation dates between 2022 and 2028. Our rapid growth since our formation in 2017 and our execution of our future growth strategy has impacted and will continue to significantly impact our results of operations.

***Focus on Long-term Contracts and Creditworthiness of Counterparties***

We focus on achieving long-term contracted revenues diversified across end markets with high-credit quality off-takers. As of September 30, 2022, 89% of our operating revenue was contracted, over the following two to five years under a mix of short and long-term fixed price contracts with creditworthy counterparties. For the year ended December 31, 2021 and the nine months ended September 30, 2022, merchant revenue comprised approximately 0.4% and 4.0% of revenues from our sales of energy, respectively.

To help mitigate inflationary pressures, we seek to enter into PPAs that include price escalators. We have been successful in negotiating PPAs with annual price escalators of approximately 1 to 2% with over half of our off-takers.

Our revenues depend in large part upon our PPAs with third-party off-takers. We have historically focused on entering into PPA arrangements with investment grade rated off-takers. As of September 30, 2022, approximately 84% of our contracted operational MWs are with investment grade rated customers, approximately 11% are with unrated customers whose credit risk we view as equivalent to investment grade, and approximately 4% are from community solar, a credit diversified portfolio. These off-takers included corporates, utilities, municipalities, state and federal entities and schools. We intend to continue to seek to enter into arrangements with high-quality off-takers in the future, reducing our exposure to counterparty credit risk.

In addition to our focus on contracting the substantial majority of revenues, we also are focused on market diversification and benefit from operating in multiple geographies with different solar

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regimes, capacity auctions and power pricing points, reducing exposure to any one power, SREC, REC or capacity price.

***Project and Corporate-Level Financing***

Our future growth depends in significant part on our ability to raise capital from third-party investors and lenders on competitive terms to help finance our corporate operations as well as the origination of our solar energy systems at the project level. We have historically used a variety of structures including capital commitments from our equity investors ($1.9 billion since our inception to September 30, 2022), debt facilities with commercial banks, capital markets issuances, tax-equity financing and construction loan financing to help fund our operations. See "Liquidity and Capital Resources—Debt."

As of September 30, 2022, our indebtedness consisted of a $494.0 million subscription facility ($308.3 million of which was outstanding as of such date), a $500.0 million warehouse facility ($311.6 million of which was outstanding on such date), $1.3 billion in green bonds ($1.3 billion of which was outstanding on such date), and an aggregate $348.2 million in project-level loans. Our ability to raise capital from third-party investors and lenders is also affected by general economic conditions, the state of the capital markets, inflation levels and concerns about our industry or business. We have historically used a variety of financing structures to finance our operations and, with the exception of the capital commitments from our equity investors (the current remaining undrawn, $563.9 million, will be terminated in connection with this offering), intend to continue using substantially similar financing structures following the consummation of this offering in addition to our increased ability to access the public equity markets and other sources of financing. See "Risk Factors—Changes in our credit ratings may have an adverse effect on our financial position and ability to raise capital."

In connection with the consummation of this offering, we intend to fully repay and terminate the Subscription Facility and enter into a new revolving credit agreement providing for a $450.0 million revolving credit facility (the "New Revolving Credit Facility"). We expect the New Revolving Credit Facility will be used to finance our operating and investing activities. The credit agreement governing the New Revolving Credit Facility is expected to contain customary affirmative covenants, including regarding financial reporting, existence, maintenance of insurance and properties, inspection rights, maintenance of collateral, and compliance with laws. The credit agreement is also expected to contain various negative covenants, including restrictions on the borrower's ability to incur indebtedness, grant liens, make fundamental changes, dispose of assets, and fund dividends, distributions, investments, or acquisitions, and customary events of default, subject to certain exceptions and cure periods. We will also be subject to certain financial covenants. The failure to comply with such financial covenants could result in an event of default, if not cured.

***Cost of Solar Energy and Battery Storage Systems***

Although the solar panel market has seen an increase in supply in recent years, upward pressure on prices may occur due to growth in the solar industry, regulatory policy changes, tariffs and duties, supply chain disruptions and an increase in demand. As a result of these developments, we may pay higher prices on imported solar modules, which may make it less economical for us to serve certain markets. Attachment rates for energy storage systems have trended higher while the price to acquire has trended downward making the addition of energy storage systems a potential area of growth for us. See "Risk Factors" elsewhere in this prospectus for further discussion of risks relating to increased costs of solar energy and energy storage components.

***Seasonality***

The amount of electricity our solar energy systems produce is dependent in part on the amount of sunlight, or irradiation, where the assets are located. Because shorter daylight hours in winter months

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and poor weather conditions due to rain or snow results in less irradiation, the output of solar energy systems will vary depending on the season and the overall weather conditions in a year. Based on a calendar year, our strongest season of profitability is typically the third quarter of the year and our weakest is typically the first quarter of the year. While we expect seasonal variability to occur, the geographic diversity in our assets helps to mitigate our aggregate seasonal variability.

***Government Regulations, Policies and Incentives***

Our growth strategy depends in significant part on government policies and incentives that promote and support solar energy and enhance the economic viability of distributed solar. These incentives come in various forms, including net metering, eligibility for accelerated depreciation such as MACRS, SRECs, tax abatements, rebate and renewable target incentive programs and tax credits, particularly the ITC. We are a party to a variety of agreements under which we may be obligated to indemnify the counterparty with respect to certain matters. Typically, these obligations arise in connection with contracts and tax-equity partnership arrangements, under which we customarily agree to hold the other party harmless against losses arising from a breach of warranties, representations, and covenants related to such matters as title to assets sold, negligent acts, damage to property, validity of certain intellectual property rights, non-infringement of third-party rights, and certain tax matters including indemnification to customers and tax-equity investors regarding ITCs. The sale of SRECs has constituted a significant portion of our revenue historically, representing 27%, 27% and 36% of our revenue for each of the years ended December 31, 2021, 2020 and 2019, respectively, and 22% and 25% of our revenue for the nine months ended September 30, 2022 and 2021, respectively. A change in the value of SRECs or changes in other policies or a loss or reduction in such incentives could decrease the attractiveness of distributed solar to us and our customers in applicable markets, which could reduce our growth opportunities. Such a loss or reduction could also reduce our willingness to pursue certain customer acquisitions due to decreased revenue or income under our solar service agreements. Additionally, such a loss or reduction may also impact the terms of and availability of third-party financing. If any of these government regulations, policies or incentives are adversely amended, delayed, eliminated, reduced, retroactively changed or not extended beyond their current expiration dates or there is a negative impact from the recent federal law changes or proposals, our operating results and the demand for, and the economics of, distributed solar energy may decline, which could harm our business.

***Impact of the Ongoing COVID-19 Pandemic on our Operations***

The rapid spread of COVID-19, which was declared by the World Health Organization to be a pandemic on March 11, 2020, and actions taken globally in response to the COVID-19 pandemic, have significantly disrupted international business activities. The COVID-19 pandemic resulted in governments around the world implementing stringent measures to help control the spread of the virus, including quarantines, social distancing protocols, "shelter in place" and "stay at home" orders, travel restrictions, business curtailments, school closures and other measures. Governments and central banks around the world enacted fiscal and monetary stimulus measures to counteract the effects of the COVID-19 pandemic and various other response measures, however, the overall magnitude and long-term effectiveness of these actions remain uncertain. In addition, our business relies, to a certain extent, on free movement of goods, services, and capital from around the world, which has been significantly restricted as a result of the COVID-19 pandemic. We have implemented a response plan to maintain our operations despite the outbreak of the virus, including extra safety precautions with respect to our personnel and contingency plans with respect to our facilities. However, we may experience direct or indirect impacts from the pandemic, including delays in development or construction activities in our business and has some risk that our contract counterparties could fail to meet their obligations. See "Risk Factors—Developments associated with the COVID-19 pandemic could have an adverse effect on our business."

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Given the ongoing and dynamic nature of the circumstances surrounding the COVID-19 pandemic, it is difficult to predict how significant the impact of the COVID-19 pandemic, including any responses to it, will be on the global economy or for how long any disruptions are likely to continue. The extent of such impact will depend on future developments, which are highly uncertain, continually evolving and difficult to predict, including the duration of the outbreak within the United States and the related impact on the oil and natural gas industry, the impact of governmental actions designed to prevent the spread of COVID-19 and the availability of effective treatments and vaccines While vaccines have become available in most countries and many economies have reopened, the status of the global recovery remains uncertain and unpredictable, especially in light of new variant strains. Business activity may not recover as quickly as anticipated, and widespread recovery will be impacted by future developments, including future waves of outbreak or new variant strains of the virus which may require re-closures or other preventative measures. Conditions will be subject to the effectiveness of government policies, vaccine administration rates, and other factors that may not be foreseeable. Such developments could have an adverse effect on our assets, liabilities, business, financial condition, results of operations and cash flow.

***Supply Chain Constraints***

Any change in the cost of solar panels, energy storage technology or other raw materials would impact the costs of constructing our projects and affect our financial results. In addition, both global and localized events could disrupt our international supply chains. Recently, we have experienced industry-wide supply shortages caused by the rapid expansion of the renewable energy market along with COVID-19-related supply disruptions. Moreover, the possibility of AD/CVD tariffs has created additional uncertainties in our supply of solar modules. Additionally, the U.S. government has imposed various trade restrictions on Chinese entities determined to be acting contrary to U.S. foreign policy and national security interests. While we have developed multiple supply sources in a variety of countries, we could still be adversely affected by increases in our costs, negative publicity related to the industry and the sourcing of raw materials and finished equipment, or other adverse consequences to our business.

The reliability of our supply chain is an important aspect of the growth of our business, and as such, we will continue to actively manage our supply chain and supply relationships to minimize the impact of such shortages and disruptions to our business, financial condition, and results of operations. For additional information, please see "Risk Factors—Disruptions in our supply chain for materials and components, alongside increased logistics costs, have adversely affected our business and may continue to do so" and "Risk Factors—Increases in the cost or reduction in supply of solar energy and energy storage system components due to tariffs or trade restrictions imposed by the U.S. government could have an adverse effect on our business, financial condition and results of operations."

***Expansion of Product Offerings***

As described under "Prospectus Summary—Our Growth Strategy—Expansion of Product Offerings", we continue to evaluate and execute on opportunities to expand into adjacent areas to meet our customers evolving needs. For example, we recently entered into the Mercedes-Benz Joint Ventures, expanding our product offerings into EV charging infrastructure. The results of the Mercedes-Benz Joint Ventures—including the revenues we earn therefrom and the capital expenditures and operating expenses we incur pursuant thereto—will likely differ in certain respects from our historical revenues, expenditures and expenses associated with our power production and battery storage offerings. For example, we expect to earn revenues under the Mercedes-Benz Joint Ventures as a lessor of HPC EV Stations, with lease payments to be adjusted based on meeting the scheduled time of deployment of the applicable HPC EV Station and for the uptime of such HPC EV Station. While the revenues we generate under our PPAs are also subject to certain adjustments, they

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are typically "take or pay" contracts. In other words, the generation of revenues from the Mercedes-Benz Joint Ventures subjects us to different risks than those associated with the revenues we generate under our PPAs. These differences in revenues, expenditures and expenses are inherent in a business model that focuses in part on expansion into new product lines and may result from the Mercedes-Benz Joint Ventures and from future departures from our historical product offerings. For additional information, please see "Risk Factors—The Mercedes-Benz Joint Ventures are joint ventures and our investments could be adversely affected by our lack of sole decision-making authority and restrictions on transfer relating to the Mercedes-Benz Joint Ventures. The Mercedes-Benz Joint Ventures may also impair our operating flexibility and subject us to risks not present in our other investments that involve co-ownership," "Risk Factors—We may be unable to identify and acquire sites for the development of HPC EV Stations and to successfully develop those HPC EV Stations at all or at the scale expected for the Mercedes-Benz Joint Ventures" and "Risk Factors—We may be unable to identify sufficient investment opportunities and complete transactions as planned."

**Recent Developments** 

**Mercedes-Benz Joint Ventures** 

On January 4, 2023, we entered into definitive documentation with MBIC, an affiliate of Mercedes-Benz AG, to jointly construct, own and operate HPC EV Stations in strategic locations throughout the United States and Canada through the AssetCo joint venture. The Mercedes-Benz Joint Ventures contemplate the development of more than 400 HPC EV Stations with approximately 2,500 charging points by 2027. The HPC EV Stations will be an open network available for use by Mercedes-Benz and non-Mercedes-Benz customers through the DriveCo joint venture. To support the Mercedes-Benz Joint Ventures, we and MBIC have agreed to commit an aggregate of approximately $538.5 million to AssetCo through the earlier of (i) December 31, 2029 or (ii) the completion of the Roll Out Plan, and an aggregate of approximately $631.7 million to DriveCo, through the Commitment Period. Please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Financing projects under construction and post construction."

For additional information, please see "Prospectus Summary—Recent Developments—Mercedes-Benz Joint Ventures." For additional information regarding the risks associated with the Mercedes-Benz Joint Ventures, please see "Risk Factors—The Mercedes-Benz Joint Ventures are joint ventures and our investments could be adversely affected by our lack of sole decision-making authority and restrictions on transfer relating to the Mercedes-Benz Joint Ventures. The Mercedes-Benz Joint Ventures may also impair our operating flexibility and subject us to risks not present in our other investments that involve co-ownership" and "Risk Factors—We may be unable to identify and acquire sites for the development of HPC EV Stations and to successfully develop those HPC EV Stations at all or at the scale expected for the Mercedes-Benz Joint Ventures."

***NES Acquisition***

On November 18, 2022, the Company consummated the NES Acquisition. For additional information, please see "Prospectus Summary—Recent Developments—NES Acquisition."

***Entry into New Revolving Credit Facility***

We anticipate that prior to or shortly after the closing of the offering, MN8 Energy, Inc. (the "Borrower") will enter into a new credit agreement among the lenders party thereto (the "Lenders"), the issuing banks party thereto (the "Issuing Banks") and the administrative agent party thereto providing for a $450.0 million new revolving credit facility (the "Credit Agreement"). Pursuant to the Credit Agreement, the Lenders will make available revolving loans, the Issuing Banks will make available

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letters of credit and JP Morgan Chase Bank, N.A. (or any of its designated affiliates), in its capacity as a swingline lender, will make available swingline loans, which, in each case, may be used for general corporate purposes (the revolving loans, letters of credit and swingling loans, collectively, the "Borrowings").

The Borrowings are scheduled to mature on the fifth anniversary of the closing date. The Borrowings bear interest either at (i) the sum of the alternate base rate plus the applicable margin or (ii) the sum of the secured overnight financing rate ("SOFR"), plus the applicable margin and a credit spread adjustment or (iii) the sum of the forward-looking term rate based on SOFR, plus the applicable margin and a credit spread adjustment of ten (10) basis points per annum.

The New Revolving Credit Facility includes covenants that, among other things, restrict the ability of the Borrower and its subsidiaries, subject to certain exceptions, to incur debt, grant liens, sell or lease assets, dissolve or merge with another entity, enter into transactions with affiliates or restrictive agreements, change their business and/or use the proceeds of any Borrowing in a manner that would violate certain anti-terrorism, anti-money laundering, anti-bribery and anti-corruption laws.

In addition, the Borrower is required to maintain certain specified financial covenants, including maintaining: (i) a leverage ratio of debt to CFADS (as defined in the Credit Agreement) that does not exceed a maximum permitted ratio, determined at the end of each fiscal quarter ending on and after the end of the sixth full fiscal quarter after entering into the Credit Agreement, (ii) a minimum interest coverage ratio, determined at the end of each fiscal quarter ending on and after the end of the sixth full fiscal quarter after entering into the Credit Agreement and (iii) a debt to invested capital ratio, determined at the end of each of the first five full fiscal quarters after entering into the Credit Agreement. If the Borrower fails to comply with the covenants under the Credit Agreement, the Lenders would have a right to, among other things (but subject to the leverage ratio equity cure contained in the Credit Agreement), terminate the commitments, declare all outstanding loans and accrued interest and fees to be due and payable, require the Borrower to post cash collateral to be held as security for the obligations in respect to the outstanding letters of credit and exercise any other rights available to them pursuant to applicable law. For more information, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Project and Corporate-Level Financing."

**Key Operational Metrics and Non-GAAP Financial Measures** 

In addition to the measures presented in our consolidated financial statements, we use the following key operational metrics and non-GAAP financial measures to evaluate our business, measure our performance, develop financial forecasts, and make strategic decisions.

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Pro Forma<br>(MN8 Energy)** | **Pro Forma<br>(MN8 Energy)** |
|  | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Pro Forma<br>(MN8 Energy)** | **Pro Forma<br>(MN8 Energy)** |
|  | **Nine Months**<br>**Ended September 30,** | **Nine Months**<br>**Ended September 30,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Nine Months**<br>**Ended September 30,** | **Year Ended<br>December 31,** |
|  | **2022** | **2021** | **2021** | **2020** | **2019** | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | | |
|  **Operating Megawatts Added and Generated:** |  |  |  |  |  |  |  |
|  **Generation**: |  |  |  |  |  |  |  |
|  Megawatts<br>added<sup>(1)</sup> | 330 MW | 29 MW | 254 MW | 251 MW | 808 MW |  |  |
|  Megawatts hours generated | 2,894,224 MWh | 1,991,030 MWh | 2,417,803 MWh | 2,033,126 MWh | 1,128,589 MWh |  |  |
|  Megawatt capacity | 2,038 MW | 1,482 MW | 1,709 MW | 1,455 MW | 1,204 MW |  |  |

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Pro Forma<br>(MN8 Energy)** | **Pro Forma<br>(MN8 Energy)** |
|  | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Pro Forma<br>(MN8 Energy)** | **Pro Forma<br>(MN8 Energy)** |
|  | **Nine Months**<br>**Ended September 30,** | **Nine Months**<br>**Ended September 30,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Nine Months**<br>**Ended September 30,** | **Year Ended<br>December 31,** |
|  | **2022** | **2021** | **2021** | **2020** | **2019** | **2022** | **2021** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | | |
|  **Storage**: |  |  |  |  |  |  |  |
|  Megawatt hours capacity of energy storage | 1,065 MWh | 4 MWh | 504 MWh | 4 MWh | 4 MWh |  |  |
|  **Non-GAAP Financial Measures**: |  |  |  |  |  |  |  |
|  Adjusted EBITDA<sup>(2)</sup> | $204184 | $171905 | $206972 | $186705 | $124033 |  | $— |
|  Project Contribution Margin<sup>(3)</sup> | $244687 | $208047 | $252771 | $238840 | $156104 |  |  |

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(1) Megawatts added includes acquisitions and projects achieving commercial operation.

(2) Adjusted EBITDA is not a financial measure prepared in accordance with GAAP and should not be viewed as an alternative to
GAAP measures of performance. The GAAP measure most directly comparable to Adjusted EBITDA is net income (loss), which was $(56.2) million, $(20.3) million and $(4.3) million for the years ended December 31, 2021, 2020 and 2019, respectively, and
$(82.7) million and $(9.4) million for the nine months ended September 30, 2022 and 2021, respectively. For more information, see "Summary Historical and Pro Forma Condensed Consolidated Financial and Operational Data—Non-GAAP Financial
Measures" for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, for the periods presented.

(3) Project Contribution Margin is not a financial measure prepared in accordance with GAAP and should not be viewed as an
alternative to GAAP measures of performance. The GAAP measure most directly comparable to Project Contribution Margin is gross margin, which was $167.6 million, $162.6 million and $112.0 million for the years ended December 31, 2021, 2020 and 2019,
respectively, and $165.4 million and $152.8 million for the nine months ended September 30, 2022 and 2021, respectively. For more information, see "Summary Historical and Pro Forma Condensed Consolidated Financial and Operational
Data—Non-GAAP Financial Measures" for a reconciliation of Project Contribution Margin to gross margin, the most directly comparable GAAP measure, for the periods presented.

***Key Operational Metrics***

***Generation***

*Megawatts Added* 

Megawatts added represents the aggregate megawatt nameplate capacity of solar energy systems for which panels, inverters, and mounting and racking hardware have been installed on premises during the period indicated. Megawatts added includes acquisitions and projects achieving commercial operation during the period indicated.

Megawatts added increased from approximately 29 MW for the nine months ended September 30, 2021, to approximately 330 MW for the nine months ended September 30, 2022, primarily due to increased acquisitions of solar energy systems and more solar energy systems placed in service.

Megawatts added increased from approximately 251 MW for the year ended December 31, 2020, to approximately 254 MW for the year ended December 31, 2021, primarily due to increased acquisitions of solar energy systems and more solar energy systems placed in service.

*Megawatt Hours Generated* 

Megawatt hours generated represents the output of solar energy systems from operating solar energy systems during the period indicated. MWh generated relative to nameplate capacity can vary depending on multiple factors such as design, equipment, location, weather and overall system performance.

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Megawatt hours generated increased from approximately 1,991,030 MWh for the nine months ended September 30, 2021, to approximately 2,894,224 MWh for the nine months ended September 30, 2022, primarily due to the increased number of operating solar energy systems in our fleet.

Megawatt hours generated increased from approximately 2,033,126 MWh for the year ended December 31, 2020, to approximately 2,417,803 MWh for the year ended December 31, 2021, primarily due to the increased number of operating solar energy systems in our fleet.

*Megawatt Capacity* 

Megawatt capacity represents the maximum output of electricity produced during the period indicated.

Megawatt capacity increased from approximately 1,482 MW as of September 30, 2021, to approximately 2,038 MW as of September 30, 2022, primarily due to the increased number of operating solar energy systems in our fleet.

Megawatt capacity increased from approximately 1,455 MW as of December 31, 2020, to approximately 1,709 MW as of December 31, 2021, primarily due to the increased number of operating solar energy systems in our fleet.

***Storage***

*Megawatt Hours Capacity of Energy Storage* 

Megawatt hours capacity of energy storage represents the total amount of energy that can be discharged by the energy storage systems in our fleet.

Megawatt hours capacity of energy storage increased from approximately 4 MWh as of September 30, 2021, to approximately 1,065 MWh as of September 30, 2022, primarily due to the increased number of operating energy storage systems in our fleet.

Megawatt hours capacity of energy storage increased from approximately 4 MWh as of December 31, 2020, to approximately 504 MWh as of December 31, 2021, primarily due to the increased number of operating energy storage systems in our fleet.

***Non-GAAP Financial Measures***

Adjusted EBITDA is net income (loss) before interest expense, net, (gain) loss on tax equity sale-leaseback buyouts and acquisitions, gain on termination of purchase obligation, legal settlements, loss on extinguishment of debt, income tax (benefit) expense, depreciation, amortization and accretion, restructuring and offering costs, contract amortization and acquisition and development costs. We define Project Contribution Margin as gross margin, adding contract amortization and depreciation, amortization and accretion expense, less operations and maintenance, excluding depreciation, amortization and accretion.

See "Summary Historical and Pro Forma Condensed Consolidated Financial and Operational Data—Non-GAAP Financial Measures" for additional information, including reconciliations to net income (loss) and operating revenues, the most directly comparable GAAP measures, respectively.

**Principal Sources of Our Operating Revenues** 

We derive our operating revenues principally from the sale of electricity and solar renewable energy certificates.

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***Revenue Under Power Purchase Agreements***. A portion of our power sales revenues is earned through the sale of energy (based on kWh) pursuant to the terms of PPAs. The revenues are primarily determined by multiplying (i) the price under the PPA or market price by (ii) the amount of electricity that we deliver. Customers are invoiced monthly in this manner, with payments generally received within one month of the invoice date.

***Solar Renewable Energy Certificate Revenue***. We apply for and receive SRECs in certain jurisdictions for power generated by solar energy systems we own. We generate revenue by delivering SRECs to customers both on a standalone basis or bundled together with electricity sales. One SREC is generated for each MWh of electricity produced, subject to any adjustments made by the certifying bodies in the jurisdictions in which we operate. We maintain three general types of standalone SREC sales contracts: spot sales, fixed-notional forward sales, and unit-contingent forward sales contracts. For both spot sales and fixed-notional forward-sales, revenue is determined by multiplying (i) the per-unit contractual price by (ii) the quantity of SRECs delivered to the counterparty; limited by the notional amount of the contract. For unit-contingent forward sales, revenue is determined by multiplying (i) the per-unit contractual price by (ii) the amount of SRECs generated by the contracted assets and delivered to the counterparty. We invoice standalone SREC sales customers as SRECs are delivered and payments are generally due between 5 to 10 days from the date the SRECs are transferred to such counterparties. In certain circumstances, we sell both electricity and SRECs pursuant to the same contract. Generally, revenues are determined by multiplying (i) the bundled contract price by (ii) the amount of electricity and SRECs delivered. Customers are invoiced monthly in this manner, with payments generally received within one month of the invoice date. We utilize rolling SREC hedges to seek price certainty over three to five year periods*.* This provides additional contracted cash flows and reduces our exposure to SREC price volatility.

***Lease Revenue***. We are the lessor of certain solar energy facilities. We record revenue associated with the fixed-lease payments straight-line over the term of the lease.

***Contract Amortization***. Assets and liabilities recognized from PPAs assumed through acquisitions related to the sale of energy and capacity in future periods for which the fair value has been determined to be significantly less (more) than market are amortized to revenue over the term of each underlying contract on a straight-line basis. The aggregate impact of this amortization schedule is reflected on our statements of operations as netted against actual operating revenues recognized during the applicable period.

**Principal Components of Our Cost Structure** 

***Operations and Maintenance, Excluding Depreciation, Amortization and Accretion.*** Operations and maintenance expenses, excluding depreciation, amortization and accretion, consist primarily of ordinary repairs and maintenance to our fleet, lease expenses, taxes and insurance. The majority of these expenses are either subject to multi-year contracts and/or not subject to escalation during the current year. As such, current inflationary pressures have not materially impacted the Company's operations and maintenance expenses during 2022.

***Depreciation, Amortization and Accretion Expense***. Depreciation expense represents depreciation on solar energy and energy storage systems that have been placed in service. Depreciation expense is computed using the straight-line composite method over the estimated useful lives of assets. Right of use assets are amortized using the straight-line method over the remaining life of the respective lease agreements. Accretion expense includes over time increase of asset retirement obligations associated with our fleet.

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***General and Administrative***. General and administrative expenses consist primarily of professional fees related to legal, accounting, human resources, finance and training, information technology and software services, marketing and communication.

In addition, we expect to incur incremental, non-recurring costs related to our transition to a publicly traded corporation, including the costs of this initial public offering and the costs associated with the initial implementation of our Sarbanes-Oxley Act of 2002 Section 404 internal control implementation and testing. We also expect to incur additional significant and recurring expenses as a publicly traded corporation, including costs associated with the employment of additional personnel, compliance under the Exchange Act, annual and quarterly reports to common shareholders, registrar and transfer agent fees, national stock exchange fees, audit fees, incremental director and officer liability insurance costs and director and officer compensation, and related expenses.

***Related Party Management and Administration Fee***. Prior to the closing of the Internalization Transaction on August 4, 2022, we were managed by GSAM pursuant to the terms of a Management Services Agreement, dated February 9, 2018, under which GSAM received a management fee as compensation for its services (the "Management Fee"). The Management Fee was determined as of the last day of the applicable calendar quarter and was paid quarterly in arrears. The Management Fee was equal to 0.125% of the average of the Management Fee Base (as herein after defined) with respect to such calendar quarter and the Management Fee Base at the end of the prior calendar quarter. The Management Fee Base for any calendar quarter was equal to the amount of capital contributed as of the end of such calendar quarter, plus our total indebtedness, less a proportionate share of any indebtedness attributable to non-tax-equity joint-venture partners.

In addition, pursuant to the Management Services Agreement, GSAM historically received an administration fee as compensation for its services (the "Administration Fee"). The Administration Fee was equal to the product of our share of the nameplate capacity of the solar energy facilities we owned and the applicable per kW rate. The Administration Fee for any calendar quarter was subject to a cap of 0.125% of the average of the Management Fee Base at the end of such quarter and the Management Fee Base at the end of the prior calendar quarter (the "Administration Fee Cap"), less such fees paid to third-party service providers by or associated with the facilities (excluding from such fees, the proportion attributable to non-tax-equity joint-venture partners).

On May 18, 2022, we entered into an agreement with OpCo, MN8 Energy, GSAM and the Special Interest Member to engage in the Internalization Transaction, which closed on August 4, 2022, pursuant to which, among other things, (i) the Management Services Agreement was terminated, (ii) we agreed to directly or indirectly employ the approximately 100 professionals previously employed by GSAM that were dedicated to our business under the Management Services Agreement and (iii) we entered into a transition services agreement with GSAM that provides for the provision of certain services to MN8 Energy, OpCo and us, including risk management, accounting, tax, information technology and compliance, for a specified period of time following completion of the Internalization Transaction. Accordingly, we no longer pay the Management Fee or Administrative Fee; however, we will incur incremental costs associated with salaries, bonuses, benefits and all other employee-related costs, including stock-based compensation as well as costs associated with the transition services agreement. In addition, because of the time and complexities involved with negotiating and completing the Internalization Transaction, we incurred—for periods in which such transaction was being pursued—incremental transaction fees associated with the engagement of legal counsel, financial advisors and other professional services.

***Interest Expense***. Interest expense represents interest on our borrowings under our various debt facilities, amortization of debt discounts and deferred financing costs.

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***Income Tax (Benefit) Expense***. We have historically elected to be taxed as a corporation for U.S. federal income tax purposes, subjecting our earnings to U.S. federal and various state and local entity-level corporate income taxes. In addition, we have various corporate subsidiaries that are subject to entity-level U.S. federal and various state and local corporate income taxes. The corporate subsidiaries each hold economic interests in various partnerships and consolidate the partnerships and the results of their operations for financial reporting purposes. We are subject to annual entity-level corporate income taxes on the income allocations received from the partnerships. We are not subject to income tax on the portion of partnership income allocated to any associated non-controlling interests.

The U.S. federal government provides or provided various incentives, such as investment tax credits, cash grants, and accelerated depreciation, for investments in renewable energy. We account for our investment tax credits using the flow-through method of accounting, under which the associated tax benefit is recorded as an income tax benefit in the period that the credit is generated.

**Tax-Equity Funds and Related Accounting Impacts** 

We finance a portion of our solar energy systems by co-investing with tax-equity investors, such as large financial institutions, who value the resulting cash flows, ITCs, tax depreciation and other incentives related to the solar energy systems, which is facilitated primarily through a structure known in the industry as "tax-equity financing." As of September 30, 2022, approximately 35.1% of our assets, by net book value are subject to tax-equity financings. In 2021, 2020 and 2019, respectively, we received commitments from tax-equity investors of $479.5 million, $190.2 million and $0.0 million, and as of September 30, 2022, an aggregate of $527.7 million has been recorded in this account. We continue to negotiate with financial investors to create additional opportunities for tax-equity investments.

Other than the indemnities mentioned in "Risk Factors", tax-equity investments are generally structured as non-recourse project financings known as "tax-equity funds." In the context of solar energy, a tax-equity investor makes an upfront contribution to a partnership, which owns one or more underlying solar energy systems, and, in exchange for such contribution, the tax-equity investor receives a certain class of equity that provides a share of tax attributes and cash flows emanating from the partnership pursuant to the partnership's ownership of such solar assets. In these tax-equity funds, the U.S. federal tax attributes that are allocated to the tax-equity investor offset taxes that otherwise would have been payable on the tax-equity investor's other operations. The terms and conditions of each tax-equity fund vary by tax-equity investor and asset class (e.g., C&I versus utility-scale) and are dependent on whether such systems include battery storage. In general, our tax-equity funds are structured either using the "partnership flip" structure (67% of our portfolio capacity) or "sale-leaseback" structure (25% of our portfolio capacity, with the remaining 8% of portfolio capacity not subject to tax-equity financing).

Upon the satisfaction of the conditions precedent applicable to a tax-equity fund, we contribute cash and our tax-equity investors contribute a portion of their commitment into the partnership company. The partnership uses this cash to acquire one or more solar energy systems developed by us, which, once completed, either sells energy from such solar energy systems to customers or, in the case of C&I systems, directly leases the solar energy systems to customers, in either case, pursuant to a long-term contract with the off-taker. Upon the satisfaction of additional conditions precedent, generally aligned around the substantial completion of the solar energy system, the tax-equity investors fund the remainder of their commitments. We assign C&I solar energy systems and related incentives to our tax-equity funds in accordance with the criteria of the specific funds, while our utility-scale projects are generally sourced to investors on an individual basis.

Depending on the tax-equity fund structure, all of the capital contributed by our tax-equity investors into the tax-equity funds is either used to acquire the solar energy systems, is reimbursed to

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us for costs spent to acquire and/or develop such solar energy systems, or is used to fund an operating and completion reserve account, and, to the extent funds remain after project completion, excess amounts are distributed to us as the sponsor of such system. Each tax-equity investor generally receives a minimum target rate of return, typically on an after-tax basis; the amount of the return varies by tax-equity fund and asset class. Generally, in the initial years of the tax-equity fund, the tax-equity investor is allocated substantially all of the non-cash value attributable to the solar energy systems, known as the "tax attributes", which includes accelerated depreciation and ITCs, and a percentage of free flow cash coming from the solar energy systems. However, even in these early years when the tax-equity investor receives most of the tax attributes, we receive a majority of the cash distributions, which are typically distributed quarterly. The allocation of tax attributes to the tax-equity investor generally continues until the later of (a) the date the tax-equity investor achieves its minimum target rate of return or (b) a date certain based on the expiration of the ITC recapture period of the underlying solar energy system placed in service by the tax-equity fund; following such date, we retain the majority of the tax attributes associated with the underlying projects. Once the tax-equity investors have achieved their target rate of return, the tax allocations and cash sharing "flip", with us receiving substantially all of the cash and tax attributes. Consistent with market practices, we generally provide the tax-equity investors with representations as to the amount of ITC each solar energy system is eligible for and provide an indemnification if the ITC actually received by the solar energy system is below such amount. We have the amount of ITC eligible basis validated and confirmed by appraisals and cost segregation reports that are performed by third-party appraisers and cost segregation providers who are qualified and experienced in providing such reports for solar energy systems.

We acquire our solar energy systems at various stages of completion. As the assets achieve mechanical completion, we typically sell or transfer the underlying assets or ownership interests in project-level companies to consolidated subsidiaries with tax-equity partners. As the primary beneficiary, we retain a controlling financial interest in these partnership "flip" structures for accounting purposes. Accordingly, we consolidate the assets, liabilities and operating results of tax-equity partnerships in our consolidated financial statements. When accounting for such sale or transfer of net assets between consolidated subsidiaries under common control, the Company recognizes the carrying amount of net assets and eliminates intercompany profits in accordance with ASC 810.

In our consolidated balance sheets, we recognize the tax-equity investors' share of the net assets of the tax-equity funds as non-controlling interests or as redeemable non-controlling interests if tax-equity investors have an option to withdraw and require us to purchase their interests. For non-controlling interests associated with the tax-equity investors, net income is allocated in the consolidated statements of members' equity based on the hypothetical liquidation at book value ("HLBV") method. The amount related to tax-equity investors included in non-controlling interest equity on the consolidated statements of members' equity represents the amount that the non-controlling interests would hypothetically receive if the tax-equity fund was liquidated at the reporting date, based on the liquidation provisions of the relevant company operating agreements and if the liquidation proceeds net of liabilities were equal to total book value of the subsidiary's equity. When we acquire non-controlling interests in tax-equity partnerships we determine the difference between the fair value and the HLBV-derived value of the non-controlling interest as of the date of acquisition. We amortize and reallocate this difference between the non-controlling and controlling interests over a period equal to the weighted-average remaining life of the solar energy facilities. These income or loss allocations, reflected on our consolidated statement of operations, may create significant volatility in our reported results of operations, including potentially changing net loss to net income, or vice versa, from quarter to quarter. We typically have an option to acquire, and our tax-equity investors may have an option to withdraw and require us to purchase, all of the equity interests that our tax-equity investor holds in a tax-equity fund following the "flip date", which generally is around six to seven years after the last solar energy system in the underlying tax-equity fund becomes operational. If we or our tax-equity investors exercise their respective options, such purchase options can be exercised at a price equal to the fair-

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market value of the associated membership interests, or at a formulaic price, as defined by the relevant company agreement. Following such exercise, we would receive the tax-equity investor's interest in the tax-equity fund and would be entitled to 100% of the cash and tax attributes resulting from the underlying solar energy system. For additional information on these partnerships, see Note 10, Redeemable Non-Controlling Interests, to our consolidated annual financial statements.

***Sale-Leasebacks.*** Under the sale-leaseback structure, a tax-equity investor typically acquires a completed project for its fair market value and simultaneously leases the project back to the seller under a "triple net" lease. The tax-equity investor is then entitled to collect rent from the lessee on an ongoing-basis, while the lessee retains virtually all day-to-day responsibility for the project. The tax-equity investor return is derived from tax attributes (accelerated depreciation and ITCs), rental income and its residual interest in the project after the lease expires. As the lessee, our return comprises receipt of the upfront purchase price (less certain rent prepayments and funding of reserves) and the net cash flows from the project (i.e., project revenue in excess of lease rent, operating expenses and other expenditures) during the lease term. Sale-leaseback structures generally include an option for the benefit of the seller-lessee to purchase the subject project back from the tax-equity investor at a fixed price sized to anticipated fair market value as determined at the execution of the lease. For accounting purposes, certain of these sale-leaseback transactions were considered failed sale-leasebacks per GAAP. As such, the proceeds received from the tax-equity investor are classified as debt and payments from the Company to the tax-equity investor are considered debt service payments representing interest expense (cash from operations) and debt amortization (financing activity).

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**Results of Operations** 

**Nine Months Ended September 30, 2022 Compared to** 

**Nine Months Ended September 30, 2021** 

The following table sets forth our consolidated statements of operations data for the periods indicated.

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| | | |
|:---|:---|:---|
|  | **Nine Months<br>Ended September 30,** | **Nine Months<br>Ended September 30,** |
|  | **2022** | **2021** |
|  | **(in thousand)** | **(in thousand)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenues | $284318 | $238431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract amortization | (35904) | (35698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues, net | 248414 | 202733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations and maintenance, excluding depreciation, amortization and accretion | 39631 | 30384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and accretion | 82996 | 49960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and development costs | 2716 | 8248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internalization costs | 10283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 26125 | 17365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party management and administration fee | 12395 | 13426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating costs and expenses | 174146 | 119383 |
|  Operating income | 74268 | 83350 |
|  Other expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | (64188) | (50913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense), net | 1924 | (5640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on tax-equity sale-leaseback buyouts | 9609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense | (52655) | (56553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income before income taxes | 21613 | 26797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense  | 104339 | 36241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | (82726) | (9444) |
|  Net loss attributable to non-controlling interests and redeemable non-controlling interests | (102450) | (98233) |
|  Net income attributable to members | $19724 | $88789 |

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**Year Ended December 31, 2021 Compared to** 

**Years Ended December 31, 2020 and 2019** 

The following table sets forth our consolidated statements of operations data for the periods indicated.

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2020** | **2019** |
|  | **(in thousands, except share and per<br>share amounts)** | **(in thousands, except share and per<br>share amounts)** | **(in thousands, except share and per<br>share amounts)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenues | $294441 | $272684 | $174721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract amortization | (48007) | (51297) | (33885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues, net | 246434 | 221387 | 140836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating costs and expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations and maintenance, excluding depreciation, amortization and accretion | 41670 | 33844 | 18617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and accretion | 78884 | 58824 | 28817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 41617 | 33637 | 24526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party management and administration fee | 18059 | 13173 | 7089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating costs and expenses | 180230 | 139478 | 79049 |
|  Operating income | 66204 | 81909 | 61787 |
|  Other expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (75910) | (82667) | (60241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt |  | (9771) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expense, net | (7885) | (5325) | (456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense | (83795) | (97763) | (60697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) before income taxes | (17591) | (15854) | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | (38618) | (4481) | (5349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | (56209) | (20335) | (4259) |
|  Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests | (230845) | (38575) | 17222 |
|  Net income (loss) attributable to shareholders | $174636 | $18240 | $(21481) |

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**Key Operational Metrics** 

In addition to the measures presented in our consolidated financial statements, we use the following key operational metrics to evaluate our business, measure our performance, develop financial forecasts, and make strategic decisions. The following table summarizes our key operational metrics for each period presented below, which are unaudited.

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|:---|:---|:---|:---|:---|:---|
|  | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** | **Historical (Predecessor)** |
|  | **Nine Months<br>Ended September 30,** | **Nine Months<br>Ended September 30,** | **As of and for the Year Ended December 31,** | **As of and for the Year Ended December 31,** | **As of and for the Year Ended December 31,** |
|  | **2022** | **2021** | **2021** | **2020** | **2019** |
|  **Operating Megawatts Added and Generated:** |  |  |  |  |  |
|  **Generation**: |  |  |  |  |  |
|  Megawatts added<sup>(1)</sup> | 330 MW | 29 MW | 254 MW | 251 MW | 808 MW |
|  Megawatts hours generated | 2,894,224 MWh | 1,991,030 MWh | 2,417,803 MWh | 2,033,126 MWh | 1,128,589 MWh |
|  Megawatt capacity | 2,038 MW | 1,482 MW | 1,709 MW | 1,455 MW | 1,204 MW |
|  **Storage**: |  |  |  |  |  |
|  Megawatt hours capacity of energy storage | 1,065 MWh | 4 MWh | 504 MWh | 4 MWh | 4 MWh |

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(1) Megawatts added include acquisitions and projects achieving commercial operation.

***Nine Months Ended September 30, 2022 Compared to Nine Months Ended September 30, 2021***

***Total Operating Revenues, Net***

Total operating revenues, net comprises operating revenues of $284.3 million and contract amortization of $35.9 million for the nine months ended September 30, 2022. Total operating revenues, net increased by $45.7 million, or 23%, for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021, which a result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in electricity sales of approximately $29.5 million, driven by a 45% increase in MWhs generated, partially
offset by a 19% decrease in average sales price per MWh. The increase in MWhs generated was driven by an increase in MW capacity as a result of acquisitions and facilities placed in service in 2021 and during the nine months ended September 30,
2022. The facilities placed in service during this period included middle-market and utility-scale facilities with lower average contractual fixed prices per MWh compared to our existing fleet, which resulted in a decrease in average sales price as
compared to the nine months ended September 30, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in SREC sales of approximately $4.3 million primarily due to the increased number of solar energy systems
acquired or placed in service in 2021 and during the nine months ended September 30, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in lease and other income of $12.0 million due to increases in battery storage revenue as a result of
facilities placed in service in 2021 and during the nine months ended September 30, 2022.

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***Operations and Maintenance, Excluding Depreciation, Amortization and Accretion***

Operations and maintenance, excluding depreciation, amortization and accretion, increased by $9.2 million, or 30%, for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2022. This is due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of $4.1 million was a result of adding 330 MW from acquisitions and solar energy systems placed in service
in 2021 and during the nine months ended September 30, 2022 resulting in an increase in scheduled maintenance, module cleaning and vegetation abatement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of $1.9 million in lease expense and property and ad valorem tax expenses due to the aforementioned solar
energy systems acquired and placed in service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of $1.7 million in insurance costs due to the aforementioned solar energy systems acquired and placed in
service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of $1.5 million in unscheduled maintenance at our existing sites.

***Depreciation, Amortization and Accretion***

Depreciation, amortization and accretion expense increased by $33.0 million, or 66%, for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to the increased number of solar energy facilities added as a result of acquisitions and facilities placed in service in 2021 and during the nine months ended September 30, 2022.

***Acquisition and Development Costs***

Acquisition and development costs decreased by $5.5 million, or 67%, for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to decreased acquisition and financing activities related to our solar and energy storage systems.

***Internalization Costs***

Internalization costs for the nine months ended September 30, 2022 were $10.3 million and represent costs directly related to the Internalization, which closed on August 4, 2022.

***General and Administrative***

General and administrative expense increased by $8.8 million, or 50%, for the nine months ended September 30, 2022, as compared to the nine months ended September 30, 2021, primarily due to payroll and accrued bonus compensation incurred as a result of the Internalization, partially offset by decreased legal fees as a result of decreased financing and acquisition activity.

***Interest Expense, Net***

Interest expense, net increased by $13.3 million, or 26%, for the nine months ended September 30, 2022, as compared to the nine months ended September 30, 2021, primarily due to a $17.6 million increase in interest expense for new debt issuances and draws on our debt facilities in the nine months ended September 30, 2022, an increase of $2.2 million in deferred financing cost amortization associated with the aforementioned debt issuances, and an increase of $3.8 million of sale-leaseback and lease obligations. These increases were partially offset by $10.3 million of favorable mark-to-market activity on interest rate derivative instruments due to the rise in market interest rates.

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***Income Tax Expense***

Income tax expense increased by $68.1 million, for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to income attributable to non-controlling interest and the exclusion of certain loss companies where valuation allowances were recorded in 2021.

***Net loss attributable to non-controlling interests and redeemable non-controlling interests***

Net loss attributable to non-controlling interests and redeemable non-controlling interests increased by $4.2 million, or 4%, in the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to losses attributable to non-controlling interests from tax-equity investments. As is common in such investments, a significant (i.e., up to 99%) portion of the tax attributes (e.g., ITC and MACRS) are shared with tax-equity investors early on in their investment period, which can cause the allocation of income or loss to the non-controlling interest to fluctuate under the HLBV method. In cases where a tax-equity partnership is newly formed and the assets thereof are placed in service, the "up-front" sharing of tax attributes often results in a loss allocation to the non-controlling interests associated with tax-equity investors. As tax attributes from the underlying assets diminish over time, a non-controlling interest associated with tax-equity investor's loss allocation under the HLBV method will change accordingly and may result in an income allocation. Further, the timing for bringing assets online can vary resulting in the tax attributes allocable to the non-controlling interest associated with tax-equity investors changing year over year. Therefore, because of the combined impact of the standard "up-front" allocation, the income or losses attributable to non-controlling interests can appear highly volatile. Such was the reason for the volatility in the Company's non-controlling interests from 2021 to 2022. Specifically, the loss allocation to the non-controlling interests showed a large increase due to a significant amount of assets being placed in service in 2022 and 2021, which also resulted in much larger amounts of ITC and MACRS being allocated to our tax-equity investors. For the nine months ended September 30, 2022 and 2021, we placed in service assets for projects with total system size of 330 MW and 29 MW, respectively.

***Year Ended December 31, 2021 Compared to Year Ended December 31, 2020***

***Total Operating Revenues, Net***

Total operating revenues, net comprises operating revenues of $294 million and contract amortization of $48 million for the year ended December 31, 2021. Total operating revenues, net increased by $25.0 million, or 11%, for the year ended December 31, 2021 compared to the year ended December 31, 2020, which were a result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in electricity sales of $14.1 million, or 8%, driven by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 19% increase in megawatt hours generated driven by an increase in megawatt capacity as a result of acquisitions and
facilities placed in service of 251 MW during 2020 while realizing a full year's service during the year ended December 31, 2021 as well as 254 MW of facilities placed in service during the year ended December 31, 2021; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This increase was partially offset by a 10% decrease in average sales price per megawatt hour. The facilities placed in
service during 2020 and 2021 included 332 MW of large utility-scale facilities whose contracted pricing per MWh was lower than the existing fleet in 2020, which resulted in a decrease in average sales price compared to the year ended
December 31, 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in SREC sales of approximately $4.7 million, approximately $1.2 million was due to the increased number of
solar energy systems and $3.5 million was due to a reduction in the cost of SRECS purchased in 2019;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in lease and other income of $2.9 million due to due to increase in capacity and incentive revenues, which was
partially offset by a decrease in lease revenue due to tax equity sale-leaseback buy-outs that occurred in 2021; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A decrease in contract amortization of $3.3 million due to the sale of solar energy facilities in 2021 and corresponding
removal of intangible balances.

***Operations and Maintenance, Excluding Depreciation, Amortization and Accretion***

Operations and maintenance, excluding depreciation, amortization and accretion, increased by $7.8 million, or 23%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020. This is due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase of $3.5 million was as a result of adding 254 MW from acquisitions and solar energy systems placed in service
in late 2020 and during the year ended December 31, 2021 resulting in a spike of scheduled operations and maintenance expenses, module cleaning and vegetation abatement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase of $1.4 million in insurance due to added number of solar energy and storage facilities in 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase of $1.2 million is due to unscheduled maintenance expenses to existing sites; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase of $1.7 million on account of increase in property and personal tax expenses as well as lease expenses.

***Depreciation, Amortization and Accretion***

Depreciation, amortization and accretion expense increased by $20.1 million, or 34.1%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to the increased number of solar energy facilities as a result of acquisitions and facilities placed in service in late 2020 and during the year ended December 31, 2021.

***General and Administrative***

General and administrative expense increased by $8.0 million, or 23.7%, for the year ended December 31, 2021, as compared to the year ended December 31, 2020, primarily due to increased financing and acquisition activity that required the incurrence of additional fees for professional services. Of this amount, $5.5 million was due to legal fees, $2.2 million was due to other professional services and $0.3 million was due to accounting and tax fees.

***Interest Expense***

Interest expense decreased by $6.8 million, or 8.2%, for the year ended December 31, 2021, as compared to the year ended December 31, 2020. Of this amount, $18.3 million was due to favorable mark-to-market impact from interest rate derivative instruments, partially offset by an increase of additional $4.6 million in interest expense on new credit facilities and senior secured notes that were issued in 2021 and $7.1 million was due to an increase of deferred financing costs associated with aforementioned credit facilities issuances.

***Income Tax Expense***

Income tax expense increased by $34.1 million, or 762%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to a significant increase in net loss before income taxes of $1.7 million, offset by the tax effect of non-controlling interests, further discussed in the section below.

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For the year ended December 31, 2021, we recorded an income tax provision of $38.6 million in relation to pretax loss of $(17.6) million, which resulted in an effective income tax rate of (219.4)%. Our effective income tax rate was primarily impacted by the release of a substantial portion of the valuation allowance of $13.8 million due to more certainty in the ability to utilize our net operating losses, offset by the tax effect of non-controlling interests as discussed immediately below.

***Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests***

Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests decreased by $192.3 million, or 498%, in the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to losses attributable to non-controlling interests from tax-equity investments. As is common in such investments, a significant (i.e., up to 99%) portion of the tax attributes (e.g., ITC and MACRS) are shared with tax-equity investors early on in their investment period, which can cause the allocation of income or loss to the non-controlling interest to fluctuate under the HLBV method. In cases where a tax-equity partnership is newly formed and the assets thereof are placed in service, the "up-front" sharing of tax attributes often results in a loss allocation to the non-controlling interests associated with tax-equity investors. As tax attributes from the underlying assets diminish over time, a non-controlling interest associated with tax-equity investor's loss allocation under the HLBV method will change accordingly and may result in an income allocation. Further, the timing for bringing assets online can vary resulting in the tax attributes allocable to the non-controlling interest associated with tax-equity investors changing year over year. Therefore, because of the combined impact of the standard "up-front" allocation, the income or losses attributable to non-controlling interests can appear highly volatile. Such was the reason for the volatility in the Company's non-controlling interests from 2020 to 2021. Specifically, the loss allocation to the non-controlling interests showed a large increase due to a significant amount of assets being placed in service in 2021 and 2020, which also resulted in much larger amounts of ITC and MACRS being allocated to our tax-equity investors. In 2021 and 2020, we placed in service assets for projects with total system size of 754 MW and 251 MW, respectively.

For additional discussions on HLBV and non-controlling interests, see page 101, "Redeemable Noncontrolling Interests and Noncontrolling Interests."

***Year Ended December 31, 2020 Compared to Year Ended December 31, 2019***

***Total Operating Revenues, Net***

Total operating revenues, net comprises operating revenues of $272.7 million and contract amortization of $(51.3) million for the year ended December 31, 2020. Total operating revenues, net increased by $80.6 million, or 57.2%, for the year ended December 31, 2020 compared to the year ended December 31, 2019. This increase is due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As the majority of our contracts are fixed-price, this increase is primarily due to an increase in energy production year
over year, with 1,129 GWh produced in 2019 growing to 2,033 GWh produced in 2020. This was driven in turn by the addition of 251 MW being added to the fleet in 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Electricity sales, net increased by $82.6 million, which was due to 251 MW of new projects developed or constructed during
2020 as well as having a full year of activity from our 2019 acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SREC sales, net increased by $14.8 million, of this amount, $11.1 million is due to the 251 MW of new projects developed or
constructed during 2020 as well as having a full year of activity from 2019 acquisitions, and $3.7 million increase is due to reduction in cost of SRECs acquired in 2019;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in lease and other income of $0.6 million was due to increase in capacity and other revenues, which was
partially offset by a decrease in lease revenue due to tax equity sale-leaseback buy-outs that occurred in 2020; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• These increases were partially offset by a $17.4 million increase in contract amortization due to an increase in the number
of acquired PPAs for the year ended December 31, 2020.

***Operations and Maintenance, Excluding Depreciation, Amortization and Accretion***

Operations and maintenance, excluding depreciation, amortization and accretion, increased by $15.2 million, or 81.8% for the year ended December 31, 2020 as compared to the year ended December 31, 2019. This is due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase of $4.8 million of expenses is due to 251 MW from acquisitions and solar energy systems placed in service in
2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase of $3.6 million due to unscheduled maintenance expenses on a number of transformers, weather events including
wildfires and thermal events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase of $2.4 million resulting from new leases and the adoption of ASC 842 for acquired leases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A total increase of $4.4 million from increased property taxes as a result of newly acquired projects, and the full-year
impact of assets acquired mid-2019 as well as other expenses.

***Depreciation, Amortization and Accretion***

Depreciation, amortization and accretion expense increased by $30.0 million, or 104.1%, for the year ended December 31, 2020 as compared to the year ended December 31, 2019, primarily due to the increased number of solar energy facilities as a result of acquisitions and facilities placed in service in late 2019 and during the year ended December 31, 2020.

***General and Administrative***

General and administrative expense increased by $9.1 million, or 37.1%, for the year ended December 31, 2020, as compared to the year ended December 31, 2019, primarily due to increased financing and acquisition activity that required the incurrence of additional fees for professional services. Of this amount, $5.2 million was due to legal fees, $3.0 million was due to other professional services and $2.1 million was due to third-party asset management fees, which was partially offset by a decrease of $1.2 million in accounting and tax fees.

***Interest Expense***

Interest expense increased by $22.4 million, or 37.2%, for the year ended December 31, 2020, as compared to the year ended December 31, 2019. Of this amount, $14.0 million was due to a full year of sale-leaseback financings and lease obligations, $6.0 million was due to debt on assets acquired in 2019 and the issuance of senior secured notes in early 2020 and $2.4 million was due to unfavorable mark-to-market activity on interest rate derivate instruments.

***Income Tax Expense***

Income tax expense decreased by $0.9 million, or 16.2%, for the year ended December 31, 2020 as compared to the year ended December 31, 2019, primarily due to a significant increase in net loss before income taxes offset by the tax effect of non-controlling interests.

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For the year ended December 31, 2020, we recorded an income tax provision of $4.5 million in relation to a pretax loss of $(15.9) million, which resulted in an effective income tax rate of (28.3)%. The principal reasons for the difference between the statutory rate and the effective rate for 2020 were due to changes in valuation allowance, effects resulting from changes in tax rates, and the removal of tax effects related to non-controlling interests in tax-equity entities' pretax income and loss. We recorded non-controlling interests and redeemable non-controlling interests associated with various tax-equity investors who own membership interests in certain subsidiaries of the Company. The increase in the 2020 non-controlling interest adjustment was due to changes in Net Income (Loss) Attributable to Non-Controlling Interest in the Company's Consolidated Statements of Operations which vary due to GAAP income (loss), taxable income (loss), capital contributions, investment tax credits, distributions, and the stipulated targeted investor return specified in the subsidiaries' operating agreements which can have a significant impact on the amounts that investors would receive upon a hypothetical liquidation. These factors may create volatility in the effective tax rate as the application of HLBV can drive changes in net income or loss attributable to non-controlling interests from period to period.

For the year ended December 31, 2019, we recorded an income tax provision of $5.3 million in relation to pretax income of $1.1 million, which resulted in an effective income tax rate of 490.7%. The principal reasons for the difference between the statutory rate and the effective rate for 2019 were due to changes in valuation allowance, effects resulting from changes in tax rates, and the removal of tax effects related to non-controlling interests in tax-equity entities' pretax income and loss.

***Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests***

Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests decreased by $55.8 million, or (324.0)%, in the year ended December 31, 2020 as compared to the year ended December 31, 2019, primarily due to losses attributable to non-controlling interests from tax-equity funds added in late 2019 and in 2020. The higher loss attribution during 2020 was primary driven by HLBV allocation, particularly for projects we developed.

**Liquidity and Capital Resources** 

As of September 30, 2022, we had total cash, cash equivalents and restricted cash of $475.9 million and $119.0 million, respectively. $56.5 million of restricted cash as of such date are related to funds that are reserved pursuant to agreements with lenders for debt service, sale-leaseback transactions and asset repair costs. Our total liquidity for the nine months ended September 30, 2022 and the year ended December 31, 2021 was as follows:

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| | | |
|:---|:---|:---|
|  | **As of<br>September 30,** | **As of<br>December 31,** |
|  | **2022** | **2021** |
|  | **(in millions)**  | **(in millions)**  |
|  **Cash and cash equivalents:** |  |  |
|  MN8 Energy LLC and subsidiaries | $475.9 | $169.2 |
|  **Restricted Cash:** |  |  |
|  Operating accounts | 62.5 | 35.0 |
|  Reserves, including debt service, distributions, performance obligations and pre-funding of tax-equity related proceeds reserved pursuant to agreement with tax-equity investor | 56.5 | 174.1 |
|  **Total cash, cash equivalents and restricted cash:** | 594.9 | 378.3 |
|  Subscription facility availability | $164.7 | $407.8 |
|  **Total liquidity:** | 759.6 | 786.1 |

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We seek to maintain diversified and cost-effective funding sources to finance and maintain our operations, fund capital expenditures, including customer acquisitions, and satisfy obligations arising from our indebtedness. Historically, our primary sources of liquidity included equity contributions, incurrence of debt, third-party tax-equity investors and cash from operations. Our business model requires substantial outside financing arrangements to grow the business and facilitate the deployment of our fleet.

***Liquidity Position***

We expect to satisfy our current and future capital requirements through a combination of cash on hand, cash flows from operations, proceeds from this offering, and borrowings under new and existing financing arrangements and tax-equity financings, as appropriate and subject to market conditions. We expect that these sources of funds will be adequate to provide for our short-term and long-term liquidity and capital needs. However, we are subject to business and operational risks that could adversely affect the cash flows of our projects and we may be unable to raise additional funds or enter into such other arrangements when needed on favorable terms. A material decrease in our cash flows would likely produce a corresponding adverse effect on our borrowing capacity required to construct or develop future projects. Management manages this risk by negotiating and implementing longer term borrowing facilities and/or corporate revolving facilities to manage through such events while regularly monitoring the financing needs of the business consistent with prudent balance sheet management.

***Sources of Liquidity***

We manage our liquidity sources with the goal of ensuring that they (i) are adequate to finance expected capital expenditures, including our expected commitments under the Mercedes-Benz Joint Ventures, growth, O&M expenses, and other liquidity commitments, and to take advantage of opportunistic investments, (ii) are raised at the lowest borrowing cost available to us, and (iii) are structured to minimize the risk of an individual financing to the overall portfolio. We seek to achieve these goals by maximizing low-cost, non-recourse warehouse and portfolio debt financings while retaining flexibility with corporate debt facilities to fund unique opportunities or manage unforeseen events.

***Financing projects under construction and post construction***

The solar energy and energy storage systems that are in service are expected to generate a positive return over their useful life, typically 35 and 20 years, respectively. Typically, once solar energy and energy storage systems commence operations, they do not require significant additional capital expenditures to maintain operating performance. However, in order to grow, we are currently dependent on financing from outside parties. If financing is not available to us on acceptable terms if and when needed, we may be unable to finance acquisition and maintenance of solar energy and energy storage systems in a manner consistent with our past performance, our cost of capital could increase, or we may be required to significantly reduce the scope of our operations, any of which would have a material adverse effect on our business, financial condition, results of operations and prospects. In addition, our tax-equity funds and debt instruments impose restrictions on our ability to draw on financing commitments. If we are unable to satisfy such conditions, we may incur penalties for non-performance under certain tax-equity funds, experience installation delays, or be unable to make installations in accordance with our plans or at all. Any of these factors could also impact customer satisfaction, our business, operating results, prospects and financial condition.

We believe our ability to finance projects on attractive terms throughout their lifecycle is a competitive advantage, as well as a valuable tool in driving value. On a typical project, we utilize a

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combination of project-specific construction debt, drawings upon our Warehouse Facility and tax-equity financing to fund construction. In financing a project, we focus on three goals; which include lowering the amount of equity that the project needs from the holding company, lowering the Company's overall borrowing rate and maintaining flexibility to capture opportunistic financings when the opportunities arise.

To meet our capital requirements in 2022 as well as to allow for flexible financings of additional projects, the Company entered into both a note purchase agreement with the Bank of New York Mellon, as first lien collateral agent, intercreditor agent and as the notes agent on December 28, 2021 (the "Slate Note Purchase Agreement") which subsequently closed in April 2022 and raised $251.7 million, and secured tax-equity investor commitments of $240.0 million, of which $124.0 million was funded in December 2021 and included in restricted cash and released in April 2022 upon reaching Project Substantial Completion (as defined in the Slate Note Purchase Agreement). These financings were secured in anticipation of completing our Slate project situated in Kings County, California, which reached Project Substantial Completion in April 2022, with approximately 390 MW of solar capacity and 561 MWh energy storage capacity (the "Slate Project") that was funded with a project-specific construction loan with total commitments of $453.7 million.

The current projects being constructed in 2022 and beyond are being funded during construction from our Warehouse Facility and Subscription Facility. In connection with the consummation of this offering, we intend to fully repay and terminate the Subscription Facility and enter into the New Revolving Credit Facility. As disclosed in Note 8 to our unaudited consolidated financial statements, the Warehouse Facility has total availability of $500.0 million of which only $311.6 million was outstanding as of September 30, 2022. Our Subscription Facility has a total capacity of $494.0 million of which only $308.3 million was outstanding as of September 30, 2022. As part of the Mercedes- Benz Joint Ventures, we will have capital commitments totaling approximately $557.1 million which are being funded by equity contributions and a debt facility entered into by a wholly owned subsidiary in an amount not to exceed 80% of our AssetCo capital contributions. Our AssetCo capital contributions are guaranteed by OpCo in an amount up to our total capital commitment.

As projects achieve commercial operations, we pay down the construction financing facilities (i.e. Warehouse Facility, Subscription Facility or specific construction loan depending on the facts and circumstances) with proceeds from tax equity financing and permanent financings that we structure to be long term maturing notes that are self-amortizing over the life of the underlying projects. Payment of the amortization is sourced from the funds generated by the project through operations. Historically, we have been successful in issuing our green bonds with investment grade ratings at issuance. Ratings are not recommendations to buy, sell or hold securities, and they may be revised or revoked at any time at the sole discretion of the rating organization.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Rating of Notes** | **Fitch** | **Fitch** | **Kroll** | **Kroll** |
|  GSRP I Senior Secured Notes |  | BBB |  |  |
|  GSRP II Senior Secured Notes |  | BBB- |  |  |
|  Slate Notes |  |  |  | BBB- |

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We believe that our team's success in tax equity financings and issuing similar green bonds will continue as we develop the same type of quality projects and portfolios of solar and energy storage facilities.

***Uses of Liquidity***

Our principal uses of liquidity are (i) investment in the development, acquisition and construction of solar facilities and energy storage systems, (ii) new ventures or investment strategies to support

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both our operating, under construction and pipeline projects, (iii) working capital requirements, and (iv) distributions to our current equity holders.

***Capital Expenditures*** 

For the nine months ended September 30, 2022 and September 30, 2021, we incurred capital expenditures and asset acquisitions of $272.6 million, and $662.7 million, respectively. For the years ended December 31, 2021 and December 31, 2020, we incurred capital expenditures and asset acquisitions of $917.5 million, and $483.6 million, respectively. During these annual periods, the Company has completed construction of nearly 500 MW of solar and battery storage projects. Based on current construction commitments, we expect to complete the construction of approximately 790 MW during 2022 and 2023, with capital expenditures of approximately $430.0 million during 2022 and 2023. We anticipate funding these expenditures from tax-equity providers and long-term financing for the portfolio of assets. During construction, we expect to have sufficient liquidity from our Warehouse Facility and Subscription Facility to fund these expenditures. As of the date of this prospectus, we have incurred an immaterial amount of capital expenditures to develop EV charging projects under the PDA. However, in the future, and subject to mutual agreement with ChargePoint, we may choose to commit more material amounts to EV charging. In connection with the Mercedes-Benz Joint Ventures, we anticipate capital expenditures of approximately $80.0 million during 2023, which we expect to fund with equity contributions and a debt facility entered into by a wholly owned subsidiary of MN8 Energy in an amount not to exceed 80% of our AssetCo capital contributions.

***Debt Amortization*** 

The self-amortizing nature of our non-recourse portfolio and project debt provides for the progressive amortization of the outstanding principal by the end of the project's useful life. In addition to effective risk management and cash flow stability across the portfolio, this results in a natural pay down of our portfolio debt. This pay down of principal results in a systematic de-levering of our projects, benefiting portfolio equity values, and represents a critical aspect of our capital structure. When issuing this debt, we manage our portfolio financings to achieve high credit ratings, increasing the success of our issuances.

For the nine months ended September 30, 2022 and 2021, portfolio and project debt amortization payments amounted to $50.8 million and $41.2 million, respectively. For the years ended December 31, 2021 and 2020, portfolio and project debt amortization payments amounted to $60.2 million and $56.9 million, respectively. During 2022 and 2023, we anticipate that portfolio and project debt repayments will total $23.8 million and $81.9 million, respectively. These payments were designed to be funded from the portfolio and project operational cash flows. This design contributed to the high credit rating of these green bond portfolio financings. As we continue to develop and construct similar solar and battery storage projects, we expect to fund these projects with similar debt financings.

**Debt** 

***Subscription Facility***

On February 22, 2018, we entered into a revolving credit agreement with HSBC Bank USA, N.A. (the "Revolving Credit Agreement"). Proceeds from the credit facility (the "Subscription Facility") are used to finance our operating and investing activities. The Subscription Facility is collateralized by unfunded investor capital commitments; as of December 31, 2021 and September 30, 2022 our total unfunded capital investor commitments were $845.8 million and $563.9 million, respectively. As of December 31, 2021 and September 30, 2022, the size of the Subscription Facility is $494.0 million. The interest rate of our Subscription Facility for (i) SOFR Loans is the Adjusted Term SOFR for the

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applicable Interest Period plus the Applicable Margin (as each such capitalized term is defined in the Revolving Credit Agreement, as amended) and (ii) for Alternate Base Rate Loans, the Alternate Base Rate (as each such capitalized term is defined in the Revolving Credit Agreement, as amended). The Subscription Facility is funded by PNC Bank, N.A., BankUnited, N.A., Société Générale S.A., MUFG Union Bank, N.A, and HSBC Bank USA, N.A.. We incur a commitment fee at an annual rate of 0.25% based on the unused portion of the Subscription Facility. We also utilize portions of the Subscription Facility as lines of credit to satisfy various obligations. As of December 31, 2021, the unused portion of the Subscription Facility was $407.8 million and $164.7 million as of September 30, 2022. The Subscription Facility's maturity date is February 17, 2023. Prior to the completion of this offering, we intend to retire the Subscription Facility and negotiate alternative funding sources including but not limited to a corporate revolver. Under the terms of the Revolving Credit Agreement, we are subject to various covenants; as of September 30, 2022 and December 31, 2021, we were in compliance with the covenants.

***GSRP I Senior Secured Notes***

On January 30, 2020, we entered into a note purchase agreement with MUFG Union Bank, N.A. as first lien collateral agent and MUFG Union Bank, N.A. as the notes agent (the "Note Purchase Agreement"). Pursuant to the Note Purchase Agreement, we issued notes (the "GSRP I Senior Secured Notes") with an aggregate principal amount of $500.0 million. The interest rate of our GSRP I Senior Secured Notes is 3.77%. The maturity date of the GSRP I Senior Secured Notes is December 31, 2044. The proceeds from the GSRP I Senior Secured Notes were used to retire various debt and finance our operating and investing activities. The GSRP I Senior Secured Notes are collateralized by our equity interests in GSRP Portfolio I LLC, an entity which maintains ownership interests in 378 solar energy facilities with a total nameplate capacity of approximately 604 MW as of September 30, 2022; the collateral is included in the amounts presented in solar energy facilities, net on the consolidated balance sheets. Under the terms of the Note Purchase Agreement, we are subject to various covenants; as of September 30, 2022 and December 31, 2021, we were in compliance with the covenants.

***GSRP II Senior Secured Notes***

On October 1, 2021, we entered into a note purchase agreement with MUFG Union Bank, N.A. as first lien collateral agent and MUFG Union Bank, N.A. as the notes agent (the "GSRP II Note Purchase Agreement"). Pursuant to the GSRP II Note Purchase Agreement, we issued notes (the "GSRP II Senior Secured Notes") with an aggregate principal amount of $597.5 million. The interest rate of our GSRP II Senior Secured Notes is 3.1%. The maturity date of our GSRP II Senior Secured Notes is June 29, 2046. The proceeds from the GSRP II Senior Secured Notes were used to retire various debt and finance our operating and investing activities. The GSRP II Senior Secured Notes are collateralized by our equity interests in GSRP Portfolio II LLC, an entity which maintains ownership interests in 445 solar energy facilities with a total nameplate capacity of approximately 767 MW as of September 30, 2022; the collateral is included in the amounts presented in solar energy facilities, net on the consolidated balance sheets. Under the terms of the GSRP II Note Purchase Agreement, we are subject to various covenants; as of September 30, 2022 and December 31, 2021, we were in compliance with the covenants.

***Slate Notes***

On December 28, 2021, we entered into the Slate Note Purchase Agreement. Pursuant to the Slate Note Purchase Agreement, the Company issued, with funds received in April 2022, $251.7 million aggregate principal amount of 3.30% (interest rate subject to an escalator based on final Project

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Substantial Completion) notes (the "Slate Notes") maturing March 31, 2047. The Slate Notes are collateralized by the Company's equity interests in GSRP Stanton LLC, an entity which maintains ownership interests in the Slate Project with a total nameplate capacity of approximately 390 MW and battery storage capacity of 561 MWh. Under the terms of the Slate Note Purchase Agreement, we are subject to various covenants; as of September 30, 2022 and December 31, 2021, we were in compliance with the covenants.

***Warehouse Facility***

On February 23, 2021, we entered into a credit agreement with MUFG Bank, Ltd. (the "Warehouse Agreement"). Proceeds from the credit facility (the "Warehouse Facility") are used to finance our operating and investing activities. The size of the Warehouse Facility is $500.0 million. The interest rate of our Warehouse Facility for (i) each Daily Simple SOFR Loan is a rate per annum equal to Adjusted Daily Simple SOFR plus the Applicable Margin; (ii) each Term SOFR Loan is a rate per annum equal to Adjusted Term SOFR for such Interest Period plus the Applicable Margin; and (iii) each ABR Loan is a rate per annum equal to the ABR plus the Applicable Margin. Adjusted Daily Simple SOFR means, for purposes of any calculation, the rate per annum equal to (a) Daily Simple SOFR for such calculation plus (b) the SOFR Adjustment. Adjusted Term SOFR means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the SOFR Adjustment. SOFR Adjustment means, (a) for any calculation with respect to a Term SOFR Loan, a percentage equal to 0.10% per annum for a one (1) month Interest Period, 0.15% per annum for a three (3) month Interest Period and 0.25% per annum for a six (6) month Interest Period and (b) for any calculation with respect to a Daily Simple SOFR Loan, a percentage equal to 0.10% per annum for a Daily Simple SOFR Loan with an Interest Payment Date occurring on the last Business Day of a calendar month and 0.15% per annum for a Daily Simple SOFR Loan with an Interest Payment Date occurring on a Quarterly Date (as each such capitalized term is defined in the Warehouse Agreement, as amended). The maturity date of the Warehouse Facility is February 23, 2026. As of September 30, 2022, the Warehouse Facility is collateralized by our equity interests in GSRP Warehouse I LLC, an entity which maintains ownership interests in an operational solar energy facility with a nameplate capacity of approximately 217 MW and a solar energy facility under construction with a nameplate capacity of approximately 190 MW currently under development; the collateral is included in the amounts presented in solar energy facilities, net and construction in progress, respectively, on the consolidated balance sheets. The outstanding balance on the Warehouse Facility is $224.5 million as of December 31, 2021, and $311.6 million as of September 30, 2022. The Warehouse Facility is funded by MUFG Union Bank, N.A., HSBC Bank USA, N.A., and various other lenders. We incur a commitment fee at an annual rate of 0.50% based on the unused portion of the Warehouse Facility.

***New Revolving Credit Agreement***

Prior to or shortly after the offering, we plan to enter into a revolving credit agreement with JPMorgan Chase Bank, N.A. (the "Administrative Agent"), certain lenders party thereto (the "Lenders") and certain issuing banks party thereto (the "Issuing Banks") (the "Credit Agreement"). Commitments from the Credit Agreement will be made up of revolving loans, swingline loans and letters of credit (the "Credit Facility"). Proceeds from the Credit Facility will be used to finance our operating and investing activities. The size of the Credit Facility will be $450.0 million. The interest rate of our Credit Facility for ABR Loans will be the Alternate Base Rate plus the Applicable Rate, ranging from 0.50% to 0.75% (as each such capitalized term is defined in the Credit Agreement) or for Term Benchmark Loans, will be the Adjusted Term SOFR Rate plus the Applicable Rate, ranging from 1.50% to 1.75% (as each such capitalized term is defined in the Credit Agreement) or for RFR Loans, will be Adjusted Daily Simple SOFR plus the Applicable Rate, ranging from 1.50% to 1.75% (as each such capitalized term is defined in the Credit Agreement). The Credit Facility's maturity date is January , 2028. Under the terms of the Credit Agreement, we are subject to various covenants which, among other things, will restrict certain commercial activities.

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***Project Debt***

We have acquired various long-term debt in conjunction with the acquisition of certain operating subsidiaries (the "Project-Level Notes"). The Project-Level Notes are held by project-companies or their parent companies, and are collateralized by the solar energy facilities held by the relevant company, in addition to cash held in debt service accounts and standby letters of credit. As of September 30, 2022 and December 31, 2021 and 2020, we had a revolving commitment in the amount of $42.5 million, $42.7 million and $42.6 million, respectively, with no borrowings outstanding. Project level entities incur a commitment fee at an annual rate ranging between 0.50% and 0.75% based on the unused portion of the revolving commitment. Under the terms of the Project-Level Notes, we are subject to various covenants; as of September 30, 2022 and December 31, 2021, we were in compliance with the covenants.

***Letters of Credit***

We have entered into various letters of credit agreements. As of December 31, 2021, we had letters of credit in an aggregate amount of $248.6 million and $260.0 million as of September 30, 2022. We incur commitment fees at annual rates of 0.88% to 2.10% based on the unused portions of the letters of credit.

***New Revolving Credit Facility***

We intend to enter into the New Revolving Credit Facility in connection with the consummation of this Offering. For more information, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Project and Corporate-Level Financing."

**Cash Flows** 

***Nine Months Ended September 30, 2022 Compared to Nine Months Ended September 30, 2021***

The following table reflects the changes in cash flows for nine months ended September 30, 2022 compared to the nine months ended September 30, 2021:

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| | | | |
|:---|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2022** | **2021** | **Change** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Net cash from operating activities | $104670 | $62249 | $42421 |
|  Net cash used in investing activities | $(272585) | $(662653) | $390068 |
|  Net cash from financing activities | $384456 | $726910 | $(342455) |

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*Net Cash From Operating Activities* 

Changes to net cash provided by operating activities were driven by:

---

| | |
|:---|:---|
|  | **(in thousands)** |
|  Decrease in operating income adjusted for non-cash items | $(9785) |
|  Increase in working capital primarily driven by the timing of accounts receivable collections and payments of accounts payable | 55037 |
|  Decrease in operating cash flows from an increase in interest payments due to an increase in debt | (2831) |
|  Total | $42421 |

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*Net Cash Used in Investing Activities*

Changes to net cash used in investing activities were driven by:

---

| | |
|:---|:---|
|  | **(in thousands)** |
|  Increase in cash used in acquisitions | $(31215) |
|  Decrease in cash used in construction of new projects | 421283 |
|  Total | $390068 |

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*Net Cash From Financing Activities* 

*Changes in net cash provided by financing activities were driven by:* 

---

| | |
|:---|:---|
|  | **(in thousands)** |
|  Increase in net contributions from non-controlling interest members | $&nbsp;&nbsp;&nbsp;&nbsp;53239 |
|  Increase in net contributions from equity members | 281958 |
|  Decrease in net borrowings to acquire and build new solar facilities | (608328) |
|  Decrease in dividends paid to members due to increase in funded equity | 9060 |
|  Increase in distributions to non-controlling interest members | (24225) |
|  Increase in buyout of non-controlling interests | (46062) |
|  Increase in payments for debt amortization and tax-equity sale-leasebacks | (8097) |
|  Total | $(342455) |

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***Year Ended December 31, 2021 Compared to Year Ended December 31, 2020***

The following table reflects the changes in cash flows for the year ended December 31, 2021 compared to 2020:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2020** | **Change** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Net cash from operating activities | $125760 | $140763 | $(15003) |
|  Net cash used in investing activities | $(902032) | $(567492) | $(334540) |
|  Net cash from financing activities | $991589 | $476105 | $515484 |

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*Net Cash From Operating Activities* 

Changes to net cash provided by operating activities were driven by:

---

| | |
|:---|:---|
|  | **(in thousands)** |
|  Increase in operating income adjusted for non-cash items | $8719 |
|  Decrease in working capital primarily driven by the timing of accounts receivable collections and payments of accounts payable | (8356) |
|  Decrease in operating cash flows from an increase in interest payments due to an increase in debt | (15366) |
|  Total | $(15003) |

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*Net Cash Used in Investing Activities* 

Changes to net cash used in investing activities were driven by:

---

| | |
|:---|:---|
|  | **(in thousands)** |
|  Reduction in cash used in acquisitions | $&nbsp;&nbsp;&nbsp;&nbsp;214477 |
|  Increase in cash used in construction of new projects | (648402) |
|  Net decrease in payments for developer notes | 83918 |
|  Increase in cash from sale proceeds from sale of 5 MW of assets | 15467 |
|  Total | $(334540) |

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*Net Cash From Financing Activities* 

Changes in net cash provided by financing activities were driven by:

---

| | |
|:---|:---|
|  | **(in thousands)** |
|  Increase in net contributions from non-controlling interest members | $121654 |
|  Reduction in net contributions from equity members | (375942) |
|  Increase in net borrowings to acquire and build new solar facilities | &nbsp;&nbsp;&nbsp;&nbsp;805791 |
|  Increase in dividends paid to members due to increase in funded equity | (35029) |
|  Increase in distributions to non-controlling interest members | (5293) |
|  Reduction in buyout of non-controlling interests | 6662 |
|  Payments for debt amortization and tax-equity sale-leasebacks | (2359) |
|  Total | $515484 |

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***Year Ended December 31, 2020 Compared to Year Ended December 31, 2019*** 

The following table reflects the changes in cash flows for the year ended December 31, 2020 compared to 2019:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2020** | **2019** | **Change** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Net cash from operating activities | $&nbsp;&nbsp;&nbsp;&nbsp;140763 | $&nbsp;&nbsp;&nbsp;&nbsp;118817 | $&nbsp;&nbsp;&nbsp;&nbsp;21946 |
|  Net cash used in investing activities | $(567492) | $(469026) | $(98466) |
|  Net cash from financing activities | $476105 | $418639 | $57466 |

---

*Net Cash From Operating Activities* 

Changes to net cash provided by operating activities were driven by:

---

| | |
|:---|:---|
|  | **(in thousands)** |
|  Increase in operating income adjusted for non-cash items | $&nbsp;&nbsp;&nbsp;&nbsp;79422 |
|  Decrease in working capital primarily driven by the timing of accounts receivable collections and payments of accounts payable | (30661) |
|  Decrease in operating cash flows from an increase in interest payments due to an increase in debt | (26815) |
|  Total | $21946 |

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*Net Cash Used in Investing Activities* 

Changes to net cash used in investing activities were driven by:

---

| | |
|:---|:---|
|  | **(in thousands)** |
|  Reduction in cash used in acquisitions | $&nbsp;&nbsp;&nbsp;&nbsp;94975 |
|  Increase in cash used in construction of new projects | (92827) |
|  Net increase in payments for developer notes | (97114) |
|  Decrease in proceeds from insurance settlements | (3500) |
|  Total | $(98466) |

---

*Net Cash From Financing Activities* 

Changes in net cash provided by financing activities were driven by:

---

| | |
|:---|:---|
|  | **(in thousands)** |
|  Increase in net contributions from non-controlling interest members | $119710 |
|  Increase in net contributions from equity members | 77719 |
|  Reduction in net borrowings to acquire and build new solar facilities | (51620) |
|  Increase in dividends paid to members due to increase in funded equity | (22341) |
|  Increase in distributions to non-controlling interest members | (12637) |
|  Increase in buyout of non-controlling interests | (11516) |
|  Increase in payments for debt amortization and tax equity sale-leasebacks due to increase in debt incurred | (41849) |
|  Total | $57466 |

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**Contractual Obligations and Commitments** 

We enter into service agreements in the normal course of business. These contracts do not contain any minimum purchase commitments. Certain agreements provide for termination rights subject to termination fees or wind down costs. Under such agreements, we are contractually obligated to make certain payments to vendors, mainly, to reimburse them for their unrecoverable outlays incurred prior to cancellation. The exact amounts of such obligations are dependent on the timing of termination, and the exact terms of the relevant agreement and cannot be reasonably estimated. As of September 30, 2022, we do not expect to cancel these agreements.

Our indebtedness consists of acquired financing obligations and notes payable. Please see Note 7 to our consolidated financial statements for more information on our debt.

We lease the sites upon which our solar energy facilities are located, as well as certain of the solar energy facilities. Please see Note 8 to our consolidated financial statements for more information on our leases. We also enter into certain operation and maintenance contracts with third-party service providers and have contractual commitments to make payments for such services.

**Off-Balance Sheet Arrangements** 

***Obligations under Certain Guarantee Contracts.*** The Company may enter into guarantee arrangements in the normal course of business to facilitate commercial transactions with third parties.

***Retained or Contingent Interests.*** The Company does not have any material retained or contingent interests in assets transferred to an unconsolidated entity.

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***Obligations Arising Out of a Variable Interest in an Unconsolidated Entity***. As of September 30, 2022, the Company does not have a variable interest in an unconsolidated entity.

**Critical Accounting Policies and Use of Estimates** 

Our discussion and analysis of the financial condition and results of operations are based upon the consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements and related disclosures in compliance with GAAP requires the application of appropriate technical accounting rules and guidance as well as the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. The application of these policies necessarily involves judgments regarding future events, including the likelihood of success of particular projects, legal and regulatory challenges and the fair value of certain assets and liabilities. These judgments, in and of themselves, could materially affect the financial statements and disclosures based on varying assumptions, which may be appropriate to use. In addition, the financial and operating environment may also have a significant effect, not only on the operation of the business, but on the results reported through the application of accounting measures used in preparing the financial statements and related disclosures, even if the nature of the accounting policies has not changed.

On an ongoing basis, we evaluate these estimates, utilizing historic experience, consultation with experts and other methods we consider reasonable. Actual results may differ substantially from our estimates. Any effects on our business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the information that gives rise to the revision becomes known.

Our significant accounting policies are summarized in Note 2, Summary of Significant Accounting Policies, to the Consolidated Financial Statements. We identify our most critical accounting policies as those that are the most pervasive and important to the portrayal of our financial position and results of operations, and that require the most difficult, subjective and/or complex judgments by management regarding estimates about matters that are inherently uncertain. Our critical accounting policies include principles of consolidation, income taxes and valuation allowance for deferred tax assets, acquisition accounting and HLBV accounting.

***Principles of Consolidation***

Our consolidated financial statements reflect our accounts and those of our subsidiaries in which we have a controlling financial interest. The typical condition for a controlling financial interest is holding a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as variable interest entities ("VIEs"), through arrangements that do not involve holding a majority of the voting interests. We consolidate any VIE of which we are the primary beneficiary, which is defined as the party that has (a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. We evaluate our relationships with our VIEs on an ongoing basis to determine whether we continue to be the primary beneficiary. We have eliminated all intercompany transactions in consolidation.

***Income Taxes and Valuation Allowance for Deferred Tax Assets***

We measure the need to continue a valuation allowance at each reporting period. Prior to December 31, 2021, we concluded that a valuation allowance was required due primarily to the available negative evidence of a three-year cumulative loss. While there is an inherent risk in timing of

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the release and the inputs required therein, the Company leverages a third party expert to assist in the computation. As of the fourth quarter of 2021, we have shifted to a three year cumulative income position as a result of our operational fleet expanding and initial start-up costs subsiding. Therefore, as of December 31, 2021, we recorded a reduction of income tax expense of $13.8 million associated with the release of a substantial portion of the Company's valuation allowance. The valuation allowance is related to deferred tax assets, consisting primarily of federal and state net operating losses. However, we continue to believe it is more likely than not that the results of future operations will not generate sufficient taxable income, even taking into account the future reversal of existing taxable temporary differences, to realize such deferred tax assets, requiring a valuation allowance to be recorded. We considered the impact of the Tax Cuts and Jobs Act upon timing and future realization of net deferred tax assets, the profit before tax generated in recent years, as well as projections of future earnings and estimates of taxable income in arriving at this conclusion. The realization of deferred tax assets is primarily dependent upon earnings in federal and various state and local jurisdictions.

Considerable judgment is required to determine the tax treatment of a particular item that involves interpretations of complex tax laws. We are subject to U.S. federal, state, and local income tax examinations for all years beginning in 2018.

***Acquisition Accounting***

We apply ASC 805, *Business Combinations*, when accounting for acquisitions, with identifiable assets acquired and liabilities assumed recorded at their estimated fair values at acquisition date. Significant judgment is required in determining if a particular acquisition will be treated as an asset acquisition or as an acquisition of a business. A "Business Acquisition, "as defined in ASC 2017-01 to ASC 805 is "an integrated set of activities and assets that is capable of being conducted and managed

for the purpose of providing a return in the form of dividends, lower costs, or other economic benefits directly to investors or other owners, members, or participants." To be considered a business under the guidance, an integrated set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. The guidance provides an initial screen to use in determining whether a set is considered a business. If the conditions for the initial screen are met, then the set is not considered a business and should be accounted for as an asset acquisition.

The initial screen for determining if a particular acquisition is a "Business Acquisition" are met if the "fair value is concentrated in a group of similar identifiable assets." Management has determined a common fact pattern where purchases of pre-operational assets tend to pass the screen, while operational assets generally fail and require further analysis. This is because for pre-operational assets, the only tangible asset acquired is the facility itself.

For the assets that fail the initial screen, we evaluated whether or not a substantive process that significantly contributes to the ability to create an output was acquired. For these assets acquired to date, due to the lack of an organized workforce, lack of acquired contractual relationships that provide for management of the assets and a lack of significant proprietary technology, we concluded that a substantive process has not been acquired. For these reasons, our acquired solar power generation projects also do not meet the above definition of a "Business Acquisition" and will be accounted for as an asset acquisition.

Significant judgment is required in determining the acquisition date fair value of the assets acquired and liabilities assumed, predominantly with respect to property, plant and equipment, PPAs, asset retirement obligations and other contractual arrangements. We leverage qualified third party valuation firms to complete purchase price allocations at the time of acquisition. We base the underlying cash flow data on our collective experience in modeling and pricing projects and rely on the expertise of our providers to provide accurate discount rates and useful lives which aid in the

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preparation of the ultimate outputs. Although our valuation firms and our staff are knowledgeable and follow authoritative guidelines for fair valuation, they must make a number of subjective assumptions based on professional judgments and industry data.

For solar and battery storage facilities, construction costs and future revenues and expenses are estimable. During 2022 and 2021, supply chain disruptions have impacted market estimates for construction costs. We have attempted to minimize these risks through negotiations with counterparties such as materials suppliers and construction companies. We believe that estimates of discount rates and their useful lives are less certain and could have significant impacts to property, plant and equipment valuations and future depreciation, amortization and accretion. Other key inputs that require judgment include comparable market transactions, estimated useful lives and probability of future transactions. We evaluate all available information, as well as all appropriate methodologies, when determining the fair value of assets acquired and liabilities assumed in an asset acquisition. In addition, once the appropriate fair values are determined, we must determine the remaining useful life for property, plant and equipment and the amortization period and method of amortization for each finite-lived intangible asset.

The allocation of the purchase price directly affects the following items in our consolidated financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of purchase price allocated to the various tangible and intangible assets, liabilities and noncontrolling
interests, if any, on our consolidated balance sheets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of purchase price allocated to the value of above-market and below market PPAs, which is subsequently amortized
to revenue over the remaining terms of each respective arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The period of time over which tangible and intangible assets are depreciated or amortized varies, and thus, changes in the
amounts allocated to these assets will have a direct impact on our results of operations.

***Redeemable Noncontrolling Interests and Noncontrolling Interests***

Noncontrolling interests represent third-party interests in the net assets of certain consolidated subsidiaries (the "tax-equity entities"). For these tax-equity entities, we have determined the appropriate methodology for calculating the non-controlling interest balances that reflects the substantive economic arrangements in the operating agreements is a balance sheet approach using the HLBV method. Under the HLBV method, the amounts reported as noncontrolling interests in the consolidated balance sheets represent the amounts third-party investors would hypothetically receive at each balance sheet date under the liquidation provisions of the operating agreements, assuming the net assets of the subsidiaries were liquidated at amounts determined in accordance with GAAP and distributed to the investors. The non-controlling interest balances in these subsidiaries are generally reported as a component of equity in the consolidated balance sheets. The amount of income or loss allocated to noncontrolling interests in the results of operations for the subsidiaries using HLBV are determined as the difference in the non-controlling interest balances in the consolidated balance sheets at the start and end of each reporting period, after taking into account any capital transactions between the subsidiaries and the third-party investors. Factors used in the HLBV calculation include GAAP income (loss), taxable income (loss), capital contributions, investment tax credits, distributions and the stipulated targeted investor return specified in the subsidiaries' operating agreements. Changes in these factors could have a significant impact on the amounts that investors would receive upon a hypothetical liquidation. The use of the HLBV method to allocate income (loss) to the non-controlling interest holders may create volatility in the consolidated statements of operations as the application of HLBV can drive changes in net income or loss attributable to noncontrolling interests from period to period.

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When we acquire non-controlling interests in tax-equity partnerships we determine the difference between the fair value and the HLBV-derived value of the non-controlling interest as of the date of acquisition. We amortize and reallocate this difference between the non-controlling and controlling interests over a period equal to the weighted-average remaining life of the solar energy facilities.

We classify certain noncontrolling interests with redemption features that are not solely within our control outside of permanent equity in the consolidated balance sheets. The designation of redeemable noncontrolling interest is driven by whether the non-controlling interest is currently redeemable or it is probable that it will become redeemable. Redeemable noncontrolling interests are reported using the greater of the carrying value at each reporting date as determined by the HLBV method or the estimated redemption value at the end of each reporting period. Estimating the redemption value of the redeemable noncontrolling interests requires the use of significant assumptions and estimates, such as projected future cash flows.

Finally, we determine whether the carrying amounts of the non-controlling interests should be adjusted to the redemption amounts, floored at the initial carrying amount of the non-controlling interests, excluding adjustments that may occur as a result of attributing income to the non-controlling interests. We first attribute net income or loss of the subsidiary and related dividends to the non-controlling interests pursuant to ASC 810. After that attribution, we apply ASC 480-10-S99-3A to determine whether any further adjustments are necessary to increase the carrying value of redeemable noncontrolling interests, with the amount presented in temporary equity being the greater of the non-controlling interests balance determined under ASC 810 or the amount determined under ASC 480-10-S99-3A. For the latter, we have elected to record the entire change in the redemption amount immediately in retained earnings (versus amortizing to the point redemption is permitted). Further, we believe the shares underlying the non-controlling interests are substantively akin to preferred shares, given they receive preferential returns and distributions compared to the shares retained by us. As a result, the full amount of changes in the redemption value should be an adjustment to the numerator for basic earnings per share purposes, noting that the redemption options were effectively issued by the parent (i.e., a wholly-owned subsidiary thereof) of these partnerships.

**Recent Accounting Pronouncements** 

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This ASU amends several aspects of the measurement of credit losses on certain financial instruments, including replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses model. We adopted this ASU under a modified retrospective approach on January 1, 2020. As a result of adopting this ASU, our allowance for credit losses on financial assets that are measured at amortized cost reflects management's estimate of credit losses over the remaining expected life of such assets. These expected credit losses are measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. The adoption of this ASU did not have a material impact to our consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). ASU 2020-04 provides optional relief from applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. In addition, in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform—Scope, which clarified the scope of ASC 848 relating to contract modifications. To the extent we make contract amendments that are within scope of this guidance, we expect to apply the relief contemplated. However, the impact will depend on the specific facts and circumstances of any future amendments and, therefore, it is not possible at this time to estimate the impact.

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In January 2021, the FASB issued ASU 2021-01, an additional Accounting Standards Update related to Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). ASU 2021-01 clarifies that contract modifications that change the interest rate used for margining, discounting, or contract price alignment can be treated retrospectively as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications from any date within the interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. An entity may also elect to apply ASU No. 2021-01 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020, and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. To the extent the Company makes contract amendments that are within scope of this guidance, the Company expects to apply the relief contemplated. However, the impact will depend on the specific facts and circumstances of any future amendments and, therefore, it is not possible at this time to estimate the impact.

In July 2021, the FASB issued ASU 2021-05, Lessors—Certain Leases with Variable Lease Payments (ASC 842). ASU 2021-05 amends the accounting for lessors with lease contracts that both (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. If these criteria apply, lessors should instead classify and account for such leases as operating leases which will generally avoid the upfront recognition of a loss. We have elected to early adopt the amendments as of January 1, 2021 retrospectively to leases that commenced or were modified on or after the adoption of Update 2016-02. The adoption of this ASU did not have a material impact to the Company's consolidated financial statements.

**Quantitative and Qualitative Disclosures about Market Risks** 

We are exposed to various market risks in our normal business activities. Market risk is the potential loss that may result from market changes associated with our business or with an existing or forecasted financial or commodity transactions.

***Interest Rate Risk***

Changes in interest rates create a modest risk because certain borrowings bear interest at floating rates based on LIBOR plus a specified margin. As of September 30, 2022, we have entered into interest rate swap agreements with a total notional amount of approximately $172.9 million in order to mitigate our exposure to fluctuations in interest rates associated with our variable rate debt. Under the terms of the interest rate swaps, we receive London Interbank Offered Rate ("LIBOR") based variable interest rate payments and make fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the notional amount of our debt hedged. We do not enter into any derivative instruments for trading or speculative purposes. Changes in economic conditions could result in higher interest rates, thereby increasing our interest expense and operating expenses and reducing funds available to capital investments, operations and other purposes. A hypothetical 10% increase in our interest rates on our variable debt facilities would have had an approximate $3.3 million impact on our interest expense during 2022.

***Credit Risk***

Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. Financial instruments which potentially subject us to significant concentrations of credit risk consist principally of cash and restricted cash. Our investment policy requires cash and restricted cash to be placed with high-quality financial

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institutions and limits the amount of credit risk from any one issuer. We additionally perform ongoing credit evaluations of our customers' financial condition whenever deemed necessary and generally do not require collateral.

***Commodity Price Risk***

Our fleet exposes us to volatility in the market prices of electricity and of regulatory constructs such as SRECs. To stabilize our revenue, we enter into PPAs with off-takers that ensure that all or most of the electricity generated by each project will be purchased at the contracted price. We manage the commodity price risk of our merchant generation operations by entering into derivative or non-derivative instruments to hedge the variability in future cash flows from forecasted purchases of electricity and SRECs.

**Internal Control Over Financial Reporting** 

We are not currently required to comply with the SEC's rules implementing Section 404 of the Sarbanes-Oxley Act of 2002, and are therefore not required in connection with this offering to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. Upon becoming a public company, we will be required to comply with the SEC's rules implementing Section 302 of the Sarbanes-Oxley Act of 2002, which will require our management to certify financial and other information in our quarterly and annual reports. We will be required to provide an annual management report on the effectiveness of our internal control over financial reporting, and to have our independent registered public accounting firm attest to the effectiveness of our internal control over financial reporting, no later than with our second annual report following the offering.

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**BUSINESS** 

***Overview***

We are a renewable energy company. Our mission is to serve enterprise customers by providing the renewable energy and related services that these customers need on their journey to an electrified, decarbonized world. To achieve this mission, we generate renewable energy with our fleet of solar projects and are able to store energy in our fleet of battery projects, in each case tailored to the needs of individual enterprise customers. In 2021, we were one of the largest independent solar energy and energy storage power producers in the U.S. and one of the top 5 largest solar and storage asset owners overall in the U.S., based on the total gross capacity of our projects that were operating according to S&P Global Market Intelligence. As of September 30, 2022, our fleet was composed of over 875 projects spread across 28 states with an aggregate capacity of approximately 2.7 GW of operating and under construction solar projects and approximately 270 MW of operating and under construction battery storage projects, as adjusted for the NES Acquisition which closed in November 2022. We have a blue-chip set of over 200 enterprise customers, many of whom have bold decarbonization objectives, which we believe will provide us with many add-on commercial opportunities in the years to come.

**<u>2021 Top 5 U.S. Independent Solar and Storage Energy Producers by Capacity (GW)</u>**

**<u>(Includes Operating Solar Assets and Energy Storage Capacity)</u>**

![LOGO](g366853g09k88.jpg)

Source: MN8 Energy metrics as of December 31, 2021 (as adjusted per below), other metrics from S&P Global Market Intelligence as of December 31, 2021.

(1) Includes operating solar assets and 0.3 GW<sub>AC</sub> energy storage
capacity. MN8 Energy metrics as of December 31, 2021, adjusted to also include the Slate Project and approximately 442 MW operating assets from the NES Acquisition which closed in November 2022.

(2) Formerly Capital Dynamics.

***Our Story***

We were founded inside of Goldman Sachs Asset Management, L.P. in 2017. At the time, significant declines in the cost of solar modules and equipment had suddenly resulted in a new economic reality: that energy could be produced from the sun in many parts of the U.S. at the same or lower prices as energy produced from fossil fuels. Solar energy also held the distinct advantage of being able to be produced with mature technology that could be deployed in almost any location and in customized sizes. Concurrently, many leading private and public sector enterprises began setting ambitious targets for reducing their carbon emissions. We anticipated that these enterprise customers, which include corporations, federal, state and municipal entities, universities, colleges and school districts, communities

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(through CCAs), and utilities, would increasingly prefer to purchase solar energy that was produced on site or in proximity to where these customers were located as a means to lower their cost of energy, meet their carbon reduction targets and exert more control over where and how their energy was being produced. We believed that this provided an opportunity for us to disrupt the energy industry by owning and operating the solar energy facilities needed to meet these customer desires.

We envisioned that over time, as technology improved and costs came down, enterprise customers would want additional renewable energy infrastructure and services, as they adjusted to an electrified, decarbonized world. For example, adding battery storage to solar projects has the potential to capture excess solar power production during daylight hours and provide customers with renewable energy during more hours of the day, as well as to provide resiliency from power outages and the ability to participate in grid services programs. At the time, we did not know when battery storage would become economically viable, but we believed that focusing on long-term contractual relationships with customers would give us the runway to capture these opportunities. Today, with the decline in the cost of battery modules, we are seeing strong customer interest in adding battery storage to solar projects. Looking into the future, we believe that many enterprise customers will soon want to add EV charging at their facilities as vehicle fleets convert from internal combustion engines to electric motors. We believe that our customer and project footprint is well-positioned to capture these opportunities as well.

***Our Business Model***

***Produce long-term contracted cash flows with high credit quality enterprise customers*.** Our business model is to develop, own and operate renewable energy assets that serve enterprise customers while simultaneously producing attractive cash flow for our investors by selling energy, storage and related services to high credit quality customers under long-term contracts, typically at fixed prices. The average remaining capacity-weighted life of our existing operational contracts (exclusive of our storage operations) is approximately 15 years as of the date of this prospectus. Our renewable energy generation fleet is currently comprised exclusively of solar projects. We have focused on solar because it is a mature technology that produces a much lower expected energy production volatility than other renewable energy technologies such as wind turbines. The combination of long-term, typically fixed price contracts, limited technology risk and lower energy production volatility from our generation fleet results in recurring revenue and more predictable cash flow for our investors.

***Place renewable energy assets in locations where they are likely to have long-term value*.** We seek to locate our renewable energy assets in locations where we believe they will have a higher value, such as places that have higher prevailing power prices, have strong and consistent solar irradiance, offer additional revenue streams such as RECs or have more barriers to operation or development of competing assets. Scaling our fleet of assets in certain desirable markets also provides us with economies of scale in those markets, including more efficient staging of spare parts to reduce project down time and better pricing and faster response times from local vendors who provide services to our fleet.

***Actively manage our renewable energy assets to maximize revenue, minimize expenses and harness technological improvements***. We are intensely focused on our fleet of solar energy and energy storage systems. Our plant operations center continuously seeks to enhance revenue through proactive performance monitoring, customized preventative maintenance schedules and system design improvements, while our power markets and commodities team seek additional revenue sources, such as qualifying our assets for an additional incentive program or marketable capability. We also seek to minimize the expenses of operating our assets, such as by leveraging our increasing scale to drive better vendor pricing, utilizing the strength of our balance sheet to eliminate security deposit requirements and working with local authorities to manage property tax liabilities. In addition, we constantly scout and evaluate new or improved technologies that we can incorporate to either increase revenues or reduce expenses. For example, we have incorporated a program of periodic

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flyovers of our solar arrays by either planes or drones to perform thermal imaging analysis that can identify underperforming or internally damaged solar modules. With this information we can improve revenue by replacing or repairing affected solar modules. Another example is our use of improved inverter technology that allows us to perform more routine trouble shooting items remotely from our plant operations center, thereby eliminating the expense of sending a technician to the site.

***Finance renewable energy assets with long-term debt designed to minimize refinancing and interest rate risk*.** With long-term, fixed-price contracts and minimal technology risk, we have developed a clean and simplified approach to financing large and diversified project portfolios with primarily low-cost, long-term, fixed-rate fully amortizing debt accessed through the institutional green bond market. This approach allows for financial flexibility to incorporate tax-equity financings at the project level while also increasing debt capacity every year—with $411.3 million amortizing over the next five years. As of September 30, 2022, our total debt (excluding discounts and premiums) was $2,228.0 million. Of this amount, approximately 15.6% is project-level, fully-amortizing debt which we expect to pay off in full by 2038. To manage medium-term development and construction needs, we utilize our $500.0 million Warehouse facility that matures in 2026.

***Leverage our customer relationships to provide additional renewable energy and related services as their decarbonization goals advance*.** We believe that there is significant value embedded in our direct customer relationships. Customers are using renewable energy for only a fraction of their total energy needs, providing us with an opportunity to scale our relationship. We also see customers increasingly focused on the transition to EVs, and we believe this focus will continue in part due to the EV tax credits for new and used EVs contained in the Inflation Reduction Act. Additional EVs will require both additional charging infrastructure as well as increased on-site energy. We believe that many of our existing and potential future customers will want to use renewable energy to power their EV charging infrastructure. In many cases, the ability to store power in batteries will be helpful or required in order to provide the power needed to charge EVs and add a resiliency solution in the face of potential grid reliability issues. Demonstrating our commitment to meeting the evolving needs of our customers, we have partnered with ChargePoint and entered into the Mercedes-Benz Joint Ventures to address the growing market for EV charging infrastructure. We believe that these trends will provide us with an opportunity to offer renewable energy, EV charging infrastructure and batteries on a bundled or individual basis to service our customers.

***Our Team***

To execute our business, we have built a team composed of approximately 170 professionals by combining accomplished personnel from Goldman Sachs with extensive investment, finance and commodity expertise with seasoned personnel from the renewable energy industry with extensive expertise spanning the renewable project life-cycle, including project development, engineering and design, procurement, construction oversight, O&M oversight, and asset management. We believe this combination of skill sets, drawn from world class institutions, is a key differentiator and sets the foundation for success. Our team deploys a differentiated approach to developing, owning and operating renewable projects utilizing a purpose-built, end to end software solution. At our inception, there were no third-party platforms or software packages that allowed us to track a project from origination through operation and to optimize performance. As such, we partnered with QBI to develop such a platform. The QBI software provides us with a data-driven operating system that improves efficiency and decision making through automation, strengthens data integrity and enhances performance by providing powerful data analytics. The skill and experience of our team, combined with the QBI operating system, has been crucial to building a robust pipeline of both development and acquisition opportunities and operating our portfolio with a high level of availability, strong performance and thoughtful expense management.

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We have experienced significant growth. The chart below shows the growth of our fleet since our inception, both in total capacity and operating revenues.

**<u>Capacity and Operating Revenue Growth Since Inception</u>**

![LOGO](g366853g84f68.jpg)

Note: September 30, 2022 revenues reflect trailing twelve months.

***Current Operations***

As of September 30, 2022, our fleet consists of approximately 2.4 GW of operating and 0.3 GW of under construction solar projects as well as approximately 270 MW of operating and 0 MW of under construction energy storage projects, as adjusted for the NES Acquisition which closed in November 2022. The fleet is strategically located primarily in places with well established, deregulated electricity markets and having strong support for renewable energy, often through renewable power generation requirements or targets. It is also primarily located in places with high prevailing power prices and barriers to operation or development of competing assets. These barriers include limited available land for development of energy projects, limited transmission capacity or formidable regulatory hurdles. We believe that strategic locations of our fleet preserve and build long-term value.

