Document:

Exhibit

Execution Version

FIRST AMENDMENT TO  
CREDIT AGREEMENT
This FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of March 26, 2018 (this “Amendment”), is entered into among the undersigned in connection with that certain Credit Agreement, dated as of May 9, 2017, among Sunrun Neptune Portfolio 2016-A, LLC, a Delaware limited liability company, as Borrower (the “Borrower”), the financial institutions as Lenders from time to time party thereto (the “Lenders”), SunTrust Bank, as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”), and ING Capital LLC, as LC Issuer (in such capacity, the “LC Issuer”) (the “Credit Agreement”, and as amended by this Amendment, the “Amended Credit Agreement”). Capitalized terms which are used but not otherwise defined herein shall have the meanings ascribed to such terms in the Amended Credit Agreement and the rules of construction set forth in Section 1.02 of the Credit Agreement apply to this Amendment. 
W I T N E S S E T H
WHEREAS, the Borrower wishes to make, and the undersigned wishes to agree to make, certain amendments to the Credit Agreement as provided herein.
NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
I.Amendments to the Credit Agreement.  Subject to the satisfaction of the conditions set forth in Article II below, the following amendments to the Credit Agreement are hereby accepted and agreed by the parties hereto:
1.    Amendments to Section 1.01.  
(a)    The definition of “Advance Rate” in Section 1.01 of the Credit Agreement is hereby amended by replacing the text “0.65” with the text “0.68”. 
(b)    The definition of “Applicable Margin” in Section 1.01 of the Credit Agreement is hereby amended by (i) replacing the text “2.75%” with the text “2.25%”, (ii) replacing the text “1.75%” with the text “1.25%”, (iii) replacing the text “3.00%” with the text “2.50%”, and (iv) replacing the text “2.00%” with the text “1.50%”.
(c)    The definition of “Available Borrowing Base” in Section 1.01 of the Credit Agreement is hereby amended by replacing the text “1.45” in each place where it appears therein with the text “1.50”.
(d)    The following new defined term is added to Section 1.01 of the Credit Agreement (in proper alphanumeric order):
““Qualifying California Code” means (a) Cal. Pub. Util. Code §§ 2868-2869 as in effect as of March 26, 2018 or (b) Cal. Pub. Util. Code §§ 2868-2869 as in effect after March 26, 2018, provided that such sections of the Cal. Pub. Util. Code remain 

substantially similar to Cal. Pub. Util. Code §§ 2868-2869 as in effect as of March 26, 2018.”
2.    Amendment to Section 4.03(f).  Section 4.03(f) of the Credit Agreement is hereby amended by replacing the text “0.65” with the text “0.68”. 
3.    Amendment to Section 4.03(g).  Section 4.03(g) of the Credit Agreement is hereby amended by replacing the text “0.65” with the text “0.68”. 
4.    Amendment to Section 5.23(k).  Section 5.23(k) of the Credit Agreement is hereby amended and restated in its entirety as follows: 
“(k)    In respect of each Eligible Project (other than, provided that a Qualifying California Code remains in effect in the State of California, any Eligible Project located in the State of California) with respect to which a Customer Agreement was prepared for execution on and from January 6, 2014, a fixture filing has been recorded against each Customer and the applicable property in respect of such Eligible Project in the filing office designated by Section 9-501 of the applicable Uniform Commercial Code (as adopted in the applicable jurisdiction of installation) prior to, or within, the period required under Section 2-A-309 of the applicable Uniform Commercial Code in order to perfect a first priority security interest following the delivery of any photovoltaic system components to a site for installation.”.
5.    Amendment to Section 5.23(l).  Section 5.23(l) of the Credit Agreement is hereby amended and restated in its entirety as follows: 
“(l)    In respect of each Eligible Project in California with respect to which a Customer Agreement has been entered into, a filing in respect of such Eligible Project (pursuant to and in compliance with a Qualifying California Code) was made in the applicable local filing office where the Eligible Project is located.”.
II.    Conditions Precedent to Effectiveness.  The amendments contained in Article I shall not be effective until the date (such date, the “Amendment Effective Date”) that:
1.    the Administrative Agent shall have received copies of this Amendment executed by the Borrower and the Lenders, and acknowledged by the Administrative Agent; and
2.    the Borrower shall have paid all fees, costs and expenses of the Administrative Agent and the Lenders incurred in connection with the execution and delivery of this Amendment (including third-party fees and out-of-pocket expenses of the Lenders’ counsel and other advisors or consultants retained by the Administrative Agent).
III.    Representations and Warranties. The Borrower represents and warrants to each Agent and each Lender Party that the following statements are true, correct and complete in all respects as of the Amendment Effective Date:

