Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

AMENDED AND RESTATED LOAN AGREEMENT 

Dated as of September 9, 2022 

among 
 VERISK ANALYTICS, INC.

 as the Borrower, 
 and

 BANK OF AMERICA, N.A. 

as Administrative Agent and initial Lender 
  

 
  

 Table of Contents 

 

									
	 	 	 	 	 	  	Page	 
		
	Article I. DEFINITIONS AND ACCOUNTING TERMS	  	 	1	 
				
	   
	 	 1.01
	 	 Defined Terms
	  	 	1	 
		 	 1.02
	 	 Other Interpretive Provisions
	  	 	21	 
		 	 1.03
	 	 Accounting Terms
	  	 	22	 
		 	 1.04
	 	 Rounding
	  	 	22	 
		 	 1.05
	 	 Times of Day
	  	 	22	 
		 	 1.06
	 	 [Reserved]
	  	 	22	 
		 	 1.07
	 	 Interpretation and Construction of Exceptions/Carveouts to Article VII Negative Covenants
	  	 	23	 
		 	 1.08
	 	 [Reserved]
	  	 	23	 
		 	 1.09
	 	 [Reserved]
	  	 	23	 
		
	Article II. THE LOANS	  	 	23	 
				
		 	 2.01
	 	 Loans
	  	 	23	 
		 	 2.02
	 	 Borrowings, Conversions and Continuations of Loans
	  	 	23	 
		 	 2.03
	 	 [Reserved]
	  	 	24	 
		 	 2.04
	 	 [Reserved]
	  	 	24	 
		 	 2.05
	 	 Prepayments
	  	 	24	 
		 	 2.06
	 	 Termination or Reduction of Revolving Commitments
	  	 	25	 
		 	 2.07
	 	 Repayment of Loans
	  	 	25	 
		 	 2.08
	 	 Interest
	  	 	25	 
		 	 2.09
	 	 Commitment Fee
	  	 	25	 
		 	 2.10
	 	 Computation of Interest and Fees
	  	 	26	 
		 	 2.11
	 	 Evidence of Debt
	  	 	26	 
		 	 2.12
	 	 Payments Generally; Administrative Agent’s Clawback
	  	 	26	 
		 	 2.13
	 	 Sharing of Payments by Lenders
	  	 	27	 
		 	 2.14
	 	 [Reserved]
	  	 	28	 
		 	 2.15
	 	 [Reserved]
	  	 	28	 
		 	 2.16
	 	 [Reserved]
	  	 	28	 
		 	 2.17
	 	 [Reserved]
	  	 	28	 
		
	Article III. TAXES, YIELD PROTECTION AND ILLEGALITY	  	 	28	 
				
		 	 3.01
	 	 Taxes
	  	 	28	 
		 	 3.02
	 	 Illegality
	  	 	32	 
		 	 3.03
	 	 Inability to Determine Rates
	  	 	33	 
		 	 3.04
	 	 Increased Costs
	  	 	33	 
		 	 3.05
	 	 Compensation for Losses
	  	 	34	 
		 	 3.06
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	35	 
		 	 3.07
	 	 BSBY Successor Rate
	  	 	35	 
		 	 3.08
	 	 Survival
	  	 	37	 
		
	Article IV. CONDITIONS PRECEDENT	  	 	37	 
				
		 	 4.01
	 	 Conditions to the Effective Date
	  	 	37	 
		 	 4.02
	 	 Conditions to any Borrowings, Conversion and Continuations
	  	 	38	 

  
 i 

									
		
	Article V. REPRESENTATIONS AND WARRANTIES	  	 	38	 
				
		 	 5.01
	 	 Existence, Qualification and Power
	  	 	38	 
		 	 5.02
	 	 Authorization; No Contravention
	  	 	39	 
		 	 5.03
	 	 Governmental Authorization; Other Consents
	  	 	39	 
		 	 5.04
	 	 Binding Effect
	  	 	39	 
		 	 5.05
	 	 Financial Statements; No Material Adverse Effect
	  	 	39	 
		 	 5.06
	 	 Litigation
	  	 	40	 
		 	 5.07
	 	 No Default
	  	 	40	 
		 	 5.08
	 	 Ownership of Property; Liens
	  	 	40	 
		 	 5.09
	 	 Insurance
	  	 	40	 
		 	 5.10
	 	 Taxes
	  	 	40	 
		 	 5.11
	 	 ERISA Compliance
	  	 	40	 
		 	 5.12
	 	 [Reserved]
	  	 	41	 
		 	 5.13
	 	 Margin Regulations; Investment Company Act
	  	 	41	 
		 	 5.14
	 	 Disclosure
	  	 	41	 
		 	 5.15
	 	 Compliance with Laws
	  	 	42	 
		 	 5.16
	 	 [Reserved]
	  	 	42	 
		 	 5.17
	 	 [Reserved]
	  	 	42	 
		 	 5.18
	 	 OFAC; Anti-Corruption Laws; Sanctions
	  	 	42	 
		 	 5.19
	 	 Solvency
	  	 	42	 
		 	 5.20
	 	 Affected Financial Institutions
	  	 	42	 
		 	 5.21
	 	 [Reserved]
	  	 	42	 
		