Our fleet is diversified with projects located across over 875 project sites in 28 U.S. states, as adjusted for the NES Acquisition, which closed in November 2022, and anchored by long-term off-take agreements with over 200 enterprise customers. We believe that the geographic dispersion of the fleet, including scaled presences on both U.S. coasts supports more consistent financial performance by reducing the impact of adverse regional weather patterns and natural disaster events. It also reduces the impact of adverse regulatory or market changes made by a particular state or regional transmission organization. Our large roster of enterprise customers is a mitigant to individual customer credit risk. The solar modules, inverters, racking and other equipment used in our fleet are also diversified by manufacturer which we believe meaningfully limits our exposure to serial manufacturing defects and design risks. We are purposeful in creating significant diversification across many metrics in an effort to produce greater financial stability with our fleet.

In originating our fleet, we are focused on the needs of our enterprise customers. We do not define our focus as "utility-scale" or "C&I" or "distributed generation" projects. Rather, we recognize that our customers have a wide range of needs including both smaller scale, on-site power generation, such as rooftop, canopy or carport projects, and larger scale, off site power generation, such as ground

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mounted projects covering many acres of land. As a result of our customer driven approach, our fleet comprises a wide range of sizes for customized solutions.

The following map provides an overview of our current fleet as of September 30, 2022 (as adjusted to include the approximately 442 MW operating assets from the NES Acquisition which closed in November 2022):

![LOGO](g366853g06u89.jpg)

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The following pie charts provide an overview of our fleet's customer characteristics as of September 30, 2022:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Customer Type (% by Total MW)** | **Customer Credit Quality (% by Total MW)** | **PPA Term Remaining (% by Total MW)** |
| &nbsp;&nbsp;&nbsp;**Customer Type (% by Total MW)** | **Customer Credit Quality (% by Total MW)** | **PPA Term Remaining (% by Total MW)** |

---

![LOGO](g366853g07i15.jpg)

Note: "Shadow IG" refers to unofficial investment grade ratings that are not publicly announced. Excludes less than 1% of Not Rated customers. Customer credit ratings are only shown for operating assets.

In addition to our current fleet, we have a large, diversified pipeline of projects in development. As of September 30, 2022, the projects in our development pipeline had an aggregate capacity of approximately 5.0 GW, which is made up of approximately 3.9 GW of solar generation projects and approximately 1.2 GW of energy storage projects. These projects are primarily located in well-established, deregulated electricity markets with strong support for renewable energy, that have characteristics similar to those of our current fleet, supporting the creation of long-term value. The projects in our pipeline are in various stages of the development process. Among our total pipeline of projects, we expect approximately 47 MW to reach NTP by December 31, 2022. These projects, along with the approximately 318 MW of solar and storage projects that are under construction as of September 30, 2022 and the Slate Project represent the primary pathway to our EBITDA growth over the next two years. The other approximately 5.0 GW of projects in our pipeline are expected to reach NTP after December 31, 2022. We are targeting commercial operation of these projects between 2023 and 2028, with up to 793 MW of projects expected to reach commercial operation in 2022 and 2023, which would result in a 30% increase in our operating and under construction MWs.

***Our Market Opportunity***

Today, the demand for sustainable, efficient, and reliable electricity in the U.S. continues to accelerate as governments and corporations establish renewable targets and decarbonization goals. We expect electricity generated by renewables to not only replace that generated by the burning of fossil fuels, but also to be utilized to meet growing electricity demand as transportation, heating, and cooking–all once powered primarily by fossil fuels–are electrified.

Solar is the fastest growing form of new electricity generation in the U.S. According to the SEIA, installed solar capacity in the U.S. has experienced an average annual growth rate of 33% in the past decade. During each of the last nine years, solar has been either the first or second source of new electric capacity additions. In 2021, 46% of all new electric capacity added to the grid came from solar, the largest such share in history and the third year in a row that solar added the most generating capacity to the grid. We believe the growth of solar installations is poised to continue. According to BNEF in an October 2022 report, the U.S. had approximately 73 GW of combined utility-scale and C&I

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solar capacity as of 2020 and capacity is expected to grow by 320 GW to approximately 390 GW, or approximately 15%, implying an approximately 17% CAGR by 2030. These new capacity additions represent the TAM for our renewable generation business, with the charts below demonstrating the expected incremental growth in capacity expected year-over-year and the overall expected growth of our key focus areas.

**<u>2021—2030 Cumulative U.S. Utility-Scale and C&I Solar Capacity Additions (GW)</u>**

![LOGO](g366853g15x89.jpg)

Source: BloombergNEF, second half of 2022 U.S. Renewable Energy Market Outlook.

**<u>Growth in U.S. Total Addressable Market</u>**

**<u>(MW or Number of Chargers)</u>**

![LOGO](g366853g11h92.jpg)

Source: BloombergNEF, second half of 2022 U.S. Renewable Energy Market Outlook, second half of 2022 Energy Storage Market Outlook; International Council on Clean Transportation, Charging up America: Addressing the Growing Need for U.S. Charging Infrastructure through 2030, as of July 2021.

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National governments have encouraged the ongoing energy transition, setting ambitious climate targets and providing attractive incentives for renewable energy producers. The recently enacted Inflation Reduction Act positions the U.S. to reach net-zero emissions by no later than 2050 through a combination of investments in the domestic production of solar panels and batteries, extensions and expansions of existing tax credits and providing capital to innovative green technologies.

In particular, the Inflation Reduction Act has (i) extended the ITC for solar to at least 2032, providing significant runway and certainty on the tax incentives that will be available to our projects in the future, (ii) expanded the ITC to include stand-alone energy storage projects so that such storage projects may claim the ITC without being integrated into a solar facility, (iii) allowed solar to claim the PTC that is a production based credit that extends for 10 years following the placed in service date of the facility, which provides for greater flexibility for different financing structures, including having a solar plus storage project take advantage of the PTC for solar and the ITC for storage, (iv) revised tax credits for EV charging infrastructure and new EVs and introduced tax credits for used EVs and commercial EVs, and (v) introduced the concept of transferability of tax credits, providing an additional option to monetize such credits. We believe the Inflation Reduction Act will increase demand for our services due to the extensions and expansions of various tax credits that are critical for financing our business and may provide more flexibility in the various financing structures we can now use while also providing more certainty in and visibility into the supply chain for materials and components for solar and energy storage systems. However, the impact of the Inflation Reduction Act cannot be known with any certainty and we may not achieve any or all of the expected benefits of Inflation Reduction Act.

The commercial enterprise solar market continues to be boosted by corporate clean energy and decarbonization goals. According to a WoodMac report for SEIA, C&I renewable demand in the U.S. is expected to drive approximately 10 to 13 GW of new solar generation from 2022 through 2026.

The number of companies making commitments to clean energy has also been growing steadily, increasing the size of the market opportunity. RE100, a global initiative that brings together corporations committed to sourcing 100% of their energy needs from renewable sources by or before 2050, has grown from 13 members at the end of the year of its founding in 2014, to 387 members by November 2022, and includes a number of Fortune 500 companies that are already our customers. This organization alone represents hundreds of annual TWh of demand for renewable energy, and it is estimated that RE100 members' renewable energy demand will exceed supply by as much as 275 TWh by 2030 without significant investment in additional renewable energy supply. Further, approximately 1.2% of commercial electricity demand is served by on-site solar, according to SEIA, as of December 31, 2021. This shortfall, combined with low-levels of market penetration for on-site solar creates a huge opportunity for further growth in the segment.

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**<u>RE100 Member Companies Cumulative Growth (number of members at year-end)</u>**

![LOGO](g366853g29g47.jpg)

Source: RE100 as of November 2022.

**<u>Projected Renewable Shortfall for RE100 Members</u>**

![LOGO](g366853g39k17.jpg)

Source: BloombergNEF second half 2022 Corporate Energy Market Outlook, Bloomberg Terminal, The Climate Group, company sustainability reports, RE100, SEIA as of December 31, 2021.

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**<u>On-Site Commercial Solar Installations and Penetration Growth</u>**

![LOGO](g366853g09x58.jpg)

Source: SEIA/Wood Mackenzie Power & Renewables U.S. Solar Market Insight, 2021 Year in Review.

*Note: Excludes commercial electricity demand met by utility-scale or other off-site generation.*

As solar module prices have continued to fall, commercial solar installations have grown rapidly and have diversified to include everything from rooftop systems, solar parking canopies, and large off-site installations. Average commercial system sizes have also been growing over time, primarily driven by falling prices and more financing flexibility. With corporate renewable and decarbonization goals continuing to increase, we believe this growth in average system size is likely to continue.

In addition to the diversification in types of solar installations, enterprises are also increasingly looking for solar systems paired with battery storage. According to SEIA, by 2025, over 29% of all behind-the-meter solar systems will be paired with storage, compared to less than 11% in 2021. Larger scale solar projects are also more frequently being paired with storage, with over 45 GW of commissioned or announced projects paired with storage, representing over 50 GWh of storage capacity. In an analysis of long-term projected capacity additions through 2050 done by the U.S. EIA, large-scale battery storage energy capacity is projected to grow to 235 GWh (59 GW power capacity of four-hour duration systems) by 2050, which would include 153 GWh (38 GW) of storage paired with solar. In the nearer term, BNEF expects the U.S. to add approximately 41 GW of utility-scale and approximately 1 GW of C&I storage capacity between 2021 and 2025. We consider this to be our TAM for battery storage during this time period.

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**<u>2021—2025 U.S. Storage Capacity Additions (GWh)</u>**

![LOGO](g366853g19p93.jpg)

Source: BloombergNEF, second half of 2022 Energy Storage Market Outlook

As major auto manufacturers have committed to electrification, we believe that EV charging presents a significant opportunity to serve enterprise customers. Due to rising policy and customer support, new battery technologies and lower costs, we believe the next 20 years will bring significant changes as EVs reshape automotive and freight industries. This will also bring a substantial need for EV charging infrastructure, as fleet operators and businesses prepare for this transition. Although the EV charging market is relatively new, the significant increase in projected EV sales in the near-term illustrates the growing need for EV charging infrastructure. Prior to the modification to the new EV tax credit and the introduction of the tax credits for used EVs and commercial EVs in the Inflation Reduction Act, BNEF had estimated that by 2025, EV's share of new passenger vehicle sales will be approximately 12.5%, compared to less than 5% in 2021. To support the additional EVs on the road, the annual investment required in EV charging infrastructure will need to increase from approximately $1 billion in 2021 to greater than $4 billion by 2030, according to the International Council on Clean Transportation. This investment will likely be aided by the tax credit for EV charging infrastructure, as

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modified by the Inflation Reduction Act. The chart below illustrates the number of non-home EV chargers that are expected to be needed to meet demand through 2030.

**<u>Non-home EV Chargers</u>**

![LOGO](g366853g20p94.jpg)

Source: International Council on Clean Transportation, Charging up America: Addressing the Growing Need for U.S. Charging Infrastructure through 2030, as of July 2021.

***Key Growth Drivers***

We believe the key factors that will continue to drive growth in U.S. solar generation include the following:

***Increasing economic competitiveness of solar with fossil generation sources.*** Solar energy is an increasingly cost-effective way of generating electricity and diversifying fuel risk. Continuous improvements in technology and economies of scale continue to reduce the costs of renewable power, enhancing its position as a cost competitive complement to gas-fired generation and as a means to meeting increasingly stringent environmental standards. While natural gas continues to make gains in generation market share, we expect that utilities will increasingly seek to limit exposure to potential fuel cost volatility by looking to renewable technologies that offer stable price terms, particularly hydroelectric, wind and solar energy. In addition, intensifying challenges for conventional coal have resulted in the retirement of certain coal plants, while cost uncertainties, public concern over new construction and nuclear waste disposal as well as intensified competition from gas-fired generation have delayed or halted certain new nuclear development activities. This has led to an increase in renewable targets, in part, in order to satisfy supply requirements resulting from plant retirements and demand growth.

As of the first half of 2021, BNEF's global Levelized Cost of Electricity ("LCOE") benchmark for solar projects (both fixed axis and tracking) was $38 to $48 per MWh, which represents a decline of

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approximately 88% since the second half of 2009. In the U.S., this LCOE benchmark for solar is currently $29 to $51 per MWh. An increase in the efficiency of photovoltaic ("PV") cells has helped drive this cost decrease. In the U.S., solar PV with single-axis tracking is now the cheapest source of new-build bulk power, ahead of onshore wind and combined cycle gas turbines ("CCGT"). As efficiency continues to increase, solar PV LCOE is expected to fall further, continuing to increase the competitiveness of solar electricity.

***Accelerating demand for and deployment of cost effective battery energy storage.*** As additional renewable projects are deployed and economics continue to improve, we will see continued growth in energy storage projects. Given the intermittency of solar and wind resources, the integration of battery storage can allow for the storing of excess energy when solar and wind resources are producing it and feed it back to the grid when it is needed. This will serve an important function for maintaining grid stability as intermittent renewables become a larger portion of the generation mix.

States have been implementing targets for energy storage, with nine states publishing targets for 2024 or 2030, including Nevada, California, Virginia, Massachusetts, and others. These targets have been effective in prompting utilities to deploy storage, particularly in California and New York. According to BNEF, states with storage targets are expected to deploy approximately 5 GW of new projects from 2021 to 2023. In California alone, BNEF expects approximately 10 GW of utility-scale energy storage capacity could become operational between 2021 and 2025.

The "stackable" nature of behind-the-meter batteries also makes it attractive to both customers and suppliers. Batteries provide emergency back-up power while also managing demand charges and providing system capacity. Growth in demand is also being spurred by a recent Federal Energy Regulatory Commission ("FERC") order that allows storage resources to participate in the wholesale market and ITCs, buoying renewable-plus-storage investments.

***Growing corporate and investor support for decarbonization of energy.*** Corporate clean energy goals for decarbonization have grown meaningfully in recent years and investors have been calling for corporate sustainability commitments, pushing companies to make more aggressive pledges. In addition, we have seen corporations join various initiatives focused on reaching net zero emissions. As an example, RE100, a global corporate renewable energy initiative that brings together businesses that are committed to 100% renewable electricity by 2050, has grown from fewer than 20 members in 2014 to 387 by November 2022. The total power demand of RE100 members grew from approximately 100 TWh in 2015 to approximately 325 TWh in 2020. As corporations work towards meeting these decarbonization targets, the need for additional renewable energy capacity will continue to grow.

Government policies and incentives, include RPSs, which require that a certain percentage of electricity come from renewable energy resources. Regulatory support for the development of renewable power resources typically include RPSs and tax incentives or direct subsidies. 37 U.S. states, the District of Columbia, and Puerto Rico have either RPS targets or other policy goals that require or encourage load-serving utilities to supply portions of their customer electricity demand from renewable sources, according to EIA. Of these, 12 states (including California, New York, Nevada and Virginia) and the District of Columbia have set a requirement for 100% clean electricity by 2050. Some of these standards also have interim targets; for instance, California will require 60% renewable energy by 2030 with a goal of 100% by 2045 and New York will require 70% by 2030 with 100% zero-emissions electricity by 2040. To meet these interim targets and longer-term goals, demand for and investment in renewable electricity and storage projects will continue to grow.

The Inflation Reduction Act also provides a variety of expanded and extended tax credits critical to decarbonization in an effort to reach President Biden's non-binding target of net-zero emissions by

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2050. For example, the ITC has been extended for solar until 2032, providing significant runway and certainty to further incentivize non-RE100 members to commit to the renewable effort, the ITC has been expanded to include energy storage projects, solar is now eligible for the PTC, the tax credits may be transferred so that RE100 and non-RE100 members can purchase the credits without being involved in tax equity structures, and tax credits have been enacted or modified for new and used EVs and EV charging infrastructure. Substantial investments will also be made in domestic manufacturing for renewable energy infrastructure and components. Government action on the scale of the Inflation Reduction Act represents a tangible and substantial step toward meeting the ambitious climate targets of the U.S. through support of domestic renewable energy production and manufacturing. While the Inflation Reduction Act also imposes a minimum alternative tax on certain corporations that have gross revenue of over $1.0 billion, such minimum alternative tax is able to be reduced by the amount of any renewable tax credits, which may further encourage those corporations to invest in renewable projects and/or purchase tax credits.

***Our Competitive Strengths***

We have several key competitive strengths that differentiate us from our peers, including:

***Differentiated partner for our customers***. In 2021, we were one of the largest independent solar energy and energy storage power producers in the U.S. and one of the top 5 largest solar and storage asset owners overall in the U.S., based on the total gross capacity of our projects that were operating according to S&P Global Market Intelligence. Our role as a large, stable asset owner provides us with advantages in attracting off-takers who know that we will be the long-term owner of the asset and not someone whose business model is to "develop and flip" or whose capital base will require a divestiture prior to the end of the off-take contract. We have found this consistency in counterparty to be important to our customers. We believe this has been key in enabling us to win projects and has earned us a reputation among customers as a credible developer and owner and made us a partner of choice. We believe these key qualities are part of the reason that approximately 50% of our customers have more than one project contracted with us as of September 30, 2022. Our reputation as a successful developer has also allowed us to expand our product offerings to meet our customer needs. Customers and potential customers are looking to us for support in developing products beyond solar and storage given our successful development track record. The recent Mercedes-Benz Joint Ventures provides an example of this ability to be a differentiated partner to our customers.

***Our customers are diverse and creditworthy, which reduces the risk of our portfolio***. Our over 200 customers are corporations, federal, state and municipal entities, universities, college, and school districts, communities (through CCAs), and utilities. Some are among the largest and most creditworthy entities in the world. As of September 30, 2022, approximately 84% of our contracted operational MWs are with investment grade rated customers, approximately 11% are with unrated customers whose credit risk we view as equivalent to investment grade, and approximately 4% are from community solar, a credit diversified portfolio. The combination of this counterparty diversification and high credit quality reduces the risk of defaults and allows us to maximize the predictability of our cash flows over the long term.

***Strong balance sheet provides ability to deliver on commitments***. We typically enter into solar generation contracts with a term of 15 years or longer. The average remaining capacity-weighted life of our existing operational contracts (exclusive of our storage operations) is approximately 15 years as of the date of this prospectus. These long-term contracts with our diverse and highly-rated customers create consistent cash flows that have allowed us to build a strong balance sheet and the financial wherewithal to deliver on our commitments to customers and for our long-term growth. We have a repeat track record of financing large and diversified project portfolios through the institutional

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green bond market. Since 2019, we have executed $1.3 billion of financings in the green bond market, including $252 million in senior secured notes due 2047 that were issued in April 2022. These financings are fixed rate and fully amortizing, with a 25-year tenor, and a weighted average cost of debt of 3.4%. They represent some of the lowest costs ever achieved in the green bond market. In addition, this strategy has mitigated both interest rate and refinancing risk. As we focus on 100% ownership of our projects, these larger financings allow for a more simplified capital structure with increased flexibility for tax-equity financings and capital capacity due to their self-amortizing debt.

***Industry-leading operator of solar assets***. We believe our team's intense focus on details has allowed us to outperform customer expectations while remaining cost-conscious, which we believe will generate value for our shareholders. From our plant operations center, our asset operations team closely monitors our assets and continually pursues opportunities to optimize costs, while our technical team monitors asset performance and pursues opportunities to enhance project performance. These teams, and our origination and project management teams, leverage QBI, an industry-leading asset management software and valuable tool we use to manage and optimize our portfolio. Some examples of our operational capabilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• creation of an algorithm to estimate soiling on solar modules based on geographical information, meteorological conditions
and the most recent cleansing rainfall. This information is used to inform decisions on when to perform washings of solar modules to maximize energy production and has led to a 3% Uplift in production in applicable projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• re-engineering of solar projects in areas that experience regular seasonal snowfall
to limit the potential for damaging spikes in electric current that can occur when solar irradiance is magnified by reflections from snow cover which has led to a 1% Uplift in applicable projects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of data analytics to uncover correlations that can be used to predict and avoid equipment failures which has
led to a 0.7% Uplift in applicable projects.

***Exceptional team with experience across the renewable asset life-cycle***. Our team of approximately 170 highly-skilled professionals combines investing, finance and commodities expertise honed at Goldman Sachs with renewable energy industry expertise across all phases of a project's lifecycle: development, engineering and design, procurement, construction oversight, O&M oversight, and asset management. These in-house capabilities provide execution certainty to our customers. Collectively, our team has over 475 years of experience in the renewable energy industry and has developed or operated over 150 GW of projects. The expertise of our team has also allowed us to find opportunities where we can invest capital for a higher rate of return than we might find in a one-off project. We have embraced a "Land and Expand" strategy that leverages existing infrastructure and customers to introduce further product offerings and add significant value to existing assets. A few selected examples of this include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• asset upsizing and retrofitting: when CAISO began to require load serving entities to produce capacity, we brought a
solution to one of our customers by adding an additional battery. This asset enhancement is strongly accretive to the underlying solar project. As a result, we were also able to enter into a long-term tolling agreement with one of the customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adding revenue streams: we developed an innovative solution to reduce electricity costs and carbon emissions, and to
qualify for California's LCFS credits. By leveraging existing energy infrastructure as well as state and federal decarbonization incentives, we created significant value for the customer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanding relationship with an existing customer: from 2019 to early 2021, we increased our project count with one of our
key customers from eight to 18 projects. The customer is a subsidiary of a Fortune 10 company and has approximately 500 retail locations in North

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America. The majority of our projects with this customer are located in California. Our position as a first-mover in providing solar and storage solutions drove our ability grow the relationship. In addition to delivering carbon-reduction benefits, these projects have produced savings for our customer versus grid prices and provide resiliency through the added storage. <br>

***Our Growth Strategy***

***Executing on our pipeline of projects in development***. We have a robust pipeline of existing projects in various stages of development. As of September 30, 2022, the pipeline of pre-operational projects was made up of 3.9 GW of solar projects and 1.2 GW of energy storage projects. This represents projects that are pre-construction. We have a strong track record of executing on projects in our pipeline to accomplish our growth objectives. In addition, we will look to continuously grow our pipeline going forward by adding projects sourced both from development and merger and acquisition opportunities.

***Continue to grow business with existing customer base***. As our customers continue to decarbonize their businesses, we strive to be their go-to providers for energy transition solutions, capturing the market share of some of the largest enterprise customers and finding opportunities for cross-sell opportunities. In order to fulfill our mission of serving our customers and assisting them in their energy-transition journey to an electrified, decarbonized world, we maintain an ongoing dialogue with our existing customers in order to understand their current and anticipated future energy needs and look to position ourselves to help them find the most efficient and relevant solutions. We believe that many customers will want more renewable energy and battery storage. Our existing long-term contractual relationships with our customers provides both the relationship and the runway to meet these needs. Many of our existing customers have committed to decarbonization goals that will require them to procure more of their power from renewables in the coming years, creating additional opportunities for us to partner. As an example, Target, which is one of our larger corporate customers, has committed to purchasing 100% of its electricity from renewable sources by 2030. Today, the projects and partnerships it has put in place to source this electricity will result in Target purchasing approximately 38% of its electricity from renewable sources in 2020, leaving substantial capacity still to be sourced by 2030 according to Target's 2021 Target Corporate Responsibility Report.

***Growth of potential customer base***. The number of enterprise customers seeking to decarbonize their operations continues to accelerate. As an example of this growth, RE100, a global initiative that brings together corporations committed to sourcing 100% of their energy needs from renewable sources by or before 2050, has grown from 13 members at the end of the year of its founding in 2014, to 387 members as of November 2022. Our business development team is focused on growing our customer base through participating in requests for proposals and developing new relationships with these customers through bilateral dialogue. Our successful track record and reputation as an industry-leading operator positions us well to win new business against other competitors in the space.

***Expansion of product offerings***. We recognize our customers' needs are evolving beyond solar energy power purchase agreements and we expect to meet their needs in adjacent areas. As we consider areas for product and service expansion, we will continue to look for opportunities that meet the following key attributes: scalability, strong margins and growth runway, recurring revenue, long-term value, and products and services where we have a competitive advantage. As customers are increasingly seeking reliability and resiliency in their renewable energy procurement, we are continuing to grow our battery storage portfolio and offer our customers various energy storage solutions. We are also developing solutions for EV infrastructure needs such as charging stations for enterprise fleets and customer and employee use. We view both of these product offerings as having the key attributes that are core to our business strategy. In particular, we view EV charging infrastructure as a service

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that has synergies with our existing generation and storage business as our customers view it as part of a comprehensive solution, alongside renewable generation and storage, that will allow them to pursue decarbonization of this full application.

In March 2022, we announced our first partnership in the EV infrastructure space, a key milestone for our growth plans in this product area. We have entered into a PDA with ChargePoint, a leading EV charging network, to introduce new tailored solutions that will allow us to offer comprehensive EV charging solutions to enterprise customers. The PDA establishes a framework through which we will jointly originate and develop EV charging station project opportunities with ChargePoint. We will own the project assets, be responsible for the financing of the assets, engage and liaise with the customers. ChargePoint will supply the EV charging equipment and certain cloud-based application services and provide certain warranty, operations and maintenance services for the charging stations. This partnership will allow us to provide turnkey charging solutions, which will enable our customers to host a station at zero upfront cost to them. The partnership aligns with our goal to provide customers with a broader variety of solutions to meet their evolving decarbonization needs. These new offerings will make it easier for enterprise customers to electrify their fleets, and for employers and businesses to provide the increasing number of employees and customers driving EVs with on-site charging solutions. Under the terms of the PDA, we have the option to commit capital to developing EV charging station projects and will do so as opportunities arise. To date, we have deployed an immaterial amount of capital in developing such projects.

On January 4, 2023, we entered into definitive documentation with MBIC, an affiliate of Mercedes-Benz AG, to jointly construct, own and operate HPC EV Stations in strategic locations throughout the United States and Canada through the AssetCo joint venture described below. The Mercedes-Benz Joint Ventures contemplate the development of more than 400 HPC EV Stations with approximately 2,500 charging points by the end of 2027. The HPC EV Stations will be an open network available for use by Mercedes-Benz and non-Mercedes-Benz customers through the DriveCo joint venture. For additional information, please see "Prospectus Summary—Recent Developments—Mercedes-Benz Joint Ventures."

In addition, we are evaluating a variety of emerging technologies in order to continue to meet our enterprise customers' needs. For example, we may expand our product offerings with clean hydrogen facilities and, when such technology becomes available, 24/7 clean energy solutions for our enterprise customers.

***Recent*** ***Developments***

**Mercedes-Benz Joint Ventures** 

On January 4, 2023, we entered into definitive documentation with MBIC, an affiliate of Mercedes-Benz AG, to jointly construct, own and operate HPC EV Stations in strategic locations throughout the United States and Canada through the AssetCo joint venture described below. The Mercedes-Benz Joint Ventures contemplate the development of more than 400 HPC EV Stations with approximately 2,500 charging points by 2027. The HPC EV Stations will be an open network available for use by Mercedes-Benz and non-Mercedes-Benz customers through the DriveCo joint venture described below.

In connection with the Mercedes-Benz Joint Ventures, we have formed AssetCo, owned 80% by us and 20% by MBIC. AssetCo has formed a wholly-owned subsidiary, LeaseCo, that will develop, procure, construct, finance, operate and own the HPC EV Stations. Such HPC EV Stations will then be leased to a subsidiary formed by MBIC, DriveCo, owned 20% by us and 80% by MBIC. DriveCo will authorize final selection of project sites, design customer experience and contract with customers and site hosts.

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![LOGO](g366853g01a39.jpg)

To support the Mercedes-Benz Joint Ventures, we and MBIC have agreed to commit an aggregate of approximately $538.5 million to AssetCo through the earlier of (i) December 31, 2029 or (ii) the completion of the Roll Out Plan, and an aggregate of approximately $631.7 million to DriveCo, through the fifteen year Commitment Period. Our commitments to AssetCo and DriveCo total approximately $557.1 million (of which $430.8 million is for AssetCo), and the board of directors of each of AssetCo and DriveCo will control the timing of the capital calls and deployment of capital with respect to each entity, subject to then-applicable budgets. We expect to fund such commitments with equity contributions, pro rata based on our expected ownership of the respective entities, and a debt facility entered into by a wholly owned subsidiary of MN8 Energy in an amount not to exceed 80% of our AssetCo capital contributions. Our AssetCo capital contributions are guaranteed by OpCo in an amount up to our total AssetCo capital commitment. To the extent available, we will utilize AssetCo's operating cash flows to fund its budgeted capital expenditures and satisfy its contractual obligations. Any such amounts or obligations for which operating cash flows are not sufficient to fund or satisfy will be funded by capital contributions by us and MBIC or our respective affiliates. AssetCo will make distributions of excess cash (which will be reduced by cash reserves necessary to make payments with respect to budgeted items and to maintain compliance with applicable law or contractual obligations) on a quarterly basis, provided that the board of directors of AssetCo may cause distributions to be made on a more frequent basis. Following the earlier of (i) the expiration of the Commitment Period or (ii) the completion of all committed capital contributions, DriveCo will make contributions of excess cash on an annual basis, provided that the board of directors of DriveCo may cause distributions to be made on a more frequent basis.

LeaseCo has entered into a Master Lease Agreement with DriveCo as of January 4, 2023, pursuant to which DriveCo has agreed to lease the HPC EV Stations from LeaseCo, with each HPC EV Station lease having an initial term of ten years from the date the station is placed into service, with the option for DriveCo to elect to extend for up to ten 12-month renewal terms. Under the Master Lease Agreement, during the initial term, LeaseCo is paid a pre-determined return on capital deployed by LeaseCo, subject to potential decreases for delays in construction or minimum availability, and, during the initial and any renewal term, pursuant to which DriveCo reimburses LeaseCo for all of its operating expenses associated with operating the HPC EV Stations on a pass-through basis. DriveCo's payment obligations under the Master Lease Agreement are guaranteed by an affiliate of MBIC in an aggregate amount not to exceed $525.0 million for the first ten years, with such amount decreasing by $100.0 million in each of the next two years. The MBIC affiliate guarantee expires no later than January 4, 2035. The parties have also entered into the Energy Management Services Agreement, pursuant to which MN8 Marketing will provide energy procurement management and planning services to DriveCo.

LeaseCo will generate its profits primarily from the payments under the Master Lease Agreement. Revenues are expected to increase over time as the Mercedes-Benz Joint Ventures place more HPC

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EV Stations into service. We expect that after all expenditures are paid for, the remaining cash flows will be distributed to the Company and MBIC in accordance with our respective ownership. DriveCo is expected to generate revenues from customers charging their vehicles and using other services at the HPC EV Stations. After paying for all expenditures, we expect to receive distributions based upon our 20% interest in DriveCo.

As part of our Mercedes-Benz Joint Ventures we have committed to hiring or seconding a minimum of 50 people by the end of 2023 who will be fully focused on this venture.

For additional information regarding the risks associated with the Mercedes-Benz Joint Ventures, please see "Risk Factors—The Mercedes-Benz Joint Ventures are joint ventures and our investments could be adversely affected by our lack of sole decision-making authority and restrictions relating to the Mercedes-Benz Joint Ventures. The Mercedes-Benz Joint Ventures may also impair our operating flexibility and subject us to risks not present in our other investments that involve co-ownership" and "Risk Factors—We may be unable to identify and acquire sites for the development of HPC EV Stations and to successfully develop those HPC EV Stations at all or at the scale expected for the Mercedes-Benz Joint Ventures."

***NES Acquisition***

On November 18, 2022, the Company consummated the NES Acquisition. For additional information, please see "Prospectus Summary—Recent Developments—NES Acquisition."

***Entry into New Revolving Credit Facility***

In connection with the consummation of this offering, we intend to fully repay the Subscription Facility and enter into the New Revolving Credit Facility. For more information, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Project and Corporate-Level Financing."

***Market Overview***

Set forth below is a brief summary of some of the markets in which we have significant operations. As of September 30, 2022, our fleet was composed of over 875 projects spread across 28 states with an aggregate capacity of approximately 2.4 GW of operating and 0.3 GW of under construction solar projects and approximately 270 MW of operating and 0 MW of under construction battery storage projects, as adjusted for the NES Acquisition. Our portfolio is primarily in mature markets with strong regulatory support and has significant asset diversity across different solar regimes, equipment manufacturers and off-takers – with the largest single off-taker accounting for 14.4% of our portfolio's revenues for the year ended December 31, 2021, and 9.4% for the nine months ended September 30, 2022. In addition, our portfolio has well balanced end-market distribution among corporations, federal, state and municipal entities, universities, colleges and school districts, CCAs and utilities.

***California Independent System Operator ("CAISO")***. ****The California Independent System Operator operates a competitive wholesale power market. The CAISO market represents approximately 80% of demand within California, with the remaining load managed by non-jurisdictional entities such as municipal utilities and irrigation districts.

Although there is a significant amount of generation located within the state, the market is a large consumer of energy and a net importer of electricity. Three Investor-Owned Utilities ("IOUs"), Pacific Gas & Electric, Southern California Edison, and San Diego Gas & Electric operate within the state,

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providing predominantly transmission and distribution services to the large majority of the state's electric customers. IPPs compete to sell their power to their IOUs and other entities, including municipal utilities, community choice aggregators, energy service providers ("ESPs") and irrigation districts.

***PJM Interconnection ("PJM")***. PJM coordinates a wholesale electricity market in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and the District of Columbia. The area currently under PJM control serves a population of over 65 million and comprises around 180,000 MW of installed generation and over 84,000 miles of transmission lines.

***ISO-New England ("ISO-NE")***. The New England market encompasses the electrical system of the six-state region comprising Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. The New England power grid is a summer peaking system. On August 2, 2006, the New England market set an all-time high peak demand of 28,130 MW. This compares to the summer 2020 peak demand of 24,736 MW, which occurred on July 27, 2020.

***Desert Southwest ("DSW")***. The DSW market covers Arizona and the majority of New Mexico and parts of Southern Nevada and West Texas. A key feature of power plants located in the DSW is that generation from such plants has access to both the DSW market and the Southern California ("SP15") market. Exports to California are sometimes constrained, limiting the ability to transfer power west.

The DSW region has a substantial transmission interface of approximately 9 GW with the SP15 market in California supporting energy flows from Palo Verde and Mead trading hubs. The summer 2020 peak was approximately 32 GW (excluding exports to California) for the DSW market.

***Rockies***. The Rockies market comprises the geographical area covering all of the state of Colorado, parts of central and all of eastern Wyoming, and portions of western Nebraska and South Dakota and is primarily composed of the Public Service Company of Colorado and Western Area Power Administration's ("WAPA") Western Area Colorado-Missouri control areas.

It is bordered by and interconnected with the Pacific Northwest and Desert Southwest WECC sub-regions on the north, west, and south. On the eastern side, it is connected by several DC ties with a limited transfer capability of approximately 700 MW.

***Power Purchase Agreements***

Since inception, we have built our portfolio through acquiring and developing U.S. distributed generation solar energy systems with highly rated, long-term off-takers from leading industry players. As an asset owner, we harvest cash flows from off-takers over the life of the PPAs (typically a fixed price, "take or pay" contract over 15 years). Our PPAs are typically entered into for terms ranging from 15 to 25 years and require the PPA off-takers to take all or a contracted portion of the output from the relevant project for a stipulated price. The current weighted-average remaining term of our PPA portfolio was 15 years as of September 30, 2022, and require the PPA off-takers to take all or a contracted portion of the output from the relevant project for a stipulated price. Payments under PPAs are primarily based on volumes of electricity and RECs delivered, with rates potentially subject to adjustments based on the timing and volume of delivery, and may be subject to certain "floor" or "ceiling" provisions; however our PPAs do not require fixed-volume, hedging commitments. Certain PPAs contain non-cancelable off-taker commitments to pay for a specific volume of supply and outline minimum output levels to be delivered by us.

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***Supply Chain***

We purchase equipment, including solar panels, inverters and batteries from a variety of manufacturers and suppliers. We believe that our equipment and service providers primarily reflect a diverse set of Tier 1 manufacturers and O&M providers with a significant track record within the industry. For the year ended December 31, 2021 and nine months ended September 30, 2022, our largest equipment supplier (module, inverter or racking) accounted for approximately 20% and 20% of our portfolio of projects, respectively. If one or more of the suppliers and manufacturers that we rely upon to meet anticipated demand reduces or ceases production, it may be difficult to quickly identify and qualify alternatives on acceptable terms. In addition, equipment prices may increase in the coming years, or not decrease at the rates we historically have experienced, due to tariffs, supply chain constraints or other factors. For further information, please see the section entitled "Risk Factors" elsewhere in this prospectus.

***Seasonality***

The amount of electricity our solar energy systems produce is dependent in part on the amount of sunlight, or irradiation, where the assets are located. Because shorter daylight hours in winter months and poor weather conditions due to rain or snow result in less irradiation, the output of solar energy systems will vary depending on the season and the overall weather conditions in a year. Based on a calendar year, our strongest season of profitability is typically the third quarter and our weakest is typically the first quarter of the year. While we expect seasonal variability to occur, the geographic diversity in our assets helps to mitigate our aggregate seasonal variability.

***Sales and Marketing***

We sell our solar energy and energy storage offerings through a scalable sales organization using a national developer base with local expertise, intermediaries that connect clients directly to us as well as our diverse partner network. We also generate sales volume through client referrals. Client referrals increase in relation to our penetration in a market and shortly after market entry become an increasingly effective way to market our solar energy systems. We believe that a customized, relationship-focused selling process is important before, during and after the sale of our solar and energy storage services to maximize our sales success and customer experience and to generate relationships with developers that lead to repeat projects. We train our sales and marketing team in house to maximize this multi-pronged client development strategy.

We have over 200 enterprise customers diversified across sectors and represent some of the largest and most creditworthy institutions in the world. We are focused on serving our enterprise customers' needs, including clean energy, power storage and resiliency, clean energy vehicle infrastructure and energy efficiency, as they transition to a carbon free, electrified world.

***Intellectual Property***

We rely on intellectual property laws, primarily a combination of copyright and trade secret laws in the U.S., as well as license agreements and other contractual provisions, to protect our proprietary technology. We also rely on several registered and unregistered trademarks to protect our brand. In addition, we generally require our employees and independent contractors involved in the development of intellectual property on our behalf to enter into agreements to limit access to, and disclosure and use of, our confidential information and proprietary technology. We also continue to expand our technological capabilities through licensing technology and intellectual property from third parties.

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***Government Regulations***

Although our project companies are not regulated as traditional, franchised public utilities in the U.S. under applicable national, state or other local regulatory regimes where we conduct business, we frequently transact with regulated utilities with respect to interconnections and power sales. As a result, we have developed and are committed to maintaining a policy team to focus on the key regulatory and legislative issues impacting the entire industry. We believe these efforts help us better navigate local markets through relationships with key stakeholders and facilitate a deep understanding of the national and regional policy environment.

To operate our fleet, we obtain interconnection permission from the applicable local primary electric utility. Depending on the size of the solar energy system and local law requirements, interconnection permission is provided by the local utility directly to us and/or our customers. In almost all cases, interconnection permissions are issued on the basis of a standard process that has been pre-approved by the local public utility commission or other regulatory body with jurisdiction over net metering policies. As such, no additional regulatory approvals are required once interconnection permission is given.

Our operations are subject to stringent and complex federal, state and local laws, including regulations governing the occupational health and safety of our employees and wage regulations. For example, we are subject to the requirements of OSHA, and comparable state laws that protect and regulate employee health and safety. We endeavor to maintain compliance with applicable OSHA and other comparable government regulations.

***Environmental Laws and Regulations***

Our operations are subject to numerous EHS laws and regulations in the jurisdictions in which we operate. These laws and regulations may require us to perform certain investigatory or remedial obligations, take precautions with respect to threatened, endangered, or otherwise protected species as well as other natural, historical, and cultural resources, perform environmental assessments or impact statements, implement certain siting and operational programs or best practices to minimize environmental impacts from our operations, and obtain a range of environmental permits from federal, state, and local governmental authorities related to air emissions, wastewater discharges, waste generation, storage, transportation and disposal, and other aspects of our operations. Failure to comply with these laws and regulations can result in the imposition of significant fines or penalties. In addition to these regulatory requirements, our business could experience significant opposition from third parties when we initially apply for permits or when there is an appeal after permits are issued. Delay or denial of a permit, or the imposition of costly and difficult to comply with conditions, may impair or prevent the development of our projects to the extent that increased substantial costs may make such projects no longer attractive to us. The following is a summary of the more significant existing EHS laws and regulations, as amended from time to time, to which our business operations are subject and for which compliance may have a material adverse impact on our financial position, results of operations or cash flows.

***Environmental Review***

Certain of our projects, both operating and in our fleet, may be subject to environmental review, such as under the U.S. National Environmental Policy Act ("NEPA") or similar laws in other jurisdictions. These laws require agencies to evaluate the environmental impact of their actions that may significantly affect the quality of the environment, which generally includes the granting of a land lease, permit or similar authorization for a certain development project or the interconnection of such projects into federal projects. As part of such reviews, agencies are typically required to consider a

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broad array of environmental impacts, such as impacts on air quality, water quality, wildlife, cultural resources, geology, socioeconomics, and aesthetics, as well as alternatives to the project. This process can cause significant delays in approval of our projects and the issuance of required permits which, in turn, may impact the cost and development of such projects. As a result of NEPA review, agencies may decide to deny permits or other support for a project or to condition approvals on certain project modifications or mitigation actions. Furthermore, authorizations under NEPA are subject to protest, appeal, or litigation which may lead to further delays. Additional reviews may be required for cultural or archaeological resources under the U.S. National Historic Preservation Act or similar laws in other jurisdictions.

***Protected Species***

Our operations are subject to several environmental regulations and guidelines related to various protected species and their habitats. Environmental laws in the U.S., to include the Endangered Species Act, the Migratory Bird Treaty Act, and the Bald and Golden Eagle Protection Act, alongside similar state laws, provide for the protections of these species and their habitats and impose significant civil and criminal penalties for violating such laws, to include injunctions limiting or otherwise prohibiting our operations in certain areas where protected species or their habitat is located. For example, potential penalties may be imposed for unpermitted activities that result in harm to or harassment of protected species, plants, and their respective habitats. If protected species are located in areas in which we conduct operations, or these areas are designated as critical habitats for such species, or designation of previously unidentified endangered or threatened species occurs in such areas, we may be subject to potential construction restrictions, such as seasonal limitations, resulting in additional costs and delays. Additionally, we could be prohibited from building our facilities in certain areas or face extensive accommodation measures, thereby impacting the feasibility of our projects.

***Water***

The Clean Water Act ("CWA") and similar state regulations may require us to obtain permits for water discharges, such as storm water associated with construction activities, or take mitigation actions with respect to loss of wetland functions and values, that accompany our operational activities. Additionally, such regulation requires us to follow a variety of best management practices to ensure that water quality is protected and impacts of our operations are minimized. Also, pursuant to these laws and regulations, we may be required to obtain and maintain approvals or permits for the discharge of wastewater or storm water and are required to develop and implement spill prevention, control and countermeasure plans, also referred to as "SPCC plans," in connection with on-site storage of significant quantities of oil. The CWA and analogous laws and any implementing regulations provide for administrative, civil and criminal penalties for any unauthorized discharges of pollutants, oil and other substances in reportable quantities and may impose substantial potential liability for the costs of removal, remediation and damages. Many of the implementing regulations of the CWA, such as the "Waters of the United States Rule", are subject to frequent modification and revision due to the changing administrations of the U.S. presidency and certain court decisions and subsequent appeals. As such, the potential liability related to unauthorized discharges of pollutants under the CWA, and the scope of the CWA in general, remains uncertain.

Projects that may be located near wetlands could also be required to obtain permits for the discharge of dredged or fill material into waters of the U.S., inclusive of wetlands and streams. Certain dredge and fill activities conducted in connection with our projects may be covered under the Army Corps of Engineers' Nationwide Permit ("NWP") program which provides for more streamlined and fast-tracked permit approvals. However, the NWP program has recently been subject to several legal challenges which, in some cases, has resulted in modifications to the NWP or otherwise limiting the available of NWPs. If it is determined that we cannot proceed to permit our projects under existing

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NWPs, we will be required to seek an individual permit from the Army Corps of Engineers, a process that is both time and resource intensive and which is subject to third-party challenges, potentially causing additional delays.

***Hazardous Materials and Cleanup Liability***

We own and lease real property and may be subject to requirements regarding the storage, use, and disposal of hazardous substances. Federal and state hazardous waste and remedial laws, such as CERCLA, impose strict, joint and several liability for the remediation of spills and releases of hazardous substances and other pollutants. We could be responsible for the costs of investigation and cleanup and for related liabilities, including claims for damage to property, persons, or natural resources, in connection with our operations, to include owned or leased properties that may be contaminated whether during our ownership or operation, or prior ownership or operation. This responsibility may arise even if we were not at fault and did not cause or were not aware of contamination. For example, construction activities at our sites could result in spills or releases of diesel fuel, other petroleum substances, chemicals, or other wastes that could result in liability under Environmental Laws, and such laws would also impose liability on us for pre-existing contamination based solely on our status as the owner or operator of the site where the contamination is present. Additionally, the waste we generate, such as damaged solar panels or spent batteries, amongst others, may be sent to third-party disposal facilities. If those facilities become contaminated, we and other persons who arranged for the disposal or treatment of hazardous substances at those sites, may be jointly and severally responsible for the costs of investigation and remediation, and for any claims for damage to third parties, their property, or natural resources.

***Energy Transition***

Various jurisdictions have taken and continue to take certain actions, such as passing regulations or setting targets and goals, regarding the reduction of greenhouse gas ("GHG") emissions and the increase of renewable energy generation. These may include certain rebates or incentives for the development and installation of solar and energy storage systems. Certain states have also adopted an energy storage mandate or policies designed to encourage the adoption of storage. For example, Massachusetts and New York offer performance-based financial incentives for storage. Storage installation is also supported in certain states by state public utility commission policies that require utilities to consider alternatives such as storage before they can build new generation facilities.

Many states, provinces, and territories have adopted renewable energy production requirements. For example, many such jurisdictions have adopted RPS that require regulated electric utilities to generate or procure a specified percentage of total electricity delivered to customers in the state or territory from eligible renewable energy sources, such as solar energy systems, by a series of specified dates. Several other states have set voluntary goals for renewable generation. Others have also established requirements for the generation of a portion of such electricity from particular energy sources, such as solar. To the extent that these programs are discontinued, limited, or implemented in a form where we are ineligible but our competitors or customers are not, or where they provide greater benefits to our competitors, this may impact demand for our products. For instance, certain states may choose to implement "Clean Energy Standards" which could, alongside renewables, contemplate the use of nuclear, carbon capture, and other renewable energy alternatives.

***Occupational Safety and Health Act***

We are also subject to the requirements of the federal OSHA, and comparable state laws that regulate the protection of the health and safety of employees. In addition, OSHA's hazard communication standard, the Emergency Planning and Community Right to Know Act and

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implementing regulations and similar state statutes and regulations require that information be maintained about hazardous materials used or produced in our operations and that this information be provided to employees, state and local government authorities, and citizens.

***Other State and Local Programs***

In addition to federal requirements, our projects may be subject to a variety of additional environmental and regulatory requirements at the state and local level, including but not limited to land use, zoning, building and transportation requirements. Local or state regulatory agencies may require modeling and measurement of various project attributes in connection with the permitting and approval of our projects. Local and state agencies may also require us to develop decommissioning plans for dismantling the project at the end of its functional life and establish financial assurances for carrying out such decommissioning plans.

***Government Incentives***

Federal, state and local government bodies provide incentives to owners, distributors, system integrators and manufacturers of solar energy systems to promote solar energy in the form of rebates, tax credits, payments for renewable energy credits associated with renewable energy generation and exclusion of solar energy systems from property tax assessments. These incentives enable us to lower the price we charge customers for energy from, and to lease, our solar energy systems, helping to catalyze customer acceptance of solar energy as an alternative to utility-provided power. In addition, for some investors, the acceleration of depreciation creates a valuable tax attribute that reduces the overall cost of the solar energy system and increases the return on investment.

The federal government currently offers an ITC for the installation of certain solar and storage energy facilities owned for business purposes. If construction on the facility began before January 1, 2020, the amount of the ITC available is 30%. If construction began during 2020 or 2021, and the facility was placed in service prior to January 1, 2022, the amount of the ITC available is 26%. If the facility is placed in service on or after January 1, 2022, the ITC available is 30% so long as certain prevailing wage and apprenticeship requirements are satisfied or an exception to such requirements applies. As a result of the Inflation Reduction Act, this 30% ITC may be available for projects that begin construction prior to 2032. The depreciable basis of a solar facility and/or storage is also reduced by 50% of the amount of any ITC claimed. For any projects that are placed in service after January 1, 2022, we will seek to avail ourselves of the 30% credit rate, including by meeting any prevailing wage and apprenticeship requirements required in connection with such projects.

As a result of the Inflation Reduction Act, the federal government now offers a PTC for the installation of certain solar energy facilities owned for business purposes, if the facility was placed in service on or after January 1, 2022. To date we have not had the ability to claim the PTC in lieu of the ITC but may choose to do so for any projects that are placed in service after January 1, 2022, where we determine that is advantageous to us. In such cases we will seek to avail ourselves of the full PTC credit rate, including by meeting any prevailing wage and apprenticeship requirements required in connection with such projects.

More than half of the states, and many local jurisdictions, have established property tax incentives for renewable energy systems that include exemptions, exclusions, abatements and credits. Approximately twenty-nine states and the District of Columbia have adopted a renewable portfolio standard (and approximately eight other states have some voluntary goal) that requires regulated utilities to procure a specified percentage of total electricity delivered in the state from eligible renewable energy sources, such as solar energy systems, by a specified date. To prove compliance with such mandates, utilities must surrender SRECs to the applicable authority. Solar energy system

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owners such as our investment funds often are able to sell SRECs to utilities directly or in SREC markets. While there are numerous federal, state and local government incentives that benefit our business, some adverse interpretations or determinations of new and existing laws can have a negative impact on our business. For more information, see "Risk Factors—Changes in the treatment of renewable energy certificates may adversely impact our business."

***Competition***

The nature and extent of competition we face varies from jurisdiction to jurisdiction. Our main competition in our electricity markets are coal, nuclear, oil and natural gas electricity generators as well as other renewable energy suppliers who use hydro, wind, geothermal and solar PV technologies. The market price of commodities, such as natural gas and coal, are important drivers of energy pricing and competition in most energy markets, especially in North America.

Our experienced management and marketing teams provide us with valuable market intelligence regarding pricing dynamics, regulatory regimes and market participants. MN8 Energy Marketing LLC ("MN8 Marketing"), is our energy risk management/marketing arm that has FERC Market Based Rate authority and is in charge of proactively managing energy risk for the company's assets. MN8 Marketing has several trading counterparties to syndicate risk via energy and renewable energy credit supply transactions. MN8 Marketing also optimizes current fleet operations through unique bidding strategies to optimize value across all assets.

***Employees and Contractors***

As of September 30, 2022, we had approximately 170 employees. For more information, see the section entitled "Internalization Transaction and Corporate Reorganization." We also engage independent contractors and consultants. We are not party to any collective bargaining agreements and have not experienced any strikes or work stoppages. We consider our relations with our employees to be satisfactory.

***Insurance***

We maintain the types and amounts of insurance coverage that we believe are consistent with customary industry practices. Our insurance policies cover employee and contractor-related accidents and injuries, property damage, business interruption, storm damage, fixed assets, facilities, cyber, crime and liability deriving from our activities. Our insurance policies also cover directors', employee and fiduciary liability and officers' liability. We may also be covered for certain liabilities by insurance policies issued to third parties, including, but not limited to, our dealers and vendors.

***Legal Proceedings***

Although we may, from time to time, be involved in litigation, claims and government proceedings arising in the ordinary course of business, we are not a party to any litigation or governmental or other proceeding that we believe will have a material adverse impact on our financial position, results of operations or liquidity. In the ordinary course of business, we have disputes with dealers and customers. In general, litigation claims or regulatory proceedings can be expensive and time consuming to bring or defend against, may result in the diversion of management attention and resources from our business and business goals and could result in settlement or damages that could significantly affect financial results and the conduct of our business.

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***Facilities***

Our corporate headquarters are located at 1155 Avenue of the Americas, 27th Floor, New York, NY 10036. In addition, we currently lease space at 750 Park of Commerce Blvd, Boca Raton, FL 33487.

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**MANAGEMENT** 

**Executive Officers and Directors** 

The following table sets forth the name, age as of the date of this prospectus, and position of the individuals who serve as executive officers of MN8 Energy and individuals currently serving as directors and director nominees. The following also includes certain information regarding the individual experience, qualifications, attributes, and skills of our directors and executive officers as well as brief statements of those aspects of our directors' backgrounds that led us to conclude that they are qualified to serve as directors:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
|  *Executive Officers:* |  |  |
|  Jon Yoder | 49 | President, Chief Executive Officer and Director |
|  David Callen | 51 | Chief Financial Officer |
|  David Fernandez | 47 | Chief Operating Officer |
|  Jordan Meer | 31 | Chief Strategy and Investment Officer |
|  Moe Hanifi | 38 | Senior Vice President, Head of Revenue and Commodities |
|  Ricardo Fabre | 41 | Senior Vice President, Head of Asset Operations |
|  Pedro Garcia Hrdy | 43 | Senior Vice President, Head of Technical Operations |
|  Patrick McAlpine | 41 | Chief Administrative Officer |
|  Ashlee Effler | 44 | Senior Vice President, General Counsel |
|  Tim Seck | 55 | Senior Vice President, Head of Project Development |
|  *Non-Employee Directors and Nominees:* |  |  |
|  Timothy Leach | 67 | Director and Chairperson of the Board |
|  David Gadis | 60 | Director Nominee |
| J. William Holden, III | 61 | Director Nominee |
|  Fiona Macdonald | 67 | Director Nominee |
|  Kathleen McGinty | 59 | Director Nominee |
|  Lorie Buckingham | 65 | Director Nominee |
|  Brendan McGovern | 51 | Director Nominee |

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**Executive Officers** 

**Jon Yoder** Mr. Yoder serves as a member of our board of directors and as our President and Chief Executive Officer. Beginning in 2016 and until joining MN8 Energy in August 2022, Mr. Yoder served as a Managing Director at The Goldman Sachs Group, Inc. and was Head of the Renewable Power Group of GSAM since its inception in 2017. During his tenure at The Goldman Sachs Group, Inc., Mr. Yoder also served as co-head of the Credit Alternatives Group at GSAM from 2018 to 2022 and as the chief operating officer of Goldman Sachs BDC, Inc. (NYSE: GSBD) from 2013 to 2022 and a number of related investment vehicles. Mr. Yoder joined The Goldman Sachs Group, Inc. in 2005. Prior to joining Goldman Sachs Group, Inc., he was a member of the mergers and acquisitions and private equity groups at Paul, Weiss, Rifkind, Wharton & Garrison, LLP. Mr. Yoder holds a Bachelor of Business Administration degree in finance from Southern Methodist University and a Juris Doctor degree from the University of Pennsylvania Law School.

We believe that Mr. Yoder's leadership skills and experience, particularly his financial expertise and investment banking experience make him well qualified to serve as a member of our board of directors.

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**David Callen** Mr. Callen serves as our Chief Financial Officer. Prior to joining MN8 Energy in August 2022, Mr. Callen served as a Managing Director at The Goldman Sachs Group, Inc. and was the Chief Financial Officer of the Renewable Power Group of GSAM. Mr. Callen joined The Goldman Sachs Group, Inc. in 2021. Prior to joining The Goldman Sachs Group, Inc., he served as Senior Vice President and Chief Accounting Officer since 2016 and Vice President and Chief Accounting Officer from 2015 to 2016 at NRG Energy Inc. (NYSE: NRG). In this capacity, Mr. Callen was responsible for directing NRG's financial accounting and reporting activities. Mr. Callen also served as Vice President and Chief Accounting Officer of NRG Yield, Inc. (renamed Clearway Energy, Inc. in 2018) from 2015 to 2018. Prior to this, Mr. Callen held several roles at NRG including Vice President, Financial Planning & Analysis, Director, Finance, Director, Financial Reporting and Manager, Accounting Research. Prior to his time at NRG, Mr. Callen was an auditor for KPMG LLP in both New York City and Tel Aviv, Israel from 1996 through 2001. Mr. Callen holds a Bachelor of Arts degree in economics and accounting from Bar-Ilan University.

**David Fernandez** Mr. Fernandez serves as our Chief Operating Officer. Prior to joining MN8 Energy in August 2022, Mr. Fernandez was a Managing Director at The Goldman Sachs Group, Inc. and was been the Head of Asset Management & Operations for the Renewable Power Group of GSAM since 2017. He was also a member of the Renewable Power Group Investment Committee since 2017. Prior to joining The Goldman Sachs Group, Inc., he served as a vice president of North America Operations and Asset Management at SunEdison/TerraForm from 2010 to 2016. Before that, Mr. Fernandez was a senior vice president of Operations at Fotowatio Renewable Ventures and led all activities within Engineering, Construction, Supply Chain, Operations and Maintenance and Asset Management. Earlier in his career, he was chief executive officer of GES USA, a renewable energy service company. Mr. Fernandez holds a Bachelor of Science degree in Aeronautical Engineering from Western Michigan University, a Master's degree in Aeronautical Engineering from Purdue University and a Master of Business Administration degree from the Instituto de Empresa.

**Jordan Meer** Mr. Meer serves as our Chief Strategy and Investment Officer. Prior to joining MN8 Energy in August 2022, Mr. Meer was a Managing Director at The Goldman Sachs Group, Inc. and was the Head of Investing and Financial Strategy for the Renewable Power Group of GSAM since 2017. He was a member of the Renewable Power Group Investment Committee, where he was responsible for analyzing, structuring and executing investment opportunities, managing capital markets activities, forming strategic partnerships and advising on corporate financial strategy. Prior to co-founding the Renewable Power Group, Mr. Meer was a member of the Credit Alternatives Group in GSAM from 2013 to 2017, where he was responsible for investing in privately negotiated transactions across the capital structure and supported the IPO of Goldman Sachs BDC, Inc. (NYSE: GSBD) in 2015. Mr. Meer joined The Goldman Sachs Group, Inc. in 2012. Mr. Meer holds a Bachelor of Science degree in Business Administration from the University of North Carolina at Chapel Hill.

**Moe Hanifi** Mr. Hanifi serves as a Senior Vice President and is our Head of Revenue and Commodities. Prior to joining MN8 Energy in August 2022, Mr. Hanifi was a Managing Director at The Goldman Sachs Group, Inc. and was the Head of Power Markets for the Renewable Power Group of GSAM since 2018. He is responsible for energy and commodity management and corporate sales. He joined The Goldman Sachs Group, Inc. in 2017. Prior to joining The Goldman Sachs Group, Inc., he served as a Vice President at Citigroup in the commodity trading division from 2007 to 2017, focused on the renewable energy sector. Before that, he worked at Morgan Stanley in the energy group. Mr. Hanifi holds a Bachelor of Science degree, summa cum laude, with a concentration in Finance from the University of Albany.

**Ricardo Fabre** Mr. Fabre serves as a Senior Vice President and is our Head of Asset Operations. Prior to joining MN8 Energy in August 2022, Mr. Fabre was the Head of Asset Operations of the Renewable Power Group of GSAM. He joined The Goldman Sachs Group, Inc. in January 2018.

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Prior to joining The Goldman Sachs Group, Inc., he served as Head of Technical Operations and Director of Due Diligence at Terraform Power Inc. (formerly listed NYSE: TERP) since 2015. In these capacities, Mr. Fabre was responsible for technical operations and due diligence of Terraform Power's 1.4 GW solar photovoltaic portfolio of distributed generation and utility assets in the United States, Europe, Canada and Latin America. He previously served as Director of Commercial Operations at SolarCity (formerly listed NYSE: SCTY) and was responsible for construction operations of SolarCity's rooftop and ground mounted commercial and industrial solar PV portfolio. Prior to SolarCity, Mr. Fabre was Assistant Secretary at the Department of Economic Development and Commerce of the Government of Puerto Rico handling energy and infrastructure matters from 2010 through 2012. Mr. Fabre holds a Bachelor of Science degree in Civil Engineering from Rensselaer Polytechnic Institute and Master of Science in Civil Engineering degree from University of Massachusetts, Amherst.

**Pedro Garcia Hrdy** Mr. Garcia Hrdy serves as a Senior Vice President and is our Head of Technical Operations. Prior to joining MN8 Energy in August 2022, Mr. Garcia Hrdy was the Head of Technical Operations for the Renewable Power Group of GSAM. In this role, he leads technical due diligence of assets, engineering of new projects and performance monitoring and analysis of operating assets. He joined The Goldman Sachs Group, Inc. in 2018 and has overseen the evaluation of over 5 GWdc of assets. Prior to joining The Goldman Sachs Group, Inc., Mr. Garcia Hrdy was the principal of Gardy Renewables from 2017 to 2018. From 2016 to 2017, Mr. Garcia Hrdy was Head of Technical Management at Fotowatio Renewable Ventures where his responsibilities included engineering, procurement and construction supervision of projects developed in the US. Mr. Garcia Hrdy spent two years at Terraform Power (formerly listed NYSE: TERP) from 2014 to 2016 as the Sr. Director of Technical Services, where he led the technical due diligence of over 1 GW of operating solar PV assets being considered for acquisition. The assets evaluated included a multitude of technology providers as well as varying classes ranging from large scale utility assets to portfolios of C&I systems. Before joining Terraform Power, he spent three years at SunEdison from 2011 to 2014 where he was involved in all stages of project development ranging from early stage design and construction project management to O&M. Mr. Garcia Hrdy started his career in 2004 as a Renewable Energy Manager at Iberdrola Engineering & Construction where he negotiated, contracted and supervised development of balance of plant design projects through subcontractors. Mr. Garcia Hrdy holds a Bachelor of Science and Master of Science in Industrial Engineering from the Universidad Carlos III de Madrid.

**Patrick McAlpine** Mr. McAlpine serves as our Chief Administrative Officer. Prior to joining MN8 Energy in August 2022, Mr. McAlpine was the Business Unit Manager of the Renewable Power Group of GSAM. He joined The Goldman Sachs Group, Inc. in 2006 as an analyst in the legal department supporting GSAM's alternative investments platform. He joined GSAM in 2010, where he was a product implementation specialist responsible for launches and restructurings of various alternative investment vehicles and strategies. In addition to his product implementation responsibilities, Mr. McAlpine also served as relationship manager for fund custodians and administrators used by GSAM, as well as Secretary of GSAM's New Product and New Instrument Committees, After managing the infrastructure setup for launch of MN8 Energy LLC in 2018, Mr. McAlpine joined the Renewable Power Group to serve as Chief Operating Officer. Mr. McAlpine holds a Bachelor of Arts degree from Vassar College and a Master of Business Administration degree from New York University.

**Ashlee Effler** Ms. Effler serves as a Senior Vice President and is our General Counsel. Prior to joining MN8 Energy in August 2022, she was a member of the Renewable Power Group of GSAM since 2018. From 2014 to 2018, Ms. Effler served as Real Goods Solar, Inc.'s ("RGS Energy") Associate General Counsel and previously Corporate Counsel, supporting all aspects of the then NASDAQ-listed corporation as a member of its senior management team. Ms. Effler joined RGS Energy as part of its acquisition of Mercury Solar Systems, Inc. in 2014. Since 2010, Ms. Effler had served as Mercury's first Corporate Counsel and Director of Contract Administration, focusing primarily

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on C&I solar development and integration. In this capacity, she served as a key advisor on numerous corporate initiatives enhancing operational efficiencies and improving risk management. Ms. Effler started her career as a commercial litigator after earning a honors Bachelor of Arts degree in English with a minor in Business Administration from Rollins College and a Juris Doctor degree from Georgetown University Law Center.

**Tim Seck** Mr. Seck serves as a Senior Vice-President and is our Head of Project Development. Prior to joining MN8 Energy in August 2022, Mr. Seck was the Senior Director of US Renewable Development at Avangrid Renewables, a subsidiary of AVANGRID (NYSE:AGR). In this capacity, Mr. Seck oversaw development of Avangrid's on-shore wind, solar and storage development including a team of 19 developers, a pipeline of 17,000 MW and an annual development budget of $40 million. Mr. Seck worked at Avangrid Renewables from 2005 to 2022, starting as wind developer in MISO with growing responsibilities until his final position leading all on-shore development. Before joining Avangrid Renewables, Mr. Seck worked for Great River Energy, a Generation & Transmission Electric Cooperative, from 1997 to 2005. At Great River Energy, Mr. Seck held a variety of roles including government relations, permitting transmission and generation projects and procuring renewable energy. Prior to joining Great River Energy, Mr. Seck worked for Kenetech Windpower Inc. from 1994 to 1996 as a wind developer in the upper Midwest and then as the country manager in India. Mr. Seck began his career working as an assistant to the Minnesota Senate Majority Leader from 1990 to 1994. Mr. Seck has a Bachelor of Arts degree in Political Science from St. Olaf College and a Juris Doctor degree from Mitchell Hamline School of Law.

**Directors and Director Nominees** 

**Timothy Leach** Mr. Leach has served on the board of directors of MN8 Energy LLC since August 2021 and as the Chairperson of our board of directors. Mr. Leach is retired. From 2008 until his retirement in 2016, Mr. Leach served as chief investment officer of US Bank Wealth Management. Prior to joining US Bank, Mr. Leach held senior management positions with U.S. Trust Company and various investment advisers and asset managers, including Wells Fargo Private Investment Advisors, Wells Fargo Alternative Asset Management, ABN Amro Global Asset Management, ABN Amro Asset Management (USA) and Qualivest Capital Management. Mr. Leach currently serves on the Board of Directors of Goldman Sachs BDC, Inc. and Goldman Sachs Middle Market Lending LLC II. He also currently serves as chairman of the board of directors of Habitat for Humanity of Sonoma County. Based on the foregoing, Mr. Leach is experienced with financial and investment matters. Mr. Leach holds a Bachelor of Science Degree in Agriculture Science and Management from the University of California, Davis, and a Master of Business Administration Degree from the University of California, Berkeley.

We believe that Mr. Leach's experienced with financial and investment matters makes him well suited to serve as a member of our board of directors.

**David Gadis** Mr. Gadis has served on the board of directors of MN8 Energy LLC since March 2022. Mr. Gadis currently is Chief Executive Officer and General Manager of DC Water, one of the largest water utilities in the United States. He has served in his current position since 2018, where he oversees a $1 billion annual budget and leads a workforce of approximately 1,100 employees. From 2017 to 2018, Mr. Gadis served as the Vice President of Revenue for USA Track & Field. From 1998 until 2017, Mr. Gadis served as Chief Executive Officer and President of Veolia Water Indianapolis, a subsidiary of Veolia Group, the global leader in optimized resource management (listed on Paris Euronext: VIE). Since 2021, Mr. Gadis has served on the board of directors of Highwoods Properties, Inc. (NYSE: HIW). He is chairman of the board of Blue Drop, DC Water's nonprofit sales and marketing affiliate. Based on the foregoing, Mr. Gadis is experienced in leadership and the utilities industry. Mr. Gadis holds a Bachelor of Arts degree from Southern Methodist University.

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We believe Mr. Gadis' leadership and experience with utilities makes him well suited to serve as a member of our board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. William Holden, III** Mr. Holden has served on the board of directors of MN8 Energy LLC since March 2022. Mr. Holden joined the Taffrail Group, a strategic advisory firm, as Executive Vice President and Senior Advisor in 2021 following his retirement in 2019. From 2016 until 2019 he served as Executive Vice President and Chief Financial Officer of Vistra Corp., an integrated retail electricity and power generation company. Prior to joining Vistra, Mr. Holden was Executive Vice President and Senior Advisor at The Taffrail Group from 2012 to 2016. From 2009 to 2012, Mr. Holden served as Executive Vice President and Chief Financial Officer of Genon Energy, Inc. and its predecessor, Mirant Corporation, a competitive power generation company. Prior to becoming Chief Financial Officer, Mr. Holden held several positions at Mirant Corporation, including Senior Vice President and Treasurer and Chief Financial Officer - Mirant Europe. He also currently serves as vice chair of the board of directors of Breakthrough Atlanta (a not-for-profit entity). Based on the foregoing, Mr. Holden is experienced in financial matters and in the electric power industry. Mr. Holden holds a Bachelor of Science degree from Vanderbilt University and a Master of Business Administration degree from Emory University.

We believe Mr. Holden's industry background and experience with financial matters makes him well suited to serve as a member of our board of directors.

**Fiona Macdonald** Ms. Macdonald has served on the board of directors of MN8 Energy LLC since March 2022. Ms. Macdonald is retired. Prior to her retirement in 2014, Ms. Macdonald served as Managing Director, Executive Compensation for Willis Towers Watson in both the US and Canada, where she consulted for a range of industry sectors including energy and natural resources. Prior to joining Willis Tower Watson, Ms. Macdonald held various leadership positions in professional services, with expertise in executive compensation, talent management and human resources with William Mercer, part of Marsh McLellan. From 2013 until 2020, Ms. Macdonald served on the board of directors of GMP Capital, now RF Capital Group, including as HR Committee Chair and member of Audit, Pension, and Special Committees. She also serves as a member of the board of directors of the Real Estate Board of Greater Vancouver, the Greater Vancouver Food Bank and the Royal Canadian Mint. She holds the ICD.D Designation from the Institute of Corporate Directors (ICD) and has been the Chair of the BC Chapter of the ICD. Based on the foregoing, Ms. Macdonald is experienced in executive compensation and human resource matters. Ms. Macdonald holds a Bachelor of Arts degree and a Master of Business Administration degree from the University of British Columbia.

We believe that Ms. Macdonald's board and career experiences, including as HR Committee Chair, make her well suited to serve as a member of our board of directors.

**Kathleen McGinty** Ms. McGinty has served on the board of directors of MN8 Energy LLC since May 2022. Ms. McGinty currently is Chief Sustainability, Government Affairs and External Relations Officer for Johnson Controls, a leading energy efficiency and buildings technology company (NYSE: JCI). She has served in her current position since 2019, where she leads company efforts to ensure top tier sustainability rankings. From 2018 until 2019, Ms. McGinty was the Senior Vice President, Oceans at Environmental Defense Fund. Prior to joining Environmental Defense Fund, Ms. McGinty was Partner at Militia Hill Ventures from 2017 until 2018. Ms. McGinty was a candidate for U.S. Senate from Pennsylvania in 2016 and winner of the Democratic primary campaign. Ms. McGinty has also served as Chair of the Pennsylvania Energy Department Authority from 2004 to 2008 and Pennsylvania Secretary of Environmental Protection from 2003 to 2008. Prior to this she was Chair of the White House Council on Environmental Quality and Deputy Assistant to the President from 1993 to 1998. She also serves as a member of the board of directors of FS Energy and Power Fund, a business development company focused on investing in private energy and power-related companies

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in the U.S. She previously served as a member of the board of directors of NRG Energy, Inc. (NYSE: NRG), from 2008 until 2014, and Iberdrola USA, Inc., now Avangrid, Inc. (NYSE: AGR), from 2009 until 2014. She serves on the board of directors of multiple not-for-profit entities including the Alliance to Save Energy, the Keystone Policy Center, the Carnegie Mellon Scott Institute For Energy Innovation and the Energy Futures Initiative. Ms. McGinty was recognized as one of the top ten women in sustainability leadership in the United States in 2022, according to Sustainability Magazine. Based on the foregoing, Ms. McGinty has extensive experience in the public and private sectors. Ms. McGinty holds a Bachelor of Science degree in Chemistry from St. Joseph's University and a Juris Doctor degree from Columbia University School of Law.

We believe that Ms. McGinty's extensive service in the private and public sectors has provided her with experience and insight that make her well suited to serve as a member of our board of directors.

**Lorie Buckingham** Ms. Buckingham has served on the board of directors of MN8 Energy LLC since August 2022. Since September 2021, Ms. Buckingham has served as a director of Neovia Logistics Holdings LTD. Since 2019, Ms. Buckingham has served as a technology advisor to the C-suite of multiple portfolio companies of affiliates of Goldman Sachs. From 2011 to 2018, Ms. Buckingham served as Chief Development Officer of The Coca-Cola Company (NYSE:KO), leading the digital transformation of the company's portfolio. From 2010 to 2014, Ms. Buckingham founded and served as managing partner of One Planet Associates LLC, a business and IT consultancy until its sale. Ms. Buckingham has served in numerous other senior executive roles across industries, with a particular focus on technology and digital strategy. Ms. Buckingham has served as a member of advisory boards to both Avaya Inc. (NYSE:AVYA) and HP Inc. (NYSE:HPQ). Ms. Buckingham holds a Bachelor of Arts degree in Mathematics and Chemistry from the State University of New York at Potsdam.

We believe that Ms. Buckingham's extensive experience serving as an executive across industries and her expertise in solving business issues through the deployment of technology make her well suited to serve as a member of our board of directors.

**Brendan McGovern** Mr. McGovern has served on the board of directors of MN8 Energy LLC since August 2022. Mr. McGovern currently is a partner at 26 North, an alternative asset management platform he helped co-found in 2022. From 2006 until 2022, Mr. McGovern worked at Goldman, Sachs & Co., where he held multiple positions including Partner, Head of the Private Credit Group and Co-Head of Credit Alternatives of Goldman Sachs Asset Management, a team of investment professionals managing over $10 billion of capital focused on making loans to U.S. middle market companies. From 2013 until 2022, Mr. McGovern served as Chief Executive Officer and President of Goldman Sachs BDC, Inc. (NYSE: GSBD). He is also on the board of directors of the Oxalosis and Hyperoxaluria Foundation. Based on the foregoing, Mr. McGovern has extensive experience in asset management and leading public companies. Mr. McGovern holds a Bachelor of Science degree in Finance from Villanova University and a Master of Business Administration degree from the Stern School of Business at New York University.

We believe that Mr. McGovern's extensive financial and leadership experience makes him well suited to serve as a member of our board of directors.

**Controlled Company Exemption** 

We do not expect to be a "controlled company" within the meaning of NYSE's corporate governance standards, upon completion of this offering and therefore will not be able to rely on exemptions from certain corporate governance requirements available to controlled companies, subject to applicable phase-in periods.

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**Code of Conduct and Code of Ethics for Chief Executive Officer and Senior Financial Officers** 

Our board of directors will adopt a Code of Conduct and a Code of Ethics for the Chief Executive Officer and Senior Financial Officers that will apply upon the completion of this offering. The Code of Conduct will apply to all of our employees, officers and directors, including our Chief Executive Officer, Chief Financial Officer and other executive and senior financial officers. The Code of Ethics for the Chief Executive Officer and Senior Financial Officers will apply to Jon Yoder and our other senior financial officers. The full text of our Code of Conduct and Code of Ethics for the Chief Executive Officer and Senior Financial Officers will be posted on the investor relations page on our website. We intend to disclose any amendments to our Code of Conduct and Code of Ethics for the Chief Executive Officer and Senior Financial Officers, or waivers of their requirements, on our website or in filings under the Exchange Act.

**Board of Directors** 

Our business and affairs are managed under the direction of our board of directors. Our board of directors currently consists of eight directors, seven of whom will qualify as "independent" under the listing standards of the NYSE .

After the completion of this offering, the number of directors will be fixed by our board of directors, subject to the terms of our new certificate of incorporation and new bylaws that will become effective immediately prior to or contemporaneously with the completion of this offering. Each of our current directors will continue to serve as a director until the election and qualification of his or her successor, or until his or her earlier death, resignation or removal.

Our board of directors will initially be divided into three classes with staggered three-year terms and will transition to an annually elected board at the third annual meeting following the completion of this offering. Only one class of directors will be elected at each annual meeting of stockholders, with the other classes continuing for the remainder of their respective three-year terms. Our current directors will be divided among the three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class I directors will be Lorie Buckingham and Brendan McGovern, and their terms will expire at the annual meeting of
stockholders to be held in 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class II directors will be David Gadis, Katie McGinty and Jon Yoder, and their terms will expire at the annual meeting
of stockholders to be held in 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class III directors will be J. William Holden, III, Tim Leach and Fiona Macdonald, and their terms will expire at the
annual meeting of stockholders to be held in 2025.

Each director's term will continue until the election and qualification of their successor, or their earlier death, resignation or removal. Any increase or decrease in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of our directors.

**Director Independence** 

Our board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning his or her background, employment and affiliations, our board of directors has determined that each non-employee director nominee does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is "independent" as that term is defined

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under the listing standards of the NYSE. In making these determinations, our board of directors considered the current and prior relationships that each director has with us and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our capital stock by each director, and the transactions involving them described in the section titled "Certain Relationships and Related Party Transactions."

**Committees of Our Board of Directors** 

Our board of directors will establish an audit committee, a people committee and a nominating and governance committee. The composition and responsibilities of each of the committees of our board of directors are described below. Members will serve on these committees until their resignation or until otherwise determined by our board of directors.

**Audit Committee** 

Following the completion of this offering, our audit committee will be composed of J. William Holden, III, Kathleen McGinty and Brendan McGovern, each of whom satisfies the requirements for independence and financial literacy under the applicable rules and regulations of the SEC and listing standards of the NYSE. J. William Holden, III will serve as the chair of our audit committee, qualifies as an "audit committee financial expert" as defined in the rules of the SEC, and satisfies the financial sophistication requirements under the listing standards of the NYSE. Following the completion of this offering, our audit committee will, among other things, be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting a qualified firm to serve as the independent registered public accounting firm to audit our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• helping to ensure the independence and performance of the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the scope and results of the annual audit with the independent registered public accounting firm, and reviewing,
with management and the independent registered public accounting firm, our year-end results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing procedures for employees to submit concerns anonymously about questionable accounting or audit matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with management and our internal audit department our policies on risk assessment and risk
management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• keeping the independent registered accounting firm informed of significant related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in overseeing the responsibilities regarding material financial and investment matters;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving or, as required, pre-approving, all audit and all permissible non-audit services, other than de minimis non-audit services, to be performed by the independent registered public accounting firm.

Our audit committee will operate under a written charter that satisfies the applicable rules and regulations of the SEC and the listing standards of the NYSE.

**People Committee** 

Following the completion of this offering, our people committee will be composed of Fiona Macdonald, Brendan McGovern, Lorie Buckingham and David Gadis, each of whom satisfies the

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requirements for independence under the applicable rules and regulations of the SEC and listing standards of the NYSE. Fiona Macdonald will serve as the chair of our people committee. Each member of our people committee is also a director, as defined pursuant to Rule 16b-3 promulgated under the Exchange Act, and an outside director. Following the completion of this offering, our people committee will, among other things, be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing, approving, or making recommendations to our board of directors regarding, the compensation of our executive
officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administering our incentive and equity-based compensation plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversee the development, implementation and effectiveness of the Company's human capital resource management
practices, policies, strategies and goals, including those related to the recruitment, development and retention of personnel, talent management, diversity, equity and inclusion and other labor and employment practices, and the Company's
culture and values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing, approving and making recommendations to our board of directors regarding incentive and equity-based compensation
and equity compensation plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing and reviewing general policies relating to compensation and benefits of our employees.

Our people committee will operate under a written charter that satisfies the applicable rules and regulations of the SEC and the listing standards of the NYSE.

**Nominating and Governance Committee** 

Following the completion of this offering, our nominating and governance committee will be composed of David Gadis, Lorie Buckingham and Kathleen McGinty, each of whom satisfies the requirements for independence under the applicable rules and regulations of the SEC and listing standards of the NYSE. David Gadis will serve as the chair of our nominating and governance committee. Following the completion of this offering, our nominating and governance committee will, among other things, be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations to our board of directors regarding the selection and approval of the nominees for director to be
submitted to a stockholder vote at the annual meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing a process, subject to the approval of our board of directors, for evaluating the performance of our board of
directors and of its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considering and making recommendations to our board of directors regarding the composition of our board of directors and
its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to our board of directors a policy on the approval of related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving any transaction between us and any related person in accordance with our related party transactions
policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• studying developments in corporate governance practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assist the board of directors in overseeing environmental, social and governance matters, including those related to
sustainability and climate change, stakeholder relations, health, safety and environment, charitable and philanthropic activities and civil rights, that are relevant to the Company's activities and performance, and devoting appropriate
attention and effective response to stakeholder concerns regarding such matters;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the adequacy of our corporate governance practices and reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and making recommendations to our board of directors regarding corporate governance guidelines and matters on at
least an annual basis.

Our nominating and governance committee will operate under a written charter that satisfies the applicable listing standards of the NYSE.

**People Committee Interlocks and Insider Participation** 

None of the members of our people committee is or has been an officer or employee of our company. None of our executive officers currently serves, or in the past year has served, as a member of the board of directors or people committee (or other board committee performing equivalent functions) of any entity that has one or more of its executive officers serving on our board of directors or people committee.

**Director Compensation** 

Effective January 1, 2022, we adopted a non-employee director compensation program that applies to Timothy Leach and each of the non-employee directors that joined the board of directors of MN8 Energy LLC following its adoption. We believe that this compensation program is essential to our ability to attract and retain qualified non-employee directors and will allow us to grow in a manner that is designed to create value for our stockholders. We believe that structuring director compensation with a significant equity component is key to achieving our goals and properly aligning the interests of our directors with those of our stockholders. This structure will allow our directors to carry out their oversight responsibilities while maintaining alignment with stockholder interests and their fiduciary obligations. Accordingly, our director compensation program for the non-employee directors of MN8 Energy LLC for 2022, consisted of the following (pro-rated for any partial year of service):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an annual cash retainer of $80,000 to each non-employee member of the
board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional annual cash retainer of $50,000 for the Chairperson;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional annual cash retainer of $20,000 to the chair of the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional annual cash retainer of $15,000 to the chair of the People Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional annual cash retainer of $15,000 to the chair of the Nominating and Governance Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an annual grant of restricted stock units with a value of approximately $110,000 ($180,000 for the Chairperson) that will
vest on the first anniversary of August 1, 2022, subject to continued service through the vesting date and the terms and conditions of the applicable award agreement.

The annual award of restricted stock units granted to our non-employee directors in December 2022, were granted under an incentive plan adopted by MN8 Energy LLC. These awards are only settleable in cash and are expressed as an ownership percentage of the Company ("Phantom Ownership Percentage"). In connection with this offering, these awards will automatically be cancelled and substituted, on the same percentage basis, for restricted stock units that will be settled in shares of the Company's common stock (the "Director Public RSUs"). The Director Public RSUs will be governed by an incentive plan adopted by MN8 Energy, Inc., the material terms of which are summarized below. The Director Public RSUs will continue to vest according to the original vesting schedule of the restricted stock units granted prior this offering.

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Andrew Galloway, Andrew Johnson and John Lewis served on the board of directors of MN8 Energy LLC prior to January 1, 2022 and, as such, were not eligible to receive the director compensation described above. Instead, they were eligible to receive an annual cash retainer of $150,000, pro-rated for their partial year of service during 2022, plus reimbursement for reasonable expenses associated with service on the board of directors. Messrs. Galloway, Johnson and Lewis resigned from the board of directors of MN8 Energy LLC in June 2022.

In connection with this offering, our non-employee directors will also be eligible to receive a one-time special inducement award of restricted stock units that the Company anticipates will be valued at approximately $220,000 ($540,000 for the Chairperson), which we expect will vest as to one-third of the restricted stock units granted on each of the first, second and third anniversaries of the date of commencement of such non-employee director's service, subject to continued service through the vesting date and the terms and conditions of the applicable award agreement. This special inducement award is in addition to the 2022 annual grant of restricted stock units described above.

We also expect that our non-employee directors will be reimbursed for reasonable out-of-pocket expenses incurred in the performance of a director's services as a member of the board, including travel and lodging expenses related to the director's attendance at meetings, provided that the director submits receipts or other documentation reasonably acceptable to the company in accordance with the company's reimbursement policies.

Directors who are also our employees will not receive any additional compensation for their service on our board of directors.

Under the terms of our Stock Ownership Policy, the members of our board of directors must own shares of our common stock or certain equity awards with a value equal to not less than five times their annual cash retainer (excluding supplemental retainers for committee service). Until a director achieves the applicable ownership requirement, they must hold 100% of the shares of our common stock that they receive, net of shares settled to cover taxes. In calculating the value of shares of our common stock or certain equity awards held for purposes of determining compliance with the policy, such value will be measured at the greater of (i) the date the shares are acquired or (ii) the annual measurement date, based on shares owned outright, shares owned through shared ownership, unvested time-based RSUs and deferred shares.

The following table summarizes the compensation paid for services provided by our non-employee directors during the 2022 calendar year to MN8 Energy LLC:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Earned or<br>Paid in Cash<sup>(1)</sup>**<br>**($)** | **Stock Awards<sup>(2)</sup>**<br>**($)** | **Total ($)** |
|  Lorie Buckingham | 32889 | 103392 | 136281 |
|  David Gadis | 70764 | 103392 | 174156 |
|  Andrew Galloway<sup>(3)</sup> | 62877 |  | 62877 |
| J. William Holden, III | 71611 | 103392 | 175003 |
|  Andrew Johnson<sup>(3)</sup> | 62902 |  | 62902 |
|  Timothy Leach | 130000 | 169184 | 299184 |
|  John Lewis<sup>(3)</sup> | 62500 |  | 62500 |
|  Fiona Macdonald | 69875 | 103392 | 173267 |
|  Kathleen McGinty | 61556 | 103392 | 164948 |
|  Brendan McGovern | 32889 | 103392 | 136281 |
|  Mary Nichols<sup>(4)</sup> | 19726 |  | 19726 |

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(1) Reflects annual cash retainer payments for services provided to the Company during 2022.

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(2) Represents the aggregate grant date fair value of the RSU awards granted on December 19, 2022, calculated in
accordance with FASB ASC Topic 718. These amounts are calculated by multiplying the respective phantom ownership percentage granted to each director (i.e., the percentage of MN8 Energy LLC that each award represents a phantom interest in), which was
0.010286% for Mr. Leach and 0.006286% for the remaining directors, by the calculated fair value of the Company as of December 31, 2022, which was approximately $1.6 billion, in accordance with FASB ASC Topic 718. As of
December 31, 2022, all RSUs awarded during the 2022 calendar year were unvested and will vest on August 1, 2023, subject to continued service through the vesting date. No other compensatory equity awards were held by our non-employee directors as of December 31, 2022.

(3) Messrs. Galloway, Johnson and Lewis resigned from the board of directors of MN8 Energy LLC in June 2022.

(4) Ms. Nichols served on the board of directors of MN8 Energy LLC from May to August of 2022.

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**EXECUTIVE COMPENSATION** 

**Compensation Discussion and Analysis** 

This Compensation Discussion and Analysis ("CD&A") describes our compensation practices and the compensation awarded to, earned by, or paid to each of our Named Executive Officers (the "Named Executive Officers") during the last completed fiscal year.

From our inception until August 4, 2022, our day-to-day operations were externally managed by GSAM pursuant to the terms and conditions of the Management Services Agreement. As a result, all of the individuals providing services to us, including those who would be considered our "Named Executive Officers," were employed and paid by GSAM until August 4, 2022. Any compensation paid to the individuals providing services to us was paid by, and solely in the discretion of, GSAM and we did not make any decisions or make any recommendations regarding the compensation paid to such individuals. We paid GSAM certain management and administrative fees pursuant to the Management Services Agreement, as described elsewhere in this prospectus, but we did not directly reimburse GSAM for any compensation it paid to the individuals providing services to us. For additional information regarding the Management Services Agreement, see "Certain Relationships and Related Party Transactions—Management Services Agreement." As discussed elsewhere in this prospectus, in connection with the Internalization Transaction, the Management Services Agreement was terminated.

From August 4, 2022 through the date of this initial public offering, the board of directors and the People Committee of the board of directors (the "People Committee") of MN8 Energy LLC, a wholly owned subsidiary of the Company and the employer of all individuals residing in the United States who are employees of the Company or its affiliates, made all compensation decisions for our Named Executive Officers. The board of directors of the Company also approved the adoption of compensation plans and programs that were adopted at the Company in anticipation of the Company's initial public offering. As discussed elsewhere herein, the members of the board of directors and People Committee of MN8 Energy LLC will become the members of the board of directors and People Committee of the Company in connection with the initial public offering of the Company. References to the People Committee and the board of directors in this CD&A generally refer to the board of directors and People Committee of MN8 Energy LLC.

The Named Executive Officers for the period from August 5, 2022 through December 31, 2022 (the "2022 Fiscal Year"), and who are described in this CD&A, are:

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| | |
|:---|:---|
| **Name** | **Position** |
|  Jon Yoder | President, Chief Executive Officer and Director |
|  David Callen | Chief Financial Officer |
|  David Fernandez | Chief Operating Officer |
|  Jordan Meer | Chief Strategy and Investment Officer |
|  Moe Hanifi | Senior Vice President, Head of Revenue and Commodities |
|  Ricardo Fabre | Senior Vice President, Head of Asset Operations |

---

***Objectives of Our Executive Compensation Program***

Our executive compensation program is designed to provide a means through which we can attract, retain and motivate the management talent that we believe is necessary to enhance our profitable growth, thereby achieving our financial and strategic goals.

In establishing and evaluating our executive compensation programs, the People Committee works to achieve total compensation for our executives that reflects their individual contributions to the Company, responsibilities, duties and professional experience and is competitive with which we compete for talent.

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***Key Components of Our Compensation Policy***

Our compensation and benefits program consists of the following components, which are described in greater detail below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual cash bonus awards, based on both the achievement of individual performance goals and Company performance goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long-term equity incentive awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Severance and change of control provisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participation in broad-based retirement, health and welfare benefits.

***Setting Executive Compensation***

Our executive compensation program is overseen by the People Committee. Our board of directors generally discusses compensation issues during full board meetings, but the People Committee has the responsibility for making recommendations to our board of directors relating to the compensation of our Named Executive Officers. Our chief executive officer reviews compensation for all of our Named Executive Officers other than himself, and makes compensation recommendations to the People Committee. The People Committee then evaluates the chief executive officer's recommendations and conducts its own independent review and evaluation of the chief executive officer's compensation and the compensation of the other Named Executive Officers and makes a final recommendation to our board of directors with respect to compensation for all Named Executive Officers based on several factors, including individual performance, business results and general information related to compensation at other companies with whom we compete for executive talent. Our board of directors, in consultation with the People Committee, then reviews these recommendations and makes all final compensation decisions for our Named Executive Officers by exercising its discretion in accepting, modifying or rejecting any management recommendations. Our board of directors generally approves any changes to base salary levels, bonus opportunities and other compensation components annually or in the event of a change in duties or position.

Meridian Compensation Partners ("Meridian") was engaged by and served as the People Committee's independent compensation consultant in 2022. In 2022, Meridian provided advice to and worked with the People Committee in designing and implementing the structure and mechanics of the Company's executive compensation program. For example, they provided the People Committee with relevant data, including market and peer-company compensation and performance surveys and information and advice regarding trends and developments in executive and director compensation practices within our industry. This information assisted the People Committee in making executive and director compensation decisions based on market pay levels and best practices. Meridian did not provide any additional services to the Company in addition to the services provided directly to the People Committee.

***Elements of Compensation***

*Base Salary* 

Each Named Executive Officer's base salary is a fixed component of compensation and does not vary depending on the level of performance achieved. Base salaries are determined for each Named Executive Officer based on their position and responsibility. The People Committee review the base salaries for each Named Executive Officer annually as well as at the time of any promotion or significant change in job responsibilities, and in connection with each review, considers individual and Company performance over the course of that year. The base salary paid to each Named Executive Officer for the 2022 Fiscal Year is reported in the succeeding Summary Compensation Table below

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and the annualized base salary figures for each Named Executive Officer are reported in the table immediately below.

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| | |
|:---|:---|
| **Name** | **Base Salary as of<br>December 2022 ($)** |
|  Jon Yoder | 660000 |
|  David Callen | 425000 |
|  David Fernandez | 425000 |
|  Jordan Meer | 400000 |
|  Moe Hanifi | 400000 |
|  Ricardo Fabre | 325000 |

---

*Annual Cash Incentive Awards* 

Our 2022 Long-Term Incentive Plan (the "2022 Plan"), established at MN8 Energy LLC to provide for compensation prior to this offering and under which no awards will be outstanding following this offering, governs annual cash incentive awards made to our Named Executive Officers for 2022 Fiscal Year. Awards under the 2022 Plan are tied to the achievement of performance goals, which may be based on qualitative or quantitative measures, or both, as determined by the People Committee.

For Fiscal Year 2022, the People Committee established the following target bonus opportunities, measured as a percentage of annualized base salary, for each Named Executive Officer:

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| | |
|:---|:---|
| **Name** | **Target Bonus Award** |
|  Jon Yoder | 100% |
|  David Callen | 75% |
|  David Fernandez | 75% |
|  Jordan Meer | 70% |
|  Moe Hanifi | 70% |
|  Ricardo Fabre | 60% |

---

Annual cash incentive awards for 2022 Fiscal Year are tied to the following performance goals using the described weighting:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Metric** | **Type** | **Weighting** | **Threshold** | **Target** | **Maximum** |
|  Adjusted EBITDA<sup>(1)</sup> | Quantitative | 50% | $212 million | $231 million | $249 million |
|  IPO Readiness | Qualitative | 10% | N/A | N/A | N/A |
|  Environmental Health & Safety Compliance | Qualitative | 10% | N/A | N/A | N/A |
|  QBi Acquisition | Qualitative | 10% | N/A | N/A | N/A |
|  Execution of Growth Pipeline | Qualitative | 10% | N/A | N/A | N/A |
|  Expand Product Offering | Qualitative | 10% | N/A | N/A | N/A |

---

(1) We define Adjusted EBITDA as net income (loss) before interest expense, net, interest expense, net, (gain) loss on tax
equity sale-leaseback buyouts and acquisitions, gain on termination of purchase obligation, legal settlements, loss on extinguishment of debt, income tax (benefit) expense, depreciation, amortization and accretion, restructuring and offering costs,
contract amortization and acquisition and development costs. The GAAP measure most directly comparable to Adjusted EBITDA is net income (loss).

Annual cash incentive awards for 2022 Fiscal Year are designed to pay a full year bonus and will not be pro-rated from the date of the Internalization. Potential payouts for performance in Fiscal year

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2022 depend on the actual performance level for each metric established by the People Committee, as outlined below:

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| | |
|:---|:---|
| **Performance Level** | **Payout (as of % of<br>Target Bonus Award)** |
|  Threshold | 50% |
|  Target | 100% |
|  Maximum | 200% |

---

If performance falls below the threshold performance level, no payments will be awarded. If performance falls between the specified performance levels, payouts will be determined via linear interpolation. The 2022 Plan provides the People Committee or the Board with the discretion to increase or decrease actual payout amounts otherwise resulting from the pre-established metrics, as it may deem necessary.

Annual cash incentive awards for 2022 Fiscal Year for each of our Named Executive Officers are not yet determinable.

*Long Term Incentive Awards* 

Our 2022 Plan governs long term incentive awards made to our Named Executive Officers prior to the completion of this offering and may include restricted stock units that are subject to time-based vesting conditions ("RSUs"), restricted stock units that are subject to performance-based vesting conditions ("PSUs"), distribution equivalents, cash awards and substitute awards. Awards granted under the 2022 Plan can only be settled in cash.

On October 30, 2022, we granted RSU (the "Private RSUs") and PSU (the "Private PSUs") awards, expressed as an ownership percentage of the Company ("Phantom Ownership Percentage"), to our Named Executive Officers. Both the RSU and PSU awards vest in full, solely based on continued employment, on the third anniversary of their vesting commencement date, which was August 1, 2022, and settle solely in cash.

The following table indicates the Phantom Ownership Percentage for each Named Executive Officer's Private RSU and Private PSU awards in 2022:

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| | | |
|:---|:---|:---|
|  | **Phantom Ownership Percentage** | **Phantom Ownership Percentage** |
| **Name** | **RSU** | **PSU** |
|  Jon Yoder | 0.056571% | 0.056571% |
|  David Callen | 0.018571% | 0.018571% |
|  David Fernandez | 0.028571% | 0.028571% |
|  Jordan Meer | 0.017143% | 0.017143% |
|  Moe Hanifi | 0.017143% | 0.017143% |
|  Ricardo Fabre | 0.008571% | 0.008571% |

---

In connection with this offering, these awards will automatically be cancelled and substituted, on the same percentage basis, for time-based RSUs (the "Public RSUs") and PSUs (the "Public PSUs") that will be settled in shares of the Company's common stock. The Public RSUs and the Public PSUs will not be governed by our 2022 Plan, and will instead be governed by a public company incentive plan adopted by the Company, the material terms of which are summarized below. The Public RSUs will continue to vest according to the original vesting schedule of the Private RSUs.

The Public PSUs will become earned based on the Company's annualized absolute total shareholder return ("TSR"), as measured by our share price improvement plus dividends, if any.

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Recipients of Public PSUs may earn between 0% and 200% of the target number of shares granted, as indicated in the below table. If performance falls below the threshold performance level indicated in the table below, the Public PSUs will terminate automatically without any further action by the Company and will be forfeited without further notice. If performance falls between the specified performance levels, payouts will be determined via linear interpolation.

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| | | |
|:---|:---|:---|
| **Level** | **TSR** | **Payout (as a % of Target<br>Number of PSUs Granted)** |
|  Less than Threshold | < 0% | 0% |
|  Threshold | 0% | 50% |
|  Target | 25% | 100% |
|  Stretch | 50% | 150% |
|  Maximum | 75% | 200% |

---

The performance period for the Public PSU awards will commence on the date that is twenty trading days immediately following this offering and will end on August 1, 2025.

*Severance and Change in Control Benefits* 

Our board of directors has adopted the MN8 Energy, Inc. Executive Severance Plan (the "Executive Severance Plan") for certain eligible employees, including our Named Executive Officers. We believe the Executive Severance Plan serves to maintain the focus of our senior executives and ensure that their attention, efforts and commitment are aligned with maximizing the success of the Company. Further, we believe that such protections maximize shareholder value by encouraging the Named Executive Officers to review objectively any proposed transaction in determining whether such proposal or termination is in the best interest of our shareholders, whether or not the executive will continue to be employed. Executive officers at other companies in our industry and the general market against which we compete for executive talent commonly have post-termination payments, and we have consistently provided this benefit to the Named Executive Officers in order to remain competitive in attracting and retaining skilled professionals in our industry.

The amounts of severance and benefits established for each tier under the Executive Severance Plan for each of our Named Executive Officers and the terms of the Executive Severance Plan are described below in "Potential Payments Upon Termination or a Change in Control."

*Employee Benefits, Perquisites and Special Payments* 

All of our full-time employees, including our Named Executive Officers, are eligible to participate in our health and welfare plans on the same basis, including: medical, dental and vision benefits; medical and dependent care flexible spending accounts; short-term and long-term disability insurance and group life insurance.

We currently maintain a 401(k) retirement savings plan for our employees who satisfy certain eligibility requirements, including our Named Executive Officers on the same terms as other employees. Currently, we match contributions made by participants in the 401(k) plan up to a specified percentage of the employee contributions and such matched contributions are vested immediately. Our 401(k) plan increases the competitiveness of our total compensation package and aids in retaining these key individuals. We do not maintain any defined benefit pension plans or deferred compensation plans.

In 2022, David Fernandez relocated from the United States to Spain. We have committed to reimburse Mr. Fernandez for approximately $35,317 of expenses incurred in 2022 in connection with

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that relocation as well as a tax gross-up on the portion of those expenses that Mr. Fernandez recognizes as income. All such relocation costs are reflected in the Summary Compensation Table below, in the All Other Compensation column. The value of any applicable gross-up on these amounts is still being analyzed and, as such, is not yet determinable.

*Signing Bonuses* 

Pursuant to the Internalization Transaction, certain employees previously employed by GSAM received a cash signing bonus paid by the Company. The purpose of these signing bonuses was to induce transfer of employment to the Company and, in some cases, to replace certain compensation lost from the employee's transition to the Company from GSAM. The individual agreements governing each signing bonus include a repayment feature in the event that the employee's employment relationship with the Company is terminated by their resignation or by the Company for Cause (as defined in the applicable signing bonus agreement). If such qualifying termination happens prior to the first anniversary of the date the employee's signing bonus was paid, the employee will have the obligation to repay their signing bonus. If such qualifying termination happens after the first anniversary of the date the signing bonus was paid but prior to the second anniversary of such date, the employee will have the obligation to repay half of their signing bonus.

***No Tax Gross-Ups***

With the exception of the gross-up that will be provided to Mr. Fernandez with respect to the relocation costs that will be reimbursed by us to Mr. Fernandez as a result of his relocation from the United States to Spain, we do not provide gross-up payments to cover our Named Executive Officers' personal income taxes that may pertain to any of the compensation paid or provided by our Company.

***Prohibition on Hedging and Pledging***

Pursuant to our Insider Trading Policy, we prohibit our directors, officers, employees and consultants from engaging in hedging activities in any of our securities and from engaging in other transactions involving securities whose value is derived from any of our securities. Our Insider Trading Policy also prohibits our directors and officers from pledging any of our securities as collateral unless they receive prior approval from our General Counsel or their designee.

***Stock Ownership Policy***

Under the terms of our Stock Ownership Policy, our executive officers must own shares of our common stock or certain equity awards with a value equal to not less than the following multiples of base salary:

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| | | |
|:---|:---|:---|
| **Office** | **Multiple of<br>Base Salary** | **Multiple of<br>Base Salary** |
|  Chief Executive Officer |  | 5x |
|  Executive Severance Plan Tier 2 Executives |  | 3x |
|  Executive Severance Plan Tier 3 Executives |  | 2x |

---

Until an executive officer achieves the applicable ownership requirement, they must hold 100% of the shares of our commons stock that they receive, net of shares settled to cover taxes. In calculating the value of shares of our common stock or certain equity awards held for purposes of determining compliance with the policy, such value will be measured at the greater of (i) the date the shares are acquired or (ii) the annual measurement date, based on shares owned outright, shares owned through shared ownership, unvested time-based RSUs and deferred shares. Unexercised options and unearned PSUs are excluded from the calculation.

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**2023 Long Term Incentive Plan of MN8 Energy, Inc.** 

In order to attract, retain and motivate qualified persons as employees, directors and consultants to us and our affiliates, the board of directors of MN8 Energy LLC has approved and the board of directors of the Company has adopted a long term incentive plan at MN8 Energy, Inc. (the "Incentive Plan"), which will be effective on the date immediately prior to the date of the effectiveness of this offering. The description of the Incentive Plan set forth below is a summary of the material features of the Incentive Plan. This summary does not purport to be a complete description of all of the anticipated provisions of the Incentive Plan and is qualified in its entirety by reference to the Incentive Plan, the form of which is filed as an exhibit to this registration statement.

***Share Reserve.*** Subject to adjustment in the event of any distribution, recapitalization, stock split, merger, consolidation or other corporate event, the aggregate number of shares of our common stock that may be issued pursuant to Awards (as defined below) under the Incentive Plan is equal to 10% of the shares of common stock outstanding upon the closing of this offering, including 10% of the shares sold in the event the underwriters exercise the underwriters' option (the "Share Pool"), further described below. On January 1 of each calendar year occurring prior to the expiration of the Plan, the Share Pool will automatically increase by 1% of the then outstanding shares of common stock, unless prior to such date the Board votes for no such increase to take place or for such increase to be a lesser amount. Notwithstanding the number of shares of Stock reserved and available for grant pursuant to Awards as a result of the annual increases in the share reserve, only the initial Share Pool (10% of the shares of common stock outstanding upon the closing of this offering, increased proportionally in the event the underwriters exercise the underwriters' option) will be available for issuance in connection with incentive stock options ("ISOs") under the Plan. Shares of common stock subject to an Award under the Incentive Plan that expires or is cancelled, forfeited, exchanged, settled in cash or otherwise terminated without the actual delivery of shares will again be available for Awards. Restricted Stock Awards shall not be considered "delivered shares" for this purpose until vesting. Shares of common stock that are withheld to pay taxes, used to satisfy payment of an Option's exercise price or not delivered upon the settlement of a stock-settled SAR will be again available for Awards under the Incentive Plan.

***Source of Shares.*** The shares issuable under the Incentive Plan may be newly issued shares, treasury shares or shares acquired on the open market.

***Eligibility.*** Employees, directors and consultants of us and our affiliates are eligible to receive awards under the Incentive Plan. Eligible individuals to whom an Award is granted under the Incentive Plan are referred to as "Participants."

***Administration.*** Our board of directors (or a committee of two or more directors appointed by our board of directors) can administer the Incentive Plan. We expect our people committee to serve as the administrator. Subject to the terms of the Incentive Plan and applicable law, our people committee has broad authority to select Participants to receive Awards, determine the types and amounts of Awards, and determine, modify, waive or adjust the terms and conditions of Awards. Subject to applicable law, our people committee is also authorized to interpret the Incentive Plan, to establish, amend and rescind any rules and regulations relating to the Incentive Plan, to delegate duties under the Incentive Plan, to terminate, modify or amend the Incentive Plan (except for certain amendments that require stockholder approval as described below), and to make any other determinations that it deems necessary or desirable for the administration of the Incentive Plan. Our people committee may correct any defect, supply any omission or reconcile any inconsistency in the Incentive Plan in the manner and to the extent our people committee deems necessary or desirable.

***Types of Awards.*** The Incentive Plan provides for potential grants of Awards in the following forms: (i) incentive stock options qualified as such under U.S. federal income tax laws ("ISOs"); (ii)

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stock options that do not qualify as incentive stock options ("Nonstatutory Options," and together with ISOs, "Options"); (iii) stock appreciation rights ("SARs"); (iv) restricted stock awards ("Restricted Stock Awards"); (v) restricted stock units ("Restricted Stock Units" or "RSUs"); (vi) stock awards ("Stock Awards"); (vii) dividend equivalents; (viii) other stock-based awards; (ix) cash awards; and (x) substitute awards (in each case, an "Award" and collectively, "Awards").