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1.    Power and Authority; Authorization.  The Borrower has all requisite power and authority to execute, deliver and perform its obligations under this Amendment and the Borrower has all requisite power and authority to perform its obligations under the Amended Credit Agreement.  The Borrower has duly authorized, executed and delivered this Amendment.
2.    Enforceability.  Each of this Amendment and the Amended Credit Agreement is a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except to the extent that enforceability may be limited by (i) applicable bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the enforcement of creditors’ rights, (ii) the effect of general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) or (iii) implied covenants of good faith and fair dealing.  
3.    Credit Agreement Representations and Warranties. Each of the representations and warranties set forth in the Credit Agreement is true and correct in all respects both before and after giving effect to this Amendment, except to the extent that any such representation and warranty relates solely to any earlier date, in which case such representation and warranty is true and correct in all respects as of such earlier date.
4.    Defaults. No event has occurred or is continuing as of the date hereof, or will result from the transactions contemplated hereby as of the date hereof, that would constitute an Event of Default or a Default.
IV.    Limited Amendment.  Except as expressly set forth herein, this Amendment shall not, by implication or otherwise, limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the other Secured Parties under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, and the Borrower acknowledges and agrees that each of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment.  From and after the Amendment Effective Date, all references to the Credit Agreement in any Loan Document shall, unless expressly provided otherwise, refer to the Amended Credit Agreement.
V.    Miscellaneous.
1.    Counterparts.  This Amendment may be executed in one or more duplicate counterparts and by facsimile or other electronic delivery and by different parties on different counterparts, each of which shall constitute an original, but all of which shall constitute a single document and when signed by all of the parties listed below shall constitute a single binding document.
2.    Severability.  In case any one or more of the provisions contained in this Amendment should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the parties 

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hereto shall enter into good faith negotiations to replace the invalid, illegal or unenforceable provision.
3.    Governing Law, etc..  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK.  The provisions in Sections 12.08(b) through (d) and Section 12.09 of the Amended Credit Agreement shall apply, mutatis mutandis, to this Amendment and the parties hereto.
4.    Loan Document.  This Amendment shall be deemed to be a Loan Document for all purposes of the Amended Credit Agreement and each other Loan Document.
5.    Headings.  Paragraph headings have been inserted in this Amendment as a matter of convenience for reference only and it is agreed that such paragraph headings are not a part of this Amendment and shall not be used in the interpretation of any provision of this Amendment.
6.    Execution of Documents.  The undersigned Lenders hereby authorize and instruct the Administrative Agent to execute and deliver this Amendment.  
[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their duly authorized officers as of the day and year first above written.
	
	
	SUNRUN NEPTUNE PORTFOLIO 2016-A, LLC,

	as Borrower

	 

	By:  Sunrun Neptune Investor 2016, LLC

	Its:   Sole Member

	 

	By:  Sunrun Neptune Holdco 2016, LLC

	Its:   Managing Member

	 

	By:  Sunrun Inc.

	Its:   Sole Member

	 

	By:                                                      

	Name: Robert Komin, Jr.