	Article VI. AFFIRMATIVE COVENANTS	  	 	43	 
				
		 	 6.01
	 	 Financial Statements
	  	 	43	 
		 	 6.02
	 	 Certificates; Other Information
	  	 	43	 
		 	 6.03
	 	 Notices
	  	 	45	 
		 	 6.04
	 	 Payment of Obligations
	  	 	46	 
		 	 6.05
	 	 Preservation of Existence, Etc.
	  	 	46	 
		 	 6.06
	 	 [Reserved]
	  	 	46	 
		 	 6.07
	 	 [Reserved]
	  	 	46	 
		 	 6.08
	 	 Compliance with Laws
	  	 	46	 
		 	 6.09
	 	 Books and Records
	  	 	46	 
		 	 6.10
	 	 Inspection Rights
	  	 	47	 
		 	 6.11
	 	 Use of Proceeds
	  	 	47	 
		 	 6.12
	 	 Additional Guarantors
	  	 	47	 
		 	 6.13
	 	 Pari Passu Status
	  	 	47	 
		
	Article VII. NEGATIVE COVENANTS	  	 	47	 
				
		 	 7.01
	 	 Liens
	  	 	47	 
		 	 7.02
	 	 Priority Indebtedness; Permitted Subsidiary Acquisition Indebtedness
	  	 	49	 
		 	 7.03
	 	 Fundamental Changes
	  	 	49	 
		 	 7.04
	 	 Dispositions
	  	 	49	 
		 	 7.05
	 	 Change in Nature of Business
	  	 	50	 
		 	 7.06
	 	 [Reserved]
	  	 	50	 
		 	 7.07
	 	 Use of Proceeds
	  	 	50	 

  
 ii 

									
	     
	 	 7.08
	 	 Financial Covenants
	  	 	50	 
		 	 7.09
	 	 Restricted Payments
	  	 	51	 
		 	 7.10
	 	 Accounting Changes
	  	 	51	 
		 	 7.11
	 	 Anti-Corruption Laws; Sanctions
	  	 	51	 
		
	Article VIII. EVENTS OF DEFAULT AND REMEDIES	  	 	51	 
				
		 	 8.01
	 	 Events of Default
	  	 	51	 
		 	 8.02
	 	 Remedies Upon Event of Default
	  	 	53	 
		 	 8.03
	 	 Application of Funds
	  	 	54	 
		
	Article IX. ADMINISTRATIVE AGENT	  	 	54	 
				
		 	 9.01
	 	 Appointment and Authority
	  	 	54	 
		 	 9.02
	 	 Rights as a Lender
	  	 	54	 
		 	 9.03
	 	 Exculpatory Provisions
	  	 	55	 
		 	 9.04
	 	 Reliance by Administrative Agent
	  	 	55	 
		 	 9.05
	 	 Delegation of Duties
	  	 	56	 
		 	 9.06
	 	 Resignation of Administrative Agent
	  	 	56	 
		 	 9.07
	 	 Non-Reliance on Administrative Agent and Other
Lenders
	  	 	56	 
		 	 9.08
	 	 No Other Duties, Etc.
	  	 	57	 
		 	 9.09
	 	 Administrative Agent May File Proofs of Claim
	  	 	57	 
		 	 9.10
	 	 Guaranty Matters
	  	 	57	 
		 	 9.11
	 	 [Reserved]
	  	 	57	 
		 	 9.12
	 	 ERISA Matters
	  	 	57	 
		
	Article X. MISCELLANEOUS	  	 	58	 
				
		 	 10.01
	 	 Amendments, Etc.
	  	 	58	 
		 	 10.02
	 	 Notices; Effectiveness; Electronic Communication
	  	 	59	 
		 	 10.03
	 	 No Waiver; Cumulative Remedies; Enforcement
	  	 	61	 
		 	 10.04
	 	 Expenses; Indemnity; Damage Waiver
	  	 	61	 
		 	 10.05
	 	 Payments Set Aside
	  	 	63	 
		 	 10.06
	 	 Successors and Assigns
	  	 	63	 
		 	 10.07
	 	 Treatment of Certain Information; Confidentiality
	  	 	66	 
		 	 10.08
	 	 Right of Setoff
	  	 	67	 
		 	 10.09
	 	 Interest Rate Limitation
	  	 	68	 
		 	 10.10
	 	 Counterparts; Integration; Effectiveness
	  	 	68	 
		 	 10.11
	 	 Survival of Representations and Warranties
	  	 	68	 
		 	 10.12
	 	 Severability
	  	 	68	 
		 	 10.13
	 	 Replacement of Lenders
	  	 	69	 
		 	 10.14
	 	 Governing Law; Jurisdiction; Etc.
	  	 	69	 
		 	 10.15
	 	 Waiver of Jury Trial
	  	 	70	 
		 	 10.16
	 	 No Advisory or Fiduciary Responsibility
	  	 	70	 
		 	 10.17
	 	 Electronic Execution of Assignments and Certain Other Documents
	  	 	71	 
		 	 10.18
	 	 USA PATRIOT Act
	  	 	71	 
		 	 10.19
	 	 Time of the Essence
	  	 	71	 
		 	 10.20
	 	 [Reserved]
	  	 	71	 
		 	 10.21
	 	 Amendment and Restatement
	  	 	71	 
		 	 10.22
	 	 Acknowledgement and Consent to Bail-In of Affected
Financial Institutions
	  	 	72	 
		 	 10.23
	 	 [Reserved]
	  	 	72	 