***Options.*** An Option represents a right to purchase common stock at a fixed exercise price. Options may be granted to eligible persons including: (i) ISOs (only to employees of the Company or its subsidiaries) which comply with the requirements of Section 422 of the Code; and (ii) Nonstatutory Options. The exercise price of each Option granted under the Incentive Plan will be stated in the option agreement and may vary; however, except in limited circumstances, the exercise price for an Option must not be less than the greater of the par value of the common stock or 100% of the fair market value of the stock as of the date of grant (or 110% of the fair market value for certain ISOs). An Option may only be re-priced without the prior approval of the stockholders in limited circumstances, such as when the Company assumes Options of a target company in a transaction and converts them into Options of the Company, in accordance with applicable tax law and the terms of the Incentive Plan. Options may be exercised as our people committee determines, but not later than ten years from the date of grant (or five years from the date of grant for certain ISOs). Our people committee determines the methods and form of payment for the exercise price of an Option (including, in the discretion of our people committee, payment in common stock, other Awards or other property) and the methods and forms in which common stock will be delivered to a Participant.

***SARs.*** A SAR is the right to receive an amount equal to the excess of the fair market value of one share of common stock on the date of exercise over the grant price of the SAR, payable in either cash or shares of common stock or any combination thereof as determined by our people committee. The grant price of a share of common stock subject to the SAR will be determined by our people committee, but, except in limited circumstances, in no event will that grant price be less than the fair market value of the common stock on the date of grant. A SAR may only be re-priced without the prior approval of the stockholders in limited circumstances, such as when the Company assumes SARs of a target company in a transaction and converts them into SARs of the Company in accordance with applicable tax law and the terms of the Incentive Plan. Our people committee has the discretion to determine the other terms and conditions of a SAR award. SARs may be either free-standing or granted in tandem with other Awards. No SAR may be exercisable for a period of more than ten years following the date of grant of the SAR.

***Restricted Stock Awards.*** A Restricted Stock Award is a grant of shares of common stock subject to a risk of forfeiture, performance conditions, restrictions on transferability and any other restrictions imposed by our people committee in its discretion. Restrictions may lapse at such times and under such circumstances as determined by our people committee. Except as otherwise provided under the terms of an Award agreement, the holder of a Restricted Stock Award will generally have rights as a stockholder, including the right to vote the common stock subject to the Restricted Stock Award and to receive dividends on the common stock subject to the Restricted Stock Award during the restriction period, although our people committee may allow a Participant to elect, or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of additional Awards or deferred without interest to the date of vesting associated with the Restricted Stock Award. Unless otherwise determined by our people committee and specified in the Award agreement, common stock distributed in connection with a stock split or stock dividend, and other property (other than cash) distributed as a dividend, will be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock Award with respect to which such common stock or other property has been distributed.

***Restricted Stock Units.*** RSUs are rights to receive common stock, cash or a combination of both equal in value to the number of shares of common stock covered by the RSUs at the end of a

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specified period or upon the occurrence of a specified event. Our people committee will subject RSUs to restrictions to be specified in the RSU Award agreement, and those restrictions may lapse at such times determined by our people committee.

***Stock Awards.*** Our people committee is authorized to grant common stock as a Stock Award. Our people committee will determine any terms and conditions applicable to grants of common stock, including performance criteria, if any, associated with a Stock Award

***Dividend Equivalents.*** Dividend equivalents entitle a Participant to receive cash, shares of common stock, other Awards, or other property equal in value to dividends or other distributions paid with respect to a specified number of shares of common stock. Dividend equivalents may be awarded on a free-standing basis or in connection with another Award (other than a Restricted Stock Award or Stock Award). The terms and conditions applicable to dividend equivalents will be determined by our people committee and set forth in an Award agreement.

***Other Stock-Based or Cash Awards.*** Other stock-based Awards are awards denominated in or payable in, valued in whole or in part by reference to, or otherwise based on or related to, the value of common stock. Cash-based awards may be granted on a free-standing basis, as an element of or a supplement to, or in lieu of any other Award. The terms and conditions of such Awards shall be determined by our people committee. We intend to administer any annual cash incentive programs adopted by our people committee in the future as cash awards under the Incentive Plan.

***Substitute Awards.*** Awards may be granted in substitution for any other Award granted under the Incentive Plan or another plan of the Company or its predecessors or subsidiaries or any other right of a person to receive payment from the Company or its subsidiaries. Awards may also be granted in substitution for awards held by individuals who become eligible individuals as a result of certain business transactions, in which case, subject to applicable stock exchange requirements, shares of common stock subject to such Awards will not be added to or subtracted from the Share Pool. Substitute awards that are Options or SARs may have an exercise price per share that is less than the fair market value of a share of common stock on the date of substitution if the substitution complies with the requirements of Section 409A of the Code and the guidance and regulations promulgated thereunder and other applicable laws.

***Recapitalization.*** In the event of any "equity restructuring" event (such as a stock dividend, stock split, reverse stock split or similar event) with respect to common stock, our people committee will equitably adjust (i) the aggregate number or kind of shares that may be delivered under the Incentive Plan, (ii) the number or kind of shares or other property (including cash) subject to an Award, (iii) the terms and conditions of Awards, including the purchase price or exercise price of Awards and performance goals, and (iv) the applicable share-based limitations with respect to Awards provided in the Incentive Plan, in each case to equitably reflect such event.

***Change in Control.*** In the event of a change in control (as defined in the Incentive Plan and summarized below) or other changes in the Company or the outstanding stock by reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant change occurring after the date of the grant of any Award, our people committee may, in its discretion, (i) accelerate the time of exercisability of an Award, (ii) require Awards to be surrendered in exchange for a cash payment or other consideration (including canceling an Option or SAR for no consideration if it has an exercise price or the grant price less than or equal to the value paid in the transaction), (iii) make any other adjustments to Awards that our people committee deems appropriate to reflect such change in control or other event. For purposes of the Incentive Plan, a "change of control" generally occurs (a) when any person or group, other than us or an affiliate of ours, becomes the beneficial owner of 50% or more of either the then-outstanding shares or the combined voting power of the then-

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outstanding voting securities of us entitled to vote generally in the election of directors, (b) when individuals constituting our board of directors on the effective date cease for any reason (other than death or disability) to constitute at least a majority of our board of directors, (c) upon consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or an acquisition of assets of another entity, except as otherwise provided in the Incentive Plan, or (d) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. Further, if an award granted under the Incentive Plan constitutes a "deferral of compensation" under Section 409A of the Code, a "change of control" will not be deemed to occur unless that event also constitutes a "change in the ownership of a corporation", a "change in the effective control of a corporation", or a "change in the ownership of a substantial portion of a corporation's assets", in each case within the meaning of Section 1.409A-3(i)(5) of the treasury regulations promulgated under Section 409A of the Code, as applied to non-corporate entities.

***Tax Withholding.*** The Company and any of its subsidiaries have the right to withhold, or require payment of, the amount of any applicable taxes due or potentially payable upon exercise, award or lapse of restrictions. Our people committee will determine, in its sole discretion, the form of payment acceptable for such tax withholding obligations, including the delivery of cash or cash equivalents, common stock (including previously owned shares, net settlement, a broker-assisted sale or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to the Award), other property or any other legal consideration our people committee deems appropriate.

***Limitations on Transfer of Awards.*** Participants may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber any Award, other than a Stock Award. Options and SARs may only be exercised by a Participant during that Participant's lifetime or by the person to whom the Participant's rights pass by will or the laws of descent and distribution. However, notwithstanding these restrictions, a Participant may transfer an Award, to the extent specifically provided by our people committee and permitted pursuant to Form S-8 and the instructions thereto, on such terms and conditions as our people committee may from time to time establish or pursuant to a domestic relations order entered or approved by a court of competent jurisdiction.

***Clawback.*** All Awards under the Incentive Plan are subject to any clawback policy adopted by us, as in effect from time to time.

***Plan Amendment and Termination.*** Our people committee may amend or terminate any Award or Award agreement, the Incentive Plan or our people committee's authority to grant Awards without the consent of stockholders or participants, except that any amendment or alteration to the Incentive Plan, including any increase in any share limitation, shall be subject to the approval of the Company's stockholders not later than the annual meeting next following such people committee action if such stockholder approval is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the stock may then be listed or quoted, and our people committee may otherwise, in its discretion, determine to submit other changes to the Incentive Plan to stockholders for approval; provided, that, without the consent of an affected participant, no such action may materially and adversely affect the rights of such participant under any previously granted and outstanding Award.

***Term of the Incentive Plan.*** Unless earlier terminated by action of our board of directors, the Incentive Plan will terminate on the tenth anniversary of its effective date. Awards granted before the termination date of the Incentive Plan will continue to be effective according to their terms and conditions.

***Grants in Connection with this Offering.*** Additionally, in 2022 we granted RSUs and PSUs which settle in cash (the "2022 LTI Awards"), under the 2022 Plan sponsored by MN8 Energy LLC, that vest, in full, on the third anniversary of their vesting commencement date, August 1, 2022. In the

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aggregate, the 2022 LTI Awards represent an approximate value of 0.41% of the fair market value of the Company on the vesting date. The portion of the 2022 LTI Awards granted to members of our management team will represent 0.19% of the fair market value of the Company on the vesting date. In connection with this offering, the 2022 LTI Awards will automatically be cancelled and substituted, on the same percentage basis as the 2022 LTI Awards, for Public RSUs and Public PSUs, each of which will represent the contingent right to receive one share of our common stock. The Public RSUs will continue to vest according to the same vesting schedule as the 2022 LTI Awards. The Public PSUs will vest based on the achievement of certain performance metrics over a performance period that begins twenty trading days after this offering and ends on the third anniversary of the vesting commencement date applicable to such Public PSUs. The Company's performance will be measured by our people committee based on absolute total shareholder return over such performance period. For additional information regarding the 2022 LTI Awards granted to our Named Executive Officers, please see the section of our CD&A entitled *Elements of Compensation - Long Term Incentive Awards* and for the 2022 LTI Awards granted to our directors, please see the section entitled *Director Compensation*.

In connection with this offering, we intend to grant a one-time award of RSUs to certain employees, including members of our management team (the "Founders Awards"). In the aggregate, the Founders Awards will represent approximately 3% of the total number of shares of our common stock outstanding, on a non-diluted basis, immediately following this offering. The portion of the Founders Awards granted to members of our management team will represent an aggregate of approximately 2.3% of the total number of shares of our common stock outstanding, on a non-diluted basis, immediately following this offering . The Founders Awards are intended to serve as a strong retention tool and will vest as to one-third of the award on each of the third, fourth and fifth anniversaries of the date of grant for the executives and one-third of the award on each of the first, second, and third anniversaries of the date of grant for the non-executive employees.

**Employee Stock Purchase Plan** 

To promote common stock ownership within our workforce which serves to align the incentives of our workforce with that of our stockholders generally and creates an avenue for our workforce to easily share in any increase in value of the Company, the board of directors of MN8 Energy LLC has approved and the board of directors of the Company has adopted an employee stock purchase plan at MN8 Energy, Inc. (the "ESPP"), which will be effective on the date immediately prior to the date of the effectiveness of this offering, and which will provide eligible employees the opportunity to purchase shares of our common stock at a discount. The description of the ESPP set forth below is a summary of the material anticipated features of the ESPP. This summary does not purport to be a complete description of all of the provisions of the ESPP and is qualified in its entirety by reference to the ESPP, the form of which will be filed as an exhibit to this registration statement.

***General.*** The ESPP is intended to qualify as an "employee stock purchase plan" under Code Section 423. During regularly scheduled "offering periods" under the ESPP, participants will be able to request payroll deductions which will be applied periodically to purchase a number of shares of our common stock at a discount to the market price and in an amount determined in accordance with the ESPP's terms.

***Administration.*** Subject to the oversight of our board of directors, the ESPP will be administered by our people committee. Our people committee may delegate such authority with respect to the administration of the ESPP as it, in its sole discretion, deems advisable from time to time to a subcommittee of the people committee or to any officer of the Company; provided, that such delegation does not violate state or corporate law or disqualify the Plan under Section 423 of the Code. Subject to the terms of the ESPP, our people committee will have the complete discretion to establish the terms and conditions of offering periods under the ESPP, to interpret the ESPP and to make all decisions related to the operation of the ESPP.

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***Number of Shares.*** Subject to adjustment as provided in the ESPP, the aggregate number of shares of common stock reserved and available for issuance pursuant to the ESPP is equal to 5% of the number of shares of common stock outstanding upon the closing of this offering, including 5% of any shares issued as a result of the underwriters' exercise of the underwriters' option.

***Source of Shares.*** The shares issuable under the ESPP may be newly issued shares, treasury shares or shares acquired on the open market.

***Eligibility and Participation.*** With respect to each offering date, each employee of the Company or any participating U.S. Subsidiary (as defined in the ESPP) is generally eligible to participate in the ESPP. No employee will be allowed to participate in the ESPP if his or her participation in the ESPP is prohibited by local law or if complying with local law would cause the ESPP or an offering period that is intended to qualify under Section 423 of the Code to violate the requirements of Section 423 of the Code. Also, in accordance with Section 423 of the Code, no employee may be granted an option under the ESPP if immediately after the grant such employee would own stock and/or hold outstanding options to purchase stock possessing more than 5% of the total combined voting power or value of all classes of the stock of the Company or any parent or subsidiary. The ESPP will permit an eligible employee to purchase common stock through payroll deductions. Employees will be able to withdraw their accumulated payroll deductions prior to the end of the offering period in accordance with the terms of the offering period. Participation in the ESPP will end automatically upon termination of employment. In the event of withdrawal or termination of participation in the ESPP, a participant's accumulated payroll contributions will be refunded without interest. Certain limitations on the number of shares of common stock that a participant may purchase apply. For example, the option granted to an employee may not permit him or her to purchase common stock under the ESPP at a rate which exceeds $25,000 in fair market value of such common stock (determined at the time such option is granted) for each calendar year in which the option is outstanding. Also, the maximum number of shares of common stock that may be purchased by an employee during an offering period shall be determined by multiplying $68.49 by the number of calendar days in the offering period and dividing the result by the Fair Market Value (as defined in the ESPP) on the commencement date of such offering period and rounding the result down to the next lowest whole number of shares of common stock.

***Offering Periods and Purchase Price.*** The ESPP will be implemented through a series of offering periods. Our people committee currently intends for there to generally be two offering periods during a given calendar year, the first of which commences on January 1 and ends on June 30 and the second of which begins on July 1 and ends on December 31. As a result of the abbreviated trading year, the offering periods for the year in which this offering is effective will deviate from this expected schedule and will be established by our people committee in their discretion. In no event shall an offering period exceed 27 months. During each offering period, payroll contributions will accumulate without interest. On the last trading day of the offering period, accumulated payroll deductions will be used to purchase common stock. The option price per share of the Common Stock sold to employees under the ESPP shall be the lesser of (i) eighty-five percent (85%) of the Fair Market Value of the common stock on the Offering Date (as defined in the ESPP), or (ii) eighty-five percent (85%) of the Fair Market Value of the common stock on the last day of the offering period; provided, however, that the option price per share of the common stock may be adjusted for subsequent offering periods by our people committee subject to the requirements of Section 423 of the Code (and in no event shall the option price per share be less than the par value of the common stock).

***Price Adjustment.*** In the event that adjustments are made in the number of outstanding shares of common stock or said shares are exchanged for a different class of stock of the Company or for shares of stock of any other corporation by reason of merger, consolidation, stock dividend, stock split, recapitalization, or otherwise, our people committee shall make appropriate adjustments in (i) the

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number and class of shares or other securities that may be reserved for purchase, or purchased, hereunder, (ii) the Maximum Offering Period Share Allotment (as defined in the ESPP) applicable to then current and future offering periods, and (iii) the option price and the number of shares of common stock covered by each outstanding option under the ESPP. All such adjustments shall be made in the sole discretion of our people committee, and its decision shall be binding and conclusive.

***Amendment and Termination.*** Our board of directors or our people committee will have the right to amend, suspend or terminate the ESPP at any time. Any increase in the aggregate number of shares of stock to be issued under the ESPP is subject to stockholder approval. Any other amendment is subject to stockholder approval only to the extent required under applicable law or regulation. The ESPP will terminate on the date the share reserve under the ESPP is fully utilized or, if earlier, the date our board of directors or people committee elects to terminate the ESPP.

**Risk Assessment** 

The People Committee has reviewed our compensation policies as generally applicable to our employees and believes that our policies do not encourage excessive and unnecessary risk-taking, and that the level of risk that they do encourage is not reasonably likely to have a material adverse effect on us. Several members of our management team recently conducted an assessment of the risks arising from our compensation policies and practices. The team reviewed and discussed the design features, characteristics, performance metrics at the Company and segment levels and approval mechanisms of total compensation for all employees, including salaries, incentive plans, and equity-based compensation awards, to determine whether any of these policies or programs could create risks that are reasonably likely to have a material adverse effect on us.

Our compensation philosophy and culture support the use of base salary, performance-based compensation, and retirement plans that are generally uniform in design and operation throughout our organization and with all levels of employees. These compensation policies and practices are centrally designed and administered, and are substantially identical between our business divisions. In addition, the following specific factors, in particular, reduce the likelihood of excessive risk-taking:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our overall compensation levels are competitive with the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our compensation mix is balanced among (i) fixed components like salary and benefits, (ii) annual incentives that
reward our overall financial performance, business unit financial performance, operational measures and individual performance over the short-term, and (iii) a portfolio approach for equity-based awards, primarily consisting of RSUs and PSUs,
which are tied to our long-term performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An important portion of our executive compensation is tied to how our stock price performs over a period of multiple years,
with equity-based awards generally vesting over terms of three to six years. This minimizes the benefit of a temporary spike in stock price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The People Committee has discretion to reduce performance-based awards when it determines that such adjustments would be
appropriate based on our interests and the interests of our stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executive officers are subject to certain stock ownership and holding requirements and our insider trading policy.

In summary, although a significant portion of the compensation provided to our Named Executive Officers is performance-based, we believe our compensation programs do not encourage excessive and unnecessary risk taking by executive officers (or other employees) because these programs are designed to encourage employees to remain focused on both our short- and long-term operational and

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financial goals. We set performance goals that we believe are reasonable in light of our past performance and market conditions. A portion of the variable compensation we provide is comprised of long-term incentives in the form of RSUs subject to time-based vesting conditions, which retains value even in a depressed market, so executives are less likely to take unreasonable risks. With respect to our performance-based equity incentives, assuming achievement of, at least, a minimum level of performance, payouts may be made at levels below full target achievement, in lieu of an "all or nothing" approach.

**Summary Compensation Table** 

The table below sets forth the annual compensation earned during the 2022 Fiscal Year by our Named Executive Officers:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Salary<sup>(1)</sup><br>($)** | **Bonus<sup>(2)</sup><br>($)** | **Stock<br>Awards<sup>(3)</sup><br>($)** | **Non-Equity<br>Incentive Plan<br>Compensation<sup>(4)</sup><br>($)** | **All Other<br>Compensation<sup>(5)</sup><br>($)** | **Total**<br>**($)** |
|  Jon Yoder |  |  |  |  |  |  |
| *President, Chief Executive Officer and Director* | 267616 |  | 2135216 |  |  | 2402832 |
|  David Callen |  |  |  |  |  |  |
| *Chief Financial Officer* | 172329 |  | 700944 |  | 4250 | 877523 |
|  David Fernandez |  |  |  |  |  |  |
| *Chief Operating Officer* | 172329 | 650000 | 1078384 |  | 35317 | 1936030 |
|  Jordan Meer |  |  |  |  |  |  |
| *Chief Strategy and Investment Officer* | 162192 | 300000 | 647045 |  |  | 1109237 |
|  Moe Hanifi |  |  |  |  |  |  |
| *Senior Vice President, Head of Revenue and Commodities* | 162192 | 300000 | 647045 |  |  | 1109237 |
|  Ricardo Fabre |  |  |  |  |  |  |
| *Senior Vice President, Head of Asset Operations* | 131781 | 750000 | 323504 |  |  | 1205285 |

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(1) Represents the base salary for each Named Executive Officer earned for services provided during the 2022 Fiscal Year
(from August 5, 2022 through December 31, 2022).

(2) Represents cash signing bonuses paid as part of the Internalization Agreement between the Company and GSAM. The Company
does not intend to pay any further cash bonuses related to the Internalization.

(3) Represent the aggregate grant date fair value of the RSU and PSU awards granted in October 2022, calculated in accordance
with FASB ASC Topic 718. The grant date fair value of the RSU awards were determined by multiplying each Named Executive Officer's Phantom Ownership Percentage by the Company's fair value as of December 31, 2022, which was
approximately $1.6 billion. The grant date fair value of the PSU awards were determined using a Monte Carlo simulation. The actual amount realized upon settlement of the RSU and PSU awards will depend upon the market price of the Company's
stock on the settlement date and the Company's performance (with respect to the PSUs).

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(4) The People Committee has not yet certified results for 2022 annual cash incentive awards and final payment amounts have
not yet been approved by the board of directors. Once certified and approved, which is expected to occur in late January 2022, these results will be disclosed on a subsequent Form S-1/A or Form 8-K, as applicable.

(5) For David Callen, this figure represents the Company's contributions to his account in the Company's 401(k)
plan, which for the 2022 Fiscal Year was the period from August 5, 2022 through December 31, 2022. For David Fernandez, this figure represents the value of expenses incurred by Mr. Fernandez in 2022 in connection with his relocation
from the United States to Spain, for which we have committed to reimburse him. We have also committed to pay Mr. Fernandez a tax gross-up on the portion of those relocation expenses that
Mr. Fernandez recognizes as income. The value of any applicable gross-up on these amounts is still being analyzed and, as such, is not yet determinable.

**Grants of Plan-Based Awards** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Estimated Future Payouts<br>Under Non-Equity<br>Incentive Plan Awards<sup>(1)</sup>** | **Estimated Future Payouts<br>Under Non-Equity<br>Incentive Plan Awards<sup>(1)</sup>** | **Estimated Future Payouts<br>Under Non-Equity<br>Incentive Plan Awards<sup>(1)</sup>** | **Estimated Future Payouts<br>Under Equity<br>Incentive Plan Awards<sup>(2)</sup>** | **Estimated Future Payouts<br>Under Equity<br>Incentive Plan Awards<sup>(2)</sup>** | **Estimated Future Payouts<br>Under Equity<br>Incentive Plan Awards<sup>(2)</sup>** | **All Other<br>Stock<br>Awards:<br>Number of<br>Shares of<br>Stock or<br>Units<sup>(4)</sup>**<br>**(#)** | **Grant Date<br>Fair Value<br>of Stock<br>and<br>Option<br>Awards<sup>(5)</sup>**<br>**($)** |
| **Name** |<br>**Grant Date** | **Threshold**<br>**($)** | **Target**<br>**($)** | **Maximum**<br>**($)** | **Threshold**<br>**(#)** | **Target**<br>**(#)** | **Maximum**<br>**(#)** | **All Other<br>Stock<br>Awards:<br>Number of<br>Shares of<br>Stock or<br>Units<sup>(4)</sup>**<br>**(#)** | **Grant Date<br>Fair Value<br>of Stock<br>and<br>Option<br>Awards<sup>(5)</sup>**<br>**($)** |
|  **Jon Yoder** |  |  |  |  |  |  |  |  |  |
|  Annual Bonus | N/A | 330000 | 660000 | 1320000 |  |  |  |  |  |
|  RSUs<sup>(3)</sup> | 10/30/2022 |  |  |  |  |  |  |  | 930480 |
|  PSUs | 10/30/2022 |  |  |  |  |  |  |  | 1204736 |
|  **David Callen** |  |  |  |  |  |  |  |  |  |
|  Annual Bonus | N/A | 159375 | 318750 | 637500 |  |  |  |  |  |
|  RSUs<sup>(3)</sup> | 10/30/2022 |  |  |  |  |  |  |  | 305456 |
|  PSUs | 10/30/2022 |  |  |  |  |  |  |  | 395488 |
|  **David Fernandez** |  |  |  |  |  |  |  |  |  |
|  Annual Bonus | N/A | 159375 | 318750 | 637500 |  |  |  |  |  |
|  RSUs<sup>(3)</sup> | 10/30/2022 |  |  |  |  |  |  |  | 469936 |
|  PSUs | 10/30/2022 |  |  |  |  |  |  |  | 608448 |
|  **Jordan Meer** |  |  |  |  |  |  |  |  |  |
|  Annual Bonus | N/A | 140000 | 280000 | 560000 |  |  |  |  |  |
|  RSUs<sup>(3)</sup> | 10/30/2022 |  |  |  |  |  |  |  | 281968 |
|  PSUs | 10/30/2022 |  |  |  |  |  |  |  | 365077 |
|  **Moe Hanifi** |  |  |  |  |  |  |  |  |  |
|  Annual Bonus | N/A | 140000 | 280000 | 560000 |  |  |  |  |  |
|  RSUs<sup>(3)</sup> | 10/30/2022 |  |  |  |  |  |  |  | 281968 |
|  PSUs | 10/30/2022 |  |  |  |  |  |  |  | 365077 |
|  **Ricardo Fabre** |  |  |  |  |  |  |  |  |  |
|  Annul Bonus | N/A | 97500 | 195000 | 390000 |  |  |  |  |  |
|  RSUs<sup>(3)</sup> | 10/30/2022 |  |  |  |  |  |  |  | 140976 |
|  PSUs | 10/30/2022 |  |  |  |  |  |  |  | 182528 |

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(1) Represents the estimated payouts for annual cash incentive awards under the 2022 Plan assuming threshold, target and
maximum performance achievement. The actual amounts paid to our Named Executive Officers under the 2022 Plan are subject to approval by the People Committee and expected to be paid in the first quarter of 2023. See "Compensation Discussion and
Analysis—Setting Executive Compensation" above for additional information regarding these awards.

(2) As of December 31, 2022 and prior to this offering, the Private PSU awards held by each Named Executive Officer is
reflected as a Phantom Ownership Percentage, which settles in cash and vests solely based on continued employment over time. Upon completion of this offering, the Private PSUs will convert to Public PSU awards which will settle in the Company's
common stock

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and will vest based on absolute TSR. The actual number of PSUs earned based on actual performance over the full performance period may range from 0% to 200% of the amount below for the 2022 PSUs. The performance period for the Public PSUs begins twenty trading days immediately following this offering and ends on August 1, 2025. See "Setting Executive Compensation—Long Term Incentive Awards" for additional information on Phantom Ownership Percentages granted under the 2022 Plan.

(3) Reflect RSUs granted to the Named Executive Officers during 2022. Such grants vest in full on the third anniversary of
the vesting commencement date, subject to the Named Executive Officer's continued employment through such date.

(4) As of December 31, 2022 and prior to this offering, the Private RSU awards held by each Named Executive Officer is
reflected as a Phantom Ownership Percentage, which upon completion of this offering will convert to a Public RSU award which will be settled in the Company's common stock at vesting. See "Setting Executive Compensation—Long Term
Incentive Awards" for additional information on Phantom Ownership Percentages granted under the 2022 Plan.

(5) Represent the aggregate grant date fair value of the PSUs and RSUs granted in 2022 to the Named Executive Officers,
computed in accordance with FASB ASC Topic 718, disregarding estimated forfeitures. The grant date fair value of the PSUs is based on probable outcome with regard to the applicable performance metrics.

**Outstanding Equity Awards at 2022 Fiscal Year-End** 

The following table provides information regarding outstanding and unvested RSUs and PSUs held by our Named Executive Officers as of December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock Awards<sup>(1)</sup>** | **Stock Awards<sup>(1)</sup>** | **Stock Awards<sup>(1)</sup>** | **Stock Awards<sup>(1)</sup>** |
| **Name** | **Number of<br>Shares or<br>Units of Stock<br>That Have<br>Not Vested<sup>(2)</sup>**<br>**(#)** | **Market Value<br>of Shares or<br>Units of<br>Stock That<br>Have Not<br>Vested<sup>(3)</sup>**<br>**($)** | **Equity Incentive Plan<br>Awards: Number of<br>Unearned Shares,<br>Units, or Other Rights<br>That Have Not<br>Vested<sup>(4)</sup>**<br>**(#)** | **Equity Incentive Plan<br>Awards: Market or<br>Payout Value of<br>Unearned Shares,<br>Units or Other Rights<br>That Have Not<br>Vested<sup>(5)</sup>**<br>**($)** |
|  Jon Yoder |  | 930480 |  |  |
|  |  |  |  | 930480 |
|  David Callen |  | 305456 |  |  |
|  |  |  |  | 305456 |
|  David Fernandez |  | 469936 |  |  |
|  |  |  |  | 469936 |
|  Jordan Meer |  | 281968 |  |  |
|  |  |  |  | 281968 |
|  Moe Hanifi |  | 281968 |  |  |
|  |  |  |  | 281968 |
|  Ricardo Fabre |  | 140976 |  |  |
|  |  |  |  | 140976 |

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(1) There were no outstanding and unvested stock options as of December 31, 2022.

(2) As of December 31, 2022 and prior to this offering, the Private RSU awards held by each Named Executive Officer is
reflected as a Phantom Ownership Percentage and settled in cash, which upon completion of this offering will convert to a Public RSU award which will settle in the Company's common stock at vesting. See "Setting Executive
Compensation—Long Term Incentive Awards" for additional information on Phantom Ownership Percentages granted under the 2022 Plan.

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(3) Represents Private RSU awards held by each Named Executive Officer which will vest in full on August 1, 2025,
subject to the Named Executive Officer's continued employment. Market value is calculated by multiplying the respective Phantom Ownership Percentage of each Named Executive Officer by the calculated fair value of the Company as of
December 31, 2022, which was approximately $1.6 billion.

(4) As of December 31, 2022 and prior to this offering, the Private PSU awards held by each Named Executive Officer is
reflected as a Phantom Ownership Percentage, which settles in cash and vests solely based on continued employment over time. Upon completion of this offering, the Private PSUs will convert to Public PSU awards which will settle in the Company's
common stock and will vest based on absolute TSR. The actual number of PSUs earned based on actual performance over the full performance period may range from 0% to 200% of the target amount granted. The performance period for the Public PSUs begins
twenty trading days immediately following this offering and ends on August 1, 2025. See "Setting Executive Compensation—Long Term Incentive Awards" for additional information on Phantom Ownership Percentages granted under the
2022 Plan.

(5) Since the performance element of vesting will not apply to the PSUs until they become Public PSUs, the Private PSUs are
reported at "target" level. Market value is calculated by multiplying the respective target Phantom Ownership Percentage of each Named Executive Officer by the calculated fair value of the Company as of December 31, 2022, which was
approximately $1.6 billion.

**2022 Option Exercises and Stock Vested** 

There were no options exercised or stock vested during the 2022 Fiscal Year and no RSUs or PSUs vested during the 2022 Fiscal Year.

**Pension Benefits** 

We do not sponsor any qualified or non-qualified defined benefit pension plans.

**Non-Qualified Deferred Compensation** 

We do not have any non-qualified deferred compensation plans.

**Potential Payments Upon Termination or Change in Control** 

***Executive Compensation***

In 2022, our board of directors adopted the Executive Severance Plan, pursuant to which the Named Executive Officers are eligible to receive severance payments and benefits, as described in more detail below. None of the Named Executive Officers currently have an employment agreement with the Company. Pursuant to the terms of the Executive Severance Plan, the level of severance benefit for which a participant is eligible is determined based on their designated "Tier." As of December 31, 2022, the Tier level for each of the Named Executive Officer was as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Executive Severance<br>Plan Tier Level** | **Executive Severance<br>Plan Tier Level** |
|  Jon Yoder |  | Tier 1 |
|  David Callen |  | Tier 2 |
|  David Fernandez |  | Tier 2 |
|  Jordan Meer |  | Tier 2 |
|  Moe Hanifi |  | Tier 3 |
|  Ricardo Fabre |  | Tier 3 |

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Upon the Named Executive Officer's termination without "Cause" (as defined in the Executive Severance Plan), current participants in the Executive Severance Plan will be eligible to receive the following benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All accrued and unpaid base salary and all accrued but unused paid time off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reimbursement for all incurred but unreimbursed expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any benefits to which the participant may be entitled to receive.

Subject to satisfying release requirements and compliance with certain other agreements and covenants, including the restrictive covenants included in their equity award agreements, a participant will also be entitled to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A cash payment, payable in equal monthly installments over a defined period, equal to the product of (A) the
participant's severance multiple (2.0 for Tier 1, 1.5 for Tier 2, and 1.0 for Tier 3) and (B) the sum of their base salary and target annual bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If not yet paid, the annual cash bonus earned for the previous fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reimbursement for coverage for the participant, their spouse and eligible dependents under any applicable group health
plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") for a period beginning on the first day of the first calendar month following such Eligible Executive's date of termination and
continuing until the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) 24-months following the date of termination for Tier 1, (b) 18-months following the date of termination for Tier 2, and (c) 12-months following the date of termination for Tier 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The time such participant becomes eligible to be covered under a group health plan sponsored by another employer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date such participant is no longer eligible to receive COBRA continuation coverage.

Upon the Named Executive Officer's termination without Cause or resignation for Good Reason (each as defined in the Executive Severance Plan) within 24-months of a Change in Control (as defined in the Executive Severance Plan), current participants in the Executive Severance Plan will be eligible to receive the following benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A cash payment, payable in a lump sum within 45 days following the termination, equal to the product of (A) the
participant's severance multiple (3.0 for Tier 1, 2.0 for Tier 2, and 1.0 for Tier 3) and (B) the sum of their base salary and target annual bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If not yet paid, the annual cash bonus earned for the previous fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reimbursement for coverage for the participant, their spouse and eligible dependents under the any applicable group health
plans pursuant to COBRA for a period beginning on the first day of the first calendar month following such participant's date of termination and continuing until the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) 36-months following the date of termination for Tier 1, (b) 24-months following the date of termination for Tier 2, and (c) 18-months following the date of termination for Tier 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The time such participant becomes eligible to be covered under a group health plan sponsored by another employer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date such participant is no longer eligible to receive COBRA continuation coverage.

If a participant is a "disqualified individual" (as defined in Section 280G(c) of the Code), and the payments and benefits provided for in the Executive Severance Plan, together with any other payments and benefits which such participant has the right to receive, would constitute a "parachute

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payment" (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for in the Executive Severance Plan will either be (i) reduced so that the present value of the total amounts and benefits received by the participant will be one dollar less than three times the participant's "base amount" (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by the participant shall be subject to the excise tax imposed by Section 4999 of the Code or (ii) paid in full, whichever produces the better net after-tax position to the participant.

The following table quantifies the payments and benefits that would have been paid to our Named Executive Officers pursuant to the terms of the Executive Severance Plan and the 2022 Plan in the event of certain terminations of employment with us, had such terminations occurred on December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Payments and<br>Benefits** | **Termination<br>without Cause<sup>(1)</sup>**<br>**($)** | **Termination<br>without Cause<br>or for Good<br>Reason within<br>24 Months<br>Following a<br>Change in<br>Control<sup>(2)</sup>**<br>**($)** |
|  Jon Yoder | Cash severance<sup>(3)</sup> | 2640000 | 3960000 |
|  | COBRA subsidy<sup>(4)</sup> | 55437 | 83156 |
|  | RSU and PSU acceleration<sup>(6)</sup> |  | 1860960 |
|  | **Total** | 2695437 | 5904116 |
|  David Callen | Cash severance<sup>(3)</sup> | 1115625 | 1487500 |
|  | COBRA subsidy<sup>(4)</sup> | 41578 | 55437 |
|  | RSU and PSU acceleration<sup>(6)</sup> |  | 610912 |
|  | **Total** | 1157203 | 2153849 |
|  David Fernandez | Cash severance<sup>(3)</sup> | 1115625 | 1487500 |
|  | COBRA subsidy<sup>(5)</sup> | 44702 | 59603 |
|  | RSU and PSU acceleration<sup>(6)</sup> |  | 939872 |
|  | **Total** | 1160327 | 2486975 |
|  Jordan Meer | Cash severance<sup>(3)</sup> | 1020000 | 1360000 |
|  | COBRA subsidy<sup>(4)</sup> | 13351 | 17801 |
|  | RSU and PSU acceleration<sup>(6)</sup> |  | 563936 |
|  | **Total** | 1033351 | 1257287 |
|  Moe Hanifi | Cash severance<sup>(3)</sup> | 680000 | 680000 |
|  | COBRA subsidy<sup>(4)</sup> | 8901 | 13351 |
|  | RSU and PSU acceleration<sup>(6)</sup> |  | 563936 |
|  | **Total** | 688901 | 1257287 |
|  Ricardo Fabre | Cash severance<sup>(3)</sup> | 520000 | 520000 |
|  | COBRA subsidy<sup>(4)</sup> | 27719 | 41578 |
|  | RSU and PSU acceleration<sup>(6)</sup> |  | 281952 |
|  | **Total** | 547719 | 843530 |

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(1) Reflect payments made upon termination by the Company without Cause as defined in the Executive Severance Plan.

(2) Reflect payments made upon termination by the Company without Cause or by the Named Executive Officer for Good Reason, in
each case, within 24 months following a Change in Control as defined in the Executive Severance Plan.

(3) Pursuant to the Executive Severance Plan, upon a termination of employment by the Company without Cause, each Named
Executive Officer will receive either 2.0 (for Mr. Yoder), 1.5 (for Messrs. Callen, Fernandez and Meer) or 1.0 (for Messrs. Hanifi and Fabre) times the sum of their annual base salary and target annual bonus for the year in which the
termination occurs. Such amount shall be paid over the Qualifying Termination Severance Payment Period, which for Mr. Yoder is 24 months, for Messrs. Callen, Fernandez and Meer is 18 months, and for Messrs. Hanifi and Fabre is 12 months. Upon a
termination following a Change in Control, each Named Executive Officer will receive either 3.0 (for Mr. Yoder), 2.0 (for Messrs. Callen, Fernandez and Meer) or 1.0 (for Messrs. Hanifi and Fabre) times the sum of their annual base salary and
target annual bonus for the year in which the termination occurs. Such amount shall be payable in a lump sum on or prior to the date that is 60 days following such Change in Control termination.

(4) Pursuant to the terms of the Executive Severance Plan, upon termination of employment by the Company without Cause, the
Company will reimburse each of the Named Executive Officers for the full cost of COBRA premiums to effect such coverage under the Company's group health plans for up 24 months (for Mr. Yoder), 18 months (for Messrs. Callen and Meer), and
12 months (for Messrs. Hanifi and Fabre). Upon a termination following a Change in Control, the Company will reimburse each of the Named Executive Officers for the full cost of COBRA premiums to effect such coverage under the Company's group
health plans for up to 36 months (for Mr. Yoder), 24 months (for Messrs. Callen and Meer) and 18 months (for Messrs. Hanifi and Fabre). The COBRA reimbursement amount is based on the premiums in effect on December 31, 2022 and each
applicable Named Executive Officer's elections in place on such date, which are assumed for purposes of this table to remain the same throughout the period for which COBRA reimbursement would be available.

(5) As of December 31, 2022, Mr. Fernandez was a service provider to one of the Company's Spanish subsidiaries
and not eligible for COBRA. Under the terms of Mr. Fernandez's Executive Severance Plan participation agreement, the Company will reimburse Mr. Fernandez for the costs of such equivalent coverage for up to 18-months following a termination of service without Cause or 24-months upon termination of service without Cause or for Good Reason following a Change in Control. Such
reimbursement amounts are based on the premiums in effect on December 31, 2022 and Mr. Fernandez's elections in place on such date, which are assumed for purposes of this table to remain throughout the period for which reimbursement
would be available.

(6) Pursuant to the terms of the 2022 Plan, absent a Change in Control, upon termination by the Company without Cause, the
outstanding and unvested RSUs and PSUs will be forfeited. Upon termination following a Change in Control, the RSUs and PSUs shall become fully vested immediately prior to such termination of the Named Executive Officer. For the RSUs and PSUs, these
amounts are calculated by multiplying the respective Phantom Ownership Percentage (at "target" level for the PSUs) of each Named Executive Officer by the calculated fair value of the Company as of December 31, 2022, which was
approximately $1.6 billion.

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**INTERNALIZATION TRANSACTION AND CORPORATE REORGANIZATION** 

**Internalization Transaction** 

Prior to August 4, 2022, we did not have any employees but had rather been externally managed by Goldman Sachs Asset Management, L.P., a wholly owned subsidiary of GS. GSAM is a highly diversified global investment management firm supervising over $2 trillion in assets as of June 30, 2022. With more than 2,000 professionals across 31 offices worldwide, GSAM provides investment and advisory solutions for institutional and individual investors across multiple asset classes.

Under a Management Services Agreement, GSAM historically dedicated to us a team of approximately 100 professionals with extensive experience spanning transaction sourcing and financial analysis, power markets and physical asset analysis in the solar industry. In addition to this dedicated team, GSAM had risk management, legal, accounting, tax, information technology and compliance personnel, among others, who provided services to us. Under the Management Services Agreement, GSAM was entitled to certain administrative fees and management fees for the services provided to us. See "Certain Relationships and Related Party Transactions—Management Services Agreement."

In addition, under the terms of the limited liability company agreement of OpCo, the Special Interest Member holds the Special Interest, which for periods prior to the closing on August 4, 2022 of the Internalization Transaction described below included the right to receive the OpCo Incentive Allocation, the value of which was based on certain operational and financial metrics as further described in "Certain Relationships and Related Party Transactions—OpCo LLC Agreement."

On May 18, 2022, we entered into the Internalization Agreement with OpCo, MN8 Energy, GSAM and the Special Interest Member to engage in the Internalization Transaction, which we closed on August 4, 2022. Pursuant to the Internalization Transaction, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Management Services Agreement was terminated and GSAM is no longer entitled to management fees or administrative fees
from us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we agreed to directly or indirectly employ the approximately 100 professionals previously employed by GSAM that are
dedicated to our business under the Management Services Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we entered into a transition services agreement with MN8 Energy, OpCo and GSAM that provides for the provision of certain
administrative services by GSAM to MN8 Energy, OpCo and us for a specified period of time following the closing of the Internalization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the OpCo Incentive Allocation was terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OpCo and its subsidiaries made an aggregate payment of $30.0 million (less $3.0 million in cash signing bonuses to be
paid to former GSAM employees) to the Special Interest Member and affiliates thereof, and $4 million of such payment was credited against, and reduced, the purchase price payable to GSAM Holdings pursuant to the QBI Solutions Share Purchase
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties agreed that, in connection with the Corporate Reorganization, the Special Interest will be exchanged (the
"Special Interest Exchange") by the Special Interest Member for a number of shares of common stock of MN8 Energy (the "Special Interest Shares") calculated in the manner further described in "Internalization Transaction and
Corporate Reorganization—Existing Owners' Ownership", which calculation is derived from an implied equity value for our company before giving effect to this offering based on the initial public offering price per share set forth on
the cover of this prospectus and takes into account prior distributions, including the cash payment to the Special Interest Member described above; using an assumed initial public offering price for our common stock of
$ per share (the midpoint of the price range set forth on the cover of this prospectus), we would issue Special Interest Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are subject to non-competition covenants under the Internalization Agreement, which may limit our operations in certain
respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties agreed that, GSAM will have the right to one board seat until such time following the Corporate Reorganization
as GSAM's ownership of MN8 Energy's common stock falls below five percent of the common stock then outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties agreed that the UC Regents has the option to appoint a board observer until the earlier of (i) prior to the
initial public offering, the UC Regents no longer owning 10% of MN8 Energy LLC or (ii) after the initial public offering, the UC Regents no longer owning 10% of MN8 Energy's common stock.

**Corporate Reorganization** 

MN8 Energy LLC (f/k/a Goldman Sachs Renewable Power LLC) was formed in Delaware on September 19, 2017. Prior to this offering, in the Merger, MergerCo, a wholly owned subsidiary of MN8 Energy, a newly incorporated Delaware corporation formed for the purpose of effecting this offering and the transactions related thereto, will merge into MN8 Energy LLC, with MN8 Energy LLC surviving such Merger as a wholly owned subsidiary of MN8 Energy, and all outstanding limited liability company interests in MN8 Energy LLC will be exchanged for shares of common stock of MN8 Energy, with each member entitled to receive its pro rata portion of such shares of common stock based on such member's rights to distributions from MN8 Energy LLC. In connection with the Merger and the Special Interest Exchange, an aggregate of shares of common stock of MN8 Energy will be issued to the Existing Owners and the Special Interest Member of which, based on an initial public offering price of $ per common share (the midpoint of the price range on the cover of this prospectus), shares will be issued to the Existing Owners in the Merger and shares will be issued to the Special Interest Member in the Special Interest Exchange. Following the Merger and the Special Interest Exchange, MN8 Energy will issue shares of common stock to the public in this offering in exchange for the proceeds of this offering.

After giving effect to the Corporate Reorganization, the Internalization Transaction and the offering contemplated by this prospectus, and assuming no exercise of the underwriters' option to purchase additional shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GSAM (including through the Special Interest Member) will own
 of our shares of common stock, which, based on an initial public offering price of
$ per share (the midpoint of the price range set forth on the cover page of this prospectus), representing an aggregate illustrative value of approximately
$ and approximately % of the voting power thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Existing Owners other than GSAM will own
 of our shares of common stock, which, based on an initial public offering price of
$ per share (the midpoint of the price range set forth on the cover page of this prospectus), representing an aggregate illustrative value of approximately
$ and approximately % of the voting power thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors in this offering will own
 of our shares of common stock, which, based on an initial public offering price of
$ per share (the midpoint of the price range set forth on the cover page of this prospectus), representing an aggregate illustrative value of approximately
$ and approximately % of the voting power thereof.

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The following diagram indicates our simplified ownership structure immediately following the Internalization Transaction, the Corporate Reorganization and the consummation of this offering and the transactions related thereto (assuming the underwriters' option to purchase additional shares is not exercised).

![LOGO](g366853g78d96.jpg)

(1) Other Existing Investors includes the UC Regents, which we expect will own, based on the assumptions set forth above,
 shares of our Common Stock, representing an aggregate illustrative value of approximately
$ million and approximately % of the voting power of our Common Stock.

**Existing Owners' Ownership** 

The ownership figures set forth in this "Internalization Transaction and Corporate Reorganization" assume an initial public offering price of $ per common share, which is the midpoint of the price range set forth on the cover of this prospectus. Any increase or decrease (as applicable) of the assumed initial public offering price will result in an increase or decrease, respectively, in the number of Special Interest Shares to be issued to GSAM, and an equivalent decrease or increase, respectively, in the number of shares of common stock to be received by the other Existing Owners. Accordingly, any such change in our initial public offering price will not affect the aggregate number of shares of common stock held collectively by GSAM and such other Existing Owners.

The number of shares to be issued to each of GSAM and the other Existing Owners is based on the implied equity value of our company based on the initial public offering price and before giving effect to the proceeds from this offering. Such implied equity value is made subject to the "waterfall"

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distribution provisions of the OpCo LLC Agreement, pursuant to which the Existing Owners are entitled to first receive a number of shares of common stock equivalent to their respective capital contributions plus a specified rate for return. After such rate of return has been met with respect to the Existing Owners, the Special Interest Member is entitled to a "catch-up" distribution until it receives a portion of such specified rate of return, with any remaining amounts to be distributed between the Existing Owners and the Special Interest Member based on fixed sharing percentages.

A $1.00 increase (decrease) from the initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the number of shares held by GSAM following this offering by () shares. A $1.00 increase (decrease) from the initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would (decrease) increase the number of shares held by the other Existing Owners by () shares.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

In addition to the compensation arrangements, including employment, termination of employment and change in control arrangements, discussed in the sections titled "Management" and "Executive Compensation" and the registration rights described in the section titled "Certain Relationships and Related Party Transactions—Registration Rights Agreements," the following is a description of each transaction since January 1, 2019, and each currently proposed transaction, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have been or are to be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount involved exceeded or exceeds $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors, executive officers or holders of more than 5% of our outstanding capital stock, or any immediate
family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest.

**OpCo LLC Agreement** 

In accordance with the current terms of the OpCo LLC Agreement, the Special Interest Member holds the Special Interest, which entitles it to distributions in connection with certain specified events (including a sale of all of OpCo's assets or the liquidation of OpCo). Under the previous terms of the OpCo LLC Agreement, the Special Interest also entitled the Special Interest Member to the OpCo Incentive Allocation, which was a right to incentive distributions from OpCo that equated to a percentage of "Core Operating Profit." Core Operating Profit was equal to operating income, plus OpCo's share of other revenue, less tax and interest expense, economic depreciation, the Administration Fee, the Management Fee, and subject to various other adjustments as described therein. The payment was subject to the achievement of certain hurdles. As the incentive payments were earned, OpCo allocated the amount earned to the Special Interest Member and any associated payments were recorded as distributions. To the extent the Special Interest Member earned an incentive allocation and the related amounts had been paid to the Special Interest Member, it was not required to return that amount to OpCo even if the Core Operating Profit in future periods was insufficient to have achieved the aggregate hurdle in such future periods. During the years ended December 31, 2021, 2020 and 2019, OpCo paid incentive allocations to the Special Interest Member of $7.6 million, $6.1 million and $5.6 million, respectively. OpCo paid the Special Interest Member an incentive allocation of $3.0 million for the nine months ended September 30, 2022 (compared to the incentive allocations paid by OpCo to the Special Interest Member of $7.6 million for the nine months ended September 30, 2021). In connection with the Internalization Transaction, the OpCo LLC Agreement was amended to, among other things, provide for the termination of the OpCo Incentive Allocation for periods following the closing of the Internalization Transaction.

**Management Services Agreement** 

In accordance with the Management Services Agreement, dated February 9, 2018, GSAM historically received a management fee and administrative fee from us as compensation for the services it provides us.

The management fee was determined as of the last day of the applicable calendar quarter and is paid quarterly in arrears. The management fee was equal to 0.125% of the average of the management fee base with respect to such calendar quarter and the management fee base at the end of the prior calendar quarter. The management fee base for any calendar quarter was equal to the amount of capital contributed to us as of the end of such calendar quarter, plus our total indebtedness, less a proportionate share of any indebtedness attributable to non-tax-equity joint-venture partners.

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During the years ended December 31, 2021, 2020 and 2019, we paid management fees to GSAM of $10.4 million, $7.5 million and $4.7 million, respectively. We paid management fees to GSAM of $7.3 million and $7.5 million for the nine months ended September 30, 2022 and 2021, respectively.

The administration fee was equal to the product of our share of the nameplate capacity of the solar energy facilities we own (the "Facilities") and the applicable per kW rate. From February 9, 2018, (the first date on which we accepted capital commitments) until the day preceding the first anniversary of such date, the applicable per kW rate was $10; thereafter, until the day preceding the second anniversary of such date, the applicable per kW rate was $9; thereafter, the applicable per kW rate is $8. The administration fee was prorated for any partial calendar quarter and for any intra-quarter changes to the aggregate nameplate capacity of the Facilities. The administration fee for any calendar quarter was subject to a cap of 0.125% of the average of the management fee base at the end of such quarter and the management fee base at the end of the prior calendar quarter (the "Administration Fee Cap"), less such fees paid to third-party service providers by or associated with the Facilities (excluding from such fees, the proportion attributable to non-tax-equity joint-venture partners). To the extent the administration fee and/or the Administration Fee Cap is reduced below zero for a particular calendar quarter, GSAM would have paid to us the amount by which the administration fee and/or Administration Fee Cap was below zero. During the years ended December 31, 2021, 2020 and 2019, we paid administration fees to GSAM of $7.7 million, $5.6 million and $2.4 million, respectively. We paid administration fees to GSAM of $5.1 million and $6.0 million for the nine months ended September 30, 2022 and 2021, respectively.

As discussed elsewhere in this prospectus, in connection with the Internalization Transaction, the Management Services Agreement was terminated and GSAM is longer entitled to management fees or administrative fees from us. See the section of this prospectus titled "Internalization Transaction and Corporate Reorganization" for information regarding certain related party transactions to be undertaken in connection with this offering.

**Internalization Agreement** 

See the section of this prospectus titled "Internalization Transaction and Corporate Reorganization" for a description of the terms of the Internalization Agreement. In addition to the terms listed in that section, the Internalization Agreement includes the following terms.

We are subject to non-competition covenants in the Internalization Agreement, until the earlier of (i) the six year anniversary of the completion of this offering or (ii) if a specified change of control transaction has occurred, the later of the second anniversary of completion of this offering or the date of the specified change of control transaction. During this period of time, subject to certain exceptions, we will generally be prohibited from (i) (A) providing or agreeing to provide recommendations with respect to the purchase or sale of assets of any type for non-affiliates in exchange for compensation (other than certain compensation typically received by operating companies in our industry), (B) meeting the definition of an investment company or an investment advisor under the Investment Company Act of 1940, as amended, and (C) certain other activities that would require us to act in a fiduciary capacity or participate in capital raising transactions on behalf of third parties in exchange for compensation (collectively, and as further defined in the Internalization Agreement, "Investment Management Activities"), (ii) owning any interest in an entity engaged in such Investment Management Activities and (iii) receiving or having a contractual right to receive consideration relating to Investment Management Activities on behalf of any person other than the Company, OpCo or MN8 Energy LLC and any direct or indirect subsidiary of the Company, OpCo or MN8 Energy LLC.

Except as required by applicable law or a lawful request by any governmental authority, we will and will cause our affiliates to (i) keep confidential, and not release or disclose for any purpose,

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information of or relating to any client of Goldman Sachs' Private Wealth Management business of GSAM or their affiliates ("PWM Clients") that is in our possession, and (ii) not use, directly or indirectly, such information for any reasons other than to (a) provide written communications to our shareholders if required by the organizational documents of us or one of our affiliates, including for any vote or consent required of shareholders, consistent with past practice, or reasonably necessary in connection with this offering, a sale or other extraordinary transaction; (b) make distributions to shareholders; (c) deliver tax-related documents or other client-specific documents to any shareholders who are PWM Clients; and (d) use PWM Client information to mail proxy statements, run broker searches and make other ordinary course communications with stockholders.

For a period of three years commencing from the closing of the Internalization Transaction, if we or one of our affiliates seeks financial advisory or investment banking services and we determine that a Goldman Sachs affiliate is an appropriate and qualified provider of such services, and such Goldman Sachs affiliate offers such services at a rate and on terms our board finds appropriate, then such Goldman Sachs affiliate will have the right to be engaged to provide such services. Our board has sole discretion to take into account such factors it deems relevant in determining whether a Goldman Sachs affiliate would be an appropriate and qualified provider of services.

For so long as Goldman Sachs holds a 5% ownership interest in our common stock, GSAM shall have the right to designate one director (the "GSAM Director") to our board. Subject to stock exchange and SEC rules, the GSAM Director will be entitled to be a member of all the committees of our board. If GSAM declines to exercise its right to designate an individual to serve on our board, GSAM will be entitled to designate a board observer (the "GSAM Observer") if such individual enters into a customary board observer agreement with us. Our board or any committee thereof may exclude the GSAM Director or the GSAM Observer, as applicable, from any meeting to the extent any conflicts of interest exist between any Goldman Sachs entity, the GSAM Director or the GSAM Observer, on the one hand, and us, on the other.

For so long as the UC Regents holds a 10% ownership in our common stock, the UC Regents shall have the right to designate a board observer (the "UC Regents Observer") if such individual enters into a customary board observer agreement with us. Our board or any committee thereof may exclude the UC Regents Observer, as applicable, from any meeting to the extent any conflicts of interest exist between UC Regents, on the one hand, and us, on the other.

For two years following the closing of the Internalization Transaction (the "Restricted Period"), our affiliates and we will be subject to a mutual non-solicit agreement with GSAM. During the Restricted Period, we will not solicit (or encourage any other person to solicit) the employment or engagement of services of, employ or engage as an independent contractor or consultant, any person who is or was employed as an employee of GSAM or their controlled affiliates in the Restricted Period. Until the end of the Restricted Period, GSAM and their controlled affiliates will not solicit the employment or engagement of services of, employ or engage as an independent contractor or consultant, any person who is or was employed as an employee of us during the Restricted Period. Notwithstanding the foregoing, this provision does not prohibit general advertisements not targeting specific employees of the other.

**Corporate Reorganization** 

See the section of this prospectus titled "Internalization Transaction and Corporate Reorganization" for information regarding certain related party transactions to be undertaken in connection with this offering.

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**Registration Rights Agreements** 

In connection with the closing of this offering, we will enter into a registration rights agreement with GSAM and the UC Regents. Under the terms of the agreement, GSAM, the UC Regents and each permitted transferee to whom GSAM or the UC Regents shall assign or transfer any rights under the agreement, shall have the right to require us to file one or more registration statements under the Securities Act covering all or any part of its and its affiliates' registrable securities; provided that we will be required to conduct no more than two (2) demand registrations. Once a registration statement is effective, GSAM, the UC Regents and their permitted transferees will have the right to request four "shelf" underwritten offerings, provided that any such requested underwritten offering must include an aggregate $50 million in common stock. GSAM, the UC Regents and their permitted transferees will also have customary piggyback rights with respect to registrations of our securities.

**Transition Services Agreement** 

In connection with the Internalization Transaction, we entered into a transition services agreement with MN8 Energy, OpCo and GSAM that provides for the provision of certain services by GSAM to MN8 Energy, OpCo and us, including risk management, accounting, tax, information technology and compliance, for a specified period of time following completion of the Internalization Transaction. Accordingly, we will no longer pay the Management Fee or Administrative Fee; however, we will incur incremental costs associated with salaries, bonuses, benefits and all other employee-related costs, including stock-based compensation as well as costs associated with the transition services agreement. The duration of the transition services agreement varies by service category and is generally from two to nine months from the closing of the Internalization Agreement. The actual period that GSAM will provide a particular service will depend upon how long it takes us to develop internal capacity for, or find another provider of, that service. Pricing of transition services during the scheduled transition period will be calculated to allow GSAM to recover costs of providing such services (including allocations of overhead) without markup for profit (subject to increased pricing during any extension periods).

**QBI Solutions Share Purchase Agreement** 

On May 18, 2022, we entered into an agreement with GSAM Holdings LLC to purchase GSAM Holdings' 51% equity interest in QBI Solutions, S.L. ("QBI Solutions"), the provider of the QBI software platform that our business uses, for $8 million. The completion of the sale of QBI Solutions was conditioned upon the prior or concurrent consummation of the closing of the Internalization Transaction and the receipt of certain required approvals. Since all conditions precedent were satisfied and the sale of QBI Solutions was consummated, $4 million of the cash payment made to the Special Interest Member in connection with the closing of the Internalization Transaction was credited against, and reduced, the purchase price for the QBI Solutions shares. If at any time prior to two years after the closing of the QBI Solutions purchase, we transfer, assign, or convey the QBI Solutions shares to a non-affiliate at a price that implies an equity valuation for the QBI Solutions shares that is greater than $4 million, GSAM Holdings will be paid an amount in cash equal to the positive difference, if any, between the equity valuation for the QBI Solutions shares implied by the price paid in such transaction and $4 million.

On July 26, 2022, we purchased the remaining 49% equity interest in QBI Solutions for approximately €10 million. As a result, QBI Solutions is now our wholly owned subsidiary.

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**UC Regents Side Letter** 

On July 6, 2022, we entered into an agreement with UC Regents in connection with, and as an inducement for, consenting to and approving the Internalization Transaction (the "UC Regents Side Letter"). Under the term of the UC Regents Side Letter, UC Regents shall have the option to appoint a board observer until the earlier of (i) prior to the initial public offering, UC Regents no longer owning 10% of MN8 Energy LLC or (ii) after the initial public offering, UC Regents no longer owning 10% of MN8 Energy's common stock. So long as UC Regents owns a material portion of our common stock, UC Regents may influence the investment decisions of MN8 Energy. UC Regents also was granted customary registration rights as discussed above under "Registration Rights" and certain other consent rights, including with respect to material amendments of our charter and bylaws and the authorization and issuance of additional equity securities, subject to the same equity ownership thresholds.

**Policies and Procedures for Related Party Transactions** 

We will adopt a related persons transaction policy that requires all of our directors and executive officers to report any activity that creates, or appears to create, a potential or actual conflict of interest with respect to their ability to make decisions and act in our best interest. A related party transaction shall be consummated or shall continue only if (i) the nominating and corporate governance committee of our board approves or ratifies such transaction in accordance with the guidelines set forth in such policy, and (ii) the transaction is on terms comparable to those that could be obtained in arm's length dealings with a third party.

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**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT** 

The following table, historical and as adjusted to reflect the sale of our common stock offered by us in this offering, assuming no exercise of the underwriters' option to purchase additional shares of our common stock from us, sets forth information regarding beneficial ownership of our common stock before and immediately following the completion of this offering by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person whom we know to own beneficially more than 5% of our common stock on an as-converted, fully diluted basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and named executive officers individually; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our current directors and executive officers as a group.

We have based our calculation of the percentage of beneficial ownership prior to this offering on shares of our common stock outstanding as if the Corporate Reorganization had occurred as of , . We have based our calculation of the percentage of beneficial ownership after this offering on shares of our common stock issued by us in the offering and shares of our common stock outstanding immediately after the completion of this offering, assuming that the underwriters will not exercise their option to purchase up to an additional shares of our common stock from us in full. The table below does not reflect any shares of our common stock that our directors and executive officers may purchase in this offering through the reserved share program described under "Underwriting (Conflicts of Interest)—Reserved Share Program."

Unless otherwise indicated, the address for each listed stockholder is: c/o MN8 Energy, Inc., 1155 Avenue of the Americas, 27th Floor, New York, NY 10036. To our knowledge, except as indicated in the footnotes to this table and pursuant to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all shares of common stock.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Beneficially Owned** | **Shares Beneficially Owned** | **Shares Beneficially Owned<br>After this Offering**<br>**(No Exercise)** | **Shares Beneficially Owned<br>After this Offering**<br>**(No Exercise)** | **Shares Beneficially Owned<br>After this Offering**<br>**(Full Exercise)** | **Shares Beneficially Owned<br>After this Offering**<br>**(Full Exercise)** |
|  | **Before this Offering** | **Before this Offering** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |
| **Name of Beneficial Owner** | **Number** | **%** | **Number** | **%** | **Number** | **%** |
|  **5% Stockholders:** |  |  |  |  |  |  |
|  The Regents of the University of California<sup>(1)</sup> |  |  |  |  |  |  |
|  GSAM and affiliates<sup>(2)</sup> |  |  |  |  |  |  |
|  **Named Executive Officers, Directors and Director Nominees:** |  |  |  |  |  |  |
|  Jon Yoder |  |  |  |  |  |  |
|  David Callen |  |  |  |  |  |  |
|  David Fernandez |  |  |  |  |  |  |
|  Jordan Meer |  |  |  |  |  |  |
|  Moe Hanifi |  |  |  |  |  |  |
|  Timothy Leach |  |  |  |  |  |  |
|  David Gadis |  |  |  |  |  |  |
| J. William Holden, III |  |  |  |  |  |  |
|  Fiona Macdonald |  |  |  |  |  |  |
|  Kathleen McGinty |  |  |  |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Beneficially Owned** | **Shares Beneficially Owned** | **Shares Beneficially Owned<br>After this Offering**<br>**(No Exercise)** | **Shares Beneficially Owned<br>After this Offering**<br>**(No Exercise)** | **Shares Beneficially Owned<br>After this Offering**<br>**(Full Exercise)** | **Shares Beneficially Owned<br>After this Offering**<br>**(Full Exercise)** |
|  | **Before this Offering** | **Before this Offering** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |
| **Name of Beneficial Owner** | **Number** | **%** | **Number** | **%** | **Number** | **%** |
|  Lorie Buckingham |  |  |  |  |  |  |
|  Brendan McGovern |  |  |  |  |  |  |
|  Directors and Executive Officers as a Group<br>(16 persons) |  |  |  |  |  |  |

---

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(1) Represents common stock to be owned directly by The Regents of the University of California. The address of The Regents
of the University of California is 1111 Franklin St., Oakland, CA 94607.

(2) Represents common stock to be owned directly by Goldman Sachs RP Holdings LLC. Goldman Sachs RP Holdings LLC is managed
by GSAM Holdings LLC, its managing member. GSAM Holdings LLC is managed by Goldman Sachs Group Inc., its sole member. Goldman Sachs Group Inc. is managed by a thirteen person Board of Directors, a majority of which are required to approve corporate
actions as more fully described in its certificate of incorporation and bylaws. Accordingly, each of GSAM Holdings LLC and Goldman Sachs Group Inc. may be deemed to have beneficial ownership of the shares owned by Goldman Sachs RP Holdings LLC. Each
of GSAM Holdings LLC and Goldman Sachs Group Inc. disclaims such beneficial ownership to the extent it exceeds their pecuniary interests therein. The address for the foregoing persons is 200 West Street, 3rd Floor, New York, NY 10282.

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**DESCRIPTION OF CAPITAL STOCK** 

Upon completion of this offering, our authorized capital stock will consist of 1,000,000,000 shares of common stock, $0.01 par value per share, of which shares will be issued and outstanding and 500,000,000 shares of preferred stock, $0.01 par value per share, of which no shares will be issued and outstanding.

The following summary of our capital stock and certificate of incorporation and bylaws does not purport to be complete and is qualified in its entirety by reference to the provisions of applicable law and to our certificate of incorporation and bylaws, which are filed as exhibits to the registration statement of which this prospectus is a part. The descriptions of our capital stock reflect the completion of the Corporate Reorganization that will occur prior to the closing of the offering. 

**Common Stock** 

***Voting Rights***. Holders of shares of common stock are entitled to one vote per share held of record on all matters to be voted upon by the stockholders. The holders of common stock do not have cumulative voting rights in the election of directors.

***Dividend Rights***. Holders of shares of our common stock are entitled to ratably receive dividends when and if declared by our board of directors out of funds legally available for that purpose, subject to any statutory or contractual restrictions on the payment of dividends and to any prior rights and preferences that may be applicable to any outstanding preferred stock.

***Liquidation Rights***. Upon the liquidation, dissolution, distribution of assets or other winding up of MN8 Energy, the holders of common stock are entitled to receive ratably the assets of MN8 Energy available for distribution to the stockholders after payment of liabilities and the liquidation preference of any of its outstanding shares of preferred stock.

***Other Matters***. The shares of common stock have no preemptive or conversion rights and are not subject to further calls or assessment by us. There are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of our common stock, including the common stock offered in this offering, are fully paid and non-assessable.

***Lock-Up Provisions***. Substantially all of the shares of common stock held by the Existing Owners will be subject to a lock-up in the certificate of incorporation until the expiration of the lock-up agreements entered into by us in connection with this offering. Following the expiration of such lock-up agreements, the Existing Owners, subject to compliance with the Securities Act or exceptions therefrom, will be able to freely trade their common stock.

**Preferred Stock** 

Our certificate of incorporation will authorize our board of directors, subject to any limitations prescribed by law, without further stockholder approval, to establish and to issue from time to time one or more classes or series of preferred stock, par value $0.01 per share, covering up to an aggregate of 500,000,000 shares of preferred stock. Each class or series of preferred stock will cover the number of shares and will have the powers, preferences, rights, qualifications, limitations and restrictions determined by the board of directors, which may include, among others, dividend rights, liquidation preferences, voting rights, conversion rights, preemptive rights and redemption rights. Except as provided by law or in a preferred stock designation, the holders of preferred stock will not be entitled to vote at or receive notice of any meeting of stockholders.

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**Anti-Takeover Effects of Provisions of Our Certificate of Incorporation, our Bylaws and Delaware Law** 

Some provisions of Delaware law, our certificate of incorporation and our bylaws will contain provisions that could make the following transactions more difficult: acquisitions of us by means of a tender offer, a proxy contest or otherwise; or removal of our incumbent officers and directors. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in our best interests, including transactions that might result in a premium over the market price for our shares.

These provisions are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with us. We believe that the benefits of increased protection and our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because, among other things, negotiation of these proposals could result in an improvement of their terms.

***Classified Board of Directors***

Our certificate of incorporation will provide that our board of directors will initially be classified and will transition to an annually elected board as of the third annual meeting following the completion of this offering. Our board of directors will initially be divided into three classes of directors, with the directors serving three-year terms. As a result, approximately one-third of our board of directors will be elected each year. At the third annual meeting of stockholders following the completion of this offering, all directors shall be elected to hold office for a one-year term expiring at the next annual meeting of stockholder. The classification of directors will have the effect of making it more difficult for stockholders to change the composition of our board of directors. Our certificate of incorporation and bylaws provide that, subject to any rights of holders of preferred stock to elect additional directors under specified circumstances, the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by the board of directors. See "Management—Board of Directors" for information regarding class membership.

***Removal of Directors and Vacancies***

Our certificate of incorporation will provide that directors may be removed at any time either with or without cause by the affirmative vote of a majority in voting power of all outstanding shares of stock, and, until our board of directors is declassified, directors may be removed only for cause by the affirmative vote of the holders of at least 66.66% of the voting power of all shares of capital stock then entitled to vote on the election of directors, voting together as a single class. Furthermore, any vacancy on our board of directors however occurring, including a vacancy resulting from an increase in the size of our board of directors may only be filled by the affirmative vote of a majority of our directors then in office even if less than a quorum.

***No Stockholder Action by Written Consent***

Our certificate of incorporation and bylaws will provide that, subject to the rights of any holders of preferred stock to act by written consent instead of a meeting, stockholder action may be taken only at an annual meeting or special meeting of stockholders and may not be taken by written consent instead of a meeting.

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***Requirements for Advance Notification of Stockholder Meetings, Nominations and Proposals***

Our certificate of incorporation and bylaws will provide that special meetings of the stockholders may be called only by or at the direction of our board of directors or by the Chairperson of our board of directors. Our bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers or changes in control or management of our company.

Our bylaws will contain advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors or a committee of the board of directors. In order for any matter to be "properly brought" before a meeting, a stockholder must comply with the advance notice requirements. Our bylaws will allow the presiding officer at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of our company.

***Authorized but Unissued Shares***

The authorized but unissued shares of our common stock and our preferred stock will be available for future issuance without any further vote or action by our stockholders. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of our common stock and our preferred stock could render more difficult or discourage an attempt to obtain control over us by means of a proxy contest, tender offer, merger or otherwise.

***Delaware Law***

Section 203 of the DGCL prohibits a Delaware corporation, including those whose securities are listed for trading on the NYSE, from engaging in any business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transaction is approved by the board of directors before the date the interested stockholder attained that status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested
stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on or after such time the business combination is approved by the board of directors and authorized at a meeting of
stockholders by at least two thirds of the outstanding voting stock that is not owned by the interested stockholder.

**Forum Selection** 

Our certificate of incorporation will provide that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will, to the fullest extent permitted by applicable law, be the sole and exclusive forum for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any derivative action or proceeding brought on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim for a breach of a fiduciary duty owed by any of our current or former directors, officers,
employees, agents and stockholders to us or our stockholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim against us arising pursuant to any provision of the DGCL, our certificate of incorporation or
our bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action as to which the DGCL confers jurisdiction to the Court of Chancery of the State of Delaware; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim against us that is governed by the internal affairs doctrine, in each such case subject to
such Court of Chancery having personal jurisdiction over the indispensable parties named as defendants therein.

Our certificate of incorporation will also provide that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of and to have consented to this forum selection provision. However, it is possible that a court could find our forum selection provision to be inapplicable or unenforceable.

**Corporate Opportunities** 

Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders. Our certificate of incorporation will renounce, to the maximum extent permitted from time to time by Delaware law, any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to our directors or their respective affiliates, other than those directors or affiliates who are our or our subsidiaries' employees. Our certificate of incorporation will provide that, to the fullest extent permitted by law, any director who is not employed by us (including any non-employee director who serves as one of our officers in both his director and officer capacities) or his or her affiliates has no duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage or (ii) otherwise competing with us or our affiliates. In addition, to the fullest extent permitted by law, in the event that any non-employee director acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for themselves or himself or their or his affiliates or for us or our affiliates, such person has no duty to communicate or offer such transaction or business opportunity to us or any of our affiliates and they may take any such opportunity for themselves or offer it to another person or entity. Our certificate of incorporation will not renounce our interest in any business opportunity that is expressly offered to a non-employee director solely in his or her capacity as a director or officer of the Company. To the fullest extent permitted by law, no business opportunity will be deemed to be a potential corporate opportunity for us unless we would be permitted to undertake the opportunity under our certificate of incorporation, we have sufficient financial resources to undertake the opportunity and the opportunity would be in line with our business.

**Limitation of Liability and Indemnification Matters** 

Our bylaws will limit the liability of our directors for monetary damages for breach of their fiduciary duty as directors, except for liability that cannot be eliminated under the DGCL. Delaware law provides

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that directors of a company will not be personally liable for monetary damages for breach of their fiduciary duty as directors, except for liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for any breach of their duty of loyalty to us or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for unlawful payment of dividend or unlawful stock repurchase or redemption, as provided under Section 174 of the
DGCL; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for any transaction from which the director derived an improper personal benefit.

Any amendment, repeal or modification of these provisions will be prospective only and would not affect any limitation on liability of a director for acts or omissions that occurred prior to any such amendment, repeal or modification.

Our bylaws will also provide that we will indemnify our directors and officers to the fullest extent permitted by Delaware law. Our bylaws will also permit us to purchase insurance on behalf of any officer, director, employee or other agent for any liability arising out of that person's actions as our officer, director, employee or agent, regardless of whether Delaware law would permit indemnification. We intend to enter into indemnification agreements with each of our current and future directors and officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Delaware law against liability that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. We believe that the limitation of liability provision in our bylaws and the indemnification agreements will facilitate our ability to continue to attract and retain qualified individuals to serve as directors and officers.

**Transfer Agent and Registrar** 

The transfer agent and registrar for our common stock will be American Stock Transfer & Trust Company, LLC.

**Listing** 

We intend to apply to list our common stock on the NYSE under the symbol "MNX".

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**SHARES ELIGIBLE FOR FUTURE SALE** 

Prior to this offering, there has been no public market for our common stock. Future sales of our common stock in the public market, or the availability of such shares for sale in the public market, could adversely affect the market price of our common stock prevailing from time to time. As described below, only a limited number of shares will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless, sales of a substantial number of shares of our common stock in the public market after such restrictions lapse, or the perception that those sales may occur, could adversely affect the prevailing market price of our common stock at such time and our ability to raise equity-related capital at a time and price we deem appropriate.

**Sales of Restricted Shares** 

Upon the closing of this offering, we will have outstanding an aggregate of shares of common stock. Of these shares, all of the shares of common stock (or shares of common stock if the underwriters' option to purchase additional shares is exercised) to be sold in this offering will be freely tradable without restriction or further registration under the Securities Act, unless the shares are held by any of our "affiliates" as such term is defined in Rule 144 under the Securities Act. All remaining shares of common stock held by the Existing Owners will be deemed "restricted securities" as such term is defined under Rule 144. The restricted securities were issued and sold by us in private transactions and are eligible for public sale only if registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act, which rules are summarized below.

As a result of the lock-up agreements described below and the provisions of Rule 144 and Rule 701 under the Securities Act, the shares of our common stock (excluding the shares to be sold in this offering) that will be available for sale in the public market are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares will be eligible
for sale on the date of this prospectus or prior to 180 days after the date of this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares will be eligible
for sale upon the expiration of the lock-up agreements and the lock-up contained in our certificate of incorporation, beginning 180 days after the date of this
prospectus when permitted under Rule 144 or Rule 701.

**Lock-Up Agreements** 

We, all of our directors and officers, GSAM and all of the Existing Owners have agreed not to sell any common stock for a period of 180 days from the date of this prospectus, subject to certain exceptions and extensions. Each of the Existing Owners will be subject to a lock-up under our certificate of incorporation equal to the length of the Company's 180-day lock-up agreed with the underwriters. Additionally, the Company, all of our directors and officers, GSAM and UC Regents have agreed with the underwriters to a lock-up. See "Underwriting (Conflicts of Interest)" for a description of these lock-up provisions.

**Rule 144** 

In general, under Rule 144 under the Securities Act as currently in effect, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for a least six months (including any period of consecutive ownership of

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preceding non-affiliated holders) would be entitled to sell those shares, subject only to the availability of current public information about us. A non-affiliated person who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.

A person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months would be entitled to sell within any three month period a number of shares that does not exceed the greater of one percent of the then outstanding shares of our common stock or the average weekly trading volume of our common stock reported through the NYSE during the four calendar weeks preceding the filing of notice of the sale. Such sales are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about us.

**Rule 701** 

In general, under Rule 701 under the Securities Act, any of our employees, directors, officers, consultants or advisors who purchases shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of this offering is entitled to sell such shares 90 days after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirement of Rule 144 and, in the case of non-affiliates, without having to comply with the public information, volume limitation or notice filing provisions of Rule 144. The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus.

**Stock Issued Under Employee Plans** 

We intend to file a registration statement on Form S-8 under the Securities Act to register shares of common stock issuable under our Long-Term Incentive Plan. This registration statement on Form S-8 is expected to be filed following the effective date of the registration statement of which this prospectus is a part and will be effective upon filing. Accordingly, shares registered under such registration statement will be available for sale in the open market following the effective date, unless such shares are subject to vesting restrictions with us, Rule 144 restrictions applicable to our affiliates or the lock up restrictions described above.

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**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF OUR COMMON STOCK** 

The following is a summary of the material U.S. federal income tax considerations related to the purchase, ownership and disposition of our common stock by a non-U.S. holder (as defined below) that holds our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This summary is based on the provisions of the Code, U.S. Treasury regulations promulgated thereunder, administrative rulings and judicial decisions, all as in effect on the date hereof, and all of which are subject to change or differing interpretations, possibly with retroactive effect. We cannot assure you that a change in law will not significantly alter the tax considerations that we describe in this summary. We have not sought any ruling from the IRS with respect to the statements made and the positions and conclusions described in the following summary, and there can be no assurance that the IRS or a court will agree with such statements, positions and conclusions.

This summary does not address all aspects of U.S. federal income taxation that may be relevant to non-U.S. holders in light of their personal circumstances. In addition, this summary does not address the impact of the Medicare surtax on certain net investment income, U.S. federal estate or gift tax laws, any U.S. state or local or non-U.S. tax laws or any tax treaties. This summary also does not address all U.S. federal income tax considerations that may be relevant to particular non-U.S. holders in light of their personal circumstances or that may be relevant to certain categories of investors that may be subject to special rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies or other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code (or any entities all of the
interests of which are held by a qualified foreign pension fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dealers in securities or foreign currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders in securities that use the mark-to-market method of accounting for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "passive foreign investment companies," and corporations that
accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entities or arrangements treated as partnerships or pass-through entities for U.S. federal income tax purposes or holders
of interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell our common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that acquired our common stock through the exercise of employee stock options or otherwise as compensation or
through a tax-qualified retirement plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former citizens or long-term residents of the U.S.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold our common stock as part of a straddle, appreciated financial position, synthetic security, hedge,
conversion transaction or other integrated investment or risk reduction transaction.

**PROSPECTIVE INVESTORS SHOULD CONSULT WITH THEIR OWN TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS (INCLUDING ANY** 

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 **POTENTIAL FUTURE CHANGES THERETO) TO THEIR PARTICULAR SITUATION, AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER ANY OTHER TAX LAWS, INCLUDING U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY U.S. STATE OR LOCAL OR NON-U.S. TAXING JURISDICTION, OR UNDER ANY APPLICABLE INCOME TAX TREATY.** 

**Non-U.S. Holder Defined** 

For purposes of this discussion, a "non-U.S. holder" is a beneficial owner of our common stock that is not for U.S. federal income tax purposes a partnership or any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or
under the laws of the U.S., any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust (i) the administration of which is subject to the primary supervision of a U.S. court and which has one or
more "United States persons" (within the meaning of Section 7701(a)(30) of the Code) who have the authority to control all substantial decisions of the trust or (ii) which has made a valid election under applicable U.S. Treasury
regulations to be treated as a U.S. person.

If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner in the partnership generally will depend upon the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, we urge partners in partnerships (including entities or arrangements treated as partnerships for U.S. federal income tax purposes) considering the purchase of our common stock to consult with their own tax advisors regarding the U.S. federal income tax considerations of the purchase, ownership and disposition of our common stock by such partnership.

**Distributions** 

We do not expect to pay any distributions on our common stock in the foreseeable future. However, in the event we do make distributions of cash or other property on our common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent those distributions exceed our current and accumulated earnings and profits, the distributions will be treated as a non-taxable return of capital to the extent of the non-U.S. holder's tax basis in our common stock and thereafter as capital gain from the sale or exchange of such common stock. See "—Gain on Sale or Other Taxable Disposition of Common Stock." Subject to the withholding requirements under Foreign Account Tax Compliance Act ("FATCA") and with respect to effectively connected dividends, each of which is discussed below, any distribution made to a non-U.S. holder on our common stock generally will be subject to U.S. withholding tax at a rate of 30% of the gross amount of the distribution unless an applicable income tax treaty provides for a lower rate. To receive the benefit of a reduced treaty rate, a non-U.S. holder must provide the applicable withholding agent with an IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable or successor form) certifying qualification for the reduced rate.

Dividends paid to a non-U.S. holder that are effectively connected with a trade or business conducted by the non-U.S. holder in the U.S. (and, if required by an applicable income tax treaty, are

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treated as attributable to a permanent establishment maintained by the non-U.S. holder in the U.S.) generally will be taxed on a net income basis at the rates and in the manner generally applicable to United States persons. Such effectively connected dividends will not be subject to U.S. withholding tax if the non-U.S. holder satisfies certain certification requirements by providing the applicable withholding agent with a properly executed IRS Form W-8ECI certifying eligibility for exemption. If the non-U.S. holder is a corporation for U.S. federal income tax purposes, it may also be subject to a branch profits tax (at a 30% rate or such lower rate as specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include effectively connected dividends.

**Gain on Sale or Other Taxable Disposition of Common Stock** 

Subject to the discussion below under "—Backup Withholding and Information Reporting," a non-U.S. holder generally will not be subject to U.S. federal income or withholding tax on any gain realized upon the sale or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the non-U.S. holder is an individual who is present in the U.S. for a period or
periods aggregating 183 days or more during the calendar year in which the sale or disposition occurs and certain other conditions are met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with a trade or business conducted by the non-U.S. holder in the U.S. (and, if required by an applicable income tax treaty, is attributable to a permanent establishment maintained by the non-U.S. holder in the
United States); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our common stock constitutes a United States real property interest by reason of our status as a U.S. real property holding
corporation ("USRPHC") for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the non-U.S. holder's holding period for
the common stock and as a result such gain is treated as effectively connected with a trade or business conducted by the non-U.S. holder in the U.S.

A non-U.S. holder described in the first bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate as specified by an applicable income tax treaty) on the amount of such gain, which generally may be offset by U.S. source capital losses provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses.

A non-U.S. holder whose gain is described in the second bullet point above or, subject to the exceptions described in the next paragraph, the third bullet point above, generally will be taxed on a net income basis at the rates and in the manner generally applicable to United States persons. If the non-U.S. holder is a corporation for U.S. federal income tax purposes whose gain is described in the second bullet point above, then such gain would also be included in its effectively connected earnings and profits (as adjusted for certain items), which may be subject to a branch profits tax (at a 30% rate or such lower rate as specified by an applicable income tax treaty).

Generally, a corporation is a USRPHC if the fair market value of its United States real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests and its other assets used or held for use in a trade or business. We believe that we currently are not a USRPHC for U.S. federal income tax purposes. However, because there is limited direct authority regarding the applicable definition of U.S. real property for purposes of these rules and because the determination of whether we are a USRPHC depends on the fair market value of our U.S. real property relative to the fair market value of our non-U.S. real property and other business assets, which relative fair market values will change over time, there can be no assurance that we are not a USRPHC now or that we will not become one in the future. In the event that we are or become a USRPHC, as long as our common stock is or continues to be "regularly traded on an established

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securities market" (within the meaning of the U.S. Treasury regulations), only a non-U.S. holder that actually or constructively owns, or owned at any time during the shorter of the five-year period ending on the date of the disposition or the non-U.S. holder's holding period for the common stock, more than 5% of our common stock will be treated as disposing of a United States real property interest and will be taxable on gain realized on the disposition of our common stock as a result of our status as a USRPHC. If we were to become a USRPHC and our common stock were not considered to be regularly traded on an established securities market, each non-U.S. holder (regardless of the percentage of stock owned) would be treated as disposing of a United States real property interest and would be subject to U.S. federal income tax on a taxable disposition of our common stock (as described in the preceding paragraph), and a 15% withholding tax would apply to the gross proceeds from such disposition.

Non-U.S. holders should consult with their own tax advisors with respect to the application of the foregoing rules to their ownership and disposition of our common stock, including regarding potentially applicable income tax treaties that may provide for different rules.

**Backup Withholding and Information Reporting** 

Any dividends paid to a non-U.S. holder must be reported annually to the IRS and to the non-U.S. holder. Copies of these information returns may be made available to the tax authorities in the country in which the non-U.S. holder resides or is established. Payments of dividends to a non-U.S. holder generally will not be subject to backup withholding if the non-U.S. holder establishes an exemption by properly certifying its non-U.S. status on an IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable or successor form).

Payments of the proceeds from a sale or other disposition by a non-U.S. holder of our common stock effected by or through a U.S. office of a broker generally will be subject to information reporting and backup withholding (at the applicable rate) unless the non-U.S. holder establishes an exemption by properly certifying its non-U.S. status on an IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable or successor form) and certain other conditions are met. Information reporting and backup withholding generally will not apply to any payment of the proceeds from a sale or other disposition of our common stock effected outside the U.S. by a non-U.S. office of a broker. However, unless such broker has documentary evidence in its records that the non-U.S. holder is not a U.S. person and certain other conditions are met, or the non-U.S. holder otherwise establishes an exemption, information reporting will apply to a payment of the proceeds of the disposition of our common stock effected outside the U.S. by such a broker if it has certain relationships within the U.S.

Backup withholding is not an additional tax. Rather, the U.S. federal income tax liability (if any) of persons subject to backup withholding will be reduced by the amount of tax withheld. If backup withholding results in an overpayment of taxes, a refund may be obtained, provided that the required information is timely furnished to the IRS.

**Additional Withholding Requirements under FATCA** 

Sections 1471 through 1474 of the Code, and the U.S. Treasury regulations and administrative guidance issued thereunder, or FATCA, impose a 30% withholding tax on any dividends on our common stock and, subject to the proposed U.S. Treasury regulations discussed below, on proceeds from sales or other dispositions of shares of our common stock, if paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code) (including, in some cases, when such foreign financial institution or non-financial foreign entity is acting as an intermediary), unless (i) in the case of a foreign financial institution, such institution enters into an agreement with the U.S.

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government to withhold on certain payments, and to collect and provide to the U.S. tax authorities substantial information regarding U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are non-U.S. entities with U.S. owners), (ii) in the case of a non-financial foreign entity, such entity certifies that it does not have any "substantial United States owners" (as defined in the Code) or provides the applicable withholding agent with a certification identifying the direct and indirect substantial United States owners of the entity (in either case, generally on an IRS Form W-8BEN-E), or (iii) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules and provides appropriate documentation (such as an IRS Form W-8BEN-E). Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the U.S. governing these rules may be subject to different rules. Under certain circumstances, a holder might be eligible for refunds or credits of such taxes. While gross proceeds from a sale or other disposition of our common stock paid after January 1, 2019, would have originally been subject to withholding under FATCA, proposed U.S. Treasury regulations provide that such payments of gross proceeds do not constitute withholdable payments. Taxpayers may generally rely on these proposed U.S. Treasury regulations until they are revoked or final U.S. Treasury regulations are issued. Non-U.S. holders are encouraged to consult with their own tax advisors regarding the effects of FATCA on an investment in our common stock.

**INVESTORS CONSIDERING THE PURCHASE OF OUR COMMON STOCK SHOULD CONSULT WITH THEIR OWN TAX ADVISORS REGARDING THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS (INCLUDING ANY POTENTIAL FUTURE CHANGES THERETO) TO THEIR PARTICULAR SITUATIONS AND THE APPLICABILITY AND EFFECT OF ANY OTHER TAX LAWS, INCLUDING U.S. FEDERAL ESTATE AND GIFT TAX LAWS AND ANY U.S. STATE OR LOCAL OR NON-U.S. TAX LAWS, AND TAX TREATIES.** 

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**CERTAIN ERISA CONSIDERATIONS** 

The following is a summary of certain considerations associated with the acquisition and holding of shares of common stock by (1) employee benefit plans that are subject to Title I of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), (2) plans, individual retirement accounts, "Keogh" plans and other arrangements that are subject to Section 4975 of the Code or employee benefit plans that are governmental plans (as defined in Section 3(32) of ERISA), certain church plans (as defined in Section 3(33) of ERISA), non-U.S. plans (as described in Section 4(b)(4) of ERISA) or other plans that are not subject to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, "Similar Laws") and (3) entities whose underlying assets are considered to include "plan assets" of any such plan, account or arrangement by reason of a plan's investment in such entity (including but not limited to an insurance company general account) (each of (1), (2) and (3), a "Plan"), and (4) any entity that otherwise constitutes a "benefit plan investor" within the meaning of the regulations promulgated under ERISA by the U.S. Department of Labor (the "DOL"), as modified by Section 3(42) of ERISA, known as the DOL Plan Asset Regulations.

This summary is based on the provisions of ERISA and the Code (and related regulations and administrative and judicial interpretations) as of the date of this registration statement. This summary does not purport to be complete, and no assurance can be given that future legislation, court decisions, regulations, rulings or pronouncements will not significantly modify the requirements summarized below. Any of these changes may be retroactive and may thereby apply to transactions entered into prior to the date of their enactment or release. This discussion is general in nature and is not intended to be all inclusive, nor should it be construed as investment or legal advice. All investors are urged to consult their own legal advisors before investing in assets of a Plan in shares of common stock and to make their own independent decision.

**General Fiduciary Matters** 

ERISA and the Code impose certain duties on persons who are fiduciaries of a Plan subject to Title I of ERISA or Section 4975 of the Code (an "ERISA Plan") and prohibit certain transactions involving the assets of an ERISA Plan and its fiduciaries or other interested parties. Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of an ERISA Plan or the management or disposition of the assets of an ERISA Plan, or who renders investment advice for a fee or other compensation to an ERISA Plan, is generally considered to be a fiduciary of the ERISA Plan.

In considering an investment in shares of common stock with a portion of the assets of any Plan, a fiduciary should consider the Plan's particular circumstances and all of the facts and circumstances of the investment and determine whether the acquisition and holding of shares of common stock is in accordance with the documents and instruments governing the Plan and the applicable provisions of ERISA, the Code, or any Similar Law relating to the fiduciary's duties to the Plan, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the investment is prudent under Section 404(a)(1)(B) of ERISA and any other applicable Similar Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether, in making the investment, the ERISA Plan will satisfy the diversification requirements of
Section 404(a)(1)(C) of ERISA and any other applicable Similar Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the investment is permitted under the terms of the applicable documents governing the Plan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the acquisition or holding of the shares of common stock will constitute a "prohibited transaction" under
Section 406 of ERISA or Section 4975 of the Code (please see the discussion under "—Prohibited Transaction Issues" below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the Plan will be considered to hold, as plan assets, (1) only shares of common stock or (2) an undivided
interest in our underlying assets (please see the discussion under "—Plan Asset Issues" below).

**Prohibited Transaction Issues** 

Section 406 of ERISA and Section 4975 of the Code prohibit ERISA Plans from engaging in specified transactions involving plan assets with persons or entities who are "parties in interest," within the meaning of ERISA, or "disqualified persons," within the meaning of Section 4975 of the Code, unless an exemption is available. A party in interest or disqualified person who engages in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code and may result in the disqualification of an individual retirement account. In addition, the fiduciary of the ERISA Plan that engages in such a non-exempt prohibited transaction may be subject to penalties and liabilities under ERISA and the Code. The acquisition and/or holding of shares of common stock by an ERISA Plan with respect to which the issuer, the initial purchaser, or a guarantor is considered a party in interest or a disqualified person may constitute or result in a direct or indirect prohibited transaction under Section 406 of ERISA and/or Section 4975 of the Code, unless the investment is acquired and is held in accordance with an applicable statutory, class or individual prohibited transaction exemption.

In this regard, the DOL has issued prohibited transaction class exemptions, or PTCEs, that may apply to the acquisition and holding of our common stock. These class exemptions include, without limitation, PTCE 84-14 respecting transactions determined by independent qualified professional asset managers, PTCE 90-1 respecting insurance company pooled separate accounts, PTCE 91-38 respecting bank collective investment funds, PTCE 95-60 respecting life insurance company general accounts and PTCE 96-23 respecting transactions determined by in-house asset managers. In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code provide an exemption from the prohibited transaction sections of Section 406 of ERISA and Section 4975 of the Code for certain transactions, provided that neither the issuer of the securities nor any of its affiliates (directly or indirectly) have or exercise any discretionary authority or control or render any investment advice with respect to the assets of any Plan involved in the transaction and provided further that the Plan receives no less, and pays no more, than adequate consideration in connection with the transaction. There can be no assurance that all of the conditions of any such exemptions will be satisfied or that any such exemptions will be available with respect to investments in interests in our company.

Because of the foregoing, shares of common stock should not be acquired or held by any person investing "plan assets" of any Plan, unless such acquisition and holding will not constitute a non-exempt prohibited transaction under ERISA and the Code or a similar violation of any applicable Similar Laws.

**Plan Asset Issues** 

Additionally, a fiduciary of a Plan should consider whether the Plan will, by investing in us, be deemed to own an undivided interest in our assets, with the result that we would become a fiduciary of the Plan and our operations would be subject to the regulatory restrictions of ERISA, including its prohibited transaction rules, as well as the prohibited transaction rules of the Code and any other applicable Similar Laws.

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The DOL Plan Asset Regulations provide guidance with respect to whether the assets of an entity in which ERISA Plans acquire equity interests would be deemed "plan assets" under some circumstances. Under these regulations, an entity's assets generally would not be considered to be "plan assets" if, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the equity interests acquired by ERISA Plans are "publicly offered securities" (as defined in the DOL regulations)—i.e., the equity interests are part of a class of securities that is widely held by 100 or more investors independent of the issuer and each other, are freely transferable, and are either registered under certain provisions of the federal securities laws or sold to the ERISA Plan as part of a public offering under certain conditions. It is anticipated that our common stock will be widely held within the meaning of the DOL Plan Asset Regulations, although no assurance can be given in this regard. The DOL Plan Asset Regulations provide that whether a security is freely transferable is a factual question to be determined on the basis of all the relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the entity is an "operating company" (as defined in the DOL regulations)—i.e., it is primarily engaged in the production or sale of a product or service, other than the investment of capital, either directly or through a majority-owned subsidiary or subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is no significant investment by "benefit plan investors" (as defined in the DOL regulations)—i.e., immediately after the most recent acquisition by an ERISA Plan of any equity interest in the entity, less than 25% of the total value of each class of equity interest (disregarding certain interests held by persons (other than benefit plan investors) with discretionary authority or control over the assets of the entity or who provide investment advice for a fee (direct or indirect) with respect to such assets, and any affiliates thereof) is held by ERISA Plans, IRAs and certain other Plans (but not including governmental plans, foreign plans and certain church plans), and entities whose underlying assets are deemed to include plan assets by reason of a Plan's investment in the entity. Following this offering, it is possible that benefit plan investors will hold and will continue to hold less than 25% of the value of any class of equity interests of our company and any other class of equity of our company, disregarding, for purposes of such determination, any interests held by any controlling person other than benefit plan investors and, as such, that our company may rely on the insignificant participation test; however, our company cannot be certain or make any assurance that this will be the case.

If assets of our company were deemed to constitute "plan assets" pursuant to the DOL Plan Asset Regulations the operation and administration of our company would become subject to the requirements of ERISA, including the fiduciary duty rules and the "prohibited transaction" prohibitions of ERISA, as well as the "prohibited transaction" prohibitions contained in the Code. If our company becomes subject to these regulations, unless appropriate administrative exemptions are available (and there can be no assurance that they would be), our company could, among other things, be restricted from acquiring otherwise desirable investments and from entering into otherwise favorable transactions, and certain transactions entered into by our company in the ordinary course of business could constitute non-exempt prohibited transactions and/or breaches of applicable fiduciary duties under ERISA and/or the Code, which could, in turn, result in potentially substantial excise taxes and other penalties and liabilities under ERISA and the Code.

Due to the complexity of these rules and the excise taxes, penalties and liabilities that may be imposed upon persons involved in non-exempt prohibited transactions, it is particularly important that fiduciaries, or other persons considering acquiring and/or holding shares of our common stock on behalf of, or with the assets of, any Plan, consult with their counsel regarding the potential applicability of ERISA, Section 4975 of the Code and any Similar Laws to such investment and whether an exemption would be applicable to the acquisition and holding of shares of common stock. Purchasers of shares of common stock have the exclusive responsibility for ensuring that their acquisition and

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holding of shares of common stock complies with the fiduciary responsibility rules of ERISA and does not violate the prohibited transaction rules of ERISA, the Code or applicable Similar Laws. The sale of shares of common stock to a Plan is in no respect a representation by us or any of our affiliates or representatives that such an investment meets all relevant legal requirements with respect to investments by any such Plan or that such investment is appropriate for any such Plan.

Any purchaser or subsequent transferee, including, without limitation, any fiduciary purchasing on behalf of a Plan, a benefit plan investor, or a governmental, church or non-U.S. plan which is subject to Similar Laws will be deemed to have represented, in its corporate and fiduciary capacity, that if the purchaser or subsequent transferee is a benefit plan investor, such purchaser or subsequent transferee will be deemed to have represented and warranted that none of our company or the underwriters or any of their respective affiliates, has acted as the Plan's fiduciary (within the meaning of ERISA or the Code), or has been relied upon for any advice, with respect to the purchaser or transferee's decision to acquire and hold our common stock, and shall not at any time be relied upon as the ERISA Plan's fiduciary with respect to any decision to acquire, continue to hold or transfer our common stock.

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**UNDERWRITING (CONFLICTS OF INTEREST)** 

We and the underwriters named below have entered into an underwriting agreement with respect to the shares of common stock being offered. Subject to certain conditions, each underwriter has severally agreed to purchase the number of shares of common stock indicated in the following table. Goldman Sachs & Co. LLC, BofA Securities, Inc. and J.P. Morgan Securities LLC are the representatives of the underwriters.

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| | |
|:---|:---|
| **Underwriters** | **Number of Shares** |
|  Goldman Sachs & Co. LLC |  |
|  BofA Securities, Inc. |  |
|  J.P. Morgan Securities LLC |  |
|  HSBC Securities (USA) Inc. |  |
|  Wells Fargo Securities, LLC |  |
|  Jefferies LLC |  |
|  Nomura Securities International, Inc. |  |
|  WR Securities, LLC |  |
|  Cowen and Company, LLC |  |
|  KeyBanc Capital Markets Inc. |  |
|  SG Americas Securities, LLC |  |
|  Drexel Hamilton, LLC  |  |
|  Siebert Williams Shank & Co., LLC |  |
|  Total |  |

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The underwriters are committed to take and pay for all of the shares of common stock being offered, if any are taken, other than the shares of common stock covered by the option described below unless and until this option is exercised. The underwriters have an option to buy up to an additional shares of common stock from us to cover sales by the underwriters of a greater number of shares than the total number set forth in the table above. They may exercise that option for 30 days after the date of this prospectus. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the table above. The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares of common stock from us.

<u>Paid by Us</u> 

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| | | |
|:---|:---|:---|
|  | **No Exercise** | **Full Exercise** |
|  Per Share | $| $|
|  Total | $| $|

---

Shares of common stock sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares of common stock sold by the underwriters to securities dealers may be sold at a discount of up to $ per share from the initial public offering price. The underwriters may offer and sell the shares of common stock through certain of their affiliates or other registered broker-dealers or selling agents. After the initial offering of the shares of common stock, the representative may change the offering price and the other selling terms. The offering of the shares of common stock by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part.

A prospectus in electronic format may be made available on the web sites maintained by one or more underwriters, or selling group members, if any, participating in the offering. The underwriters may agree to

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allocate a number of shares of common stock to underwriters and selling group members for sale to their online brokerage account holders. Internet distributions will be allocated by the representative to underwriters and selling group members that may make internet distributions on the same basis as other allocations.

We and our officers, directors, and holders of substantially all of our common stock (other than the shares of common stock being issued in this offering) have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of common stock during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of each of Goldman Sachs & Co. LLC, BofA Securities, Inc. and J.P. Morgan Securities LLC. This agreement does not apply to any existing employee benefit plans. See "Shares Eligible for Future Sale" for a discussion of certain transfer restrictions.

Prior to the offering, there has been no public market for the shares of common stock. The initial public offering price will be negotiated among us and our representative. Among the factors to be considered in determining the initial public offering price of the shares of common stock, in addition to prevailing market conditions, will be the our historical performance, estimates of our business potential and earnings, an assessment of our management and the consideration of the above factors in relation to market valuation of companies in related businesses.

An application has been made to list the common stock on the NYSE under the symbol "MNX". In order to meet one of the requirements for listing the common stock on the NYSE, the underwriters have undertaken to sell lots of 100 or more shares of common stock to a minimum of 400 beneficial holders.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of the company's common stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of the common stock. As a result, the price of

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the common stock may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on NYSE, in the over-the-counter market or otherwise.

We estimate that the total expenses of this offering, excluding underwriting discounts and commissions, payable by us will be approximately $. We have agreed to reimburse the underwriters for certain of their expenses in an amount up to $.

Certain affiliates and associated persons of Goldman Sachs & Co LLC will receive shares of our common stock as a result of the Internalization Transaction and Corporate Reorganizations. Such securities are deemed to be underwriting compensation pursuant to FINRA Rule 5110 and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(e)(1), commencing on the effective date of the registration statement of which this prospectus forms a part. Pursuant to FINRA Rule 5110(e)(1), these securities will not be sold during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the registration statement of which this prospectus forms a part or commencement of sales of the public offering, except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners; provided that all securities so transferred remain subject to the lockup restriction above for the remainder of the time period. See "Internalization Transaction and Corporate Reorganization" for more information.

We have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended.

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they received or will receive customary fees and expenses. In particular, Goldman Sachs & Co. LLC is an underwriter and certain of its affiliates will own in excess of % of our issued and outstanding common stock after this offering. Additionally, Goldman Sachs Asset Management, L.P., an affiliate of Goldman Sachs & Co. LLC was party to the Management Services Agreement until its termination in connection with the Internalization Transaction, as described further in "Certain Relationships and Related Party Transactions—Management Services Agreement." In addition, BofA Securities, Inc. acted as a financial advisor to MN8 Energy LLC in connection with the Internalization Transaction. Certain of the underwriters and/or their affiliates are agents or lenders under our Subscription Facility and will be lenders under our New Revolving Credit Facility, and therefore, may receive a portion of the net proceeds from this offering to the extent any such proceeds are used to manage the Company's liquidity and repay amounts outstanding thereunder. See "Use of Proceeds."

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively traded securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities and/or instruments of the issuer (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with the issuer. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time

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hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

Other than in the U.S., no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

"Wolfe \| Nomura Alliance" is the marketing name used by Wolfe Research Securities and Nomura Securities International, Inc. in connection with certain equity capital markets activities conducted jointly by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as underwriters in the offering described herein. In addition, WR Securities, LLC and certain of its affiliates may provide sales support services, investor feedback, investor education, and/or other independent equity research services in connection with this offering.

**Conflicts of Interest** 

Affiliates of Goldman Sachs & Co LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, HSBC Securities (USA) Inc., Wells Fargo Securities, LLC and SG Americas Securities, LLC will be lenders under our New Revolving Credit Facility. As described in "Use of Proceeds," net proceeds from this offering will be used to repay outstanding borrowings under our New Revolving Credit Facility and affiliates of Goldman Sachs & Co LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, HSBC Securities (USA) Inc., Wells Fargo Securities, LLC and SG Americas Securities, LLC will receive 5% or more of the net proceeds of this offering due to the repayment of borrowings under the New Revolving Credit Facility. Therefore, such underwriters are deemed to have a conflict of interest within the meaning of FINRA Rule 5121. In addition, certain of our directors and officers were formerly employed by affiliates of Goldman Sachs & Co LLC prior to the Internalization Transaction. Because Goldman Sachs & Co LLC is an Underwriter in this offering, Goldman Sachs & Co LLC is deemed to have a "conflict of interest" under Rule 5121 of FINRA. Accordingly, this offering is being conducted in compliance with Rule 5121, which requires, among other things, that a "qualified independent underwriter" participate in the preparation of, and exercise the usual standards of "due diligence" with respect to, the registration statement and this prospectus. Jefferies LLC has agreed to act as a qualified independent underwriter for this offering and to undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, specifically including those inherent in Section 11 thereof. Jefferies LLC will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. We have agreed to indemnify Jefferies LLC against liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the Securities Act.

Pursuant to Rule 5121, Goldman Sachs & Co LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, HSBC Securities (USA) Inc., Wells Fargo Securities, LLC and SG Americas Securities, LLC will not confirm any sales to any account over which it exercises discretionary authority without the specific written approval of the account holder. See "Use of Proceeds" for additional information.

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**Reserved Share Program** 

At our request, an affiliate of BofA Securities, Inc., a participating Underwriter, has reserved for sale, at the initial public offering price, up to 5.0% of the shares (the "Reserved Shares") offered by this prospectus for sale to some of our directors, officers, employees, distributors, dealers, business associates and related persons. If these persons purchase Reserved Shares it will reduce the number of shares available for sale to the general public. Any Reserved Shares that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares offered by this prospectus. Participants in this reserved share program will not be subject to lockup or market standoff restrictions with the underwriters or with us with respect to any Reserved Shares purchased through the reserved share program, unless such participants are our directors or officers.