	Title: Chief Financial Officer

[Signature Page to First Amendment (Neptune Credit Agreement)]

	
	
	SUNTRUST BANK

	as Administrative Agent

	 

	 

	By:                                     

	Name:

[Signature Page to First Amendment (Neptune Credit Agreement)]

	
	
	ING CAPITAL LLC,

	as LC Issuer

	 

	 

	By:                                     

	Name:

	Title

	 

	By:                                      

	Name:

	Title

[Signature Page to First Amendment (Neptune Credit Agreement)]

	
	
	SUNTRUST BANK,

	as Lender

	 

	 

	By:                                                       

	Name:

	Title

	 

[Signature Page to First Amendment (Neptune Credit Agreement)]

	
	
	ING CAPITAL LLC,

	as Lender

	 

	 

	By:                                                     

	Name:

	Title

	 

	By:                                                      

	Name:

	Title

[Signature Page to First Amendment (Neptune Credit Agreement)]

	
	
	SILICON VALLEY BANK

	as Lender

	 

	 

	By:                                                       

	Name:

	Title

	 

[Signature Page to First Amendment (Neptune Credit Agreement)]

	
	
	ZB, N.A. d/b/a NATIONAL BANK OF ARIZONA,

	as Lender

	 

	 

	By:                                                 

	Name:

	Title:

[Signature Page to First Amendment (Neptune Credit Agreement)]

	
	
	KEYBANK NATIONAL ASSOCIATION,

	as Lender

	 

	 

	By:                                                   

	Name:

	Title:

[Signature Page to First Amendment (Neptune Credit Agreement)]

	
	
	SUNRUN NEPTUNE GAIA PORTFOLIO 2016-A, LLC,

	as Lender

	 

	By:  Sunrun Neptune Gaia Holdco 2016, LLC

	Its:   Sole Member

	 

	By:                                                       

	Name: Robert Komin, Jr.

	Title: Chief Financial Officer

[Signature Page to First Amendment (Neptune Credit Agreement)]Exhibit

RESTRICTED STOCK UNIT AWARD
UNDER THE PROVISIONS OF THE
 CINCINNATI BELL INC.
2017 LONG-TERM INCENTIVE PLAN

Name of Employee:                PARTICIPANT NAME        
Award Date:                    GRANT DATE        
Number of Restricted Stock Units:      NUMBER OF AWARDS GRANTED

Under this agreement (this “Agreement”) and pursuant to the provisions of the Cincinnati Bell Inc. 2017 Long-Term Incentive Plan, as in effect on the date noted above (the “Award Date”) and as it may thereafter be amended (the “Plan”), the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Cincinnati Bell Inc. (“CBI” or “Company”) hereby awards you the number shown above of restricted stock units of CBI (each a “Unit” and collectively the “Units”).

This Agreement is subject to the following terms and to all of the terms of the Plan.  In the case of any conflict between this Agreement and the Plan, the Plan shall control.  Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. A copy of the Plan as in effect on the Award Date has been delivered to you.

1.    Units Subject to this Agreement.  This Agreement is made with respect to the number of Units shown above.  Each Unit constitutes a right that you (or, in the event of your death prior to payment, the executor, administrator, or other personal representative of your estate) will receive one share, par value $.01 per share, of CBI (a “Share”) if you vest in the Unit pursuant to paragraph 2, 3, 4, 5, or 6 hereof.  There are no other rights provided you (or your estate or any other person) under any of the Units.  

You shall not in any manner be the record or beneficial owner of any Shares, and you have no rights or privileges with respect to any Shares, until and unless Shares are delivered to you (or, in the event of your death prior to payment, the executor, administrator, or other personal representative of your estate) upon vesting in accordance with the provisions of this Agreement.