**Selling Restrictions** 

***European Economic Area***

In relation to each Member State of the European Economic Area (each an "EEA State"), no shares have been offered or will be offered pursuant to the offering to the public in that EEA State prior to the publication of a prospectus in relation to the shares which has been approved by the competent authority in that EEA State or, where appropriate, approved in another EEA State and notified to the competent authority in that EEA State, all in accordance with the EU Prospectus Regulation, except that it may make an offer to the public in that EEA State of any shares at any time under the following exemptions under the EU Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity which is a qualified investor as defined under the EU Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons (other than qualified investors as defined under the EU Prospectus Regulation),
subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Article 1(4) of the EU Prospectus Regulation,

provided that no such offer of the shares shall require the Issuer or any Manager to publish a prospectus pursuant to Article 3 of the EU Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the EU Prospectus Regulation.

Each person in an EEA State who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the Company and the representatives that it is a qualified investor within the meaning of the EU Prospectus Regulation.

In the case of any shares being offered to a financial intermediary as that term is used in Article 5(1) of the EU Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in an EEA State to qualified investors, in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer or resale.

The Company, the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares in any EEA State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares, and the expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129.

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The above selling restriction is in addition to any other selling restrictions set out below.

***United Kingdom***

In relation to the United Kingdom an offer of securities described in this prospectus may not be made to the public in the United Kingdom prior to the publication of a prospectus in relation to the shares which has been approved by the competent authority in the United Kingdom, except that an offer of securities described in this prospectus may be made to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity which is a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of
domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020 ("EUWA") (the "UK Prospectus Regulation");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons (other than qualified investors as defined in the UK Prospectus Regulation); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within section 86 of the United Kingdom's Financial Services and Markets Act 2000,
as amended (the "FSMA"),

provided that no such offer of securities described in this prospectus shall result in a requirement for the publication by us of a prospectus pursuant to section 85 of the FSMA. For the purposes of this provision, the expression an "offer of securities to the public" in relation to any securities in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe for the securities.

This document is only being distributed to and is only directed at (1) persons who are outside the United Kingdom or (2) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (3) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. This document is confidential and is being supplied to the reader solely for its information and may not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any other purpose.

Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of the securities may only be communicated or caused to be communicated in circumstances in which Section 21(1) of the FSMA does not apply.

All applicable provisions of the FSMA must be complied with in respect to anything done by any person in relation to the securities in, from or otherwise involving the United Kingdom.

***Canada***

The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are "accredited investors," as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are "permitted clients," as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

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Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment hereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

***Hong Kong***

The securities may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) (the "Companies (Winding Up and Miscellaneous Provisions) Ordinance") or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the "Securities and Futures Ordinance"), (ii) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

***Singapore***

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of common stock may not be circulated or distributed, nor may the shares of common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section 274 of the SFA, (ii) to a "relevant person" (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the shares of common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an "accredited investor" (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the "securities" (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired the shares of common stock under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a "relevant person" (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer,

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(4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore ("Regulation 32").

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an "accredited investor" (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for six months after that trust has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a "relevant person" (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

Singapore SFA Product Classification—In connection with Section 309B of the SFA and the CMP Regulations 2018, unless otherwise specified before an offer of shares of our common stock, we have determined, and hereby notify, all relevant persons (as defined in Section 309A(1) of the SFA), that shares of our common stock are "prescribed capital markets products" (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

***Japan***

The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended) (the "FIEA"). The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

***Switzerland***

We have not and will not register with the Swiss Financial Market Supervisory Authority ("FINMA") as a foreign collective investment scheme pursuant to Article 119 of the Federal Act on Collective Investment Scheme of 23 June 2006, as amended ("CISA"), and accordingly the securities being offered pursuant to this prospectus have not and will not be approved, and may not be licensable, with FINMA. Therefore, the securities have not been authorized for distribution by FINMA as a foreign collective investment scheme pursuant to Article 119 CISA and the securities offered hereby may not be offered to the public (as this term is defined in Article 3 CISA) in or from Switzerland. The securities may solely be offered to "qualified investors," as this term is defined in Article 10 CISA, and in the circumstances set out in Article 3 of the Ordinance on Collective Investment Scheme of 22 November 2006, as amended ("CISO"), such that there is no public offer. Investors, however, do not benefit from protection under CISA or CISO or supervision by FINMA. This prospectus and any other materials relating to the securities are strictly personal and confidential to each offeree and do not constitute an offer to any other person. This prospectus may only be used by those qualified investors to whom it has been handed out in connection with the offer described in this prospectus and may neither directly or indirectly be distributed or made available to any person or entity other than its recipients. It may not be used in connection with any other offer and shall in

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particular not be copied and/or distributed to the public in Switzerland or from Switzerland. This prospectus does not constitute an issue prospectus as that term is understood pursuant to Article 652a and/or 1156 of the Swiss Federal Code of Obligations. We have not applied for a listing of the securities on the SIX Swiss Exchange or any other regulated securities market in Switzerland, and consequently, the information presented in this prospectus does not necessarily comply with the information standards set out in the listing rules of the SIX Swiss Exchange and corresponding prospectus schemes annexed to the listing rules of the SIX Swiss Exchange.

***Dubai International Financial Centre***

This prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (the "DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares or common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares of common stock offered should conduct their own due diligence on the shares of common stock. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

***Australia***

No placement document, prospectus, product disclosure statement, or other disclosure document has been lodged with the Australian Securities and Investments Commission in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement, or other disclosure document under the Corporations Act 2001 (the "Corporations Act"), and does not purport to include the information required for a prospectus, product disclosure statement, or other disclosure document under the Corporations Act.

Any offer in Australia of the shares of common stock may only be made to persons (the "Exempt Investors") who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares of common stock without disclosure to investors under Chapter 6D of the Corporations Act.

The shares of common stock applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares of common stock must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives, and circumstances, and, if necessary, seek expert advice on those matters.

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***Mexico***

The shares of common stock have not been registered with the National Securities Registry (Registro Nacional de Valores) or reviewed or authorized by the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) of Mexico or listed in any Mexican securities exchange. Any Mexican investor who acquires shares of common stock does so at his or her own risk. The shares of common stock will be initially placed with less than 100 persons in Mexico. Once placed, the shares of common stock can be resold exclusively to persons that qualify as qualified investors or institutional investors pursuant to applicable provisions of Mexican law.

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**LEGAL MATTERS** 

The validity of our common stock offered by this prospectus will be passed upon for us by Vinson & Elkins L.L.P., Houston, Texas. Certain legal matters in connection with this offering will be passed upon for the underwriters by Latham & Watkins LLP, New York, New York.

**EXPERTS** 

The financial statement of MN8 Energy, Inc. as of September 30, 2022 included in this prospectus has been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The consolidated financial statements of Goldman Sachs Renewable Power LLC and subsidiaries as of December 31, 2021 and 2020 and for each of the three years in the period ended December 31, 2021 included in this prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

**ADDITIONAL INFORMATION** 

We have filed with the SEC a Registration Statement on Form S-1 under the Securities Act with respect to our common stock offered under this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement, some of which is contained in exhibits and schedules to the registration statement as permitted by the rules and regulations of the SEC. Some items are omitted in accordance with the rules and regulations of the SEC. For further information with respect to us and our common stock, please refer to the registration statement including its exhibits and schedules filed therewith. Statements contained in this prospectus relating to any contract or other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an Internet website that contains reports, proxy statements, and other information. The address of that website is *www.sec.gov*. Information contained on any website we refer to in this prospectus is not part of this prospectus or any report filed with or furnished to the SEC.

As a result of this offering, we will become subject to the information and periodic reporting requirements of the Exchange Act and, accordingly, will be required to file annual reports containing financial statements audited by an independent public accounting company, quarterly reports containing unaudited financial statements, current reports, proxy statements and other information with the SEC. These periodic reports, proxy statements, and other information will be available for inspection and copying at the website of the SEC referred to above. We also maintain a website at *www.mn8energy.com*. Upon completion of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Our website is included in this prospectus as an inactive textual reference only. The information found on our website is not part of this prospectus or any report filed with or furnished to the SEC.

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**INDEX TO FINANCIAL STATEMENTS** 

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| | |
|:---|:---|
|  **Unaudited Pro Forma Consolidated Financial Statements** |  |
|  [Unaudited Pro Forma Balance Sheet as of September 30, 2022](#fin366853_1) | F-4 |
|  [Unaudited Pro Forma Statement of Operations for the Nine Months Ended September 30, 2022 and for the Year Ended December 31, 2021](#fin366853_2) | F-5 |
|  [Notes to Pro Forma Financial Statements](#fin366853_3) | F-7 |
|  **MN8 Energy, Inc. Audited Consolidated Financial Statement** |  |
|  [Report of Independent Registered Accounting Firm](#fin366853_10) | F-12 |
|  [Balance Sheet as of September 30, 2022](#fin366853_11) | F-13 |
|  [Notes to Balance Sheet](#fin366853_12) | F-14 |
|  **MN8 Energy LLC and Subsidiaries Interim Unaudited Consolidated Financial Statements** |  |
|  [Unaudited Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021](#fin366853_13) | F-15 |
|  [Unaudited Consolidated Statements of Operations for the Nine Months Ended September 30, 2022 and 2021](#fin366853_14) | F-16 |
|  [Unaudited Consolidated Statements of Members' Equity for the Nine Months Ended September 30, 2022 and 2021](#fin366853_15) | F-17 |
|  [Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021](#fin366853_16) | F-18 |
|  [Notes to Interim Unaudited Consolidated Financial Statements](#fin366853_17) | F-20 |
|  **MN8 Energy LLC (f/k/a Goldman Sachs Renewable Power LLC) and Subsidiaries Audited Consolidated Financial Statements** |  |
|  [Report of Independent Registered Public Accounting Firm](#fin366853_4) | F-40 |
|  [Consolidated Balance Sheets as of December 31, 2021 and 2020](#fin366853_5) | F-42 |
|  [Consolidated Statements of Operations for the Years Ended December 31, 2021, 2020 and 2019](#fin366853_6) | F-43 |
|  [Consolidated Statements of Members' Equity for the Years Ended December 31, 2021, 2020 and 2019](#fin366853_7) | F-44 |
|  [Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019](#fin366853_8) | F-45 |
|  [Notes to Consolidated Financial Statements](#fin366853_9) | F-47 |

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**UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS** 

The following unaudited pro forma consolidated financial statements ("pro forma financial statements") present the combination of the historical consolidated financial statements of MN8 Energy LLC adjusted to give effect to this offering, the Internalization Transaction, the Corporate Reorganization and related transactions (collectively, the "Transactions"). The unaudited pro forma consolidated balance sheet ("pro forma balance sheet") presents the historical consolidated balance sheet of MN8 Energy LLC after giving effect to the Transactions as if they had been consummated on September 30, 2022. The unaudited pro forma consolidated statement of operations ("pro forma statement of operations") presents the historical consolidated statement of operations of MN8 Energy LLC for the year ended December 31, 2021 and for the nine months ended September 30, 2022, after giving effect to the Transactions as if they had been consummated on January 1, 2021, the beginning of the earliest period presented.

The pro forma adjustments are preliminary and are subject to change as additional information becomes available and as additional analysis is performed. The preliminary pro forma adjustments have been made solely for the purpose of providing the pro forma financial statements presented below. Assumptions and estimates underlying the adjustments to the unaudited pro forma consolidated financial statements are described in the accompanying notes. The transaction accounting adjustments are based on available information and certain assumptions that management believes are reasonable and supportable. Actual adjustments may differ from the pro forma adjustments. However, management believes that the assumptions provide a reasonable basis for presenting the significant effects of the Transactions as contemplated and the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma consolidated financial statements. The unaudited pro forma consolidated financial statements have been presented for illustrative purposes only and are not necessarily indicative of the operating results and financial position that would have been achieved had the Transactions occurred on the dates indicated. Further, the unaudited pro forma consolidated financial statements do not purport to project the future operating results or financial position of MN8 Energy following the Transactions. In our opinion, all adjustments are based on available information and assumptions that we believe are reasonable and necessary to present fairly the pro forma information.

The pro forma adjustments in the Internalization Transaction, Reorganization and Offering Adjustments columns principally give effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Internalization Transaction and Corporate Reorganization as described in "Internalization Transaction and
Corporate Reorganization;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuance and sale of shares of common stock in
this offering in exchange for net proceeds of approximately $, after deducting underwriting discounts and commissions but before offering expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the payment of fees and expenses related to this offering.

A pro forma adjustment has been made to reflect the incremental costs expected to be incurred as an independent, separate public company. These pro forma adjustments are referred to as "Autonomous Entity Adjustments" in these unaudited pro forma consolidated financial statements. The unaudited pro forma consolidated financial statements, although helpful in illustrating the financial characteristics of the combined company under one set of assumptions, do not reflect the benefits of expected cost savings (or associated costs to achieve such savings), opportunities to earn additional revenue or other factors that may result as a consequence of the Transactions and, accordingly, do not attempt to predict or suggest future results.

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The pro forma financial statements should be read in conjunction with (i) the accompanying notes to the pro forma financial statements and (ii) the historical consolidated financial statements of MN8 Energy LLC and the notes related thereto included elsewhere in this prospectus, as well as the sections of this prospectus entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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**MN8 ENERGY, INC.** 

**UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET** 

**As of September 30, 2022** 

**(in thousands)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical**<br>**MN8**<br>**Energy**<br>**LLC** | **Transaction**<br>**Accounting**<br>**Adjustments:**<br>**Reorganization** | | **Transaction**<br>**Accounting**<br>**Adjustments:**<br>**Offering** | | **Pro Forma**<br>**MN8 Energy,**<br>**Inc.** |
|  <u>ASSETS</u> | <u>ASSETS</u> | <u>ASSETS</u> | <u>ASSETS</u> | <u>ASSETS</u> | <u>ASSETS</u> | <u>ASSETS</u> |
|  CURRENT ASSETS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $475881 |  |  |  | (f) | $475881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 118962 |  |  |  |  | 118962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 57714 |  |  |  |  | 57714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other assets, net | 29049 |  |  |  | (g) | 29049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 681606 |  |  |  |  | 681606 |
|  Solar energy and storage facilities, net | 3103383 |  |  |  |  | 3103383 |
|  OTHER ASSETS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets, net - operating | 85838 |  |  |  |  | 85838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets, net - finance | 364439 |  |  |  |  | 364439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | 583309 |  |  |  |  | 583309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 13968 |  |  |  |  | 13968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | 9783 |  |  |  |  | 9783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | 10552 |  |  |  |  | 10552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $4852878 | $— |  | $— |  | $4852878 |
|  <u>LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND MEMBERS' EQUITY</u> |  |  |  |  |  |  |
|  CURRENT LIABILITIES: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | $76072 |  |  |  | (g) | $76072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable - related parties, net | 14901 |  |  |  |  | 14901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution payable |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations - operating, current portion | 6935 |  |  |  |  | 6935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations - finance, current portion | 12341 |  |  |  |  | 12341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax equity sale-leaseback, current portion | 48841 |  |  |  |  | 48841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, current portion | 393173 |  |  |  |  | 393173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 552263 |  |  |  |  | 552263 |
|  OTHER LIABILITIES: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations - operating, net of current portion | 79914 |  |  |  |  | 79914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations - finance, net of current portion | 372896 |  |  |  |  | 372896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax equity sale-leaseback, net of current portion | 359887 |  |  |  |  | 359887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net of current portion | 1820277 |  |  |  |  | 1820277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations and other non-current liabilities | 88139 |  |  |  |  | 88139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities, net | 156876 |  |  |  |  | 156876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3430252 |  |  |  |  | 3430252 |
|  COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |  |
|  REDEEMABLE NON-CONTROLLING INTERESTS | 33774 |  |  |  |  | 33774 |
|  EQUITY: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Members' equity | 1239757 |  | (e) |  |  | 1239757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock |  |  | (e) |  | (f) |  |
|  |  |  |  |  | (h) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in-capital |  |  | (e) |  | (f) |  |
|  |  |  |  |  | (g) |  |
|  |  |  |  |  | (h) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests | 149095 |  |  |  |  | 149095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 1388852 |  |  |  |  | 1388852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, redeemable non-controlling interests and members' equity | $4852878 | $— |  | $— |  | $4852878 |

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**MN8 ENERGY, INC.** 

**UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS** 

**Nine Months Ended September 30, 2022** 

**(in thousands)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical**<br>**MN8**<br>**Energy LLC** | **Autonomous**<br>**Entity**<br>**Adjustments:**<br>**Internalization**<br>**Transaction** | **Transaction**<br>**Accounting**<br>**Adjustments:**<br>**Reorganization** | **Transaction**<br>**Accounting**<br>**Adjustments:**<br>**Offering** | | **Pro Forma**<br>**MN8 Energy, Inc.** | |
|  **Operating revenues:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenues | $284318 | $— | $— | $— |  | $284318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract amortization | (35904) |  |  |  |  | (35904) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues, net | 248414 |  |  |  |  | 248414 |  |
|  **Operating costs and expenses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations and maintenance, excluding depreciation, amortization and accretion | 39631 |  |  |  |  | 39631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and accretion | 82996 |  |  |  |  | 82996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and development costs | 2716 |  |  |  |  | 2716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internalization costs | 10283 |  |  |  |  | 10283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 26125 | 2256 (b) |  |  | (h) | 36648 |  |
|  |  | 8267 (c) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party management and administration fee | 12395 | (12395) (a) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating costs and expenses | 174146 | (1872) |  |  |  | 172274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Operating income** | 74268 | 1872 |  |  |  | 76140 |  |
|  **Other expenses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | (64188) |  |  |  |  | (64188) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income, net | 1924 |  |  |  |  | 1924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on tax equity sale-leaseback buyouts | 9609 |  |  |  |  | 9609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expenses | (52655) |  |  |  |  | (52655) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income before income taxes** | 21613 | 1872 |  |  |  | 23485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income tax expense** | (104339) | (507) (d) |  |  |  | (104846) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income (loss)** | (82726) | 1365 |  |  |  | (81361) |  |
|  Net loss attributable to non-controlling interests and redeemable non-controlling interests | (102450) |  |  |  |  | (102450) |  |
|  **Net income (loss) attributable to stockholders** | $19724 | $1365 | $— | $— |  | $21089 |  |
|  Basic and Diluted Earnings per Common Share |  |  |  |  |  | $— | (i) |
|  **Weighted average common shares outstanding:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and Diluted |  |  |  |  |  |  | (i) |

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**MN8 ENERGY, INC.** 

**UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS** 

**Year Ended December 31, 2021** 

**(in thousands)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical**<br>**Goldman Sachs**<br>**Renewable**<br>**Power LLC** | **Autonomous**<br>**Entity**<br>**Adjustments:**<br>**Internalization**<br>**Transaction** | | **Transaction**<br>**Accounting**<br>**Adjustments:**<br>**Reorganization** | **Transaction**<br>**Accounting**<br>**Adjustments:**<br>**Offering** | | **Pro Forma**<br>**MN8 Energy, Inc.** | |
|  **Operating revenues:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenues | $294441 | $— |  | $— | $— |  | $294441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract amortization | (48007) |  |  |  |  |  | (48007) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues, net | 246434 |  |  |  |  |  | 246434 |  |
|  **Operating costs and expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations and maintenance, excluding depreciation, amortization and accretion | 41670 |  |  |  |  |  | 41670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and accretion | 78884 |  |  |  |  |  | 78884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 41617 | 4288 | (b) |  |  | (h) | 68379 |  |
|  |  | 22474 | (c) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party management and administration fee | 18059 | (18059) | (a) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating costs and expenses | 180230 | 8703 |  |  |  |  | 188933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Operating income** | 66204 | (8703) |  |  |  |  | 57501 |  |
|  **Other expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (75910) |  |  |  |  |  | (75910) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expense, net | (7885) |  |  |  |  |  | (7885) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expenses | (83795) |  |  |  |  |  | (83795) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net loss before income taxes** | (17591) | (8703) |  |  |  |  | (26294) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income tax benefit (expense)** | (38618) | 2359 | (d) |  |  |  | (36259) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net loss** | (56209) | (6344) |  |  |  |  | (62553) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to non-controlling interests and redeemable non-controlling interests | (230845) |  |  |  |  |  | (230845) |  |
|  **Net income (loss) attributable to stockholders** | $174636 | $(6344) |  | $— | $— |  | $168292 |  |
|  Basic and Diluted Earnings per Common Share |  |  |  |  |  |  | $— | (i) |
|  **Weighted average common shares outstanding:** |  |  |  |  |  |  |  |  |
|  Basic and Diluted |  |  |  |  |  |  |  | (i) |

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**NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS** 

**Note 1. Basis of Presentation** 

The pro forma consolidated financial information has been derived from the historical consolidated financial statements of MN8 Energy LLC.

On May 18, 2022, we entered into an agreement with MN8 Energy Operating Company LLC (f/k/a Goldman Sachs Renewable Power Operating Company LLC) ("OpCo"), MN8 Energy, Inc. ("MN8 Energy"), Goldman Sachs Asset Management, L.P. ("GSAM") and GSAM Holdings II (the "Special Interest Member") to engage in an internalization transaction ("Internalization Transaction"), which we closed on August 4, 2022. Pursuant to the Internalization Transaction, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Management Services Agreement was terminated and GSAM is no longer entitled to management fees or administrative fees
from us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we agreed to directly or indirectly employ the approximately 100 professionals previously employed by GSAM that were
dedicated to our business under the Management Services Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we entered into a transition services agreement with MN8 Energy, OpCo and GSAM that provides for the provision of certain
administrative services by GSAM to MN8 Energy, OpCo and us for a specified period of time following the closing of the Internalization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the OpCo Incentive Allocation was terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OpCo and its subsidiaries made an aggregate payment of $30 million (less $3.0 million in cash signing bonuses to be
paid to former GSAM employees) to the Special Interest Member and affiliates thereof, and $4 million of such payment was credited against, and reduced, the purchase price payable to GSAM Holdings LLC ("GSAM Holdings") pursuant to the QBI
Solutions Share Purchase Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties agreed that, in connection with the Corporate Reorganization, the Special Interest will be exchanged (the
"Special Interest Exchange") by the Special Interest Member for a number of shares of common stock of MN8 Energy (the "Special Interest Shares") calculated in the manner further described in "Internalization Transaction and
Corporate Reorganization", which calculation is derived from an implied equity value for our company before giving effect to this offering based on the initial public offering price per share set forth on the cover of this prospectus and takes
into account prior distributions, including the cash payment to the Special Interest Member described above; using an assumed initial public offering price for our common stock of $ per share (the
midpoint of the price range set forth on the cover of this prospectus), we would issue Special Interest Shares.

Prior to this offering, MergerCo, a wholly owned subsidiary of MN8 Energy, a newly incorporated Delaware corporation formed for the purpose of effecting this offering and the transactions related thereto, will merge into MN8 Energy LLC, with MN8 Energy LLC surviving such merger as a wholly owned subsidiary of MN8 Energy (the "Merger"), and all outstanding limited liability company interests in MN8 Energy LLC will be exchanged for shares of common stock of MN8 Energy, with each member entitled to receive its pro rata portion of such shares of common stock based on such member's rights to distributions from MN8 Energy LLC. In connection with the Merger and the Special Interest Exchange, an aggregate of shares of common stock of MN8 Energy will be issued to the existing holders of the limited liability interests of MN8 Energy LLC (the "Existing Owners") and the Special Interest Member of which, based on the an initial public offering price of $ per common share (the midpoint of the price range on the cover of this prospectus), shares will be issued to the Existing Owners in the Merger and shares will be issued to the Special Interest Member in the Special Interest Exchange. Following the Merger and the Special Interest Exchange, MN8 Energy will issue shares of common stock to the public in this offering in exchange for the proceeds of this offering. After giving effect to the Corporate

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Reorganization, the Internalization Transaction and the offering contemplated by this prospectus, and assuming no exercise of the underwriters' option to purchase additional shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GSAM (including through the Special Interest Member) will
own of our shares of common stock, which, based on an initial public offering price of
$ per share (the midpoint of the price range set forth on the cover page of this prospectus), representing an aggregate illustrative value of approximately
$ and approximately % of the voting power thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Existing Owners other than GSAM will
own of our shares of common stock, which, based on an initial public offering price of
$ per share (the midpoint of the price range set forth on the cover page of this prospectus), representing an aggregate illustrative value of approximately
$ and approximately % of the voting power thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors in this offering will
own of our shares of common stock, which, based on an initial public offering price of
$ per share (the midpoint of the price range set forth on the cover page of this prospectus), representing an aggregate illustrative value of approximately
$ and approximately % of the voting power thereof.

As a public company, we will be implementing additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. We expect to incur additional annual expenses related to these steps and, among other things, additional directors' and officers' liability insurance, director fees, reporting requirements of the SEC, transfer agent fees, hiring additional accounting, legal and administrative personnel, increased auditing and legal fees and similar expenses. We have not included any pro forma adjustments relating to these costs as these costs cannot reasonably be estimated.

In our opinion, the pro forma financial statements reflect pro forma adjustments that are described in the accompanying notes and are based on currently available information. All adjustments have been made that are necessary to present fairly the pro forma financial statements; however, actual results may differ from those reflected in these statements. The pro forma financial statements do not purport to represent what the combined company's financial position or results of operations would have been if the transaction had actually occurred on the date indicated, nor are they indicative of our future financial position or results of operations. Actual results may differ materially from the assumptions and estimates reflected in these pro forma financial statements.

**Note 2. Pro Forma Adjustments** 

The following adjustments have been made to the accompanying pro forma financial statements:

**Autonomous Entity Adjustments** 

The following adjustments relate to the Internalization Transaction and are made up of the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Cancellation of Management Services Agreement* 

Reflects the elimination of historical expenses incurred as a result of the termination of the Management Services Agreement with GSAM. Under the Internalization Agreement, GSAM will no longer receive fees for management and administrative services. For the nine months ended September 30, 2022, GSAM earned approximately $7.3 million and $5.1 million of management and administrative fees, respectively. For the year ended December 31, 2021, GSAM earned approximately $10.4 million and $7.7 million of management and administrative fees, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Transition Services Agreement* 

As part of the Internalization, we entered into a Transition Services Agreement with GSAM for a specified period of time post close of the Internalization Transaction that will allow for continued support from GSAM for accounting, tax, information technology and compliance services. Adjustment represents the estimated expenses, including an estimate of expenses paid to GSAM under the Transition Services Agreement expenses, we expect to incur as an independent, separate company. As the services provided under the Transition Services Agreement are not expected to extend beyond twelve months, the adjustment made for the nine months ended September 30, 2022, reflect estimated costs from either third-party providers or the hiring of additional employees. The additional expenses have been estimated based on assumptions management believes are reasonable. However, actual incremental costs that will be incurred could differ materially from these estimates. For the nine months ended September 30, 2022, such amount was $2.3 million and for the year ended December 31, 2021, such amount was $4.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents remuneration costs for professionals employed by GSAM that were dedicated to our business under the Management
Services Agreement for the year ended December 31, 2021 and for the period from January 1, 2022 through August 4, 2022. For the year ended December 31, 2021, such amount was $22.5 million and represents actual remuneration costs incurred
by GSAM for said employed professionals. For the nine months ended September 30, 2022, such amount was $8.3 million and represents an estimated remuneration cost based on the actual costs incurred during the year ended December 31, 2021, adjusted
for an increase in employees. Such estimate is based on assumptions management believes are reasonable. However, actual remuneration costs incurred could differ materially from this estimate.

**Transaction Accounting Adjustments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects the tax effects of the pro forma pre-tax adjustments at the applicable statutory federal and state income tax
rate of 27.1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects a reclassification of members equity of $1,239.8 million. In connection with this offering and the Corporate
Reorganization, we will issue shares of common stock to the holders of all the then-outstanding limited liability company interests in MN8
Energy LLC in the Merger and shares of common stock in the Special Interest Exchange, with such issuances based upon the initial public
offering price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Reflects the issuance and sale of
 shares of common stock at an initial public offering price of
$ per share (the midpoint of the price range set forth on the cover page of this prospectus), net of underwriting discounts and commissions of
$ million, in the aggregate, and additional estimated expenses related to this offering of approximately
$ million and the use of the net proceeds therefrom as described in "Use of Proceeds." This amount has been determined based on the assumption
that the underwriters' option to purchase additional shares of common stock is not exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) We have deferred certain costs associated with the offering, including certain legal, accounting and other related
expenses, which have been recorded in other assets on our consolidated balance sheet. Upon completion of the offering, these deferred costs will be charged against the proceeds from the offering with a corresponding reduction to additional paid-in capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In connection with this offering, we intend to grant a one-time award of Restricted Stock Units to certain employees,
including members of our management team (the "Founders Awards") with respect to approximately shares of common stock based on the

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##### [**Table of Contents**](#toc)
midpoint of the price range set forth on the cover of this prospectus (although we are authorized to grant up to 10% of the total issued and outstanding shares at the closing of this offering). These Founders Awards will generally vest over three years in equal installments on the first, second and third anniversaries of the grant date for the non-executive employees and in equal installments on the third, fourth and fifth anniversaries of the grant date for the executives, subject to the recipient's continued provision of services to the Company. This adjustment reflects compensation expense associated with the Founders Awards had they occurred at the beginning of the period presented and are non-cash in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Reflects pro forma net income (loss) per common share on a pro forma basis for the Corporate Reorganization and the
issuance of shares of common stock in this offering as shown below:

---

| | |
|:---|:---|
|  | **September 30,<br>2022** |
|  Pro forma net income (loss) |  |
|  Pro forma net income (loss) attribute to non-controlling interest owners |  |
|  Shares issued in the Corporate Reorganization and the offering |  |
|  Basic and diluted net income (loss) per share |  |

---

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##### [**Table of Contents**](#toc)
**MN8 ENERGY, INC.** 

**Balance Sheet** 

**For the Period as of September 30, 2022** 

**And Report of Independent Registered Public Accounting Firm** 

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##### [**Table of Contents**](#toc)
![LOGO](g366853g76j19.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Stockholders of MN8 Energy, Inc

***Opinion on the Financial Statement – Balance Sheet***

We have audited the accompanying balance sheet of MN8 Energy, Inc (the "Company") as of September 30, 2022, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

***Critical Audit Matters***

Critical audit matters are matters arising from the current period audit of the financial statement that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the financial statement and (ii) involved our especially challenging, subjective, or complex judgments. We determined there are no critical audit matters

![LOGO](g366853g84d46.jpg)

Dallas, Texas

November 9, 2022

We have served as the Company's auditor since 2022.

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##### [**Table of Contents**](#toc)
**<u>MN8 ENERGY, INC.</u>**

**<u>BALANCE SHEET</u>**

---

| | |
|:---|:---|
|  | **September 30, 2022** |
|  COMMITMENTS AND CONTINGENCIES (Note 3) |  |
|  STOCKHOLDER'S EQUITY: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, par value $0.01 per share, 1,000 shares authorized, 1,000 shares issued and outstanding | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock receivable | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholder's equity | $— |

---

The accompanying notes are an integral part of this financial statement.

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##### [**Table of Contents**](#toc)
**<u>MN8 ENERGY, INC.</u>**

**<u>NOTES TO BALANCE SHEET</u>**

**<u>FOR THE PERIOD AS OF SEPTEMBER 30, 2022</u>**

**1. <u>ORGANIZATION:</u>** 

New PubCo Renewable Power Inc. (the "Company") was incorporated in Delaware on January 21, 2022. On April 8, 2022, the Company filed with the Secretary of State of the State of Delaware to amend the Certificate of Formation to change the name of the Company to MN8 Energy, Inc.

The Company was formed for the purpose of completing a public offering and related transactions in order to carry on the business of MN8 Energy LLC ("MN8") and MN8's respective consolidated subsidiaries as a publicly traded entity. MN8 currently operates their business through MN8 Energy Operating Company LLC.

**2. <u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</u>** 

The accompanying financial statement of the Company has been prepared in accordance with accounting principles generally accepted in the United States of America. Separate statements of operations, of stockholder's equity and of cash flows, have not been presented because there have been no activities in the entity for the period beginning January 21, 2022 and ending September 30, 2022.

**3. <u>COMMITMENTS AND CONTINGENCIES:</u>** 

The Company may become involved in various legal proceedings and disputes in the ordinary course of business. The Company records a liability in its financial statement for costs related to claims, settlements, and judgements where management has assessed that a loss is probable, and an amount can be reasonably estimated. The Company is not aware of any legal proceedings or disputes.

**4. <u>COMMON STOCK</u>** 

The Company is authorized to issue 1,000 shares of common stock, par value $0.01 per share, all of which have been issued and are outstanding. MN8 is the sole holder of the Company's common stock. No consideration has been received for such issuance and is reflected as a common stock receivable and a reduction to stockholder's equity.

**5. <u>SUBSEQUENT EVENTS:</u>** 

No events have occurred subsequent to September 30, 2022 through November 8, 2022, which is the date the financial statement was available to be issued, that would require disclosure.

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##### [**Table of Contents**](#toc)
**MN8 ENERGY LLC AND SUBSIDIARIES** 

**(f/k/a GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES)** 

**UNAUDITED CONSOLIDATED BALANCE SHEETS** 

**(In thousands)** 

---

| | | |
|:---|:---|:---|
|  | **September 30, 2022** | **December 31, 2021** |
| <u>ASSETS</u> | <u>ASSETS</u> | <u>ASSETS</u> |
|  CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $475881 | $169197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 118962 | 209105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable (net of allowance of $442 and $565, respectively) | 57714 | 25076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other assets, net | 29049 | 48439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 681606 | 451817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solar energy and storage facilities, net | 3103383 | 2953982 |
|  OTHER ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets, net—operating | 85838 | 58037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets, net—finance | 364439 | 155506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | 583309 | 615929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 13968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | 9783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | 10552 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $4852878 | $4236950 |
| <u>LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND MEMBERS' EQUITY</u> | <u>LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND MEMBERS' EQUITY</u> | <u>LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND MEMBERS' EQUITY</u> |
|  CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | $76072 | $112882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable—related parties, net | 14901 | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution payable |  | 20847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations—operating, current portion | 6935 | 4581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations—finance, current portion | 12341 | 10762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax equity sale-leaseback, current portion | 48841 | 77035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, current portion | 393173 | 451742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 552263 | 687003 |
|  OTHER LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations—operating, net of current portion | 79914 | 54503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations—finance, net of current portion | 372896 | 153135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax equity sale-leaseback, net of current portion | 359887 | 396672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net of current portion | 1820277 | 1609067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations and other non-current liabilities | 88139 | 79212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities |  | 6498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities, net | 156876 | 71098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3430252 | 3057188 |
|  COMMITMENTS AND CONTINGENCIES (Note 16) |  |  |
|  REDEEMABLE NON-CONTROLLING INTERESTS | 33774 | 28393 |
|  EQUITY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Members' equity | 1239757 | 1007575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests | 149095 | 143794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 1388852 | 1151369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, redeemable non-controlling interests and members' equity | $4852878 | $4236950 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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##### [**Table of Contents**](#toc)
**MN8 ENERGY LLC AND SUBSIDIARIES** 

**(f/k/a GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES)** 

**UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(In thousands)** 

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended**<br>**September 30,** | **For the Nine Months Ended**<br>**September 30,** |
|  | **2022** | **2021** |
|  OPERATING REVENUES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenues | $284318 | $238431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract amortization | (35904) | (35698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues, net | 248414 | 202733 |
|  OPERATING COSTS AND EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations and maintenance, excluding depreciation, amortization and accretion | 39631 | 30384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and accretion | 82996 | 49960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and development costs | 2716 | 8248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internalization costs | 10283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 26125 | 17365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party management and administration fee | 12395 | 13426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating costs and expenses | 174146 | 119383 |
|  OPERATING INCOME | 74268 | 83350 |
|  OTHER EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | (64188) | (50913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense), net | 1924 | (5640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on tax equity sale-leaseback buyouts | 9609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expenses | (52655) | (56553) |
|  NET INCOME BEFORE INCOME TAXES | 21613 | 26797 |
|  INCOME TAX EXPENSE  | 104339 | 36241 |
|  NET LOSS | (82726) | (9444) |
|  NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS | (102450) | (98233) |
|  NET INCOME ATTRIBUTABLE TO MEMBERS | $19724 | $88789 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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##### [**Table of Contents**](#toc)
**MN8 ENERGY LLC AND SUBSIDIARIES** 

**(f/k/a GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES)** 

**UNAUDITED CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY** 

**FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021** 

**(In thousands)** 

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Members** | **Non-controlling**<br>**Interests** |<br>**Total** |
|  BALANCE AS OF DECEMBER 31, 2020 | $915647 | $118698 | $1034345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash contributions |  | 78818 | 78818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Interest Member allocation | (7553) | 7553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions | (54306) | (19210) | (73516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | 88789 | (37003) | 51786 |
|  BALANCE AS OF SEPTEMBER 30, 2021 | $942577 | $148856 | $1091433 |
|  BALANCE AS OF DECEMBER 31, 2021 | $1007575 | $143794 | $1151369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash contributions | 281958 | 132057 | 414015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Interest Member allocation (1) | (26018) | 26018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions | (43482) | (43435) | (86917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | 19724 | (109339) | (89615) |
|  BALANCE AS OF SEPTEMBER 30, 2022 | $1239757 | $149095 | $1388852 |

---

(1) Includes cash payment of approximately $23,000 the Company made as part of the Internalization Agreement. See Note 1.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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##### [**Table of Contents**](#toc)
**MN8 ENERGY LLC AND SUBSIDIARIES** 

**(f/k/a GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES)** 

**UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(In thousands)** 

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
|  | **2022** | **2021** |
|  CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(82726) | $(9444) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract amortization | 35904 | 35698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and accretion | 82996 | 49960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense on tax equity sale-leasebacks | 27689 | 23871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in derivative instruments | (16280) | (5894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on tax equity sale-leaseback buyouts and acquisitions | (9609) | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on termination of purchase obligation | (1907) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 579 | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in deferred taxes | 85778 | 35864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in working capital, net of amounts acquired: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (32849) | (20956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other assets | 8615 | (16233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations | (2789) | (2780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 3783 | (36055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable—related parties, net | 5486 | 3233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 104670 | 62249 |
|  CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of solar energy facilities, storage facilities and development assets | (48052) | (34949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions to solar energy and storage facilities | (206421) | (627704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, net of cash acquired | (18112) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (272585) | (662653) |
|  CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on tax equity sale-leasebacks | (32349) | (33896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on long-term debt | (573760) | (913638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of long-term debt | 728010 | 1698239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash contributions | 414015 | 78817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash distributions | (88422) | (73257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of debt extinguishment costs and deferred financing costs | (4399) | (17108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase exercise on tax equity sale-leasebacks | (50916) | (4854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on lease obligations | (7723) | (7393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 384456 | 726910 |
|  NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 216541 | 126506 |
|  CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 378302 | 162985 |
|  CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $594843 | $289491 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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##### [**Table of Contents**](#toc)
**MN8 ENERGY LLC AND SUBSIDIARIES** 

**(f/k/a GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES)** 

**UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(In thousands)** 

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended**<br>**September 30,** | **For the Nine Months Ended**<br>**September 30,** |
|  | **2022** | **2021** |
|  SUPPLEMENTAL DISCLOSURES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest, net of amount capitalized | $34588 | $31757 |
|  SCHEDULE OF NON-CASH ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash additions to solar energy facilities included in accounts payable and accrued liabilities | $2369 | $5349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash additions to right of use assets - finance and lease obligations - finance | $217315 | $35136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash distribution payable to members | $— | $20846 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**MN8 ENERGY LLC AND SUBSIDIARIES** 

**(f/k/a GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES)** 

**NOTES TO INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS** 

**(In thousands)** 

**Note 1 — *Nature of Business*** 

Goldman Sachs Renewable Power LLC (the "Parent Company"), a Delaware limited liability company, was organized effective September 19, 2017. The Parent Company was formed by Goldman Sachs RP Holdings LLC (the "GS Member"), which initially held a controlling financial interest. Various additional members (the "Third-Party Members", and together with the GS Member, the "Members") were admitted pursuant to the Amended and Restated Limited Liability Company Agreement (the "LLC Agreement") executed on February 9, 2018. Subsequent to the initial close, the Parent Company admitted additional Third-Party Members until the final close on August 10, 2019.

The Parent Company owns a controlling membership interest in Goldman Sachs Renewable Power Operating Company LLC (the "Operating Company"). The Operating Company was formed by the Parent Company, in its capacity as the managing member, and GSAM Holdings II LLC (the "Special Interest Member", an affiliate of Goldman Sachs Asset Management, L.P.). The Operating Company wholly owns certain holding companies (collectively, the "Holding Companies"). Various tax-equity investors own membership interests in subsidiaries of certain Holding Companies. The Parent Company, the Operating Company, the Holding Companies and all subsidiaries are collectively referred to as the "Company" herein. The Company formed to finance, acquire, and own renewable energy projects that meet the needs of its customers.

From the Company's formation through August 4, 2022, Goldman Sachs Asset Management, L.P. ("GSAM"), a Delaware limited partnership and an affiliate of Goldman Sachs & Co. LLC ("GS&Co"), was the investment adviser of the Company. GSAM, or its affiliates, earned administrative fees and management fees for services provided to the Company.

On August 4, 2022, the Company and GSAM closed an Internalization Agreement to insource the management and administration of the Company previously provided by GSAM (the "Internalization"). Upon close, the Company was renamed MN8 Energy LLC. Under the terms of the Internalization Agreement, the existing Management Services Agreement with GSAM terminated, and GSAM no longer receive fees for management and administrative services. Additionally, the Internalization Agreement terminated the Incentive Allocation held by the Special Interest Member. To ensure a smooth transition, the Company has also entered into a Transition Services Agreement ("TSA") with GSAM for a period of two to nine months after closing that will allow for continued support from GSAM risk management, accounting, tax, information technology and compliance. The TSA enables the Company to continue normal operations while building its resources and infrastructure to operate as a standalone company.

Pursuant to the Internalization Agreement, the Company made an upfront cash payment of approximately $27,000 to GSAM. Upon a liquidity event and in exchange for the Special Interest Member, GSAM will be eligible for 18% of the implied gain for outstanding equity less the upfront cash payment paid at close, in the form of units in the Company. GSAM will also have the right to designate one director until its ownership stake is less than 5%. In addition, on August 5, 2022, the Company consummated the purchase of a 51% ownership interest in the Quality Business Intelligence ("QBI") software provider ("QBI Acquisition") from GSAM for a purchase price of $8,000. Under the terms of the Internalization Agreement, a portion of the $27,000 payment to GSAM was credited towards the purchase price, resulting in an incremental payment of $4,000 to GSAM for the purchase of QBI (see Note 3).

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On September 15, 2022, the Company initiated a capital call to its members in the amount of $281,958. The Company has received substantially all of the funds and such funds will be used to fund the New Energy Solar US Corporation ("NES") acquisition as discussed in Note 3. As of September 30, 2022, the remaining uncalled capital is $563,916.

***Basis of Presentation and Principles of Consolidation***

The accompanying interim unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information.

In the opinion of management, the interim financial information reflects all adjustments of a normal recurring nature, necessary for a fair statement of the Company's financial position as of September 30, 2022, the results of operations, income and cash flows for the nine months ended September 30, 2022 and 2021, respectively. The consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes contained in the Company's audited financial statements for the year ended December 31, 2021. Interim results are not necessarily indicative of results for a full year.

**Note 2 — *Summary of Significant Accounting Policies*** 

Below are updates to significant accounting policies disclosed in the 2021 annual audited consolidated financial statements.

***Use of Estimates***

The preparation of the interim unaudited consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates, and such differences may be material to the interim unaudited consolidated financial statements.

***Cash, Cash Equivalents and Restricted Cash***

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited consolidated statements of cash flows:

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| | | |
|:---|:---|:---|
|  | **September 30, 2022** | **December 31, 2021** |
|  Cash and cash equivalents | $475881 | $169197 |
|  Restricted cash | 118962 | 209105 |
|  Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $594843 | $378302 |

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Cash and cash equivalents as of September 30, 2022 includes approximately $245,000 that will be used to fund the NES Acquisition, including purchase price adjustments, as discussed in Note 3.

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***Acquisition and Development Costs***

Acquisition and development costs include third party costs associated with the acquisition, financing and development of the Company's solar and energy storage systems.

***Internalization Costs***

Internalization costs include third party costs related to the Internalization.

***Goodwill***

The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net assets of the acquired business, in conformity with *ASC 805-30-30-1*. Goodwill is not amortized; rather, it is subject to a periodic assessment for impairment by applying a fair value-based test. In conformity with *ASC 350-20-35-28,* the Company evaluates goodwill for impairment on an annual basis at the reporting unit level, and more frequently if adverse events or changes in circumstances indicate that the asset may be impaired. In conformity with *ASC 350-20-35-3A*, the Company tests goodwill for impairment by first performing a qualitative assessment to determine whether it is more likely than not (that is, a likelihood of more than 50%) that the fair value of the reporting unit is less than its carrying amount. The qualitative assessment considers macroeconomic conditions, industry and market considerations, cost factors and overall company financial performance. If the reporting unit does not pass the qualitative assessment, the carrying amount of the reporting unit, including goodwill, is compared to its fair value. When the carrying amount of the reporting unit exceeds its fair value, a goodwill impairment loss is recognized up to a maximum amount of the recorded goodwill related to the reporting unit. Goodwill impairment losses are not reversed. There was no impairment loss related to goodwill during the nine months ended September 30, 2022.

***Foreign Currency Translation***

The reporting currency of the Company is the U.S. dollar. Certain wholly-owned subsidiaries of the Company, located in Spain, operate under a functional currency of Euros. The financial statements of these foreign subsidiaries are translated from Euros into U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates for the period for revenues and expenses, in conformity with the guidance under *ASC 830—Foreign Currency Matters*. The resulting translation gains and losses that arise from translating these assets, liabilities, revenue and expenses of the Company's foreign subsidiaries are recorded in other accumulated comprehensive income (loss), as a separate component of total equity and are excluded from net income (loss). For the nine months ended September 30, 2022, the Company incurred approximately $636 in foreign currency translation losses recorded as other income (expense), net in the accompanying unaudited consolidated statements of operations.

***Recently Adopted Accounting Standards***

In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. As of September 30, 2022, the Company began applying the amendments to its eligible contract modifications, where applicable, and expects to continue to apply prospectively to all remaining debt contracts through December 31, 2022. The adoption of ASU No. 2020-04 did not have a material impact on the Company's unaudited consolidated financial statements and related disclosures.

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Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on its consolidated financial statements.

**Note 3 — *Acquisitions*** 

***Business Combinations***

On July 26, 2022, a subsidiary of the Company consummated the purchase of a 49% ownership interest in QBI from a third party for $10,785. Additionally, in connection with the QBI Acquisition consummated on August 5, 2022 (see Note 1), the assets acquired and liabilities assumed were recorded at fair value on the acquisition date. The fair values are subject to refinement during measurement period, which may be up to one year from the business acquisition date and the Company will record any adjustments, if any, to the assets acquired and liabilities assumed, with the corresponding offset to goodwill in the period in which the adjustments may have been determined.

The following is a summary of assets and liabilities transferred as of the August 5, 2022, in connection with the QBI Acquisition:

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| | |
|:---|:---|
|  | **Total** |
|  Assets Acquired: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current assets | $1832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use asset—operating | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 3520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets acquired at fair value | 6555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less total liabilities assumed | (2387) |
|  Goodwill | 14617 |
|  Cash Consideration Paid: | $18785 |

---

In conformity with *ASC 805-30-50-1(a),* the goodwill acquired is primarily attributable to the workforce of the acquired business and potential contracts with new customers expected to arise from sale of licenses. Goodwill recognized as a result of the acquisition is not deductible for tax purposes. See Note 5 for additional information about goodwill and intangible assets.

***Asset Acquisitions***

The Company accounts for its asset acquisitions in conformity with *ASC 805-50*—*Business Combinations* where the fair value of the purchase consideration, including the transaction costs of the asset acquisition, is assumed to be equal to the fair value of the net assets acquired. The purchase considerations, including the transactions costs, is allocated to the individual assets and liabilities assumed based on their relative fair values. Contingent consideration, if any, is also recognized and measured at fair value as of the acquisition date. No goodwill or bargain purchase gain is recognized in an asset acquisition.

Pursuant to the guidance contained in *ASC 805*, the Company made the following asset acquisitions during the nine months ended September 30, 2022:

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| | | | |
|:---|:---|:---|:---|
|  | **Acquisition Date** | **Purchase Price** | **Size (MWdc)** |
|  Dakota | March 25, 2022 | $48052 | pre-operations |

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The following is a summary of assets and liabilities transferred in connection with the asset acquisitions:

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| | |
|:---|:---|
|  | **As of March 25. 2022** |
|  Solar energy and storage facilities, net | $47341 |
|  Right of use assets, net – financing | 213632 |
|  Other non-current assets | 711 |
|  Lease obligations – financing | (213632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment | 48052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase price, net of cash acquired | $48052 |

---

***Pending Acquisitions***

On August 19, 2022, an indirect subsidiary of the Company entered into an acquisition agreement with NES for the acquisition of a portfolio of approximately 442 MW of solar assets situated in California, Nevada, North Carolina, and Oregon. The aggregate purchase price, including purchase price adjustments, is expected to be $257,600 in cash (of which $10,000 was paid upon signing the purchase agreement on August 19, 2022). The Company anticipates closing on the transaction in the fourth quarter of 2022.

On August 19, 2022, the Company entered into a purchase option agreement with USF Derby, LLC, a subsidiary of US Solar Fund plc, for the acquisition of its 50% ownership interest in Mount Signal 2 for an expected aggregate purchase price of $52,200 in cash, subject to purchase price adjustments. Mount Signal 2 is a 200 MW solar asset situated in California. This purchase option agreement allows the Company a six-month term option to acquire the remaining 50% ownership interest in Mount Signal 2. The Company expects to close on the transaction in the fourth quarter of 2022 or the first quarter of 2023.

**Note 4 — *Solar Energy and Solar Facilities, net*** 

The following presents the categories within solar energy and storage facilities:

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| | | |
|:---|:---|:---|
|  | **September 30, 2022** | **December 31, 2021** |
|  Solar energy facilities | $2473427 | $2431364 |
|  Storage facilities | 364245 | 349378 |
|  Construction in progress | 440027 | 277457 |
|  Land | 41175 | 40493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 3318874 | 3098692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: accumulated depreciation | (215491) | (144710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solar energy and storage facilities, net | $3103383 | $2953982 |

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The Company recorded depreciation expense related to solar energy and storage facilities of $70,781 and $41,484 for the nine months ended September 30, 2022 and 2021, respectively.

**Note 5—*Goodwill and Intangible Assets*** 

*Goodwill* 

In connection with the QBI Acquisition (see Note 3), the Company recognized goodwill of $14,617, which was allocated to the operating business.

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The following table presents a reconciliation of the beginning and ending carrying amounts of goodwill:

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| | |
|:---|:---|
|  | **Total** |
|  Balance as of December 31, 2021 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net additions during the period | 14617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | (649) |
|  Balance as of September 30, 2022 | $13968 |

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***Intangible Assets***

In connection with the QBI Acquisition, the Company recognized $3,364 of intangible assets related to computer software and customer relationships.

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| | | | |
|:---|:---|:---|:---|
|  | **Estimated Life** | **September 30, 2022** | **December 31, 2021** |
|  Acquired contracts | 1 year - 25 years | $754083 | $754822 |
|  Computer software | 5 years | 1376 |  |
|  Customer relationship | 10 years | 1988 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less accumulated amortization |  | (174138) | (138893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net |  | $583309 | $615929 |

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Estimated future amortization of intangible assets as of September 30, 2022, is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ending December 31,** | **Acquired contracts** | **Computer software** | **Customer relationship** | **Total** |
|  Remaining 2022 | $9462 | $69 | $50 | $9581 |
| 2023 | 45796 | 275 | 199 | 46270 |
| 2024 | 45810 | 275 | 199 | 46284 |
| 2025 | 45752 | 275 | 199 | 46226 |
| 2026 | 45530 | 275 | 199 | 46004 |
|  Thereafter | 387674 | 161 | 1109 | 388944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $580024 | $1330 | $1955 | $583309 |

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**Note 6 — *Tax Equity Sale-Leasebacks*** 

The Company has acquired entities that, prior to acquisition, have entered into solar energy facility sale-leaseback arrangements with various financial institutions. Upon acquisition, the Company retains the classification of the sale-leaseback determined by the seller. Certain of these transactions were classified as failed sale-leasebacks by the seller under the accounting guidance applicable at the time; in such circumstances, the seller recorded a tax equity sale-leaseback equal to the sales proceeds. The Company revalued these tax equity sale-leasebacks as of the date of acquisition based on fair values. Lease payments are allocated between principal and interest using the Company-specific incremental borrowing rate or an imputed rate for the assumed exercise of the purchase option under the lease. These purchase options convey an option for the Company to purchase the underlying property at various periods in time at a fixed-price or the then current fair-market value of the asset for said solar energy facility subject to the lease. The balance of tax equity sale-leaseback as of September 30, 2022 includes $220,654 which reflects the remaining balance for the assumed exercise of the purchase option under each respective lease.

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The following presents the Company's associated activity within tax equity sale-leasebacks for the nine months ended September 30, 2022 and the year ended December 31, 2021:

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| | | |
|:---|:---|:---|
|  | **September 30,<br>2022** | **December 31,<br>2021** |
|  Beginning balance | $473707 | $494651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other adjustments |  | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buy-out | (50916) | (4854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease payments | (32349) | (42640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 18286 | 26600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total tax equity sale-leasebacks | 408728 | 473707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current maturities | (48841) | (77035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax equity sale-leasebacks, net of current | $359887 | $396672 |

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**Note 7 — *Fair Value of Financial Instruments and Fair Value Measurements***

*ASC 820 —Fair Value Measurements and Disclosures*, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. *ASC 820* requires disclosures about the fair value of all financial instruments, whether or not recognized, for financial statement purposes. Disclosures about the fair value of financial instruments and fair value measurements are based on pertinent information available to the Company on September 30, 2022. Accordingly, the estimates presented in these financial statements are not necessarily indicative of the amounts that could be realized on the disposition of the financial instruments. *ASC 820* establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

 *Level 1*—unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date.

 *Level 2*—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

 *Level 3*—unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date.

In accordance with *ASC 820*, the Company determines the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement.

For cash and cash equivalents, restricted cash, accounts receivable—trade, accounts payable—trade, accounts payable—affiliates and accrued expenses and other current liabilities, the carrying amounts approximate fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy.

The carrying amounts and estimated fair values of the Company's recorded financial instruments not carried at fair market value or that do not approximate fair value are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Carrying<br>Amount** | **Fair**<br>**Value** | **Carrying<br>Amount** | **Fair**<br>**Value** |
|  Long-term debt, including current portion | $2228037 | $1971661 | $2073789 | $2155756 |

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The table above represents debt instruments with fixed and variable interest rates. The estimated fair value of variable rate debt approximates the carrying value, due primarily to the nature of the interest rates of the underlying instruments. The amounts above exclude debt issuance costs, which reduce the long-term debt presented in the Company's unaudited consolidated balance sheets.

The Company's debt securities are not publicly traded and their fair value is based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 2 within the fair value hierarchy.

**Note 8 — *Long-Term Debt, net*** 

The Company's long-term debt consists of the following as of September 30, 2022 and December 31, 2021:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Instrument** | **Maturity** | **Interest Rate** | **September 30,<br>2022** | **December 31,<br>2021** |
|  *<u>Corporate:</u>* |  |  |  |  |
|  Subscription facility | 2023 | SOFR<sup>(2)</sup> + 2.00% | $308291 | $62000 |
|  *<u>Portfolio-level:</u>* |  |  |  |  |
|  Senior secured notes | 2044 | 3.77% | 432288 | 444339 |
|  Senior secured notes 2 | 2046 | 3.10% | 577141 | 594668 |
|  Senior secured notes 3 | 2047 | 3.29% | 250470 |  |
|  Warehouse facility | 2026 | LIBOR<sup>(1)</sup> + 1.75% | 311636 | 224538 |
|  Construction and ITC bridge facility | 2022 | LIBOR<sup>(1)</sup> + 0.88% |  | 380002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal portfolio-level debt |  |  | 1571535 | 1643547 |
|  *<u>Project-level:</u>* |  |  |  |  |
|  State term loans | 2023 to 2038 | Fixed 4.40% to 6.10% | 142533 | 144906 |
|  |  | Floating LIBOR <sup>(3)(4)</sup> + 2.50% to 3.13%<sup>(5)</sup> | 81431 | 90418 |
|  Charles term loans | 2023 to 2036 | Fixed 5.15% | 51311 | 52859 |
|  |  | Floating LIBOR<sup>(1)</sup> + 2.00% | 890 | 2059 |
|  Chambers term loans | 2028 to 2030 | LIBOR<sup>(1)</sup> + 1.88% to 2.50% | 72046 | 78000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Subtotal project-level debt</u>* |  |  | 348211 | 368242 |
|  Total long-term debt |  |  | 2228037 | 2073789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current maturities |  |  | (393173) | (451742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unamortized debt premiums, net |  |  | 5396 | 6096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs, net |  |  | (19983) | (19076) |
|  Long-term debt, net |  |  | $1820277 | $1609067 |

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<sup>(1)</sup> The 30-day LIBOR rate was 3.14% and 0.11% as of September 30, 2022 and December 31, 2021, respectively. 

<sup>(2)</sup> The 30-day SOFR rate was 3.04% as of September 30, 2022. As of December 31, 2021, the Subscription Facility referenced 30-day LIBOR rate of 0.11% + 1.85%. 

<sup>(3)</sup> The 90-day LIBOR rate was 3.75% and 0.15% as of September 30, 2022 and December 31, 2021, respectively. 

<sup>(4)</sup> The 6-month LIBOR rate was 4.23% and 0.18% as of September 30, 2022 and December 31, 2021, respectively. 

<sup>(5)</sup> The Floating Rate Term Loan has an interest rate floor of 4% as of September 30, 2022 and December 31, 2021, respectively. 

The Company was in compliance with the covenants required by each debt agreement as of September 30, 2022.

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***Subscription Facility***

As of September 30, 2022 and December 31, 2021, the size of the Subscription Facility was $308,291 and $62,000, respectively. As of September 30, 2022 and December 31, 2021, the unused portion of the Subscription Facility was approximately $164,713 and $407,779, respectively. In October 2022, the Company repaid $121,200 of the outstanding Subscription Facility balance from cash and cash equivalents.

***Senior Secured Notes 3***

On December 28, 2021, the Company signed a note purchase agreement with the Bank of New York Mellon, as first lien collateral agent, intercreditor agent and as the notes agent (the "Note Purchase Agreement 3"). Pursuant to the Note Purchase Agreement 3, the Company issued, and in April 2022, the Company received approximately $251,667 aggregate principal amount of 3.29% notes (the "Senior Secured Notes 3") maturing March 31, 2047, which the Company used to repay a portion of the construction and ITC bridge facility. The Senior Secured Notes 3 are collateralized by the Company's equity interests in GSRP Stanton LLC, an entity which maintains ownership interests in the Stanton project with a total nameplate capacity of approximately 390 MW and battery storage capacity of 561 MWh.

***Warehouse Facility***

As of September 30, 2022 and December 31, 2021, the unused portion of the Warehouse Facility was approximately $253,635 and $267,955, respectively.

***Construction and ITC Bridge Facility***

As of June 30, 2022, the Company repaid the construction and ITC bridge facility using proceeds from the issuance of the Senior Secured Notes 3 and tax-equity investor contributions. As of December 31, 2021, the unused portions of the construction and ITC bridge loans were $73,709.

***Project-Level Debt***

As of September 30, 2022 and December 31, 2021, the Company had a revolving commitment of approximately $42,544 and $42,650, respectively, with no outstanding balances for either period.

***Letters of Credit***

As of September 30, 2022 and December 31, 2021, the Company has entered into various letters of credit agreements, with an aggregate amount of $260,027 and $248,623, respectively. The Company incurs commitment fees at annual rates between 0.88% - 2.10% based on the unused portions of the letters of credit.

**Note 9 — *Lease Obligations*** 

The Company leases the sites upon which the solar energy and storage facilities are located, as well as certain of the solar energy facilities. The Company's leases have remaining terms that range from less than a year to approximately 40 years, including extension options management expects to exercise. Additionally, the Company's solar energy facility leases may convey options for the Company to purchase the underlying property at various periods in time at a fixed-price or the then current fair-market value of the asset.

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The total costs associated with the Company's leasing activities are as follows:

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| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
|  | **2022** | **2021** |
|  Finance lease costs: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of right of use assets | $10391 | $6527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on lease obligations | 9710 | 3871 |
|  Operating lease costs: | 4220 | 3544 |
|  Variable lease costs: |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total lease costs | $24321 | $14042 |

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The Company has also entered into certain lease agreements, under which payments are made based on the variable production of certain solar energy systems. The payments from such arrangements are not included in the table above as they are a function of the power that will be generated by the related solar energy facilities in the future.

The Company identified various site leases which were being paid by offtakers to which the Company was leasing solar energy facilities. Since these lease payments are obligations of the Company, the Company has incorporated the effect of such site lease agreements into its calculation of the Company's right of use assets and lease obligations. The Company has included the amount as other adjustments in the tables below.

The Company's operating and finance right-of-use assets activities are presented below for the following periods:

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| | | |
|:---|:---|:---|
| **Operating leases:** | **September 30,<br>2022** | **December 31,<br>2021** |
|  Beginning balance | $58035 | $44223 |
|  Additions | 30615 | 16204 |
|  Other adjustments | (429) |  |
|  Amortization | (2383) | (2390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending balance | $85838 | $58037 |
| **Finance leases:** | **September 30,<br>2022** | **December 31,<br>2021** |
|  Beginning balance | $155506 | $129125 |
|  Additions | 217315 | 35136 |
|  Other adjustments | 2009 | 65 |
|  Amortization | (10391) | (8820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending balance | $364439 | $155506 |

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The Company's operating and finance lease obligations activities are presented below for the following periods:

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| | | |
|:---|:---|:---|
| **Operating leases:** | **September 30,<br>2022** | **December 31,<br>2021** |
|  Beginning balance | $59088 | $44646 |
|  Additions | 30615 | 16204 |
|  Other adjustments | (1864) |  |
|  Interest accretion | 2030 | 2386 |
|  Lease payments | (3020) | (4152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending balance | $86849 | $59084 |
| **Finance leases:** | **September 30,<br>2022** | **December 31,<br>2021** |
|  Beginning balance | $163900 | $133389 |
|  Additions | 217315 | 35136 |
|  Other adjustments | 3129 | 36 |
|  Interest accretion | 9710 | 5253 |
|  Lease payments | (8817) | (9917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending balance | $385237 | $163897 |

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For the following periods, the weighted-average remaining term and discount rate associated with the Company's leases were as follows:

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| | | |
|:---|:---|:---|
|  | **September 30,<br>2022** | **December 31,<br>2021** |
|  Weighted-average remaining lease term - finance leases (years) | 30.37 | 22.63 |
|  Weighted-average remaining lease term - operating leases (years) | 22.50 | 20.84 |
|  Weighted-average discount rate - finance leases | 4.08% | 3.45% |
|  Weighted-average discount rate - operating leases | 4.32% | 4.11% |

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***Commitments***

Future minimum rent payments under non-cancelable lease obligations with initial terms in excess of one year as of September 30, 2022, are as follows:

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| | | |
|:---|:---|:---|
|  | **Finance Leases** | **Operating Leases** |
|  Remaining 2022 | $2247 | $1918 |
| 2023 | 12609 | 7127 |
| 2024 | 12795 | 7138 |
| 2025 | 13667 | 7030 |
| 2026 | 22318 | 6650 |
|  Thereafter | 684450 | 119488 |
|  Total | 748086 | 149351 |
|  Unrecognized interest | (362849) | (62502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations | $385237 | $86849 |

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**Note 10 — *Interest Rate Derivative Instruments*** 

The Company has entered into interest rate swap agreements in order to mitigate its exposure to fluctuations in interest rates associated with its variable rate debt. Under the terms of the interest rate swaps, the Company receives Secured Overnight Financing Rate ("SOFR") or London Interbank Offered Rate ("LIBOR") based variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the notional amount of its debt hedged. The Company has elected not to designate its interest rate swap agreements as cash flow hedges. Therefore, changes in the fair value of the interest rate swaps are recorded as fair value adjustment of interest rate derivative instruments in the accompanying unaudited consolidated statements of operations.

The valuations of the interest rate swaps are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The cash receipts are based on an expectation of future interest rates using a forward curve that is derived from observable market interest rate curves.

By using derivative financial instruments to mitigate exposures to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty, and therefore, the Company is not exposed to the counterparty's credit risk in those circumstances. The Company minimizes counterparty credit risk in derivative instruments by entering into transactions with high-quality counterparties. The derivative instruments entered into by the Company do not contain credit-risk-related contingent features. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates. The market risk associated with interest-rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken.

The valuation analysis has incorporated credit valuation adjustments to appropriately reflect nonperformance risk in the fair value measurements. For derivatives in an asset position, management has evaluated the counterparty's nonperformance risk based on the counterparty type of institution and historical performance. If a risk is identified, further analysis is performed using the counterparty credit rating information available. For derivatives in a liability position, management has evaluated the Company's nonperformance risk based on operating performance, current liquid assets, and access to additional financing sources. The Company has concluded that the nonperformance risk is insignificant and no adjustment to the value was necessary for this input. If nonperformance risk was identified, the Company would adjust the fair value of the derivative contract for the effect of nonperformance risk, considering the impact of netting and any applicable credit enhancements. Therefore, all inputs used to value the derivatives fall within Level 2 of the fair value hierarchy and the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The Company offsets assets and liabilities associated with its positions in derivative instruments to the extent that the counterparty agreements permit them to be net settled. All of the Company's interest rate swap contracts permit net settlement, which allows the Company to mitigate credit risk associated with the interest rate swaps. No such offsetting balances existed for the periods presented.

The Company has recorded the fair value of the interest rate swaps using level 2 measurements, as defined in the fair value hierarchy.

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The fair value of the Company's interest rate derivative instruments and the effects of these derivative instruments are represented in the unaudited consolidated balance sheets and were as follows.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Instrument** | **Notional<br>Amount** | **Fixed Rate** | **September 30,<br>2022** | **December 31,<br>2021** |
|  Interest rate derivative instruments | $172931 | 1.72% - 3.22% | $9783 | $(6498) |

---

Derivative fair value adjustments recognized in the unaudited consolidated statements of operations were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
|  | **2022** | **2021** |
|  Interest expense, net | $16281 | $5894 |

---

**Note 11 — *Redeemable Non-Controlling Interests*** 

The reconciliation of changes in third-party redeemable equity securities of subsidiaries for the following periods are presented below:

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| | | |
|:---|:---|:---|
|  | **September 30,<br>2022** | **December 31,<br>2021** |
|  Beginning balance | $28393 | $66582 |
|  Cash distributions to redeemable non-controlling interests upon buy-out |  | (7237) |
|  Distributions to holders of redeemable non-controlling interests | (1505) | (3052) |
|  Excess basis allocation upon redeemable non-controlling interests buy-out |  | (33412) |
|  Net income attributable to redeemable non-controlling interests | 6886 | 5512 |
|  Redeemable non-controlling interests | $33774 | $28393 |

---

**Note 12 — *Operating Revenues, net*** 

***Revenue Recognition***

The Company generates revenues primarily by delivering electricity and, where applicable, the associated self-generated renewable energy certificates ("RECs") to customers under electricity sales contracts and solar REC ("SREC") contracts. In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-09, Accounting Standards Codification ("ASC"), Revenue from Contracts with Customers ("ASC 606"), which was adopted by the Company on January 1, 2019. This ASU, as amended, provides comprehensive guidance on the recognition of revenue earned from contracts with customers arising from the transfer of goods and services, guidance on accounting for certain contract costs and new disclosures. Revenues from contracts with customers are recognized when control of promised goods and services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to for those goods or services.

***Electricity Sales***

The Company accounts for its electricity sales contracts as executory contracts. The revenues are primarily determined by multiplying (i) the price under the electricity sales contract or market price by (ii) the amount of electricity that the Company delivers. Customers are invoiced monthly in this manner, with payments historically received within one month of the invoice date. The Company

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transfers control of the electricity and the customer simultaneously receives and consumes the benefits at that time. The sale of electricity over the term of the agreement represents a series of distinct goods that are substantially the same and that have the same pattern of transfer to the customer. Consequently, the Company recognizes revenues over time based on an output measure, as each MWh is delivered to the customers, based on invoiced amounts.

***Standalone SREC sales***

The Company generates revenue by delivering SRECs to customers on a standalone basis. One SREC is generated for each MWh of electricity produced, subject to any adjustments made by the certifying bodies in the jurisdictions which the Company operates. The Company maintains three general types of standalone SREC sales contracts: spot sales, fixed-notional forward sales, and unit-contingent forward sales contracts. For both spot sales and fixed-notional forward-sales, revenue is determined by multiplying (i) the per-unit contractual price by (ii) the quantity of SRECs delivered to the counterparty; limited by the notional amount of the contract. For unit-contingent forward sales, revenue is determined by multiplying (i) the per-unit contractual price by (ii) the amount of SRECs generated by the contracted assets and delivered to the counterparty. The Company invoices standalone SREC sales contract counterparties as SRECs are delivered and payments are typically due between 5 – 10 days from the date the SRECs are transferred to the counterparties. These sales are not financed by the Company. Each promise to deliver SRECs is a distinct performance obligation that is satisfied when appropriately certified and title has transferred. The revenue related to standalone SRECs is recognized at that point in time.

***Bundled Electricity and SREC sales***

In certain circumstances, the Company sells both electricity and SRECs pursuant to the same contract. Revenues are determined by multiplying (i) the bundled contract price by (ii) the amount of electricity delivered. Customers are invoiced monthly in this manner, with payments received within one month of the invoice date. Although the transfer of SRECs to the customers and the recognition of the related revenue happens at a point in time after the delivery of the related electricity (due to the SREC certification process), the certification process does not have a material impact to the amount of SRECs ultimately delivered to the customer. The Company has elected the practical expedient contained in *ASC 606-10-55-18* to recognize revenue in accordance with the timing and amount of the related invoices, as the right to consideration corresponds directly to the value provided to the customer. The Company views the substance of the transaction as a combined arrangement in which the performance obligations for both the sale of electricity and SRECs are achieved simultaneously as electricity is generated and delivered to the customer, and records the related revenues in operating revenues in the unaudited consolidated statements of operations.

***Lease Revenue***

The Company, through acquisitions of existing contracts, is the lessor of certain solar energy facilities. The Company records revenue associated with the fixed-lease payments straight-line over the term of the lease. The adoption of ASU 2016-02, Leases ("*ASC 842*") did not have a material impact on the recognition of lease income.

***Battery Storage***

The Company is constructing and operating certain projects that pair Battery Energy Storage Systems ("BESS") with solar energy facilities, which allows the project more flexibility on when to provide energy to the grid. In certain cases, the Company enters into PPAs that allow the customer to utilize the full capacity of the BESS, including the right to charge and discharge, in exchange for

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variable payments based on the performance of the BESS. These PPAs include both lease and non-lease components, with the BESS component generally representing an operating lease under *ASC 842*, which we combine and account for collectively under *ASC 606*. Revenue is recognized based on the amount of energy and capacity provided at the contractual billing rates, assuming all other revenue recognition criteria have been met.

Operating revenues from contracts with customers and other revenue for the following periods were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
|  | **2022** | **2021** |
|  Electricity sales | $198871 | $169206 |
|  Solar renewable energy certificate sales | 63585 | 59317 |
|  Battery storage and other revenues | 21862 | 9908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenues | 284318 | 238431 |
|  Contract amortization | (35904) | (35698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues, net | $248414 | $202733 |

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Future operations could be affected by changes in the creditworthiness of significant offtakers, by changes in economic or other conditions in geographic areas served, or by changes in the demand for renewable energy.

**Note 13 — *Income Taxes*** 

At the end of each interim period, the Company estimates its annual effective tax rate and applies that rate to interim earnings. The Company also records the tax impact of any unusual or infrequent items, including changes in judgment about valuation allowances and the effects of changes in tax laws or rates, in the period in which they occur.

The computation of the annual estimated effective tax rate at each interim period requires estimates and significant judgment, including but not limited to the expected operating income for the year and certain permanent differences, including the income attributable to non-controlling interests. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or as the tax environment changes.

For the nine months ended September 30, 2022 and 2021, the estimated annual effective income tax rate were 444.5% and 140.4%, respectively. During 2022, the estimated annual effective income tax rate differs from the federal statutory tax rate of 21% primarily due to income attributable to non-controlling interest. For 2021, the estimated annual effective income tax rate differs from the federal statutory rate of 21% due to income attributable to non-controlling interest and by the exclusion of certain loss companies where valuation allowances were recorded.

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**Note 14 — *Variable Interest Entities*** 

The Company consolidates VIEs in which it holds a variable interest and is the primary beneficiary. The Company has determined certain subsidiaries are VIEs and as the managing member of the respective partnerships, it is the primary beneficiary by reference to the power and benefits criterion under *ASC 810 - Consolidation*. The Company considered responsibilities within the contractual agreements, which grant it the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. Such activities include management of the solar energy and storage facilities' operations and maintenance, budgeting, and establishing policies and procedures. In addition, the Company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs on the basis of income allocations and cash distributions. Financing of the VIEs is further described in Note 6. Lenders of partnerships determined to be VIEs generally do not have recourse to the Company. Investors of partnerships determined to be VIEs generally do not have recourse to the Company as a whole, but the Company does provide certain guarantees related to investment tax credit generation and letters of credit on behalf of the VIEs.

The following table presents a summary of the consolidated VIEs in which the Company holds variable interests in structures other than wholly-owned entities:

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| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2022** | **December 31,**<br>**2021** |
|  Current assets | $187183 | $82619 |
|  Solar energy and storage facilities, net | $1726575 | $1722687 |
|  Other assets | $313096 | $348420 |
|  Current liabilities | $49611 | $68233 |
|  Other liabilities | $466831 | $490267 |

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**Note 15 — *Related Party Transactions*** 

As discussed in Note 1, the Company closed the Internalization Agreement in August 2022. Accordingly, the Management and Administrative fees as well as the Incentive Allocation assigned to the Special Interest Member (as discussed below) terminated.

***Transition Services***

In connection with the Internalization Agreement, the Company entered into a transition services agreement with GSAM to provide certain services, which may include risk management, accounting, tax, information technology and compliance, to the Company for a specified period of time. The duration of the transition services varies by service category and is generally from two to nine months from the closing of the Internalization Agreement. The actual period that GSAM will provide a particular service will depend upon how long it takes us to develop internal capacity for, or find another provider of, that service. Pricing of transition services during the scheduled transition period will be calculated to allow GSAM to recover costs of providing such services, including allocations of overhead, without markup for profit. For the nine months ended September 30, 2022, GSAM earned approximately $993 for services rendered under the transition services agreement. Such amount has been included in general and administrative in the accompanying unaudited consolidated statements of operations.

***Management Fee***

In accordance with the LLC Agreement and the Management Services Agreement, dated February 9, 2018, GSAM receives a management fee from the Company as compensation for its services (the "Management Fee"). The Management Fee is determined as of the last day of the

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applicable calendar quarter and is paid quarterly in arrears. In connection with the Internalization Agreement, the final Management Fee was calculated for the period July 1, 2022 through August 4, 2022.

The Management Fee was equal to 0.125% of the average of the Management Fee Base (as defined in the respective agreement) with respect to such calendar quarter and the Management Fee Base at the end of the prior calendar quarter. The Management Fee Base for any calendar quarter is equal to the amount of capital contributed to the Parent Company as of the end of such calendar quarter, plus the total indebtedness of the Company, less a proportionate share of any indebtedness attributable to non-tax equity joint-venture partners.

For the nine months ended September 30, 2022 and 2021, GSAM earned management fees of approximately $7,250, and $7,468, respectively. As of September 30, 2022 and December 31, 2021, management fees payable to GSAM were approximately $6,954 and $2,939, respectively. Such amounts have been included in accounts payable – related parties, net on the accompanying unaudited consolidated balance sheets.

***Administrative Fee***

In accordance with the LLC Agreement and the Management Services Agreement, dated February 9, 2018, GSAM receives an administration fee from the Company as compensation for its services (the "Administration Fee"). The Administration Fee is equal to the product of the Company's share (as defined in the LLC Agreement) of the nameplate capacity of the solar energy facilities owned by the Company (the "Facilities") and the applicable per kW rate. From February 9, 2018, (the first date on which the Company accepted capital commitments) until the day preceding the first anniversary of such date, the applicable per kW rate is $10; thereafter, until the day preceding the second anniversary of such date, the applicable per kW rate is $9; thereafter, the applicable per kW rate is $8. The Administration Fee is prorated for any partial calendar quarter and any intra-quarter changes to the aggregate nameplate capacity of the Facilities. In connection with the Internalization Agreement, the final Administration Fee was calculated for the period July 1, 2022 through August 4, 2022.

The Administration Fee for any calendar quarter was subject to a cap of 0.125% of the average of the Management Fee Base at the end of such quarter and the Management Fee Base at the end of the prior calendar quarter (the "Administration Fee Cap"), less such fees paid to third-party service providers by or associated with the Facilities (excluding from such fees, the proportion attributable to non-tax equity joint-venture partners). To the extent the Administration Fee and/or the Administration Fee Cap was reduced below zero for a particular calendar quarter, GSAM would have had to pay to the Company the amount by which the Administration Fee and/or Administration Fee Cap is below zero.

For the nine months ended September 30, 2022 and 2021, GSAM earned administration fees of approximately $5,145 and $5,958, respectively. As of September 30, 2022 and December 31, 2021, administration fees payable to GSAM were approximately $2,218 and $1,694, respectively. Such amounts have been included in accounts payable – related parties, net on the accompanying unaudited consolidated balance sheets.

***Acquisition Costs***

Affiliates of GS&Co regularly incurred costs on behalf of the Company, in conjunction with acquisition due diligence and other developmental activities. The Company reimburses the affiliates for such costs as invoiced. As of September 30, 2022 and December 31, 2021, the Company owed affiliates of GS&Co approximately $5,425 and $4,521, respectively. Such amounts have been included in accounts payable – related parties, net on the accompanying unaudited consolidated balance sheets.

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***Special Interest Member Incentive Allocation***

The Operating Company LLC agreement entitles the Special Interest Member to an incentive payment that equates to a percentage of Core Operating Profit. Core Operating Profit is equal to operating income, plus the Company's share of other revenue, less tax and interest expense, economic depreciation (as defined in the Operating Company LLC agreement), the Administration Fee, the Management Fee, and subject to various other adjustments as described in the Operating Company LLC agreement. The payment is subject to the achievement of certain hurdles based on the preceding twelve calendar quarters. The Company allocates the incentive payment to the Special Interest Member as distributions in non-controlling interests. The Special Interest Member is not required to return any incentive payments received, even if the Core Operating Profit in future periods is insufficient to have achieved the aggregate hurdle in such future periods.

For the nine months ended September 30, 2022 and 2021, the Special Interest Member earned incentive allocations of approximately $3,018 and $7,553, respectively. As of September 30, 2022, such amount has been included in accounts payable – related parties, net on the accompanying unaudited consolidated balance sheets. As of December 31, 2021, there were no unpaid incentive allocations earned by the Special Interest Member.

***GS&Co Employees***

Certain GS&Co employees have an ownership interest in the Company. For the nine months ended September 30, 2022, total contributions and distributions were approximately $13,762 and $(1,012), respectively. For the year ended December 31, 2021, total contributions and distributions were approximately $0 and $(1,282), respectively.

**Note 16 — *Commitments and Contingencies*** 

***Litigation***

The Company may become involved in various legal proceedings and disputes in the ordinary course of business. The Company maintains insurance to mitigate any risk of future loss. Such matters are subject to many uncertainties and outcomes, the financial impacts of which are not predictable with assurance and may not be known for extended periods of time. The Company records a liability in its unaudited consolidated financial statements for costs related to claims, settlements, and judgments where management has assessed that a loss is probable, and an amount can be reasonably estimated. The Company is not aware of any legal proceedings or disputes that will have a material impact on the unaudited consolidated financial statements. For the nine months ended September 30, 2022, the Company received a settlement of approximately $2,000 related to an owned project and has been included in other income and expense, net on the accompanying unaudited consolidated statement of operations.

***Insurance***

The Company maintains property insurance coverage for catastrophic losses such as hurricanes, earthquakes or floods. For such catastrophic losses, the Company may have higher deductibles or increased self-insurance risk if certain criteria are met, ultimately increasing the potential risk of loss.

***Forward Contracts***

The Company has entered into various forward contracts for the delivery of SRECs. Its ability to deliver such SRECs in the future could be affected by interruptions in the productivity of certain solar energy facilities or changes to legislation associated with SRECs.

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***Guarantees***

The Company has provided guarantees associated with the production of certain solar energy facilities, associated with various offtakers. To the extent that the associated solar energy facilities become temporarily or permanently nonoperational, the Company will be liable to compensate the offtaker for the difference between the actual production and the guaranteed production amount. Generation insurance may not fully cover the liability or the consequences of any business interruptions such as natural catastrophes or equipment failures. The occurrence of a significant adverse event not adequately covered by insurance could have a material adverse effect on the Company's business, results or operations, financial condition, and prospects.

The Company has entered into or acquired various contracts which indemnify tax-equity partners in joint-ventures for any reduction in the amount of tax credits or tax allocations that they expect to receive. Should the Company not be able to meet such expectations, it will be liable to compensate the tax-equity investors in an amount equal to the value of the benefit that was not conveyed.

**Note 17 — *Subsequent Events*** 

The following events have occurred subsequent to September 30, 2022 through November 8, 2022, which is the date the unaudited consolidated financial statements were available to be issued:

On October 31, 2022, the Company declared a distribution to members of $21,403.

On October 31, 2022, the Company's board of directors approved MN8's 2022 Long Term Incentive Plan (the "2022 Incentive Plan"). The 2022 Incentive Plan provides certain employees and non-employee members of the Company's board of directors with the opportunity to receive grants of equity awards, which may include stock options, RSUs, SARs, and other stock-based awards.

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**Consolidated Financial Statements** 

**For the Years Ended December 31, 2021, 2020 and 2019** 

**And Report of Independent Registered Public Accounting Firm** 

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**Report of Independent Registered Public Accounting Firm** 

To the Members and Board of Directors of Goldman Sachs Renewable Power LLC

***Opinion on the Financial Statements***

We have audited the accompanying consolidated balance sheets of Goldman Sachs Renewable Power LLC and its subsidiaries (the "Company") as of December 31, 2021 and 2020, and the related consolidated statements of operations, of members' equity and of cash flows for each of the three years in the period ended December 31, 2021, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Hypothetical Liquidation at Book Value (HLBV) Calculation of Income (Loss) Attributable to Non-controlling Interests and Redeemable Non-controlling Interests.* 

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As described in Notes 1, 2 and 11 to the consolidated financial statements, the Company recorded non-controlling interests and redeemable non-controlling interests associated with various tax-equity investors who own membership interests in certain subsidiaries of the Company, in which certain interests contain redemption features for which the exercise is not solely within the Company's control and, therefore, are classified in temporary equity. For these non-controlling interests, net income (loss) is allocated using the HLBV method. The amount related to tax-equity investors included in non-controlling interest equity and redeemable non-controlling interests represents the amount that the non-controlling interests would hypothetically receive if the tax-equity partnership was liquidated at the reporting date, based on the liquidation provisions of the relevant company operating agreements. Allocations of income to the non-controlling interests are calculated with reference to the beginning and ending member capital account balances, adjusted for contributions and distributions made during the reporting period. For the year ended December 31, 2021, management recorded $174.6 million of net income attributable to members and $230.8 million of net loss attributable to the non-controlling interests and redeemable non-controlling interests.

The principal considerations for our determination that performing procedures relating to the HLBV calculation of income (loss) attributable to non-controlling interests and redeemable non-controlling interests is a critical audit matter are the significant judgment by management in applying the HLBV method to determine the income or loss the non-controlling tax-equity investors would hypothetically receive at each balance sheet reporting date under the liquidation provisions of the respective operating agreements; this in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to the HLBV method based on the terms of the operating agreements. In addition, the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) developing an independent calculation of the income or loss attributable to the non-controlling tax-equity investors based on the terms of the operating agreements, including the involvement of professionals with specialized skill and knowledge; and (ii) comparing the independent calculation of the income or loss attributable to the non-controlling tax-equity investors to management's HLBV method. Developing an independent calculation of the income or loss attributable to the non-controlling tax-equity investors involved testing the completeness and accuracy of data used in the calculation related to operating results, tax depreciation, investment tax credits, contributions, and distributions.

![LOGO](g366853g83z30.jpg)

Dallas, Texas

April 13, 2022

We have served as the Company's auditor since 2018.

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**CONSOLIDATED BALANCE SHEETS** 

**AS OF DECEMBER 31** 

**(in thousands)** 

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| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $169197 | $73695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 209105 | 89290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable (net of allowance of $565 and $562, respectively) | 25076 | 23171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Developer note receivable |  | 83918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other assets, net | 48439 | 11824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 451817 | 281898 |
|  Solar energy and storage facilities, net | 2953982 | 1946159 |
|  OTHER ASSETS: |  |  |
|  Right of use assets, net—operating | 58037 | 44223 |
|  Right of use assets, net—finance | 155506 | 129125 |
|  Intangible assets, net | 615929 | 670314 |
|  Other non-current assets | 1679 | 4535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $4236950 | $3076254 |
|  LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND MEMBERS' EQUITY |  |  |
|  CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | $112882 | $47675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable—related parties, net | 9154 | 13190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution payable | 20847 | 17914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations—operating, current portion | 4581 | 3856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations—finance, current portion | 10762 | 9492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax equity sale-leaseback, current portion | 77035 | 47749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, current portion | 451742 | 57363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 687003 | 197239 |
|  OTHER LIABILITIES: |  |  |
|  Lease obligations—operating, net of current portion | 54503 | 40790 |
|  Lease obligations—finance, net of current portion | 153135 | 123897 |
|  Tax equity sale-leaseback, net of current portion | 396672 | 446902 |
|  Long-term debt, net of current portion | 1609067 | 1075673 |
|  Asset retirement obligations and other non-current liabilities | 79212 | 39165 |
|  Derivative liabilities | 6498 | 15001 |
|  Deferred tax liabilities, net | 71098 | 36660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3057188 | 1975327 |
|  COMMITMENTS AND CONTINGENCIES (Note 16) |  |  |
|  REDEEMABLE NON-CONTROLLING INTERESTS | 28393 | 66582 |
|  EQUITY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Members' equity | 1007575 | 915647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests | 143794 | 118698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 1151369 | 1034345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, redeemable non-controlling interests and members' equity | $4236950 | $3076254 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(in thousands)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  OPERATING REVENUES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenues | $294441 | $272684 | $174721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract amortization | (48007) | (51297) | (33885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues, net | 246434 | 221387 | 140836 |
|  OPERATING COSTS AND EXPENSES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations and maintenance, excluding depreciation, amortization and accretion | 41670 | 33844 | 18617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and accretion | 78884 | 58824 | 28817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 41617 | 33637 | 24526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party management and administration fee | 18059 | 13173 | 7089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating costs and expenses | 180230 | 139478 | 79049 |
|  OPERATING INCOME | 66204 | 81909 | 61787 |
|  OTHER EXPENSES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (75910) | (82667) | (60241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt |  | (9771) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expense, net | (7885) | (5325) | (456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expenses | (83795) | (97763) | (60697) |
|  NET INCOME (LOSS) BEFORE INCOME TAXES | (17591) | (15854) | 1090 |
|  INCOME TAX EXPENSE | (38618) | (4481) | (5349) |
|  NET LOSS | (56209) | (20335) | (4259) |
|  NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS | (230845) | (38575) | 17222 |
|  NET INCOME (LOSS) ATTRIBUTABLE TO MEMBERS | $174636 | $18240 | $(21481) |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(in thousands)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Members** | **Non-controlling<br>Interests** | **Total** |
|  BALANCE AS OF JANUARY 1, 2019 | $344982 | $53119 | $398101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash contributions | 298223 | 11283 | 309506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of subsidiary net assets |  | 12500 | 12500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions | (42835) | (6676) | (49511) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | (21481) | 4606 | (16875) |
|  BALANCE AS OF DECEMBER 31, 2019 | $578889 | $74832 | $653721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash contributions | 375942 | 130993 | 506935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions | (57424) | (19313) | (76737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | 18240 | (67814) | (49574) |
|  BALANCE AS OF DECEMBER 31, 2020 | $915647 | $118698 | $1034345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash contributions |  | 252647 | 252647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions | (82708) | (24606) | (107314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | 174636 | (202945) | (28309) |
|  BALANCE AS OF DECEMBER 31, 2021 | $1007575 | $143794 | $1151369 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(in thousands)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(56209) | $(20335) | $(4259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract amortization | 48007 | 51297 | 33885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and accretion | 78884 | 58824 | 28817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense on tax-equity sale-leasebacks | 31853 | 31702 | 17942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in derivative instruments | (8503) | 9844 | 7597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt |  | 9771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 11425 | 2459 | 4759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in deferred taxes | 34438 | 2980 | 5194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in working capital, net of amounts acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (2094) | (2192) | 10391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other assets | 1109 | 67 | 11579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations | (4152) | (3857) | (3268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | (4919) | (363) | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable - related parties, net | (4079) | 566 | 3898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash from operating activities | 125760 | 140763 | 118817 |
|  CASH FLOWS USED IN INVESTING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of solar energy and storage facilities and intangible assets | (57420) | (271897) | (366872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions to solar energy and storage facilities | (860079) | (211677) | (118850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of solar energy and storage facilities | 15467 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from insurance settlement |  |  | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of developer note receivable |  |  | 15127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funding on developer note receivable |  | (83918) | (1931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (902032) | (567492) | (469026) |
|  CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on tax equity sale-leasebacks | (42640) | (43153) | (27380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on long-term debt | (1538509) | (947151) | (523676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of long-term debt | 2477739 | 1071116 | 704900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash contributions | 252647 | 506935 | 309506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash distributions | (114670) | (74348) | (39370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of debt extinguishment costs and deferred financing costs | (28207) | (17297) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase exercise on tax-equity sale-leasebacks | (4854) | (11516) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on lease obligations | (9917) | (8481) | (5314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash from financing activities | 991589 | 476105 | 418639 |
|  NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 215317 | 49376 | 68430 |
|  CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, <br>beginning of year | 162985 | 113609 | 45179 |
|  CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, <br>end of year | $378302 | $162985 | $113609 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(in thousands)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  SUPPLEMENTAL DISCLOSURES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest, net of amount capitalized | $57580 | $52154 | $25290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid | 9940 |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash additions to solar energy and storage facilities included in accounts payable and accrued liabilities | 63766 | 19941 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash additions to solar energy and storage facilities included in accounts payable - related parties, net |  |  | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash additions to other assets included in accounts payable and accrued liabilities | 5058 |  | 9358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash additions to other assets included in accounts payable- related parties, net | 43 |  | 3592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash additions to deferred financing costs |  | 1395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash distribution payable to members | 20847 | 17914 | 11659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash forgiveness of developer note receivable converted into solar energy and storage facilities and other assets | 83918 |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands)** 

**1. ORGANIZATION:** 

Goldman Sachs Renewable Power LLC (the Parent Company), a Delaware limited liability company, was organized effective September 19, 2017. The Parent Company was formed by Goldman Sachs RP Holdings LLC (the GS Member), which initially held a controlling financial interest. Various additional members (the Third-Party Members, and together with the GS Member, the Members) were admitted pursuant to the Amended and Restated Limited Liability Company Agreement (the LLC Agreement) executed on February 9, 2018. Subsequent to the initial close, additional Third-Party Members were admitted to the Parent Company until the final close, August 10, 2019.

The Parent Company owns a controlling membership interest in Goldman Sachs Renewable Power Operating Company LLC (the Operating Company). The Operating Company was formed by the Parent Company, in its capacity as the managing member, and GSAM Holdings II LLC (the Special Interest Member, an affiliate of Goldman Sachs Asset Management, L.P.). The Operating Company wholly owns certain holding companies (collectively, the Holding Companies). Various tax-equity investors own membership interests in subsidiaries of certain of the Holding Companies. The Parent Company, the Operating Company, the Holding Companies and all subsidiaries are collectively referred to as the Company herein. The Company was formed to finance, acquire, and own renewable energy projects that meet the needs of our customers.

Goldman Sachs Asset Management, L.P. (GSAM), a Delaware limited partnership and an affiliate of Goldman Sachs & Co. LLC (GS&Co), is the investment adviser of the Company. GSAM, or its affiliates, earns administrative fees and management fees for services provided to the Company.

The Special Interest Member is entitled to an incentive allocation based on certain operational and financial milestones; payment of the incentive allocation is subject to the achievement of certain hurdles, as defined in the Operating Company LLC agreement. See Note 15 for further information about the incentive allocation.

The Company has received commitments for capital contributions of approximately $1,879,719. As of December 31, 2021, 2020 and 2019, the Company has called cumulative capital contributions of approximately $1,033,844, $1,033,844 and $657,902, respectively. As of December 31, 2021, 2020 and 2019, the Company has declared cumulative distributions of approximately $182,967, $100,259 and $42,835, respectively.

The Company has one class of members' equity which has uniform voting rights amongst all investors.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:** 

***Basis of accounting and use of estimates***

The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. This requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the presentation of the current period consolidated financial statements. These reclassifications had no effect on the previously reported net loss. Management has evaluated subsequent events through April 13, 2022, the date which the consolidated financial statements were available to be issued.

***Net income (loss) and other comprehensive income***

As there are no transactions requiring presentation in other comprehensive income, the Company's net income (loss) equates to comprehensive income (loss).

***Consolidation***

The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity (VOE) or a variable interest entity (VIE).

A VOE is an entity in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a VOE is ownership of a majority voting interest. If the Company has a controlling majority voting interest in a VOE, the entity is consolidated.

A VIE is an entity which lacks one or more of the characteristics of a VOE. The Company has a controlling financial interest in a VIE when the Company has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The Company determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the
VIE's economic performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could
potentially be significant to the VIE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The VIE's purpose and design, including the risks the VIE was designed to create and pass through to its variable
interest holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The VIE's capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The terms between the VIE and its variable interest holders and other parties involved with the VIE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Related-party relationships.

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

The Company reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. The Company reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. See Note 13 for further information about VIEs.

***Non-controlling interests***

Non-controlling interests are classified as a separate component of equity and temporary equity in the Consolidated Balance Sheets and Consolidated Statements of Members' Equity. Non-controlling interests represent the portion of net assets in consolidated subsidiaries that are not attributable, directly or indirectly, to the Company. For accounting purposes, the holders of non-controlling interests of the Company include the Special Interest Member and various tax-equity investors.

For non-controlling interests associated with the Operating Company, net income (loss) is allocated in the Consolidated Statements of Members' Equity first in an amount equal to the Special Interest Member incentive allocation earned during the reporting period, with the remaining income allocated using the profit and loss percentages contained in the Operating Company LLC agreement.

For non-controlling interests associated with the tax-equity investors, net income (loss) is allocated using the hypothetical liquidation at book value (HLBV) method. The amount related to tax-equity investors included in non-controlling interest equity and redeemable non-controlling interests on the Consolidated Balance Sheets represents the amount that the non-controlling interests would hypothetically receive if the tax-equity partnership was liquidated at the reporting date, based on the liquidation provisions of the relevant company operating agreements. Allocations of income to the non-controlling interests are calculated with reference to the beginning and ending member capital account balances, adjusted for contributions and distributions made during the reporting period. When the Company acquires non-controlling interests in tax-equity partnerships, it determines the difference between the fair value and the HLBV-derived value of the non-controlling interest as of the date of acquisition. This difference is amortized and reallocated between the non-controlling and controlling interests over a period equal to the weighted-average remaining life of the solar energy facilities. As of December 31, 2021, 2020 and 2019, the Company recorded unamortized basis differences of $69,713 and $116,851 and $134,051, respectively.

***Purchase options***

The Company, in its capacity as Managing Member of various subsidiaries, has the option to purchase the membership interests associated with various non-controlling interests. Such purchase options can be exercised at a price equal to the fair-market value of the associated membership interests, or at a formulaic price, as defined by the relevant company agreement. The eventual purchase price of such membership interests could differ from the carrying value of the associated non-controlling interest presented on the consolidated financial statements. The Company has determined that none of the purchase options represent derivatives that could require separate presentation on the consolidated financial statements.

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

***Redeemable non-controlling interest***

The Company's non-controlling interests associated with certain tax-equity investors contain redemption features for which exercise is not solely within the Company's control and, therefore, are classified in temporary equity. These non-controlling interests were initially measured at fair value, and subsequent measurement depends on whether the non-controlling interest is currently redeemable or it is probable that it will become redeemable. In these cases, after allocating net income (loss) to the non-controlling interest, the Company immediately adjusts the carrying amount to its full redemption amount, if greater, and recognizes such amount as a charge against members' equity. Non-controlling interests that are or become mandatorily redeemable are classified as a liability.

***Earnings per unit***

Earnings per unit has not been presented because the Company's members hold interests and not units.

***Cash and cash equivalents***

The Company considers all highly liquid investments purchased with an original maturity of three months or less that are not restricted to be cash equivalents. Cash equivalents are placed with reputable institutions and the balances may at times exceed federally insured deposit levels; however, the Company has not experienced any losses in such accounts. The Company may maintain certain cash in money market funds maintained with reputable institutions in order to generate additional interest income. Funds held in money market accounts do not benefit from federal deposit insurance, however, the Company has not experienced any losses in such accounts. The amounts presented in cash and cash equivalents approximate fair value.

***Restricted cash***

The Company maintains funds that are reserved pursuant to agreements with lenders for debt service and asset repair costs. If the purpose of restricted cash relates to acquiring a non-current asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is included in other non-current assets.

***Accounts receivable and allowance for doubtful accounts***

Accounts receivable consist of amounts due from customers and approximate fair value. The Company periodically reviews the collectability of accounts receivable, and considers factors such as historical collection experience, the age of accounts, and other currently available evidence, and records an allowance for doubtful accounts for the estimated uncollectible amount as appropriate.

***Developer note receivable***

During the year ended December 31, 2020, the Company provided a loan to Recurrent Energy Development Holdings, LLC (Recurrent) to facilitate construction on a solar energy facility, with a

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

nameplate capacity of 390 megawatts and additional battery storage of 140 megawatts located in Kings County, CA (Stanton Project). Under the terms of the agreement, the Company's maximum commitment was approximately $102,714 with an annual interest rate of 5.5%, payable monthly. The agreement is restricted by positive covenants which state the borrower must use proceeds for the project, stay in compliance with applicable laws, and file and pay all taxes levied or imposed. The note receivable has a contractual maturity date of December 31, 2020, which was extended to March 31, 2021. On January 4, 2021, the Company acquired a controlling interest in the Stanton Project from Recurrent for construction costs incurred to date in exchange for a payment of $34,334, and also the forgiveness of $83,918 of debt owed to the Company by Recurrent.

***Asset acquisitions and business combinations***

As of the acquisition date, the Company performs an initial screen test to determine whether substantially all of the fair value of the acquired assets is concentrated in a single asset or group of similar assets. If the screen test is met, the acquired set of assets is not considered a business; otherwise, the Company evaluates whether the set is a business based on whether there are inputs and a substantive process in place that together contribute to the ability to create outputs. The definition of business impacts whether the Company consolidates an acquisition under business combination guidance or asset acquisition guidance.

See Note 3 for further information about the Company's acquisitions.

The Company accounts for its business combinations by recognizing the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date. The purchase is accounted for using the acquisition method, and the fair value of purchase consideration is allocated to the tangible and intangible assets acquired and the liabilities assumed, based on their estimated fair values. Contingent consideration, if any, is also recognized and measured at fair value as of the acquisition date. The excess, if any, of the fair value of the purchase consideration over the fair values of the identifiable net assets is recorded as goodwill. Conversely, the excess, if any, of the net fair values of the identifiable net assets over the fair value of the purchase consideration is recorded as a bargain purchase gain. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. These estimates and assumptions are inherently uncertain, and as a result, actual results may differ from estimates. Significant estimates include, but are not limited to, future expected cash flows, useful lives and discount rates. During the measurement period, which is up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. Transaction costs associated with business combinations are expensed as incurred.

When the Company acquires assets and liabilities that do not constitute a business, the fair value of the purchase consideration, including the transaction costs of the asset acquisition, is assumed to be equal to the fair value of the net assets acquired. The purchase considerations, including the transactions costs, is allocated to the individual assets and liabilities assumed based on their relative fair values. Contingent consideration, if any, is also recognized and measured at fair value as of the acquisition date. No goodwill or bargain purchase gain is recognized in an asset acquisition.

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

When the Company acquires assets and liabilities that do not constitute a business but meet the definition of a VIE of which the Company is the primary beneficiary, the purchase is accounted for using the acquisition method above for business combinations, except that no goodwill is recognized. To the extent that there is a difference between the purchase consideration and the VIE's identifiable assets and liabilities recorded and measured at fair value, the difference is recognized as a gain or loss.

***Investments in solar energy and storage facilities and associated intangible assets***

Solar energy and storage facilities are carried at cost less any impairment charges and accumulated depreciation. Solar energy and storage facility depreciation is calculated using the straight-line method over an estimated useful life of 35 years and 20 years, respectively, from the date the associated asset was originally placed in service. Expenditures for ordinary repairs and maintenance are expensed as incurred. Significant improvements, which improve or extend the useful life of the asset, are capitalized.

Intangible assets are carried at cost less any impairment charges and accumulated amortization. Intangible asset amortization is calculated using the straight-line method over the estimated useful life of the associated intangible asset from the date of acquisition.

See Notes 4 and 5 for additional information about solar energy and storage facilities and related intangible assets.

***Construction in progress***

Construction in progress is stated at cost and consists primarily of costs incurred in connection with the development and construction of solar energy and storage facilities. These costs include, but are not limited to, permits, materials, labor, overhead, insurance, legal fees, consulting fees, development rights, interconnection fees and interest incurred on construction financing prior to the placed in service date of the related solar energy and storage facilities.

***Transfers under common control***

The Company acquires certain solar energy and storage facilities at various stages of completion. As the assets achieve mechanical completion, the Company sells the assets or the related project company ownership interests to affiliated entities for the purpose of entering into joint-ventures with tax-equity partners. In such circumstances the Company does not recognize any gain on the sale of the solar energy and storage facilities or project entity ownership interests transferred under common control in accordance with the guidance contained in ASC 805.

***Impairment***

Management reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped at the lowest level

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

for which identifiable cash flows are largely independent of the cash flows of other long-lived assets. Such assets may include amounts capitalized associated with tangible property, intangible assets, as well as right of use assets associated with its leasing activities. The cash flow estimates used both for estimating fair value and the undiscounted cash flow analysis are inherently judgmental and reflect current and projected trends in electricity rates, electricity production, solar renewable energy certificate (SREC) prices, operating expenses and estimated useful lives for the applicable assets. If an indicator of potential impairment exists, the asset is tested for impairment by comparing its carrying value to the estimated future undiscounted cash flows. To the extent an impairment loss is necessary, the excess of the carrying value of the asset over its estimated fair value is recognized as an adjustment to the cost of the asset. During the years ended December 31, 2021, 2020 and 2019, no impairment losses were recorded.

***Deferred financing costs***

The Company presents debt issuance and modification costs associated with term loans as an offset against long-term debt and debt issuance and modification costs associated with revolving credit facilities within other assets in the Consolidated Balance Sheets. Deferred financing costs are amortized using the straight-line method over the life of the associated credit facility. The use of the straight-line method does not materially differ from the result produced by the effective-rate method.

***Fair value of financial instruments***

Fair value is defined as the amount that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. The use of inputs used in measuring fair value is prioritized as follows:

Level 1—Observable market inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Inputs that reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3—Unobservable inputs reflecting the Company's own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

***Derivative instruments and hedging activities***

The Company has entered into interest rate swap agreements in order to mitigate its exposure to fluctuations in interest rates associated with its variable rate debt. Under the terms of the interest rate swaps, the Company receives London Interbank Offered Rate (LIBOR) based variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the notional amount of its debt hedged. The Company has elected not to designate its interest rate

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

swap agreements as cash flow hedges. Therefore, changes in the fair value of the interest rate swaps are recorded as fair value adjustment of interest rate derivative instruments in the accompanying Consolidated Statements of Operations.

The valuations of the interest rate swaps are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The cash receipts are based on an expectation of future interest rates using a forward curve that is derived from observable market interest rate curves.

By using derivative financial instruments to mitigate exposures to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty, and therefore, the Company is not exposed to the counterparty's credit risk in those circumstances. The Company minimizes counterparty credit risk in derivative instruments by entering into transactions with high-quality counterparties. The derivative instruments entered into by the Company do not contain credit-risk-related contingent features. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates. The market risk associated with interest-rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken.

The valuation analysis has incorporated credit valuation adjustments to appropriately reflect nonperformance risk in the fair value measurements. For derivatives in an asset position, management has evaluated the counterparty's nonperformance risk based on the counterparty type of institution and historical performance. If a risk is identified, further analysis is performed using the counterparty credit rating information available. For derivatives in a liability position, management has evaluated the Company's nonperformance risk based on operating performance, current liquid assets, and access to additional financing sources. The Company has concluded that the nonperformance risk is insignificant and no adjustment to the value was necessary for this input. If nonperformance risk was identified, the Company would adjust the fair value of the derivative contract for the effect of nonperformance risk, considering the impact of netting and any applicable credit enhancements. Therefore, all inputs used to value the derivatives fall within Level 2 of the fair value hierarchy and the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The Company offsets assets and liabilities associated with its positions in derivative instruments to the extent that the counterparty agreements permit them to be net settled. All of the Company's interest rate swap contracts permit net settlement, which allows the Company to mitigate credit risk associated with the interest rate swaps. No such offsetting balances existed for the periods presented.

The Company has recorded the fair value of the interest rate swaps using level 2 measurements, as defined in the fair value hierarchy. See Note 10 for further information about derivative instruments and hedging activities.

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

***Asset retirement obligations***

The Company records all known asset retirement obligations for which the liability's fair value can be reasonably estimated. The asset retirement obligations relate to the requirement for the land or structures on which the solar energy and storage facilities are located to be restored to their original state at the time the asset is retired. The Company records an initial liability equal to the net present value of the asset retirement obligation at the time it is identified. For assets under construction, an asset retirement obligation is recorded proportionately as the underlying construction is completed. The present value of the asset retirement obligation is calculated by discounting the projected cost of the asset retirement using the Company's credit-adjusted risk free rate. The Company records accretion expense and a commensurate increase in the asset retirement obligation such that the obligation will equal the expected cost at the expected asset retirement date and is recorded at its present value as of each reporting date. Any modification to the expected cost or retirement date is treated prospectively as an adjustment in the period in which the estimate changed.

To the extent that the Company is obligated to decommission a leased asset at the end of the applicable lease term, the Company includes the estimated future cost of such decommissioning as a component of lease payments and reflects such cost in the calculation of the right of use asset and lease obligations recorded on its Consolidated Balance Sheets.

***Revenue recognition***

The Company generates revenues primarily by delivering electricity and, where applicable, the associated self-generated SRECs to customers under electricity sales contracts and SREC contracts. Additionally, battery storage facilities will provide revenue. In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-09, Accounting Standards Codification (ASC), Revenue from Contracts with Customers (ASC 606), which was adopted by the Company on January 1, 2019. This ASU, as amended, provides comprehensive guidance on the recognition of revenue earned from contracts with customers arising from the transfer of goods and services, guidance on accounting for certain contract costs and new disclosures. Revenues from contracts with customers are recognized when control of promised goods and services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to for those goods or services.

***Electricity sales***

The Company accounts for its electricity sales contracts as executory contracts. The revenues are primarily determined by multiplying (i) the price under the electricity sales contract or market price by (ii) the amount of electricity that the Company delivers. Customers are invoiced monthly in this manner, with payments historically received within one month of the invoice date. The Company transfers control of the electricity and the customer simultaneously receives and consumes the benefits at that time. The sale of electricity over the term of the agreement represents a series of distinct goods that are substantially the same and that have the same pattern of transfer to the customer. Consequently, the Company recognizes revenues over time based on an output measure, as each MWh is delivered to the customers, based on invoiced amounts.

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

***Standalone SREC sales***

The Company generates revenue by delivering SRECs to customers on a standalone basis. One SREC is generated for each MWh of electricity produced, subject to any adjustments made by the certifying bodies in the jurisdictions which the Company operates. The Company maintains three general types of standalone SREC sales contracts: spot sales, fixed-notional forward sales, and unit-contingent forward sales contracts. For both spot sales and fixed-notional forward-sales, revenue is determined by multiplying (i) the per-unit contractual price by (ii) the quantity of SRECs delivered to the counterparty; limited by the notional amount of the contract. For unit-contingent forward sales, revenue is determined by multiplying (i) the per-unit contractual price by (ii) the amount of SRECs generated by the contracted assets and delivered to the counterparty. The Company invoices standalone SREC sales contract counterparties as SRECs are delivered and payments are typically due between 5—10 days from the date the SRECs are transferred to the counterparties. These sales are not financed by the Company. Each promise to deliver SRECs is a distinct performance obligation that is satisfied when appropriately certified and title has transferred. The revenue related to standalone SRECs is recognized at that point in time.

***Bundled electricity and SREC sales***

In certain circumstances, the Company sells both electricity and SRECs pursuant to the same contract. Revenues are determined by multiplying (i) the bundled contract price by (ii) the amount of electricity delivered. Customers are invoiced monthly in this manner, with payments received within one month of the invoice date. Although the transfer of SRECs to the customers and the recognition of the related revenue happens at a point in time subsequent to the delivery of the related electricity (due to the SREC certification process), the certification process does not have a material impact to the amount of SRECs ultimately delivered to the customer. The Company has elected the practical expedient contained in ASC 606-10-55-18 to recognize revenue in accordance with the timing and amount of the related invoices, as the right to consideration corresponds directly to the value provided to the customer. The Company views the substance of the transaction as a combined arrangement in which the performance obligations for both the sale of electricity and SRECs are achieved simultaneously as electricity is generated and delivered to the customer, and records the related revenues in operating revenues in the Consolidated Statements of Operations.

***Lease revenue***

The Company, through acquisitions of existing contracts, is the lessor of certain solar energy facilities. The Company records revenue associated with the fixed-lease payments straight-line over the term of the lease. The adoption of ASU 2016-02, Leases (ASC 842) did not have a material impact on the recognition of lease income.

***Battery storage***

The Company is constructing and operating certain projects that pair Battery Energy Storage Systems (BESS) with solar energy facilities, which allows the project more flexibility on when to provide energy to the grid. In certain cases, the Company enters into PPAs that allow the customer to utilize

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

the full capacity of the BESS, including the right to charge and discharge, in exchange for variable payments based on the performance of the BESS. These PPAs include both lease and non-lease components, with the BESS component generally representing an operating lease under ASC 842, which we combine and account for collectively under ASC 606. Revenue is recognized based on the amount of energy and capacity provided at the contractual billing rates, assuming all other revenue recognition criteria have been met.

***Leases***

ASC 842 requires that, for leases longer than one year, a lessee recognize in the Consolidated Balance Sheets a right of use asset, representing the right to use the underlying asset for the lease term, and a lease obligation, representing the liability to make lease payments. It also requires that for finance leases, a lessee recognize interest expense on the lease obligation, separately from the amortization of the right of use asset in the Consolidated Statements of Operations, while for operating leases, such amounts should be recognized as a combined expense. In addition, this ASU requires expanded disclosures about the nature and terms of lease agreements. Right of use assets are amortized using the straight-line method over the shorter of the remaining life of the lease agreements or the life of the asset.

The Company adopted this ASU under a modified retrospective approach on January 1, 2019. Upon adoption, the Company elected the following practical expedients: to use hindsight, to not reassess land easements for the existence of leases, and to not reassess the lease classification of existing leases or whether existing contracts contain a lease. In addition, the Company has elected to exclude short-term leases from the calculation of right of use assets and lease liabilities. The Company used discount rates commensurate with the Company's incremental borrowing rate. The Company assumes lease extensions and purchase options would be exercised unless the terms were projected to be above-market.

See Note 8 for further information about the Company's leases.

***Income taxes***

The Parent Company has elected to be treated as a corporation, subjecting its earnings to U.S. federal and various state and local entity-level corporate income taxes. In addition, the Parent Company has various corporate subsidiaries that are subject to entity-level U.S. federal and various state and local corporate income taxes. The corporate subsidiaries each hold economic interests in various partnerships and consolidate the partnerships and the results of their operations for financial reporting purposes. The Parent Company is subject to annual entity-level corporate income taxes on the income allocations received from the partnerships. The Parent Company is not subject to income tax on the portion of partnership income allocated to any associated non-controlling interests.

The U.S. federal government provides or provided various incentives, such as investment tax credits, cash grants, and accelerated depreciation, for investments in renewable energy. The Company accounts for its investment tax credits using the flow-through method of accounting, under which the associated tax benefit is recorded as an income tax benefit in the period that the credit is generated.

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized based upon the net tax effects of the temporary differences between the financial reporting and tax bases of the Company's assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the enacted tax rates and laws that are expected to be in effect when such differences reverse.

The Company recognizes deferred tax assets to the extent that management believes that these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that it is not more likely than not that the Company would be able to realize its deferred tax assets, management records a valuation allowance against the deferred tax assets to their respective realizable value, which would reduce any associated tax benefit recorded in the current period increase the provision for income taxes.

The Company uses a two-step process for the measurement of uncertain tax positions that have been taken or are expected to be taken in a tax return. The first step is a determination of whether the tax position should be recognized in the consolidated financial statements, which recognizes tax positions only when it is more likely than not that the tax benefit of the position will be sustained upon examination. The second step determines the measurement of the tax position, which is measured at the largest amount of benefit that is expected to be more likely than not be realized upon settlement. The Company reports interest expense related to income tax matters as a component of income tax expense and income tax penalties in other expense.

***Impact of COVID-19***

In December 2019, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally and grew into a pandemic that persisted throughout 2020, 2021 and into 2022. The extent of the impact of COVID-19 on the Company's future financial performance and distributions will depend on future developments, including the duration and continued spread of the pandemic. Management believes the Company is taking appropriate actions to identify and mitigate the ongoing impacts; however, future effects of COVID-19 is unknown and cannot be reasonably estimated at this time.

***Segments***

The Company makes equity investments in renewable energy platforms. The business is managed as a single portfolio in which all activities are reported as one business segment.

***Recent accounting developments***

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). ASU 2020-04 provides optional relief from applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. In addition, in January 2021, the FASB issued

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

ASU 2021-01, Reference Rate Reform – Scope, which clarified the scope of ASC 848 relating to contract modifications. To the extent the Company makes contract amendments that are within scope of this guidance, the Company expects to apply the relief contemplated. However, the impact will depend on the specific facts and circumstances of any future amendments and, therefore, it is not possible at this time to estimate the impact.

In January 2021, the FASB issued ASU 2021-01, an additional Accounting Standards Update related to Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). ASU 2021-01 clarifies that contract modifications that change the interest rate used for margining, discounting, or contract price alignment can be treated retrospectively as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications from any date within the interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. An entity may also elect to apply ASU No. 2021-01 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020, and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. To the extent the Company makes contract amendments that are within scope of this guidance, the Company expects to apply the relief contemplated. However, the impact will depend on the specific facts and circumstances of any future amendments and, therefore, it is not possible at this time to estimate the impact.

In July 2021, the FASB issued ASU 2021-05, Lessors—Certain Leases with Variable Lease Payments (ASC 842). ASU 2021-05 amends the accounting for lessors with lease contracts that both (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. If these criteria apply, lessors should instead classify and account for such leases as operating leases which will generally avoid the upfront recognition of a loss. The Company has elected to early adopt the amendments as of January 1, 2021 retrospectively to leases that commenced or were modified on or after the adoption of Update 2016-02. Early adoption of this ASU resulted in no material impact to the Company's consolidated financial statements.

**3. ACQUISITIONS:** 

The Company's acquisitions have been reviewed pursuant to the guidance contained in ASC 805 and the Company has determined that such purchases meet the definition of asset acquisitions.

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

The Company made the following acquisitions during the years ended December 31:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2021** | **2021** | **2021** |  |
|  | **Acquisition Date** | **Purchase Price** | **Size (MWdc)** |  |
|  Stanton | January 4 | $34334 | 389.5 | (1) |
|  Hanover | February 16 | 1230 | pre-operations |  |
|  Anthracite | September 28 | 13125 | pre-operations |  |
|  Anacostia | October 1 | 879 | pre-operations |  |
|  Naylor Rd | October 1 | 998 | pre-operations |  |
|  Southern Ave 2 | October 1 | 928 | pre-operations |  |
|  Southern Ave Bus | October 1 | 532 | pre-operations |  |
|  Cicero | October 11 | 272 | pre-operations |  |
|  Enfield | October 15 | 2193 | pre-operations |  |
|  Exeter | December 3 | 1523 | pre-operations |  |
|  Cheverly | December 10 | 1406 | pre-operations |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | $57420 | 389.5 |  |

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(1) Project includes additional 561 MWh of battery storage capacity.

Subsequent to year-end, the Company acquired land and lease rights for the development of solar and battery storage facilities totaling over 3,500 MW of capacity. During March 2022, the Company made an initial upfront payment of $48,000. Incremental payments of up to $165,000 will be due at different intervals of development and construction.

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| | | | |
|:---|:---|:---|:---|
|  | **2020** | **2020** | **2020** |
|  | **Acquisition Date** | **Purchase Price** | **Size (MWdc)** |
|  Kenyon – Tranche 2 | March 2 | $1557 | 12.0 |
|  Park – Tranche 7 | March 3 | 7200 | 3.6 |
|  East Light | May 4 | 2036 | pre-operations |
|  American Kings | June 30 | 187941 | 172.2 |
|  Toms River | July 7 | 10400 | pre-operations |
|  Puckett Solar | August 12 | 3964 | pre-operations |
|  High Desert Solar | August 17 | 33574 | pre-operations |
|  Janis Solar | September 4 | 4389 | pre-operations |
|  Branscomb | November 13 | 4674 | pre-operations |
|  Darby | November 13 | 3259 | pre-operations |
|  Pattersonville | November 13 | 3511 | pre-operations |
|  Kirkland I | November 14 | 44 | pre-operations |
|  Lysander | November 14 | 220 | pre-operations |
|  Oswego | December 4 | 799 | pre-operations |
|  Scriba | December 4 | 1654 | pre-operations |
|  Grissom | December 11 | 3319 | pre-operations |
|  Regan | December 11 | 3356 | pre-operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | $271897 | 187.8 |

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

The Company assumed the following assets and liabilities through acquisitions, during the years ended December 31:

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| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Solar energy and storage facilities, net | $57420 | $287714 |
|  Intangible assets, net |  | 2395 |
|  Total investment in solar asset | 57420 | 290109 |
|  Accounts receivable |  | 129 |
|  Right of use assets, net | 50048 | 2648 |
|  Other assets |  | 616 |
|  Accrued expenses and other current liabilities |  | (79) |
|  Tax equity sale-leasebacks |  | (18444) |
|  Lease obligations | (50048) | (2634) |
|  Asset retirement obligations |  | (448) |
|  Total investment | 57420 | 271897 |
|  Purchase price, net of cash acquired | $57420 | $271897 |

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**4. SOLAR ENERGY AND STORAGE FACILITIES, NET:** 

Solar energy facilities consist of the following as of December 31, 2021 and 2020, respectively:

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| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Solar energy facilities | $2431364 | $1783408 |
|  Storage facilities | 349378 |  |
|  Construction in progress | 277457 | 204558 |
|  Land | 40493 | 34790 |
|  Accumulated depreciation | (144710) | (76597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solar energy and storage facilities, net | $2953982 | $1946159 |

---

Depreciation during the years ended December 31, 2021, 2020 and 2019, was $68,113, $49,954 and $23,125, respectively. These amounts are recorded in Depreciation, amortization and accretion in the Consolidated Statements of Operations.

During the years ended December 31, 2021, 2020 and 2019, the Company capitalized interest of $16,008, $8,766 and $1,344, respectively. These amounts are included in Solar energy and storage facilities, net on the Consolidated Balance Sheets.

**5. INTANGIBLE ASSETS, NET:** 

The Company's intangible assets, which consists of the above or below market value associated with acquired contracts, have remaining durations that range from less than a year to approximately 25 years. Intangible contract amortization expense during the years ended December 31, 2021, 2020 and 2019, was $48,007, $51,297 and $33,885, respectively. These amounts are recorded in Operating revenues, net in the Consolidated Statements of Operations.

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**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

Intangible assets consist of the following as of December 31, 2021 and 2020, respectively:

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| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Intangible assets | $754822 | $761200 |
|  Accumulated amortization | (138893) | (90886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | $615929 | $670314 |

---

Estimated future contract amortization of intangible assets as of December 31, 2021, is as follows:

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| | |
|:---|:---|
| **Year Ending December 31,** | **Amount** |
| 2022 | $46185 |
| 2023 | 45796 |
| 2024 | 45810 |
| 2025 | 45752 |
| 2026 | 45530 |
|  Thereafter | 386856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $615929 |

---

**6. TAX EQUITY SALE-LEASEBACKS:** 

The Company has acquired entities which, prior to acquisition, have entered into solar energy facility sale-leaseback arrangements with various financial institutions. Upon acquisition, the Company retains the classification of the sale-leaseback determined by the seller. Certain of these transactions were classified as failed sale-leasebacks by the seller under the accounting guidance applicable at the time (amounts associated with true sale-leasebacks are included in the amounts presented in Note 8); in such circumstances, the seller recorded a tax equity sale-leaseback equal to the sales proceeds. The Company revalued these tax equity sale-leasebacks as of the date of acquisition based on fair values. Lease payments are allocated between principal and interest using the Company-specific incremental borrowing rate or an imputed rate in circumstances when the Company expects to exercise a purchase option under the lease. Additionally, the Company's solar energy facility leases generally convey options for the Company to purchase the underlying property at various periods in time at a fixed-price or the then current fair-market value of the asset.

------

##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

During the years ended December 31, 2021 and 2020, the Company's associated activity was:

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Beginning balance | $494651 | $505060 |
|  Additions |  | 18444 |
|  Other adjustments | (50) | 490 |
|  Buy-out | (4854) | (14254) |
|  Lease payments | (42640) | (43153) |
|  Interest expense | 26600 | 28064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total tax equity sale-leasebacks | $473707 | $494651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: current maturities | (77035) | (47749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax equity sale-leasebacks, net of current portion | $396672 | $446902 |

---

Future minimum annual principal payments associated with these tax equity sale-leasebacks for each of the next five years and thereafter are as follows:

---

| | |
|:---|:---|
| **Year Ending December 31,** | **Amount** |
| 2022 | $77035 |
| 2023 | 48270 |
| 2024 | 40608 |
| 2025 | 36246 |
| 2026 | 31846 |
|  Thereafter | 498874 |
|  Unrecognized interest | (259172) |
|  Total | $473707 |

---

**7. LONG-TERM DEBT, NET:** 

The Company's debt consists of the following for periods presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Instrument** | **Maturity** | **Interest Rate** | **2021** | **2020** |
|  <u>*Corporate*</u> |  |  |  |  |
|  Subscription Facility | 2022 | LIBOR<sup>(1)</sup> + 1.85% | $62000 | $264616 |
|  <u>*Portfolio-level*</u> |  |  |  |  |
|  Senior secured notes | 2044 | 3.77% | 444339 | 472777 |
|  Senior secured notes 2 | 2046 | 3.10% | 594668 |  |
|  Warehouse facility | 2023 | LIBOR(1) + 1.75% | 224538 |  |
|  Construction and ITC bridge facility | 2022 | LIBOR(1) + 0.88% | 380002 |  |
|  *Subtotal portfolio level debt* |  |  | 1643547 | 472777 |

---

------

##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Instrument** | **Maturity** | **Interest Rate** | **2021** | **2020** |
|  <u>*Project-level*</u> |  |  |  |  |
|  State Term Loans | 2023 to 2038 | Fixed 4.40% to 6.10% | 144906 | 153398 |
|  |  | Floating LIBOR<sup>(2) (3)</sup> + 2.50% to 3.13%<sup>(4)</sup> | 90418 | 100002 |
|  Charles Term Loans | 2023 to 2036 | Fixed 5.15% | 52859 | 55208 |
|  |  | Floating LIBOR(1) + 2.00% | 2059 | 3272 |
|  |  | LIBOR<sup>(1)</sup> + |  |  |
|  Chambers Term Loans | 2028 to 2030 | 1.88% to 2.50% | 78000 | 85286 |
|  Subtotal project-level debt |  |  | 368242 | 397166 |
|  Total Long-term debt |  |  | $2073789 | $1134559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: current maturities |  |  | (451742) | (57363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: unamortized debt premium, net |  |  | 6096 | 7032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: deferred financing costs, net |  |  | (19076) | (8555) |
|  Long-term debt, net |  |  | $1609067 | $1075673 |

---

------

(1) The 30-day LIBOR rate was 0.11% and 0.14% as of December 31, 2021 and 2020,
respectively.

(2) The 90-day LIBOR rate was 0.15% and 0.24% as of December 31, 2021 and 2020,
respectively.

(3) The 6-month LIBOR rate was 0.18% and 0.26% as of December 31, 2021 and 2020,
respectively.

(4) The Floating Rate Term Loan has an interest rate floor of 4% as of December 31, 2021 and 2020, respectively.

Future minimum annual principal payments associated with the Company's debt for each of the next five years and thereafter are as follows:

---

| | |
|:---|:---|
| **Year Ending December 31,** | **Amount** |
| 2022 | $451742 |
| 2023 | 141778 |
| 2024 | 83994 |
| 2025 | 71542 |
| 2026 | 318952 |
|  Thereafter | 1005781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $2073789 |

---

For the years ended December 31, 2021 and 2020, the estimated fair values of long-term debt were $2,155,756 and $1,180,364, respectively. The impact to both years was primarily driven by the interest rates of the underlying instruments. For the letters of credit, the estimated fair value approximates the carrying amount due primarily to the short-term nature of the instruments.

------

##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

***Subscription facility***

On February 22, 2018, the Company entered into a revolving credit agreement with HSBC Bank USA (the Revolving Credit Agreement). Proceeds from the credit facility (the Subscription Facility) are used to finance the Company's operating and investing activities. The Subscription Facility is collateralized by unfunded investor capital commitments; as of December 31, 2021, the Company's total unfunded capital investor commitments were approximately $845,000. As of December 31, 2021, the size of the Subscription Facility is $494,000. The Subscription Facility is funded by PNC Bank, N.A., BankUnited, N.A., Societe Generale, and MUFG Union Bank, N.A. The Company incurs a commitment fee at an annual rate of 0.25% based on the unused portion of the Subscription Facility. The Company also utilizes portions of the Subscription Facility as lines of credit to satisfy various obligations. As of December 31, 2021, the unused portion of the Subscription Facility was $407,779. Upon maturity, the Company intends to retire the Subscription Facility using alternative funding sources including but not limited to investor contributions and issuances of long-dated debt. Under the terms of the Revolving Credit Agreement, the Company is subject to various covenants; as of December 31, 2021, the Company was in compliance with the covenants.

***Senior secured notes***

On January 30, 2020, the Company entered into a note purchase agreement with MUFG Union Bank, N.A. as first lien collateral agent and MUFG Union Bank, N.A. as the notes agent (the Note Purchase Agreement). Pursuant to the Note Purchase Agreement, the Company issued notes (the Senior Secured Notes) with an approximate aggregate principal amount of $500,000. The Company incurs a commitment fee at an annual rate of 0.40% based on the unused portion of the senior secured notes. The proceeds from the Senior Secured Notes are used to retire various Company debt, and finance the Company's operating and investing activities. The Senior Secured Notes are collateralized by the Company's equity interests in GSRP Portfolio I LLC, an entity which maintains ownership interests in 378 solar energy facilities with a total nameplate capacity of approximately 604 megawatts; the collateral is included in the amounts presented in solar energy facilities, net on the Consolidated Balance Sheets. Under the terms of the Note Purchase Agreement, the Company is subject to various covenants; as of December 31, 2021, the Company was in compliance with the covenants.

***Bridge loan***

On December 24, 2020, the Company entered into a credit agreement with Natixis (the Bridge Loan Agreement). Proceeds from the credit facility (the Bridge Loan) will be used to partially finance the development of the Stanton Project. The size of the Bridge Loan is $150,000, and is to be repaid upon the contribution of tax-equity capital associated with the project. The Bridge Loan is uncollateralized. The Company incurs a commitment fee at an annual rate of 0.50% based on the unused portion of the Bridge Loan. Under the terms of the Bridge Loan Agreement, the Company is subject to various covenants. During 2021, the Company made a drawdown in September of $125,000 and fully repaid and closed Bridge Loan on October 1, 2021.

***Senior secured notes 2***

On October 1, 2021, the Company entered into a note purchase agreement with MUFG Union Bank, N.A. as first lien collateral agent and MUFG Union Bank, N.A. as the notes agent (the Note

------

##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

Purchase Agreement 2). Pursuant to the Note Purchase Agreement 2, the Company issued approximately $597,500 aggregate principal amount of 3.10% notes (the Senior Secured Notes 2) maturing June 29, 2046. The Company incurs a commitment fee at an annual rate of 0.40% based on the unused portion of the Senior Secured Notes 2. The private offering purchasers consisted of a number of financial institutions. Proceeds from the debt were used to pay off portions of Subscription and Warehouse Facilities. In addition, the Company fully paid off and closed the Bridge Loan. The Senior Secured Notes 2 are collateralized by the Company's equity interests in GSRP Portfolio II LLC, an entity which maintains ownership interests in 445 solar energy and storage facilities with a total nameplate capacity of approximately 767 megawatts; the collateral is included in the amounts presented in solar energy and storage facilities, net on the Consolidated Balance Sheets. Under the terms of the Note Purchase Agreement 2, the Company is subject to various covenants; as of December 31, 2021, the Company was in compliance with the covenants.

***Warehouse facility***

On February 23, 2021, the Company entered into a credit agreement with MUFG Bank, Ltd. (the Warehouse Agreement). Proceeds from the credit facility (the Warehouse Facility) are used to finance the Company's operating and investing activities. The size of the Warehouse Facility is $500,000. The Warehouse facility is collateralized by the Company's equity interests in GSRP Warehouse I LLC, an entity which maintains ownership interests in an operational solar energy facility with a nameplate capacity of approximately 27 megawatts and a solar energy facility under development with a nameplate capacity of 189.8 megawatts currently under development; the collateral is included in the amounts presented in solar energy facilities, net and construction in progress, respectively, on the Consolidated Balance Sheets. The Warehouse Facility is funded by MUFG Union Bank, N.A., HSBC Bank USA, and various other lenders. The Company incurs a commitment fee at an annual rate of 0.50% based on the unused portion of the Warehouse facility. The Company also utilizes portions of the Warehouse Facility as lines of credit to satisfy various obligations. As of December 31, 2021, the unused portion of the Warehouse Facility was $267,955. Under the terms of the Revolving Credit Agreement, the Company is subject to various covenants; as of December 31, 2021, the Company was in compliance with the covenants.

***Construction and ITC bridge facility***

On June 10, 2021, the Company entered into a construction and ITC bridge loan credit agreement with Natixis (the Financing Agreement). Proceeds from the construction and ITC bridge loan facilities are used to fund a portion of the project costs as necessary to achieve Project Stanton's substantial completion. The size of the construction facility is not to exceed $218,710, and ITC bridge loan facility is not to exceed $235,000. The Company incurs a commitment fee at an annual rate of 0.31% based on the unused portion of the ITC bridge loan. As of December 31, 2021, the unused portions of the construction and ITC bridge loans were $0 and $73,709, respectively. Under the terms of the Financing Agreement, the Company is subject to various covenants; as of December 31, 2021, the Company was in compliance with the covenants. 

------

##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

***Senior secured notes 3***

On December 28, 2021, the Company signed a note purchase agreement with the Bank of New York Mellon, as first lien collateral agent, intercreditor agent and as the notes agent (the Note Purchase Agreement 3). Pursuant to the Note Purchase Agreement 3, the Company issued, with funds to be received once the Stanton Project reaches substantial completion (as defined in the Note Purchase Agreement 3), approximately $251,740 aggregate principal amount of 3.30% notes (interest rate subject to an escalator based on final project substantial completion) (the Senior Secured Notes 3) maturing March 31, 2047. The Senior Secured Notes 3 are collateralized by the Company's equity interests in GSRP Stanton LLC, an entity which maintains ownership interests in the Stanton project with a total nameplate capacity of approximately 390 MW and battery storage capacity of 561 MWh.

***Letters of credit***

In connection with certain debt agreements, the Company has issued letters of credit to satisfy the debt service reserve requirements as well as provide collateral support. Furthermore, the Company has secured the standby letters of credit to fulfill its obligation under projects' power purchase and other agreements. The Company has entered into various letters of credit agreements, with an aggregate amount of approximately $248,623. The Company incurs commitment fees at annual rates of 0.88% to 3.13% based on the unused portions of the letters of credit.

***Project-level debt***

The Company has acquired various long-term debt in conjunction with the acquisition of certain operating subsidiaries (the Project-level debt). The Project-level debt is held by project-companies or their parent companies, and are collateralized by the solar energy facilities held by the relevant company, in addition to cash held in debt service accounts and standby letters of credit. As of December 31, 2021 and 2020, the Company had a revolving commitment of approximately $42,650 and $42,593, respectively with no outstanding balance for either year. Project level entities incur a commitment fee at an annual rate ranging between 0.50% and 0.75% based on the unused portion of the revolving commitment. Under the terms of the Project-level debt agreements, the Company is subject to various covenants; as of December 31, 2021, the Company was in compliance with the covenants.

***Debt premium/discount***

Upon the acquisition of debt instruments, the Company records debt premium or discount based on the difference between the fair value and carrying value of the debt instrument on the date of acquisition. The Company amortizes the debt premium or discount on a straight-line basis over the life of the related debt instrument; the amounts are recorded in interest expense in the Consolidated Statements of Operations.

------

##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Beginning balance | $7032 | $8077 |
|  Amortization of premium | (936) | (934) |
|  Write-offs |  | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium remaining | $6096 | $7032 |

---

***Deferred financing costs***

Deferred financing costs incurred in connection with the issuance of the Company's debt instruments are recorded in other assets or as an offset to long-term debt on the Consolidated Balance Sheets. Such costs are amortized using the straight-line method over the remaining life of the associated debt instruments. During the years ended December 31, 2021, 2020 and 2019, the Company recorded $9,736, $704 and $1,455 of deferred financing fee amortization, respectively. The amounts are recorded in Interest expense in the Consolidated Statements of Operations.

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Beginning balance | $9005 | $7487 |
|  Additions | 28207 | 2222 |
|  Amortization | (9736) | (704) |
|  Write-offs | (27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs, net | $27449 | $9005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in other assets, net | 8373 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in long-term debt, net | 19076 | 8555 |

---

***Interest expense***

The Company's commitment fees incurred and interest expense for debt consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  Interest and commitment fees incurred | $60003 | $49968 | $34951 |
|  Amortization of financing costs | 9736 | 704 | 1455 |
|  Amortization of debt discount/premium | (936) | (934) | (402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest incurred | $68803 | $49738 | $36004 |

---

**8. LEASE OBLIGATIONS:** 

The Company leases the sites upon which the solar energy and storage facilities are located, as well as certain of the solar energy facilities. The Company's leases have remaining terms that range from less than a year to approximately 38 years, including extension options management expects to exercise. Additionally, the Company's solar energy facility leases generally convey options for the Company to purchase the underlying property at various periods in time at a fixed-price or the then current fair-market value of the asset.

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

During the years ended December 31, 2021, 2020 and 2019, the total costs associated with the Company's leasing activities are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  Finance lease cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of right of use assets | $8820 | $7509 | $4813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on lease obligations | 5253 | 3778 | 2211 |
|  Operating lease cost | 4776 | 4041 | 3776 |
|  Variable lease cost | 225 | 164 | 74 |
|  Other adjustments |  | 211 | (144) |
|  Total lease costs | $19074 | $15703 | $10730 |

---

***Commitments***

Future minimum rent payments under non-cancelable lease obligations with initial terms in excess of one year in effect as of December 31, 2021, are as follows:

---

| | | |
|:---|:---|:---|
| **Year Ending December 31,** | **Finance Lease** | **Operating<br>Lease** |
| 2022 | $10762 | $4581 |
| 2023 | 11814 | 4752 |
| 2024 | 11925 | 4786 |
| 2025 | 12077 | 4826 |
| 2026 | 12373 | 5092 |
|  Thereafter | 185290 | 65491 |
|  Total | 244241 | 89528 |
|  Unrecognized interest | (80344) | (30444) |
|  Lease obligations | $163897 | $59084 |

---

The Company has also entered into certain lease agreements, under which payments are made based on the variable production of certain solar energy systems. The payments from such arrangements are not included in the table above as they are a function of the power that will be generated by the related solar energy facilities in the future.

The Company identified various site leases which were being paid by offtakers to which the Company was leasing solar energy facilities. Since these lease payments are obligations of the Company, the Company has incorporated the effect of such site lease agreements into its calculation of the Company's right of use assets and lease obligations. The Company has included the amount as other adjustments in the tables below.

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

As of December 31, the Company's right of use assets are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Operating leases |  |  |
|  Beginning balance | $44223 | $45648 |
|  Additions | 16204 | 639 |
|  Other adjustments |  | 28 |
|  Buy-out |  | (23) |
|  Amortization | (2390) | (2069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending balance | $58037 | $44223 |

---

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Finance leases |  |  |
|  Beginning balance | $129125 | $92034 |
|  Additions | 35136 | 45802 |
|  Other adjustments | 65 |  |
|  Buy-out |  | (1202) |
|  Amortization | (8820) | (7509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending balance | $155506 | $129125 |

---

As of December 31, the Company's lease obligations are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Operating leases |  |  |
|  Beginning balance | $44646 | $45780 |
|  Additions | 16204 | 721 |
|  Buy-out |  | (23) |
|  Interest accretion | 2386 | 1972 |
|  Lease payments | (4152) | (3804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending balance | $59084 | $44646 |

---

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Finance leases |  |  |
|  Beginning balance | $133389 | $93631 |
|  Additions | 35136 | 45747 |
|  Other adjustments | 36 | 3 |
|  Buy-out |  | (1289) |
|  Interest accretion | 5253 | 3778 |
|  Lease payments | (9917) | (8481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending balance | $163897 | $133389 |

---

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

As of December 31, the weighted-average remaining term and the weighted-average discount rate associated with the Company's leases are as follows:

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Weighted-average remaining lease term – finance leases | 22.63 years | 20.85 years |
|  Weighted-average remaining lease term – operating leases | 20.84 years | 17.31 years |
|  Weighted-average discount rate – finance leases | 3.45% | 3.45% |
|  Weighted-average discount rate – operating leases | 4.11% | 4.32% |

---

**9. ASSET RETIREMENT OBLIGATIONS:** 

During the years ended December 31, 2021, 2020 and 2019, the Company recorded $1,951, $1,361 and $879 of accretion expense associated with its asset retirement obligations, respectively. These amounts are recorded in Depreciation, amortization and accretion in the Consolidated Statements of Operations.

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Beginning balance | $38252 | $33834 |
|  Additions | 26573 | 2611 |
|  Disposal | (172) |  |
|  Other adjustments | 473 | 446 |
|  Accretion expense | 1951 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations | $67077 | $38252 |

---

**10. INTEREST RATE DERIVATIVE INSTRUMENTS:** 

The fair value of the Company's interest rate derivative instruments and the effects of these derivative instruments are represented in the Interest expense line in the Consolidated Statements of Operations and were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Fair Value as of December 31,** | **Fair Value as of December 31,** |
| **Instrument** | **Notional<br>Amount** | **Fixed Rate** | **2021** | **2020** |
|  Interest rate derivative instruments | $181347 | 1.72% – 3.22% | $(6498) | $(15001) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Fair Value Adjustment<br>Recognized in Net Income<br>(Loss)<br>for the Years Ended<br>December 31,** | **Fair Value Adjustment<br>Recognized in Net Income<br>(Loss)<br>for the Years Ended<br>December 31,** | **Fair Value Adjustment<br>Recognized in Net Income<br>(Loss)<br>for the Years Ended<br>December 31,** |
| **Instrument** | **2021** | **2020** | **2019** |
|  Interest rate derivative instruments | $8503 | $(9844) | $(7597) |

---

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

**11. REDEEMABLE NON-CONTROLLING INTERESTS:** 

The following table is a reconciliation of changes in third-party redeemable equity securities of subsidiaries at December 31:

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Beginning balance | $66582 | $41209 |
|  Cash distributions to redeemable non-controlling interests upon buy-out | (7237) |  |
|  Distributions to holders of redeemable non-controlling interests | (3052) | (3866) |
|  Excess basis allocation upon redeemable non-controlling interests buy-out | (33412) |  |
|  Net income (loss) attributable to redeemable non-controlling interests | 5512 | 29239 |
|  Redeemable non-controlling interests | $28393 | $66582 |

---

No additional adjustment was required to the balances classified in temporary equity because the carrying amount exceeded the fair value.

The terms of the tax-equity partnerships' operating agreements contain allocations of income (loss) and cash distributions that vary over time and adjust the amount of the interest. The operating agreements specify an agreed upon date (referred to as the tax flip date) based on the passage of time whereby the Company will adjust the carrying amount to the full redemption amount. Once the tax flip date occurs, the buy-out can occur within a limited amount of time as specified by each partnerships' agreements. The Company believes it is probable that options will be exercised at the times of the tax flip dates.

The flip dates were as follows as of December 31, 2021:

---

| | | |
|:---|:---|:---|
| **Tax equity partnership** | **Tax flip date** | **Buy-out date** |
|  GRE Fund I Holdco | July 20, 2021 | Dec 31, 2021 |
|  GRE Fund II Holdco | April 1, 2023 | N/A |
|  GRE Fund III Holdco | January 1, 2025 | N/A |
|  GRE Fund IV Holdco | April 1, 2025 | N/A |
|  CF Roseville Holdco | January 1, 2024 | N/A |
|  Mitchell Holdings | August 21, 2021 | Dec 31, 2021 |

---

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

**12. OPERATING REVENUES, NET:** 

Operating revenues from contracts with customers and other revenue for the years ended December 31, 2021, 2020 and 2019 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  Electricity sales | $202829 | $188696 | $102402 |
|  Solar renewable energy certificate sales | 78434 | 73745 | 62656 |
|  Lease and other revenues | 13178 | 10243 | 9663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenues | 294441 | 272684 | 174721 |
|  Contract amortization | (48007) | (51297) | (33885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues, net | $246434 | $221387 | $140836 |

---

As of December 31, 2021, revenue expected to be recognized from remaining performance obligations associated with standalone SREC sales contracts is as follows:

---

| | |
|:---|:---|
| **Year Ending December 31,** | **Amount** |
| 2022 | $16423 |
| 2023 | 51836 |
| 2024 | 37559 |
| 2025 | 21005 |
| 2026 | 6550 |
|  Thereafter |  |
|  Total | $133373 |

---

Future operations could be affected by changes in the creditworthiness of significant offtakers, by changes in economic or other conditions in geographic areas served, or by changes in the demand for renewable energy.

**13. INCOME TAXES:** 

For financial reporting purposes, net income (loss) before income taxes for the United States was ($17,591), ($15,854) and $1,090 for the years ended December 31, 2021, 2020 and 2019, respectively.

------

##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

The components of the provision for income tax expense are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  Current tax expense |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | $3979 | $692 | $131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | 201 | 809 | 24 |
|  Total current tax expense | 4180 | 1501 | 155 |
|  Deferred tax expense (benefit) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | 20782 | 5344 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | 13656 | (2364) | 3194 |
|  Total deferred tax expense | 34438 | 2980 | 5194 |
|  Total income tax expense | $38618 | $4481 | $5349 |

---

The table below shows significant items resulting in effective rate difference from the federal statutory rate of 21.0%:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2021** | **2020** | **2020** | **2019** | **2019** |
|  | **Amount** | **Effective Rate** | **Amount** | **Effective Rate** | **Amount** | **Effective Rate** |
|  Tax rate reconciliation: |  |  |  |  |  |  |
|  Income tax expense (benefit) at federal statutory rate | $(3694) | 21.0% | $(3329) | 21.0% | $229 | 21.0% |
|  State income taxes | 12919 | (73.4) | 697 | (4.4) | (57) | (5.2) |
|  Effect of rate change | (1329) | 7.6 | (1793) | 11.3 | 1867 | 171.3 |
|  Non-controlling interest | 47444 | (269.7) | 8850 | (55.8) | (3322) | (304.8) |
|  Dividends received deduction | (156) | 0.9 | (862) | 5.4 |  |  |
|  Investment tax credit | (900) | 5.1 | (471) | 3.0 | (631) | (57.9) |
|  Changes in valuation allowance | (13790) | 78.4 | 2127 | (13.4) | 5131 | 470.7 |
|  Prior period adjustments | (3161) | 18.0 | 72 | (0.5) | 1481 | 135.9 |
|  Other | 1285 | (7.3) | (810) | 5.1 | 651 | 59.7 |
|  Total income tax expense | $38618 | (219.4)% | $4481 | (28.3)% | $5349 | 490.7% |

---

The principal reasons for the difference between the statutory rate and the effective rate for 2021 were due to changes in valuation allowance, effects resulting from changes in tax rates, and the removal of tax effects related to non-controlling interests in tax equity entities' pretax income and loss. The Company recorded non-controlling interests and redeemable non-controlling interests associated with various tax-equity investors who own membership interests in certain subsidiaries of the Company. The increase in the 2021 non-controlling interest adjustment was due to changes in Net Income (Loss) Attributable to Non-Controlling Interest in the Company's Consolidated Statements of Operations which vary due to GAAP income (loss), taxable income (loss), capital contributions, investment tax credits, distributions, and the stipulated targeted investor return specified in the subsidiaries' operating agreements which can have a significant impact on the amounts that investors would receive upon a hypothetical liquidation. These factors may create volatility in the effective tax rate as the application of HLBV can drive changes in net income or loss attributable to non-controlling interests from period to period.

------

##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

During the year ended December 31, 2021, the Company recorded a non-recurring income tax benefit of $13,790 relating to the release of a substantial portion of the Company's valuation allowance. This release was due to cumulative earnings largely resulting from current earnings and expected reversals of deferred tax liabilities resulting in a source of income. Additionally, the Company recorded a prior period adjustment related to a provision to return differences.

The principal reasons for the difference between the statutory rate and the effective rate for 2020 were due to changes in valuation allowance, effects resulting from changes in tax rates, and the removal of tax effects related to non-controlling interests in tax equity entities' pretax income and loss. The Company recorded non-controlling interests and redeemable non-controlling interests associated with various tax-equity investors who own membership interests in certain subsidiaries of the Company. The increase in the 2020 non-controlling interest adjustment was due to changes in Net Income (Loss) Attributable to Non-Controlling Interest in the Company's Consolidated Statements of Operations which vary due to GAAP income (loss), taxable income (loss), capital contributions, investment tax credits, distributions, and the stipulated targeted investor return specified in the subsidiaries' operating agreements which can have a significant impact on the amounts that investors would receive upon a hypothetical liquidation. These factors may create volatility in the effective tax rate as the application of HLBV can drive changes in net income or loss attributable to non-controlling interests from period to period.

Net deferred taxes were comprised of the following at December 31:

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  Net operating loss (NOL) and interest carryforward | $116435 | $90018 |
|  Investment tax credits | 6866 | 5335 |
|  Other | 7585 | 3064 |
|  Subtotal | 130886 | 98417 |
|  Valuation allowance | (7) | (13797) |
|  Total deferred tax assets | $130879 | $84620 |
|  Depreciation | $(19346) | $— |
|  Outside basis difference | (182631) | (121280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax liabilities | (201977) | (121280) |
|  Deferred tax liabilities, net | $(71098) | $(36660) |

---

The U.S. federal net operating loss carryforward has no expiration date with the exception of $4,833 expiring between 2035 and 2037. As of December 31, 2021, the Company had approximately $25,706 of state net operating loss deferred tax assets. The Company has a gross federal NOL of $426,908 as of December 31, 2021. The Company had approximately $1,216,150 of gross state net operating loss carryforwards as of December 31, 2021, of which $598,796 are expected to expire between 2024 and 2042. The remaining gross state net operating loss carryforwards have an indefinite life. The U.S. federal investment tax credit carryforward of $6,866 expires between 2038 and 2041. Valuation allowances are provided against deferred tax assets when management cannot conclude that it is more likely than not that some portion or all deferred tax assets will be realized.

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

Pursuant to Section 48 of the Internal Revenue Code, the owner that commences operations of qualified solar energy property is eligible to receive investment tax credits (the Investment Tax Credits) in an amount calculated with reference to the eligible costs of the qualified solar energy property. The Investment Tax Credits are generally available for use on the date the qualified solar energy property is placed in service and have a five-year recapture period. During the recapture period, the Company must comply with certain requirements in order to retain the Investment Tax Credits. Failure to meet such requirements may result in the recapture of the Investment Tax Credits. The Company accounts for its Investment Tax Credits as a reduction of income tax expense in the year in which the credits arise. Where the Company forms joint-ventures to develop solar energy facilities, the Company receives minimal allocations of Investment Tax Credits as the majority of such credits are allocated to the joint-venture partners. During the years ended December 31, 2021 and 2020, the Company generated $1,531 and $462 of Investment Tax Credits, respectively.

At December 31, 2021 and 2020, the Company has no uncertain tax positions that would require the accrual of an unrecognized tax benefit. No interest or penalties related to uncertain taxes have been recognized on the accompanying Consolidated Statements of Operations. Management does not expect a significant change in uncertain tax positions during the twelve months subsequent to December 31, 2021.

The Parent Company and its corporate subsidiaries submit U.S. federal, state, and local income tax filings. In the normal course of business, the Company may be audited by U.S. federal, state, and local taxing authorities. As of December 31, 2021, the Company is not undergoing any tax examinations nor has the Company agreed to extend the statute of limitations beyond the prescribed expiration date. As of December 31, 2021, tax years from 2018 to 2021 are subject to examination by the tax authorities.

The Parent Company and its corporate subsidiaries remitted tax payments to federal, state, and local tax jurisdictions of $9,940 during the year ended December 31, 2021. The Parent Company and its corporate subsidiaries expect a refund for a portion of the tax payments remitted during the year ended December 31, 2021 and have recorded $5,699 within Prepayments and other assets, net within the Consolidated Balance Sheets.

**14. VARIABLE INTEREST ENTITIES:** 

The Company consolidates VIEs in which it holds a variable interest and is the primary beneficiary. The Company has determined certain subsidiaries are VIEs and as the managing member of the respective partnerships, it is the primary beneficiary by reference to the power and benefits criterion under ASC 810 Consolidation. The Company considered responsibilities within the contractual agreements, which grant it the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. Such activities include management of the solar energy and storage facilities' operations and maintenance, budgeting, and establishing policies and procedures. In addition, the Company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs on the basis of income allocations and cash distributions. Financing of the VIEs is further described in Note 6. Lenders of partnerships determined to be VIEs generally do not have recourse to the Company. Investors of partnerships determined to be VIEs

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

generally do not have recourse to the Company as a whole, but the Company does provide certain guarantees related to investment tax credit generation and letters of credit on behalf of the VIEs.

The following table presents a summary of the consolidated VIEs in which the Company holds variable interests in structures other than wholly owned entities.

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| Total consolidated VIEs | **2021** | **2020** |
|  Current assets | $82619 | $45455 |
|  Solar energy and storage facilities, net | 1722687 | 915039 |
|  Other assets | 348420 | 358414 |
|  Current liabilities | 68233 | 51596 |
|  Other liabilities | 490267 | 480883 |

---

On the previous table, assets and liabilities are presented net of intercompany eliminations. Substantially all VIE assets can only be used to settle obligations of the VIE.

The Company's exposure to loss in the consolidated VIEs is limited to losses that would be absorbed on the VIE's net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.

**15. RELATED PARTY TRANSACTIONS:** 

***Management fee***

In accordance with the LLC Agreement and the Management Services Agreement, dated February 9, 2018, GSAM receives a management fee from the Company as compensation for its services (the Management Fee). The Management Fee is determined as of the last day of the applicable calendar quarter and is paid quarterly in arrears.

The Management Fee is equal to 0.125% of the average of the Management Fee Base (as herein after defined) with respect to such calendar quarter and the Management Fee Base at the end of the prior calendar quarter. The Management Fee Base for any calendar quarter is equal to the amount of capital contributed to the Parent Company as of the end of such calendar quarter, plus the total indebtedness of the Company, less a proportionate share of any indebtedness attributable to non-tax equity joint-venture partners.

During the years ended December 31, 2021, 2020 and 2019, GSAM earned management fees of $10,407, $7,525 and $4,718, respectively. As of December 31, 2021 and 2020, management fees payable to GSAM were $2,939 and $3,864, respectively. These amounts have been included in accounts payable – related parties, net on the accompanying Consolidated Balance Sheets.

***Administration fee***

In accordance with the LLC Agreement and the Management Services Agreement, dated February 9, 2018, GSAM receives an administration fee from the Company as compensation for its

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

services (the Administration Fee). The Administration Fee is equal to the product of the Company's share (as defined in the LLC Agreement) of the nameplate capacity of the solar energy facilities owned by the Company (the Facilities) and the applicable per kW rate. From February 9, 2018, (the first date on which the Company accepted capital commitments) until the day preceding the first anniversary of such date, the applicable per kW rate is $10; thereafter, until the day preceding the second anniversary of such date, the applicable per kW rate is $9; thereafter, the applicable per kW rate is $8. The Administration Fee is prorated for any partial calendar quarter and for any intra-quarter changes to the aggregate nameplate capacity of the Facilities.

The Administration Fee for any calendar quarter is subject to a cap of 0.125% of the average of the Management Fee Base at the end of such quarter and the Management Fee Base at the end of the prior calendar quarter (the Administration Fee Cap), less such fees paid to third-party service providers by or associated with the Facilities (excluding from such fees, the proportion attributable to non-tax equity joint-venture partners). To the extent the Administration Fee and/or the Administration Fee Cap is reduced below zero for a particular calendar quarter, GSAM will pay to the Company the amount by which the Administration Fee and/or Administration Fee Cap is below zero.

During the years ended December 31, 2021, 2020 and 2019, GSAM earned administration fees of $7,652, $5,648 and $2,371, respectively. As of December 31, 2021 and 2020, administration fees payable to GSAM were $1,694 and $2,723, respectively. These amounts have been included in accounts payable – related parties, net on the accompanying Consolidated Balance Sheets.

***Acquisition costs***

Affiliates of GS&Co regularly incur costs on behalf of the Company, in conjunction with acquisition due diligence and other developmental activities. The Company reimburses the affiliates for such costs as invoiced. As of December 31, 2021 and 2020, the Company owed affiliates of GS&Co approximately $4,521 and $6,603, respectively. These amounts have been included in accounts payable – related parties, net on the accompanying Consolidated Balance Sheets.

***Special Interest Member incentive allocation***

In accordance with the Operating Company LLC agreement, the Special Interest Member is entitled to an incentive payment that equates to a percentage of Core Operating Profit. Core Operating Profit is equal to operating income, plus the Company's share of other revenue, less tax and interest expense, economic depreciation (as defined in the Operating Company LLC agreement), the Administration Fee, the Management Fee, and subject to various other adjustments as described in the Operating Company LLC agreement. The payment is subject to the achievement of certain hurdles. Until twelve calendar quarters have lapsed from the initial investor contribution funding date, these hurdles are calculated by reference to the period beginning April 2, 2018, and ending as of December 31, 2021. As the incentive payments are earned, the Company allocates the amount earned to the Special Interest Member and any associated payments are recorded as distributions in non-controlling interests. To the extent the Special Interest Member earns an incentive allocation and the related amounts have been paid to the Special Interest Member, it will not be required to return that amount to the Company even if the Core Operating Profit in future periods is insufficient to have

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

achieved the aggregate hurdle in such future periods. During the years ended December 31, 2021, 2020 and 2019, the Special Interest Member earned incentive allocations of $7,553, $6,081 and $5,565, respectively. As of December 31, 2021, and 2020, unpaid incentive allocations earned by the Special Interest Member were $0 and $5,659, respectively.

***GS&Co Employees***

Certain GS&Co employees have ownership interest in the Company. As of December 31, 2021, 2020 and 2019, total contributions and distributions were $0 and ($1,282), $6,042 and ($822), and $4,551 and ($501), respectively.

**16. COMMITMENTS AND CONTINGENCIES:** 

***Litigation***

The Company may become involved in various legal proceedings and disputes in the ordinary course of business. The Company maintains insurance to mitigate any risk of future loss. Such matters are subject to many uncertainties and outcomes, the financial impacts of which are not predictable with assurance and that may not be known for extended periods of time. The Company records a liability in its consolidated financial statements for costs related to claims, settlements, and judgments where management has assessed that a loss is probable, and an amount can be reasonably estimated. The Company is not aware of any legal proceedings or disputes that will have a material impact on the consolidated financial statements.

***Insurance***

The Company maintains property insurance coverage for catastrophic losses such as hurricanes, earthquakes or floods. For such catastrophic losses, the Company may have higher deductibles or increased self-insurance risk if certain criteria are met, ultimately increasing the potential risk of loss.

***Forward contracts***

The Company has entered into various forward contracts for the delivery of SRECs. Its ability to deliver such SRECs in the future could be affected by interruptions in the productivity of certain solar energy facilities or changes to legislation associated with SRECs.

***Guarantees***

The Company has provided guarantees associated with the production of certain solar energy facilities, associated with various offtakers. To the extent that the associated solar energy facilities become temporarily or permanently nonoperational, the Company will be liable to compensate the offtaker for the difference between the actual production and the guaranteed production amount. Generation insurance may not fully cover the liability or the consequences of any business interruptions such as natural catastrophes or equipment failures. The occurrence of a significant adverse event not adequately covered by insurance could have a material adverse effect on the Company's business, results or operations, financial condition, and prospects.

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##### [**Table of Contents**](#toc)
**GOLDMAN SACHS RENEWABLE POWER LLC AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019** 

**(all numbers in thousands) (continued)** 

The Company has entered into or acquired various contracts which indemnify tax-equity partners in joint-ventures for any reduction in the amount of tax credits or tax allocations that they expect to receive. Should the Company not be able to meet such expectations, it will be liable to compensate the tax-equity investors in an amount equal to the value of the benefit that was not conveyed.

**17. SUBSEQUENT EVENTS:** 

On January 15, 2022, the Company paid a distribution to the Members of $20,847.

On February 14, 2022, the Company amended the Revolving Credit Agreement to extend the maturity date until February 17, 2023 as well as revising the interest rate to secured overnight financing rate (SOFR) + 2.00% and applicable margin.

On March 25, 2022, the Company declared a distribution to the Members of $20,394.

During the period of January 1, 2022 to April 13, 2022, subsidiaries of the Company paid, in aggregate, $3,795 in connection with the exercise of purchase options on lease agreements.

During the period of January 1, 2022 to April 13, 2022, the Company made draws on the Subscription Facility and Financing Agreement in the amounts of $106,000 and $22,600, respectively.

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##### [**Table of Contents**](#toc)

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**TABLE OF CONTENTS**

Prospectus

---

| | |
|:---|:---|
|  [Basis of Presentation](#rom366853_1) | ii |
|  [Market and Industry Data](#rom366853_2) | ii |
|  [Trademarks and Trade Names](#rom366853_3) | iii |
|  [Certain Definitions](#rom366853_4) | iii |
|  [Prospectus Summary](#rom366853_5) | 1 |
|  [Risk Factors](#rom366853_6) | 36 |
|  [Cautionary Language Regarding Forward-Looking Statements](#rom366853_7) | 75 |
|  [Use of Proceeds](#rom366853_8) | 79 |
|  [Dividend Policy](#rom366853_9) | 80 |
|  [Capitalization](#rom366853_10) | 81 |
|  [Dilution](#rom366853_11) | 83 |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#rom366853_12) | 85 |
|  [Business](#rom366853_13) | 123 |
|  [Management](#rom366853_14) | 150 |
|  [Executive Compensation](#rom366853_15) | 162 |
|  [Internalization Transaction and Corporate Reorganization](#rom366853_16) | 182 |
|  [Certain Relationships and Related Party Transactions](#rom366853_17) | 186 |
|  [Security Ownership of Certain Beneficial Owners and Management](#rom366853_18) | 191 |
|  [Description of Capital Stock](#rom366853_19) | 193 |
|  [Shares Eligible for Future Sale](#rom366853_20) | 198 |
|  [Material U.S. Federal Income Tax Considerations for Non-U.S. Holders of Our Common Stock](#rom366853_21) | 200 |
|  [Certain ERISA Considerations](#rom366853_22) | 205 |
|  [Underwriting (Conflicts of Interest)](#rom366853_23) | 209 |
|  [Legal Matters](#rom366853_24) | 219 |
|  [Experts](#rom366853_25) | 219 |
|  [Additional Information](#rom366853_26) | 219 |
|  [Index to Financial Statements](#rom366853_27) | F-1 |

---

------

You should rely only on the information contained in this prospectus and any free writing prospectus prepared by us or on behalf of us or the information which we have referred you. Neither we nor the underwriters have authorized anyone to provide you with information different from that contained in this prospectus and any free writing prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We and the underwriters are offering to sell shares of common stock and seeking offers to buy shares of common stock only in jurisdictions where offers and sales are permitted. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of the common stock. Our business, financial condition, results of operations and prospects may have changed since that date.

This prospectus contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. Please see "Risk Factors" and "Cautionary Language Regarding Forward-Looking Statements."

Through and including , 2023 (the 25th day after the date of this prospectus), all dealers effecting transactions in our shares, whether or not participating in this offering, may be required to deliver a prospectus. This requirement is in addition to the dealers' obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares

**MN8 Energy, Inc.** 

Common Stock

------

**Book-Running Managers** 

**Goldman Sachs & Co. LLC** 

**BofA Securities** 

**J.P. Morgan** 

**HSBC** 

**Wells Fargo Securities** 

**Jefferies** 

**Wolfe \| Nomura Alliance** 

**Co-Managers** 

**Cowen** 

**KeyBanc Capital Markets** 

**SOCIETE GENERALE** 

**Drexel Hamilton** 

**Siebert Williams Shank** 

------

**Through and including , 2023 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.** 

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##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

***Item 13. Other Expenses of Issuance and Distribution***

The following table sets forth an itemized statement of the amounts of all expenses (excluding underwriting discounts and commissions) payable by us in connection with the registration of the common stock offered hereby. With the exception of the SEC registration fee, FINRA filing fee and NYSE listing fee, the amounts set forth below are estimates.

---

| | |
|:---|:---|
|  SEC registration fee | 9270 |
|  FINRA filing fee | 100000.0 |
|  Listing fee | 295000.0 |
|  Accountants' fees and expenses | 450000.0 |
|  Legal fees and expenses | 2600000.0 |
|  Printing and engraving expenses | 350000.0 |
|  Transfer agent and registrar fees | 10000.0 |
|  Miscellaneous | 185730.0 |
|  Total | $4000000.0 |

---

***Item 14. Indemnification of Directors and Officers***

Our bylaws will provide that a director will not be liable to the corporation or its stockholders for monetary damages to the fullest extent permitted by the DGCL. In addition, if the DGCL is amended to authorize the further elimination or limitation of the liability of directors, then the liability of a director of the corporation, in addition to the limitation on personal liability provided for in our certificate of incorporation, will be limited to the fullest extent permitted by the amended DGCL. Our bylaws will provide that the corporation will indemnify, and advance expenses to, any officer or director to the fullest extent authorized by the DGCL.

Section 145 of the DGCL provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement in connection with specified actions, suits and proceedings whether civil, criminal, administrative, or investigative, other than a derivative action by or in the right of the corporation, if they acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful. A similar standard is applicable in the case of derivative actions, except that indemnification extends only to expenses, including attorneys' fees, incurred in connection with the defense or settlement of such action and the statute requires court approval before there can be any indemnification where the person seeking indemnification has been found liable to the corporation. The statute provides that it is not exclusive of other indemnification that may be granted by a corporation's certificate of incorporation, bylaws, disinterested director vote, stockholder vote, agreement or otherwise.

Our bylaws will also contain indemnification rights for our directors and our officers. Specifically, our bylaws will provide that we shall indemnify our officers and directors to the fullest extent authorized by the DGCL. Further, we may maintain insurance on behalf of our officers and directors against expense, liability or loss asserted incurred by them in their capacities as officers and directors.

We have obtained directors' and officers' insurance to cover our directors, officers and some of our employees for certain liabilities.

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##### [**Table of Contents**](#toc)
We will enter into written indemnification agreements with our directors and executive officers. Under these proposed agreements, if an officer or director makes a claim of indemnification to us, either a majority of the independent directors or independent legal counsel selected by the independent directors must review the relevant facts and make a determination whether the officer or director has met the standards of conduct under Delaware law that would permit (under Delaware law) and require (under the indemnification agreement) us to indemnify the officer or director.

The underwriting agreement provides for indemnification by the underwriters of us and our officers and directors, and by us of the underwriters, for certain liabilities arising under the Securities Act or otherwise in connection with this offering.

***Item 15. Recent Sales of Unregistered Securities***

Pursuant to the Merger and the Special Interest Exchange that will be completed prior to the closing of this offering, as described in further detail under "Internalization Transaction and Corporate Reorganization," we will issue shares of common stock to the holders of then-outstanding limited liability company interests of MN8 Energy LLC and to the Special Interest Member. Such issuances will not involve any underwriters, underwriting discounts or commissions or a public offering, and we believe that such issuance will be exempt from registration requirements pursuant to Section 4(a)(2) of the Securities Act.

***Item 16. Exhibits and Financial Statement Schedules***

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;#1.1 | [Form of Underwriting Agreement](http://www.sec.gov/Archives/edgar/data/1908233/000119312522281533/d366853dex11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;#3.1 | [Form of Amended and Restated Certificate of Incorporation of MN8 Energy, Inc.](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;#3.2 | [Form of Amended and Restated Bylaws of MN8 Energy, Inc.](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;#4.1 | [Form of Registration Rights Agreement](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;#4.2 | [Note Purchase Agreement, dated as of January 30, 2020, by and among GSRP Portfolio I LLC, GSRP Portfolio I HoldCo LLC, as holdings, the guarantors and purchasers named therein, MUFG Union Bank, N.A., as first lien collateral agent and MUFG Union Bank, N.A., as notes agent](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex42.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;#4.3 | [Note Purchase Agreement, dated as of October 1, 2021, by and among GSRP Portfolio II LLC, GSRP Portfolio II HoldCo LLC, as holdings, the guarantors and purchasers named therein and MUFG Union Bank, N.A., as first lien collateral agent, MUFG Bank, Ltd. as intercreditor agent and MUFG Union Bank, N.A., as notes agent](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex43.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;#4.4 | [Note Purchase Agreement, dated as of December 28, 2021, by and among GSRP Stanton LLC, GSRP Portfolio III HoldCo LLC, as holdings, the purchasers named therein and the Bank of New York Mellon, as collateral agent, intercreditor agent and notes agent](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex44.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;#5.1 | [Form of Opinion of Vinson & Elkins L.L.P. as to the legality of the securities being registered](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex51.htm) |
| #10.1 | [Revolving Credit Agreement, dated as of February 22, 2018, by and among Goldman Sachs Renewable Power Operating Company LLC, as borrower, Goldman Sachs Renewable Power LLC, as guarantor, HSBC Bank USA as administrative agent, letter of credit issuer and a lender and the other lenders a party thereto](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex101.htm) |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| #10.2 | [First Amendment to Revolving Credit Agreement, dated as of October 30, 2018, by and among Goldman Sachs Renewable Power Operating Company LLC, as borrower, Goldman Sachs Renewable Power LLC, as guarantor, HSBC Bank USA as administrative agent, letter of credit issuer and a lender and the lenders party thereto](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex102.htm) |
| #10.3 | [Second Amendment to Revolving Credit Agreement, dated as of November 28, 2018, by and among Goldman Sachs Renewable Power Operating Company LLC, as borrower, Goldman Sachs Renewable Power LLC, as guarantor, HSBC Bank USA as administrative agent, letter of credit issuer and a lender and the lenders party thereto](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex103.htm) |
| #10.4 | [Third Amendment to Revolving Credit Agreement, dated as of February 15, 2019, by and among Goldman Sachs Renewable Power Operating Company LLC, as borrower, Goldman Sachs Renewable Power LLC, as guarantor, HSBC Bank USA as administrative agent, letter of credit issuer and a lender and the lenders party thereto](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex104.htm) |
| #10.5 | [Fourth Amendment to Revolving Credit Agreement, dated as of March 28, 2019, by and among Goldman Sachs Renewable Power Operating Company LLC, as borrower, Goldman Sachs Renewable Power LLC, as guarantor, HSBC Bank USA as administrative agent, letter of credit issuer and a lender and the lenders party thereto](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex105.htm) |
| #10.6 | [Fifth Amendment to Revolving Credit Agreement, dated as of August 14, 2020, by and among Goldman Sachs Renewable Power Operating Company LLC, as borrower, Goldman Sachs Renewable Power LLC, as guarantor, HSBC Bank USA as administrative agent, letter of credit issuer and a lender and the lenders party thereto](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex106.htm) |
| #10.7 | [Sixth Amendment to Revolving Credit Agreement, dated as of February 17, 2021, by and among Goldman Sachs Renewable Power Operating Company LLC, as borrower, Goldman Sachs Renewable Power LLC, as guarantor, HSBC Bank USA as administrative agent, letter of credit issuer and a lender and the lenders party thereto](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex107.htm) |
| #10.8 | [Credit Agreement, dated as of February 23, 2021, by and among GSRP Warehouse I LLC, as borrower, MUFG Bank, Ltd., as administrative agent, MUFG Union Bank, N.A. as collateral agent and the other lenders party thereto](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex108.htm) |
| #10.9 | [Form of Indemnification Agreement](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex109.htm) |
| #10.10 | [Form of Long-term Incentive Plan](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex1010.htm) |
| #10.11 | [Form of Employee Stock Purchase Plan](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex1011.htm) |
| #10.12 | [Executive Severance Plan](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex1012.htm) |
| #10.13 | [Form of Executive Severance Plan Participation Agreement](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex1013.htm) |
| #10.14 | [Form of Restricted Stock Unit Grant Notice for Executives](http://www.sec.gov/Archives/edgar/data/1908233/000119312522281533/d366853dex1014.htm) |
| #10.15 | [Form of Restricted Stock Unit Grant Notice for Directors](http://www.sec.gov/Archives/edgar/data/1908233/000119312522281533/d366853dex1015.htm) |
| #10.16 | [Form of Executive Severance Plan Participation Agreement for Spanish Executives](http://www.sec.gov/Archives/edgar/data/1908233/000119312522281533/d366853dex1016.htm) |
| #10.17 | [Second Amended and Restated Limited Liability Company Agreement of MN8 Energy Operating Company LLC](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex1014.htm) |
| #10.18 | [Internalization Agreement by and among MN8 Energy, Inc., Goldman Sachs Renewable Power Operating Company LLC, Goldman Sachs Renewable Power LLC, Goldman Sachs Asset Management, L.P., and GSAM Holdings II LLC, dated May 18, 2022](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex1015.htm) |
| #10.19 | [Transition Services Agreement by and among Goldman Sachs Asset Management, L.P., MN8 Energy LLC, MN8 Energy, Inc., and MN8 Energy Operating Company LLC, dated August 4, 2022](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex1016.htm) |
| #10.20 | [Letter Agreement by and between MN8 Energy LLC and The Regents of the University of California, dated as of July 6, 2022](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex1017.htm) |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| \*\*10.21 | [Form of Revolving Credit Agreement](d366853dex1021.htm) |
| \*\*10.22 | [Amended and Restated Limited Liability Company Agreement of AssetCo, LLC, dated as of January 4, 2023.](d366853dex1022.htm) |
| #21.1 | [List of subsidiaries](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex211.htm) |
| \*\*23.1 | [Consent of PricewaterhouseCoopers LLP](d366853dex231.htm) |
| \*\*23.2 | [Consent of PricewaterhouseCoopers LLP](d366853dex232.htm) |
| #23.3 | [Consent of Vinson & Elkins L.L.P. (included as part of Exhibit 5.1 hereto)](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex51.htm) |
| #24.1 | [Power of Attorney (included on the signature page of this Registration Statement)](http://www.sec.gov/Archives/edgar/data/1908233/000119312522242511/d285220ds1.htm#sig) |
| #99.1 | [Consent of Lorie Buckingham](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex991.htm) |
| #99.2 | [Consent of David L. Gadis](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex992.htm) |
| #99.3 | [Consent of J. William Holden, III](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex993.htm) |
| #99.4 | [Consent of Fiona Macdonald](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex994.htm) |
| #99.5 | [Consent of Kathleen McGinty](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex995.htm) |
| #99.6 | [Consent of Brendan McGovern](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dex996.htm) |
| #107 | [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/0001908233/000119312522242511/d285220dexfilingfees.htm) |

---

------

\* To be filed by amendment.

\*\* Filed herewith.

# Previously filed.

***Item 17. Undertakings***

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on January 5, 2023.

---

| | |
|:---|:---|
| **MN8 Energy, Inc.** | **MN8 Energy, Inc.** |
| By: | /s/ Jon Yoder |
| Name: | Jon Yoder |
| Title: | President, CEO and Director |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Jon Yoder<br> Jon Yoder | President, CEO and Director<br> (Principal Executive Officer) | January 5, 2023 |
| /s/ David Callen<br> David Callen | CFO<br> (Principal Financial Officer and Principal Accounting Officer) | January 5, 2023 |
| \*<br> Timothy J. Leach | Director | January 5, 2023 |

---

---

| | |
|:---|:---|
| \*By: | /s/ David Callen |
|  | David Callen, Attorney-in-Fact |

---

## Exhibit 10.21

**Exhibit 10.21** 

------

![LOGO](g366853g1118024931912.jpg)

CREDIT AGREEMENT

dated as of

January [__], 2023

among

MN8 ENERGY, INC.

The Lenders Party Hereto

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

and

[__________] and [______________]<sup>1</sup>

as Co-Syndication Agents

------

JPMORGAN CHASE BANK, N.A. and [_____]

as Joint Bookrunners and Joint Lead Arrangers

------

<sup>1</sup> <u>Note to Draft</u>: Titles and roles TBD.

------

<u>**Table of Contents**</u> 

---

| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I Definitions | ARTICLE I Definitions | 1 |
|  SECTION 1.01. | Defined Terms | 1 |
|  SECTION 1.02. | Classification of Loans and Borrowings | 35 |
|  SECTION 1.03. | Terms Generally | 35 |
|  SECTION 1.04. | [Accounting Terms; GAAP; Pro Forma Calculations | 35 |
|  SECTION 1.05. | Interest Rates; Benchmark Notification | 36 |
|  SECTION 1.06. | Status of Obligations | 37 |
|  SECTION 1.07. | Letter of Credit Amounts | 37 |
|  SECTION 1.08. | Divisions | 37 |
| ARTICLE II The Credits | ARTICLE II The Credits | 37 |
|  SECTION 2.01. | Commitments | 37 |
|  SECTION 2.02. | Loans and Borrowings | 37 |
|  SECTION 2.03. | Requests for Borrowings | 38 |
|  SECTION 2.04. | Intentionally Omitted | 39 |
|  SECTION 2.05. | Swingline Loans | 39 |
|  SECTION 2.06. | Letters of Credit | 40 |
|  SECTION 2.07. | Funding of Borrowings | 44 |
|  SECTION 2.08. | Interest Elections | 45 |
|  SECTION 2.09. | Termination and Reduction of Commitments | 46 |
|  SECTION 2.10. | Repayment of Loans; Evidence of Debt | 46 |
|  SECTION 2.11. | Prepayment of Loans | 47 |
|  SECTION 2.12. | Fees | 48 |
|  SECTION 2.13. | Interest | 49 |
|  SECTION 2.14. | Alternate Rate of Interest | 49 |
|  SECTION 2.15. | Increased Costs | 51 |
|  SECTION 2.16. | Break Funding Payments | 53 |
|  SECTION 2.17. | Taxes | 53 |
|  SECTION 2.18. | Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Setoffs | 57 |
|  SECTION 2.19. | Mitigation Obligations; Replacement of Lenders | 58 |
|  SECTION 2.20. | Expansion Option | 59 |
|  SECTION 2.21. | Defaulting Lenders | 60 |
| ARTICLE III Representations and Warranties | ARTICLE III Representations and Warranties | 63 |
|  SECTION 3.01. | Organization; Powers; Subsidiaries | 63 |
|  SECTION 3.02. | Authorization; Enforceability | 63 |
|  SECTION 3.03. | Governmental Approvals; No Conflicts | 63 |
|  SECTION 3.04. | Financial Condition; No Material Adverse Change | 64 |
|  SECTION 3.05. | Properties | 64 |
|  SECTION 3.06. | Litigation, Environmental and Labor Matters | 64 |
|  SECTION 3.07. | Compliance with Laws | 65 |
|  SECTION 3.08. | Investment Company Status | 65 |
|  SECTION 3.09. | Taxes | 65 |
|  SECTION 3.10. | ERISA | 65 |
|  SECTION 3.11. | Disclosure | 65 |
|  SECTION 3.12. | Liens | 65 |

---

i

------

<u>**Table of Contents**</u>

(continued)

---

| | | |
|:---|:---|:---|
|  |  | Page |
|  SECTION 3.13. | No Default | 65 |
|  SECTION 3.14. | [Energy Regulatory Status | 65 |
|  SECTION 3.15. | Solvency | 66 |
|  SECTION 3.16. | Insurance | 66 |
|  SECTION 3.17. | Security Interest in Collateral | 66 |
|  SECTION 3.18. | [Anti-Corruption Laws and Sanctions | 66 |
|  SECTION 3.19. | Affected Financial Institutions | 66 |
|  SECTION 3.20. | Plan Assets; Prohibited Transactions | 66 |
|  SECTION 3.21. | Margin Regulations | 66 |
| ARTICLE IV Conditions | ARTICLE IV Conditions | 67 |
|  SECTION 4.01. | Effective Date | 67 |
|  SECTION 4.02. | Each Credit Event | 68 |
| ARTICLE V Affirmative Covenants | ARTICLE V Affirmative Covenants | 68 |
|  SECTION 5.01. | Financial Statements and Other Information | 69 |
|  SECTION 5.02. | Notices of Material Events | 70 |
|  SECTION 5.03. | Existence; Conduct of Business | 71 |
|  SECTION 5.04. | Payment and Performance of Obligations | 71 |
|  SECTION 5.05. | Maintenance of Properties; Insurance | 71 |
|  SECTION 5.06. | Books and Records; Inspection Rights | 71 |
|  SECTION 5.07. | Compliance with Laws | 72 |
|  SECTION 5.08. | Use of Proceeds | 72 |
|  SECTION 5.09. | Subsidiary Guarantors; Pledges; Additional Collateral; Further Assurances | 72 |
|  SECTION 5.10. | Subsidiary Distributions | 74 |
| ARTICLE VI Negative Covenants | ARTICLE VI Negative Covenants | 74 |
|  SECTION 6.01. | Indebtedness | 74 |
|  SECTION 6.02. | Liens | 76 |
|  SECTION 6.03. | Fundamental Changes | 78 |
|  SECTION 6.04. | Dispositions | 79 |
|  SECTION 6.05. | Investments, Loans, Advances, Guarantees and Acquisitions | 81 |
|  SECTION 6.06. | Swap Agreements | 82 |
|  SECTION 6.07. | Transactions with Affiliates | 82 |
|  SECTION 6.08. | Restricted Payments | 82 |
|  SECTION 6.09. | Restrictive Agreements | 83 |
|  SECTION 6.10. | Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents | 84 |
|  SECTION 6.11. | Sale and Leaseback Transactions | 85 |
|  SECTION 6.12. | Financial Covenants | 85 |
| ARTICLE VII Events of Default | ARTICLE VII Events of Default | 86 |
|  SECTION 7.01. | Events of Default | 86 |
|  SECTION 7.02. | Remedies Upon an Event of Default | 88 |
|  SECTION 7.03. | Application of Payments | 89 |
|  SECTION 7.04. | Right to Cure | 90 |

---

ii

------

<u>**Table of Contents**</u> 

(continued)

---

| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE VIII The Administrative Agent | ARTICLE VIII The Administrative Agent | 91 |
|  SECTION 8.01. | Authorization and Action | 91 |
|  SECTION 8.02. | Administrative Agent's Reliance, Limitation of Liability, Etc. | 93 |
|  SECTION 8.03. | Posting of Communications | 95 |
|  SECTION 8.04. | The Administrative Agent Individually | 96 |
|  SECTION 8.05. | Successor Administrative Agent | 96 |
|  SECTION 8.06. | Acknowledgements of Lenders and Issuing Bank | 97 |
|  SECTION 8.07. | Collateral Matters | 98 |
|  SECTION 8.08. | Credit Bidding | 99 |
|  SECTION 8.09. | Certain ERISA Matters | 100 |
| ARTICLE IX Miscellaneous | ARTICLE IX Miscellaneous | 102 |
|  SECTION 9.01. | Notices | 102 |
|  SECTION 9.02. | Waivers; Amendments | 103 |
|  SECTION 9.03. | Expenses; Limitation of Liability; Indemnity, Etc. | 105 |
|  SECTION 9.04. | Successors and Assigns | 107 |
|  SECTION 9.05. | Survival | 112 |
|  SECTION 9.06. | Counterparts; Integration; Effectiveness; Electronic Execution | 112 |
|  SECTION 9.07. | Severability | 113 |
|  SECTION 9.08. | Right of Setoff | 113 |
|  SECTION 9.09. | Governing Law; Jurisdiction; Consent to Service of Process | 114 |
|  SECTION 9.10. | WAIVER OF JURY TRIAL | 115 |
|  SECTION 9.11. | Headings | 115 |
|  SECTION 9.12. | Confidentiality | 115 |
|  SECTION 9.13. | USA PATRIOT Act | 116 |
|  SECTION 9.14. | Releases of Subsidiary Guarantors | 116 |
|  SECTION 9.15. | Appointment for Perfection | 117 |
|  SECTION 9.16. | Interest Rate Limitation | 117 |
|  SECTION 9.17. | No Fiduciary Duty, etc. | 118 |
|  SECTION 9.18. | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 118 |
|  SECTION 9.19. | Acknowledgement Regarding Any Supported QFCs | 119 |
| ARTICLE X Borrower Guarantee | ARTICLE X Borrower Guarantee | 119 |

---

---

| |
|:---|
| <u>SCHEDULES</u>: |
| Schedule 2.01 – Commitments |
| Schedule 2.06 – Existing Letters of Credit |
| Schedule 3.01 – Subsidiaries |
| Schedule 6.01 – Existing Indebtedness |
| Schedule 6.02 – Existing Liens |
| Schedule 6.05 – Existing Investments |
| Schedule 6.07 – Affiliate Transactions |

---

iii

------

<u>**Table of Contents**</u> 

(continued)

<u>Page</u>

---

| |
|:---|
| <u>EXHIBITS</u>: |
| Exhibit A – Form of Assignment and Assumption |
| Exhibit B – Form of Operating Plan |
| Exhibit C – Form of Increasing Lender Supplement |
| Exhibit D – Form of Augmenting Lender Supplement |
| Exhibit E – List of Closing Documents |
| Exhibit F-1 – Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships) |
| Exhibit F-2 – Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships) |
| Exhibit F-3 – Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships) |
| Exhibit F-4 – Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships) |
| Exhibit G-1 – Form of Borrowing Request |
| Exhibit G-2 – Form of Interest Election Request |
| Exhibit H – Form of Note |

---

iv

------

CREDIT AGREEMENT (this "<u>Agreement</u>") dated as of January [__], 2023 among MN8 ENERGY, INC., the LENDERS from time to time party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

The parties hereto agree as follows:

ARTICLE I

<u>Definitions</u> 

SECTION 1.01. <u>Defined Terms</u>. As used in this Agreement, the following terms have the meanings specified below:

"<u>ABR</u>", when used in reference to any Loan or Borrowing, refers to such Loan, or the Loans comprising such Borrowing, bearing interest at a rate determined by reference to the Alternate Base Rate.

"<u>Additional Refinancing Amount</u>" means, in connection with the incurrence of any Permitted Refinancing Debt, the aggregate principal amount of additional Indebtedness committed or incurred to pay accrued and unpaid interest, premiums (including tender premiums), original issue discount, expenses, defeasance costs and fees (including underwriting discounts, commitment, ticking and similar fees and discounts) in respect thereof.

"<u>Adjusted Daily Simple SOFR</u>" means an interest rate per annum equal to (a) the Daily Simple SOFR, <u>plus</u> (b) 0.10%; <u>provided</u> that if the Adjusted Daily Simple SOFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

"<u>Adjusted Term SOFR Rate</u>" means, for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period, <u>plus</u> (b) 0.10%; <u>provided</u> that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

"<u>Administrative Agent</u>" means JPMorgan Chase Bank, N.A. (or any of its designated branch offices or affiliates), in its capacity as administrative agent for the Lenders hereunder.

"<u>Administrative Costs</u>" means, for any period, the sum (computed without duplication), of the following during such period in accordance with GAAP: (a) general and administrative expenses of the Loan Parties and (b) Taxes (other than income taxes) of the Loan Parties in the ordinary course of business in connection with the ownership of their Subsidiaries during such period; <u>provided</u>, that Administrative Costs shall not include any (i) Internalization Costs, (ii) extraordinary, unusual or non-recurring charges or expenses of the Loan Parties during such period including, without limitation, costs of and payments of legal settlements, fines, judgments or orders, (iii) Investments in any Subsidiary, (iv) any payments on or with respect to Indebtedness, (v) any upfront fees or expenses in connection with the Transactions, or (vi) any non-cash amounts, such as depreciation, amortization or other bookkeeping entries of a similar nature.

"<u>Administrative Questionnaire</u>" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

------

"<u>Affiliate</u>" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. For purposes of this Agreement and the other Loan Documents, Jefferies LLC and its Affiliates shall be deemed to be Affiliates of Jefferies Finance LLC and its Affiliates.

"<u>Agent-Related Person</u>" has the meaning assigned to such term in Section 9.03(d).

"<u>Aggregate Commitment</u>" means the aggregate of the Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof. The initial Aggregate Commitment as of the Effective Date is $450,000,000.

"<u>Agreement</u>" has the meaning assigned to such term in the introductory paragraph hereof.

"<u>Alternate Base Rate</u>" means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus <sup><sup>1</sup>⁄<sub>2</sub></sup> of 1% and (c) the Adjusted Term SOFR Rate for a one-month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) plus 1%; <u>provided</u> that for the purpose of this definition, the Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.

"<u>Ancillary Document</u>" has the meaning assigned to such term in Section 9.06.

"<u>Anti-Corruption Laws</u>" means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.

"<u>Applicable Leverage Ratio</u>" means, as of any applicable date, the maximum Leverage Ratio permitted by Section 6.12(a) for the then most recently ended fiscal quarter for which Financials were required to be delivered (or, if no maximum Leverage Ratio is required, a Leverage Ratio of not more than 6.50 to 1.00).

"<u>Applicable Party</u>" has the meaning assigned to such term in Section 8.03(c).

"<u>Applicable Percentage</u>" means, with respect to any Lender, the percentage of the Aggregate Commitment represented by such Lender's Commitment; <u>provided</u> that, in the case of Section 2.21 when a Defaulting Lender shall exist, "Applicable Percentage" shall mean the percentage of the Aggregate Commitment (disregarding any Defaulting Lender's Commitment) represented by such Lender's Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender's status as a Defaulting Lender at the time of determination.

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"<u>Applicable Permit</u>" means, at any given time with respect to any Project, any material Permit to be obtained by or on behalf of the applicable Project Company, including any such Permit relating to zoning, environmental or natural resource protection, archaeological and cultural resources, wetlands, pollution, sanitation, the Federal Aviation Administration, FERC, PURPA, PUHCA, applicable regional transmission organization or independent system operator, applicable state or local laws or regulations, safety, siting or building, importation of technology, equipment and materials, that is material and necessary at such time to the development, construction or operation of such Project to construct, test, operate, maintain, repair, own or use the Project as contemplated by the Project Documents, to enter into any Project Document or to consummate any transaction contemplated thereby.

"<u>Applicable Rate</u>" means, for any day, with respect to any Term Benchmark Loan, any RFR Loan or any ABR Loan or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption "Term Benchmark Spread", "RFR Spread", "ABR Spread" or "Commitment Fee Rate", as the case may be, based upon the Leverage Ratio applicable on such date:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Leverage Ratio: | Term Benchmark<br>Spread | RFR<br>Spread | ABR<br>Spread | Commitment<br>Fee Rate |
|  <u>Category 1</u>: | < 3.00 to 1.00 | 1.50% | 1.50% | 0.50% | 0.25% |
|  <u>Category 2</u>: | <u>></u> 3.00 to 1.00 but<br>< 4.00 to 1.00 | 1.625% | 1.625% | 0.625% | 0.375% |
|  <u>Category 3</u>: | <u>></u> 4.00 to 1.00 | 1.75% | 1.75% | 0.75% | 0.50% |

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For purposes of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if at any time the Borrower fails to deliver the Financials on or before the date the Financials are due pursuant to Section 5.01, Category 3 shall be deemed applicable for the period commencing three (3) Business Days after the required date of delivery and ending on the date which is three (3) Business Days after the Financials are actually delivered, after which the Category shall be determined in accordance with the table above as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adjustments, if any, to the Category then in effect shall be effective three (3) Business Days after the Administrative Agent has received the applicable Financials (it being understood and agreed that each change in Category shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notwithstanding the foregoing, Category 3 shall be deemed to be applicable until the Administrative Agent's receipt of the applicable Financials for the Borrower's first fiscal quarter ending after the Effective Date and adjustments to the Category then in effect shall thereafter be effected in accordance with the preceding paragraphs.

"<u>Approved Electronic Platform</u>" has the meaning assigned to such term in Section 8.03(a).

"<u>Approved Fund</u>" has the meaning assigned to such term in Section 9.04(b).

"<u>Arranger</u>" means each of JPMorgan Chase Bank, N.A. and [__________] in its capacity as a joint bookrunner and a joint lead arranger hereunder.

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"<u>Assignment and Assumption</u>" means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of <u>Exhibit</u> <u>A</u> or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent.

"<u>Augmenting Lender</u>" has the meaning assigned to such term in Section 2.20.

"<u>Availability Period</u>" means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments.

"<u>Available Revolving Commitment</u>" means, at any time with respect to any Lender, the Commitment of such Lender then in effect minus the Revolving Credit Exposure of such Lender at such time; it being understood and agreed that any Lender's Swingline Exposure shall not be deemed to be a component of the Revolving Credit Exposure for purposes of calculating the commitment fee under Section 2.12(a).

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to clause (e) of Section 2.14.

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Banking Services</u>" means each and any of the following bank services provided to the Borrower or any Designated Subsidiary by any Lender or any of its Affiliates: (a) credit cards for commercial customers (including, without limitation, commercial credit cards and purchasing cards), (b) stored value cards, (c) merchant processing services and (d) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate depository network services).

"<u>Banking Services Agreement</u>" means any agreement entered into by the Borrower or any Designated Subsidiary in connection with Banking Services.

"<u>Banking Services Obligations</u>" means any and all obligations of the Borrower or any Designated Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services.

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"<u>Bankruptcy Code</u>" means Title 11 of the United States Code entitled "Bankruptcy", as now and hereafter in effect, or any successor statute.

"<u>Bankruptcy Event</u>" means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding entered in respect thereof; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

"<u>Benchmark</u>" means, initially, with respect to any (i) RFR Loan, the Daily Simple SOFR or (ii) Term Benchmark Loan, the Term SOFR Rate; <u>provided</u> that if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to the Daily Simple SOFR or Term SOFR Rate, as applicable, or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.14.

"<u>Benchmark Replacement</u>" means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Adjusted Daily Simple SOFR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated in Dollars at such time in the United States and (b) the related Benchmark Replacement Adjustment;

<u>provided</u> that if the Benchmark Replacement as determined pursuant to clause (1) or clause (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market

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convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in Dollars at such time.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement and/or any Term Benchmark Revolving Loan, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; <u>provided</u> that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> <u>that</u>, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Unavailability Period</u>" means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Borrower</u>" means MN8 Energy, Inc., a Delaware corporation.

"<u>Borrowing</u>" means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan.

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"<u>Borrowing Request</u>" means a request by the Borrower for a Borrowing in accordance with Section 2.03, which shall be substantially in the form attached hereto as <u>Exhibit G-1</u> or any other form approved by the Administrative Agent.

"<u>Business Day</u>" means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City; <u>provided</u> that, in addition to the foregoing, a Business Day shall be (a) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings of such RFR Loan and (b) in relation to Loans referencing the Adjusted Term SOFR Rate and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans referencing the Adjusted Term SOFR Rate or any other dealings of such Loans referencing the Adjusted Term SOFR Rate, any such day that is only a U.S. Government Securities Business Day.

"<u>Business Interruption Insurance Proceeds</u>" means any and all proceeds of any insurance, indemnity, warranty or guaranty payable from time to time to the Borrower or any of its Subsidiaries with respect to the partial or complete interruption of the operation of the business of the Borrower or any of its Subsidiaries.

"<u>Capital Lease Obligations</u>" of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; <u>provided</u>, that Capital Lease Obligations entered into in connection with Permitted Tax Equity Arrangements shall not constitute Capital Lease Obligations hereunder.

"<u>Cash Equivalents</u>" means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of one year or less from the date of acquisition issued by any commercial bank organized under the laws of the United States or any state thereof having combined capital and surplus of not less than $500,000,000 and rated at least "AA-" by S&P, "Aa3" by Moody's or AA- by Fitch; (c) commercial paper of an issuer rated at least "A-1" by S&P, "P-1" by Moody's or F1+ by Fitch, or carrying an equivalent rating by a nationally recognized rating agency, if all three (3) of the named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within one year from the date of acquisition; (d) repurchase obligations of any commercial bank satisfying the requirements of clause (b) above, having a term of not more than thirty (30) days, with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory, the securities of which state, commonwealth, territory, political subdivision or taxing authority (as the case may be) are rated at least "AA-" by S&P, "Aa3" by Moody's or AA- by Fitch; (f) securities with maturities of six (6) months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause (b) above; (g) money market mutual or similar funds that invest exclusively in assets satisfying the requirements of clauses (a) through (f) above; or (h) money market funds that (x) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (y) are rated "AAA" by S&P, "Aaa" by Moody's or AAA by Fitch and (z) have portfolio assets of at least $5,000,000,000 (subject to a maximum of 5% of fund capital).

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"<u>CFADS</u>" means, with respect to any period, all amounts received by the Loan Parties in respect of Projects and other assets directly or indirectly owned by the Loan Parties, and any related power and REC marketing activates, in each case, for contracted revenues or uncontracted revenues, *minus* Administrative Costs and amounts invested or otherwise transferred by one or more Loan Parties in respect of Guaranty Exposure of one or more Projects, in each case for such period; <u>provided</u> that CFADS shall exclude all Excluded Revenues.

"<u>CFC</u>" means a "controlled foreign corporation" within the meaning of Section 957 of the Code.

"<u>Change in Control</u>" means, following the initial public offering of the Borrower, (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower or (b) occupation at any time of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were not (i) directors of the Borrower on the date of this Agreement or (ii) nominated, approved or appointed by the board of directors of the Borrower.

"<u>Change in Law</u>" means the occurrence after the date of this Agreement of (a) the adoption of or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) compliance by any Lender or Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender's or Issuing Bank's holding company, if any) with any request, rule, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in the implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, in each case, be deemed to be a "Change in Law," regardless of the date enacted, adopted, issued or implemented.

"<u>Charges</u>" has the meaning assigned to such term in Section 9.16.

"<u>Class</u>", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans.

"<u>CME Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Co-Syndication Agent</u>" means each of [__________] and [__________] in its capacity as co-syndication agent for the credit facility evidenced by this Agreement.

"<u>Collateral</u>" means all of the "Collateral" or other similar term referred to in the Collateral Documents and all of the other property that is or is intended under the terms of the Collateral Documents to be subject to a security interest or Lien in favor of the Administrative Agent for the benefit of the Secured Parties, to secured the Secured Obligations; provided that Collateral shall not include Excluded Assets.

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"<u>Collateral Documents</u>" means, collectively, the Security Agreement and each of the other agreements, instruments or documents executed in connection with this Agreement that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured Parties.

"<u>Commercial Operations Date</u>" means the date on which a Material Project is substantially complete, commercially operable and contracted under a Power Purchase Agreement with a fixed price schedule with a Power Purchaser with an investment grade rating from at least one nationally recognized rating agency or, if such Power Purchaser does not have a credit rating from any such rating agency, an equivalent shadow rating as determined in good faith by the Borrower.

"<u>Commitment</u>" means, with respect to each Lender, the amount set forth on <u>Schedule 2.01</u> opposite such Lender's name under the heading "Commitment", or in the Assignment and Assumption or other documentation or record (as such term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code) contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable, and giving effect to (a) any reduction in such amount from time to time pursuant to Section 2.09, (b) any increase from time to time pursuant to Section 2.20 and (c) any reduction or increase in such amount from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04; <u>provided</u> that at no time shall the Revolving Credit Exposure of any Lender exceed its Commitment.

"<u>Commitment Fee</u>" has the meaning assigned to such term in Section 2.12(a).

"<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"<u>Communications</u>" means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or the Issuing Bank by means of electronic communications pursuant to Section 8.03, including through an Approved Electronic Platform.

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consolidated Interest Expense</u>" means, for any period, the interest expense (including without limitation interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP) for which the Loan Parties (and not, for the avoidance of doubt, their Subsidiaries which are not Loan Parties) were contractually liable during such period with respect to all Indebtedness of one or more Loan Parties that remains outstanding as of the date of determination (including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers acceptance financing and net costs under interest rate Swap Agreements to the extent such net costs are allocable to such period in accordance with GAAP, but excluding any amount not payable in cash).

"<u>Consolidated Total Assets</u>" means, as of the date of any determination thereof, total assets of the Borrower and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date.

"<u>Consolidated Total Indebtedness</u>" means, as of the date of any determination thereof, the sum, without duplication, of (a) the aggregate Indebtedness of the Borrower and its Subsidiaries calculated on a consolidated basis as of such date in accordance with GAAP (other than undrawn letters of credit) and (b) Indebtedness of the type referred to in clause (a) hereof of another Person guaranteed by the Borrower or any of its Subsidiaries.

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"<u>Consolidated Total Net Indebtedness</u>" means, as of any date of determination thereof, the excess, if any, of (i) Consolidated Total Indebtedness (other than Indebtedness that is non-recourse to the Borrower and not secured by any assets of the Borrower (other than Equity Interests of any Project Company)) <u>over</u> (ii) the lesser of (x) Unencumbered Cash and (y) $30,000,000, in each case, as of such date of determination.

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. The terms "Controlling" and "Controlled" have meanings correlative thereto.

"<u>Corresponding Tenor</u>" ****with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

"<u>Covered Entity</u>" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Covered Party</u>" has the meaning assigned to it in Section 9.19.

"<u>Credit Event</u>" means a Borrowing, the issuance, amendment or extension of a Letter of Credit, an LC Disbursement or any of the foregoing.

"<u>Credit Party</u>" means the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender.

"Daily Simple SOFR" means, for any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal to SOFR for the day that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

"<u>Debt to Capitalization Ratio</u>" has the meaning assigned to that term in Section 6.12(c).

"<u>Default</u>" means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

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"<u>Defaulting Lender</u>" means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender's good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations as of the date of certification) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party's receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action.

"<u>Designated Subsidiary</u>" means any Subsidiary of the Borrower that has been designated by the Borrower, by notice to the Administrative Agent, as an obligor of Banking Services Obligations or Swap Obligations, as applicable.

"<u>Disposition</u>" or "<u>Dispose</u>" means the sale, transfer, license, lease or other disposition (in one transaction or in a series of transactions and whether effected pursuant to a division or otherwise) of any property by any Person (including any Sale and Leaseback Transaction and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

"<u>Disqualified Institution</u>" means (a) Persons that are specifically identified by the Borrower to the Administrative Agent in writing prior to the Effective Date, (b) any Person that is reasonably determined by the Borrower after the Effective Date to be a competitor of the Borrower or its Subsidiaries and which is specifically identified in a written supplement to the list of "Disqualified Institutions", which supplement shall become effective three (3) Business Days after delivery thereof to the Administrative Agent and the Lenders in accordance with Section 9.01 and (c) in the case of the foregoing clauses (a) and (b), any of such entities' Affiliates to the extent such Affiliates (x) are clearly identifiable as Affiliates of such Persons based solely on the similarity of such Affiliates' and such Persons' names or that are identified by the Borrower on the list of "Disqualified Institutions" and (y) are not bona fide debt investment funds. It is understood and agreed that (i) any supplement to the list of Persons that are Disqualified Institutions contemplated by the foregoing clause (b) shall not apply retroactively to disqualify any Persons that have previously acquired an assignment or participation interest in the Loans or Commitments (but solely with respect to such Loans or Commitments), (ii) the Administrative Agent shall have no responsibility or liability to determine or monitor whether any Lender or potential Lender is a Disqualified Institution, (iii) the Borrower's failure to deliver such list (or supplement thereto) in accordance with Section 9.01 shall render such list (or supplement) not received and not effective and (iv) "Disqualified Institution" shall exclude any Person that the Borrower has designated as no longer being a "Disqualified Institution" by written notice delivered to the Administrative Agent from time to time in accordance with Section 9.01.

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"<u>Dollars</u>" or "<u>$</u>" refers to lawful money of the United States of America.

"<u>Domestic Foreign Holding Company</u>" mean any Domestic Subsidiary that owns no material assets (directly or through one or more disregarded entities) other than capital stock (including any debt instrument treated as equity for U.S. federal income tax purposes) of one or more foreign subsidiaries that are CFCs.

"<u>Domestic Subsidiary</u>" means a Subsidiary organized under the laws of a jurisdiction located in the United States of America.

"<u>ECP</u>" means an "eligible contract participant" as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Effective Date</u>" means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

"<u>Electronic Signature</u>" means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

"<u>Environmental Laws</u>" means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to (i) the environment, (ii) preservation or reclamation of natural resources, (iii) the management, release or threatened release of any Hazardous Material or (iv) health and safety matters.

"<u>Environmental Liability</u>" means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

"<u>EPC Contract</u>" means, with respect to any Project, the engineering, procurement and construction contract, balance of plant contract, or other similar construction contract entered into between the applicable Project Company and an EPC Contractor.

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"<u>EPC Contractor</u>" means, with respect to any Project, any contractor or supplier selected by the Borrower or its Subsidiary with respect to the construction, installation or supply arrangements for such Project.

"<u>Equity Contribution</u>" means the direct or indirect cash equity contributions to the Borrower in the form of (i) common equity, (ii) preferred equity or (iii) other equity having terms reasonably satisfactory to the Administrative Agent.

"<u>Equity Interests</u>" means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest, but excluding any debt securities convertible into any of the foregoing.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

"<u>ERISA Event</u>" means (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the failure to satisfy the "minimum funding standard" (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

"<u>Event of Default</u>" has the meaning assigned to such term in Section 7.01.

"<u>EWG</u>" means an "exempt wholesale generator" as defined in Section 1262(6) of PUHCA and the FERC's regulations at 18 C.F.R. § 366.1.

"<u>Excluded Assets</u>" means: (1) any interests in real property, (2) any "intent-to-use" application for registration of a trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a "Statement of Use" pursuant to Section 1(d) of the Lanham Act of an "Amendment to Allege Use" pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any, that and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application

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under applicable federal law, (3) assets in respect of which pledges and security interests (x) are prohibited or restricted by (A) any law or regulation or (B) any direct or indirect contractual obligation (including any requirement to obtain the consent of any third party (other than the Borrower or any Subsidiary)) that, in the case of this clause (B), was not incurred in contemplation of its becoming a Subsidiary Guarantor (including in connection with Indebtedness or other contracts so long as such Indebtedness or contracts are permitted under this Agreement), in each case other than to the extent that such prohibition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408, 9-409 or other applicable provisions of the UCC of any relevant jurisdiction or any other applicable law); <u>provided</u> that, immediately upon the ineffectiveness, lapse or termination of any such prohibitions, such assets shall automatically cease to constitute Excluded Assets or (y) would require a governmental (including regulatory) or third party consent, approval, license or authorization in order to provide the lien that is required on the Effective Date or at the time the relevant Subsidiary Guarantor becomes a Subsidiary Guarantor, (4) equity interests in any entity other than Wholly-Owned Subsidiaries to the extent pledges thereof are not permitted by such entity's organizational or joint venture documents (unless any such restriction would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408, 9-409 or other applicable provisions of the UCC of any relevant jurisdiction or any other applicable law), (5) assets subject to certificates of title (other than motor vehicles subject to certificates of title; <u>provided</u> that perfection of security interests in such motor vehicles shall be limited to the filing of UCC financing statements), letter of credit rights (other than to the extent the security interest in such letter of credit right may be perfected by the filing of UCC financing statements) with an individual value of less than $1,000,000 and commercial tort claims with an individual value of less than $1,000,000, (6) any lease, license or other agreement or any property subject to a purchase money security interest or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money arrangement or create a right of termination in favor of any other party thereto (other than the Borrower or a Subsidiary Guarantor) (other than (x) proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC notwithstanding such prohibition, (y) to the extent that any such term has been waived or (z) to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408, 9-409 or other applicable provisions of the UCC of any relevant jurisdiction or any other applicable law); <u>provided</u> that, immediately upon the ineffectiveness, lapse or termination of any such term, such assets shall automatically cease to constitute Excluded Assets, (7) trust, payroll and tax withholding accounts funded in the ordinary course of business and required by applicable law, custodial accounts, escrow accounts and other similar deposit or securities accounts, and deposit accounts not otherwise described in this clause with average daily balances of less than $1,000,000, (8) foreign assets (other than customary pledges of up to 65% of the voting equity interests and 100% of the non-voting equity interests in Material Foreign Subsidiaries (it being agreed that no foreign law governed documentation shall be required to be delivered in respect thereof); and (9) those assets as to which the Administrative Agent and the Borrower reasonably agree that the cost, burden, difficulty or consequence of obtaining such a security interest or perfection thereof outweighs, or are excessive in relation to, the practical benefit to the Lenders of the security to be afforded thereby. Notwithstanding the foregoing, (x) Excluded Assets shall not include (A) any proceeds, products, substitutions or replacements of Excluded Assets (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Assets) or (B) the Equity Interests in MN8 Energy OpCo LLC, MN8 Energy, LLC or any Identified Subsidiary and (y) other than, for the avoidance of doubt, for control agreements, collateral assignments of insurance and insurance endorsements, no consents to collateral assignment or other agreements or acknowledgments will be obtained from any third party under any circumstances.

"<u>Excluded Revenues</u>" means amounts received by a Loan Party in respect of (a) Equity Contributions, (b) any Extraordinary Receipts and (c) any proceeds of insurance with respect to any loss or recapture of investment tax credits.

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"<u>Excluded Subsidiary</u>" means (a) any Domestic Foreign Holding Company, (b) any Subsidiary that is a direct or indirect Subsidiary of a Domestic Foreign Holding Company or any Foreign Subsidiary, (c) any Subsidiary (i) that is prohibited or restricted from Guaranteeing the credit facilities evidenced by this Agreement by (A) any law or regulation or (B) any contractual obligation (including any requirement to obtain the consent of any third party (other than the Borrower or any Subsidiary)) that, in the case of this clause (B), exists on the Effective Date or is entered into in accordance with this Agreement, (ii) that would require a governmental (including regulatory) consent, approval, license or authorization in order to provide a Guarantee of the credit facilities evidenced by this Agreement or (iii) where the provision of a Guarantee by such Subsidiary of the credit facilities evidenced by this Agreement would result in adverse tax consequences to the Borrower and/or its direct or indirect Subsidiaries as determined in good faith by the Borrower in consultation with the Administrative Agent, (d) any Foreign Subsidiary, (e) those Domestic Subsidiaries as to which the Administrative Agent and the Borrower reasonably agree that the cost, burden, difficulty or consequence of obtaining a Guarantee of the credit facilities evidenced by this Agreement from such Subsidiary outweighs, or are excessive in relation to, the practical benefit to the Lenders of the Guarantee to be afforded thereby and (f) each Identified Subsidiary. Notwithstanding anything contained in the prior sentence, it is agreed and understood that none of MN8 Energy OpCo LLC or MN8 Energy, LLC shall constitute Excluded Subsidiaries.

"<u>Excluded Swap Obligation</u>" means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party's failure for any reason to constitute an ECP at the time the Guarantee of such Loan Party or the grant of such security interest becomes or would become effective with respect to such Specified Swap Obligation. If a Specified Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Specified Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b) or Section 9.02(e)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 2.17(f) and (d) any withholding Taxes imposed under FATCA.

"<u>Existing Letters of Credit</u>" is defined in Section 2.06(a).

"<u>Extraordinary Receipt</u>" means any cash received by or paid to or for the account of the Borrower as (i) proceeds of insurance (other than Business Interruption Insurance Proceeds) received in connection with damage to, or loss of, the Borrower's or its Subsidiaries' assets that are not intended to be applied to the repair or restoration of such assets, and (ii) condemnation awards (and payments in lieu thereof).

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"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

"<u>Federal Funds Effective Rate</u>" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; <u>provided</u> that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System of the United States of America.

"<u>FERC</u>" means the Federal Energy Regulatory Commission, or its successor.

"<u>Final Release Conditions</u>" has the meaning assigned to such term in Section 9.14(c).

"<u>Financial Officer</u>" means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower or any other Person designated as a "Financial Officer" by any of the foregoing officers in writing to the Administrative Agent and reasonably acceptable to the Administrative Agent.

"<u>Financial Covenants</u>" means the covenants set forth in Section 6.12 of this Agreement.

"<u>Financials</u>" means the annual or quarterly financial statements, and accompanying certificates and other documents, of the Borrower and its Subsidiaries required to be delivered pursuant to Section 5.01(a) or 5.01(b).

"<u>First Tier Foreign Subsidiary</u>" means each Foreign Subsidiary with respect to which any one or more of the Borrower and its Domestic Subsidiaries directly owns or Controls more than 50% of such Foreign Subsidiary's issued and outstanding Equity Interests.

"<u>Floor</u>" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR, as applicable. For the avoidance of doubt the initial Floor for each of Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR shall be 0%.

"<u>Foreign Lender</u>" means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.

"<u>Foreign Subsidiary</u>" means any Subsidiary which is not a Domestic Subsidiary.

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"<u>FPA</u>" means the Federal Power Act, as amended, and the implementing regulations of FERC.

"<u>Fronting Fee</u>" has the meaning assigned to such term in Section 2.12(b).

"<u>GAAP</u>" means generally accepted accounting principles in the United States of America.