2.    Vesting Upon Passage of Time.  If you are continuously an “Employee” (as defined in paragraph 8 hereof) for the period that begins on the Award Date and ends on the third annual anniversary of the Award Date,  then: (i) on the last day of such period you shall be deemed vested in all of the Units awarded you under this Agreement; and (ii) CBI shall distribute to you (or, in the event of your death prior to payment, the executor, administrator, or other personal representative of your estate) a number of Shares equal to the number of such Units in which you are vested (subject to the tax withholding requirements included in the Plan).  Such distribution shall be made within 60-days of the date that you become vested, with the specific date within such 60 consecutive day period to be chosen by the Compensation Committee in its discretion.    

3.    Vesting Upon Death.  If you die while an Employee of CBI and prior to you being deemed vested in any of the Units awarded you under this Agreement pursuant to paragraph 2, 4, 5, or 6  hereof, then: (i) on the date of your death you shall be deemed vested in the number of Units (rounded up to the nearest whole Unit) that bears the same ratio to the total number of Units awarded you under this Agreement as the number of days in the period that begins on the Award Date and ends on the date of your death bears to the number of days in the period that begins on the Award Date and ends on the third annual anniversary of the 

Award Date; and (ii) within the 60 consecutive day period that begins on the date of your death, CBI shall distribute to the executor, administrator, or other personal representative of your estate a number of Shares equal to the number of Units in which you have become vested under this paragraph 3 (subject to the tax withholding requirements included in the Plan).  

4.    Vesting Upon Disability.  If, prior to you being deemed vested in any of the Units awarded you under this Agreement pursuant to paragraph 2, 3, 5, or 6 hereof, you become Disabled (as defined in subsection 2.9 of the Plan) while you are an Employee of CBI and are terminated as a result of such Disability, then (i) you shall be deemed vested in the number of Units (rounded up to the nearest whole Unit) that bears the same ratio to the total number of Units awarded you under this Agreement as the number of days in the period that begins on the Award Date and ends on the date of your termination bears to the number of days in the period that begins on the Award Date and ends on the third annual anniversary of the Award Date; and (ii) within the 60 consecutive day period that begins on the date of your termination, CBI shall distribute to you a number of Shares equal to the number of Units in which you have become vested under this paragraph 4 (subject to the tax withholding requirements included in the Plan).  

5.    Retirement. If you terminate employment with the Company due to your Retirement (within the meaning of that term as defined below), then you will be deemed to be employed by the Company or one of its subsidiaries continuously for a period that begins on the Award Date and ends on the third annual anniversary of the Award Date for purposes of determining the extent to which and the date on which any Units will have vested. CBI shall distribute to you (or, in the event of your death prior to payment, the executor, administrator or other personal representative of your estate) a number of Shares equal to the number of such Units in which you become vested (but subject to the tax withholding requirements included in the Plan). Such distribution shall be made on a date that is within January 25, 2021 and March 26, 2021, with the specific date within such period on which such distribution will be made being chosen by the Compensation Committee in its discretion.

For purposes of this paragraph 5, “Retirement” means your termination of employment with the Company (a) at least one year after the Award Date, (b) after you have both attained at least age 55 and completed at least 10 years of employment with the Company, and (c) other than by reason of your fraud, misappropriation or embezzlement, gross insubordination, failure to perform in good faith your assigned duties, or any other reason for which a termination of employment would be deemed for “cause” under any employment agreement between you and the Company that is in effect at the time of your  termination of employment with the Company.

6.    Change in Control.  If a Change in Control (as defined in the Plan) occurs, prior either to any distribution being made or forfeiture occurring under any of the foregoing provisions of this Agreement, then (i) the provisions of section 17 of the Plan shall be deemed incorporated into this Agreement and shall apply to this Agreement and (ii) the other parts of this Agreement shall be subject to the terms of section 17 of the Plan.  

7.    Forfeiture.  If you cease to be an Employee, then, except as provided in paragraphs 2, 3, 4, 5, and 6 hereof, the Units awarded under this Agreement shall be forfeited, and neither you nor your estate, or any other person attempting to claim rights under the Plan through you shall have any rights to Shares or other amounts by reason of such forfeited Units.  