"<u>Governmental Authority</u>" means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

"<u>Guarantee</u>" of or by any Person (the "<u>guarantor</u>") means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; <u>provided</u>, that the term "Guarantee" shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall be deemed to be an amount equal to the lesser of (a) the stated or determinable amount of the primary payment obligation in respect of which such Guarantee is made and (b) the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee, unless such primary payment obligation and the maximum amount for which such guaranteeing Person may be liable are not stated or determinable, in which case the amount of the Guarantee shall be such guaranteeing Person's maximum reasonably anticipated liability in respect thereof as reasonably determined by the Borrower in good faith.

"<u>Guaranty Exposure</u>" means, as to any Loan Party, the contractual obligations of such Person under any guaranty made in favor of one or more lenders or agents that guarantees the payment of indebtedness for borrowed money incurred by any Subsidiary, including any guaranty upon a diversion of cash to one or more tax equity investors under a Tax Equity Document.

"<u>Hazardous Materials</u>" means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

"<u>Identified Subsidiaries</u>" means each of GSRP Warehouse I, LLC, GSRP Portfolio I HoldCo, LLC, GSRP Portfolio II HoldCo, LLC, GSRP Portfolio III Holdco, LLC and GSRP Carlo LLC.

"<u>Increasing Lender</u>" has the meaning assigned to such term in Section 2.20.

"<u>Incremental Term Loan</u>" has the meaning assigned to such term in Section 2.20.

"<u>Incremental Term Loan Amendment</u>" has the meaning assigned to such term in Section 2.20.

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"<u>Indebtedness</u>" means, with respect to any Person at any time, without duplication, (a) its liabilities for borrowed money and its liabilities evidenced by bonds, debentures, notes or similar instruments, (b) its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable arising in the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property), (c) all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Lease Obligations, (d) all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it has assumed or otherwise become liable for such liabilities), (e) all its liabilities in respect of letters of credit or instruments serving a similar function issued or accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money), (f) its liabilities under Sale and Leaseback Transactions and (g) any Guaranty of such Person with respect to liabilities of a type described in any of clauses (a) through (f) hereof. Indebtedness of any Person shall include all obligations of such Person of the character described in clauses (a) through (g) to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP.

Notwithstanding anything to the contrary in this definition, the term "Indebtedness" shall not include (i) deferred or prepaid revenue, (ii) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller, or earnouts under acquisition agreements, (iii) obligations under Sale and Leaseback Transactions to the extent such obligations are not reflected as a liability on the consolidated balance sheet of the Borrower, (iv) obligations, current or projected, under any Swap Agreements, (v) Permitted Equity Commitments, (vi) Permitted Project Undertakings so long as not constituting Indebtedness referred to in clause (a) of the definition thereof or (vii) Project Obligations so long as not constituting Indebtedness referred to in clause (a) of the definition thereof.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a) hereof, Other Taxes.

"<u>Indemnitee</u>" has the meaning assigned to such term in Section 9.03(c).

"<u>Ineligible Institution</u>" has the meaning assigned to such term in Section 9.04(b).

"<u>Information</u>" has the meaning assigned to such term in Section 9.12.

"<u>Information Memorandum</u>" means the Confidential Information Memorandum dated September 2022 relating to the Borrower and the Transactions.

"<u>Interconnection Agreement</u>" means, with respect to any Project, any interconnection agreements to which the applicable Project Company and an Interconnection Provider are a party, or from which a Project Company benefits.

"<u>Interconnection Provider</u>" means, with respect to any Project, the provider of interconnection services for such Project under the Interconnection Agreement for such Project.

"<u>Interest Coverage Ratio</u>" has the meaning assigned to such term in Section 6.12(b).

"<u>Interest Election Request</u>" means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08, which shall be substantially in the form attached hereto as <u>Exhibit G-2</u> or any other form approved by the Administrative Agent.

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"<u>Interest Payment Date</u>" means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and December and the Maturity Date, (b) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such RFR Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and the Maturity Date, (c) with respect to any Term Benchmark Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Term Benchmark Borrowing with an Interest Period of more than three months' duration, each day prior to the last day of such Interest Period that occurs at intervals of three months' duration after the first day of such Interest Period, and the Maturity Date and (d) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Maturity Date.

"<u>Interest Period</u>" means with respect to any Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter (or such other date agreed by the Borrower and the Administrative Agent) (in each case, subject to the availability for the Benchmark applicable to the relevant Loan or Commitment), as the Borrower may elect; <u>provided</u>, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no tenor that has been removed from this definition pursuant to Section 2.14(e) shall be available for specification in such Borrowing Request or Interest Election Request. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

"<u>Internalization Costs</u>" means the costs associated with non-recurring internal reorganization, preparation for an initial public offering, and related matters of the Borrower and its Subsidiaries.

"<u>Invested Capital</u>" means, as of any date of determination, (x) the aggregate amount of Equity Contributions to the Loan Parties and their Subsidiaries since September 19, 2017 by direct or indirect investors in the Loan Parties and such Subsidiaries, whether in the form of contributions to capital, the acquisition of the Equity Interests in the Loan Parties or their Subsidiaries, the payment of obligations (including Indebtedness) on behalf of the Loan Parties and their Subsidiaries, or otherwise, *less* (y) to the extent the Loan Parties recognize net asset impairment losses in accordance with GAAP in excess of $150,000,000 after the Effective Date, the amount of such excess.

"<u>Investment</u>" has the meaning assigned to such term in Section 6.05.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>Issuing Bank</u>" means JPMorgan Chase Bank, N.A. (through itself or through one of its designated affiliates or branch offices), in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i); <u>provided</u> that, solely with respect to the Existing Letters of Credit issued by HSBC Bank USA, National Association, HSBC Bank USA, National Association shall be deemed to be an Issuing Bank (and each reference in this Agreement to the "Issuing Bank", solely when made in respect of the Existing Letters of Credit issued by HSBC Bank USA, National Association, shall be deemed to refer to HSBC Bank USA, National Association). The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term "Issuing Bank" shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.

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"<u>LC Collateral Account</u>" has the meaning assigned to such term in Section 2.06(j).

"<u>LC Disbursement</u>" means a payment made by the Issuing Bank pursuant to a Letter of Credit.

"<u>LC Exposure</u>" means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time, <u>plus</u> (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the LC Exposure at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms in the governing rules or laws or of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be "outstanding" and "undrawn" in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain in full force and effect until the Issuing Bank and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit.

"<u>Lender Parent</u>" means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

"<u>Lender-Related Person</u>" has the meaning assigned to such term in Section 9.03(b).

"<u>Lenders</u>" means the Persons listed on <u>Schedule 2.01</u> and any other Person that shall have become a Lender hereunder pursuant to Section 2.20 or pursuant to an Assignment and Assumption or otherwise, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise. Unless the context otherwise requires, the term "Lenders" includes the Swingline Lender and the Issuing Bank.

"<u>Letter of Credit</u>" means any letter of credit issued pursuant to this Agreement.

"<u>Letter of Credit Agreement</u>" has the meaning assigned to such term in Section 2.06(b).

"<u>Leverage Ratio</u>" means the ratio, determined as of the last day of the then most recently ended fiscal quarter for which financial statements have been delivered pursuant to <u>Section</u> <u>5.01(a)</u> or <u>5.01(b)</u> (or, prior to the delivery of any such financial statements, the last day of the last fiscal quarter included in the financial statements referred to in <u>Section</u> <u>3.04(a)</u>), of (a) Consolidated Total Net Indebtedness, to (b) CFADS of the Borrower for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its Subsidiaries on a consolidated basis.

"<u>Liabilities</u>" means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

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"<u>Lien</u>" means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

"<u>Loan Documents</u>" means this Agreement (including schedules and exhibits hereto), any promissory notes issued pursuant to Section 2.10(e), any Letter of Credit applications, any Letter of Credit Agreement, the Collateral Documents, the Subsidiary Guaranty and any other agreements, contracts or other documents relating to Specified Ancillary Obligations. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.

"<u>Loan Parties</u>" means, collectively, the Borrower and the Subsidiary Guarantors.

"<u>Loans</u>" means the loans made by the Lenders to the Borrower pursuant to this Agreement.

"<u>Margin Stock</u>" means margin stock within the meaning of Regulations T, U and X, as applicable.

"<u>Material Adverse Effect</u>" means a material adverse effect on (a) the business, assets, operations or condition (financial or otherwise) of the Borrower and the Subsidiaries taken as a whole, (b) the ability of the Borrower to perform any of its material obligations under this Agreement or any other Loan Document or (c) the validity or enforceability of this Agreement or any and all other Loan Documents or the material rights or remedies of the Administrative Agent and the Lenders thereunder.

"<u>Material Domestic Subsidiary</u>" means each Domestic Subsidiary (i) which, as of the most recent fiscal quarter of the Borrower, for the period of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to Section 5.01(a) or (b) (or, if prior to the date of the delivery of the first financial statements to be delivered pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a)), contributed greater than ten percent (10.0%) of Consolidated EBITDA for such period or (ii) which contributed greater than ten percent (10%) of Consolidated Total Assets as of the end of any such fiscal quarter; <u>provided</u> <u>that</u>, if at any time the aggregate amount of Consolidated EBITDA attributable to all Domestic Subsidiaries that are not Material Domestic Subsidiaries or otherwise owned by Material Domestic Subsidiaries exceeds twenty percent (20%) of Consolidated EBITDA for any such period, the Borrower (or, in the event the Borrower has failed to do so within ten (10) days, the Administrative Agent) shall designate sufficient Domestic Subsidiaries as "Material Domestic Subsidiaries" to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Domestic Subsidiaries. At any time, the Borrower may designate any Domestic Subsidiary as a Material Domestic Subsidiary.

"<u>Material Indebtedness</u>" means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower, MN8 Energy OpCo LLC, MN8 Energy, LLC or any other Material Domestic Subsidiary in an aggregate principal amount exceeding $200,000,000. For purposes of determining Material Indebtedness, the "principal amount" of the obligations of the Borrower, MN8 Energy OpCo LLC, MN8 Energy, LLC or any other Material Domestic Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

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"<u>Material Project</u>" means the construction or expansion of any capital project of the Borrower or any of its Subsidiaries.

"<u>Material Project CFADS Adjustments</u>" shall mean, with respect to each Material Project, beginning with the first full fiscal quarter following the Commercial Operation Date of such Material Project and for the two immediately succeeding fiscal quarters, an amount reasonably determined by the Borrower as the projected CFADS attributable to such Material Project for the balance of the four full fiscal quarter period following such Commercial Operation Date, which may, at the Borrower's option, be added to actual CFADS for such fiscal quarters. Notwithstanding the foregoing, the aggregate amount of all Material Project CFADS Adjustments during any period shall be limited to 15% of the total actual CFADS for such period (which total actual CFADS shall be determined without including any Material Project CFADS Adjustments).

"<u>Maturity Date</u>" means January [__], 2027; <u>provided</u>, <u>however</u>, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

"<u>Maximum Rate</u>" has the meaning assigned to such term in Section 9.16.

"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Multiemployer Plan</u>" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"<u>Non-Consenting Lender</u>" has the meaning assigned to such term in Section 9.02(e).

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB Rate</u>" means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); <u>provided</u> that if none of such rates are published for any day that is a Business Day, the term "NYFRB Rate" means the rate for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; <u>provided</u>, <u>further</u>, that if any of the aforesaid rates as so determined would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

"<u>NYFRB's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>O&M Contract</u>" means, with respect to any Project, the primary contract or agreement regarding the operation and maintenance of such Project, entered into between the applicable Project Company and an O&M Contractor.

"<u>O&M Contractor</u>" means, with respect to any Project, the contractor or operator selected by Borrower with respect to the operation and maintenance for such Project.

"<u>Obligations</u>" means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the Borrower and its Subsidiaries to any of the Lenders,

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the Administrative Agent, the Issuing Bank or any indemnified party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, in each case, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof.

"<u>OFAC</u>" means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19 or Section 9.02(e)).

"<u>Overnight Bank Funding Rate</u>" means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

"<u>Participant</u>" has the meaning assigned to such term in Section 9.04(c).

"<u>Participant Register</u>" has the meaning assigned to such term in Section 9.04(c).

"<u>Participation Fee</u>" has the meaning assigned to such term in Section 2.12(b).

"<u>Patriot Act</u>" means the USA PATRIOT Act of 2001.

"<u>Payment</u>" has the meaning assigned to such term in Section 8.06(c).

"<u>Payment Notice</u>" has the meaning assigned to such term in Section 8.06(c).

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"<u>Permit</u>" means any permit, license, authorization, plan, directive, consent order, approval, registration, exemption or consent decree of or from any Governmental Authority.

"<u>Permitted Equity Commitments</u>" means obligations of the Borrower or any of its Subsidiaries to make any payment in respect of any Equity Interest in any Subsidiary (and any guarantee by the Borrower or any of its Subsidiaries of such obligations) as long as each such payment in respect of such Equity Interest constitutes an Investment permitted hereunder.

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"<u>Permitted Investment</u>" means any Investment by the Borrower or any Subsidiary, so long as, after giving effect to such Investment on a pro forma basis, the Borrower is in compliance with the applicable financial covenants set forth in Section 6.12 for the then most recently ended fiscal quarter for which Financials were required to be delivered and the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower to such effect, together with all relevant financial information, statements and projections requested by the Administrative Agent.

"<u>Permitted Liens</u>" has the meaning assigned to that term in Section 6.02.

"<u>Permitted Project Undertakings</u>" means guaranties by, or obligations of, the Borrower or any of its Subsidiaries in respect of Project Obligations.

"<u>Permitted Refinancing Debt</u>" means any Indebtedness of the Borrower or any of the Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of the Borrower or any of the Subsidiaries (other than intercompany Indebtedness) that was permitted to be incurred under <u>Section</u> <u>6.01(r)</u> (such renewed, refunded, refinanced, replaced, defeased or discharged Indebtedness, the "<u>Original Indebtedness</u>"); <u>provided</u> that: (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Debt does not exceed the principal amount (or accreted value, if applicable) of the Original Indebtedness, *plus* any Additional Refinancing Amount; (b) the stated final maturity of such Permitted Refinancing Debt shall not be earlier than that of such Original Indebtedness; (c) such Permitted Refinancing Debt shall not be required to be repaid, prepaid, redeemed, repurchased or defeased, whether on one (1) or more fixed dates, upon the occurrence of one (1) or more events or at the option of any holder thereof (except, in each case, upon the occurrence of an event of default or a change in control or as and to the extent such repayment, prepayment, redemption, repurchase or defeasance would have been required pursuant to the terms of such Original Indebtedness) prior to the maturity of such Original Indebtedness; <u>provided</u> that, notwithstanding the foregoing, scheduled amortization payments (however denominated) of such Permitted Refinancing Debt shall be permitted so long as the weighted average life to maturity of such Permitted Refinancing Debt shall be longer than the weighted average life to maturity of such Original Indebtedness remaining as of the date of such extension, renewal or refinancing; (d) if the Original Indebtedness is subordinated in right of payment to the Obligations, such Permitted Refinancing Debt is subordinated in right of payment to, the Obligations, on terms at least as favorable to the Lenders as those contained in the documentation governing the Original Indebtedness; (e) such Permitted Refinancing Debt shall not constitute an obligation (including pursuant to a guarantee) of the Borrower or any of its Subsidiaries, in each case that shall not have been (or, in the case of after-acquired Subsidiaries, shall not have been required to become pursuant to the terms of the Original Indebtedness) an obligor in respect of such Original Indebtedness, and shall constitute an obligation of the Borrower or such Subsidiary only to the extent of their obligations in respect of such Original Indebtedness; <u>provided</u> that if more than one item of Original Indebtedness is being renewed, refunded, replaced, defeased or discharged, any obligor (or Person that would have been required to become an obligor) of any such Original Indebtedness may be an obligor of the applicable Permitted Refinancing Debt; and (f) such Permitted Refinancing Debt shall not be secured by any Lien on any asset other than the assets that secured such Original Indebtedness (or would have been required to secure such Original Indebtedness pursuant to the terms thereof) or, in the event Liens securing such Original Indebtedness shall have been contractually subordinated to any Lien securing the Obligations, by any Lien that shall not have been contractually subordinated to at least the same extent; <u>provided</u> that if more than one item of Original Indebtedness is being renewed, refunded, replaced, defeased or discharged, any asset securing (or that would have been required to secure) any such Original Indebtedness may secure the applicable Permitted Refinancing Debt.

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"<u>Permitted Tax Equity Arrangement</u>" means, with respect to any Project, a tax equity arrangement through a "partnership flip," "sale leaseback," "inverted lease" or other structure or government program in respect of one or more Projects.

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"<u>Plan</u>" means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

"<u>Plan Asset Regulations</u>" means 29 CFR § 2510.3-101 *et seq.*, as modified by Section 3(42) of ERISA, as amended from time to time.

"<u>Pledge Subsidiary</u>" means (i) each Domestic Subsidiary and (ii) each First Tier Foreign Subsidiary.

"<u>Power Purchase Agreement</u>" means, with respect to any Project, (i) any power purchase, hedge or other revenue arrangement with a Power Purchaser entered into by, or on behalf of, the applicable Project Company with respect to such Project for the sale of, or financial hedge with respect to, electrical energy and any ancillary services or attributes related thereto, including, if applicable as part of such power purchase, hedge or similar agreement and (ii) any REC Agreement.

"<u>Power Purchaser</u>" means, with respect to any Project, the purchaser (or, in the case of a financial hedge arrangement or other revenue arrangement, the rate payer or other offtaker) under a Power Purchase Agreement with respect to such Project.

"<u>Prime Rate</u>" means the rate of interest last quoted by The Wall Street Journal as the "Prime Rate" in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"<u>Proceeding</u>" means any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory action or proceeding in any jurisdiction.

"<u>Project</u>" means a solar, wind, biomass, hydroelectric, geothermal, renewable energy, battery storage, energy storage, hydrogen, fuel cell, electric vehicle charging, energy efficiency systems, electric transmission and distribution or water installation project (or a hybrid energy generating installation that utilizes a combination of any of the foregoing), in each case whether commercial or residential in nature.

"<u>Project Company</u>" with respect to any Project, the direct or indirect Subsidiary of the Borrower that directly develops, constructs, owns and operates, as applicable, such Project, in each case whether owned as of the Effective Date or thereafter formed or acquired.

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"<u>Project Documents</u>" means, with respect to a Project, any contract to which the applicable Project Company for such Project is a party (or its direct or indirect parent companies that are or will be Subsidiaries of the Borrower are a party, and in the case of credit support, any other Affiliate of such Project Company), with respect to the development, construction, and operation and maintenance of, and sales of and transmission of electricity or other assets from, such Project, including all leases, easements, site control and other real property documents, the Power Purchase Agreement, Interconnection Agreements, EPC Contracts, and O&M Contracts, and any related guarantees or other credit support in connection with any of the foregoing, along with all amendments and supplements thereto.

"<u>Project Obligations</u>" means, as to the Borrower or any of its Subsidiaries, any contractual obligation of such Person under any Project Document or any Tax Equity Document.

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>PUHCA</u>" means the Public Utility Holding Company Act of 2005 and the implementing regulations of FERC at 18 C.F.R Part 366.

"<u>PURPA</u>" means the Public Utility Regulatory Policies Act of 1978 and the implementing regulations of FERC.

"<u>Qualifying Facility</u>" or "<u>QF</u>" means a qualifying facility under Section 210 of PURPA, and FERC's implementing regulations thereof at 18 C.F.R Part 292.

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>QFC Credit Support</u>" has the meaning assigned to it in Section 9.19.

"<u>Recipient</u>" means (a) the Administrative Agent, (b) any Lender and (c) the Issuing Bank, as applicable.

"<u>REC Agreement</u>" means with respect to any Project, any agreement between a Project Company and a REC Counterparty relating to the purchase, sale, swap, hedge, or similar arrangement relating to the RECs of such Project.

"<u>REC Counterparty</u>" means, with respect to any Project, the purchaser or offtaker under a REC Agreement with respect to such Project.

"<u>Reference Time</u>" with respect to any setting of the then-current Benchmark means (i) if such Benchmark is the Term SOFR Rate, 5:00 a.m., Chicago time, on the day that is two (2) U.S. Government Securities Business Days preceding the date of such setting, (ii) if the RFR for such Benchmark is Daily Simple SOFR, then four (4) RFR Business Days prior to such setting or (iii) if such Benchmark is none of the Term SOFR Rate or Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion.

"<u>Register</u>" has the meaning assigned to such term in Section 9.04(b).

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"<u>Regulation T</u>" means Regulation T of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"<u>Regulation U</u>" means Regulation U of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"<u>Regulation X</u>" means Regulation X of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"<u>Related Parties</u>" means, with respect to any specified Person, such Person's Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person's Affiliates.

"<u>Relevant Governmental Body</u>" means, the Federal Reserve Board and/or the NYFRB or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"<u>Relevant Project Company</u>" means, each Project Company solely to the extent proceeds of any Loans are invested in (including by making payments on behalf of) such Project Company, and solely for so long as the amount so invested has not been distributed or otherwise repaid by such Project Company.

"<u>Relevant Rate</u>" means (i) with respect to any Term Benchmark Borrowing, the Adjusted Term SOFR Rate or (ii) with respect to any RFR Borrowing, the Adjusted Daily Simple SOFR, as applicable.

"<u>Required Lenders</u>" means, subject to Section 2.21, (a) at any time prior to the earlier of the Loans becoming due and payable pursuant to Section 7.02 or the Commitments terminating or expiring, Lenders having Revolving Credit Exposures and Unfunded Commitments representing more than 50% of the sum of the Total Revolving Credit Exposure and Unfunded Commitments at such time, <u>provided</u> that, solely for purposes of declaring the Loans to be due and payable pursuant to Section 7.02, the Unfunded Commitment of each Lender shall be deemed to be zero; and (b) for all purposes after the Loans become due and payable pursuant to Section 7.02 or the Commitments expire or terminate, Lenders having Revolving Credit Exposures representing more than 50% of the Total Revolving Credit Exposure at such time; <u>provided</u> that, in the case of clauses (a) and (b) above, (x) the Revolving Credit Exposure of any Lender that is the Swingline Lender shall be deemed to exclude any amount of its Swingline Exposure in excess of its Applicable Percentage of all outstanding Swingline Loans, adjusted to give effect to any reallocation under Section 2.21 of the Swingline Exposures of Defaulting Lenders in effect at such time, and the Unfunded Commitment of such Lender shall be determined on the basis of its Revolving Credit Exposure excluding such excess amount and (y) for the purpose of determining the Required Lenders needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Lender that is the Borrower or an Affiliate of the Borrower shall be disregarded.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" means, as to any Person, the president, the chief executive officer, any vice president, the treasurer, the secretary, any assistant secretary, any managing general partner, any managing member of such Person or of any managing general partner or any managing member of such Person, or any authorized representative of such Person.

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"<u>Restricted Payment</u>" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Borrower or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Borrower or any Subsidiary.

"<u>Reuters</u>" means, as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto.

"<u>Revolving Credit Exposure</u>" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Revolving Loans, its LC Exposure and its Swingline Exposure at such time.

"<u>Revolving Loan</u>" means a Loan made pursuant to Section 2.01.

"<u>RFR</u>" when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted Daily Simple SOFR.

"<u>RFR Borrowing</u>" means, as to any Borrowing, the RFR Loans comprising such Borrowing.

"<u>RFR Loan</u>" means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

"<u>S&P</u>" means Standard & Poor's Rating Services, a Standard & Poor's Financial Services LLC business.

"<u>Sale and Leaseback Transaction</u>" means any sale or other transfer of any property or asset by any Person with the intent to lease such property or asset as lessee; <u>provided</u>, that Sale and Leaseback Transactions entered into in connection with Permitted Tax Equity Arrangements shall not constitute Sale and Leaseback Transactions hereunder.

"<u>Sanctioned Country</u>" means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, the Crimea Region of Ukraine, Cuba, Iran, North Korea and Syria).

"<u>Sanctioned Person</u>" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state, His Majesty's Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.

"<u>Sanctions</u>" means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union, any European Union member state, His Majesty's Treasury of the United Kingdom or other relevant sanctions authority.

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"<u>SEC</u>" means the Securities and Exchange Commission of the United States of America or any Governmental Authority succeeding to any of its principal functions.

"<u>Secured Obligations</u>" means all Obligations, together with all Swap Obligations and Banking Services Obligations owing to one or more Lenders or their respective Affiliates; <u>provided</u> that the definition of "Secured Obligations" shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan Party to support, as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any Loan Party.

"<u>Secured Parties</u>" means the holders of the Secured Obligations from time to time and shall include (i) each Lender and the Issuing Bank in respect of its Loans and LC Exposure respectively, (ii) the Administrative Agent, the Issuing Bank and the Lenders in respect of all other present and future obligations and liabilities of the Borrower and each Subsidiary of every type and description arising under or in connection with this Agreement or any other Loan Document, (iii) each Lender and Affiliate of such Lender in respect of Swap Agreements and Banking Services Agreements entered into with such Person by the Borrower or any Designated Subsidiary, (iv) each indemnified party under Section 9.03 in respect of the obligations and liabilities of the Borrower to such Person hereunder and under the other Loan Documents, and (v) their respective successors and (in the case of a Lender, permitted) transferees and assigns.

"<u>Securities Act</u>" means the United States Securities Act of 1933.

"<u>Security Agreement</u>" means that certain Pledge and Security Agreement (including any and all supplements thereto), dated as of the Effective Date, between the Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security agreement entered into after the date of this Agreement by any other Loan Party (as required by this Agreement or any other Loan Document), or any other Person, as the same may be amended, restated, supplemented or otherwise modified from time to time.

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the NYFRB's Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Rate Day</u>" has the meaning specified in the definition of "Daily Simple SOFR".

"<u>Solvent</u>" and "<u>Solvency</u>" mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person's property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

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"<u>Specified Ancillary Obligations</u>" means all obligations and liabilities (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) of the Borrower or any Designated Subsidiary, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, to the Lenders or any of their Affiliates under any Swap Agreement or any Banking Services Agreement; <u>provided</u> that the definition of "Specified Ancillary Obligations" shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan Party to support, as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any Loan Party.

"<u>Specified Equity Contribution</u>" has the meaning assigned to such term in Section 7.04.

"<u>Specified Swap Obligation</u>" means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.

"<u>Subordinated Indebtedness</u>" means any Indebtedness of the Borrower or any Subsidiary the payment of which is contractually subordinated to payment of the obligations under the Loan Documents.

"<u>Subordinated Indebtedness Documents</u>" means any document, agreement or instrument evidencing any Subordinated Indebtedness or entered into in connection with any Subordinated Indebtedness.

"<u>Subscription Facility</u>" means the credit facility evidenced by that certain Revolving Credit Agreement dated as of February 22, 2018 (as amended, restated, supplemented or otherwise modified from time to time), by and among Goldman Sachs Renewable Power Operating Company LLC, Goldman Sachs Renewable Power LLC and HSBC Bank USA, National Association.

"<u>subsidiary</u>" means, with respect to any Person (the "<u>parent</u>") at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held.

"<u>Subsidiary</u>" means any subsidiary of the Borrower.

"<u>Subsidiary Guarantor</u>" means each Material Domestic Subsidiary that is a party to the Subsidiary Guaranty. The Subsidiary Guarantors on the Effective Date are identified as such in <u>Schedule</u> <u>3.01</u> hereto.

"<u>Subsidiary Guaranty</u>" means that certain Guaranty dated as of the Effective Date (including any and all supplements thereto) and executed by each Subsidiary Guarantor, as amended, restated, supplemented or otherwise modified from time to time.

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"<u>Supported QFC</u>" has the meaning assigned to it in Section 9.19.

"<u>Swap Agreement</u>" means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; <u>provided</u> that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Designated Subsidiaries shall be a Swap Agreement.

"<u>Swap Obligations</u>" means any and all obligations of the Borrower or any Designated Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction.

"<u>Swingline Exposure</u>" means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be the sum of (a) its Applicable Percentage of the aggregate principal amount of all Swingline Loans outstanding at such time (excluding, in the case of any Lender that is a Swingline Lender, Swingline Loans made by it that are outstanding at such time to the extent that the other Lenders shall not have funded their participations in such Swingline Loans), adjusted to give effect to any reallocation under Section 2.21 of the Swingline Exposure of Defaulting Lenders in effect at such time, and (b) in the case of any Lender that is a Swingline Lender, the aggregate principal amount of all Swingline Loans made by such Lender outstanding at such time, less the amount of participations funded by the other Lenders in such Swingline Loans.

"<u>Swingline Lender</u>" means JPMorgan Chase Bank, N.A. (or any of its designated branch offices or affiliates), in its capacity as the lender of Swingline Loans hereunder.

"<u>Swingline Loan</u>" means a Loan made pursuant to Section 2.05.

"<u>Swingline Sublimit</u>" means $25,000,000.

"<u>Tax Equity Documents</u>" means, with respect to a Project, any contract to which the applicable Project Company or any other Subsidiary of the Borrower that directly or indirectly owns such Project is a party (and in the case of credit support, to which any other Affiliate of such Project Company is a party) entered into with or for the benefit of any Tax Equity Investor, including any equity capital contribution agreement, membership interest purchase agreement, limited liability company agreement, any lease, rental schedule or other agreement required in connection with a "sale leaseback" or "inverted lease" transaction, and any related guarantees or other credit support in connection with any of the foregoing, along with all amendments and supplements thereto.

"<u>Tax Equity Investor</u>" means, with respect to any Project, any Person (including, in the case of an investor, its parent company guaranteeing such investor's applicable obligations under the relevant Tax Equity Documents) that is the provider of capital contributions pursuant to a tax equity arrangement through a "partnership flip," "sale leaseback," "inverted lease" or other structure.

"<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), value added taxes, or any other goods and services, use or sales taxes, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

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"<u>Term Benchmark</u>", when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted Term SOFR Rate.

"<u>Term SOFR Determination Day</u>" has the meaning assigned to it under the definition of Term SOFR Reference Rate.

"<u>Term SOFR Rate</u>" means, with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.

"<u>Term SOFR Reference Rate</u>" means, for any day and time (such day, the "<u>Term SOFR Determination Day</u>"), with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 p.m. (New York City time) on such Term SOFR Determination Day, the "Term SOFR Reference Rate" for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then, so long as such day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day.

"<u>Total Revolving Credit Exposure</u>" means, at any time, the sum of (a) the outstanding principal amount of the Revolving Loans and Swingline Loans at such time and (b) the total LC Exposure at such time.

"<u>Trade Date</u>" has the meaning assigned to such term in Section 9.04(e)(i).

"<u>Transactions</u>" means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.

"<u>Type</u>", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted Term SOFR Rate, the Alternate Base Rate or the Adjusted Daily Simple SOFR.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of which are required to be applied in connection with the issue of perfection of security interests.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

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"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" ****means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Unencumbered Cash</u>" means, at any time, cash and Cash Equivalents maintained by the Borrower and one or more Subsidiary Guarantors and not subject to any Liens (other than Liens permitted pursuant to <u>Section</u> <u>6.02(a)</u>, <u>(c)</u>, <u>(d)</u> or <u>(e)</u>).

"<u>Unfunded Commitment</u>" means, with respect to each Lender, the Commitment of such Lender less its Revolving Credit Exposure.

"<u>United States</u>" or "<u>U.S.</u>" mean the United States of America.

"<u>Unliquidated Obligations</u>" means, at any time, any Secured Obligations (or portion thereof) that are contingent in nature or unliquidated at such time, including any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any other obligation (including any guarantee) that is contingent in nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations.

"<u>U.S. Government Securities Business Day</u>" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S.</u> <u>Person</u>" means a "United States person" within the meaning of Section 7701(a)(30) of the Code.

"<u>U.S. Special Resolution Regime</u>" has the meaning assigned to it in Section 9.19.

"<u>U.S.</u> <u>Tax Compliance Certificate</u>" has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

"<u>Wholly-Owned Subsidiary</u>" means a Subsidiary with respect to which 100% of the issued and outstanding Equity Interests are owned directly or indirectly by the Borrower (other than (i) directors' qualifying shares; (ii) shares issued to foreign nationals to the extent required by applicable law; and (iii) shares held by a Person on trust for, or otherwise where the beneficial interest is held by, the Borrower (directly or indirectly)).

"<u>Withdrawal Liability</u>" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

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"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

SECTION 1.02. <u>Classification of Loans and Borrowings</u>. For purposes of this Agreement, Loans may be classified and referred to by Class (<u>e.g.,</u> a "<u>Revolving Loan</u>") or by Type (<u>e.g.,</u> a "<u>Term Benchmark Loan</u>" or an "<u>RFR Loan</u>") or by Class and Type (<u>e.g.,</u> a "<u>Term Benchmark Revolving Loan</u>" or an "<u>RFR Revolving Loan</u>"). Borrowings also may be classified and referred to by Class (<u>e.g.,</u> a "<u>Revolving Borrowing</u>") or by Type (<u>e.g.,</u> a "<u>Term Benchmark Borrowing</u>" or an "<u>RFR Borrowing</u>") or by Class and Type (<u>e.g.,</u> a "<u>Term Benchmark Revolving Borrowing</u>" or an "<u>RFR Revolving Borrowing</u>").

SECTION 1.03. <u>Terms Generally</u>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall". The word "law" shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any law, statute, rule or regulation shall, unless otherwise specified, be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person's successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

SECTION 1.04. <u>Accounting Terms; GAAP</u><u>; Pro Forma Calculations</u>. (a) Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; <u>provided</u> that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Financial Accounting Standards Board Accounting Standards

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Codification 825 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at "fair value", as defined therein and (ii) any treatment of Indebtedness under Accounting Standards Codification 470-20 or 2015-03 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. Notwithstanding anything to the contrary contained in this Section 1.04(a) or in the definition of "Capital Lease Obligations," any change in accounting for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-02, Leases (Topic 842), to the extent such adoption would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) would not have been required to be so treated under GAAP as in effect on December 31, 2015, such lease shall not be considered a capital lease, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of (i) determining compliance with any of the covenants in Section 6.12(a) and (ii) any pro forma computations required to be made hereunder, such determination or computation, as applicable, shall be calculated giving effect to any acquisition or disposition, or repayment, prepayment, issuance, incurrence or assumption of Indebtedness, or, at the election of the Borrower, Material Project CFADS Adjustments, in each case giving pro forma effect thereto (and to any other such transaction consummated since the first day of the period covered by any component of such pro forma computation and on or prior to the date of such computation) (including giving effect to any cost synergies or cost savings in accordance with Regulation S-X under the Securities Act), in each case as reasonably determined and certified by the Borrower, as if such transaction had occurred on the first day of the period of four consecutive fiscal quarters ending with the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial statements, ending with the last fiscal quarter included in the financial statements referred to in Section 3.04(a)). If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Swap Agreement applicable to such Indebtedness).

SECTION 1.05. <u>Interest Rates; Benchmark Notification</u>. The interest rate on a Loan denominated in Dollars may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.14(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any <u>Lender</u> or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

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SECTION 1.06. <u>Status of Obligations</u>. In the event that the Borrower or any other Loan Party shall at any time issue or have outstanding any Subordinated Indebtedness, the Borrower shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the Secured Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. Without limiting the foregoing, the Secured Obligations are hereby designated as "senior indebtedness" and as "designated senior indebtedness" and words of similar import under and in respect of any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.

SECTION 1.07. <u>Letter of Credit Amounts</u>. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit available to be drawn at such time; provided that, with respect to any Letter of Credit that, by its terms, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.

SECTION 1.08. <u>Divisions</u>. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.

ARTICLE II

<u>The Credits</u> 

SECTION 2.01. <u>Commitments</u>. Subject to the terms and conditions set forth herein, each Lender (severally and not jointly) agrees to make Revolving Loans to the Borrower in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result (after giving effect to any application of proceeds of such Borrowing to any Swingline Loans outstanding pursuant to Section 2.10(a)) in (a) such Lender's Revolving Credit Exposure exceeding such Lender's Commitment or (b) the Total Revolving Credit Exposure exceeding the Aggregate Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.

SECTION 2.02. <u>Loans and Borrowings</u>. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; <u>provided</u> that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender's failure to make Loans as required. Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Term Benchmark Loans as the Borrower may request in accordance herewith. Each Swingline Loan shall be an ABR Loan. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); <u>provided</u> that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement and such Lender shall not be entitled to any amounts payable under Section 2.15 or 2.17 solely in respect of increased costs resulting from such exercise and existing at the time of such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the commencement of each Interest Period for any Term Benchmark Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000; <u>provided</u> that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitment or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $500,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of ten (10) Term Benchmark Borrowings outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

SECTION 2.03. <u>Requests for Borrowings</u>. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by irrevocable written notice (via a written Borrowing Request signed by a Responsible Officer of the Borrower) (a) in the case of a Term Benchmark Borrowing, not later than 11:00 a.m., New York City time, three (3) U.S. Government Securities Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before the date of the proposed Borrowing; <u>provided</u> that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such Borrowing Request shall specify the following information in compliance with Section 2.02:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate principal amount of the requested Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date of such Borrowing, which shall be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) whether such Borrowing is to be an ABR Borrowing or a Term Benchmark Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a Term Benchmark Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term "Interest Period"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the location and number of the Borrower's account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.

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If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Term Benchmark Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender's Loan to be made as part of the requested Borrowing.

SECTION 2.04. <u>Intentionally Omitted</u>.

SECTION 2.05. <u>Swingline Loans</u>. (a) Subject to the terms and conditions set forth herein, the Swingline Lender may agree, but shall have no obligation, to make Swingline Loans in Dollars to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding the Swingline Sublimit, (ii) the Swingline Lender's Revolving Credit Exposure exceeding its Commitment or (iii) the Total Revolving Credit Exposure exceeding the Aggregate Commitment; <u>provided</u> that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by irrevocable written notice (via a written Borrowing Request in a form approved by the Administrative Agent and signed by a Responsible Officer of the Borrower), not later than 12:00 noon, New York City time, on the day of a proposed Swingline Loan. Each such notice shall be in a form approved by the Administrative Agent, shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to an account of the Borrower with the Administrative Agent designated for such purpose (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Swingline Lender may by written notice given to the Administrative Agent require the Lenders to acquire participations in all or a portion of the Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender's Applicable Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by 12:00 noon, New York City time, on a Business Day, no later than 5:00 p.m., New York City time, on such Business Day and if received after 12:00 noon, New York City time, on a Business Day, no later than 10:00 a.m., New York City time, on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender's Applicable Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, <u>mutatis</u> <u>mutandis</u>, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph,

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and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; <u>provided</u> that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Swingline Lender may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Swingline Lender and the successor Swingline Lender. The Administrative Agent shall notify the Lenders of any such replacement of the Swingline Lender. At the time any such replacement shall become effective, the Borrower shall pay all unpaid interest accrued for the account of the replaced Swingline Lender pursuant to Section 2.13(a). From and after the effective date of any such replacement, (i) the successor Swingline Lender shall have all the rights and obligations of the replaced Swingline Lender under this Agreement with respect to Swingline Loans made thereafter and (ii) references herein to the term "Swingline Lender" shall be deemed to refer to such successor or to any previous Swingline Lender, or to such successor and all previous Swingline Lenders, as the context shall require. After the replacement of a Swingline Lender hereunder, the replaced Swingline Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Swingline Lender under this Agreement with respect to Swingline Loans made by it prior to its replacement, but shall not be required to make additional Swingline Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the appointment and acceptance of a successor Swingline Lender, the Swingline Lender may resign as a Swingline Lender at any time upon thirty (30) days' prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such Swingline Lender shall be replaced in accordance with Section 2.05(d) above.

SECTION 2.06. <u>Letters of Credit</u>. (a) <u>General</u>. Subject to the terms and conditions set forth herein, the Borrower may request the Issuing Bank to issue Letters of Credit denominated in Dollars as the applicant thereof for the support of its or its Subsidiaries' obligations, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period. Notwithstanding the foregoing, the letters of credit identified on <u>Schedule 2.06</u> (the "<u>Existing Letters of Credit</u>") shall be deemed to be "Letters of Credit" issued on the Effective Date for all purposes of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Issuance, Amendment, Extension; Certain Conditions</u>. To request the issuance of a Letter of Credit (or the amendment or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment or extension, but in any event no less than three (3) Business Days) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended or extended, and specifying the date of issuance, amendment or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend or extend such Letter of Credit. In addition, as a condition to any such Letter of Credit issuance, the Borrower shall have entered into a continuing agreement (or other letter of credit agreement) for the issuance of letters of credit and/or shall submit a letter of credit application, in each case, as required by the Issuing Bank and using the Issuing

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Bank's standard form (each, a "<u>Letter of Credit Agreement</u>"). In the event of any conflict between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Agreement, the terms and conditions of this Agreement shall control. A Letter of Credit shall be issued, amended or extended only if (and upon issuance, amendment or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension (i) the amount of the LC Exposure shall not exceed $100,000,000, (ii) the Total Revolving Credit Exposure shall not exceed the Aggregate Commitment and (iii) each Lender's Revolving Credit Exposure shall not exceed such Lender's Commitment.

The Issuing Bank shall not be under any obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or request that the Issuing Bank refrain from issuing such Letter of Credit, or any law applicable to the Issuing Bank shall prohibit, the issuance of letters of credit generally or such Letter of Credit in particular or any such order, judgment or decree, or law shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital or liquidity requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense that was not applicable on the Effective Date and that the Issuing Bank in good faith deems material to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable to letters of credit generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Expiration Date</u>. Each Letter of Credit shall expire (or be subject to termination by notice from the Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any extension of the expiration date thereof, one year after such extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date; <u>provided</u> that any Letter of Credit with a one-year tenor may contain customary automatic extension provisions agreed upon by the Borrower and the Issuing Bank that provide for the extension thereof for additional one-year periods (which shall in no event extend beyond the date referenced in clause (ii) above), subject to a right on the part of the Issuing Bank to prevent any such extension from occurring by giving notice to the beneficiary in advance of any such extension. Notwithstanding the foregoing, any Letter of Credit may expire no later than one year after the Maturity Date so long as the Borrower cash collateralizes on or prior to the Maturity Date in an amount equal to 103% of the face amount of such Letter of Credit, in the manner described in Section 2.06(j) and otherwise on terms and conditions (and, in the case of a backstop, by a letter of credit issuer) reasonably acceptable to the Issuing Bank and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Participations</u>. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount or extending the term thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender's Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender's Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason, including after the Maturity Date. Each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender acknowledges and agrees that its

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obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reimbursement</u>. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the Business Day immediately following the Business Day on which the Borrower shall have received notice of such LC Disbursement; <u>provided</u> that, anything contained herein to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and the Issuing Bank prior to 10:00 a.m. (New York City time) on the date such drawing is honored that Borrwer intends to reimburse such Issuing Bank for the LC Disbursement with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Borrowing Request to the Administrative Agent requesting Lenders with Commitments to make Revolving Loans on the date such LC Disbursement is made in the amount of such LC Disbursement, (ii) Lenders shall make such Revolving Loans, and (iii) the Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Obligations Absolute</u>. The Borrower's obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein or herein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) any payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower's obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their respective Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, document, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising from causes beyond the control of the Issuing Bank; <u>provided</u> that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Disbursement Procedures</u>. The Issuing Bank shall, within the time allowed by applicable law or the specific terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly after such examination notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy or electronic mail) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; <u>provided</u> that such notice need not be given prior to payment by the Issuing Bank and any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Interim Interest</u>. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full within one (1) Business Day of the date on which such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the reimbursement is due and payable, at the rate per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement is payable; <u>provided</u> that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank for such LC Disbursement shall be for the account of such Lender to the extent of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Replacement and Resignation of Issuing Bank</u>. (A) The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued by it thereafter and (ii) references herein to the term "Issuing Bank" shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit or extend or otherwise amend any existing Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Subject to the appointment and acceptance of a successor Issuing Bank, the Issuing Bank may resign as the Issuing Bank at any time upon thirty days' prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, the resigning Issuing Bank shall be replaced in accordance with Section 2.06(i)(A) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Cash Collateralization</u>. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account or accounts with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders (the "<u>LC Collateral Account</u>"), an amount in cash

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equal to 103% of the amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; <u>provided</u> that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in Section 7.01(h) or 7.01(i). The Borrower also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.11. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Secured Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and the Borrower hereby grants the Administrative Agent a security interest in the LC Collateral Account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower's risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed, together with related fees, costs and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other Secured Obligations. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Letters of Credit Issued for Account of Subsidiaries</u>. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the "account party," "applicant," "customer," "instructing party," or the like of or for such Letter of Credit, and without derogating from any rights of the Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the Issuing Bank hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued solely for the account of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such Letter of Credit. The Borrower hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and that the Borrower's business derives substantial benefits from the businesses of such Subsidiaries. If the Borrower is required to provide an amount of cash collateral hereunder pursuant to Section 2.11(a), such amount (to the extent not applied as aforesaid) shall be returned to the Borrower as and to the extent that, immediately after giving effect to such return, the Total Revolving Credit Exposure would not exceed the Aggregate Commitment, and no Event of Default shall have occurred and be continuing.

SECTION 2.07. <u>Funding of Borrowings</u>. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof solely by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; <u>provided</u> that Swingline Loans shall be made as provided in Section 2.05. Except in respect of the provisions of this Agreement covering the reimbursement of Letters of Credit, the Administrative Agent will make such Loans available to the Borrower by promptly crediting the funds so received in the aforesaid account of the Administrative Agent to an account of the Borrower maintained with the Administrative Agent in New York City or Chicago and designated by the Borrower in the applicable Borrowing Request; <u>provided</u> that Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

SECTION 2.08. <u>Interest Elections</u>. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Term Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Term Benchmark Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election (by irrevocable written notice via an Interest Election Request signed by a Responsible Officer of the Borrower) by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to (i) elect an Interest Period for Term Benchmark Loans that does not comply with Section 2.02(d) or (ii) convert any Borrowing to a Borrowing of a Type not available under such Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Interest Election Request shall specify the following information in compliance with Section 2.02:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the principal amount of the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Term Benchmark Borrowing; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the resulting Borrowing is a Term Benchmark Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term "Interest Period".

If any such Interest Election Request requests a Term Benchmark Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month's duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Term Benchmark Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be deemed to have an Interest Period that is one (1) month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Term Benchmark Borrowing and (ii) unless repaid, (A) each Term Benchmark Borrowing and (B) each RFR Borrowing shall be converted to an ABR Borrowing (in the case of a Term Benchmark Borrowing) at the end of the Interest Period applicable thereto or (in the case of an RFR Borrowing) on the next Interest Payment Date in respect thereof.

SECTION 2.09. <u>Termination and Reduction of Commitments</u>. (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; <u>provided</u> that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, (A) the amount of any Lender's Revolving Credit Exposure would exceed its Commitment or (B) the Total Revolving Credit Exposure would exceed the Aggregate Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter notice as may be satisfactory to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; <u>provided</u> that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or other transactions specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.

SECTION 2.10. <u>Repayment of Loans; Evidence of Debt</u>. (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date and (ii) to the Administrative Agent for the account of the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the fifth (5<u><sup>th</sup></u>) Business Day after such Swingline Loan is made; <u>provided</u> that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline Loans then

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outstanding and the proceeds of any such Borrowing shall be applied by the Administrative Agent to repay any Swingline Loans outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be <u>prima</u> <u>facie</u> evidence of the existence and amounts of the obligations recorded therein; <u>provided</u> that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the Obligations (including, without limitation, the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in the form attached hereto as <u>Exhibit H</u> or as otherwise approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form.

SECTION 2.11. <u>Prepayment of Loans</u>. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with the provisions of this Section 2.11. The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by written notice of any prepayment hereunder (i) in the case of prepayment of (x) a Term Benchmark Revolving Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment (or such shorter notice as may be satisfactory to the Administrative Agent) or (y) an RFR Revolving Borrowing, not later than 11:00 a.m., New York City time, five (5) Business Days before the date of prepayment (or such shorter notice as may be satisfactory to the Administrative Agent), (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before the date of prepayment (or such shorter notice as may be satisfactory to the Administrative Agent) or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment (or such shorter notice as may be satisfactory to the Administrative Agent). Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; <u>provided</u> that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued and unpaid interest to the extent required by Section 2.13 and (ii) any break funding payments required by Section 2.16.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Total Revolving Credit Exposure exceeds the Aggregate Commitments, the Borrower shall, within one (1) Business Day, repay Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate principal amount sufficient to cause the aggregate principal amount of the Total Revolving Credit Exposure to be less than or equal to the Aggregate Commitments.

SECTION 2.12. <u>Fees</u>. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee (the "<u>Commitment Fee</u>"), which shall accrue at the Applicable Rate applicable to the Commitment Fee on the daily amount of the Available Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which such Commitment terminates. Commitment Fees accrued through and including the last day of March, June, September and December of each year shall be payable in arrears on the fifteenth (15<u><sup>th</sup></u>) day following such last day and on the date on which the Commitments terminate, commencing on January 15, 2023. All Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day and the last day of each period but excluding the date on which the Commitments terminate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in each outstanding Letter of Credit (the "<u>Participation Fee</u>"), which shall accrue on the daily maximum stated amount then available to be drawn under such Letter of Credit at the same Applicable Rate used to determine the interest rate applicable to Term Benchmark Revolving Loans, during the period from and including the Effective Date to but excluding the later of the date on which such Lender's Commitment terminates and the date on which such Lender ceases to have any LC Exposure and (ii) to the Issuing Bank for its own account a fronting fee with respect to each Letter of Credit issued by the Issuing Bank (the "<u>Fronting Fee</u>"), which shall accrue at the rate of 0.125% per annum on the daily maximum stated amount then available to be drawn under such Letter of Credit, during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank's standard fees with respect to the issuance, amendment or extension of any Letter of Credit and other processing fees, and other standard costs and charges, of the Issuing Bank relating the Letters of Credit as from time to time in effect. Participation Fees and Fronting Fees accrued through and including the last day of March, June, September and December of each year shall be payable on the fifteenth (15<sup>th</sup>) day following such last day, commencing on the first such date to occur after the Effective Date; <u>provided</u> that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within thirty (30) days after demand. All Participation Fees and Fronting Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of Commitment Fees and Participation Fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

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SECTION 2.13. <u>Interest</u>. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Loans comprising each Term Benchmark Borrowing shall bear interest at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due (after giving effect to any grace periods expressly provided for in this Agreement), whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; <u>provided</u> that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year). In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. A determination of the applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

SECTION 2.14. <u>Alternate Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.14, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR Rate (including because the Term SOFR Reference Rate is not available or published on a current basis) and such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, the Adjusted Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period or (B) at

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any time, Adjusted Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Revolving Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple SOFR also is the subject of Section 2.14(a)(i) or (ii) above; <u>provided</u> that if the circumstances giving rise to such notice affect only one Type of Borrowing, then all other Types of Borrowings shall be permitted. Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Borrower's receipt of the notice from the Administrative Agent referred to in this Section 2.14(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple SOFR also is the subject of Section 2.14(a)(i) or (ii) above, on such day, and (B) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m., New York City time, on the fifth (5<sup>th</sup>) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Term Benchmark Borrowing or a conversion to or continuation of Term Benchmark Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any request for a Term Benchmark Borrowing into a request for a Borrowing of or conversion to (A) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement is implemented pursuant to this Section 2.14, (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event, on such day and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan.

SECTION 2.15. <u>Increased Costs</u>. (a) If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender or the Issuing Bank;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) impose on any Lender or the Issuing Bank or the applicable offshore interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

and the result of any of the foregoing shall be to increase the cost to such Lender, the Issuing Bank or such other Recipient of making, continuing, converting or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then, upon request of such Lender, Issuing Bank or other Recipient, the Borrower will pay to such Lender, the Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered as reasonably determined by the Administrative Agent, such Lender or the Issuing Bank (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and generally consistent with similarly situated customers of the Administrative Agent, such Lender or the Issuing Bank, as applicable, under agreements having provisions similar to this Section 2.15, after consideration of such factors as the Administrative Agent, such Lender or the Issuing Bank, as applicable, then reasonably determines to be relevant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender or the Issuing Bank determines that any Change in Law affecting such Lender or the Issuing Bank or any lending office of such Lender's or such the Issuing Bank's holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's or the Issuing Bank's capital or on the capital of such Lender's or the Issuing Bank's holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender's or the Issuing Bank's holding company could have achieved but for such Change in Law (taking into consideration such Lender's or the Issuing Bank's policies and the policies of such Lender's or the Issuing Bank's holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender's or the Issuing Bank's holding company for any such reduction suffered as reasonably determined by the Administrative Agent, such Lender or the Issuing Bank (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and generally consistent with similarly situated customers of the Administrative Agent, such Lender or the Issuing Bank, as applicable, under agreements having provisions similar to this Section 2.15, after consideration of such factors as the Administrative Agent, such Lender or the Issuing Bank, as applicable, then reasonably determines to be relevant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A certificate of a Lender or the Issuing Bank setting forth, the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section, including in reasonable detail a description of the basis for such claim for compensation and an explanation of how such amount or amounts were determined (it being agreed that no Lender or Issuing Bank shall be required to disclose any of its proprietary or confidential

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information), shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within thirty (30) days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's or the Issuing Bank's right to demand such compensation; <u>provided</u> that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's or the Issuing Bank's intention to claim compensation therefor; <u>provided</u> <u>further</u> that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

SECTION 2.16. <u>Break Funding Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to Term Benchmark Loans, in the event of (i) the payment of any principal of any Term Benchmark Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (ii) the conversion of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto, (iii) the failure to borrow, convert, continue or prepay any Term Benchmark Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11 and is revoked in accordance therewith) or (iv) the assignment of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19 or 9.02(e), then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event other than loss of anticipated profits. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, and setting forth in reasonable detail the calculations used by such Lender to determine such amount or amounts, shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within thirty (30) days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to RFR Loans, in the event of (i) the payment of any principal of any RFR Loan other than on the Interest Payment Date applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (ii) the failure to borrow or prepay any RFR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11 and is revoked in accordance therewith) or (iii) the assignment of any RFR Loan other than on the Interest Payment Date applicable thereto as a result of a request by the Borrower pursuant to Section 2.19 or 9.02(e), then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event (other than loss of anticipated profits). A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, and setting forth in reasonable detail the calculations used by such Lender to determine such amount or amounts, shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within thirty (30) days after receipt thereof.

SECTION 2.17. <u>Taxes</u>. (a) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled

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to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes by the Borrower</u>. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.17, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification by the Loan Parties</u>. The Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate setting forth in reasonable detail the basis and calculation of the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by the Lenders</u>. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to setoff and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Status of Lenders</u>. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting

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requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an executed copy of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a
party (x) with respect to payments of interest under any Loan Document, an executed copy of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty
and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as
applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected
income, an executed copy of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the form of <u>Exhibit F-1</u> to the effect that such Foreign Lender is not a "bank" within the meaning of
Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower as described in
Section 881(c)(3)(C) of the Code (a " <u>U.S. Tax Compliance Certificate</u> ") and (y) an executed copy of IRS Form W-8BEN or IRS Form W-8BEN-E; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the extent a Foreign Lender is not the beneficial owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit F-2</u> or <u>Exhibit F-3</u>, IRS Form W-9,

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and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit F-4</u> on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Survival.</u> Each party's obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Defined Terms</u>. For purposes of this Section 2.17, the term "Lender" includes the Issuing Bank and the term "applicable law" includes FATCA.

SECTION 2.18. <u>Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Setoffs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall make each payment or prepayment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) in Dollars prior to 12:00 noon, New York City time on the date when due or the date fixed for any prepayment hereunder, in immediately available funds, without setoff, recoupment or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 10 South Dearborn Street, Chicago, Illinois 60603, except payments to be made directly to the Issuing Bank or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time that payments are not required to be applied in the manner required by Section 7.03, then, if at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) <u>first</u>, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) <u>second</u>, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made following a request by the Borrower pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of the Borrower maintained with the Administrative Agent. The Borrower hereby irrevocably authorizes (i) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such amounts charged shall constitute Loans (including Swingline Loans) and that all such Borrowings shall be deemed to have been requested pursuant to Section 2.03 or 2.05, as applicable and (ii) the Administrative Agent to charge any deposit account of the Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; <u>provided</u> that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements and Swingline Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless the Administrative Agent shall have received, prior to any date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank pursuant to the terms of this Agreement or any other Loan Document (including any date that is fixed for prepayment by notice from the Borrower to the Administrative Agent pursuant to Section 2.11), notice from the Borrower that the Borrower will not make such payment or prepayment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the NYFRB Rate.

SECTION 2.19. <u>Mitigation Obligations; Replacement of Lenders</u>. (a) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If (i) any Lender requests compensation under Section 2.15, (ii) the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or (iii) any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04, or pursuant to the procedures agreed upon by the Administrative Agent and the Borrower), all its interests, rights (other than its existing rights to payments pursuant to Section 2.15 or 2.17) and obligations under this Agreement and the other Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); <u>provided</u> that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing Bank and the Swingline Lender), which consent shall not unreasonably be withheld, conditioned or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and funded participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Each party hereto agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and (ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; <u>provided</u> that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.

SECTION 2.20. <u>Expansion Option</u>. The Borrower may from time to time elect to increase the Commitments or enter into one or more tranches of term loans (each an "<u>Incremental Term Loan</u>"), in each case in minimum increments of $5,000,000 so long as, after giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans does not exceed $150,000,000. The Borrower may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, or to participate in such Incremental Term Loans, an "<u>Increasing Lender</u>"), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an "<u>Augmenting Lender</u>"; <u>provided</u> that no Ineligible Institution may be an Augmenting Lender), which agree to increase their existing Commitments, or to participate in such Incremental Term Loans, or provide new Commitments, as the case may be; <u>provided</u> that (i) each Augmenting Lender shall be subject to the approval of the Borrower and the Administrative Agent (which approval shall not be unreasonably withheld, delayed or conditioned) and (ii) (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of <u>Exhibit</u> <u>C</u> hereto, and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of <u>Exhibit</u> <u>D</u> hereto. No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Commitments or Incremental Term Loan pursuant to this Section 2.20. Increases and new Commitments and Incremental Term Loans created pursuant to this Section 2.20 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase

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or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower and (B) the Borrower shall be in compliance (on a pro forma basis) with the Financial Covenants and (ii) the Administrative Agent shall have received (x) documents and opinions consistent with those delivered on the Effective Date as to the organizational power and authority of the Borrower to borrow hereunder after giving effect to such increase or Incremental Term Loan and (y) reaffirmations from the Loan Parties. The Borrower shall use the proceeds of any such increase or Incremental Term Loan in accordance with Section 5.08. On the effective date of any increase in the Commitments or any Incremental Term Loans being made, (i) each relevant Increasing Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender's portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii) the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.03). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Term Benchmark Loan, shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related Interest Periods. The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving Loans, (b) shall not mature earlier than the Maturity Date (but may have amortization and/or customary prepayments prior to such date) and (c) shall be treated substantially the same as the Revolving Loans; provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity Date and (ii) the Incremental Term Loans may be priced differently (whether in the form of interest rate margin, upfront fees, original issue discount, call protection or otherwise) than the Revolving Loans. Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an "<u>Incremental Term Loan Amendment</u>") of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Increasing Lender participating in such tranche, each Augmenting Lender participating in such tranche, if any, and the Administrative Agent. The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.20. Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder, or provide Incremental Term Loans, at any time.

SECTION 2.21. <u>Defaulting Lenders</u>. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.12(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7.03 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: <u>first</u>, to the payment of any amounts owing by such Defaulting Lender

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to the Administrative Agent hereunder; <u>second</u>, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank or the Swingline Lender hereunder; <u>third</u>, to cash collateralize LC Exposure with respect to such Defaulting Lender in accordance with this Section; <u>fourth</u>, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; <u>fifth</u>, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize future LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this Section; <u>sixth</u>, to the payment of any amounts owing to the Lenders, the Issuing Bank or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Bank or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document; <u>seventh</u>, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrower's obligations corresponding to such Defaulting Lender's LC Exposure and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); <u>provided</u>, <u>further</u>, that any amendment, waiver or other modification requiring the consent of all Lenders or all Lenders directly affected thereby shall not, except as otherwise provided in Section 9.02, require the consent of such Defaulting Lender in accordance with the terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender (other than, in the case of a Defaulting Lender that is the Swingline Lender, the portion of such Swingline Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender's Revolving Credit Exposure to exceed its Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, within one (1) Business Day following notice by the Administrative Agent (x) <u>first</u>, prepay such Swingline Exposure and (y) <u>second</u>, cash collateralize for the benefit of the Issuing

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Bank only the Borrower's obligations corresponding to such Defaulting Lender's LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Borrower cash collateralizes any portion of such Defaulting Lender's LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender's LC Exposure during the period such Defaulting Lender's LC Exposure is cash collateralized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders' Applicable Percentages; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if all or any portion of such Defaulting Lender's LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender's LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender's then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.21(d), and Swingline Exposure related to any such newly made Swingline Loan or LC Exposure related to any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.21(d)(i) (and such Defaulting Lender shall not participate therein).

If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or the Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.

In the event that the Administrative Agent, the Borrower, the Swingline Lender and the Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender's Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage, whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; <u>provided</u>, further, that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

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ARTICLE III

<u>Representations and Warranties</u> 

The Borrower represents and warrants to the Lenders that:

SECTION 3.01. <u>Organization; Powers; Subsidiaries</u>. Each of the Borrower and its Material Domestic Subsidiaries (a) is duly organized or formed, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party and (c) is duly qualified and is licensed and, as applicable, in good standing under the laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license, except, with respect to clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. <u>Schedule</u> <u>3.01</u> hereto (as supplemented from time to time) identifies each Subsidiary as of the Effective Date, noting whether such Subsidiary is a Material Domestic Subsidiary, the jurisdiction of incorporation or organization, as the case may be, the percentage of issued and outstanding shares of each class of its capital stock or other equity interests owned by the Borrower and the other Subsidiaries. All of the outstanding shares of capital stock and other equity interests of each such Subsidiary are validly issued and outstanding and fully paid and nonassessable and all such shares and other equity interests indicated on <u>Schedule</u> <u>3.01</u> as owned by the Borrower or another Subsidiary are owned, beneficially and of record, by the Borrower or any Subsidiary free and clear of all Liens, other than Permitted Liens.

SECTION 3.02. <u>Authorization; Enforceability</u>. The Transactions are within each Loan Party's organizational powers and have been duly authorized by all necessary organizational actions and, if required, actions by equity holders. The Loan Documents to which each Loan Party is a party have been duly executed and delivered by such Loan Party and constitute a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

SECTION 3.03. <u>Governmental Approvals; No Conflicts</u>. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except for (i) those that have already been obtained or made and are in full force and effect, (ii) filings and recordings with respect to the Collateral, (iii) those which, if not obtained or made, could not reasonably be expected to have a Material Adverse Effect, and (iv) those as are necessary under Section 203 of the Federal Power Act or any applicable provision of any state utility regulatory law in connection with the exercise of certain remedies in respect of the Collateral, (b) will not violate (I) any applicable law or regulation, (II) the charter, by-laws or other organizational documents of the Borrower or any of its Subsidiaries or (III) any order of any Governmental Authority, except, (A) with respect to clauses (b)(I) and (III), to the extent such violation could not reasonably be expected to have a Material Adverse Effect and (B) with respect to clause (b)(II), other than in the case of a Loan Party, to the extent such violation could not reasonably be expected to have a Material Adverse Effect, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, except to the extent such violation or default could not reasonably be expected to have a Material Adverse Effect, and (d) will not result in the creation or imposition of, or the requirement to create, any Lien on any asset of any Loan Party or any Material Domestic Subsidiary, other than Permitted Liens.

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SECTION 3.04. <u>Financial Condition; No Material Adverse Change</u>. (a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2021, reported on by PricewaterhouseCoopers LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended June 30, 2022, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Effective Date, no event, change or condition has occurred that has had, or could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.

SECTION 3.05. <u>Properties</u>. (a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries, to any Loan Party's knowledge, does not infringe upon the rights of any other Person, except for any such infringements, or ownership or license issues, that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

SECTION 3.06. <u>Litigation, Environmental and Labor Matters</u>. (a) There are no actions, suits, proceedings or investigations by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received written notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no strikes, lockouts or slowdowns against the Borrower or any of its Subsidiaries pending or, to their knowledge, threatened except to the extent such strike, lockout or slowdown could not reasonably be expected to have a Material Adverse Effect. The hours worked by and payments made to employees of the Borrower and its Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law relating to such matters except to the extent such violation that could not reasonably be expected to have a Material Adverse Effect. All material payments due from the Borrower or any of its Subsidiaries, or for which any claim may be made against the Borrower or any of its Subsidiaries, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as liabilities on the books of the Borrower or such Subsidiary except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. The consummation of the Transactions will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement under which the Borrower or any of its Subsidiaries is bound except to the extent such rights could not reasonably be expected to have a Material Adverse Effect.

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SECTION 3.07. <u>Compliance with Laws</u>. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

SECTION 3.08. <u>Investment Company Status</u>. None of the Loan Parties is an "investment company" as defined in, or subject to regulation under, the Investment Company Act of 1940.

SECTION 3.09. <u>Taxes</u>. Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

SECTION 3.10. <u>ERISA</u>. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.

SECTION 3.11. <u>Disclosure</u>. Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other written information furnished by or on behalf of the Borrower or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) (when taken as a whole) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u> that, with respect to projections and other forward-looking information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time prepared (it being understood by the Administrative Agent and the Lenders that any such projections are not to be viewed as facts that are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower and its Subsidiaries, that no assurances can be given that such projections will be realized and that actual results may differ materially from such projections). As of the Effective Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all respects.

SECTION 3.12. <u>Liens</u>. There are no Liens on any of the real or personal properties of the Borrower or any Subsidiary except for Liens permitted by Section 6.02.

SECTION 3.13. <u>No Default</u>. No Default or Event of Default has occurred and is continuing.

SECTION 3.14. <u>Energy Regulatory Status</u>. None of the Secured Parties shall, solely by reason of (i) the ownership, construction, operation and maintenance of the Projects, the sale or transmission of electric energy, capacity and ancillary services therefrom, including as contemplated by the Project Documents, (ii) the making of Loans or the issuance of any Letters of Credit in accordance with this Agreement, (iii) the securing of the Obligations by Liens on the Collateral (other than the exercise of remedies by any Secured Party) or (iv) any other transaction contemplated by this Agreement or any other Loan Document, be deemed by any Governmental Authority to be, or to be subject to regulation as, an

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"electric utility," "electrical corporation," "electrical company," "public utility" or "public utility holding company" or similar entity under any applicable Laws of the United States, any state or any political subdivision of the United States or any state, including PUHCA and the FPA.

SECTION 3.15. <u>Solvency</u>. The Borrower and its Subsidiaries taken as a whole are Solvent as of the Effective Date.

SECTION 3.16. <u>Insurance</u>. The Borrower maintains, and has caused each Subsidiary Guarantor and each Material Domestic Subsidiary to maintain, with financially sound and reputable insurance companies, insurance on all their real and personal property in such amounts, subject to such deductibles and self-insurance retentions and covering such properties and risks as are adequate and customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.

SECTION 3.17. <u>Security Interest in Collateral</u>. The provisions of this Agreement and the other Loan Documents create legal and valid perfected Liens on all the Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, and such Liens constitute perfected and continuing Liens on the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party, and having priority over all other Liens on the Collateral except in the case of (a) Permitted Liens, to the extent any such Permitted Liens would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law and (b) Liens perfected only by possession (including possession of any certificate of title) to the extent the Administrative Agent has not obtained or does not maintain possession of such Collateral.

SECTION 3.18. <u>Anti-Corruption Laws and Sanctions</u>. The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and directors and to the knowledge of the Borrower its employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary, any of their respective directors or officers or to the knowledge of the Borrower or such Subsidiary employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions.

SECTION 3.19. <u>Affected Financial Institutions</u>. No Loan Party is an Affected Financial Institution.

SECTION 3.20. <u>Plan Assets; Prohibited Transactions</u>. None of the Loan Parties is an entity deemed to hold "plan assets" (within the meaning of the Plan Asset Regulations), and neither the execution, delivery nor performance of the transactions contemplated under this Agreement, including the making of any Loan and the issuance of any Letters of Credit hereunder, will give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

SECTION 3.21. <u>Margin Regulations</u>. The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Borrowing or Letter of Credit extension hereunder will be used to buy or carry any Margin Stock. Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) will be Margin Stock.

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ARTICLE IV

<u>Conditions</u> 

SECTION 4.01. <u>Effective Date</u>. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent (or its counsel) shall have received (i) from each party hereto a counterpart of this Agreement signed on behalf of such party (which, subject to Section 9.06, may include any Electronic Signatures transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page) and (ii) duly executed copies of the legal opinions, certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request in connection with the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as <u>Exhibit E</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Loan Parties, and covering such other matters relating to the Loan Parties, the Loan Documents or the Transactions as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the initial Loan Parties, the authorization of the Transactions and any other legal matters relating to such Loan Parties, the Loan Documents or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as <u>Exhibit E</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by a Responsible Officer of the Borrower, certifying (i) that the representations and warranties contained in <u>Article</u> <u>III</u> are true and correct as of such date in all material respects (or, if qualified by Material Adverse Effect or other materiality qualification, in all respects) and (ii) that no Default or Event of Default has occurred and is continuing as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Administrative Agent shall have received evidence satisfactory to it that the Subscription Facility shall have been, or will be substantially concurrently with the Effective Date, terminated and cancelled and all indebtedness thereunder shall have been fully repaid (except to the extent being so repaid with the initial Revolving Loans) and any and all liens thereunder shall have been, or will be substantially concurrently with the Effective Date, terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) The Administrative Agent shall have received, at least five (5) days prior to the Effective Date, all documentation and other information regarding the Borrower requested in connection with applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Borrower at least ten (10) days prior to the Effective Date and (ii) to the extent the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, at least five (5) days prior to the Effective

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Date, any Lender that has requested, in a written notice to the Borrower at least ten (10) days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (f) shall be deemed to be satisfied).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced at least two (2) Business Days prior to the Effective Date, reimbursement or payment of all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

SECTION 4.02. <u>Each Credit Event</u>. The obligation of each Lender to make a Loan on the occasion of any Borrowing (other than a conversion or continuation of any Loans), and of the Issuing Bank to issue, amend or extend any Letter of Credit, is subject to the satisfaction of (or waiver of in accordance with Section 9.02) the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects (provided that any representation or warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of the date of such Borrowing or the date of issuance, amendment or extension of such Letter of Credit, as applicable, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (<u>provided</u> that any representation or warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of such earlier date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the time of and immediately after giving effect to such Borrowing or the issuance, amendment or extension of such Letter of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing.

Each Borrowing (other than a conversion or continuation of any Loans) and each issuance, amendment or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.

ARTICLE V

<u>Affirmative Covenants</u> 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full (other than Obligations expressly stated to survive such payment and termination) and all Letters of Credit shall have expired or terminated (or shall have been cash collateralized or backstopped pursuant to arrangements reasonably satisfactory to the Administrative Agent) and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

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SECTION 5.01. <u>Financial Statements and Other Information</u>. The Borrower will furnish to the Administrative Agent for distribution to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within ninety (90) (or, for the first fiscal year of the Borrower ending December 31, 2022, one hundred and twenty (120)) days after the end of each fiscal year of the Borrower (or, if earlier, by the date that the Annual Report on Form 10-K of the Borrower for such fiscal year would be required to be filed under the rules and regulations of the SEC, giving effect to any automatic extension available thereunder for the filing of such form) commencing with the fiscal year of the Borrower ended December 31, 2022, its audited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by independent public accountants of recognized national standing (without a "going concern" or like qualification, commentary or exception (other than resulting from (x) current debt maturities or (y) any prospective or actual breach of any financial covenant) and without any qualification nor exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within forty-five (45) (or sixty (60) for any fiscal quarter ending prior to March 31, 2024) days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (or, if earlier, by the date that the Quarterly Report on Form 10-Q of the Borrower for such fiscal quarter would be required to be filed under the rules and regulations of the SEC, giving effect to any automatic extension available thereunder for the filing of such form) commencing with the fiscal quarter of the Borrower ended March 31, 2023, its consolidated balance sheet and related statements of operations, stockholders' equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower (i) certifying as to whether a Default has occurred and is continuing and, if a Default has occurred that is continuing, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with the Financial Covenants and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as soon as available, but in any event not later than thirty (30) days following the end of, and no earlier than thirty (30) days prior to the end of, each fiscal year of the Borrower, a copy of the plan and forecast for each quarter of the upcoming fiscal year substantially in the form of <u>Exhibit B</u> or otherwise reasonably satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly following any request therefor, (x) such other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request and (y) information and documentation

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reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) concurrently with the Financial Statements delivered pursuant to Section 5.01(a), an update to Schedule 3.01 identifying each Subsidiary (and Material Domestic Subsidiary) as of the date thereof.

Documents required to be delivered pursuant to Section 5.01(a) or (b) (to the extent any such documents are included in materials otherwise filed with the SEC) shall be deemed to have been delivered on the date (i) on which such materials are publicly available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR); or (ii) on which such documents are posted on the Borrower's behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether made available by the Administrative Agent). The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for timely accessing posted documents and maintaining its copies of such documents.

SECTION 5.02. <u>Notices of Material Events</u>. The Borrower will furnish to the Administrative Agent (for distribution to each Lender) written notice of the following promptly after a Responsible Officer having actual knowledge thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the filing or commencement of any Proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Affiliate thereof, including pursuant to any applicable Environmental Laws, that could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notice of any action arising under any Environmental Law or of any noncompliance by the Borrower or any Subsidiary with any Environmental Law or any permit, approval, license or other authorization required thereunder, in each case, that could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any material change in accounting or financial reporting practices by any Loan Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

Each notice delivered under this Section (i) shall be in writing, which shall include email or other electronic transmission, or provided in the manner described in Section 5.01, (ii) shall contain a heading or a reference line that reads "Notice under Section 5.02 of the MN8 Energy, Inc. Credit Agreement dated January [__], 2023" and (iii) shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

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SECTION 5.03. <u>Existence; Conduct of Business</u>. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect (i) its legal existence and (ii) the other rights, licenses, permits, privileges and franchises material to the conduct of its business, in each case except (other than in the case of Borrower, MN8 Energy OpCo LLC and MN8 Energy, LLC in the case of clause (i)) to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; <u>provided</u> that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

SECTION 5.04. <u>Payment and Performance of Obligations</u>. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities, assessments and governmental charges or levies upon it or its properties or assets that are due and owing that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. The Borrower shall, and shall cause each of its Subsidiaries to, (i) perform all of its material obligations, and (ii) pursue all its material rights and remedies, under each material Project Document and Tax Equity Document to which it is a party, except, in the case of clause (i) or (ii), to the extent that any failure to do so could not reasonably be expected to have a Material Adverse Effect.

SECTION 5.05. <u>Maintenance of Properties; Insurance</u>. The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted where the failure to do so could not reasonably be expected to have a Material Adverse Effect and (b) maintain or cause to be maintained, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of and commercially available to entities of established reputations engaged in the same or a similar business and similarly situated. The Borrower will furnish to the Lenders, upon request of the Administrative Agent, information in reasonable detail as to the insurance so maintained. The Borrower shall cause the Administrative Agent to be named as loss payee or additional insured, as applicable, with respect to (x) "All Risk" physical damage insurance policies on all of the tangible personal property and assets of the Borrower and the Subsidiary Guarantors (solely to the extent not inconsistent with the requirements of any other contractual obligation of the Borrower or its Subsidiaries not prohibited hereby), and (y) all general liability and other liability policies of the Borrower and the Subsidiary Guarantors. In the event the Borrower or any of its Subsidiaries at any time or times hereafter shall fail to obtain or maintain any of the policies or insurance required herein or to pay any premium in whole or in part relating thereto, then the Administrative Agent, without waiving or releasing any obligations or resulting Default hereunder, may at any time or times thereafter (but shall be under no obligation to do so) obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto which the Administrative Agent deems advisable. All sums so disbursed by the Administrative Agent shall constitute part of the Obligations, payable as provided in this Agreement. The Borrower will furnish to the Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage above the policy deductible, to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding.

SECTION 5.06. <u>Books and Records; Inspection Rights</u>. The Borrower will, and will cause each Subsidiary to, maintain proper books of record and account, in which full, true and correct entries shall be made of all financial transactions and matters involving the assets and business of the

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Borrower or such Subsidiary, as the case may be, in conformity in all material respects with GAAP consistently applied and otherwise in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Borrower or such Subsidiary, as the case may be. The Borrower will, and will cause each Subsidiary to, permit representatives and independent contractors of the Administrative Agent and the Lenders to visit and inspect any of its properties, to examine its financial and accounting records, and to discuss its affairs (including the performance, operations and maintenance of the Projects) finances and accounts with its directors and officers, all at the expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably requested, upon reasonable advance notice to the Borrower; <u>provided</u>, however, that so long as no Event of Default has occurred and is continuing, such inspections shall be limited to one such visit in each consecutive twelve-month period.

SECTION 5.07. <u>Compliance with Laws</u>. The Borrower will, and will cause each of its Subsidiaries to comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including without limitation Environmental Laws), in each case except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

SECTION 5.08. <u>Use of Proceeds</u>. The proceeds of the Loans will be used only to finance, and Letters of Credit will be issued only to support, the working capital needs, and for general corporate purposes, of the Borrower and its Subsidiaries including the refinancing of certain existing Indebtedness; <u>provided</u> that in no event shall more than $300,000,000 of the proceeds of the any Loan or other credit extension under this Agreement (including any Incremental Term Loans incurred pursuant to Section 2.20) be contributed or otherwise invested in GSRP Warehouse I, LLC or any of its subsidiaries (which amount of contributions and investments shall be calculated net of distributions from GSRP Warehouse I, LLC to a Loan Party) (it being acknowledged that neither GSRP Warehouse I, LLC nor any of its Subsidiaries will be Guarantors but that this shall not prohibit the contribution or investment of proceeds of the Loans or other credit extensions under this Agreement in such entities subject to the foregoing limit). No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Federal Reserve Board, including Regulations T, U and X. The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

SECTION 5.09. <u>Subsidiary Guarantors; Pledges; Additional Collateral; Further Assurances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the last sentence of this clause (a), as promptly as possible but in any event within sixty (60) days (or such later date as may be agreed upon by the Administrative Agent) after any Person who is or becomes a Material Domestic Subsidiary, is (i) acquired directly or indirectly by the Borrower, (ii) designated by the Borrower pursuant to the definition of "Material Domestic Subsidiary", (iii) determined to be qualified as a Material Domestic Subsidiary within five (5) days of delivery of financial statements pursuant to Section 5.01(a) or (b) or (iv) requested to be made a Subsidiary Guarantor by the Administrative Agent, the Borrower shall cause the ultimate Material Domestic Subsidiary parent of

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each such new Material Domestic Subsidiary to deliver to the Administrative Agent a joinder to the Subsidiary Guaranty and a joinder to the Security Agreement (in each case in the form contemplated thereby, and solely to the extent such Person is not already party to the Subsidiary Guaranty) pursuant to which such Material Domestic Subsidiary parent agrees to be bound by the terms and provisions thereof, such Subsidiary Guaranty and the Security Agreement to be accompanied by requisite organizational resolutions, other organizational documentation and legal opinions as may be reasonably requested by, and in form and substance reasonably satisfactory to, the Administrative Agent and its counsel (but, with respect to any such legal opinion, limited to the types of matters covered in the legal opinions delivered pursuant to Section 4.01). Notwithstanding anything to the contrary in any Loan Document, no Excluded Subsidiary or Subsidiary that is not a Relevant Project Company shall be required to be (or remain, as applicable) a Subsidiary Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms, limitations and exceptions set forth herein and in the applicable Collateral Documents, the Borrower will cause, and will cause each other Loan Party to cause, all of its owned property (whether personal, tangible, intangible, or mixed but excluding Excluded Assets) to be subject at all times to perfected Liens in favor of the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations in accordance with the terms and conditions of the Collateral Documents, subject in any case to Liens permitted by Section 6.02 and the provisions of the Collateral Documents. With respect to the pledge of any Equity Interest in any Subsidiary and subject to the terms, limitations and exceptions set forth in the applicable Collateral Documents, the Borrower will cause (A) 100% of the issued and outstanding Equity Interests of each Pledge Subsidiary that is a Domestic Subsidiary (other than Domestic Foreign Holding Companies and Subsidiaries of a CFC or a Domestic Foreign Holding Company) and (B) 65% of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each Pledge Subsidiary (i) that is a Foreign Subsidiary treated as a CFC and (ii) that is a Domestic Foreign Holding Company, in each case directly owned by the Borrower or any other Loan Party (other than Excluded Assets) to be subject at all times to a first priority, perfected (subject in any case to Liens permitted by Section 6.02) Lien in favor of the Administrative Agent to secure the Secured Obligations in accordance with the terms and conditions of the Collateral Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any material assets (including any real property or improvements thereto or any interest therein) are acquired by a Loan Party after the Effective Date (other than (i) Excluded Assets or (ii) assets of the type constituting Collateral under the Security Agreement that either become subject to the Lien under the Security Agreement upon acquisition thereof or with respect to which no notice or further action would be required to create or perfect the Administrative Agent's Lien in such assets), the Borrower will notify the Administrative Agent thereof, and, if requested by the Administrative Agent, the Borrower will cause such assets to be subjected to a Lien securing the Secured Obligations and will take, and, as applicable, cause the other Loan Parties to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens, including actions described in paragraph (c) of this Section, all at the expense of the Borrower, subject, however, to the terms, limitations and exceptions set forth herein or in any Collateral Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing, it is understood and agreed that (i) springing account control agreements shall only be required, if requested by the Administrative Agent, for deposit accounts or securities accounts of the Loan Parties, in each case with a value in excess of $[1,000,000] , (ii) there shall be no requirement to obtain any landlord waivers, estoppels or collateral access letters and (iii) no Loan Party shall have any obligation to take any action with respect to any Collateral located in any jurisdiction other than the United States or enter into any collateral documentation governed by or required by the laws of any jurisdiction other than the United States in order to create or perfect any security interest in any Collateral, whether or not such Collateral is located in any jurisdiction other than the United States.

SECTION 5.10. <u>Subsidiary Distributions</u>. The Borrower shall cause each of its Subsidiaries to distribute all cash that such Subsidiary is permitted by applicable laws and the terms of all applicable organizational documents and contracts of such Subsidiaries to distribute to the Borrower or a Loan Party, directly or indirectly; <u>provided</u> that, each Project Company (and each other Subsidiary) shall be permitted to retain cash in an amount, in the Borrower's or such Subsidiary's reasonable discretion, necessary or advisable for working capital purposes, the prudent operation and maintenance of the applicable Projects, or other obligations of Subsidiaries.

ARTICLE VI

<u>Negative Covenants</u> 

Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees due and payable hereunder have been paid in full (other than Obligations expressly stated to survive such payment and termination) and all Letters of Credit have expired or terminated (or shall have been cash collateralized or backstopped pursuant to arrangements reasonably satisfactory to the Administrative Agent) and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

SECTION 6.01. <u>Indebtedness</u>. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to Section 6.06, obligations (contingent or otherwise) existing or arising under any Swap Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness under the Loan Documents or otherwise permitted thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) obligations in respect of Capital Lease Obligations, synthetic lease obligations and purchase money obligations, or for the deferred purchase price, for fixed or capital assets and services within the limitations set forth in Section 6.02(j); <u>provided</u>, however, that the aggregate amount of all such obligations shall not exceed $25,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) trade or other similar Indebtedness incurred in the ordinary course of business (but not for borrowed money) that is (i) not more than ninety (90) days past due or (ii) being contested in good faith and by appropriate proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Guarantees of any Person in respect of Indebtedness otherwise permitted hereunder of the Borrower or any Subsidiary;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness of the Borrower or any Subsidiary thereof in respect of workers' compensation claims, self-insurance obligations, bankers' acceptances, and performance and surety bonds in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in connection with the consummation of any permitted Investment or permitted Disposition of any business, assets or Subsidiary of the Borrower or any of its Subsidiaries, Indebtedness incurred by the Borrower or any Subsidiary arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, or from guaranties or letters of credit, surety bonds or performance bonds securing the performance by the Borrower or any such Subsidiary pursuant to such agreements, in an amount not to exceed $5,000,000 in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness in respect of netting services, overdraft protections and otherwise in connection with deposit accounts otherwise permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the incurrence of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of business, so long as such Indebtedness is covered within five (5) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to the extent constituting Indebtedness, obligations under Project Documents or Tax Equity Documents, in each case, that are not Indebtedness for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to the extent constituting Indebtedness, obligations (contingent or otherwise) existing or arising under any Power Purchase Agreement or REC Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) guarantees in respect of Indebtedness otherwise permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Indebtedness of the Borrower or any Subsidiary thereof consisting of the financing of insurance premiums in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness of the Borrower or any Subsidiary thereof consisting of judgments that do not constitute an Event of Default under Section 7.01(k);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Taxes or customs duties, either (i) secured by an acceptable bond, (ii) not yet due or (iii) that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP, to the extent required by GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Indebtedness of the Borrower or any Subsidiary thereof arising from hedging obligations and hedging and hedge-like obligations with respect to capacity, energy, Tax and environmental attributes, ancillary services and other products and services in accordance with the Project Documents or in the ordinary course of business and in any event permitted under Section 6.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Indebtedness in respect of performance bonds, bid bonds, letters of credit, appeal bonds, surety bonds, guarantees, indemnification obligations, obligations to pay insurance premiums, take or pay obligations and similar obligations incurred in the ordinary course of business or consistent with industry practice;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Indebtedness of the Borrower existing on the date hereof as set forth on <u>Schedule 6.01</u> or Indebtedness of any Subsidiary of the Borrower as of the later of (i) the Effective Date or (ii) the date such Person becomes a Subsidiary, as applicable, and any Permitted Refinancing Debt in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Indebtedness of Project Companies or one or more parent companies of Project Companies which are not Loan Parties that is non-recourse to the Borrower and not secured by any assets of the Borrower (other than Equity Interests of any Project Company); provided that if any Indebtedness is incurred by any Project Company pursuant to this clause (s), then its parent company may not incur Indebtedness pursuant to this clause (s) and if any parent company of any Project Company incurs any Indebtedness pursuant to this clause (s), then such Project Company may not incur Indebtedness pursuant to this clause (s) (it being understood that nothing in this proviso shall limit a Project Company's or parent company's right to incur or guarantee Indebtedness as permitted under any other clause of this Section 6.01);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) intercompany Indebtedness between or among the Borrower and its Subsidiaries in compliance with Section 6.05(b); provided, that if the Borrower or any Subsidiary Guarantor is the obligor on such Indebtedness and the payee is not the Borrower or a Subsidiary Guarantor, such Indebtedness must be unsecured and (except in respect of the intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of Borrower and its Subsidiaries) expressly subordinated to the prior payment in full in cash of the Secured Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Indebtedness incurred in connection with credit card processing arrangements and other cash management arrangements entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Indebtedness representing deferred compensation, severance, pension, and health and welfare retirement benefits or the equivalent to current and former employees of Borrower and its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) unsecured Indebtedness of the Borrower in an aggregate principal amount not to exceed $35,000,000 at any time outstanding.

SECTION 6.02. <u>Liens</u>. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except the following (collectively, "<u>Permitted Liens</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens created pursuant to any Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens of the Borrower existing on the date hereof as set forth on Part I of <u>Schedule</u> <u>6.02</u>, or Liens of any Subsidiary of the Borrower existing as of the later of (x) the Effective Date or (y) the date such Person becomes a Subsidiary, as applicable; <u>provided</u> that such Lien is not created in contemplation of or in connection with such Person becoming a Subsidiary of Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes or customs duties (i) not yet due and owing, (ii) secured by an acceptable bond, or (iii) that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP, to the extent required by GAAP;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) carriers', warehousemen's, mechanics', materialmen's, repairmen's or other like Liens arising in the ordinary course of business that are not overdue for a period of more than ninety (90) days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP, to the extent required by GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) pledges or deposits in the ordinary course of business in connection with workers' compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) pledges and deposits to secure the performance of bids, contracts, concessions, statutory obligations, surety, appeal bonds performance bonds, leases and other obligations of a like nature (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) covenants, land use contracts, leases, building schemes, declarations of covenants, conditions, restrictions, servicing agreements, easements, rights-of-way, crossing agreements, restrictions and other Liens, title defects or irregularities affecting real property, which do not materially detract from the value of the property subject thereto or materially interfere with the continued use of any Project in the ordinary conduct of the business of the applicable Person, in each case, such that it could reasonably be expected to cause a material adverse change in, or have a material adverse effect upon, the operations or business of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) with respect to any real property interests, matters that would be disclosed by an inspection or survey of such real property and do not, in the aggregate, materially impair the current occupancy or use of the estate or real property to which they relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens securing judgments for the payment of money not constituting an Event of Default under <u>Section</u> <u>7.01(k)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens securing Indebtedness permitted under <u>Section</u> <u>6.01(c)</u>; <u>provided</u> that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby is not increased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens and other rights and interests (including of the nature of netting and set off, rights of first refusal, rights of first offer, purchase options and similar rights in respect of the assets of the Project Companies) set forth in the Organization Documents of the Borrower or any of its Subsidiaries, any Project Document, any Tax Equity Document or, in the case of Subsidiaries, any financing documents permitted hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any interest or title of a third-party lessor or sublessor under any lease of real estate permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) encumbrances on real property in the nature of any zoning restrictions, building and land use laws, ordinances, orders, decrees, restrictions or any other conditions, in each case, imposed by any Governmental Authority on any real property, which do not materially detract from the value of the property subject thereto and do not materially interfere with the continued use of the property subject thereto in the conduct of the business of the applicable Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) non-exclusive outbound licenses of patents, copyrights, trademarks and other intellectual property rights granted by Borrower or any Subsidiary in the ordinary course of business and not interfering in any respect with the ordinary conduct of or materially detracting from the value of the business of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens securing insurance premium financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) reservations, limitations, provisos and conditions, if any, expressed in any grants, permits, licenses or approvals from any Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens deemed to exist in connection with repurchase agreements and other similar investments to the extent such investments are permitted under the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens of trade vendors securing trade or other similar indebtedness incurred in the ordinary course of business and not more than ninety (90) days past due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Liens consisting of an agreement to dispose of any property in a Disposition permitted hereunder solely to the extent that such investment or Disposition would have been permitted on the date of the creation of such Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens in the nature of rights of first refusal, rights of first offer, purchase options and similar rights in respect of the Equity Interests or assets of Subsidiaries included in documentation evidencing contemplated purchase and sale transactions permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens arising by virtue of any statutory or common law provision relating to bankers' liens, rights of set-off or similar rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens not otherwise permitted hereunder that do not secure Indebtedness as long as the aggregate amount of the obligations secured by such Liens does not exceed $35,000,000 at any time outstanding.

SECTION 6.03. <u>Fundamental Changes</u>. (a) The Borrower will not, and will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or otherwise Dispose of all or substantially all of its assets, or all or substantially all of the Equity Interests of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person may merge into the Borrower in a transaction in which the Borrower is the surviving corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Subsidiary (other than a Loan Party) may merge into or consolidate with another Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Subsidiary may merge into or consolidate with a Loan Party in a transaction in which the surviving entity is such Loan Party (provided that any such merger involving the Borrower must result in the Borrower as the surviving entity);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Dispositions permitted by Section 6.04; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Subsidiary that is not a Loan Party may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower and its Subsidiaries, taken as a whole, will not engage to any material extent in any business other than businesses of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower will not, and will not permit any of its Subsidiaries to, amend or modify its organizational documents (other than Tax Equity Documents), other than any amendments, modifications or changes that could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower will not permit its fiscal year to end on a day other than December 31 or change the Borrower's method of determining its fiscal quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of the Borrower or any Subsidiary thereof will, to the extent within the control of Borrower or a Subsidiary thereof, permit any Person to take any action which could reasonably be expected to result in any indemnity claim by a Tax Equity Investor against Borrower or any Subsidiary with respect to any recapture, disallowance, reduction or loss of any Tax credit or other Tax benefit (including any cash grant) claimed with respect to any Project subject to a Tax Equity Document that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

SECTION 6.04. <u>Dispositions</u>. The Borrower will not, and will not permit any Subsidiary to, make any Disposition, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dispositions of uneconomic, obsolete or worn out property or property that is no longer used or useful to the Borrower or its Subsidiaries, whether now owned or hereafter acquired, in each case, in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of inventory in the ordinary course of business so long as such Disposition would not negatively impact, in any material respect, the ability of the Borrower or any Subsidiary to operate any Project that is material to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Disposition of any Equity Interests in a Subsidiary of the Borrower to the Borrower or any other Subsidiary of the Borrower, and other similar actions in connection with internal reorganizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dispositions, in the case of a Loan Party, to another Loan Party, and in the case of a Subsidiary that is not a Loan Party, to another Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) sales of (and the granting of any option or other right to purchase, lease or otherwise acquire) power, electric capacity, transmission capacity, emissions credits or ancillary services or other inventory or products in the ordinary course of business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) sales or discounts without recourse of accounts receivable arising in the ordinary course of business in connection with the compromise or collection thereof (but excluding any securitization transaction in connection with any accounts receivable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Dispositions of land rights (including common facilities), interconnection rights and transmission rights to the extent the Disposition thereof would not reasonably be expected to materially adversely impact the operation of any Project in a manner material to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) real property interests required to be disposed of pursuant to Applicable Permits, development plans or land documents or pursuant to Permitted Liens and, in each case, which are not reasonably expected to be required for construction, operation or maintenance of a Project that is material to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Dispositions pursuant to foreclosure (to the extent not otherwise a Default or Event of Default hereunder), condemnation or any similar action with respect to any property or other assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any other Disposition expressly permitted by this Agreement or the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the granting or existence of any Permitted Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Dispositions of (i) any development-stage or construction-stage Project that has not commenced commercial operations and (ii) any Project whose Power Purchase Agreement in effect as of the Effective Date has expired or been terminated at the end of its scheduled term; provided that the aggregate amount of proceeds from all such Dispositions pursuant to this clause (m)(ii) shall not exceed $35,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Disposition, in whole or in part, of a Project (or the Equity Interests in the direct or indirect owner of such Project) to a Power Purchaser or a Tax Equity Investor to the extent required by (and not, for the avoidance of doubt, at the option of the applicable Project Company) the terms of a Power Purchase Agreement or a Tax Equity Document as in effect on the Effective Date (or entered into in connection with a Permitted Tax Equity Arrangement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) other Dispositions on an arm's length basis for cash consideration having a fair market value not to exceed (i) $15,000,000 in the aggregate in any fiscal year of the Borrower and (ii) $35,000,000 in the aggregate for all such Dispositions for the period from the Effective Date until the Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the lease, as lessor or sublessor, or non-exclusive license, as licensor or sublicensor, of real or personal property or intellectual property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other claims in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Dispositions of non-operating Projects and their direct or indirect owners (to the extent such owners do not also own operating Projects (unless the Disposition of such operating Project is otherwise permitted hereunder));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Restricted Payments permitted hereby; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) other Dispositions so long as, after giving effect to such Disposition on a pro forma basis, the Borrower is in compliance with the Applicable Leverage Ratio and the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower to such effect;

<u>provided</u>, <u>however</u> that any Disposition pursuant to <u>Section</u> <u>6.04(b)</u>, (c), (o) and (t) shall be for no less than fair market value.

SECTION 6.05. <u>Investments, Loans, Advances, Guarantees and Acquisitions</u>. The Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any Person or any assets of any other Person constituting a business unit (each, an "<u>Investment</u>"), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments held by the Borrower and its Subsidiaries in the form of Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investments by the Borrower in its Subsidiaries, or by any Subsidiary in any other Subsidiary (provided that no proceeds of any Loan shall be used to invest in Subsidiaries that are not Loan Parties other than GSRP Warehouse I, LLC or any subsidiaries of GSRP Warehouse I, LLC, subject to Section 5.08);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments made in the ordinary course of business, including Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness permitted by Section 6.01;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Permitted Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent constituting Investments, Investments in contracts and other agreements (including, without limitation, Swap Agreements) to the extent otherwise permitted under the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investments of the Borrower existing on the date hereof as set forth on <u>Schedule 6.05</u> or Investments of any Subsidiary of the Borrower existing as of the later of (x) the Effective Date or (y) the date such Person becomes a Subsidiary and, in each case, any renewals or extensions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments with (i) cash on deposit in accounts or (ii) the proceeds of any Equity Contribution made after the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Investments required in accordance with (A) its organization documents and other contracts as in effect on the Effective Date and, with respect to any Subsidiary of the Borrower, as in effect on the later of (x) the Effective Date or (y) the date such Person becomes a Subsidiary as set forth on <u>Schedule 6.05</u> or (B) any Tax Equity Document;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Investments consisting of the purchase rights in accordance with any Tax Equity Document pursuant to a "call right," "purchase option," "put option," "right of withdrawal" or similar right or option set forth therein (each such purchase, a "<u>Tax Equity Buyout Exercise</u>"); <u>provided</u> that the aggregate Dollar amount of all such Tax Equity Buyout Exercises shall not exceed $120,000,000, except that such limit shall not apply in the case of any amount funded with (i) cash on deposit in accounts, or (ii) the proceeds of any Indebtedness permitted hereunder or any Equity Contribution made after the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) entering into and performing any guarantees or undertakings otherwise permitted hereunder made for the benefit of Subsidiaries, including Permitted Project Undertakings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) accepting contributions and transfers from a Person that owns any outstanding shares of its capital stock or similar Equity Interests or any Affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) so long as no Default or Event of Default has occurred and is continuing, other Investments not exceeding $35,000,000 in the aggregate in any fiscal year of the Borrower.

SECTION 6.06. <u>Swap Agreements</u>. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of its Subsidiaries), (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary and (c) solely in the case of any Subsidiary of the Borrower, swaps or hedges in respect of RECs, energy, ancillary services, capacity, attributes or other products that are entered into the ordinary course of business and not for speculative purposes and that are not secured by Liens on any of the Collateral or any other assets of the Borrower or any of its Subsidiaries.

SECTION 6.07. <u>Transactions with Affiliates</u>. The Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm's-length basis from unrelated third parties, as determined in the reasonable and good faith judgment of the Borrower, (b) transactions between or among the Borrower and its Subsidiaries not involving any other Affiliate (other than to the extent such involvement would otherwise be permitted by this Section 6.07), (c) any Restricted Payment permitted by Section 6.08 and (d) as described in Schedule 6.07.

SECTION 6.08. <u>Restricted Payments</u>. The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Subsidiary of the Borrower may make Restricted Payments to the Borrower or any other Subsidiary of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Subsidiary may make Restricted Payments to any Tax Equity Investor pursuant to the terms of the applicable Tax Equity Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and its Subsidiaries may make any other Restricted Payment so long as no Default or Event of Default has occurred and is continuing prior to making such Restricted Payment or would arise after giving effect (including giving effect on a pro forma basis) thereto and the aggregate amount of all such Restricted Payments during the term of this Agreement does not exceed $[15,000,000];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, each Loan Party may (i) purchase, redeem, defease, retire or acquire Equity Interests from any future, present or former employee, director, officer, manager, contractor, consultant, or advisor of the Borrower or any of its Subsidiaries (or permitted transferees, assigns, estates, or heirs of such employee, director, contractor or consultant), including, without limitation, upon the death, disability or termination of employment of such Person; provided that the aggregate amount of Restricted Payments made pursuant to this clause (i) shall not exceed $10,000,000 for any fiscal year of the Borrower, and (ii) distribute Equity Interests to any future, present or former employee, director, officer, manager, contractor, consultant or advisor of the Borrower or any of its Subsidiaries (or permitted transferees, assigns, estates, or heirs of such employee, director, contractor or consultant) upon settlement, exercise or other delivery event in respect of stock options, restricted stock units or other equity awards duly issued by the Borrower and, in each case of (i) and (ii), and notwithstanding anything herein the contrary, each Loan Party may also pay taxes of the recipient in connection therewith, including by directing redemption proceeds that would have been paid to the recipient to be paid to the applicable taxing authority and through net share settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower may make Restricted Payments paid or payable solely in common stock of the Borrower or in instruments convertible to, or derivative of, common stock of the Borrower. For the avoidance of doubt and notwithstanding anything herein to the contrary, nothing herein shall prohibit the Borrower from issuing additional common stock.

SECTION 6.09. <u>Restrictive Agreements</u>. No Loan Party will directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of any Loan Party to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Loan Party to pay dividends or other distributions with respect to holders of its Equity Interests or to make or repay loans or advances to the Borrower or any other Loan Party or to Guarantee Indebtedness of the Borrower or any other Loan Party, in each case, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) encumbrances and restrictions existing under or by reason of this Agreement or any other Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any agreement or instrument in effect on the Effective Date, and any replacement thereof that is entered into on an arm's-length basis and, taken as a whole, is no more restrictive that the agreement or instrument it replaces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) encumbrances or restrictions contained in any agreement of a Person acquired by the Borrower or any Loan Party in effect at the time of such acquisition (and any replacement thereof that is entered into on an arm's-length basis and, taken as a whole, is no more restrictive that the agreement or instrument it replaces), so long as such agreement was not entered into solely in contemplation of such Person becoming a Subsidiary of the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Tax Equity Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 6.01(c) solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) encumbrances or restrictions contained in contracts for Disposition permitted by Section 6.04 with respect to the assets or property (including Equity Interests) to be sold thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) encumbrances or restrictions existing under or by reason of applicable law, regulation or similar restriction or by any Permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) encumbrances or restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) customary restrictions on the transfer of non-cash assets contained in power purchase agreements and similar agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) customary provisions contained in agreements entered into in the ordinary course of business.

SECTION 6.10. <u>Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents</u>. The Borrower will not, and will not permit any Subsidiary to, directly or indirectly voluntarily prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire, any Subordinated Indebtedness or any Indebtedness from time to time outstanding under the Subordinated Indebtedness Documents. Furthermore, the Borrower will not, and will not permit any Subsidiary to, amend the Subordinated Indebtedness Documents or any document, agreement or instrument evidencing any Indebtedness incurred pursuant to the Subordinated Indebtedness Documents (or any replacements, substitutions, extensions or renewals thereof) or pursuant to which such Indebtedness is issued where such amendment, modification or supplement provides for the following or which has any of the following effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increases the overall principal amount of any such Indebtedness or increases the amount of any single scheduled installment of principal or interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shortens or accelerates the date upon which any installment of principal or interest becomes due or adds any additional mandatory redemption provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shortens the final maturity date of such Indebtedness or otherwise accelerates the amortization schedule with respect to such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) increases the rate of interest accruing on such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) provides for the payment of additional fees or increases existing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) amends or modifies any financial or negative covenant (or covenant which prohibits or restricts the Borrower or any Subsidiary from taking certain actions) in a manner which is more onerous or more restrictive in any material respect to the Borrower or such Subsidiary or which is otherwise materially adverse to the Borrower, any Subsidiary and/or the Lenders or, in the case of any such covenant, which places material additional restrictions on the Borrower or such Subsidiary or which requires the Borrower or such Subsidiary to comply with more restrictive

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financial ratios or which requires the Borrower to better its financial performance, in each case from that set forth in the existing applicable covenants in the Subordinated Indebtedness Documents or the applicable covenants in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) amends, modifies or adds any affirmative covenant in a manner which (i) when taken as a whole, is materially adverse to the Borrower, any Subsidiary and/or the Lenders or (ii) is more onerous than the existing applicable covenant in the Subordinated Indebtedness Documents or the applicable covenant in this Agreement.

SECTION 6.11. <u>Sale and Leaseback Transactions</u>. The Borrower will not, nor will it permit any Subsidiary to, enter into any Sale and Leaseback Transaction, other than (a) Sale and Leaseback Transactions made in connection with any Permitted Tax Equity Arrangement or (b) after giving effect to such Sale and Leaseback Transaction on a pro forma basis, the Borrower is in compliance with the Applicable Leverage Ratio.

SECTION 6.12. <u>Financial Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Maximum Leverage Ratio</u>. The Borrower will not permit (i) the Leverage Ratio, determined as of the end of the sixth full fiscal quarter ending after the Effective Date for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, calculated for the Borrower and its Subsidiaries on a consolidated basis, to be greater than 6.50 to 1.00, (ii) the Leverage Ratio, determined as of the end of the seventh full fiscal quarter ending after the Effective Date for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, calculated for the Borrower and its Subsidiaries on a consolidated basis, to be greater than 6.25 to 1.00, (iii) the Leverage Ratio, determined as of the end of the eighth full fiscal quarter ending after the Effective Date for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, calculated for the Borrower and its Subsidiaries on a consolidated basis, to be greater than 6.00 to 1.00, (iv) the Leverage Ratio, determined as of the end of the ninth full fiscal quarter ending after the Effective Date for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, calculated for the Borrower and its Subsidiaries on a consolidated basis, to be greater than 5.75 to 1.00, (v) the Leverage Ratio, determined as of the end of each of its fiscal quarters ending on and after the tenth full fiscal quarter ending after the Effective Date for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its Subsidiaries on a consolidated basis, to be greater than 5.50 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Minimum Interest Coverage Ratio</u>. The Borrower will not permit the ratio (the "<u>Interest Coverage Ratio</u>"), determined as of the end of each of its fiscal quarters ending on and after the end of the sixth full fiscal quarter ending after the Effective Date of (i) CFADs to (ii) Consolidated Interest Expense, in each case for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, to be less than 1.75 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Debt to Invested Capital Ratio</u>. The Borrower will not permit the ratio (the "<u>Debt to Capitalization Ratio</u>"), determined as of the end of each of its first five full fiscal quarters ending after the Effective Date, of (i) Consolidated Total Indebtedness to (ii) the sum of (A) Consolidated Total Indebtedness and (B) Invested Capital, in each case of the Borrower and its Subsidiaries, to be greater than 65%.

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ARTICLE VII

<u>Events of Default</u> 

SECTION 7.01. <u>Events of Default</u>. If any of the following events ("<u>Events of Default</u>") shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in Section 7.01(a)) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect or misleading in any material respect when made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), Section 5.03 (with respect to the Borrower's existence only), Section 5.08, in <u>Article VI</u> or in <u>Article X</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Borrower or any Subsidiary Guarantor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in Section 7.01(a), (b) or (d)) or any other Loan Document, and such failure shall continue unremedied for a period of thirty (30) days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) the Borrower, MN8 Energy Operating Company LLC or MN8 Energy, LLC or any other Material Domestic Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness of the Borrower, MN8 Energy OpCo LLC or MN8 Energy, LLC or any other Material Domestic Subsidiary, when and as the same shall become due and payable (after giving effect to any applicable grace period provided in the applicable agreement or instrument under which such Material Indebtedness was created).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) any event or condition occurs that results in any Material Indebtedness of the Borrower, MN8 Energy OpCo LLC, MN8 Energy, LLC or any other Material Domestic Subsidiary becoming due prior to its scheduled maturity or that enables or permits, after the expiration of any applicable grace period, and upon delivery of any applicable required notice, provided in the applicable agreement or instrument under which such Indebtedness was created, the holder or holders of such Material Indebtedness or any trustee or agent on their behalf to cause any such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof; <u>provided</u> that this clause (g) shall not apply to (i) secured Material Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement),

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(ii) any Material Indebtedness that becomes due as a result of a refinancing thereof permitted by Section 6.01, (iii) any reimbursement obligation in respect of a letter of credit, bankers acceptance or similar obligation as a result of a drawing thereunder by a beneficiary thereunder in accordance with its terms and (iv) any such Material Indebtedness that is mandatorily prepayable prior to the scheduled maturity thereof with the proceeds of the issuance of capital stock, the incurrence of other Indebtedness or the sale or other disposition of any assets, so long as such Material Indebtedness that has become due is so prepaid in full with such net proceeds required to be used to prepay such Material Indebtedness when due (or within any applicable grace period provided in the applicable agreement or instrument under which such Indebtedness was created) and such event shall not have otherwise resulted in an event of default with respect to such Material Indebtedness; <u>provided,</u> <u>further</u>, that (prior to any such Material Indebtedness becoming due prior to its scheduled maturity) if such event or condition is cured, waived or otherwise remedied within sixty (60) days of the occurrence thereof then such event or condition shall not constitute a Default or Event of Default for the purposes of the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (x) liquidation, reorganization or other relief in respect of the Borrower, MN8 Energy OpCo LLC, MN8 Energy, LLC or any other Material Domestic Subsidiary or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (y) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower, MN8 Energy OpCo LLC, MN8 Energy, LLC or any other Material Domestic Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower, MN8 Energy OpCo LLC or MN8 Energy, LLC or any other Material Domestic Subsidiary shall (u) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other comparable relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (v) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in Section 7.01(h), (w) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower, MN8 Energy OpCo LLC or MN8 Energy, LLC or any other Material Domestic Subsidiary or for a substantial part of its assets, (x) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (y) make a general assignment for the benefit of creditors or (z) take any action for the purpose of effecting any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) one or more judgments for the payment of money in an aggregate amount in excess of $50,000,000 shall be rendered against the Borrower, MN8 Energy OpCo LLC, MN8 Energy, LLC or any other Material Domestic Subsidiary or any combination thereof and the same shall remain undischarged for a period of sixty (60) consecutive days during which execution shall not be effectively stayed or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower, MN8 Energy OpCo LLC, MN8 Energy, LLC or any other Material Domestic Subsidiary to enforce any such judgment unless such judgment is covered by a solvent and independent third-party insurance company and such insurer has been notified of the potential claim and does not dispute coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) an ERISA Event shall have occurred that when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a Change in Control shall occur;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all Secured Obligations, ceases to be in full force and effect; or a Loan Party or any Affiliate of a Loan Party expressly repudiates in writing the validity or enforceability of any provision of any Loan Document; or a Loan Party denies in writing that it has any or further liability or obligation under any Loan Document, or expressly purports in writing to revoke, terminate or rescind any Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any Collateral Document shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority Lien (subject to Permitted Liens) in a material portion of the Collateral purported to be covered thereby, except (i) as permitted by the terms of any Loan Document or (ii) to the extent any loss of perfection or priority results solely from (A) the Administrative Agent no longer having possession of certificates actually delivered to it representing Equity Interests pledged under any Collateral Document or (B) a UCC filing having lapsed because a UCC continuation statement was not filed in a timely manner.

SECTION 7.02. <u>Remedies Upon an Event of Default</u>. If an Event of Default occurs (other than an event with respect to the Borrower described in Section 7.01(h) or 7.01(i)), and at any time thereafter during the continuance of such Event of Default, the Administrative Agent may with the consent of the Required Lenders, and shall at the request of the Required Lenders, by notice to the Borrower, take any or all of the following actions, at the same or different times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) terminate the Commitments, and thereupon the Commitments shall terminate immediately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Secured Obligations accrued hereunder and under any other Loan Document, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower and the other Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) require that the Borrower provide cash collateral as required in Section 2.06(j); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercise on behalf of itself, the Lenders and the Issuing Bank all rights and remedies available to it, the Lenders and the Issuing Bank under the Loan Documents and applicable law.

If an Event of Default described in Section 7.01(h) or 7.01(i) occurs with respect to the Borrower, the Commitments shall automatically terminate and the principal of the Loans then outstanding and cash collateral for the LC Exposure, together with accrued interest thereon and all fees and other Secured Obligations accrued hereunder and under any other Loan Document, shall automatically become due and payable, and the obligation of the Borrower to cash collateralize the LC Exposure as provided in clause (c) above shall automatically become effective, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

In addition to any other rights and remedies granted to the Administrative Agent and the Lenders in the Loan Documents, the Administrative Agent on behalf of the Lenders may exercise all rights and remedies of a secured party under the UCC or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Loan Party or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived by the Borrower on behalf of itself and its Subsidiaries), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, or consent to the use by any Loan Party of any cash collateral arising in respect of the Collateral on such terms

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as the Administrative Agent deems reasonable, and/or may forthwith sell, lease, assign give an option or options to purchase or otherwise dispose of and deliver, or acquire by credit bid on behalf of the Secured Parties, the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker's board or office of the Administrative Agent or any Lender or elsewhere, upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery, all without assumption of any credit risk. The Administrative Agent or any Lender shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Loan Party, which right or equity is hereby waived and released by the Borrower on behalf of itself and its Subsidiaries. The Borrower further agrees on behalf of itself and its Subsidiaries, at the Administrative Agent's request, to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at the premises of the Borrower, another Loan Party or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this <u>Article VII</u>, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any other way relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder, including reasonable attorneys' fees and disbursements, to the payment in whole or in part of the Secured Obligations, in such order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law, including Section 9-615(a)(3) of the New York Uniform Commercial Code, need the Administrative Agent account for the surplus, if any, to any Loan Party. To the extent permitted by applicable law, the Borrower on behalf of itself and its Subsidiaries waives all Liabilities it may acquire against the Administrative Agent or any Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition.

SECTION 7.03. <u>Application of Payments</u>. Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event of Default, and notice thereof to the Administrative Agent by the Borrower or the Required Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all payments received on account of the Secured Obligations shall, subject to Section 2.21, be applied by the Administrative Agent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first</u>, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts payable to the Administrative Agent (including fees and disbursements and other charges of counsel to the Administrative Agent payable under Section 9.03 and amounts pursuant to Section 2.12(c) payable to the Administrative Agent in its capacity as such);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>second</u>, to payment of that portion of the Secured Obligations constituting fees, expenses, indemnities and other amounts (other than principal, reimbursement obligations in respect of LC Disbursements, interest and Letter of Credit fees) payable to the Lenders, the Issuing Bank and the other Secured Parties (including fees and disbursements and other charges of counsel to the Lenders and the Issuing Bank payable under Section 9.03) arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause (ii) payable to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>third</u>, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees and charges and interest on the Loans and unreimbursed LC Disbursements, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause (iii) payable to them;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>fourth</u>, (A) to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and unreimbursed LC Disbursements, (B) to cash collateralize that portion of LC Exposure comprising the undrawn amount of Letters of Credit to the extent not otherwise cash collateralized by the Borrower pursuant to Section 2.06 or 2.21; <u>provided</u> that (x) any such amounts applied pursuant to subclause (B) above shall be paid to the Administrative Agent for the account of the Issuing Bank to cash collateralize Secured Obligations in respect of Letters of Credit, (y) subject to Section 2.06 or 2.21, amounts used to cash collateralize the aggregate amount of Letters of Credit pursuant to this clause (iv) shall be used to satisfy drawings under such Letters of Credit as they occur and (z) upon the expiration of any Letter of Credit (without any pending drawings), the pro rata share of cash collateral shall be distributed to the other Secured Obligations, if any, in the order set forth in this Section 7.03 and (C) to any other amounts owing with respect to Banking Services Obligations and Swap Obligations, in each case, ratably among the Lenders and the Issuing Bank and any other applicable Secured Parties in proportion to the respective amounts described in this clause (iv) payable to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>fifth</u>, to the payment in full of all other Secured Obligations, in each case ratably among the Administrative Agent, the Lenders, the Issuing Bank and the other Secured Parties based upon the respective aggregate amounts of all such Secured Obligations owing to them in accordance with the respective amounts thereof then due and payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>finally</u>, the balance, if any, after all Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn or expired (without any pending drawings), such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above.

SECTION 7.04. <u>Right to Cure</u>. Notwithstanding anything to the contrary contained in Section 7.01, in the event that the Borrower fails to comply with the requirements of the financial covenant set forth in Section 6.12(a), then cash equity contributions (which shall be common equity or other equity with terms reasonably satisfactory to the Administrative Agent), made to the Borrower following the end of any fiscal quarter and prior to the day that is ten (10) days after the date financial statements are required to be delivered for such fiscal quarter will, at the request of the Borrower, (x) be included in the calculation of CFADS solely for the purposes of determining compliance with Section 6.12(a) at the end of such fiscal quarter and applicable subsequent periods which include such fiscal quarter (any such equity contribution so included in the calculation of CFADS, a "<u>Specified Equity Contribution</u>"); <u>provided</u> that (a) (i) no more than five (5) Specified Equity Contributions may be made during the term of this Agreement and (ii) in any four (4) consecutive fiscal quarter period, there shall be at least two (2) fiscal quarters in respect of which no Specified Equity Contribution is made, (b) the amount of any Specified Equity Contribution in any period shall be no greater than the amount required to cause the Borrower to be in pro forma compliance with Section 6.12(a) for such period, (c) all Specified Equity Contributions shall be counted solely for purposes of compliance with Section 6.12(a) and shall be disregarded for all other purposes, including for purposes of determining the availability or amount of any baskets with respect to the covenants contained in the Loan Documents, pricing, or for any other purpose and (d) notwithstanding the making of any prepayment of any Indebtedness with the proceeds of any Specified Equity Contribution there shall be no pro forma reduction in Indebtedness for purposes of determining compliance with Section 6.12(a) for the fiscal quarter in which such Specified Equity Contribution is made or any subsequent four fiscal quarter period which includes such fiscal quarter. If, after giving effect to the Specified Equity Contribution, the

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Borrower is in compliance with the financial covenant set forth in Section 6.12(a), the Borrower shall be deemed to have satisfied the requirements of Section 6.12(a) as of the relevant date of determination with the same effect as though there had been no failure to comply on such date, and any potential breach or default of Section 6.12(a) shall be deemed cured for purposes of this Agreement. From and after the receipt by the Administrative Agent of a written notice from the Borrower of its intent to exercise the cure right pursuant to this Section 7.04 with respect to a particular fiscal quarter and until the expiration of the tenth (10<sup>th</sup>) day after the date financial statements are required to be delivered for such fiscal quarter, neither the Administrative Agent nor the Required Lenders shall exercise any right under Section 7.01 solely on the basis of an Event of Default having occurred and being continuing in respect of a failure to comply with the requirements of the financial covenant set forth in Section 6.12(a).

ARTICLE VIII

<u>The Administrative Agent</u> 

SECTION 8.01. <u>Authorization and Action</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and the Issuing Bank hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent and collateral agent under the Loan Documents and each Lender and the Issuing Bank authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto. Further, each of the Lenders and the Issuing Bank, on behalf of itself and any of its Affiliates that are Secured Parties, hereby irrevocably empower and authorize JPMorgan Chase Bank, N.A. (in its capacity as Administrative Agent) to execute and deliver the Collateral Documents and all related documents or instruments as shall be necessary or appropriate to effect the purposes of the Collateral Documents. In addition, to the extent required under the laws of any jurisdiction other than within the United States, each Lender and the Issuing Bank hereby grants to the Administrative Agent any required powers of attorney to execute and enforce any Collateral Document governed by the laws of such jurisdiction on such Lender's or the Issuing Bank's behalf. Without limiting the foregoing, each Lender and the Issuing Bank hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, and to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and the Issuing Bank; <u>provided</u>, however, that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the Issuing Bank with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; <u>provided</u>, <u>further</u>, that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction

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has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders and the Issuing Bank (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender, the Issuing Bank or any other Secured Party other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term "agent" (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and/or the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Administrative Agent is required or deemed to act as a trustee in respect of any Collateral over which a security interest has been created pursuant to a Loan Document expressed to be governed by the laws of any jurisdiction other than the United States of America, or is required or deemed to hold any Collateral "on trust" pursuant to the foregoing, the obligations and liabilities of the Administrative Agent to the Secured Parties in its capacity as trustee shall be excluded to the fullest extent permitted by applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of any Co-Syndication Agent or any Arranger shall have obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In case of the pendency of any proceeding with respect to any Loan Party under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or any reimbursement obligation in respect of any LC Disbursement shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Loan Party) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursements and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Bank and the Administrative Agent (including any claim under Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender, the Issuing Bank and each other Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, the Issuing Bank or the other Secured Parties, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03). Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or the Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or the Issuing Bank in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The provisions of this <u>Article VIII</u> are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and, except solely to the extent of the Borrower's rights to consent pursuant to and subject to the conditions set forth in this <u>Article VIII</u>, none of the Borrower or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Secured Obligations provided under the Loan Documents, to have agreed to the provisions of this <u>Article VIII</u>.

SECTION 8.02. <u>Administrative Agent</u><u>'</u><u>s Reliance, Limitation of Liability, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by such party, the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other

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document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with the Administrative Agent's reliance on any Electronic Signature transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page) or for any failure of any Loan Party to perform its obligations hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall be deemed not to have knowledge of any (i) notice of any of the events or circumstances set forth or described in Section 5.02 unless and until written notice thereof stating that it is a "notice under Section 5.02" in respect of this Agreement and identifying the specific clause under said Section is given to the Administrative Agent by the Borrower or (ii) notice of any Default or Event of Default unless and until written notice thereof (stating that it is a "notice of Default" or a "notice of an Event of Default") is given to the Administrative Agent by the Borrower, a Lender or the Issuing Bank. Further, the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the satisfaction of any condition set forth in <u>Article IV</u> or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent or (vi) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral. Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable for, or be responsible for any Liabilities, costs or expenses suffered by the Borrower, any Subsidiary, any Lender or the Issuing Bank as a result of, any determination of the Revolving Credit Exposure, any of the component amounts thereof or any portion thereof attributable to each Lender or the Issuing Bank or any Dollar amount thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal counsel (including counsel to the Borrower), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender or the Issuing Bank and shall not be responsible to any Lender or the Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, may presume that such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

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SECTION 8.03. <u>Posting of Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Issuing Bank by posting the Communications on IntraLinks<sup>™</sup>, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "<u>Approved Electronic Platform</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, the Issuing Bank and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, the Issuing Bank and the Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED "AS IS" AND "AS AVAILABLE". THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY CO-SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, "<u>APPLICABLE PARTIES</u>") HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, THE ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY'S OR THE ADMINISTRATIVE AGENT'S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender and the Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender and the Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender's or the Issuing Bank's (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the Lenders, the Issuing Bank and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent's generally applicable document retention procedures and policies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing herein shall prejudice the right of the Administrative Agent, any Lender or the Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

SECTION 8.04. <u>The Administrative Agent Individually</u>. With respect to its Commitment, Loans (including Swingline Loans) and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be. The terms "Issuing Bank", "Lenders", "Required Lenders" and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, the Issuing Bank or as one of the Required Lenders, as applicable. The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrower, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Bank.

SECTION 8.05. <u>Successor Administrative Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent may resign at any time by giving 30 days' prior written notice thereof to the Lenders, the Issuing Bank and the Borrower, whether or not a successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent's giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank. In either case, such appointment shall be subject to the prior written approval of the Borrower (which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent. Upon the acceptance of appointment as Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent's resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Bank and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents; <u>provided</u> that, solely for purposes of maintaining any security interest granted to the Administrative Agent under any Collateral Document for the benefit of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties, and continue to be entitled to the rights set forth in such Collateral Document and Loan Document, and, in the case of any Collateral in the possession of the Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this Section (it being understood and agreed

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that the retiring Administrative Agent shall have no duty or obligation to take any further action under any Collateral Document, including any action required to maintain the perfection of any such security interest) and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; <u>provided</u> that (A) all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the Administrative Agent shall directly be given or made to each Lender and the Issuing Bank. Following the effectiveness of the Administrative Agent's resignation from its capacity as such, the provisions of this <u>Article VIII</u> and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent and in respect of the matters referred to in the proviso under clause (i) above.

SECTION 8.06. <u>Acknowledgements of Lenders and Issuing Bank</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and the Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender or the Issuing Bank, in each case in the ordinary course of business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Lender and the Issuing Bank agrees not to assert a claim in contravention of the foregoing), (iii) it has, independently and without reliance upon the Administrative Agent, any Arranger, any Co-Syndication Agent or any other Lender or the Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and (iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or the Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender and the Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger any Co-Syndication Agent or any other Lender or the Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and

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collectively, a "<u>Payment</u>") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section 8.06(c) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Borrower and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations (or any other Secured Obligations) owed by the Borrower or any other Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each party's obligations under this Section 8.06(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

SECTION 8.07. <u>Collateral Matters</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except with respect to the exercise of setoff rights in accordance with Section 9.08 or with respect to a Secured Party's right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of the Secured Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Secured Parties in accordance with the terms thereof. In its capacity, the Administrative Agent is a "representative" of the

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Secured Parties within the meaning of the term "secured party" as defined in the UCC. In the event that any Collateral is hereafter pledged by any Person as collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties. The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held by the Administrative Agent upon any Collateral (i) as described in Section 9.02(d); (ii) as permitted by, but only in accordance with, the terms of the applicable Loan Document; or (iii) if approved, authorized or ratified in writing by the Required Lenders, unless such release is required to be approved by all of the Lenders hereunder. Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent's authority to release particular types or items of Collateral pursuant hereto. Upon any sale or transfer of assets constituting Collateral which is permitted pursuant to the terms of any Loan Document, or consented to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least five (5) Business Days' prior written request by the Borrower to the Administrative Agent, the Administrative Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the Administrative Agent for the benefit of the Secured Parties herein or pursuant hereto upon the Collateral that was sold or transferred; <u>provided</u>, <u>however</u>, that (i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent's reasonable opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Secured Obligations or any Liens upon (or obligations of the Loan Parties in respect of) all interests retained by any Loan Party, including (without limitation) the proceeds of the sale, all of which shall continue to constitute part of the Collateral. Any execution and delivery by the Administrative Agent of documents in connection with any such release shall be without recourse to or warranty by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In furtherance of the foregoing and not in limitation thereof, no Banking Services Agreement or Swap Agreement will create (or be deemed to create) in favor of any Secured Party that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such Banking Services Agreement or Swap Agreement, as applicable, shall be deemed to have appointed the Administrative Agent to serve as administrative agent and collateral agent under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion, to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(j). The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent's Lien thereon or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders or any other Secured Party for any failure to monitor or maintain any portion of the Collateral.

SECTION 8.08. <u>Credit Bidding</u>. The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or

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1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties' ratable interests in the Secured Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Secured Obligations which were credit bid, interests, whether as equity, partnership interests, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of Secured Obligations credit bid by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Secured Parties pro rata with their original interest in such Secured Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Secured Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that the ratable portion of the Secured Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

SECTION 8.09. <u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender is not using "plan assets" (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and the Arrangers, the Co-Syndication Agents, the Documentation Agent or any of their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, or the Arrangers, the Co-Syndication Agents or any of their respective Affiliates is a fiduciary with respect to the Collateral or the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent, each Arranger and each Co-Syndication Agent hereby informs the Lenders that each such Person is not undertaking to provide investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent fees or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker's acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

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ARTICLE IX

<u>Miscellaneous</u> 

SECTION 9.01. <u>Notices</u>. (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to the Borrower, to it at 1155 Avenue of the Americas, 27<sup>th</sup> Floor, , New York, New York 10036, Attention of Lucas Mendelson (treasurycompliance@mn8energy.com; Telephone No. (516) 614-2822)]<sup>2</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Administrative Agent, (A) in the case of Borrowings, to JPMorgan Chase Bank, N.A., 10 South Dearborn St., Chicago, IL 60603, Attention of [__] (Telecopy No. [__]), (B) in the case of a notification of the DQ List, to JPMDQ_Contact@jpmorgan and (C) for all other notices, to JPMorgan Chase Bank, N.A., [__], Attention of [__] (Telecopy No. [__]);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if to the Issuing Bank, to it at JPMorgan Chase Bank, N.A., 10 South Dearborn St., Chicago, IL 60603, Attention of [__] (Telecopy No. [__]);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if to the Swingline Lender, to it at JPMorgan Chase Bank, N.A., 10 South Dearborn St., Chicago, IL 60603, Attention of [__] (Telecopy No. [__]); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notices and other communications to any Loan Party, the Lenders and the Issuing Bank hereunder may be delivered or furnished by using Approved Electronic Platforms pursuant to procedures approved by the Administrative Agent; <u>provided</u> that the foregoing shall not apply to notices pursuant to <u>Article</u> <u>II</u> unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; <u>provided</u> that approval of such procedures may be limited to particular notices or communications.

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<sup>2</sup> Borrower does not have a telecopy number.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; <u>provided</u> that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.

SECTION 9.02. <u>Waivers; Amendments</u>. (a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in Section 2.20 with respect to an Incremental Term Loan Amendment or as provided in Section 2.14(b) and Section 2.14(c), neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; <u>provided</u> that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby (except that no amendment or modification of the financial covenants in this Agreement (or defined terms used in the financial covenants in this Agreement) shall constitute a reduction in the rate of interest or fees for purposes of this clause (ii)), (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon (other than interest payable at the applicable default rate set forth in Section 2.13(c)), or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change Section 2.09(c) or 2.18(b) or (d) in a manner that would alter the ratable reduction of Commitments or the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change the payment waterfall provisions of Section 2.21(b) or 7.03 without the written consent of each Lender, (vi) change any of the provisions of this Section or the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender (it being understood that, solely with the consent of the parties prescribed by Section 2.20 to be parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of Required Lenders on substantially the same basis as the Commitments and the Loans are included on the Effective Date), (vii) (x) release the Borrower from its obligations under <u>Article X</u> or (y) release (A) any of MN8 Energy OpCo LLC or MN8 Energy, LLC from its obligations

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under the Subsidiary Guaranty or (B) the Liens granted to the Administrative Agent on the Equity Interests in any of MN8 Energy OpCo LLC or MN8 Energy, LLC, in each case, without the written consent of each Lender, or (viii) except as provided in clause (d) of this Section or in any Collateral Document, release all or substantially all of the Collateral, without the written consent of each Lender; <u>provided</u> <u>further</u> that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be (it being understood that any change to Section 2.21 shall require the consent of the Administrative Agent, the Issuing Bank and the Swingline Lender); and <u>provided</u> <u>further</u> that no such agreement shall amend or modify the provisions of Section 2.06 without the prior written consent of the Administrative Agent and the Issuing Bank. Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement shall be required of any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender shall be directly affected by such amendment, waiver or other modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing but without expanding the parties whose consent is required pursuant to Section 2.20 for an Incremental Term Loan Amendment, this Agreement and any other Loan Document may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (x) to add one or more credit facilities (in addition to the Incremental Term Loans pursuant to an Incremental Term Loan Amendment) to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Revolving Loans, Incremental Term Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, in connection with any proposed amendment, waiver or consent requiring the consent of "each Lender" or "each Lender directly affected thereby," the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a "<u>Non-Consenting Lender</u>"), then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, (ii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender and (iii) such Non-Consenting Lender shall have received the outstanding principal amount of its Loans and participations in LC Disbursements. Each party hereto agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and (ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to

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have consented to and be bound by the terms thereof; <u>provided</u> that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything herein to the contrary, as to any amendment or amendment and restatement otherwise approved in accordance with this Section, it shall not be necessary to obtain the consent or approval of any Lender that, upon giving effect to such amendment or amendment and restatement, would have no Commitment or outstanding Loans so long as such Lender receives payment in full of the principal of and interest accrued on each Loan made by, and all other amounts owing to, such Lender or accrued for the account of such Lender under this Agreement and the other Loan Documents at the time such amendment, amendment and restatement or other modification becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary herein, if the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment, modification or supplement shall become effective without any further action or consent of any other party to this Agreement.

SECTION 9.03. <u>Expenses; Limitation of Liability; Indemnity,</u> <u>Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Expenses</u>. The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and the Arrangers and their Affiliates (which shall be limited, in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and other charges of a single firm as primary counsel, and, if applicable, a single firm of local counsel in each applicable jurisdiction), in connection with the syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender (which shall be limited, in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and other charges of a single firm as primary counsel to all such parties, and, if applicable, a single firm of local counsel in each applicable jurisdiction, for the Administrative Agent, and, in the event of an actual or reasonably perceived conflict of interest (as reasonably determined by the Administrative Agent or the Issuing Bank or applicable Lender), one additional firm of primary counsel for each group of similarly affected persons, and to the extent required, one firm of local counsel in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions)) in connection with the enforcement or protection of its rights in connection with this Agreement and any other Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses (subject to the foregoing limitations with respect to legal fees and expenses) incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Limitation of Liability</u>. To the extent permitted by applicable law (i) the Borrower and any other Loan Party shall not assert, and the Borrower and each other Loan Party hereby waives, any claim against the Administrative Agent, any Arranger, any Co-Syndication Agent, the Issuing Bank and any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a "<u>Lender-Related Person</u>") for any Liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet), other than any such claims for direct or actual damages that are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from the gross negligence or willful misconduct of such Lender-Related Person, and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; <u>provided</u> that, nothing in this Section 9.03(b) shall relieve the Borrower or any other Loan Party of any obligation it may have to indemnify an Indemnitee, as provided in Section 9.03(c), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnity</u>. The Borrower shall indemnify the Administrative Agent, each Arranger, each Co-Syndication Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all Liabilities and related reasonable and documented expenses (which shall be limited, in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and other charges of a single firm of primary counsel for all Indemnitees, along with such specialist counsel as may reasonably be required by the Administrative Agent, and a single firm of local counsel in each applicable jurisdiction for all Indemnitees and, in the event of an actual or reasonably perceived conflict of interest (as reasonably determined by the applicable Indemnitee), one additional firm of primary counsel and one additional local counsel in each applicable jurisdiction to each group of similarly affected Indemnitees incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, (ii) the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (iii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iv) any act or omission of the Administrative Agent in connection with the administration of this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, (v) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (vi) any actual or prospective Proceeding in any jurisdiction relating to any of the foregoing (including in relation to enforcing the terms of the limitation of liability and indemnification referred to above), whether or not such Proceeding is brought by the Borrower or any other Loan Party or its or their respective equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such Liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from (i) the gross negligence or willful misconduct of such Indemnitee or any of its Controlled Related Parties, (ii) a breach by such Indemnitee or any of its Controlled Related Parties of its material obligations under this Agreement or the other Loan Documents or (iii) any dispute solely among Indemnitees (not arising from any act or omission of the Borrower or any of its Affiliates) other than claims against an Indemnitee acting in its capacity as, or in fulfilling its role as, the Administrative Agent, an Arranger, the Swingline Lender or the Issuing Bank under this Agreement or the other Loan Documents). As used above, a "<u>Controlled Related Party</u>" of an Indemnitee means (1) any Controlling Person or Controlled Affiliate of such Indemnitee, (2) the respective directors, officers, or

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employees of such Indemnitee or any of its Controlling Persons or Controlled Affiliates and (3) the respective agents or representatives of such Indemnitee or any of its Controlling Persons or Controlled Affiliates, in the case of this clause (3), acting at the instructions of such Indemnitee, Controlling Person or Controlled Affiliate; <u>provided</u> that each reference to a Controlling Person, Controlled Affiliate, director, officer or employee in this sentence pertains to a Controlling Person, Controlled Affiliate, director, officer or employee involved in the arrangement, negotiation or syndication of the credit facilities evidenced by this Agreement. This Section 9.03(c) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Lender Reimbursement</u>. Each Lender severally agrees to pay any amount required to be paid by the Borrower under paragraph (a), (b) or (c) of this Section 9.03 to the Administrative Agent, the Issuing Bank and the Swingline Lender, and each Related Party of any of the foregoing Persons (each, an "<u>Agent-Related Person</u>") (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Applicable Percentage in effect on the date on which such payment is sought under this Section (or, if such payment is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior to such date), and agrees to indemnify and hold each Agent-Related Person harmless from and against any and all Liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent-Related Person in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent-Related Person under or in connection with any of the foregoing; <u>provided</u> that the unreimbursed expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related Person in its capacity as such; <u>provided</u> <u>further</u> that no Lender shall be liable for the payment of any portion of such Liabilities, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted primarily from such Agent-Related Person's gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Payments</u>. All amounts due under this Section 9.03 shall be payable not later than thirty (30) days after written demand therefor.

SECTION 9.04. <u>Successors and Assigns</u>. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Borrower (provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof); <u>provided</u>, further, that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Issuing Bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Swingline Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments shall be subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent; <u>provided</u> that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement; <u>provided</u> that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee's compliance procedures and applicable laws, including federal and state securities laws.

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For the purposes of this Section 9.04(b), the terms "Approved Fund" and "Ineligible Institution" have the following meanings:

"<u>Approved Fund</u>" means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

"<u>Ineligible Institution</u>" means (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) the Borrower, any of its Subsidiaries or any of its Affiliates, (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (e) a Disqualified Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive (absent manifest error), and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee's completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; <u>provided</u> that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(d), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Lender may, without the consent of, or notice to, the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, sell participations to one or more banks or other entities (a "<u>Participant</u>"), other than an Ineligible Institution, in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); <u>provided</u> that (A) such Lender's obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Section 2.17(f) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; <u>provided</u> that such Participant agrees to be subject to Section 2.18(d) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations or Section 1.163-5(b) of the Proposed United States Treasury Regulations (or, in each case, any amended or successor version). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority having jurisdiction over such Lender, and this Section shall not apply to any such pledge or assignment of a security interest; <u>provided</u> that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Disqualified Institutions</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No assignment or participation shall be made to any Person that was a Disqualified Institution as of the date (the "<u>Trade Date</u>") on which the assigning Lender entered into a binding agreement to sell and assign or grant a participation in all or a portion of its rights and obligations under this Agreement to such Person (unless the Borrower has consented to such assignment or participation in writing in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose of such assignment or participation). For the avoidance of doubt, with respect to any assignee or Participant that becomes a Disqualified Institution after the applicable Trade Date (including as a result of the delivery of a written supplement to the list of "Disqualified Institutions" referred to in, the definition of "Disqualified Institution"), (x) such assignee or Participant shall not retroactively be disqualified from becoming a Lender or Participant and (y) the execution by the Borrower of an Assignment and Assumption with respect to such assignee will not by itself result in such assignee no longer being considered a Disqualified Institution. Any assignment or participation in violation of this clause (e)(i) shall not be void, but the other provisions of this clause (e) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any assignment or participation is made to any Disqualified Institution without the Borrower's prior written consent in violation of clause (i) above, or if any Person becomes a Disqualified Institution after the applicable Trade Date, the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent, require such Disqualified Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 9.04), all of its interest, rights and obligations under this Agreement to one or more Persons (other than an Ineligible Institution) at the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such interests, rights and obligations in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions to whom an assignment or participation is made in violation of clause (i) above (A) will not have the right to (x) receive information, reports or other materials provided to Lenders by the Borrower, the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative Agent, or (z) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders and (B) (x) for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified Institution will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such matter and (y) for purposes of voting on any plan of reorganization, each Disqualified Institution party hereto hereby agrees (1) not to vote on such plan of reorganization, (2) if such Disqualified Institution does vote on such plan of reorganization notwithstanding the restriction in the foregoing clause (1), such vote will be deemed not to be in good faith and shall be "designated" pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other applicable laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such plan of reorganization in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other applicable laws) and (3) not to contest any request by any party for a determination by the Bankruptcy Court (or other applicable court of competent jurisdiction) effectuating the foregoing clause (2).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Administrative Agent shall have the right, and the Borrower hereby expressly authorizes the Administrative Agent, to (A) post the list of Disqualified Institutions provided by the Borrower and any updates thereto from time to time (collectively, the "<u>DQ List</u>") on an Approved Electronic Platform, including that portion of such Approved Electronic Platform that is designated for "public side" Lenders and/or (B) provide the DQ List to each Lender or potential Lender requesting the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether any other Lender or Participant or prospective Lender or Participant is a Disqualified Institution or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, by any other Person to any Disqualified Institution.

SECTION 9.05. <u>Survival</u>. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid (except for Unliquidated Obligations) or any Letter of Credit is outstanding (unless such Letter of Credit has been cash collateralized or backstopped pursuant to arrangements reasonably satisfactory to the Administrative Agent) and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and <u>Article VIII</u> shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.

SECTION 9.06. <u>Counterparts; Integration; Effectiveness</u><u>; Electronic Execution</u>. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to (i) fees payable to the Administrative Agent and (ii) the reductions of the Letter of Credit Commitment of the Issuing Bank, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an "<u>Ancillary Document</u>") that is an Electronic Signature transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping

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of records in any electronic form (including deliveries by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower or any other Loan Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic Signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower and each other Loan Party hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrower and the other Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) agrees that the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (iv) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent's and/or any Lender's reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrower and/or any other Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

SECTION 9.07. <u>Severability</u>. Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

SECTION 9.08. <u>Right of Setoff</u>. If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Bank, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final) at any time held, and other obligations at any time owing, by such Lender, the Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or the Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender, the Issuing Bank or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or the Issuing Bank different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; <u>provided</u> that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts

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so setoff shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Bank, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Bank or their respective Affiliates may have. Each Lender and the Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; <u>provided</u> that the failure to give such notice shall not affect the validity of such setoff and application.

SECTION 9.09. <u>Governing Law; Jurisdiction; Consent to Service of Process</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN ANY SUCH OTHER LOAN DOCUMENT) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Secured Party relating to this Agreement, any other Loan Document, the Collateral or the consummation or administration of the transactions contemplated hereby or thereby shall be construed in accordance with and governed by the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court. Each of the parties hereto agrees that a final judgment in any such 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. Nothing in this Agreement or in any other Loan Document shall (i) affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction, (ii) waive any statutory, regulatory, common law, or other rule, doctrine, legal restriction, provision or the like providing for the treatment of bank branches, bank agencies, or other bank offices as if they were separate juridical entities for certain purposes, including Uniform Commercial Code Sections 4-106, 4-A-105(1)(b), and 5-116(b), UCP 600 Article 3 and ISP98 Rule 2.02, and URDG 758 Article 3(a), or (iii) affect which courts have or do not have personal jurisdiction over the issuing bank or beneficiary of any Letter of Credit or any advising bank, nominated bank or assignee of proceeds thereunder or proper venue with respect to any litigation arising out of or relating to such Letter of Credit with, or affecting the rights of, any Person not a party to this Agreement, whether or not such Letter of Credit contains its own jurisdiction submission clause.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (c) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the parties hereto hereby irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

SECTION 9.10. <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

SECTION 9.11. <u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 9.12. <u>Confidentiality</u>. Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and its and their respective directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); provided that the disclosing Administrative Agent, Issuing Bank or Lender, as applicable, shall be responsible for compliance by such Persons with the provisions of this Section 9.12, (b) to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners) purporting to have jurisdiction over the Administrative Agent, Issuing Bank, the applicable Lender or its or their applicable Affiliates, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process (provided that the Administrative Agent, the Issuing Bank or such Lender, as applicable, agrees that it will, to the extent practicable and except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, notify the Borrower promptly thereof, unless such notification is prohibited by law, rule or regulation), (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies under this Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (1) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (2) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) on a confidential basis to (1) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service Bureau

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or any similar agency in connection with the issuance and monitoring of identification numbers with respect to the credit facilities provided for herein, (h) with the prior written consent of the Borrower or (i) to the extent such Information (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section, "Information" means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

**EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.** 

**ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.** 

SECTION 9.13. <u>USA PATRIOT Act</u>. Each Lender that is subject to the requirements of the Patriot Act and the requirements of the Beneficial Ownership Regulation hereby notifies the Borrower and each other Loan Party that, pursuant to the requirements of the Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies the Borrower or such Loan Party, which information includes the name, address and tax identification number of the Borrower and such Loan Party and other information that will allow such Lender to identify the Borrower and such Loan Party in accordance with the Patriot Act and the Beneficial Ownership Regulation and other applicable "know your customer" and anti-money laundering rules and regulations.

SECTION 9.14. <u>Releases of Subsidiary Guarantors</u> <u>and Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Subsidiary Guarantor (other than MN8 Energy OpCo LLC or MN8 Energy, LLC) shall automatically be released from its obligations under the Loan Documents upon the consummation of any transaction permitted by this Agreement as a result of which such Subsidiary Guarantor ceases to be a Subsidiary or becomes an Excluded Subsidiary. Upon any sale or other disposition, or entry into any transaction, by any Loan Party (other than to the Borrower or any Subsidiary)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Further, the Administrative Agent shall (and is hereby irrevocably authorized by each Lender to), upon the request of the Borrower, release any Subsidiary Guarantor (other than MN8 Energy OpCo LLC, MN8 Energy LLC and MN8 Energy Inc.) from its obligations under the Subsidiary Guaranty if (i) such Subsidiary Guarantor is no longer a Material Domestic Subsidiary, becomes an Excluded Subsidiary or is otherwise not required pursuant to the terms of this Agreement to be a Subsidiary Guarantor or (ii) such release is approved, authorized or ratified by the requisite Lenders pursuant to Section 9.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At such time as the principal and interest on the Loans, all LC Disbursements, the fees, expenses and other amounts payable under the Loan Documents and the other Secured Obligations (other than Swap Obligations not yet due and payable, Banking Services Obligations not yet due and payable, Unliquidated Obligations for which no claim has been made and other Obligations expressly stated to survive such payment and termination) shall have been paid in full in cash, the Commitments shall have been terminated and no Letters of Credit shall be outstanding (or any outstanding Letters of Credit shall have been cash collateralized or backstopped pursuant to arrangements reasonably satisfactory to the Administrative Agent) (the foregoing, collectively, the "<u>Final Release Conditions</u>"), the Subsidiary Guaranty and all obligations (other than those expressly stated to survive such termination) of each Subsidiary Guarantor thereunder shall automatically terminate, all without delivery of any instrument or performance of any act by any Person.

SECTION 9.15. <u>Appointment for Perfection</u>. Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession or control. Should any Lender (other than the Administrative Agent) obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent's request therefor shall deliver such Collateral to the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent's instructions.

SECTION 9.16. <u>Interest Rate Limitation</u>. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the "<u>Charges</u>"), shall exceed the maximum lawful rate (the "<u>Maximum Rate</u>") which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender.

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SECTION 9.17. <u>No Fiduciary Duty,</u> <u>etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower acknowledges and agrees, and acknowledges its Subsidiaries' understanding, that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm's length contractual counterparty to the Borrower with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person. The Borrower agrees that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby. Additionally, the Borrower acknowledges and agrees that no Credit Party is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction. The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries' understanding, that each Credit Party, together with its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the Borrower, its Subsidiaries and other companies with which the Borrower or any of its Subsidiaries may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries' understanding, that each Credit Party and its Affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which the Borrower or any of its Subsidiaries may have conflicting interests regarding the transactions described herein and otherwise. No Credit Party will use confidential information obtained from the Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrower in connection with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other companies. The Borrower also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrower or any of its Subsidiaries, confidential information obtained from other companies.

SECTION 9.18. <u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

SECTION 9.19. <u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support "<u>QFC Credit Support</u>" and each such QFC a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

ARTICLE X

<u>Borrower Guarantee</u> 

In order to induce the Lenders to extend credit to the Borrower hereunder and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Borrower hereby absolutely and irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety, the payment when and as due of the Specified Ancillary Obligations of the Designated Subsidiaries. The Borrower further agrees that the due and punctual payment of such Specified Ancillary Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal of any such Specified Ancillary Obligation.

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The Borrower waives presentment to, demand of payment from and protest to any Designated Subsidiary of any of the Specified Ancillary Obligations, and also waives notice of acceptance of its obligations and notice of protest for nonpayment. The obligations of the Borrower hereunder shall not be affected by (a) the failure of any applicable Lender (or any of its Affiliates) to assert any claim or demand or to enforce any right or remedy against any Designated Subsidiary under the provisions of any Banking Services Agreement, any Swap Agreement or otherwise; (b) any extension or renewal of any of the Specified Ancillary Obligations; (c) any rescission, waiver, amendment or modification of, or release from, any of the terms or provisions of the Specified Ancillary Obligations; (d) any default, failure or delay, willful or otherwise, in the performance of any of the Specified Ancillary Obligations; (e) the failure of any applicable Lender (or any of its Affiliates) to take any steps to perfect and maintain any security interest in, or to preserve any rights to, any security or collateral for the Specified Ancillary Obligations, if any; (f) any change in the corporate, partnership or other existence, structure or ownership of any Subsidiary or any other guarantor of any of the Specified Ancillary Obligations; (g) the enforceability or validity of the Specified Ancillary Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Specified Ancillary Obligations or any part thereof, or any other invalidity or unenforceability relating to or against any Designated Subsidiary or any other guarantor of any of the Specified Ancillary Obligations, for any reason related to this Agreement, any other Loan Document, any Banking Services Agreement, any Swap Agreement, or any provision of applicable law, decree, order or regulation of any jurisdiction purporting to prohibit the payment by such Designated Subsidiary or any other guarantor of the Specified Ancillary Obligations, of any of the Specified Ancillary Obligations or otherwise affecting any term of any of the Specified Ancillary Obligations; or (h) any other act, omission or delay to do any other act which may or might in any manner or to any extent vary the risk of the Borrower or otherwise operate as a discharge of a guarantor as a matter of law or equity or which would impair or eliminate any right of the Borrower to subrogation.

The Borrower further agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual or collection of any of the Specified Ancillary Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by any applicable Lender (or any of its Affiliates) to any balance of any deposit account or credit on the books of the Administrative Agent, the Issuing Bank or any Lender in favor of any Designated Subsidiary or any other Person.

The obligations of the Borrower hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of any of the Specified Ancillary Obligations, any impossibility in the performance of any of the Specified Ancillary Obligations or otherwise.

The Borrower further agrees that its obligations hereunder shall constitute a continuing and irrevocable guarantee of all Specified Ancillary Obligations now or hereafter existing and shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Specified Ancillary Obligation (including a payment effected through exercise of a right of setoff) is rescinded, or is or must otherwise be restored or returned by any applicable Lender (or any of its Affiliates) upon the insolvency, bankruptcy or reorganization of any Designated Subsidiary or otherwise (including pursuant to any settlement entered into by a holder of Specified Ancillary Obligations in its discretion).

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In furtherance of the foregoing and not in limitation of any other right which any applicable Lender (or any of its Affiliates) may have at law or in equity against the Borrower by virtue hereof, upon the failure of any Designated Subsidiary to pay any Specified Ancillary Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Borrower hereby promises to and will, upon receipt of written demand by any applicable Lender (or any of its Affiliates), forthwith pay, or cause to be paid, to such applicable Lender (or any of its Affiliates) in cash an amount equal to the unpaid principal amount of such Specified Ancillary Obligations then due, together with accrued and unpaid interest thereon. The Borrower further agrees that if payment in respect of any Specified Ancillary Obligation shall be due in a currency other than Dollars and/or at a place of payment other than New York, Chicago or any other office, branch, affiliate or correspondent bank of the applicable Lender for such currency and if, by reason of any Change in Law, disruption of currency or foreign exchange markets, war or civil disturbance or other event, payment of such Specified Ancillary Obligation in such currency or at such place of payment shall be impossible or, in the reasonable judgment of any applicable Lender (or any of its Affiliates), disadvantageous to such applicable Lender (or any of its Affiliates) in any material respect, then, at the election of such applicable Lender, the Borrower shall make payment of such Specified Ancillary Obligation in Dollars (based upon the applicable equivalent Dollar amount of such Specified Ancillary Obligation on the date of payment as determined by the Administrative Agent) and/or in New York, Chicago or such other payment office as is designated by such applicable Lender (or its Affiliate) and, as a separate and independent obligation, shall indemnify such applicable Lender (and any of its Affiliates) against any losses or reasonable out-of-pocket expenses that it shall sustain as a result of such alternative payment.

Upon payment by the Borrower of any sums as provided above, all rights of the Borrower against any Designated Subsidiary arising as a result thereof by way of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full in cash of all the Specified Ancillary Obligations owed by such Designated Subsidiary to the applicable Lender (or its applicable Affiliates).

The Borrower hereby absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each Subsidiary Guarantor to honor all of its obligations under the Subsidiary Guaranty in respect of Specified Swap Obligations (provided, however, that the Borrower shall only be liable under this paragraph for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this paragraph or otherwise under this <u>Article X</u> voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The Borrower intends that this paragraph constitute, and this paragraph shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each Subsidiary Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

Nothing shall discharge or satisfy the liability of the Borrower hereunder except the full performance and payment in cash of the Secured Obligations.

[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective authorized officers as of the day and year first above written.

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| | |
|:---|:---|
| MN8 ENERGY, INC.,<br>as the Borrower | MN8 ENERGY, INC.,<br>as the Borrower |
| By | |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| JPMORGAN CHASE BANK, N.A., individually as a Lender, as the Swingline Lender, as the Issuing Bank and as Administrative Agent | JPMORGAN CHASE BANK, N.A., individually as a Lender, as the Swingline Lender, as the Issuing Bank and as Administrative Agent |
| By | |
|  | Name: |
|  | Title: |
| [OTHER LENDERS], | [OTHER LENDERS], |

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Signature Page to Credit Agreement

MN8 Energy, Inc.

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SCHEDULE 2.01

COMMITMENTS

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SCHEDULE 2.06

EXISTING LETTERS OF CREDIT

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EXHIBIT A

ASSIGNMENT AND ASSUMPTION

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EXHIBIT B

FORM OF OPERATING PLAN

[*see attached*]

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EXHIBIT C

FORM OF INCREASING LENDER SUPPLEMENT

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EXHIBIT D

FORM OF AUGMENTING LENDER SUPPLEMENT

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EXHIBIT E

LIST OF CLOSING DOCUMENTS

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EXHIBIT F-1

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

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EXHIBIT F-2

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

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EXHIBIT F-3

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

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EXHIBIT F-4

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

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EXHIBIT G-1

FORM OF BORROWING REQUEST

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EXHIBIT G-2

FORM OF INTEREST ELECTION REQUEST

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EXHIBIT H

[FORM OF]

NOTE

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SCHEDULE A

LOANS AND PAYMENTS OR PREPAYMENTS

## Exhibit 10.22

**Exhibit 10.22** 

***Execution Version***

**THE MEMBERSHIP INTERESTS ISSUED PURSUANT TO THIS LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH MEMBERSHIP INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT(S) AND LAW(S) OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.** 

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**AMENDED AND RESTATED** 

**LIMITED LIABILITY COMPANY AGREEMENT** 

**OF** 

**ASSETCO, LLC** 

**Dated as of January 4, 2023** 

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**Table of Contents** 

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| | | | |
|:---|:---|:---|:---|
|  | | | **Page** |
| 1. | DEFINITIONS | DEFINITIONS | 2 |
| 2. | FORMATION AND PURPOSE | FORMATION AND PURPOSE | 14 |
|  | 2.1 | Name | 14 |
|  | 2.2 | Principal Place of Business | 14 |
|  | 2.3 | Registered Office and Registered Agent | 14 |
|  | 2.4 | Term | 14 |
|  | 2.5 | Tax Partnership; No State Law Partnership | 15 |
|  | 2.6 | Foreign Qualification and Other Filings | 15 |
|  | 2.7 | Purposes and Powers | 15 |
| 3. | MEMBERSHIP, CAPITAL CONTRIBUTIONS | MEMBERSHIP, CAPITAL CONTRIBUTIONS | 15 |
|  | 3.1 | Members | 15 |
|  | 3.2 | Member Interests | 15 |
|  | 3.3 | Capital Commitment and Contributions | 16 |
|  | 3.4 | Issuance of New Interests | 19 |
|  | 3.5 | Conflicts of Interest | 20 |
| 4. | CAPITAL ACCOUNTS | CAPITAL ACCOUNTS | 21 |
| 5. | DISTRIBUTIONS AND ALLOCATIONS OF PROFIT AND LOSS | DISTRIBUTIONS AND ALLOCATIONS OF PROFIT AND LOSS | 21 |
|  | 5.1 | Distributions and Priority of Distributions | 21 |
|  | 5.2 | Amounts Withheld | 23 |
|  | 5.3 | Allocation of Profits and Losses | 23 |
|  | 5.4 | Special Allocation Rules | 24 |
|  | 5.5 | Tax Allocations | 26 |
|  | 5.6 | Other Allocation Rules | 27 |
|  | 5.7 | Allocation Savings Provision | 27 |
|  | 5.8 | Members Varying Interests | 27 |
| 6. | STATUS, RIGHTS AND POWERS OF MEMBERS | STATUS, RIGHTS AND POWERS OF MEMBERS | 27 |
|  | 6.1 | Limitation of Liability | 27 |
|  | 6.2 | Return of Distributions of Capital | 27 |
|  | 6.3 | No Management or Control | 28 |
| 7. | BOARD OF DIRECTORS, EXECUTIVE TEAM, OFFICERS, AND RELATED MATTERS | BOARD OF DIRECTORS, EXECUTIVE TEAM, OFFICERS, AND RELATED MATTERS | 28 |
|  | 7.1 | Board of Directors | 28 |
|  | 7.2 | Executive Team; Officers | 30 |
|  | 7.3 | Major Decisions Requiring Requisite Member Approval | 31 |
|  | 7.4 | Duties | 31 |
|  | 7.5 | Independent Appraisal | 31 |
| 8. | PROGRAMS AND BUDGETS; BOOKS, RECORDS, ACCOUNTING AND REPORTING | PROGRAMS AND BUDGETS; BOOKS, RECORDS, ACCOUNTING AND REPORTING | 32 |
|  | 8.1 | Initial Business Plan and Budget | 32 |
|  | 8.2 | Operations Under the Budget | 32 |
|  | 8.3 | Presentation and Approval of Proposed Business Plan and Budget | 32 |

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i

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| | | | |
|:---|:---|:---|:---|
|  | 8.4 | Books and Records | 33 |
|  | 8.5 | Filings | 33 |
|  | 8.6 | Reporting | 33 |
|  | 8.7 | Additional Information | 35 |
|  | 8.8 | Inspection and Audit Rights | 35 |
| 9. | MISCELLANEOUS TAX MATTERS | MISCELLANEOUS TAX MATTERS | 35 |
|  | 9.1 | Partnership Representative | 35 |
|  | 9.2 | Reimbursement of Partnership Representative | 36 |
|  | 9.3 | Partnership Audit Provisions; Financial Burden of Tax Adjustments | 36 |
|  | 9.4 | Consistency and Cooperation | 36 |
|  | 9.5 | Tax Returns | 37 |
|  | 9.6 | Tax Elections | 37 |
|  | 9.7 | Survival | 37 |
|  | 9.8 | Tax Credit Transfers | 37 |
| 10. | SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION | SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION | 37 |
|  | 10.1 | Restrictions on Transfers | 37 |
|  | 10.2 | Prohibited Transferees | 38 |
|  | 10.3 | Lock-Up Period | 38 |
|  | 10.4 | Transfers to Permitted Transferees | 38 |
|  | 10.5 | Right of First Refusal | 39 |
|  | 10.6 | Tag-Along | 40 |
|  | 10.7 | MB Locations Carveout | 41 |
|  | 10.8 | Withdrawals and Withdrawing Members | 41 |
| 11. | DISSOLUTION AND TERMINATION | DISSOLUTION AND TERMINATION | 42 |
|  | 11.1 | Dissolution | 42 |
|  | 11.2 | Effect of Dissolution | 42 |
|  | 11.3 | Winding Up, Liquidation and Distribution of Assets | 42 |
|  | 11.4 | Certificate of Cancellation | 43 |
|  | 11.5 | Return of Contribution Nonrecourse to Other Members | 43 |
| 12. | COVENANTS AND AGREEMENTS OF THE MEMBERS | COVENANTS AND AGREEMENTS OF THE MEMBERS | 43 |
|  | 12.1 | Confidentiality | 43 |
|  | 12.2 | Compliance | 45 |
|  | 12.3 | Non-Solicitation of Employees | 45 |
| 13. | MISCELLANEOUS PROVISIONS | MISCELLANEOUS PROVISIONS | 45 |
|  | 13.1 | Notices | 45 |
|  | 13.2 | Entire Agreement | 46 |
|  | 13.3 | Amendment or Modification | 46 |
|  | 13.4 | Binding Effect | 46 |
|  | 13.5 | Governing Law; Jurisdiction | 46 |
|  | 13.6 | Severability | 47 |
|  | 13.7 | Further Assurances | 47 |
|  | 13.8 | Waiver of Certain Rights | 47 |
|  | 13.9 | Counterparts | 48 |
|  | 13.10 | Interpretation | 48 |
|  | 13.11 | No Third-Party Beneficiary Rights | 48 |
|  | 13.12 | Specific Performance | 48 |

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ii

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| | | | |
|:---|:---|:---|:---|
| 14. | INDEMNIFICATION; INSURANCE | INDEMNIFICATION; INSURANCE | 48 |
|  | 14.1 | General | 48 |
|  | 14.2 | Company as Indemnitor of First Resort | 49 |
|  | 14.3 | Exculpation | 50 |
|  | 14.4 | Reliance on Third Parties | 50 |
|  | 14.5 | Persons Entitled to Indemnity | 50 |
|  | 14.6 | Procedure Agreements | 50 |
|  | 14.7 | Advancement of Expenses | 50 |
|  | 14.8 | Survival of Termination | 50 |

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iii

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**Exhibits** 

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| | |
|:---|:---|
|  <u>Exhibit 3.1</u> | Schedule of Members |
|  <u>Exhibit 3.3(b)</u> | Initial Capital Contributions |
|  <u>Exhibit 7.1(b)</u> | Initial Board of Directors |
|  <u>Exhibit 7.3(a)</u> | Major Decisions Requiring Unanimous Member Approval |
|  <u>Exhibit 7.3(b)</u> | Major Decisions Requiring Approval of 80% of the Membership Interests |
|  <u>Exhibit 8.1</u> | Initial Business Plan |
|  <u>Exhibit 8.6</u> | Financial Statements |

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iv

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**AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT** 

**OF** 

**ASSETCO, LLC** 

This Amended and Restated Limited Liability Company Agreement (this "***Agreement***") of AssetCo, LLC, a Delaware limited liability company (the "***Company***"), is entered into as of January 4, 2023 (the "***Effective Date***"), by and among the Company, Mercedes-Benz Investment Company, LLC, a Delaware limited liability company (together with its successors and permitted assigns, "***MB***"), AssetCo Holdings, LLC, a Delaware limited liability company (together with its successors and permitted assigns, "***MN8***").

<u>W I T N E S S E T H</u>:

**WHEREAS**, on November 1, 2022, MN8 formed the Company pursuant to the filing of the Certificate of Formation of the Company (the "***Certificate***") with the Secretary of State of the State of Delaware to organize the Company under and pursuant to the Act (as hereinafter defined);

**WHEREAS**, on November 1, 2022, MN8 and the Company entered into that certain Limited Liability Company Agreement of the Company (the "***LLC Agreement***");

**WHEREAS**, MB and MN8 intend for the Company to indirectly own and lease high power electric vehicle charging stations ("***HPC Charging Stations***") for use in a network of HPC Charging Stations operating solely under the Mercedes-Benz brand but which will be available for both Mercedes-Benz customers and non-Mercedes-Benz customers in the United States and Canada and, in certain circumstances, a renewable generation and/or energy storage project located on the site of an HPC Charging Station (the "***Projects***");

**WHEREAS**, contemporaneously with the execution of this Agreement, AssetCo HPC Leasing, LLC, a Delaware limited liability company and wholly owned Subsidiary of the Company ("***AssetCo LeaseCo***"), is entering into a Master Lease Agreement, dated January 4, 2023, pursuant to which AssetCo LeaseCo will lease HPC Charging Stations and associated infrastructure to DriveCo, LLC, a Delaware limited liability company ("***DriveCo***"),;

**WHEREAS**, on the date hereof, the Company issued to MB Membership Interests as set forth on <u>Exhibit 3.1</u> hereto;

**WHEREAS**, on the date hereof and in connection with the entry of MN8 into this Agreement, MN8 Energy Operating Company, LLC, a Delaware limited liability company and Subsidiary of MN8 Energy (together with its successors and permitted assigns, "***MN8 OpCo***") is providing a guarantee with respect to the obligations of MN8 hereunder (the "***MN8 Guarantee***"); and

**WHEREAS**, in connection with the issuance of Membership Interests to MB, the Company and MN8, in its capacity as the sole Member of the Company prior to the Effective Date, desire to enter into this Agreement in order to amend and restate the LLC Agreement in its entirety and to reflect the terms and provisions relating to their respective rights, powers and interests with respect to the Company and their respective Membership Interests and to provide for the management of the business and operations of the Company.

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**NOW, THEREFORE**, in consideration of the agreements and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and MN8 hereby amend and restate the LLC Agreement in its entirety with the terms and provisions of this Agreement set forth below:

1. DEFINITIONS.

For purposes of this Agreement, capitalized terms have specifically defined meanings that are either set forth or referred to below:

"***Act***" shall mean the Delaware Limited Liability Company Act as amended and in effect from time to time, or any successor statute thereto.

"***Action***" shall mean any claim, action, cause of action, suit (whether in contract or tort or otherwise) or audit, litigation (whether at law or in equity and whether civil or criminal), controversy, assessment, grievance, arbitration, investigation, opposition, interference, hearing, mediation, charge, compliant, demand, notice or proceeding to, from, by or before any Governmental Authority, arbitrator or any mediator.

"***Additional Capital Contribution***" shall have the meaning set forth in <u>Section</u> <u>3.3(f)(i)</u>.

"***Additional Contribution Notice***" shall have the meaning set forth in <u>Section</u> <u>3.3(f)(ii)</u>.

"***Adjusted Capital Account Deficit***" shall mean, with respect to any Member, the deficit balance, if any, in such Member's Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) credit to such Capital Account any amounts which such Member is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to Section 1.704-1(b)(2)(ii)(c) of the Regulations and the penultimate sentences of Sections 1.704-2(g)(1) and (i)(5) of the Regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) debit to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the Regulations.

The foregoing definition of "Adjusted Capital Account Deficit" is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith.

"***Adjusted Capital Contributions***" shall mean (a) with respect to any Capital Contributions made by a Member in respect of its Aggregate Capital Commitment or pursuant to <u>Section</u> <u>3.3(f)</u>, the actual amount of Capital Contributions made by such Member and (b) with respect to any Capital Contributions made by a Member pursuant to <u>Section</u> <u>3.4</u> in connection with an issuance of New Interests, (i) the actual amount of Capital Contributions made by such Member, *divided by* (ii) the Valuation Factor determined pursuant to <u>Section</u> <u>3.4</u> in connection with such issuance of New Interests.

"***Affiliate***" shall mean, with respect to any specified Person at any time, each Person directly or indirectly, through one or more intermediaries, controlling, controlled by or under direct or indirect common control with such specified Person at such time; *provided*, *however*, that no member of the Company Group shall be construed as being an Affiliate of any Member or any Member's other Affiliates.

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"***Affiliate Contract***" means any contract, agreement or arrangement between the Company or any other member of the Company Group, on the one hand, and any Member or any Affiliates of such Member, on the other hand.

"***Agreement***" shall have the meaning set forth in the Preamble.

"***Aggregate Capital Commitment***" means, with respect to each Member, the amount set forth opposite such Member's name in the column titled "Aggregate Capital Commitment" on <u>Exhibit 3.1</u> hereto to be contributed by such Member to the Company, during the Capital Commitment Period, pursuant to and in accordance with <u>Section</u> <u>3</u> of this Agreement, as such amount may be amended from time to time in accordance with this Agreement and with the prior written consent of such Member.

"***Alternate Director***" shall have the meaning set forth in <u>Section</u> <u>7.1(f)</u>.

"***AssetCo LeaseCo***" shall have the meaning set forth in the Recitals.

"***Bankruptcy Event***" shall mean, with respect to the affected party, (a) the entry of an Order for Relief under Title 11 of the United States Code, as amended or any other applicable bankruptcy or insolvency statute or similar law (the "***Bankruptcy Code***"), (b) the admission in writing by such party of its inability to pay its debts generally as they mature, (c) the making by such party of an assignment for the benefit of creditors generally, (d) the filing by such party of a petition in bankruptcy or a petition for relief under the Bankruptcy Code or any other applicable federal or state bankruptcy or insolvency statute or any similar law, (e) the expiration of sixty (60) days after the filing of an involuntary petition under the Bankruptcy Code without such petition being vacated, set aside or stayed during such period, (f) an application by such party for the appointment of a receiver for the assets of such party, (g) an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of such party's debts under any other federal or state insolvency law; *provided,* that the same shall not have been vacated, set aside or stayed within sixty (60) days after filing, (h) the imposition of a judicial or statutory lien on all or a substantial part of such party's assets unless such lien is discharged or vacated or the enforcement thereof stayed within sixty (60) days after its effective date, (i) an inability to meet such party's financial obligations generally as they accrue, or (j) a dissolution or liquidation.

"***Board***" shall have the meaning set forth in <u>Section</u> <u>7.1(a)</u>.

"***Board Observer***" shall have the meaning set forth in <u>Section</u> <u>7.1(c)</u>.

"***Budget***" shall have the meaning set forth in <u>Section</u> <u>8.1</u>.

"***Business Day***" means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

"***Business Opportunity***" shall have the meaning set forth in <u>Section</u> <u>3.5(a)</u>.

"***Business Plan***" shall have the meaning set forth in <u>Section</u> <u>8.1</u>.

"***Capital Account***" shall mean, with respect to any Member, the Capital Account maintained for such Member in accordance with the following provisions:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To each Member's Capital Account there shall be credited (i) the aggregate amount of money contributed by the Member to the Company (including any deemed contribution of cash equal to the amount of any Company liabilities that are assumed by such Member other than in connection with a Distribution of Company property), (ii) the initial Gross Asset Value of property contributed by the Member to the Company (net of liabilities secured by such contributed property that under Code Section 752 the Company is considered to assume or take subject to), (iii) allocations to the Member under this Agreement of Profits, and (iv) any other item required to be credited for proper maintenance of capital accounts by the Regulations under Code Section 704(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To each Member's Capital Account there shall be debited (i) the amount of money distributed to the Member by the Company (including any deemed distribution of cash equal to the amount of such Member's individual liabilities that are assumed by the Company other than in connection with a contribution of property to the Company), (ii) the initial Gross Asset Value of property distributed to the Member by the Company (net of liabilities secured by such distributed property that under Code Section 752 such Member is considered to assume or take subject to), (iii) allocations to the Member under this Agreement of Losses, and (iv) any other item required to be debited for proper maintenance of capital accounts by the Regulations under Code Section 704(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Membership Interests are Transferred in accordance with the terms of this Agreement, the Transferee shall succeed to the Capital Account of the Transferor to the extent it relates to the Transferred Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Regulations. In the event the Board shall determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including debits or credits relating to liabilities that are secured by contributed or distributed property or that are assumed by the Company or any Members), are computed in order to comply with such Regulations, the Board may make such modification. The Board also shall (i) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Members and the amount of capital reflected on the Company's balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q) and (ii) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b).

"***Capital Call***" shall have the meaning set forth in <u>Section</u> <u>3.3(c)</u>.

"***Capital Call Notice***" shall have the meaning set forth in <u>Section</u> <u>3.3(c)</u>.

"***Capital Commitment Period***" shall mean a period beginning on the Effective Date and ending on the date that is the earlier of (a) December 31, 2029, and (b) the completion of the Roll Out Plan (as such term is defined in the Master Lease).

"***Capital Contribution***" shall mean with respect to any Member, the contributions of cash and any other property made by such Member in respect of its Membership Interests (or made by any predecessor holder of such Membership Interests in respect of such Membership Interests) to the Company pursuant to <u>Section</u> <u>3.3</u> and <u>Section</u> <u>3.4</u>.

"***Carveout Notice***" shall have the meaning set forth in <u>Section</u> <u>10.7</u>.

"***Certificate***" shall have the meaning set forth in the Recitals.

"***Code***" shall mean the Internal Revenue Code of 1986, as amended.

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"***Company***" shall have the meaning set forth in the Preamble.

"***Company Group***" shall mean the Company and any of its Subsidiaries.

"***Company Minimum Gain***" shall mean the excess of the Company Nonrecourse Liabilities over the adjusted tax basis of property securing such liabilities. The amount of Company Minimum Gain shall be determined in accordance with Section 1.704-2(d) of the Regulations.

"***Company Nonrecourse Deduction***" shall mean losses, deductions, or Code Section 705(a)(2)(B) expenditures attributable to Company Nonrecourse Liabilities. The amount of Company Nonrecourse Deductions shall be determined pursuant to Section 1.704-2(c) of the Regulations.

"***Company Nonrecourse Liability***" shall mean a "nonrecourse liability" as defined in Section 1.704-2(b)(3) of the Regulations.

"***Company Tax Items***" shall have the meaning set forth in <u>Section</u> <u>5.5</u>.

"***Confidential Information***" shall have the meaning set forth in <u>Section</u> <u>12.1(a)</u>.

"***Conflicted Member***" means a Member that is (or has an Affiliate that is) the counterparty to the Company Group under the applicable Affiliate Contract.

"***Consummation Period***" shall have the meaning set forth in <u>Section</u> <u>10.5(c)</u>.

"***Control***" (including the correlative terms "Controlled" and "Controlling") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

"***Cooperation Agreement*"** means that certain Cooperation Agreement, dated as of the date hereof, by and among the Company, DriveCo, MB and MN8 Energy, as amended from time to time.

"***Covered Audit Adjustment***" means an adjustment to any partnership-related item (within the meaning of Code Section 6241(2)(B)) to the extent such adjustment results in an Imputed Underpayment.

"***Covered Parties***" shall have the meaning set forth in <u>Section</u> <u>3.5(a)</u>.

"***Debt Default Cure Funding***" shall have the meaning set forth in <u>Section</u> <u>3.3(g)(iii)</u>.

"***Debt Default Cure Percentage***" shall have the meaning set forth in <u>Section</u> <u>3.3(g)(iii)</u>.

"***Default Amount***" shall have the meaning set forth in <u>Section</u> <u>3.3(d)(ii)</u>.

"***Default Loan***" shall have the meaning set forth in <u>Section</u> <u>3.3(d)(ii)</u>.

"***Default Loan Contribution***" shall have the meaning set forth in <u>Section</u> <u>3.3(d)(iv)</u>.

"***Default Rate***" shall have the meaning set forth in <u>Section</u> <u>3.3(d)(ii)</u>.

"***Defaulting Member***" shall mean any Member who has failed to fully fund a Capital Contribution with respect to any amount of such Member's Aggregate Capital Commitment by the Funding Date set forth in the applicable Capital Call Notice; *provided* that, with respect to Capital Calls for amounts contemplated by the then-current Budget and any Permitted Overruns, such Member shall only be deemed a Defaulting Member in the event that such default remains uncured for a period of fifteen (15) Business Days.

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"***Depreciation***" shall mean, for each Fiscal Year or other period, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period for federal income tax purposes, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period, then unless otherwise provided by Section 1.704-3(d)(2) of the Regulations, the Depreciation for such Fiscal Year or part thereof shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Year or part thereof bears to such beginning adjusted tax basis; *provided*, *however*, that if such asset has a zero adjusted tax basis, the Depreciation for each year shall be determined under a method reasonably selected by the Board.

"***Director***" shall mean a member of the Board appointed in accordance with the terms of <u>Section</u> <u>7</u>.

"***Dissolution Event***" shall have the meaning set forth in <u>Section</u> <u>11.1</u>.

"***Distribution***" shall mean cash or any other property (including Excess Cash) distributed to a Member in accordance with this Agreement in respect of the Member's Membership Interests.

"***DriveCo***" shall have the meaning set forth in the Recitals.

"***Effective Date***" shall have the meaning set forth in the Preamble.

"***Eligible Purchaser***" has the meaning set forth in <u>Section</u> <u>3.4(a)</u>.

"***Excess Cash***" shall mean, with respect to any Fiscal Quarter ending prior to the dissolution or liquidation of the Company, without duplication, the sum of all cash and cash equivalents of the Company and AssetCo LeaseCo from operations of the business on hand at the end of such Fiscal Quarter (which, for the avoidance of doubt, shall exclude any cash on hand from Capital Contributions), *less*, if cash on hand from Capital Contributions is insufficient, the amount of additional cash reserves necessary for the Company and AssetCo LeaseCo to have on hand an aggregate amount of cash sufficient to (a) fund expenditures of the Company or any Subsidiary thereof contemplated by the Budget applicable to the upcoming three Fiscal Quarters or (b) comply with applicable law or any agreement or obligation to which the Company or any Subsidiary thereof is a party or by which it is (or any of its assets are) bound (to the extent not already included in clause (a)). Notwithstanding the foregoing, (x) "Excess Cash" with respect to the Fiscal Quarter in which a Dissolution Event occurs and any subsequent Fiscal Quarter shall equal zero and (y) any interest collected from a Defaulting Member shall only be considered as "Excess Cash" with respect to Members who were not Defaulting Members.

"***Executive Team***" shall have the meaning set forth in <u>Section</u> <u>7.1(a)</u>.

"***Exiting Member***" shall have the meaning set forth in <u>Section</u> <u>10.5(a)</u>.

"***Fair Market Value***" of any asset, property or equity interest (including the Membership Interests) shall mean, as of the applicable date of determination, the value of such specified asset, property or equity interest, that would be obtained in an arm's-length transaction for cash between an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to purchase or sell, respectively, in each case as determined in good faith by the Board, subject to <u>Section</u> <u>7.3</u> and <u>Section</u> <u>7.5</u>.

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"***Financial Sponsor***" means any private equity fund or similar investment fund, hedge fund, venture capital fund, insurance company, commercial, investment or merchant bank, finance company, mutual fund, wealth management firm (including family offices), pension fund or any vehicle or entity (excluding any operating vehicle or entity or portfolio company) directly or indirectly advised, managed or Controlled by any of the foregoing; *provided*, *however,* that a Financial Sponsor shall not include any investment division, corporate venture capital fund or similar investment arm of another non-financial business; and, *further provided*, that with respect to any entity that is advised or managed by a Financial Sponsor (but is not Controlled thereby), that such underlying entity may not, in any event, be an entity that would otherwise be a Prohibited Transferee.

"***Financial Statements***" shall have the meaning set forth in <u>Section</u> <u>8.6(a)</u>.

"***Fiscal Quarter***" shall mean, as the case may be, the quarterly period ending March 31, June 30, September 30, or December 31.

"***Fiscal Year***" shall mean the fiscal year of the Company ending on December 31 of each calendar year or such other date as may be determined by the Board.

"***Funding Date***" shall have the meaning set forth in <u>Section</u> <u>3.3(d)(i)</u>.

"***GAAP***" shall mean generally accepted accounting principles in the United States of America as in effect from time to time, consistently applied.

"***Governmental Authority***" shall mean any nation or government, any state or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality of the United States or any other nation, any state of the United States or any political subdivision thereof, and any court, tribunal, arbitrator, mediator or similar dispute resolution party or any quasi-governmental entity established to perform the functions of any of the foregoing, or any other entity Controlled by any of the foregoing.

"***Gross Asset Value***" shall mean, with respect to any asset of the Company, the asset's adjusted basis for federal income tax purposes, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair Market Value of such asset at the time of such contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values (taking Code Section 7701(g) into account), in connection with: (i) the acquisition of a Membership Interest (or an additional Membership Interest) in the Company by any new or existing Member in exchange for more than a *de minimis* Capital Contribution; (ii) in connection with the grant of a Membership Interest in the Company as consideration for the provision of services to or for the benefit of the Company by an existing Member in a Member capacity or by a new Member acting in a Member capacity or in anticipation of becoming a Member; (iii) the distribution by the Company to a Member of more than a *de minimis* amount of Company property (including cash) as consideration for a Membership Interest in the Company; (iv) the liquidation of the Company within the meaning of Section 1.704-l(b)(2)(ii)(g)(1) of the Regulations; (v) the acquisition of a Membership Interest by any new or existing Member upon the exercise of a non-compensatory option in accordance with Section 1.704-

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1(b)(2)(iv)(*s*) of the Regulations; and (vi) any other event to the extent determined by the Board to be permitted and necessary to properly reflect Gross Asset Values in accordance with the standards set forth in Section 1.704-1(b)(2)(iv)(*q*) of the Regulations; *provided*, *however*, that adjustments pursuant to clauses (b)(i), (b)(ii) and (b)(v) shall be made only if the Board reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company. If any non-compensatory options are outstanding upon the occurrence of an event described in clauses (b)(i) through (b)(vi) above, the Company shall adjust the Gross Asset Values of its assets in accordance with Sections 1.704-1(b)(2)(iv)(*f*)(*1*) and 1.704-1(b)(2)(iv)(*h*)(*2*) of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair Market Value of such asset on the date of such distribution, as determined in accordance with the terms set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) (including any such adjustments pursuant to Section 1.734-2(b)(1) of the Regulations), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Section 1.704-l(b)(2)(iv)(m) of the Regulations and subparagraph (c) of the definition of "Profits" and "Losses" or <u>Section</u> <u>5.4(f)</u>; *provided*, *however*, that Gross Asset Values shall not be adjusted pursuant to this clause (d) to the extent the Board reasonably determines that an adjustment pursuant to clause (b) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (d).

If the Gross Asset Value of an asset has been determined or adjusted pursuant to clause (a), (b) or (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses.

"***HPC Charging Stations***" shall have the meaning set forth in the Recitals.

"***ICC***" shall have the meaning set forth in <u>Section</u> <u>13.5</u>.

"***IFRS***" shall mean the International Financial Reporting Standards and applicable accounting requirements set by the International Accounting Standards Board or any successor thereto and as endorsed and applicable in the European Union.

"***Imputed Underpayment***" shall have the meaning set forth in Code Section 6225.

"***Indemnified Persons***" shall have the meaning set forth in <u>Section</u> <u>14.1</u>.

"***Independent Appraiser***" shall have the meaning set forth in <u>Section</u> <u>7.5</u>.

"***Independent Third Party***" means, any Person who, (i) with respect to any Member, is not an Affiliate of such Member, and (ii) is not a Prohibited Transferee.

"***Initial Budget***" shall have the meaning set forth in <u>Section</u> <u>8.1</u>.

"***Initial Business Plan***" shall have the meaning set forth in <u>Section</u> <u>8.1</u>.

"***Initial Capital Contributions****"* shall have the meaning set forth in <u>Section</u> <u>3.3(b)</u>.

"***Interested Member***" shall have the meaning set forth in <u>Section</u> <u>9.1</u>.

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"***Lease Supplement***" shall have the meaning set forth in the Master Lease.

"***LLC Agreement***" shall have the meaning set forth in the Recitals.

"***Lock-Up Period***" shall have the meaning set forth in <u>Section</u> <u>10.3</u>.

"***Major Decisions***" shall have the meaning set forth in <u>Section</u> <u>7.3(b)</u>.

"***Management Report***" shall have the meaning set forth in <u>Section</u> <u>8.6(d)</u>.

"***Master Lease***" shall mean that certain Master Lease Agreement, by and between AssetCo LeaseCo and DriveCo, dated as of the date hereof, as amended from time to time.

"***MB***" shall have the meaning set forth in the Preamble.

"***MB Catch Up Amount***" means, with respect to any foreclosure on any assets or equity interests of AssetCo LeaseCo that secured Permitted Debt, an amount equal to (a) the amount of the Permitted Debt that was secured by those assets or equity interests of AssetCo LeaseCo that were foreclosed upon *divided by* MN8's then-current Percentage Interest (expressed as a decimal) *minus* (b) the amount of the Permitted Debt that was secured by those assets or equity interests of AssetCo LeaseCo that were foreclosed upon.

"***MB Guarantee***" has the meaning set forth in the Master Lease.

"***MB Guarantor***" has the meaning set forth in the Master Lease.

"***MB Location***" shall mean any Project designated as a "MB Location" in the Lease Supplement for such Project.

"***MB Location Assets***" shall have the meaning set forth in <u>Section</u> <u>10.7</u>.

"***MB Location Asset Carveout***" shall have the meaning set forth in <u>Section</u> <u>10.7</u>.

"***Members***" shall mean any holder of Membership Interests that has been admitted as a "Member" in accordance with the terms of this Agreement, but only so long as such Person is the holder of Membership Interests.

"***Member Indemnitees***" shall have the meaning set forth in <u>Section</u> <u>14.2</u>.

"***Member Indemnitors***" shall have the meaning set forth in <u>Section</u> <u>14.2</u>.

"***Membership Interest***" shall mean, with respect to any Member as of any time, such Member's "limited liability company interest" (as defined in the Act), any voting or other rights with respect to the Company of such Member, any and all other benefits to which such Member may be entitled as provided in this Agreement, and all obligations of such Member to comply with the terms and provisions of this Agreement, all of which shall be expressed, as of a given date, with reference to a Member's Percentage Interest.

"***Minimum Gain***" shall have the meaning assigned to the term "partnership minimum gain" in Sections 1.704-2(b)(2) and 1.704-2(d) of the Regulations.

"***MN8***" shall have the meaning set forth in the Preamble.

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"***MN8 Energy***" shall mean MN8 Energy, LLC, a Delaware limited liability company, or any successor thereof.

"***MN8 Guarantee***" shall have the meaning set forth in the Recitals.

"***MN8 OpCo***" shall have the meaning set forth in the Recitals.

"***New Interests***" shall have the meaning set forth in <u>Section</u> <u>3.4(a)</u>.

"***Non-Defaulting Member***" shall have the meaning set forth in <u>Section</u> <u>3.3(d)(ii)</u>.

"***Non-Exiting Member***" shall have the meaning set forth in <u>Section</u> <u>10.5(a)</u>.

"***Non-Participating Member***" shall have the meaning set forth in <u>Section</u> <u>3.3(f)(iii)</u>.

"***Offered Interests***" shall have the meaning set forth in <u>Section</u> <u>10.5(b)</u>.

"***Officers***" shall have the meaning set forth in <u>Section</u> <u>7.1(a)</u>.

"***Opportunity Capital Calls***" shall have the meaning set forth in <u>Section</u> <u>3.3(c)</u>. ****

"***Order for Relief***" shall mean the entry in bankruptcy of an order for relief for or against the affected party in a Bankruptcy Event that is not terminated within sixty (60) days.

"***Other Investments***" shall have the meaning set forth in <u>Section</u> <u>3.5(a)</u>.

"***Overallotment Amount***" shall have the meaning set forth in <u>Section</u> <u>3.4(b)</u>.

"***Participating Member***" shall have the meaning set forth in <u>Section</u> <u>3.3(f)(ii)</u>.

"***Partner Nonrecourse Debt***" shall mean any nonrecourse Company liability that a Member (or related Person (within the meaning of Section 1.752-4(b)) of the Regulations) bears the economic risk of loss under Section 1.752-2 of the Regulations, for example because the Member (or related Person) is the creditor or a guarantor. The determination of whether a Company liability constitutes a Partner Nonrecourse Debt shall be made in accordance with Section 1.704-2(b)(4) of the Regulations.

"***Partner Nonrecourse Debt Minimum Gain***" shall have the meaning set forth in Section 1.704-2(i)(2) of the Regulations and shall be determined in accordance with Section 1.704-2(i)(3) of the Regulations.

"***Partner Nonrecourse Deductions***" shall mean losses, deductions, or Code Section 705(a)(2)(B) expenditures attributable to Partner Nonrecourse Debt. The amount of Partner Nonrecourse Deductions shall be determined pursuant to Section 1.704-2(i)(2) of the Regulations.

"***Partnership Audit Provisions***" shall mean Code Sections 6221-6241, together with any final or temporary Regulations, Revenue Rulings, and case law interpreting Code Sections 6221 through 6241 (and any analogous provision of state or local tax law).

"***Partnership Representative***" shall have the meaning set forth in <u>Section</u> <u>9.1</u>.

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"***Percentage Interest***" shall mean, with respect to any Member as of any time of determination, the quotient (expressed as a percentage) of (a) the aggregate amount of Adjusted Capital Contributions made by such Member *divided by* (b) the aggregate amount of all Adjusted Capital Contributions made by all Members.

"***Permitted Debt***" shall mean any Third Party Debt of MN8 incurred by MN8 for the purpose of funding its Capital Contributions that, as of the date of its incurrence, does not cause the aggregate amount of Third Party Debt incurred by MN8 to exceed eighty percent (80%) of the aggregate amount of Capital Contributions made by MN8 to the Company as of such date.

"***Permitted Debt Agreements***" shall mean any agreements, promissory notes, pledges or other security documents or any other instruments or certificates entered into by MN8 or any of its Affiliates or AssetCo LeaseCo in connection with the incurrence of any Permitted Debt.

"***Permitted Debt Default Notice***" shall have the meaning set forth in <u>Section</u> <u>3.3(g)</u>.

"***Permitted Overruns***" shall have the meaning set forth in <u>Section</u> <u>8.2</u>.

"***Permitted Transferee***" shall mean any Affiliate of any Member.

"***Person***" shall mean an individual, partnership, joint venture, association, corporation, trust, estate, limited liability company, limited liability partnership, unincorporated entity of any kind, governmental entity, or any other legal entity.

"***Preemptive Offer Period***" shall have the meaning set forth in <u>Section</u> <u>3.4(b)</u>.

"***Preemptive Rights Notice***" shall have the meaning set forth in <u>Section</u> <u>3.4(a)</u>.

"***Profits***" and "***Losses***" shall mean, for each Fiscal Year or other period, an amount equal to the Company's taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits and Losses shall be added to such taxable income or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations, and not otherwise taken into account in computing Profits or Losses shall be subtracted from such taxable income or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent an adjustment to the adjusted tax basis of any item of property pursuant to Code Section 734(b) is required, pursuant to Section 1.704-1(b)(2)(iv)(m)(4) of the Regulations, to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member's Membership Interests, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the item of property) or loss (if the adjustment decreases such basis) from the disposition of such item of property and shall be taken into account for purposes of computing Profits or Losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraphs (b) or (c) of the definition of "Gross Asset Value," the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) gain or loss resulting from any disposition of Company property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year or other period, computed in accordance with the definition of Depreciation herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) notwithstanding any other provisions hereof, any items which are specially allocated pursuant to <u>Section</u> <u>5.4</u> shall not be taken into account in computing Profit or Losses, but the amounts of the items of income, gain, loss or deduction available to be specially allocated pursuant to <u>Section</u> <u>5.4</u> will be determined by applying rules analogous to those set forth in clauses (a) through (f) above.

"***Prohibited Transferee***" shall mean any Person that (or has an Affiliate that) (a) as a meaningful part of such Person's business, competes with a line of business that is meaningful to MB or an Affiliate thereof, or who is reasonably likely, as a meaningful part of such Person's business, to compete with a line of business that is meaningful to MB or an Affiliate thereof, including, without limitation, any automobile manufacturer or (b) has as a significant part of such Person's business the owning or operating of a network of high power electric vehicle charging stations; *provided*, *however*, that in no event shall a Financial Sponsor be considered a Prohibited Transferee.

"***Projects***" shall have the meaning set forth in the Recitals.

"***Regulations***" shall mean the final and temporary Treasury Regulations promulgated under the Code, as the same may be amended from time to time (including corresponding provisions of succeeding regulations).

"***Related Person***" means a Person that has a relationship with a purchaser of electricity from a Project that results in the purchaser being a "related person" with respect to such Person or to the Company for purposes of the application of the loss disallowance rules of Section 267(a) or Section 707(b)(1) of the Code.

"***Required Capital Contributions***" shall have the meaning set forth in <u>Section</u> <u>3.3(d)(i).</u>

"***ROFR Acceptance Notice***" shall have the meaning set forth in <u>Section</u> <u>10.5(b)</u>.

"***ROFR Notice***" shall have the meaning set forth in <u>Section</u> <u>10.5(a)</u>.

"***ROFR Notice Period***" shall have the meaning set forth in <u>Section</u> <u>10.5(b)</u>.

"***ROFR Sale***" shall have the meaning set forth in <u>Section</u> <u>10.5(c)</u>.

"***Sale of the Business***" shall mean any bona fide negotiated transaction or series of transactions (whether structured as an equity sale, merger, consolidation, reorganization, recapitalization, redemption, lease, asset sale or otherwise), which results in the sale or transfer of (a) the beneficial ownership of more than fifty percent (50%) of the outstanding Membership Interests of the Company or (b) all or substantially all of the assets of the Company, taken as a whole, for consideration to a Person or Persons that is not a Member or a Permitted Transferee. For the avoidance of doubt, proceeds obtained by the Company in respect of the consummation of a Sale of the Business conducted as described in clause (b) shall be distributed or allocated amongst the Members in accordance with <u>Section</u> <u>5.1(h)</u>.

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"***Securities Act***" means the Securities Act of 1933, as amended.

"***Shortfall Amount***" shall have the meaning set forth in <u>Section</u> <u>3.3(f)(iii)</u>.

"***Subsidiary***" means, with respect to any Person: (a) any corporation, partnership, limited liability company or other business entity of which a majority of the equity interests entitled to vote under ordinary circumstances in the election of directors (or in the selection of any other similar governing body in the case of an entity other than a corporation) are at the time owned or Controlled by such Person or by one or more of the other direct or indirect Subsidiaries of such Person or a combination thereof (regardless of whether, at the time, equity interests of any other class or classes shall have, or might have, voting power by reason of the occurrence of any contingency); (b) a partnership in which such Person or any direct or indirect Subsidiary of such Person is a general partner; or (c) a limited liability company in which such Person or any direct or indirect Subsidiary of such Person is a managing member or manager.

"***Tag-Along Acceptance Notice***" shall have the meaning set forth in <u>Section</u> <u>10.6(a)</u>.

"***Tag-Along Exercise Period***" shall have the meaning set forth in <u>Section</u> <u>10.6(a)</u>.

"***Tag-Along Member***" shall have the meaning set forth in <u>Section</u> <u>10.6(a)</u>.

"***Tag-Along Notice***" shall have the meaning set forth in <u>Section</u> <u>10.6(a)</u>.

"***Tax Exempt Person***" means (a) the United States, any state or political subdivision thereof, any possession of the United States, or any agency or instrumentality of any of the foregoing, (b) any organization which is exempt from tax imposed by the Code (including any former tax-exempt organization within the meaning of Section 168(h)(2)(E) of the Code and any tax-exempt controlled entity within the meaning of Section 168(h)(6)(F)(iii) of the Code if such entity has not made the election provided in Section 168(h)(6)(F)(ii) of the Code), (c) any Person who is not a United States Person (as defined in Section 7701(a)(30) of the Code), (d) any Indian tribal government described in Section 7701(a)(40) of the Code, or (e) any partnership or other pass-through entity, any direct or indirect partner (or other holder of an equity or profits interest) of which is an organization or entity described in clauses (a)-(d); *provided*, *however*, that any such Person described in clauses (a)-(d) shall not be considered a Tax-Exempt Person to the extent that (i) the exception under Section 168(h)(1)(D) of the Code applies with respect to the income from the Company for that Person, or (ii) the Person is described within clause (c) of this definition, and the exception under Section 168(h)(2)(B)(i) of the Code applies with respect to the income from the Company for that Person.

"***Third Party Debt***" shall mean (a) indebtedness for borrowed money of the Company or any Subsidiary from any Person and (b) indebtedness of any Person other than the Company or any Subsidiary that is secured by an encumbrance on any asset or equity interest of the Company or any Subsidiary or guaranteed by the Company or any Subsidiary.

"***Third Party Transfer Period***" shall have the meaning set forth in <u>Section</u> <u>10.5(d)</u>.

"***Transfer***" or "***Transferred***" shall mean, as a noun, any direct or indirect transfer, sale, assignment, exchange, charge, pledge, gift, hypothecation, conveyance, encumbrance or other disposition, voluntary or involuntary, by operation of law or otherwise and, as a verb, voluntarily or involuntarily, by

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operation of law or otherwise, to directly or indirectly transfer, sell, assign, exchange, charge, pledge, give, hypothecate, convey, encumber or otherwise dispose of any Membership Interest; *provided*, *however*, that, in no event shall a direct or indirect transfer, sale, assignment, exchange, charge, pledge, gift, hypothecation, conveyance, encumbrance or other disposition, whether voluntary or involuntary, by operation of law or otherwise, of equity interests of a Member's ultimate parent entity constitute a Transfer for purposes of this Agreement; and *further provided* that for as long as (i) the aggregate value, on a consolidated basis, of (A) MN8's Membership Interests, and (B) MN8 OpCo's equity interests in DriveCo, constitutes less than fifteen percent (15%) of the value of the total consolidated assets of MN8 Energy or MN8 OpCo (as applicable), the transfer, sale, assignment, exchange, charge, pledge, gift, hypothecation, conveyance, encumbrance or other disposition, whether voluntary or involuntary, by operation of law or otherwise, of equity interests of MN8 Energy or MN8 OpCo (as applicable) shall not constitute a Transfer for the purposes of this Agreement; and *further provided* that any direct or indirect charge, pledge, hypothecation or encumbrance of Membership Interests that secures Permitted Debt (or any foreclosure thereon or exercise of rights with respect thereto) shall not constitute a Transfer for the purposes of this Agreement. "***Transferee***" and "***Transferor***" shall have correlative meanings.

"***Unfunded Capital Commitment***" shall mean, as to any Member, as of the time of determination, such Member's Aggregate Capital Commitment, *less* the aggregate amount of Capital Contributions made in respect of the Membership Interests held by such Member as of such time.

"***Valuation Factor***" shall mean, in connection with any issuance of New Interests, the quotient of (a) the cost basis of such New Interests (as reasonably determined by the Board in good faith), *divided by* (b) the cost basis of all Capital Contributions made in respect of the Aggregate Capital Commitment.

"***Withdrawing Member***" shall have the meaning set forth in <u>Section</u> <u>10.8(b)</u>.

2. FORMATION AND PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Name. The name of the Company is "AssetCo, LLC" or such other name as the Board may from time to time designate. The Board shall cause the Company to file any fictitious name certificates and similar filings, and any amendments thereto, that the Board considers appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Principal Place of Business. The principal place of business of the Company shall be located at 1155 Avenue of the Americas, 27th Floor, New York, NY 10036. The Company may relocate its principal place of business to any other place or places, as the Board may from time to time deem advisable. Additional offices may be maintained and acts done at any other place appropriate for accomplishing the purposes of the Company, all as determined by the Board.2.3 Registered Office and Registered Agent. The Company's registered office shall be at the office of its registered agent at The Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808. The registered office and registered agent may be changed from time to time by the Board by filing the address of the new registered office and/or the name of the new registered agent with the Secretary of State of the State of Delaware pursuant to the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Registered Office and Registered Agent. The Company's registered office shall be at the office of its registered agent at The Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808. The registered office and registered agent may be changed from time to time by the Board by filing the address of the new registered office and/or the name of the new registered agent with the Secretary of State of the State of Delaware pursuant to the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Term. The term of the Company commenced on the date of the initial filing of the Certificate with the Secretary of State of the State of Delaware. The Company may be terminated in accordance with the terms and provisions hereof, and shall continue unless and until dissolved as provided in Section 11. The existence of the Company as a separate legal entity shall continue until the cancellation of the Certificate as provided in the Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Tax Partnership; No State Law Partnership. The Members intend that the Company shall be treated as a partnership for federal and, if applicable, state income tax purposes, and each Member and the Company shall file all tax returns and shall otherwise take all tax reporting positions in a manner consistent with such treatment. Except for the purpose set forth in the preceding sentence, the Members intend that the Company not be a partnership (including a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member by virtue of this Agreement, and neither this Agreement nor any other document entered into by the Company or any Member relating to the subject matter hereof shall be construed to suggest otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Foreign Qualification and Other Filings. The Board shall cause the Company to execute, acknowledge, and deliver any or all certificates and other instruments conforming with this Agreement that are necessary or appropriate to qualify, continue, or terminate the Company as a foreign limited liability company in all such jurisdictions in which the Company may conduct business as determined by the Board to be necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Purposes and Powers. Subject to the limitations contained elsewhere in this Agreement, the Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, directly or indirectly, (a) managing the Projects and conducting other activities necessary for, or incidental to, managing a network of high power electric vehicle charging stations and associated infrastructure, including, without limitation, the ownership or lease of real estate on which HPC Charging Stations are or will be located, the lease of HPC Charging Stations, which may include the operation of power generation and energy storage facilities located at the site of the relevant HPC Charging Stations and the purpose of which is to power such HPC Charging Stations, (b) entering into and performing its obligations under this Agreement or any agreement entered into by the Company in connection herewith or therewith and (c) solely to the extent approved by the Board in accordance with <u>Section</u> <u>7.3</u>, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and, in each case, engaging in any and all activities necessary, advisable, convenient or incidental thereto. In accordance with the terms of this Agreement, the Company may exercise all of the powers and privileges granted by the Act or which may be exercised by any Person, together with any powers incidental thereto, so far as such powers or privileges are necessary or convenient to the conduct, promotion, or attainment of the business, purposes, or activities of the Company. In accordance with the terms this Agreement, the Company may pursue its purposes and exercise its powers and rights either directly or through one or more Subsidiaries.

3. MEMBERSHIP, CAPITAL CONTRIBUTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Members. The Members and the corresponding Percentage Interest held by each Member shall be listed on <u>Exhibit</u> <u>3.1</u>, as maintained by the Board in accordance with <u>Section</u> <u>3.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Member Interests. The Membership Interests of the Members shall not be certificated without approval of the Board. <u>Exhibit 3.1</u> and any information related to a Member specified thereon shall be updated by the Board, with the Board promptly providing a copy thereof to the Members, to reflect (a) the Transfer of Membership Interests by a Member, (b) the issuance of New Interests or the admission of new Members, or (c) the making of Capital Contributions by a Member, in each case, in accordance with the terms of this Agreement. Upon any adjustment of Percentage Interests, the Board shall promptly revise and update <u>Exhibit 3.1</u> to reflect such adjustment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Capital Commitment and Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Capital Commitment</u>. Subject to the terms of this Agreement, including <u>Section</u> <u>3.3(c)</u>, each Member agrees to provide the Company with Capital Contributions in an aggregate amount of cash equal to such Member's Aggregate Capital Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Initial Capital Contributions</u>. No later than each "Funding Date" set forth on <u>Exhibit</u> <u>3.3(b)</u>, each Member shall make Capital Contributions in an amount of cash equal to the amount set forth opposite such Member's name in the column titled "Capital Contribution" on <u>Exhibit 3.3(b)</u> for such "Funding Date" (each, an "***Initial Capital Contribution***"). The Initial Capital Contributions shall be "Required Capital Contributions" for purposes of <u>Section</u> <u>3.3(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Capital Calls</u>. Following the Effective Date, the Board may, from time to time, during the Capital Commitment Period, deliver notice to the Members (a "***Capital Call Notice***"), requesting that the Members make Capital Contributions to the Company (each, a "***Capital Call***"), to fund, on a *pro rata* basis, (i) any amounts contemplated by the then-current Budget, (ii) any Permitted Overruns with respect thereto and (iii) any additional amounts up to such amount which, together with all amounts previously funded and called by the Members, equals the Aggregate Capital Commitments of all Members (such capital calls described in clause (iii), "***Opportunity Capital Calls***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Capital Contributions of Aggregate Capital Commitment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) During the Capital Commitment Period, upon delivery by the Board to the Members of a Capital Call Notice, the Members shall make Capital Contributions to the Company in the aggregate amount set forth in such Capital Call Notice *pro rata* in proportion to their relative Unfunded Capital Commitments (each, "***Required Capital Contributions***"); *provided*, that with respect to each Member, the aggregate amount of Required Capital Contributions for such Member shall in no event exceed such Member's Aggregate Capital Commitment. Each Capital Call Notice shall state (A) the purpose for such Capital Call, (B) the aggregate amount of Capital Contributions to be funded with respect to such Capital Call, (C) each applicable Member's *pro rata* portion of such Capital Call (which shall be in proportion to their relative Unfunded Capital Commitments), (D) the date (the "***Funding Date***") by which the Members are required to make the Capital Contributions and (E) the depositary institution and account information of the Company into which such Capital Contributions shall be made. The Funding Date shall be (x) with respect to Capital Calls for amounts contemplated by the then-current Budget and any Permitted Overruns with respect thereto, no sooner than ten (10) Business Days (or such shorter period that may be agreed to by each of the Members) after the date the Capital Call Notice is delivered, in accordance with <u>Section</u> <u>13.1</u> herein, to the Members, and (y) with respect to Opportunity Capital Calls, no sooner than one-hundred twenty (120) days (or such shorter period that may be agreed to by each of the Members) after the date the Capital Call Notice is delivered, in accordance with <u>Section</u> <u>13.1</u> herein, to the Members. All Capital Contributions made by a Member pursuant to this <u>Section</u> <u>3.3(d)(i)</u> shall be made *pro rata* in respect of the Membership Interests held by such Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If a Member fails to timely make any Required Capital Contributions (any amount not timely contributed, a "***Default Amount***"), such Default Amount shall bear interest at a rate equal to the greater of (x) the "Prime Rate" as published by the Wall Street Journal and (y) ten percent (10%), compounded monthly (the "***Default Rate***"). In the event that such failure to make a Required Capital Contribution remains uncured such that the Member is deemed a Defaulting Member, then each of the other Members who have timely funded their applicable Required Capital Contributions in full (each a "***Non-Defaulting Member***"), may, each in its sole and absolute discretion, elect (A) to fund the Default Amount as a Capital Contribution, (B) to extend a loan to the Company in an amount equal to the

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Default Amount (a "***Default Loan***"), or (C) to cause the Company to seek debt financing from an Independent Third Party at terms which are commercially reasonable at the time such debt financing is sought. In the event that more than one of the other Members wishes to fund any Default Amount (including via a Default Loan pursuant to <u>Section</u> <u>3.3(d)(iv)</u>), each such Non-Defaulting Member shall be allocated a portion of the Default Amount on a *pro rata* basis based on each Non-Defaulting Member's Percentage Interest, unless otherwise agreed by such Non-Defaulting Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Upon the full funding of the Default Amount by a Non-Defaulting Member as a Capital Contribution (A) <u>Exhibit 3.1</u> hereto shall be amended to reflect the adjustment of Percentage Interests based on the actual amount funded by each Non-Defaulting Member as a Capital Contribution and (B) as long as the Defaulting Member is not otherwise in default of its funding obligations with respect to any portion of its Aggregate Capital Commitment, the Defaulting Member shall cease to be deemed a Defaulting Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If a Non-Defaulting Member elects to extend a Default Loan to the Company, such Default Loan shall (1) bear interest at a rate equal to the Default Rate, and (2) unless previously repaid by the Defaulting Member, be repaid by the Company from the first amounts available for Distribution (i.e., scheduled payments of principal and interest must be current before any Distributions may be made to Members in their capacity as such). At any time during which such Default Loan remains outstanding, the Non-Defaulting Member may in its sole and absolute discretion, elect that such Default Loan shall be converted into a Capital Contribution in an amount equal to the unpaid principal and unpaid interest on such Default Loan as follows: (A) the Defaulting Member shall be deemed to have received a distribution from the Company of an amount equal to the unpaid principal and interest on such Default Loan; (B) such amount shall be deemed paid to the Non-Defaulting Member in repayment of the Default Loan; (C) such amount shall be deemed contributed by the Non-Defaulting Member as a Capital Contribution (a "***Default Loan Contribution***"); and (D) consistent with the Capital Accounts provisions in this Agreement, the Non-Defaulting Member's Capital Account shall be increased by, and the Defaulting Member's Capital Account shall be decreased by, an amount equal to the unpaid principal and interest on such Default Loan and <u>Exhibit 3.1</u> hereto shall be amended to reflect the adjustment of Percentage Interests based on such Default Loan Contribution. A Default Loan Contribution shall be deemed a Capital Contribution by the Non-Defaulting Member making such Default Loan Contribution as of the date on which the applicable Default Loan is converted to a Default Loan Contribution. Once a Default Loan Contribution has been made (or deemed made), (x) no subsequent payment or tender in respect of the Default Loan Contribution or the Default Loan that was the subject of the Default Loan Contribution shall be deemed a Capital Contribution, and (y) the Defaulting Member shall, as long as the Defaulting Member is not otherwise in default of its funding obligations with respect to any portion of its Aggregate Capital Commitment, cease to be deemed a Defaulting Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding the foregoing and without limitation of any other rights or remedies that may be available to the Company or any other Member hereunder, each of the Company and each Member who is not then a Defaulting Member may, for as long as the failure of such Defaulting Member to fund any portion of its Aggregate Capital Commitment remains uncured and provided further that there has not been an election by Non-Defaulting Members to make Capital Contributions or effect Default Loan Contributions with respect to the entire Default Amount, institute proceedings against the Defaulting Member in accordance with <u>Section</u> <u>13.5</u> to obtain payment of the outstanding Default Amount, together with interest thereon at the Default Rate from the applicable Funding Date that such Capital Contribution was due until the date that such Capital Contribution is made, at the cost and expense of the Defaulting Member. Upon the collection of any amounts on account of the Default Amount and interest accrued thereon, such amount shall be paid (A) first, if there are any Default Loans outstanding, to the Non-Defaulting Members who have extended such Default Loans on account of the

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accrued interest on such Default Loans, (B) second, to the Non-Defaulting Members who have extended such Default Loans on account of the principal of such Default Loans and, (C) third, to the Company. Any amounts recovered on account of the costs and expenses associated with the proceedings shall be remitted to the Company and/or such Non-Defaulting Member who bore such costs. Upon payment in full of all amounts owed on account of a Default Amount, a Default Loan and interest accrued with respect to any of the foregoing, as applicable, and as long as the Defaulting Member is not otherwise in default of its funding obligations with respect to any portion of its Aggregate Capital Commitment, such Defaulting Member shall cease to be deemed a Defaulting Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Requirement for</u> <u>Additional Capital Contributions</u>. Except for each Member's requirement to make Required Capital Contributions during the Capital Commitment Period in an amount up to such Member's Aggregate Capital Commitment and except for any additional amounts which may be owed by a Defaulting Member in accordance with the terms of this <u>Section</u> <u>3</u>, no Member shall be obligated to make any additional Capital Contributions without such Member's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Additional Capital Contributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Following the earlier of (x) the expiration of the Capital Commitment Period and (y) all Unfunded Capital Commitments being reduced to $0, the Board may issue Capital Call Notices to the Members in order to request additional Capital Contributions (such amounts, "***Additional Capital Contributions***"); *provided*, that in accordance with the provisions of <u>Section</u> <u>3.3(e)</u> and <u>Section</u> <u>7.3</u> hereto, no Member shall be obligated to make any additional Capital Contributions exceeding such Member's Aggregate Capital Commitment without such Member's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Board delivers a Capital Call Notice for Additional Capital Contributions (an "***Additional Contribution Notice***"), the Members shall be entitled to fund their respective Percentage Interests of the amount set forth in such Additional Contribution Notice. Each Additional Contribution Notice shall state (A) the purpose for such Capital Call, (B) the aggregate amount of the Additional Capital Contribution, (C) each applicable Member's Percentage Interest of such Additional Capital Contribution, (D) the Funding Date by which each Member electing to participate in such Additional Capital Contribution (any such Member, a "***Participating Member***") is required to fund its respective Percentage Interest of such Additional Capital Contribution and (E) the depositary institution and account information of the Company into which such Additional Capital Contribution shall be made. The Funding Date shall be no sooner than ninety (90) days (or such shorter period that may be agreed to by each of the Members) after the date the Additional Contribution Notice is delivered, in accordance with <u>Section</u> <u>13.1</u> herein, to the Members. All Capital Contributions made by a Member pursuant to this <u>Section</u> <u>3.3(f)(ii)</u> shall be made *pro rata* in respect of the Membership Interests held by such Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If a Member elects not to participate (a "***Non-Participating Member***"), in whole or in part, in any Additional Capital Contribution sought by the Company in accordance with this <u>Section</u> <u>3.3(f)</u> and does not contribute all or any part of the amount being requested from such Member under an Additional Contribution Notice (any shortfall being, the "***Shortfall Amount***"), then each of the other Participating Members may elect, each in its sole and absolute discretion, to fund the Shortfall Amount as an Additional Capital Contribution. In the event more than one Participating Member wishes to fund any Shortfall Amount, each such Participating Member shall be allocated a portion of the Shortfall Amount on a *pro rata* basis based on each Participating Member's relative Percentage Interest, unless otherwise agreed by such Participating Members, and <u>Exhibit 3.1</u> hereto shall be amended to reflect the adjustment of Percentage Interests based on the actual amount funded by each Member as an Additional Capital Contribution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Permitted Debt Default

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any Permitted Debt obtained by MN8, MN8 shall use commercially reasonable efforts to ensure that the terms of the Permitted Debt Agreements (A) allow for events of default to be cured by MN8, (B) to the extent curable by a party other than MN8, allow for events of default (including events of default with respect to payment obligations) to be cured by any Affiliate of MN8 or by MB, and (C) provide that following any foreclosure with respect to any equity interests or assets of AssetCo LeaseCo, any value in excess of the amount of the Permitted Debt secured by such equity interests or assets is remitted to the Company or to AssetCo LeaseCo, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event that, at any time, (A) MN8 or any Affiliate of MN8 reasonably expects an event of default will occur with respect to any obligations under any Permitted Debt Agreement, (B) an event of default actually occurs under any Permitted Debt Agreement, or (C) MN8 receives notice of an event of default from lenders under any Permitted Debt Agreement, then MN8 shall promptly provide notice to the Company and to MB (a "***Permitted Debt Default Notice***"). MN8's obligation to provide a Permitted Debt Default Notice shall be without regard as to whether the underlying event of default is able to be cured by MN8, any Affiliate of MN8 or by MB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Without limiting the generality of <u>Section</u> <u>3.3(g)(i)</u> and <u>Section</u> <u>3.3(g)(ii)</u>, if an event of default occurs and remains uncured under any Permitted Debt Agreement (other than an event of default resulting from a breach of the Master Lease by DriveCo or breach of the MB Guarantee by the MB Guarantor), MB may elect, in its sole and absolute discretion, by providing written notice to MN8, to transfer to the Company up to the aggregate amount required to cure such uncured event of default, which amount shall then automatically be distributed by the Company to MN8 and MN8 shall use such funds to cure the applicable event of default (a "***Debt Default Cure Funding***"). As a result of a Debt Default Cure Funding, <u>Exhibit 3.1</u> hereto shall be amended by (A) increasing MB's Percentage Interest by the Debt Default Cure Percentage, and (B) decreasing MN8's Percentage Interest by the Debt Default Cure Percentage (with the result of such amendment to <u>Exhibit 3.1</u> being equivalent to the transfer of Membership Interests equal to the Debt Default Cure Percentage from MN8 to MB). For the purposes hereof, a "***Debt Default Cure Percentage***" shall mean, the quotient (expressed as a percentage) of (x) the applicable amount of Debt Default Funding transferred by MB to the Company, *divided by* (y) the aggregate amount of all Adjusted Capital Contributions made by all Members (which amount, for the removal of doubt, shall not include any amounts provided as Debt Default Cure Funding).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Issuance of New Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may propose the issuance or sale by the Company of additional Membership Interests ("***New Interests***") to an Independent Third Party; *provided* that, (i) before the earlier of (x) the expiration of the Capital Commitment Period and (y) all Unfunded Capital Commitments being reduced to $0, the Capital Contributions in respect of such New Interests must have a Valuation Factor equal to or greater than 1.0 and (ii) prior to any issuance and sale of New Interests to any Independent Third Party, the Board shall first offer in writing to sell to each Member who, at such time, is not a Defaulting Member (each such Member, an "***Eligible Purchaser***"), on the same terms and conditions as the proposed issuance of New Interests, no less than such Member's *pro rata* portion (determined in accordance with the relative Percentage Interests of the Eligible Purchasers as of such time) of the New Interests (the "***Preemptive Rights Notice***"). The Preemptive Rights Notice shall include a description of the Valuation Factor for such New Interests, payment terms, and other material terms of the New Interests and shall set out the *pro rata* portion of the New Interests applicable with respect to each Member.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To exercise such preemptive right, each Eligible Purchaser shall, within fifteen (15) Business Days from receipt of the Preemptive Rights Notice from the Company (the "***Preemptive Offer Period***"), give the Board notice of (i) its intention to exercise such right and (ii) the additional quantity of New Interests such Eligible Purchaser would be willing to purchase in excess of its *pro rata* portion of the New Interests, if any, if any Eligible Purchaser does not elect to exercise its right to purchase its entire *pro rata* portion of the New Interests (such additional amount, an "***Overallotment Amount***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If and to the extent that any Eligible Purchaser fails to timely exercise its right to purchase its entire *pro rata* portion of the New Interests, the New Interests not subscribed for by such Eligible Purchaser shall be allocated among Eligible Purchasers who have exercised their right to purchase their entire *pro rata* portion and indicated a desire to purchase an Overallotment Amount, on a *pro rata* basis based on their respective Percentage Interests; *provided*, that the Eligible Purchasers may alternatively agree to allocate the New Interests amongst themselves in any other manner by providing written notice to the Company from all Eligible Purchasers subscribing for New Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly following the expiration of the Preemptive Offer Period, the Company shall deliver a written notice to all of the Members specifying (A) the New Interests each Eligible Purchaser has subscribed for and (B) the aggregate number of New Interests which remain unsubscribed for. To the extent that less than all of the New Interests have been subscribed for by Eligible Purchasers pursuant to this <u>Section</u> <u>3.4</u>, the Board may, for a period of ninety (90) days thereafter, sell such remaining New Interests to such Independent Third Party at the same price and upon the same general terms, which shall be no more favorable to such Independent Third Party as those specified in the Preemptive Rights Notice given to each Member. Any remaining New Interests not sold during such ninety (90)-day period may not be offered or sold until they are again offered to the Eligible Purchasers pursuant to this <u>Section</u> <u>3.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the issuance of New Interests pursuant to this <u>Section</u> <u>3.4</u>, <u>E</u><u>xhi</u><u>bit</u> <u>3.1</u> hereto shall be amended to reflect such New Interests and the making of additional Capital Contributions and adjustments to the Members' Percentage Interests in connection therewith. Additionally, any Independent Third Party that acquires New Interests shall accede to be bound by the terms and conditions of this Agreement as a "Member" and execute any instruments reasonably necessary to provide proof of such accession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Conflicts of Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. Each Member acknowledges that each other Member and its Affiliates, and its and their respective directors, officers, managers, partners, investors, employees, consultants, advisors and other representatives (collectively, the "***Covered Parties***") (i) have participated (directly or indirectly) or will continue to participate (directly or indirectly) in investments in corporations, joint ventures, limited liability companies, general partnerships, limited partnerships and other entities that may be, are or will be competitive with the business of the Company Group ("***Other Investments***"), (ii) have interests in, participate with, aid and maintain seats on the boards of directors or similar governing bodies of, Other Investments and (iii) may develop or become aware of business opportunities related to the business of the Company Group or related to Other Investments ("***Business Opportunities***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Waiver</u>. Subject to the obligations of MN8 under the terms of the Cooperation Agreement , each of the Members (in his, her or its own name and in the name and on behalf of each of the Company and its Subsidiaries) hereby (i) expressly waives any conflicts of interest and agrees that none of the Covered Parties shall have any liability to any Member, any Affiliate thereof, or the Company

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or any of its Affiliates with respect to such conflicts of interest or potential conflicts of interest, (ii) acknowledges and agrees that none of the Covered Parties will have any duty to disclose to the Company, any other Member or the Board any Business Opportunity, whether or not the Company Group might be interested in such Business Opportunity, (iii) renounces any interest or expectancy in any Business Opportunity, and (iv) acknowledges and agrees that the Covered Parties have duties not to disclose confidential information of or related to Other Investments. Each of the Members (in his, her or its own name and in the name and on behalf of the Company Group) hereby agrees that the terms of this <u>Section</u> <u>3.5</u> are expressly intended to modify or limit any duties or obligations such Member may have under the Act or other applicable law, rule or regulation, and to the extent that they modify or limit a duty or other obligation, if any, that any Covered Party may have to the Company or another Member under the Act or other applicable law, rule or regulation, are reasonable in form, scope and content.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Acknowledgement</u>. Each of the Members (in his, her or its own name and in the name and on behalf of the Company and its Subsidiaries) acknowledges and agrees that (i) the execution and delivery of this Agreement by each other Member is of material benefit to the Company, its Subsidiaries and the Members, and that the Members would not be willing to (A) execute and deliver this Agreement and (B) make their agreed Capital Contributions to the Company without the benefit of this <u>Section</u> <u>3.5</u> and the agreement of the parties thereto; and (ii) they have reviewed and understand the provisions of Sections 18-1101(b) and (c) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Affiliate Contracts</u>. Notwithstanding anything to the contrary in this Agreement, to the extent any member of the Company Group intends to (i) enter into an Affiliate Contract or (ii) materially amend an Affiliate Contract, and such Affiliate Contract (or such amendment, as applicable) would not be on arm's length terms that could reasonably be expected to be agreed upon between two Independent Third Parties acting in their own self-interest, then the prior written approval of the non-Conflicted Members (acting by a majority of Percentage Interests of the non-Conflicted Members) shall be required prior to the execution of such Affiliate Contract (or such amendment, as applicable).