8.    Employment.  For purposes of this Agreement, you shall be deemed to be an “Employee” while, and only while, you are in the employ of the Company or any of its direct or indirect subsidiaries and considered such an employee under the policies and procedures (including the payroll and withholding procedures) of the Company and its subsidiaries. This Agreement does not constitute a contract of employment and does not give you the legal right to be continued as an Employee.

9.    Interpretation.  You acknowledge that the Compensation Committee has the authority to construe and interpret the terms of the Plan and this Agreement if and when any questions of meaning arise under the Plan or this Agreement, and any such construction or interpretation shall be binding on you, your heirs, executors, administrators, personal representatives and any other persons having or claiming to have an interest in the Units or Shares.

10.      Withholding

(a)    If you become vested in any Units that are awarded under a restricted stock unit award granted to you pursuant to the Plan, then CBI shall distribute to you (or, in the event of your death before the payment, the executor, administrator, or other personal representative of your estate) a number of Shares equal to the number of such Units in which you are vested (but subject to the tax withholding requirements included in the Plan).  

(b)    Any taxes required to be withheld upon you (or the executor, administrator, or other personal representative of your estate) becoming entitled to the distribution of any Shares in connection with Units awarded to you under this Agreement must be paid in full at the time of such distribution.  The procedures for meeting such requirements shall be established under the provisions of section 15 of the Plan.  

11.    Notices.  All notices and other communications to be given hereunder shall be in writing and shall be deemed to have been duly given when delivered personally or when deposited in the United States mail, first class postage prepaid, and addressed as follows:

TO THE COMPANY:        Cincinnati Bell Inc.
221 East Fourth Street
Cincinnati, Ohio 45202
Attention: Corporate Secretary 

Any notice to the Employee or other person or persons succeeding to the Employee’s interest must be delivered to the Employee or such other person or persons at the Employee’s address on record with the Company or such other address as is specified in a notice filed with the Company.
    
12.     Effect of Employment Agreement. Notwithstanding any of the provisions of the other parts of this Agreement, if the provisions of a written employment agreement between you and the Company or one of its direct or indirect subsidiaries would require for purposes of this Award that you be deemed to be employed by the Company or one of its subsidiaries until a date later than the actual date on which your employment terminates, then such employment agreement’s provisions shall control (and shall be deemed an amendment to this Agreement and incorporated herein by reference); provided that your actual termination of employment with the Company or one of its subsidiaries occurs at least one year after the Award Date and 

only to the extent that such employment agreement’s provisions do not apply in the case of a termination of employment following a Change in Control.

13.    Amendment.  Any amendment to this Agreement must be in writing, signed by a duly authorized representative of the Company. The Compensation Committee reserves the right to amend this Agreement in any way it deems necessary or advisable to carry out the purpose of the grant or to comply with applicable laws or regulations or any future law, regulation, interpretation, ruling, or judicial decision.

14.    Miscellaneous.  This Agreement shall be binding upon the parties hereto and their respective heirs, executors, administrators, personal representatives, successors and assigns.  Subject to the provisions of the Plan, this Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and shall be construed and interpreted in accordance with the laws of the State of Ohio.  If any provisions of this Agreement shall be deemed to be invalid or void under any applicable law, the remaining provisions hereof shall not be affected thereby and shall continue in full force and effect.

IN ORDER TO GRANT THIS RESTRICTED STOCK UNIT AWARD, the Company and the Employee have caused this Agreement to be duly executed as of the dates noted below and, by signing below, agree to all of the terms of this Agreement.

EMPLOYEE:                    CINCINNATI BELL INC.

Phillip R. Cox                
Chairman, Board of Directors

Date:  ACCEPTANCE DATE                Date:  January 25, 2018        
0127868.0611578   4842-5128-5082v7

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