4. CAPITAL ACCOUNTS.<sup></sup>

A Capital Account shall be established and maintained for each Member. The initial Capital Account of each Member is set forth on <u>Exhibit 3.1</u>. No Member shall have the right to demand a return of all or any part of such Member's Capital Contributions. Except to the extent otherwise expressly provided in this Agreement, no interest shall be paid to any Member with respect to such Member's Capital Contributions or Capital Account. In the event that the Membership Interests of a Member is Transferred in accordance with this Agreement, the Transferee of such Membership Interests shall succeed to all or the relevant portion of the Capital Account of the Transferor. A Members Capital Account shall not be credited for any amounts paid to the Company in satisfaction of Member's obligation under <u>Section</u> <u>9.2</u>.

5. DISTRIBUTIONS AND ALLOCATIONS OF PROFIT AND LOSS.<sup></sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Distributions and Priority of Distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board shall reasonably determine in good faith the amount of any Excess Cash with respect to any Fiscal Quarter of the Company, and all such Excess Cash (if any) shall be distributed to the Members no later than thirty (30) days following the end of each Fiscal Quarter; *provided*, *however*, that the Board may make Distributions more frequently in such amounts and at such times as may be reasonably determined by the Board. All such Distributions shall be made to the Members in accordance with the Distribution waterfall set forth in <u>Section</u> <u>5.1(b)</u>. Notwithstanding the foregoing, no distributions shall be made pursuant to this <u>Section</u> <u>5.1(a)</u> prior to the repayment in full of any outstanding Default Loans (including all accrued and unpaid interest thereon).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the other provisions of this <u>Section</u> <u>5</u>, all Distributions shall be made to the Members *pro rata* in accordance with their respective Percentage Interests. Notwithstanding the foregoing, following any foreclosure by lenders on assets or equity interests of AssetCo LeaseCo that secure any Permitted Debt, Distributions shall be made to the Members as follows: (i) 100% to MB until MB has received an amount equal to the applicable MB Catch Up Amount, and thereafter (ii) to the Members *pro rata* in accordance with their respective Percentage Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding <u>Section</u> <u>5.1(b)</u> above, any amount that otherwise would be paid or distributed to a Defaulting Member pursuant to this <u>Section</u> <u>5</u> shall not actually be paid to such Defaulting Member but shall be deemed paid and applied on behalf of such Defaulting Member (i) first, on account of accrued and unpaid interest on all Default Loans made with respect to amounts which were to be contributed by such Defaulting Member (in the order of their original maturity date), (ii) second, on account of any outstanding principal amount of such Default Loans (in the order of their original maturity date), (iii) third, on account of accrued and unpaid interest owed to the Company with respect to any outstanding Default Amount that has not been paid when due and (iv) fourth, on account of any outstanding Default Amount with respect to any Capital Contribution that has not been paid when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the dissolution and winding up of the Company, Distributions to the Members shall be made to the Members, in the form of cash, marketable securities, or other assets of the Company, in accordance with <u>Section</u> <u>5.1(b)</u>, as applicable. For the purpose of valuing the amounts of Distributions to the Members under this Agreement, any marketable securities or other assets distributed to the Members (other than cash) shall be valued at the Fair Market Value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other than as may be agreed upon by all of the Members in writing, to the extent practicable, all Distributions of non-cash assets of the Company under this Agreement shall be made such that each Member receives its *pro rata* share (based on such Member's Percentage Interest) of the Fair Market Value of such assets and receives its *pro rata* share (based on such Member's Percentage Interest) of the Company's cost basis, holding period and other tax attributes thereof; *provided*, *however*, that no non-cash assets of the Company shall be Distributed to the Members without the prior unanimous approval of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any provision of this Agreement to the contrary, the Company shall not make any Distribution that would violate any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company shall ensure distributions to the Company from its Subsidiaries to the extent necessary for the Company to distribute the amount of Excess Cash required to be distributed in accordance with respect to <u>Section</u> <u>5.1(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If, in accordance with this Agreement, all or substantially all of the Membership Interests are Transferred by the Members to a third party who is not an Affiliate of any of the Members (whether by operation of law or otherwise), the Members agree that the aggregate net proceeds of such Transfer shall be allocated among the Members in accordance with the priorities and preferences set forth in <u>Section</u> <u>5.1(b)</u>, *mutatis mutandis*.

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5.2 Amounts Withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may withhold from distributions, allocations or portions thereof if it is required to do so by any applicable rule, regulation or law, and each Member hereby authorizes the Company to withhold or pay on behalf of or with respect to such Member any amount of U.S. federal, state, or local or non-U.S. taxes that the Board determines, in good faith, that the Company is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement. All amounts of tax withheld pursuant to the Code or the Regulations or any provisions of any U.S. federal, state, or local or non-U.S. tax law with respect to any payment or Distribution to the Members or with respect to an allocation of Profits to the Members shall be treated as amounts distributed to the Members pursuant to this <u>Section</u> <u>5</u> for all purposes under this Agreement. The Board may allocate any such amounts withheld among the Members in any manner that is in accordance with applicable law (taking into account the extent to which the amount withheld may vary among the Members based upon the identity and tax status of each Member). The Members shall be required, upon request by the Board, to (i) fund their share of any applicable withholding taxes, and (ii) take such actions and provide the Board with such information as may be reasonably requested by the Board in order to minimize any amount which may be required to be withheld, including the execution and delivery to the Board of any applicable forms under the Code or other applicable tax law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Company, the Board, any Member, any Officer or the Partnership Representative shall be liable for any excess taxes withheld, in good faith, in respect of any other Member's Membership Interests, and, in the event of overwithholding, such other Member's sole recourse shall be to apply for a refund from the applicable taxing authority; *provided*, *however*, such withholding party will, prior to any deduction or withholding, use commercially reasonable efforts to notify such Member of any anticipated withholding, and reasonably cooperate with such Member to minimize the amount of any applicable withholding to such Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Company, or any Member or any Affiliate thereof, becomes liable as a result of a failure to withhold and remit taxes in respect of any other Member (the "***Underwithheld Member***"), then, in addition to any indemnities for which the Underwithheld Member may be liable under this Agreement, to the fullest extent permitted by law, such Underwithheld Member shall indemnify and hold harmless the Company, or the other Members, as the case may be, in respect of all taxes, including interest and penalties, and any expenses incurred in any examination, determination, resolution, and payment of such liability. The provisions contained in this <u>Section</u> <u>5.2(a)</u> shall survive the termination of the Company and the withdrawal of any Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Member covenants for itself, its successors, assigns, heirs and personal representatives that such Person will, at any time prior to or after the dissolution of the Company, on demand, whether before or after such Person's withdrawal from the Company, pay to the Company (as a Capital Contribution without any change in such Person's Percentage Interest) any amount which the Company properly pays to the applicable taxing authority in respect of taxes (including withholding taxes) imposed upon income of or Distributions to such Member, to the extent that such amounts have not been withheld from amounts otherwise distributable to such Member.

5.3 Allocation of Profits and Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u> <u>Allocation</u> <u>of</u> <u>Profits</u> <u>and</u> <u>Losses</u>. Subject to, and after taking into account allocations pursuant to the provisions of <u>Section</u> <u>5.4</u>, for each Fiscal Year or portion thereof, Profits and Losses of the Company and, to the extent determined necessary and appropriate by the Board to achieve the resulting Capital Account balances described below, any individual items of income, gain, loss, credit and deduction includable in the computation of Profits and Losses, for such Fiscal Year or portion thereof shall be allocated among the Members during such Fiscal Year or portion thereof in such a manner that, as of the end of such period and after these allocations are made, the sum of (i) the Capital Account of the Member and (ii) that Member's share of "partnership minimum gain" (as defined and determined in accordance with Sections 1.704-2(b)(2) and 1.704-2(d) of the Regulations), if any, and

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"partner nonrecourse debt minimum gain" (as defined and determined in accordance with Sections 1.704-2(i)(2) and 1.704-2(i)(3) of the Regulations), if any, computed immediately prior to the hypothetical sale of assets referenced below, and the amount any such Member is treated as obligated to contribute to the Company, computed immediately after the hypothetical sale of assets referenced below, shall be equal to the respective net amounts that would be distributed to that Member if the Company sold all of its properties for cash equal to their Gross Asset Values (or, for the amount of Company Nonrecourse Liabilities or Partner Nonrecourse Debt secured by the Company properties, if Company Nonrecourse Liabilities or Partner Nonrecourse Debt exceed Gross Asset Values), satisfied all of the liabilities on the Company's balance sheet as computed for Capital Account purposes, except to the extent of any Company Minimum Gain and Partner Nonrecourse Debt Minimum Gain, and distributed the remaining proceeds to the Members in accordance with <u>Section</u> <u>11.3(b)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Deficit Restoration Obligation</u>. Except as otherwise required by the Act, notwithstanding anything to the contrary in this Agreement, upon a liquidation within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations, if any Member has an Adjusted Capital Account Deficit (after giving effect to all contributions, distributions, allocations, and other Capital Account adjustments for all taxable years, including the year during which such liquidation occurs), such Member shall have no obligation to make any Capital Contribution to reduce or eliminate such Adjusted Capital Account Deficit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Loss</u> <u>Limitation</u>. Losses allocated pursuant to this <u>Section</u> <u>5.3</u> shall not exceed the maximum amount of Losses that can be allocated to a Member without creating or increasing a Member's Adjusted Capital Account Deficit at the end of any Fiscal Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Special Allocation Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in Section 1.704-2(f) of the Regulations, notwithstanding any other provision of this <u>Section</u> <u>5.4</u>, if there is a net decrease in Company Minimum Gain for any Fiscal Year (or if there was a net decrease in Minimum Gain for a prior Fiscal Year and the Company did not have sufficient amount of income and gain during prior periods to allocate among the Members under this <u>Section</u> <u>5.4(a)</u>, each Member shall be specially allocated items of Company income and gain in an amount equal to such Member's share of the net decrease in Company Minimum Gain, determined in accordance with Section 1.704-2(g) of the Regulations. The items of Company income and gain to be allocated pursuant to this <u>Section</u> <u>5.4(a)</u> shall be determined in accordance with Sections 1.704-2(f)(6) and 1.704-2(j)(2) of the Regulations. The amount of Company Minimum Gain shall be determined in accordance with Section 1.704-2(d) of the Regulations. This <u>Section</u> <u>5.4(a)</u> is intended to comply with the minimum gain chargeback requirement in Section 1.704-2(f) of the Regulations and shall be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in Section 1.704-2(i)(4) of the Regulations, notwithstanding any other provision of this <u>Section</u> <u>5.4</u>, except <u>Section</u> <u>5.4(a)</u>, if during any Fiscal Year (or if there was a net decrease in Partner Nonrecourse Debt Minimum Gain for a prior Fiscal Year and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this <u>Section</u> <u>5.4(b)</u>, there is a net decrease in Partner Nonrecourse Debt Minimum Gain, each Member that has a share of that Partner Nonrecourse Debt Minimum Gain (determined in accordance with Section 1.704-2(i)(5) of the Regulations) shall be allocated items of Company income and gain for the Fiscal Year equal to that Member's share of the net decrease in the Partner Nonrecourse Debt Minimum Gain (determined in accordance with Section 1.704-2(i)(4) of the Regulations). The items of Company income and gain to be allocated pursuant to this <u>Section</u> <u>5.4(b)</u> shall be determined in accordance with Sections 1.704-2(i)(4) and 1.704-2(j)(2) of the Regulations. The amount of Partner Nonrecourse Debt Minimum Gain shall be determined in accordance with Section 1.704-2(i)(3) of the Regulations. This <u>Section</u> <u>5.4(b)</u> is intended to comply with the minimum gain chargeback requirement in Section 1.704-2 of the Regulations and shall be interpreted consistently therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Member shall not be allocated items of loss or deduction to the extent such an allocation would cause or increase an Adjusted Capital Account Deficit for such Member as of the close of any taxable year. Any items of loss or deduction not allocated to a Member under this <u>Section</u> <u>5.4(c)</u> shall be allocated first, to the remaining Members with positive Capital Account balances (taking into account adjustments, allocations and distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6) of the Regulations and after adding back each Member's share of Company Minimum Gain and Partner Nonrecourse Debt Minimum Gain) in proportion to, and to the extent of, such positive Capital Account balances and thereafter, as provided in applicable Regulations. If any Member unexpectedly receives an adjustment, allocation, or distribution of the type contemplated by Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6) of the Regulations that causes or increases an Adjusted Capital Account Deficit for such Member, items of Company income and gain entering into the computation of Profits and Losses shall be allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by Section 1.704-1(b) of the Regulations, the Adjusted Capital Account Deficit of such Member as quickly as possible; *provided*, *however*, that an allocation pursuant to this <u>Section</u> <u>5.4(c)</u> shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this <u>Section</u> <u>5.4</u> have been tentatively made as if this <u>Section</u> <u>5.4(c)</u> were not in this Agreement. It is the intent of the Members that this <u>Section</u> <u>5.4(c)</u> constitute a qualified income offset provision under Section 1.704-1(b)(2)(ii)(d)(3) of the Regulations, and shall be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that any Member has an Adjusted Capital Account Deficit at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Member is obligated to restore pursuant to any provision of this Agreement, and (ii) the amount such Member is deemed to be obligated to restore pursuant to the next to last sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations, each such Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible, *provided* that an allocation pursuant to this <u>Section</u> <u>5.4(d)</u> shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit in excess of such sum after all other allocations provided for in this <u>Section</u> <u>5.4</u> have been made as if <u>Section</u> <u>5.4(c)</u> and this <u>Section</u> <u>5.4(d)</u> were not in this Agreement. It is the intent of the Members that this <u>Section</u> <u>5.4(d)</u> constitutes a gross income allocation and be interpreted to effectuate such intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Company Nonrecourse Deductions (as defined in Section 1.704-2(b)(1) of the Regulations) for any Fiscal Year or other period shall be allocated to the Members in proportion to their respective Percentage Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent an adjustment to the adjusted tax basis of any Company asset, pursuant to Code Section 734(b) (including any such adjustments pursuant to Section 1.734-2(b)(1) of the Regulations) is required, pursuant to Sections 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4) of the Regulations, to be taken into account in determining Capital Accounts as a result of a distribution to a Member in complete liquidation of such Member's Membership Interests in the Company, the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be allocated to the Members in accordance with their Percentage Interests in the event Section 1.704-1(b)(2)(iv)(*m*)(*2*) of the Regulations applies, or to the Members to whom such distribution was made in the event Section 1.704-1(b)(2)(iv)(*m*)(*4*) of the Regulations applies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In accordance with Section 1.704-2(i)(1) of the Regulations, any item of Company loss or deduction which is attributable to Partner Nonrecourse Debt for which a Member bears the economic risk of loss (such as a non-recourse loan made by a Member to the Company or an otherwise non-recourse loan to the Company that has been guaranteed by a Member) shall be allocated to that Member to the extent of its economic risk of loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Items of income, gain, loss, expense or credit resulting from a Covered Audit Adjustment shall be allocated to the Members in accordance with the applicable Partnership Audit Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Partner Nonrecourse Deductions for any Fiscal Year or other period attributable to a Partner Nonrecourse Debt shall be specially allocated to the Member (or Members) that bear the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Section 1.704-2(i) of the Regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Tax Allocations. All items of income, gain, loss, and deduction, and all tax preferences, Depreciation, accelerated cost recovery system deductions and investment interest and other tax items of the Company for each Fiscal Year (collectively referred to as "***Company Tax Items***") shall be allocated for tax purposes to the Members in accordance with this <u>Section</u> <u>5.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this <u>Section</u> <u>5.5</u>, Company Tax Items shall be allocated to the Members in the same manner as the corresponding item is allocated pursuant to <u>Section</u> <u>5.3</u> or <u>Section</u> <u>5.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Gain or loss upon sale or other disposition of any property contributed to the Company or any Depreciation, amortization, or other cost recovery deduction allowable with respect to the basis of property contributed to the Company shall be allocated for tax purposes between the contributing and non-contributing Members so as to take into account the difference between the adjusted tax basis and the Gross Asset Value of the property on the date of its contribution in accordance with Code Section 704(c), using any permissible method under the Regulations as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If there has been an adjustment to the Gross Asset Value of any Company property pursuant to any provision of this Agreement, Company Tax Items with respect to such property shall be allocated to the Members for tax purposes so as to take into account the difference between the adjusted tax basis of such property and its Gross Asset Value in the same manner as variations between the adjusted tax basis and Fair Market Value of property contributed to the Company are taken into account in determining the Members' allocations of Company Tax Items under <u>Section</u> <u>5.5(b)</u>, utilizing such permissible allocation method or methods the Regulations as the Board shall select.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Accounting matters relating to allocations of Profits and Losses, Capital Accounts, and allocations of items of federal income tax significance shall be handled in such a way that the allocations of items of federal income tax significance will have substantial economic effect or will otherwise be respected for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Tax credits of the Company shall be allocated among the Members pursuant to Section 1.704-1(b)(4)(ii) of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If, as a result of an exercise of a non-compensatory option to acquire an interest in the Company, a Capital Account reallocation is required under Section 1.704-1(b)(2)(iv)(*s*)(*3*) of the Regulations, the Company shall make corrective allocations pursuant to Section 1.704-1(b)(4)(x) of the Regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Other Allocation Rules. All other items that must be allocated to the Members shall be allocated to the Members in the same manner and in accordance with the allocation of Profits and Losses as provided in <u>Section</u> <u>5.3</u>. Solely for purposes of determining a Member's proportionate share of the "excess nonrecourse liabilities" of the Company within the meaning of Section 1.752 -3(a)(3) of the Regulations, such "excess nonrecourse liabilities" shall first be allocated in accordance with the gain that would be recognized by the Members pursuant to Code Section 704(c) and then in accordance with their Percentage Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 Allocation Savings Provision. The allocation methods set forth in <u>Sections</u> <u>5.3</u>, <u>5.4</u>, <u>5.5</u>, and <u>5.6</u> are intended to allocate Profits and Losses and items of Company income, gain, expense and loss to the Members for federal income tax purposes in accordance with their economic interests in the Company while complying with the requirements of Code Section 704(b) and the Regulations promulgated thereunder. If the allocation of Profits or Losses pursuant to the provisions of <u>Sections</u> <u>5.3</u>, <u>5.4</u>, <u>5.5</u>, and <u>5.6</u> do not (a) satisfy the requirements of Code Section 704(b) or the Regulations thereunder, (b) comply with any other provisions of the Code or Regulations or (c) properly take into account any expenditure made by the Company or Transfer of any Membership Interests, then notwithstanding anything to the contrary contained in the preceding provisions of <u>Sections</u> <u>5.3</u>, <u>5.4</u>, <u>5.5</u>, and <u>5.6</u>, Profits and Losses shall be allocated in such manner as the Board, reasonably and in good faith, determines to be required so as to reflect properly <u>Sections</u> <u>5.3</u>, <u>5.4</u>, <u>5.5</u>, and <u>5.6</u>, as the case may be; *provided*, *however*, that any change in the method of allocating Profits or Losses shall not materially alter the economic agreement between the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 Members Varying Interests. In the event of any changes in any Member's Percentage Interest during the Fiscal Year, including if any Membership Interest in the Company is Transferred or otherwise increased or decreased during the year, all items of income, gain, loss, deduction and credit recognized by the Company for such year shall be allocated among the Members in accordance with a method selected by the Board and permissible under Code Section 706 to take into account their varying interests during the year.

6. STATUS, RIGHTS AND POWERS OF MEMBERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Limitation of Liability. Except as otherwise provided in the Act, no Member of the Company shall be obligated personally for any debt, obligation, or liability of the Company or of any other Member solely by reason of being a Member of the Company. Except as otherwise provided in the Act or by law, no Member shall have any fiduciary or other duty to another Member with respect to the business and affairs of the Company. No Member shall have any responsibility to restore any negative balance in his, her or its Capital Account or contribute to or in respect of the liabilities or obligations of the Company or return Distributions made by the Company except as required by this Agreement, the Act or other applicable law. All Persons dealing with the Company shall have recourse solely to the assets of the Company for the payment of the debts, obligations, or liabilities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Return of Distributions of Capital. Except as required by law or this Agreement, no Member shall be obligated by this Agreement to return any Distribution to the Company or pay the amount of any Distribution for the account of the Company or to any creditor of the Company; *provided*, *however*, that if any court of competent jurisdiction holds that, notwithstanding this Agreement, any Member is obligated to return or pay any part of any Distribution, such obligation shall bind such Member alone and not any other Member, any Director or the Board; and *provided*, *further*, that if any Member is required to return all or any portion of any Distribution under circumstances that are not unique to such Member but that would have been applicable to all Members if such Members had been named in the lawsuit against the Member in question (such as where a Distribution was made to all Members and rendered the Company insolvent, but only one Member was sued for the return of such

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Distribution), the Member that was required to return or repay the Distribution (or any portion thereof) shall be entitled to reimbursement (but not in excess of the amount paid by such Member) from the other Members that were not required to return the Distributions made to them based on each such Member's share of the Distribution in question. The provisions of the immediately preceding sentence are solely for the benefit of the Members and shall not be construed as benefiting any third party. The amount of any Distribution returned to the Company by a Member or paid by a Member for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to such Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 No Management or Control. Except as expressly provided in this Agreement (including <u>Section</u> <u>3.5(c)</u>), no Member shall, in its capacity as a Member, take part in or interfere in any manner with the management of the business and affairs of the Company Group or have any right or authority to act for or bind the Company.

7. BOARD OF DIRECTORS, EXECUTIVE TEAM, OFFICERS, AND RELATED MATTERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Members hereby establish a Board of Directors of the Company (the "***Board***"). Subject to the terms of this Agreement (including <u>Section</u> <u>3.5(c)</u>), non-waivable provisions of applicable law, and the rights of the Members and the Executive Team expressly provided for herein, the Board shall have full and complete authority, power, and discretion to direct the management of the Company, to control the business, affairs, and properties of the Company, to make all decisions regarding those matters and to exercise all such powers and manage and direct all such acts and things, including in connection with (i) the appointment of members of the Company's executive team (the "***Executive Team***"), each of whom shall remain a member of the Executive Team until his or her successor is appointed by the Board, or until such individual's sooner death, resignation or removal by the Board and (ii) the appointment of individuals to serve as officers of the Company, each of whom shall hold such office until his or her successor is appointed by the Board, or until such officer's sooner death, resignation or removal by the Board (the "***Officers***"). The Board shall consist initially of five (5) individuals appointed as Directors in accordance with <u>Section</u> <u>7.1(b)</u> herein. No Director acting in his, her or their capacity as a Director, shall have the power to bind the Company with respect to any matters except pursuant to a resolution authorizing such action that is duly adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Member shall have the right to appoint a number of Directors equal to the quotient of (i) each Member's Percentage Interest divided by (ii) twenty (20), with the product being rounded down to the nearest whole number. For the avoidance of doubt, each Member shall be entitled to appoint one Director to the Board for each full twenty percent (20%) of Percentage Interest such Member holds and each Member's Percentage Interest must be at least twenty percent (20%) for such Member to be entitled to appoint a Director. The initial Board is set forth on <u>Exhibit</u> <u>7.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event a Member's Percentage Interest is less than twenty percent (20%) but greater than or equal to ten percent (10%), such Member shall have the right to appoint one (1) non-voting observer to attend meeting of the Board (the "***Board Observer***"). The Board Observer shall be entitled to attend all meetings of the Board and to receive all information provided to the Directors; *provided*, that (i) the Board Observer shall not be entitled to vote on any matter submitted to the Board nor to offer any motions or resolutions to the Board, and (ii) the Company may withhold information or materials from the Board Observer or exclude the Board Observer from any meeting or portion thereof if access to such information or materials or attendance at such meeting would (A) adversely affect the attorney-client or work product privilege between the Company and its counsel, or

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(B) result in a conflict of interest. In the event a Member's Percentage Interest is less than ten percent (10%), such Member shall not have the right to appoint a Director or Board Observer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as provided in <u>Section</u> <u>7.3,</u> without limitation of any other rights or remedies that may be available to the Company or to any other Member with respect to a Defaulting Member, if and for so long as a Member is a Defaulting Member, any Directors appointed by such Member shall cease to have any voting, consent or approval rights on any matters voted on by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Director may resign at any time upon written notice to the Board. If there shall be any vacancy in the office of a Director, whether due to a resignation, removal, death, incapacity or otherwise, then such vacancy may be filled only by the Member(s) which were entitled to appoint such Director to the Board prior to such Director's vacancy pursuant to <u>Section</u> <u>7.1</u>. Any Director may be removed during their term of office by, and only by, the Member entitled to appoint such Director to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Board shall meet as often as reasonably necessary to conduct the business of the Company or otherwise fulfill its objectives; *provided*, *however*, that the Board shall meet at least once each Fiscal Quarter. The Directors may participate in the meetings of the Directors by means of such telephonic, electronic or other communication facilities as shall permit all Directors participating in such meeting to hear and communicate with each other simultaneously and a Director participating in such meeting by such means is deemed to be present at such meeting. In the event that any Director is unable to attend any meeting of the Board, such Director may appoint another individual (including another Director) to act in such Director's place and exercise such non-attending Director's voting rights at such meeting (an "***Alternate Director***"); *provided*, that such Alternate Director shall agree to be bound by all confidentiality obligations to which any Director is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With respect to any action or decision requiring the approval of the Board, the presence at a meeting of one or more Directors entitled to vote on such action at such time that, individually or collectively, hold sufficient voting power to take such action or make such decision, including at least one Director appointed by each Member with the right to appoint a Director at that time, constitutes a quorum for the transaction of business; *provided*, that for as long as any Member is a Defaulting Member, the Director(s) appointed by such Defaulting Member shall not be required in order to achieve a quorum. The Directors appointed by a Member or its Affiliates that are Members shall collectively have the aggregate voting power equal to the relative Percentage Interest held by such Member and its Affiliates that are Members. When a quorum is present, unless otherwise provided in this Agreement, the affirmative vote of the Directors representing a majority of the outstanding Membership Interests present or represented by proxy shall be the act of the Board. If a quorum is not met at a given meeting, then those Directors present at such meeting, though less than a quorum, shall adjourn the meeting and call a reconvened meeting by providing at least two (2) Business Days' prior written notice of such reconvened meeting to all of the Directors not present at the adjourned meeting. The agenda of any reconvened meeting shall not differ from the agenda of the adjourned meeting to which such reconvened meeting relates. If a quorum is not met at such reconvened meeting due to the continued absence of at least one Director designated by each designating Member, then directors representing voting power sufficient to satisfy the voting requirements for the action proposed to be taken at such meeting shall constitute a quorum for the transaction of business at such meeting notwithstanding such absence. At each meeting of the Board, if fewer than all of the Directors appointed by a designating Member pursuant to <u>Section</u> <u>7.1(b)</u> are in attendance or represented by proxy at such meeting (including by reason of a vacancy in the directors that such designating Member has the right to designate pursuant to <u>Section</u> <u>7.1(b)</u>), the Director(s) appointed by such designating Member present or represented by proxy at such meeting shall collectively have the voting power on all matters to be voted on by the Board equal to the Percentage Interest of such designating Member and its Affiliates that are Members, with each

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Director having voting power equal to (A) the aggregate Percentage Interest of such designating Member and its Affiliates that are Members *divided by* (B) the total number of Directors designated by such designating Member and its Affiliates that are Members and present or represented by proxy at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any action required or permitted to be taken at any meeting of the Board may be taken without a meeting if the number of Directors required for such action consent thereto in writing; *provided*, that notice of the content of such action shall be provided to all Directors at least forty-eight (48) hours prior to such action taking effect; *provided*, *further*, that such action may take effect sooner if the action is unanimously approved by the Board. Written consent by the Board pursuant to this <u>Section</u> <u>7.1(h)</u> shall have the same force and effect as a vote of the Board taken at a duly held meeting of the Board and may be stated as such in any document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Director shall be entitled to convene a meeting of the Board upon forty-eight (48) hours' prior written notice (or less notice if all of the Directors waive such notice in writing); *provided*, that a Director who is appointed by a Member who is a Defaulting Member, and for as long as such Member is deemed a Defaulting Member, shall not be entitled to convene a meeting. By attending a meeting, a Director (i) waives objection to lack of notice or defective notice of such meeting unless the Director, at the beginning of the meeting, objects to the holding of the meeting or the transacting of business at the meeting, and (ii) waives objection to consideration at such meeting of a particular matter not within the purpose or purposes described in the meeting notice unless the Director objects to considering the matter when it is presented. Each Director shall serve without compensation in his, her or their capacity as such. Each Director shall be entitled to reimbursement from the Company for such Director's reasonable and necessary out-of-pocket expenses incurred in the performance of his, her or their duties as a Director, pursuant to such policies as may from time to time be established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Board may, by vote or resolution of the Board, delegate any or all of its powers to any other committee thereof; *provided*, that a Director appointed by each Member with the right to appoint a Director at that time is a member of any such committee; *provided*, *further*, that any action proposed to be taken by a committee that would otherwise require approval of the Board hereunder shall require the approval of Directors appointed to such committee representing voting power sufficient to satisfy the voting requirements for the action proposed to be taken if such action were to be approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Executive Team; Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board shall delegate a number of individuals determined by the Board to serve as the Company's Executive Team. The Executive Team shall be responsible for managing the day-to-day operations of the Company. The Board shall also have the authority to appoint other Officers of the Company which Officers with each such Officer having the responsibilities, duties, powers, authority and obligations delegated to him or her by the Board. In addition to the other rights set forth herein and subject to the provisions of <u>Section</u> <u>7.3</u>, the Board shall have authority to determine (i) the hiring, termination, employment, and compensation of, the members of the Executive Team and of any Officer and (ii) the general policies of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may delegate to any member of the Executive Team or to any other Officer any responsibilities and authority of a manager within the meaning of Section 18-101(10) of the Act but may not delegate to any member of the Executive Team any decision or authority to approve any action that requires Member or Board approval under the Act or under <u>Section</u> <u>7.3</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to <u>Section</u> <u>7.2(a)</u>, the Executive Team may appoint other individuals to act on behalf of the Company with such titles and authority as determined from time to time by the Executive Team. Each of such individuals shall hold office until his or her death, resignation or removal by the Executive Team. Any employment arrangements entered into between the Company and such individuals providing for compensation shall not be in excess of the amount specified for the applicable position in the Business Plan and Budget.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Major Decisions Requiring Requisite Member Approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything in this Agreement to the contrary, none of the Company or any of its Subsidiaries may take any action set forth on <u>Exhibit 7.3(a)</u> without prior unanimous approval of the Members; *provided*, *however*, that, other than with respect to items (i), (vii), (viii), (xi) or (xiii) of <u>Exhibit 7.3(a)</u>, in the event that and for as long as a Member is a Defaulting Member, such unanimous approval shall not require the approval or consent of such Defaulting Member; *provided*, *further*, that with respect to item (xiii) of <u>Exhibit 7.3(a)</u>, such Defaulting Member's approval or consent shall be required solely for purposes of <u>Section</u> <u>10.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, none of the Company or any of its Subsidiaries may take any action set forth on <u>Exhibit 7.3(b)</u> (collectively, with the actions or inactions set forth on <u>Exhibit 7.3(a)</u>, the "***Major Decisions***") without the prior approval of Members representing Percentage Interests greater than eighty percent (80%); *provided*, *however*, that in the event that and for as long as a Member is a Defaulting Member, such eighty percent (80%) threshold will be calculated without taking into account any of the Percentage Interest of such Defaulting Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Director or Member (in their capacity as such) shall have any fiduciary or other duty to the Company or any other Member, whether or not such duty arises or exists at law or in equity, and each Member hereby expressly waives any such duties to the maximum extent permitted by law. This <u>Section</u> <u>7.4</u> shall not in any way serve to eliminate, exclude, waive or limit any fiduciary duties or similar liabilities to the Company or any Member that are owed by any employee or Officer of the Company (in their capacity as such). Each Officer (in such Person's capacity as an Officer) shall have such fiduciary duties that an officer of the Company would have if the Company were a corporation organized under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the maximum extent permitted by applicable law, whenever a Member, in its capacity as a Member, or a Director, in his or her capacity as a Director, is permitted or required to make a decision or take an action or omit to take an action (including wherever in this Agreement that any Member or Director, as applicable, is permitted or required to make, grant or take a determination, a decision, consent, vote, judgment or action at its "discretion," "sole discretion" or under a grant of similar authority or latitude), such Member or Director, as applicable, shall be entitled to consider only such interests and factors, including its, his or her own, as it, he or she desires, and shall have no duty or obligation to give any consideration to any other interest or factors whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Independent Appraisal. Any determination of Fair Market Value required to be made pursuant to the terms and conditions of this Agreement shall be made in good faith by the Board and shall be subject to the unanimous agreement of Members. If any of the Members reasonably object to any Fair Market Value determination made by the Board, then any Member may refer such Fair Market Value in dispute for determination by one of the "big four" accounting firms as agreed in writing by the Members. Should the initially designated Independent Appraiser fail or refuse to agree to serve as Independent Appraiser, the Members shall agree in writing on another of the "big four" accounting firms to serve as

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the replacement Independent Appraiser that is willing to serve in such capacity (the initially selected accounting firm or such replacement, the "***Independent Appraiser***"). Each Member shall submit in writing its proposed Fair Market Value to the Independent Appraiser and the other Members within ten (10) days of the date such Fair Market Value is submitted to the Independent Appraiser for resolution, and only one Member submits in writing its proposed Fair Market Value within such period, such Member's proposed Fair Market Value shall be deemed approved by the Board and the Independent Appraiser's involvement in such dispute shall promptly be discontinued. The Independent Appraiser shall determine the Fair Market Value as promptly as reasonably practicable after all Members have submitted their proposed Fair Market Value to the Independent Appraiser, but in any event within thirty (30) days after all the Members have submitted in writing their proposed Fair Market Value to the Independent Appraiser. Each Member (i) shall furnish to the Independent Appraiser such workpapers and other documents and information relating to such Member's calculation of its proposed Fair Market Value as the Independent Appraiser may request and are reasonably available to such Member and (ii) shall be afforded the opportunity to present to the Independent Appraiser any material relating to the determination of such Fair Market Value and to discuss such determination with the Independent Appraiser. The Independent Appraiser shall make a determination by selecting the Fair Market Value proposed by one of the Members that as a whole is the most consistent with this Agreement and the most fair and reasonable to the Members in light of the totality of the circumstances, and the determination by the Independent Appraiser of the Fair Market Value, as set forth in a written notice delivered to all Members by the Independent Appraiser, shall be made in accordance with this Agreement and shall be binding and conclusive on the Members. Each Member shall each bear its own legal fees and other costs in connection with any such objection; *provided* that all the Members shall bear their Percentage Interest share of the costs and expenses of the Independent Appraiser.

8. PROGRAMS AND BUDGETS; BOOKS, RECORDS, ACCOUNTING AND REPORTING.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Initial Business Plan and Budget. An initial Business Plan for the period beginning on the Effective Date and ending on December 31, 2027 (the "***Initial Business Plan***") is attached hereto as <u>Exhibit 8.1</u>, which has been approved and adopted by the Board. No later than March 31, 2023, the Board shall approve and adopt an initial budget for the period beginning on the Effective Date and ending on December 31, 2023 (the "***Initial Budget***"). The Initial Business Plan and the Initial Budget shall each be updated from time to time in accordance with this Agreement (each subsequent business plan, as updated, the "***Business Plan***" and each subsequent budget, as updated, the "***Budget***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Operations Under the Budget. The operations of the Company Group shall be conducted, and costs and expenses shall be incurred, in accordance with the then-current Budget. Neither the Company nor any of its Subsidiaries shall make or incur expenditures other than in accordance with the terms of the then-applicable Budget; *provided*, *however*, that the Company or its Subsidiaries shall be permitted to make expenditures in excess of the amounts set forth in the then-current Budget to the extent that such additional expenditures, in the aggregate, do not exceed the aggregate amount of the then-applicable Budget (without giving effect to any amendments or supplements to such Budget during such Fiscal Year) by more than 25% (such excess permitted expenditures, "***Permitted Overruns***") and, *further provided,* that if during a Fiscal Year a Lease Supplement is executed by AssetCo LeaseCo for a Project that is not contemplated by the then-current Budget, then such Budget shall be deemed automatically amended and updated to include all payment obligations of the Company Group resulting from such Lease Supplement during such Fiscal Year and in each subsequent Fiscal Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Presentation and Approval of Proposed Business Plan and Budget. The Board shall adopt the Business Plan and Budget of the Company, and propose and adopt any amendments or modifications thereto, from time to time and in its discretion. Without limiting the generality of the foregoing, at least sixty (60) days prior to the end of each Fiscal Year, the Executive Team of the Company will prepare and

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submit, to the Board (i) a proposed Business Plan for the succeeding five (5) year period and (ii) a proposed Budget for the succeeding Fiscal Year (unless approval of the Members is required pursuant to <u>Section</u> <u>7.3</u>, in which case such proposed Budget shall also be submitted to the Members for approval in accordance with <u>Section</u> <u>7.3</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Books and Records. The Company and each of its Subsidiaries shall maintain at its respective principal office or such other office as the Board (as applicable) shall determine all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a current list of the full name and last known business or residential address of each Member and Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information regarding the amount of cash and a description and statement of the agreed value of any other property or services contributed by each Member and which each Member has agreed to contribute in the future, and the date on which each Member became a Member of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) copies of the Certificate and this Agreement, including any amendments thereto, together with executed copies of any powers of attorney pursuant to which the Certificate, this Agreement, or any amendments to any of the foregoing documents have been executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) copies of the Company's federal, state and local income tax or information returns and reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company's books and records, which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company and its Affiliates for matters relating to the Project, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) internal accounting controls sufficient to provide reasonable assurances that all transactions and access to assets of the Company and its Affiliates are executed only in accordance with management's general or specific authorization.

Without limiting any applicable law, each Member and Director shall have the right to examine all of the information described in <u>Sections 8.4(a)</u> through <u>8.4(f)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Filings. The Board, at the Company's expense, shall cause to be prepared and timely filed, with appropriate federal and state regulatory and administrative authorities, all reports required to be filed by the Company and each Subsidiary with those entities under then current applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Reporting. The Company shall maintain complete, fair and accurate books and records, satisfactory to the Board and the Members, in accordance with GAAP, and compliant with Mercedes-Benz's accounting standards as shall be set forth on <u>Exhibit 8.6</u> hereto, as well as in accordance with all other applicable laws and regulations. Subject to <u>Section</u> <u>12.1</u>, the Board will cause the Executive Team to deliver each of the following to the Members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within 90 days after the end of each Fiscal Year, an audited consolidated balance sheet as of the end of such fiscal year and the related consolidated income statement, statement of Members' equity and statement of cash flows for such fiscal year prepared in accordance with GAAP (the "***Financial Statements***") as of the end of such Fiscal Year, and a signed audit letter from the Company's independent auditors, and a comparison of such statements to the Budget for such period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within six (6) Business Days after the end of each Fiscal Year, unaudited Financial Statements (without footnotes) as of the end of such Fiscal Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within four (4) Business Days after the end of each Fiscal Quarter, an unaudited consolidated balance sheet as of the end of such Fiscal Quarter and unaudited related income statement, statement of cash flows and statement of equity for such Fiscal Quarter (without footnotes) prepared in accordance with GAAP, and a comparison of such statements to the Budget for such period; *provided*, *however*, that for Fiscal Quarter's ended March 31, 2023, June 30, 2023 and September 30, 2023, such deliverables outlined in this subsection (c) shall be delivered within ten (10) Business Days after the end of each month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Within four (4) Business Days after the end of months January through October, (i) an unaudited consolidated balance sheet and unaudited related statement of income, statement of cash flow and statement of equity for such month prepared on a consistent internal basis (without footnotes) and other disclosures that would be required for a presentation in accordance with GAAP, and a comparison of such statements to the Budget for such period, and (ii) a monthly management report (a "***Management Report***") discussing the financial condition and operations of the Company for the most recent period ended for which information is available, such information to be no older than 30 days; *provided*, *however*, that for months January through October of the Fiscal Year ending December 31, 2023, such deliverables outlined in clauses (i) and (ii) of this subsection (d) shall be delivered within ten (10) Business Days after the end of each month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within six (6) Business Days after the end of months November and December, (i) an unaudited consolidated balance sheet and unaudited related statement of income, statement of cash flow and statement of equity for such month prepared on a consistent internal basis (without footnotes) and other disclosures that would be required for a presentation in accordance with GAAP, and a comparison of such statements to the Budget for such period, and (ii) a Management Report discussing the financial condition and operations of the Company for the most recent period ended for which information is available, such information to be no older than thirty (30) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Promptly after the Company becomes aware of the occurrence of (i) any event that has had or could have a material adverse effect on the Company's business, operating results or financial condition, and (ii) any material breach or default under a material agreement, notice of such event, breach or default together with a summary describing the nature of the event, breach or default and its impact on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Promptly after the Company becomes aware of the occurrence of (A) any incident or emergency that could cause, or has caused: injury; loss of life; damage to property; or pollution or damage to the environment, each report or notice relating to such incident or emergency and (B) any litigation, investigation, proceeding and/or governmental or regulatory action with respect to the Company Group or assets, notice of such event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Concurrently with the deliver thereto, any reports or documents delivered by the Company to its creditors;

*provided*¸ that, with respect to <u>clauses (a)–(e)</u> immediately above, the Company shall concurrently with the delivery of such financial statements also deliver to the Members such financial statements reconciled in accordance with IFRS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Additional Information. From time to time and subject to <u>Section 12.1</u>, a Member may make reasonable requests for information in the possession or control of the Company. To the extent possible, such requesting Member will manage such requests with the information received on a quarterly and annual basis. If, however, further information is required from the Company, the Member will provide a written request, in the form of e-mail if desired, of the information required and the Board will cause the Executive Team to provide the information requested in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 Inspection and Audit Rights. Subject to <u>Section</u> <u>12.1</u>, each member of the Company Group shall, provide to the representatives, accountants, advisors and other agents of each Member, (a) access to the Company Group's properties, offices and facilities, (b) the right to inspect and copy the corporate, financial and similar records, reports and documents of the Company Group, including all books and records, minutes of proceedings, internal management documents, reports of operations, reports of adverse developments and copies of any management letters and communications with Members and (c) access to the Executive Team, other senior employees and accountants of the Company Group for the purpose of discussing affairs, financing and accounts of the Company Group, in each case, at such reasonable times during the Company Group's usual business hours and as often as any such Person may reasonably request. Each Member, upon advance written notice of not less than thirty (30) days to the Company and all other Members, shall have the right to audit the Company's and its Subsidiaries' accounts and records relating to the books and records for a Fiscal Year within 18 months following the end of such Fiscal Year. Where more than one Member wishes to conduct such an audit, the requesting Members shall use their commercially reasonable efforts to conduct a joint audit in a manner which will result in minimum inconvenience to the Company and its Subsidiaries. The Company shall bear no portion of such Member's or Members' audit cost incurred under this <u>Section</u> <u>8.8</u>. No Member shall have the right to conduct an audit of any Fiscal Year more than once. Each Member shall bear its own and its representatives' expenses and all reasonable expenses incurred by the Company or any of its Subsidiaries in connection with such Member's exercise of rights provided under this <u>Section</u> <u>8.8</u> and such Member shall use commercially reasonable efforts to prevent any such audit or inspections from unreasonably interfering with the business and operations of the Company Group.

9. MISCELLANEOUS TAX MATTERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Partnership Representative. The Board may appoint and replace a "partnership representative" (as such term is defined in Code Section 6223(a)) (the "***Partnership Representative***"). The initial Partnership Representative of the Company shall be MN8. The Partnership Representative shall have the power to appoint a "designated individual" within the meaning of Section. § 301.6223-1(b)(3) of the Regulations and to replace such individual from time to time. The Partnership Representative shall perform its duties under the direction and guidance of the Board and shall be authorized and required to represent the Company (at the Company's expense), subject to the restrictions set forth in this <u>Section</u> <u>9.1</u>, in connection with all examinations of the Company's affairs by tax authorities, including any resulting administrative and judicial proceedings, and to expend Company funds for professional services reasonably incurred in connection therewith. Each Member and former Member that held any Membership Interests during the reviewed Fiscal Year (an "***Interested Member***") agrees to cooperate with the Company and to do or refrain from doing any or all things reasonably requested by the Company with respect to the conduct of such proceedings. The Partnership Representative shall notify the Interested Members in writing within ten (10) Business Days of the initiation of, or receipt of notice regarding, any examination, audit or other tax proceeding relating to the Company, and will keep the Interested Members reasonably informed of the progress of any such examinations, audits or other proceedings, shall provide the Interested Members with information on a full and timely basis, and shall not settle any examination or controversy concerning the Company's affairs by tax authorities without the written consent of the Board, which consent shall not be unreasonably withheld or delayed. Subject to the consent of the Board, the Partnership Representative shall determine whether any partnership adjustment to each Interested Member shall be made through the application of the procedures established pursuant to Code Section 6225(c) or through an election and the

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furnishing of statements pursuant to Code Section 6226. Each Member further agrees to cooperate in taking such actions as may be required to cause any election made by the Company to be effective and to provide the Partnership Representative with documentation necessary in connection with its compliance with the provisions of this <u>Section</u> <u>9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Reimbursement of Partnership Representative. No Member shall have any claim against the Partnership Representative or designated individual for any actions taken (or any failures to take action) by such Person in good faith. The Company shall reimburse the Partnership Representative and designated individual for all reasonable and documented expenses (including legal and accounting fees) incurred by such Person in the performance of their duties and responsibilities as the Partnership Representative or designated individual, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Partnership Audit Provisions; Financial Burden of Tax Adjustments. In any tax year for which the Company is eligible to elect out of the Partnership Audit Provisions of Code Sections 6221-6241 of the Code, the Partnership Representative shall cause the Company to make such election out. For any tax year to which the Partnership Audit Provisions apply, the Partnership Representative shall use its commercially reasonable efforts to apply the rules and elections under the Partnership Audit Provisions in a manner that minimizes the likelihood that any Member would bear any material tax as a result of any audit or proceeding that is attributable to another Member (other than a predecessor in interest). To that end, the Partnership Representative is authorized, without limitation of the Partnership Representative's authority hereunder, to (i) take any action required to cause the financial burden of any Imputed Underpayment (as determined under Code Section 6225) and associated interest, adjustments to tax and penalties arising from a Partnership-level adjustment that are imposed on the Company to be borne by the Members and former Members to whom such Imputed Underpayment relates as determined by the Partnership Representative after consulting with the Company's accountants or other advisers, taking into account any differences in the amount of taxes attributable to each Member because of such Member's status, nationality or other characteristics; or (ii) make the election described in Code Section 6226, to take any and all actions needed in order to effect such election, and to take such other actions and make such other elections as are reasonably necessary or appropriate in order that the allocation among the Members (including persons who are former Members) of responsibility for taxes (including interest and penalties, if any, with respect to such taxes) imposed with respect to the income of the Company and the cost of contesting the Partnership adjustments is, to the greatest extent reasonably feasible, consistent with what it would have been if the Company had been eligible to elect, and had elected, out of the Partnership Audit Provisions. If the Partnership Representative makes an election under Code Section 6226 with respect to any audit adjustment of any Company-related item (or adjustment of the allocation of any such items among the Members), each Member shall comply with the requirements set forth in Code Section 6226 (and any applicable guidance issued by the Internal Revenue Service or the U.S. Treasury Department) with respect to such election. Without limiting the generality of the foregoing, the financial burden of any Imputed Underpayment and associated interest, adjustments to tax, and penalties arising from a partnership adjustment that are imposed on the Company, and the cost of contesting any such partnership adjustment, shall be borne by the Members and former Members based on their Membership Interests during the reviewed Fiscal Year. To the extent feasible, the preceding sentence shall be implemented through adjustments to Distributions in accordance with this Agreement, but Members and former Members shall be obligated to indemnify and hold harmless the Company to the extent that the preceding sentence cannot be so implemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Consistency and Cooperation. Each Member agrees that such Member shall not treat any Company item reported on such Member's federal, state, foreign, or other income tax return inconsistently with the treatment of such item on the Company's tax returns, unless required to do so by a final determination as defined in Code Section 1313 (or any similar determination under state or local law). In the event the Partnership Representative causes the Company to elect the modified procedures

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under Code Section 6226, each Member that is a reviewed year partner will cooperate in taking such actions as may be required to cause such election to be effective, will pay any additional taxes interest and penalties required to be paid by such Member pursuant thereto, and will file all tax returns consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Tax Returns. The Company shall prepare and timely file or cause to be prepared and timely filed all federal, state and local income and other tax and information returns that the Company is required to file. At least forty-five (45) days prior to the due date of filing an Internal Revenue Service Form 1065, the Company shall provide such Internal Revenue Service Form 1065 to each Member for each Member's review and comment, and each Member shall provide comments, if any, to the Company within fifteen (15) days of receipt of such Internal Revenue Service Form 1065. As soon as applicable after the end of each Fiscal Year, but in any event within forty-five (45) days after the end of each Fiscal Year, the Company shall deliver to each Member an estimate of its share of the Company's taxable income for such Fiscal Year. As soon as applicable after the end of each Fiscal Year, but in any event within one hundred eighty (180) days after the end of each Fiscal Year, the Company shall send or deliver to each Person who was a Member at any time during such Fiscal Year an Internal Revenue Service Schedule K-1 together with such additional information as shall be reasonably necessary for the preparation by such Person of such Person's federal income tax return and state income and other tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 Tax Elections. On the appropriate forms or tax returns the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adopt the calendar year as the Company's Fiscal Year, if permitted under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adopt the accrual method of accounting for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) elect to amortize the organizational expenses of the Company as permitted by Code Section 709(b); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make any other election the Board may deem appropriate, including the election described in Code Section 6418 with respect to any tax credits generated by any Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 Survival. The provisions of this <u>Section</u> <u>9</u> shall survive (a) the termination of the Company, this Agreement, and the termination of any Member's Membership Interests in the Company, and (b) the Transfer of all or part of a Member's Membership Interests in the Company. For the avoidance of doubt, each Member agrees that as a condition to any Transfer of any Membership Interest(s) as permitted under this Agreement, the transferor Member shall, and shall cause the transferee of such Membership Interest(s) to, agree to be bound by all of the provisions of this <u>Section</u> <u>9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 Tax Credit Transfers. With respect to any tax credits generated by a Project, subject to approval by the Board, the Company may elect to transfer all or any portion of such tax credits pursuant to Code Section 6418 to a "transferee taxpayer" (as defined in Code Section 6418).

10. SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Restrictions on Transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Member or its Affiliates shall Transfer (or permit the Transfer of) any Membership Interests except as set forth in or permitted by this Agreement. Any Transfer of any Membership Interests by any Member or its Affiliates shall be subject to the terms, conditions and restrictions set forth in this <u>Section</u> <u>10.1</u> and any purported Transfer not in compliance with this <u>Section</u> <u>10</u> shall be null and void *ab initio*. In the event of a Transfer by a Member or its Affiliate, the Company shall reasonably cooperate and take such additional action as the Transferring Member(s) may reasonably request to assist in and effectuate such Transfer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth in <u>Section</u> <u>10.6</u>, a direct Transfer of Membership Interests by a Member shall be with respect to all, and not solely a portion of, such Member's Membership Interests unless otherwise approved by the prior written consent of all other Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Member agrees that it and its Affiliates will not Transfer (or permit the Transfer of) its Membership Interests (i) except as permitted under the Securities Act and other applicable federal or state securities or blue sky laws, and then, only upon delivery to the Company of an opinion of counsel, as may reasonably be requested by the Company, to the effect that such Transfer may be effected without registration under the Securities Act; (ii) if such Transfer would be reasonably likely to cause the Company to (A) become a "publicly traded partnership" (as such term is defined in Code Section 7704(b) and the Regulations promulgated thereunder) that is treated as a corporation for U.S. federal income tax purposes or (B) otherwise become taxable as a corporation under the Code; (iii) if such Transfer would affect the Company's existence or qualification as a limited liability company under the Act; (iv) if such Transfer would cause the Company to be required to register as an investment company under the Investment Company Act of 1940; or (v) if such Transfer would cause the assets of the Company to be deemed "Plan Assets" as defined under the Employee Retirement Income Security Act of 1974 or its accompanying regulations or result in any "prohibited transaction" thereunder involving the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Member making a Transfer permitted by this Agreement shall, unless otherwise determined by the Board, (i) at least five (5) Business Days before such Transfer, deliver to the Company an affidavit of non-foreign status with respect to such Member that satisfies the requirements of Code Section 1446(f)(2) or other documentation establishing a valid exemption from withholding pursuant to Code Section 1446(f) or (ii) contemporaneously with the Transfer, cause the Transferee to properly withhold and remit to the Internal Revenue Service the amount of tax required to be withheld upon the Transfer by Code Section 1446(f) (and provide evidence to the Company of such withholding and remittance promptly thereafter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Prohibited Transferees. No Member or its Affiliates shall Transfer (or permit the Transfer of) any Membership Interests to a Prohibited Transferee without the prior approval of each other Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Lock-Up Period. During the period beginning on the Effective Date and ending on the date that is the fifth (5<sup>th</sup>) anniversary of the Effective Date (the "***Lock-Up Period***") and except as specifically provided in this <u>Section</u> <u>10</u>, no Member or its Affiliates shall Transfer (or permit the Transfer of) Membership Interests to any Person without the prior written consent of each other Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Transfers to Permitted Transferees. Notwithstanding the provisions of <u>Section</u> <u>10.3</u> above, any Member who is not a Defaulting Member may, at any time, including during the Lock-Up Period, without any other Member's consent, Transfer its Membership Interests to a Permitted Transferee following notice to the other Members; *provided*, that, (i) in the case of a direct Transfer by a Member to a Permitted Transferee, the Permitted Transferee accedes to be bound by the terms and conditions of this Agreement as a "Member" and all of the transferring Member's obligations hereunder and such Permitted Transferee executes any instruments reasonably necessary to provide proof of such accession; (ii) in the event that the Permitted Transferee ever ceases to be an Affiliate of the transferring Member, the transferred Membership Interests will be immediately and automatically transferred, by way of an unconditional reconveyance, back to the transferring Member; (iii) the Permitted Transferee is not a Prohibited Transferee; and (iv) such Permitted Transferee is not a Tax Exempt Person or a Related Person.

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10.5 Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, at any time following the Lock-Up Period, any Member or any of its Affiliates receives a bona fide written offer from an Independent Third Party that it desires to accept with respect to the Transfer of its Membership Interests, in each case other than by way of a Permitted Transfer (such Transferring Member, the "***Exiting Member***") to such Independent Third Party, the Exiting Member shall provide the non-exiting Members that are not Defaulting Members at such time (each, a "***Non-Exiting Member***") and the Company with a written notice (a "***ROFR Notice***") stating such Person's intention to consummate such Transfer and specifying: (i) the name of the Independent Third Party; (ii) the purchase price for all of the Membership Interests of the Exiting Member and the other material terms and conditions of the Transfer (including, if MB is the Exiting Member, whether such Transfer shall be subject to the assignment of MB Location Assets pursuant to <u>Section</u> <u>10.7</u>), including a description of any non-cash consideration in sufficient detail to permit the valuation thereof; and (iii) the proposed timeline for the consummation of such Transfer. The ROFR Notice shall be irrevocable for a period of thirty (30) days commencing on the date such ROFR Notice is delivered pursuant to this <u>Section</u> <u>10.5(a)</u>, which shall be tolled in the event an appraisal process is undertaken pursuant to this <u>Section</u> <u>10.5(a)</u> (the "***ROFR Notice Period***"). If the Transfer of any Membership Interests that is subject to this <u>Section</u> <u>10.5(a)</u> would be effectuated in a transaction in which such Membership Interests are not the sole asset being Transferred (or deemed to be transferred), the Exiting Member shall identify in writing to the Non-Exiting Members that portion of the consideration that is attributable to the Membership Interests included in such Transfer. The Non-Exiting Members may, at their election, require that the Company engage an independent third-party appraiser mutually acceptable to the Exiting Member and the Non-Exiting Members (which may be a nationally recognized investment bank) to determine (at the cost of the Company), as applicable, (x) the portion of the consideration to be paid by the Independent Third Party seeking to acquire such Membership Interests that is fairly attributable to such Membership Interests or (y) the Fair Market Value of any non-cash consideration offered by the Independent Third Party seeking to acquire such Membership Interests. The appraiser shall complete the valuation using a valuation methodology mutually acceptable to the Exiting Member and the Non-Exiting Members within thirty (30) days after its engagement, and the appraiser's determination of such portion of such consideration that is fairly attributable to such Membership Interests or such Fair Market Value of any such non-cash consideration, shall be binding solely for purposes of determining the purchase price for the Membership Interests to be set forth in the ROFR Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the ROFR Notice Period, each Non-Exiting Member shall have the right, but not the obligation, to purchase for cash all, but not less than all, of the Membership Interests of the Exiting Member (the "***Offered Interests***") at the same price set forth in the ROFR Notice by delivering written notice thereof to the Exiting Member and the Company (the "***ROFR Acceptance Notice***"). If more than one Member delivers a ROFR Acceptance Notice, each such Non-Exiting Member shall be allocated a portion of the Offered Interests on a *pro rata* basis based on each electing Non-Exiting Member's relative Percentage Interest, unless otherwise agreed by such Non-Exiting Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Non-Exiting Member timely elects to purchase the Offered Interests then the Exiting Member and the electing Non-Exiting Member(s) shall exclusively negotiate with each other and enter into a definitive agreement for the purchase of the Offered Interests by such electing Non-Exiting Member(s) at the price included in the ROFR Notice and on the terms described below and use commercially reasonable efforts to consummate the purchase of the Offered Interests (any such purchase, a "***ROFR Sale***") as promptly as practicable thereafter (and in any event within ninety (90) days following the date on which the parties enter into such definitive agreement, subject to a ninety 90-day extension for

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any regulatory or governmental approval or waiting period (the "***Consummation Period***")). Notwithstanding anything herein to the contrary, the Exiting Member shall only be required to make the following representations and warranties in the definitive agreement for the ROFR Sale: (A) such Exiting Member's full and valid title to and ownership of the Offered Interests, free and clear of all liens, claims and encumbrances (excluding those arising under applicable securities laws and this Agreement); (B) such Exiting Member's authority, power and right to enter into and consummate the ROFR Sale; (C) the absence of, or compliance with, any governmental or third-party consents, approvals, filings or notifications required to be obtained or made by such Exiting Member in connection with the ROFR Sale; (D) a standard "absence of conflicts" representation with respect to the organizational documents and material contracts of such Exiting Member; and (E) a standard "no brokers' fees" representation. Additionally, in no event shall the Exiting Member be responsible for any liabilities or indemnities in connection with any ROFR Sale in excess of the proceeds received by such Exiting Member in the ROFR Sale, except with respect to fraud by such Exiting Member. On or before the closing of such ROFR Sale, the Exiting Member and the electing Non-Exiting Members shall execute and deliver to each other and the Company any and all other documents reasonably required by the Exiting Member, the electing Non-Exiting Members or the Company to evidence the Transfer of the Offered Interests. At the closing of any ROFR Sale, the applicable Non-Exiting Members shall pay the purchase price by wire transfer of immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that no Non-Exiting Member timely delivers a ROFR Acceptance Notice, the Exiting Member may, subject to all other terms of this <u>Section</u> <u>10</u>, and within a one hundred twenty (120) day period following the expiration of (i) the ROFR Notice Period (if the Exiting Member has not received one or more ROFR Acceptance Notices) or (ii) the Consummation Period (if the Exiting Member has entered into definitive agreements with respect to a ROFR Sale, but the closing of the ROFR Sale does not occur prior to the end of the Consummation Period) (the "***Third Party Transfer Period***"), Transfer all (but not less than all) of the Offered Interests to the Independent Third Party named in the ROFR Notice for a price that is no less than the price set forth in the ROFR Notice; *provided*, *however*, that such Transfer shall be subject to the provisions of <u>Section</u> <u>10.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On or before the closing of such Transfer, the Transferee and the Transferring Member shall execute and deliver to the Company any and all documents reasonably required to evidence (i) the Transfer of the Offered Interests and (ii) that the Transferee accedes to be bound by the terms and conditions of this Agreement as a Member and all of the transferring Member's obligations hereunder. Any Offered Interests not Transferred within the Third Party Transfer Period will again become subject to the provisions of this <u>Section</u> <u>10.5</u> upon any subsequent proposed Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Tag-Along.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly following compliance with the terms of <u>Section</u> <u>10.5</u>, the Exiting Member shall provide each Non-Exiting Member that is not a Defaulting Member (each, a "***Tag-Along Member***") with written notice (a "***Tag-Along Notice***") of such Tag-Along Member's right to participate in the contemplated Transfer on the same terms and conditions as the Exiting Member as set forth in the ROFR Notice applicable to such Transfer. Each Tag-Along Member may (following receipt of the Tag-Along Notice) exercise such right by delivering written notice of the same to the Exiting Member (a "***Tag-Along Acceptance Notice***") within fifteen (15) Business Days following receipt of the Tag-Along Notice (the "***Tag-Along Exercise Period***"). If no Tag-Along Acceptance Notice is received by the Exiting Member within the Tag-Along Exercise Period, the Exiting Member may, within the applicable Third Party Transfer Period, Transfer its Membership Interests to such Independent Third Party identified in the ROFR Notice applicable to such Transfer, and upon the same terms and conditions set forth in, the such ROFR Notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Tag-Along Member timely delivers a Tag-Along Acceptance Notice within the Tag-Along Exercise Period to the Exiting Member, such Tag-Along Member shall be entitled to sell all (but not less than all) of its Membership Interests in the contemplated Transfer, on the same terms and conditions (including the purchase price) set forth in the Tag-Along Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Exiting Member shall not Transfer any of its Membership Interests to the Independent Third Party unless (i) simultaneously with such Transfer, the Independent Third Party purchases from the Tag-Along Member the Membership Interests which such Tag-Along Member is entitled to sell to such proposed purchaser hereunder, or (ii) simultaneously with such Transfer, the Exiting Member purchases (on the same terms and conditions specified in the Tag-Along Notice) the Membership Interests from the Tag-Along Member which the Tag-Along Member would have been entitled to sell hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 MB Locations Carveout. In the event that MB is either the Exiting Member or otherwise intends to Transfer all of its Membership Interests in connection with exercising its right pursuant to <u>Section</u> <u>10.6</u> hereof, then, concurrently with the delivery by MB of a ROFR Notice (if the Exiting Member) or a Tag-Along Acceptance Notice (if intending to Transfer all of its Membership Interests pursuant to <u>Section</u> <u>10.6</u>) MB may also deliver written notice to the Company and the other Members (a "***Carveout Notice***") electing to consummate a MB Location Asset Carveout (as defined below). Upon delivery by MB of a Carveout Notice, the Company shall, prior to the consummation of the applicable Transfer by MB, effect the sale, assignment and transfer, from the Company Group to MB, an Affiliate thereof or another Person or Persons designated by MB, of the Company Group's assets, rights and related liabilities (including any rights to the applicable Sites (as such term is defined in the Master Lease)) required for the uninterrupted, continued operation of the MB Locations in accordance with the terms of this <u>Section</u> <u>10.7</u> (the "***MB Location Assets***" and such transaction, a "***MB Location Asset Carveout***"); *provided*, that to the extent it is not reasonably practicable to transfer or assign any portion of the assets or rights required for the operation of MB Locations, the parties shall agree to a customary transition services arrangement for a period of no less than ninety (90) days to allow for the uninterrupted operations of the MB Locations until such assets or rights can reasonably be expected to be procured by the MB transferee. The purchase price payable by MB as consideration for the MB Location Assets shall be cash in an amount equal to the Fair Market Value of the MB Location Assets. The MB Location Asset Carveout will be on arm's length terms that could reasonably be expected to be agreed upon between two Independent Third Parties acting in their own self-interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Withdrawals and Withdrawing Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Members does hereby covenant and agree that it will not withdraw, resign, retire or disassociate from the Company as a Member, except as a result of a Transfer of all of its Membership Interests permitted under the terms of this Agreement to a Transferee admitted as a member of the Company pursuant to the terms of <u>Section</u> <u>10</u>, and that it will carry out its duties and responsibilities hereunder until the Company is terminated, liquidated and dissolved under <u>Section</u> <u>11</u>. No Member shall be entitled to receive any Distribution or otherwise receive the Fair Market Value of its Membership Interests in compensation for any purported resignation or withdrawal as a Member not in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the winding up and termination of a Member (in the case of a Member that is a partnership or a limited liability company), dissolution and termination of a Member (in the case of a Member that is a corporation), or withdrawal in contravention of this <u>Section</u> <u>10.8</u> of a Member (the "***Withdrawing Member***"), the Withdrawing Member shall cease to be a Member of the Company and the other Members and the Board shall, subject to this <u>Section</u> <u>10.8(b)</u>, have the right to treat the successor(s)-in-interest as assignee(s) of the Membership Interest of the Withdrawing Member, with only such rights of an assignee of a limited liability company interest under the Act as are consistent with the other terms and provisions of this Agreement and with no other rights under this Agreement. Without limiting the generality of the foregoing, the successor(s)-in-interest of the Withdrawing Member shall only have the rights to Distributions provided in <u>Section</u> <u>5</u> and <u>Section</u> <u>11.3(b)</u>, unless otherwise waived by the other Members in their sole discretion.

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11. DISSOLUTION AND TERMINATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Dissolution. The Company shall be dissolved upon the occurrence of any of the following events (a "***Dissolution Event***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the unanimous decision of the Members in accordance with <u>Section</u> <u>7.3;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if (i) lenders of any Permitted Debt (or their agent) have not exercised foreclosure or any other rights or remedies against the Membership Interests held by MN8 (or delivered notice to MN8 of their intent to do so, or reserved their right to do so in writing to MN8) and (ii) such lenders of any Permitted Debt have foreclosed on any of (A) all the equity interests of AssetCo LeaseCo, (B) substantially all of the assets of AssetCo LeaseCo, or (C) assets of AssetCo LeaseCo sufficient to satisfy the outstanding Permitted Debt secured by such assets (except where such foreclosure results from a breach of the Master Lease by DriveCo or breach of the MB Guarantee by MB Guarantor), by a decision of MB; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon a decree dissolving the Company entered by a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Effect of Dissolution. Upon the occurrence of a Dissolution Event, the Company shall cease to carry on its business, except insofar as may be necessary for the winding up of its business, but its separate existence shall continue until a certificate of cancellation has been filed with the Secretary of State of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Winding Up, Liquidation and Distribution of Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon dissolution, an accounting shall be made by the Company's accountants of the accounts of the Company and of the Company's assets, liabilities and operations from the date of the last previous accounting until the date of dissolution. The Board shall immediately proceed to wind up the affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company is dissolved, the Board (or if there be none, a liquidating trustee selected by the Members) shall wind up the affairs and liquidate the assets of the Company, and the proceeds from the liquidation of assets of the Company shall be applied and distributed in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the creditors of the Company to the extent required by law (including Members who are creditors to the extent permitted by law, but other than creditors whose obligations will be assumed or otherwise transferred on the sale or distribution of assets of the Company) and to the payment of liquidation expenses; when there is a contingent debt, obligation or liability of the Company, a reserve (in such amount as the Board or, if no Board, the liquidating trustee, in its sole discretion, shall determine) shall be set up to meet such contingency, and if and when such contingency shall cease to exist, the moneys, if any, then contained in the reserve shall be distributed as provided in this <u>Section</u> <u>11.3</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) then to the payment of any funds advanced to the Company by any Member or Members and any bona fide loans made by any Member or Members to the Company, if and to the extent not paid under clause (i) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) then, to the Members in accordance with <u>Section</u> <u>5.1(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board shall comply with any applicable requirements of applicable law pertaining to the winding up of the affairs of the Company and the final distribution of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may in its discretion, distribute assets of the Company in cash or in property, in complete or partial liquidation of the Company. In the event the Distribution consists of securities of an issuer, each Member hereby agrees to make, to the extent it is able, such investment representations as may be appropriate under applicable securities laws. The Board shall cause the Company to distribute such assets in accordance with this <u>Section</u> <u>11.3</u> as if such Fair Market Value had been received in cash, subject to the priorities set forth in this <u>Section</u> <u>11.3</u>; *provided,* that the Board shall in good faith attempt to liquidate sufficient Company assets to satisfy in cash (or make reasonable provision for) the expenses, liabilities and other obligations referred to in this <u>Section</u> <u>11.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In connection with the winding up of the affairs of the Company and the liquidation of the assets of the Company, at the election of MB, the Board shall, to the greatest extent permitted by law, structure a distribution of assets in a manner that would allocate any MB Location Assets to MB, an Affiliate thereof or to another Person or Persons designated by MB so long as each other Member receives in such liquidation at least the economic equivalent of what it otherwise would have received in the absence of such allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 Certificate of Cancellation. When all debts, liabilities and obligations have been paid and discharged or adequate provisions have been made therefor and all of the remaining property and assets have been distributed to the Members, a certificate of cancellation shall be executed and filed with the Secretary of State of the State of Delaware in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 Return of Contribution Nonrecourse to Other Members. Except as provided by law or as expressly provided in this Agreement, upon dissolution of the Company, each Member shall look solely to the assets of the Company for the return of its Capital Contribution. If the property of the Company remaining after the payment or discharge of the debts and liabilities of the Company is insufficient to return the Capital Contribution of one or more Members, such Member or Members shall have no recourse against any other Member.

12. COVENANTS AND AGREEMENTS OF THE MEMBERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any information relating to the business, operation or finances of the Company, any Member or an Affiliate of any Member that is proprietary to, or considered proprietary by, such Person is referred to herein as "***Confidential Information***". All information in tangible form (plans, writings (including customer lists and marketing materials), drawings, computer software and programs, etc. (including copies and tangible embodiments thereof, in whatever form or medium, including electronic media)) or provided to or conveyed orally or visually to a receiving Member, Director or Officer (including any marketing techniques), shall be presumed to be Confidential Information at the time of delivery to the receiving Member, Director or Officer. Each of the Members, Directors and Officers agrees: (i) not to disclose such Confidential Information to any Person except to those of its employees or representatives who need to know such Confidential Information in connection with the

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conduct of the business of the Company and who have agreed to maintain the confidentiality of such Confidential Information and (ii) neither it nor any of its employees or representatives will use the Confidential Information for any purpose other than in connection with the conduct of the business of the Company; *provided* that nothing herein shall prevent any Member, Director or Officer from disclosing any portion of such Confidential Information (A) to the Company and allowing the Company to use such Confidential Information in connection with the Company's business, (B) pursuant to judicial order or in response to a governmental inquiry, by subpoena or other legal process, but only to the extent required by such order, inquiry, subpoena or process, and only after reasonable notice to the original divulging Member, Director or Officer (as applicable), (C) as necessary or appropriate in connection with, or to prevent the audit by, a governmental agency of the accounts of any of the Members, Directors or Officers; *provided* notice of such disclosure is first given to the Board prior to such disclosure, (D) in order to initiate, defend or otherwise pursue legal proceedings or arbitration between the parties regarding this Agreement, (E) as necessary in connection with a Transfer of Membership Interest permitted hereunder; *provided* that the Transferee agrees to maintain the confidentiality of such Confidential Information, (F) to a Member's, Director's or Officer's (or their respective Affiliates') respective attorneys, accountants, financial advisors, investment bankers or other representatives or lenders or other financial sources, (G) to a Member's direct or indirect equityholders, lenders or other financial sources and each of their respective managers or officers, as well as respective attorneys or accountants or other representatives, in each case solely for the purposes of finance, accounting, reporting or disclosure obligation or the management of such Member's investment in the Company or (H) as, and solely to the extent, required (in the reasonable judgment of such Member, Director or Officer after consultation with counsel) by applicable laws, rules and regulations , including, without limitation, applicable rules and regulations of the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority or a stock exchange; *provided* that notice of such disclosure is first given to the Board and the Members prior to such disclosure. Confidential Information shall not include information which (x) is or hereafter becomes public, other than by breach of this Agreement, (y) was already in the receiving Member's, Director's or Officer's possession prior to any disclosure of the Confidential Information to the receiving Member, Director or Officer by the divulging Member, Director or Officer, or (z) has been or is hereafter obtained by the receiving Member, Director or Officer from a third party not bound by any confidentiality obligation with respect to the Confidential Information. Notwithstanding the foregoing, the Company or a Member, as applicable, may disclose Confidential Information of the Company or another Member in connection with potential combinations, acquisitions or dispositions of assets or business and financing transactions, including related reporting requirements and disclosures to rating agencies, involving the Company, its Subsidiaries or their respective assets or businesses; *provided* that, in each case, such disclosure is pursuant to a customary confidentiality agreement in favor of the Company and any applicable Member on confidentiality and use terms no less stringent than as provided in this <u>Section</u> <u>12.1</u> and, to the extent involving the Confidential Information of another Member, such Member consents to such disclosure in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Confidential Information shall be protected by the receiving Member, Director or Officer and the Company from disclosure with the same degree of care with which the receiving Member, Director or Officer protects its own Confidential Information from disclosure. The Company, the Members, the Directors and the Officers, and each of their Affiliates, shall each act to safeguard the secrecy and confidentiality of, and any proprietary rights to, the Confidential Information of the Company and the other Members, Directors or Officers, except to the extent such information may be disclosed pursuant to <u>Section</u> <u>12.1</u>. Each Member, Director or Officer and the Company may, from time to time, provide the other Members, Directors or Officers written notice of any Confidential Information which is subject to this <u>Section</u> <u>12.1</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Member shall not, except to the extent otherwise permitted by this <u>Section</u> <u>12.1</u>, make, and shall ensure that none of its Affiliates make, any public announcement, communication, statement or circular concerning the existence or the subject matter of this Agreement or the Projects without obtaining the prior written consent of the other Members, which consent shall not be unreasonably withheld and may be subject to conditions. Notwithstanding the foregoing, any Member may make a disclosure concerning the existence or the subject matter of this Agreement (i) if required (in the reasonable judgment of such Member, Director or Officer after consultation with counsel) by applicable law or (ii) necessary or appropriate to comply with the applicable rules and regulations of any securities exchange or any Governmental Authority to which such Member is subject, including, without limitation, applicable rules and regulations of the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority or a stock exchange; *provided*, *however*, that any Member, prior to making the foregoing disclosures must first (x) give notice to the other Members of its intent to make such disclosure and (y) take all reasonable and practicable steps to provide the other Members with an opportunity to reasonably review and comment on such disclosure prior to making such announcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall perform its obligations hereunder in compliance with all applicable laws, rules and regulations, including obtaining and maintaining all necessary authorizations, approvals and consents to enter into this Agreement and perform such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall establish and maintain compliance policies and procedures designed to ensure that the Company and its Subsidiaries, their respective directors, officers, employees and agents and any other Person acting on their behalf act in compliance with all applicable laws, rules and regulations and the Company's policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company agrees to promptly notify the Members of any non-compliance with this <u>Section</u> <u>12.2</u> during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Non-Solicitation of Employees. Each Member agrees that for as long as such Member or a Permitted Transferee thereof holds Membership Interests in the Company and for a period of twelve (12) months thereafter, such Member and any of its Affiliates, except with the express written permission of the Company, shall not directly or indirectly, for itself or on behalf of another Person hire or solicit, or encourage any other Person to hire or solicit, any individual who has been employed by the Company within twelve (12) months prior to the date of such hiring or solicitation, or encourage any such individual to leave such employment. This <u>Section</u> <u>12.3</u> shall not prevent a Member from hiring or soliciting any employee or former employee of the Company who (i) responds to a general solicitation that is a public solicitation of prospective employees and not directed specifically to any of the Company's employees or (ii) has been terminated by the Company or its Affiliates (and not as a result of resignation) at least four (4) months prior to commencement of employment discussions between the Member and such former employee.

13. MISCELLANEOUS PROVISIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Notices. Except as expressly set forth to the contrary in this Agreement, all notices provided for or permitted to be given under this Agreement must be in writing and must be given either by depositing that writing in the United States mail, addressed to the recipient, postage paid, and registered or certified with return receipt requested or by delivering that writing to the recipient in person, by courier or by electronic mail; and a notice given under this Agreement is effective on receipt by the Person who receives it. All notices to be sent to a Member must be sent to or made at the address for that Member designated in the Company's records or such other address as that Member may specify by notice to the other Members. Any notice to the Company or the Board must be given to the Board. Whenever any notice is required to be given by law or this Agreement, a written waiver thereof, signed by the Person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Entire Agreement. This Agreement constitutes the entire agreement of the Members and their Affiliates relating to the subject matter hereof and supersede all prior contracts or agreements with respect to the Company, whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Amendment or Modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with <u>Section</u> <u>7.3(a)</u>, this Agreement and any provision hereof may be amended or modified from time to time only by unanimous approval of the Members and shall be by written instrument. The Board shall cause to be prepared and filed any amendment to the Certificate that may be required to be filed under the Act as a consequence of any amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, the Board shall be authorized to amend this Agreement, without the approval of any Member, with respect to any of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relocating the Company's principal place of business pursuant to <u>Section</u> <u>2.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) changing the Company's registered office and/or registered agent pursuant to <u>Section</u> <u>2.3</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) effecting any other administrative changes that the Board reasonably determines in good faith to be *de minimis* in nature and consistent with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reflecting changes to Members' Percentage Interests made in compliance with this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) curing any ambiguity or correcting or supplementing any provision hereof that may be incomplete or inconsistent with any other provision hereof.

*provided* that, for the avoidance of doubt, no amendment, modification, supplement, restatement or waiver may be made pursuant to <u>subclauses (i)-(v)</u> immediately above that has the effect of diminishing or eliminating the rights of any Member without the prior written consent of such Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Binding Effect. Subject to the restrictions on Transfers set forth in <u>Section</u> <u>10</u> of this Agreement, this Agreement is binding on and shall inure to the benefit of the Members and their respective heirs, legal representatives, successors and permitted assigns, including each Permitted Transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 Governing Law; Jurisdiction. This Agreement is governed by, and interpreted, construe, and enforced in accordance with, the laws of the State of Delaware exclusive of Delaware's conflict-of-laws rules or principles that might refer the governance or the construction of this Agreement to the law of any other jurisdiction. All disputes between the Company, the Members or any Affiliates thereof arising out of or in connection with this Agreement or regarding its validity shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce (the "***ICC***") by three arbitrators appointed in accordance with the said rules without recourse to the ordinary courts. The third arbitrator who shall act as chairperson shall be nominated by the two party-appointed arbitrators. If the chairperson is not nominated to the ICC for confirmation within thirty (30) days of the date of confirmation by the ICC of the later of the two party-appointed arbitrators, he, she or they shall be selected by the ICC. The

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juridical seat shall be New York, New York. The language of the arbitration proceeding shall be English. Any such arbitration shall be held in the State of Delaware unless another location is mutually agreed upon by the parties to such arbitration. Such arbitration shall be the exclusive remedy hereunder with respect to any dispute relating to this Agreement; *provided*, *however*, that nothing contained in this <u>Section 13.5</u> shall limit any Member's right to bring (a) post-arbitration actions seeking to enforce an arbitration award or (b) actions seeking emergency or temporary injunctive or other similar temporary relief (pending the resolution of the arbitration contemplated herein) in the event of a breach or threatened breach of any of the provisions of this Agreement. If this <u>Section</u> <u>13.5</u> is for any reason held to be invalid, then any action or proceeding brought with respect to any dispute arising under this Agreement, or to interpret or clarify any rights or obligations arising hereunder, shall be maintained solely and exclusively in the state or U.S. federal courts in the State of Delaware. With respect to any action or proceeding that a successful party to the arbitration may wish to bring to enforce any arbitral award or to seek injunctive or other similar relief in the event of the breach or threatened breach of this Agreement (or any other agreement contemplated hereby), each party irrevocably and unconditionally (and without limitation): (i) submits to and accepts, for itself and in respect of its assets, generally and unconditionally the non-exclusive jurisdiction of the courts of the United States and the State of Delaware; (ii) waives any objection it may have now or in the future that such action or proceeding has been brought in an inconvenient forum; (iii) agrees that in any such action or proceeding it will not raise, rely on or claim any immunity (including from suit, judgment, attachment before judgment or otherwise, execution or other enforcement); (iv) waives any right of immunity which it has or its assets may have at any time; and (v) consents generally to the giving of any relief or the issue of any process in connection with any such action or proceeding including the making, enforcement or execution of any order or judgment against any of its property. Each Member shall use best efforts to cause any proceeding conducted pursuant to this <u>Section</u> <u>13.5</u> to be held in confidence by the arbitrator and each of the parties to such proceeding and their respective Affiliates, and all information relating to or disclosed by any party thereto in connection with such proceeding shall be treated by the parties thereto, their respective Affiliates and the arbitrator as confidential business information and no disclosure of such information shall be made by any party thereto, its Affiliates or the arbitrator without the prior written consent of the party thereto furnishing such information in connection with the arbitration proceeding, except as required by applicable law or to enforce any award of the arbitrator. The party whom the arbitrator determines is the prevailing party in such arbitration shall receive, in addition to any other award pursuant to such arbitration or associated judgment, reimbursement from the other party of all reasonable legal fees incurred with respect to such arbitration. Any final arbitral award may be entered as judgment in and enforced by, any court of competent jurisdiction and shall be final, non-appealable and binding upon the Members and any Affiliates thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to any extent, the remainder of this Agreement and the application of that provision to other Persons or circumstances is not affected thereby and that provision shall be enforced to the greatest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 Further Assurances. Each Member shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions, in each case as reasonably requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 Waiver of Certain Rights. Each Member irrevocably waives any right it may have to demand any Distributions or withdrawal of property from the Company or to maintain any action for dissolution of the Company or for partition of the property of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 Interpretation. Language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any Person. The table of contents and the Section and other headings and subheadings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties hereto, and shall not in any way affect the meaning or interpretation of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. Unless otherwise specified, all references to days or months shall be deemed references to calendar days or months. All references to "$" shall be deemed references to United States dollars. The term "this Agreement" shall mean this Agreement as a whole, including all schedules, exhibits and other attachments hereto, and the words "hereof," "herein" and "hereunder" and words of similar import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. English shall be the governing language of this Agreement. The word "including" shall mean "including, without limitation". Reference to any agreement, document or instrument shall mean such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof. Whenever required by the context, references to a Fiscal Year or other period of time shall refer to a portion thereof. The use of the words "or," "either" and "any" shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 No Third-Party Beneficiary Rights. This Agreement shall not create any third-party beneficiary rights except that each Indemnified Person is an intended third-party beneficiary of the provisions of <u>Section</u> <u>14</u> of this Agreement and shall be entitled to enforce such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 Specific Performance. The parties agree that the failure of any party to perform the obligations provided by this Agreement could result in irreparable damage to the other party(ies) and that monetary damages alone would not be adequate to compensate the non-breaching party for its injury. Any party shall therefore be entitled, in addition to any other remedies that may be available, including money damages, to seek specific performance of the terms of this Agreement, equitable relief, including a temporary restraining order, an injunction, and any other relief that may be available from a court of competent jurisdiction (without any requirement to post bond).

14. INDEMNIFICATION; INSURANCE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 General. To the fullest extent permitted by law, the Company shall indemnify, defend and hold harmless the Board, each Director or Officer of the Company, each member of the Company's Executive Team, each Member, the Partnership Representative in its capacity as such, and each such Person's officers, directors, managers, partners, members, shareholders, employees, accountants, counsel and agents, and the employees, officers, accountants, counsel and agents of the Company (all indemnified persons being referred to as "***Indemnified Persons***" for purposes of this Section 14), from any liability, loss or damage incurred by the Indemnified Person by reason of any act performed or omitted to be performed by the Indemnified Person in connection with the business of the Company and from liabilities or obligations of the Company imposed on such Person by virtue of such Person's position with the Company, including reasonable attorneys' fees and costs and any amounts expended in the settlement of

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any such claims of liability, loss or damage; *provided*, *however*, that if the liability, loss, damage or claim arises out of any action or inaction of an Indemnified Person, indemnification under this <u>Section</u> <u>14.1</u> shall be available to that Indemnified Person only if, (a) in the case of an Indemnified Person that is an Officer, the Indemnified Person, at the time of such action or inaction, determined in good faith that its course of conduct was in, or not opposed to, the best interests of the Company and, (b) in the case of any Indemnified Person, the action or inaction did not constitute fraud, willful misconduct or criminal wrongdoing by the Indemnified Person; *provided*, *further*, however, that indemnification under this <u>Section</u> <u>14.1</u> shall be recoverable only from the assets of the Company and not from any assets of the Members. Each Indemnified Person, in their capacity as an Indemnified Person, may rely upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, paper, document, signature or writing reasonably believed by such Indemnified Person to be genuine, and may rely on a certificate signed by an officer, agent or representative of any Person in order to ascertain any fact with respect to such person or within such Person's knowledge, in each case unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction (or arbitral tribunal) determining, in respect of such reliance, action or inaction, such Indemnified Person engaged in fraud, willful misconduct or criminal wrongdoing. The Company shall advance reasonable attorneys' fees of an Indemnified Person as incurred in defending any covered proceeding brought against an Indemnified Person or in which an Indemnified Person is otherwise involved; *provided* that such Indemnified Person executes an undertaking, with appropriate security if requested by the Board, to repay the amount so advanced in the event that a final non-appealable determination is reached by a court of competent jurisdiction (or arbitral tribunal) that such Indemnified Person is not entitled to indemnification under this <u>Section</u> <u>14</u>. The Company shall pay for standard director and officer liability insurance covering liability of the Indemnified Persons for performance of their duties in such amounts, and with the scope of such coverage, as is customary for a Company of like size with similar operations. Notwithstanding any other provision in this Agreement, nothing set forth herein shall limit or otherwise restrict the indemnification or other rights that any Indemnified Person is entitled to pursuant to any provision of any other indemnification agreement executed by the Company and any Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Company as Indemnitor of First Resort. The Company and each of the Members acknowledge certain of the Indemnified Persons ("***Member Indemnitees***") have certain rights to indemnification, advancement of expenses or insurance provided by a Member or certain of their respective Affiliates (collectively, the "***Member Indemnitors***") separate and apart from such rights arising under this Agreement. The Company agrees, and the Members acknowledge: (i) to the extent legally permitted and as required by the terms of this Agreement and the Certificate (or by the terms of any other agreement between the Company and a Member Indemnitee), (A) the Company is the indemnitor of first resort (*i.e*., the Company's obligations to each Member Indemnitee are primary and any obligation of the Member Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by any Member Indemnitee are secondary) and (B) the Company shall be required to advance the full amount of expenses incurred by a Member Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement, without regard to any rights a Member Indemnitee may have against the Member Indemnitors; and (ii) the Company irrevocably waives, relinquishes and releases the Member Indemnitors from any and all claims for contribution, subrogation or any other recovery of any kind in respect of any of the matters described in <u>clause</u> <u>(i)</u> of this sentence for which any Member Indemnitee has received indemnification or advancement from the Company. The Company further agrees no advancement or payment by the Member Indemnitors on behalf of any Member Indemnitee with respect to any claim for which a Member Indemnitee has sought indemnification from the Company shall affect the foregoing and the Member Indemnitors shall have a right of contribution and/or subrogation to the extent of such advancement or payment to all of the rights of recovery of such Member Indemnitee against the Company. The Company and each Member agree the Member Indemnitors are express third-party beneficiaries of the terms of this <u>Section</u> <u>14.2</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Exculpation. No Indemnified Person shall be liable, in damages or otherwise, to the Company or to any Member for any loss that arises out of any act performed or omitted to be performed by it, him or her pursuant to the authority granted by this Agreement if (a) in the case of an Indemnified Person that is an Officer, the Indemnified Person, at the time of such action or inaction, determined in good faith that such Indemnified Person's course of conduct was in, or not opposed to, the best interests of the Company, and (b) in the case of any Indemnified Person, the conduct of the Indemnified Person did not constitute fraud, willful misconduct or criminal misconduct by such Indemnified Person. Each Indemnified Person, in their capacity as an Indemnified Person, shall incur no liability to the Company, any Member or any other Person in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, paper, document, signature or writing reasonably believed by such Indemnified Person to be genuine, and may rely on a certificate signed by an officer, agent or representative of any Person in order to ascertain any fact with respect to such person or within such Person's knowledge, in each case unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction (or arbitral tribunal) determining, in respect of such reliance, action or inaction, such Indemnified Person engaged in fraud or willful or intentional misconduct or criminal wrongdoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 Reliance on Third Parties. Each Indemnified Person, in the capacity as such, may consult with legal advisors, accountants, bankers and other consultants and advisors selected by it who have expertise on the issue as to which consultation is sought, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters which such Indemnified Person, in the capacity as such, reasonably believes to be within such Persons' professional or expert competence shall be presumed to have been done or not done in good faith, and not to constitute fraud, willful misconduct or criminal wrongdoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 Persons Entitled to Indemnity. Any Person who is within the definition of "Indemnified Person" at the time of any action or inaction in connection with the business of the Company shall be entitled to the benefits of this <u>Section</u> <u>14</u> as an "Indemnified Person" with respect thereto, regardless of whether such Person continues to be within the definition of "Indemnified Person" at the time of such Indemnified Person's claim for indemnification or exculpation hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 Procedure Agreements. The Company may enter into an agreement with any of its Officers, employees, consultants, counsel and agents, setting forth procedures consistent with applicable law for implementing the indemnities provided in this <u>Section</u> <u>14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 Advancement of Expenses. Subject to <u>Section</u> <u>14.1</u>, reasonable, documented expenses incurred by an Indemnified Person for which such Indemnified Person could reasonably be expected to be entitled to indemnification under this Agreement in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Company in advance of the final disposition of such action, suit or proceeding; *provided*, *however*, any such advance shall only be made if the Indemnified Person delivers a written affirmation by such Indemnified Person of its good faith belief it is entitled to indemnification hereunder and its agreement to repay all amounts so advanced if it shall ultimately be determined such Indemnified Person is not entitled to be indemnified hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 Survival of Termination. The provisions of this <u>Section</u> <u>14</u> shall survive any termination of this Agreement.

[*Remainder of the Page Intentionally Left Blank; Signature Page Follows*]

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IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) as of the date first above written.

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| | |
|:---|:---|
| **MERCEDES-BENZ INVESTMENT COMPANY, LLC**, a Delaware limited liability company | **MERCEDES-BENZ INVESTMENT COMPANY, LLC**, a Delaware limited liability company |
| By: | /s/ Tobias Rist |
|  | Name: Tobias Rist |
|  | Title: President and Chief Executive Officer |

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| | |
|:---|:---|
| By: | /s/ James Lewis |
|  | Name: James Lewis |
|  | Title: Chief Financial Officer |

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| | |
|:---|:---|
|  **ASSETCO HOLDINGS, LLC**, a Delaware limited liability company | **ASSETCO HOLDINGS, LLC**, a Delaware limited liability company |
| By: GSRP EV Development Company LLC, its managing member | By: GSRP EV Development Company LLC, its managing member |
| By: MN8 Energy Operating Company LLC, its sole member | By: MN8 Energy Operating Company LLC, its sole member |
| By: | MN8 Energy LLC, its managing member |

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| | |
|:---|:---|
|  By: | /s/ Jon Yoder |
|  | Name: Jon Yoder |
|  | Title: Chief Executive Officer |

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*Signature Page to Amended and Restated Limited Liability Company Agreement of AssetCo, LLC*

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**<u>Exhibit 3.1</u>**

**Schedule of Members** 

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| | | | |
|:---|:---|:---|:---|
| **Member and Address** | **Initial Capital<br>Contribution /<br>Capital<br>Account** | **Aggregate<br>Capital<br>Commitment** | **Percentage<br>Interest** |
|  Mercedes-Benz Investment Company, LLC<br> One Mercedes-Benz Drive<br> Sandy Springs, GA 30328-4312<br> Attn: Jennifer G. Scantling<br> Email: <u>jennifer.scantling@mbusa.com</u><br>and a copy to:<br>Hogan Lovells US LLP<br> 555 Thirteenth Street, NW<br> Washington, DC 20004-1109<br> Attn: William J. Curtin, III and Audrey Haroz Reed<br> E-mail: <u>william.curtin@hoganlovells.com</u><br> and <u>audrey.reed@hoganlovells.com</u> | $2500000 | $107694600 | 20.00% |
|  AssetCo Holdings, LLC<br> 1155 Avenue of the Americas, 27<sup>th</sup> Floor<br> New York, NY 10036<br> Attn: CEO & General Counsel<br> Email: <u>notices@mn8energy.com</u><br> and <u>jon.yoder@mn8energy.com</u><br>and a copy to:<br>Vinson & Elkins<br> 200 West 6th Street<br> Austin, TX 78701<br> Attn: Kaam Sahely and Stephanie Coco<br> Email: <u>ksahely@velaw.com</u> and<u> </u><br> <u>scoco@velaw.com</u> | $10000000 | $430778400 | 80.00% |
|  **TOTAL** | $**12500000** | $**538473000** | **100.0%** |

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**<u>Exhibit 3.3(b)</u>**

**Initial Capital Contributions** 

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**<u>Exhibit 7.1(b)</u>**

**Initial Board of Directors** 

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**<u>Exhibit 7.3(a)</u>**

**Major Decisions Requiring Unanimous Member Approval** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, lease, transfer, provide an irrevocable exclusive license or otherwise dispose of (whether in a single transaction or series of related transactions), directly or indirectly, all or substantially all of the assets of the Company or any Subsidiary or any equity interests in any Subsidiary (including the issuance of equity interests in any Subsidiary to a third party), but excluding any foreclosure on the assets or equity interests of AssetCo LeaseCo in respect of any Permitted Debt; or pledge or encumber (whether in a single transaction or series of related transactions), directly or indirectly, all or substantially all of the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) change the Company's or any Subsidiary's form of legal entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) move the management and control or tax residence of the Company or any Subsidiary outside of the jurisdiction of its incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) change the classification of the Company or any Subsidiary for federal income tax purposes, or settle or otherwise resolve, or fail to conduct or defend, any tax examination, audit or other tax proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (a) sell or offer to sell Membership Interests (or equity interest of any Subsidiary) to the public in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act, as amended, or (b) apply for admission to listing or admission to trading on the Nasdaq Stock Market, the New York Stock Exchange or another exchange or marketplace;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) effect any merger, consolidation, recapitalization or reorganization of the Company or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) voluntarily liquidate, dissolve or wind-up the business and affairs of the Company or voluntarily undertake a Bankruptcy Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) change the principal business of the Company, exit the then-current line of business of the Company or take any actions inconsistent with the purpose of the Company, or form any Subsidiary that is not wholly-owned by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) require any Member to make any Capital Contributions other than Required Capital Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make, or permit any Subsidiary to make, any loan, investment or advance to any Person, including, without limitation, any employee or director of the Company or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) amend, alter or repeal any provision of this Agreement or the Certificate of the Company, or equivalent organizational documents of any Subsidiary thereof, in a manner that disproportionately and adversely affects the powers, preferences or rights of any Member, other than *de minimis* changes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) establish, approve, adopt, amend or modify any Budget or Business Plan that reflects a change of purpose of the Company Group or the entry by the Company or any Subsidiary into a new line of business or any Budget or Business Plan under which it is apparent that the Company Group would not be able to meet its obligations under material contracts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) in accordance with the provisions of <u>Section</u> <u>7.5</u>, participate in the ratification of a Fair Market Value determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) during the term of the Master Lease, pursue, develop, procure, own or otherwise undertake any Project other than pursuant to the terms of a Lease Supplement executed in accordance with the terms of the Master Lease; *provided*, *however*, that the exercise of any rights or remedies by the Company pursuant to such Lease Supplement or Master Lease shall not be subject to the foregoing consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) approve the issuance of New Interests at a Valuation Factor that is lower than the Valuation Factor of the most recent New Interests issued by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) take any action, authorize or approve, or enter into any binding agreement with respect to or otherwise commit to do any of the foregoing.

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**<u>Exhibit 7.3(b)</u>**

**Major Decisions Requiring Approval from Members holding Membership Interests** 

**Greater Than 80% of the Outstanding Membership Interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) nominate, revoke or appoint any member of the Executive Team or enter into, amend, modify or terminate any employment or service agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) incur or assume any Third Party Debt or (B) pledge or encumber all or substantially all of the assets of AssetCo LeaseCo or any Subsidiary thereof or any equity interests of AssetCo LeaseCo or any Subsidiary thereof to a third party, in each case, other than pledges or encumbrances in connection with any Permitted Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) initiate or settle any litigation involving aggregate payments by the Company Group in excess of $5,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) take any action, authorize or approve, or enter into any binding agreement with respect to or otherwise commit to do any of the foregoing.

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**<u>Exhibit 8.1</u>**

**Initial Business Plan** 

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**<u>Exhibit 8.6</u>**

**Financial Statements**

## Exhibit 23.1

**Exhibit 23.1** 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form S-1 of MN8 Energy, Inc. of our report dated November 9, 2022 relating to the financial statement of MN8 Energy Inc., which appears in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Dallas, Texas

January 5, 2023

## Exhibit 23.2

**Exhibit 23.2** 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form S-1 of MN8 Energy, Inc. of our report dated April 13, 2022 relating to the financial statements of Goldman Sachs Renewable Power LLC, which appears in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Dallas, Texas

January 5, 2023