  
 iii 

									
		 	 10.24
	 	 Acknowledgement Regarding Any Supported QFCs
	  	 	72	 
		 	 10.25
	 	Tax Treatment	  	 	73	 

 EXHIBITS 
  

					
	         
	 	Form of	  	
			
		 	A	  	 Loan Notice

		 	B	  	 Notice of Loan Prepayment

		 	C	  	 Notice of Reduction or Termination of Revolving Commitments

  

  
 iv 

 AMENDED AND RESTATED LOAN AGREEMENT 

This AMENDED AND RESTATED LOAN AGREEMENT (the “Agreement”) is entered into as of September 9, 2022, by and among
VERISK ANALYTICS, INC., a Delaware corporation (“Verisk”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA,
N.A., as Administrative Agent. 
 Verisk, the Lenders party thereto, and Bank of America, N.A., as Administrative Agent, are parties to
that certain Term Loan Agreement, dated as of March 11, 2022 (the “Term Loan Agreement”) pursuant to which the Lenders thereunder provided Verisk with a $125 million term loan facility (the “Term Loan”)
and advanced the Term Loan to Verisk on such date. 
 Verisk has requested that on the Effective Date, the Lenders provide for (a) an
extension of the Maturity Date in respect of the Term Loan Agreement to a date which is one year after the Effective Date and (b) the addition of a $275 million revolving credit facility, to be available starting October 3, 2022
through the Maturity Date applicable thereto (the “Revolving Credit Facility”, and loans thereunder, “Revolving Loans” and together with the Term Loan, the “Facilities”). 

In consideration of these premises and the mutual representations, covenants and agreements of the Borrower, the agents and the lenders, each
party hereto hereby promises, covenants and agrees to amend and restate the Term Loan Agreement with all of the terms, conditions and provisions set forth herein below and all of the terms, conditions and provisions of the Term Loan Agreement are,
subject to the occurrence of the Effective Date, hereby deemed superseded, substituted, and replaced by the following: 
 ARTICLE I.

 DEFINITIONS AND ACCOUNTING TERMS 

1.01 Defined Terms. 
 As
used in this Agreement, the following terms shall have the meanings set forth below: 
 “Administrative Agent” means Bank of
America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 

“Administrative Agent’s Office” means, with respect to any currency, the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 10.02 to the Existing Credit Agreement with respect to Dollars, or such other address or account with respect to such currency as the Administrative Agent may from time to time notify to the Borrower and
the Lenders. 
 “Administrative Questionnaire” means an Administrative Questionnaire as reasonably required by the
Administrative Agent in connection with this Agreement. 
 “Affected Financial Institution” means (a) any EEA
Financial Institution or (b) any UK Financial Institution. 
 “Affiliate” means, with respect to any 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. 

“Agreement” has the meaning specified in the introductory paragraphs hereto. 

 “Anti-Corruption Laws” 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. 

“Applicable Rate” means, from time to time, the following percentages per annum: with respect to the BSBY Rate Loans, 135.0
bps or Base Rate Loans, 35.0 bps, as applicable. 
 “Approved Fund” means any Fund 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. 

“Assets” means, at any time, the total assets of Verisk and its direct and indirect Subsidiaries on a consolidated basis
which would be shown as assets on a consolidated balance sheet of Verisk and its consolidated Subsidiaries as of such time prepared in accordance with GAAP, after eliminating all amounts properly attributable to minority interests, if any, in the
stock and surplus of Subsidiaries. 
 “Assignee Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds managed by the same investment advisor. 
 “Assignment and Assumption” means an
assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in a form (including
electronic documentation generated by use of an electronic platform) approved by the Administrative Agent. 
 “Attributable
Indebtedness” means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP and
(b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease
were accounted for as a Capitalized Lease. 
 “Audited Financial Statements” means the audited consolidated balance sheet
of Verisk and its direct and indirect Subsidiaries for the fiscal year ended December 31, 2021, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of Verisk and its
direct and indirect Subsidiaries, including the notes thereto. 
 “Availability Period” means, with respect to the
Revolving Commitments, the period from and including October 3, 2022 through the Maturity Date applicable thereto. 
 “Bail-In Action” 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. 

“Bail-In Legislation” 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). 

“Bank of America” means Bank of America, N.A. and its successors. 

  
 2 

 “Base Rate” means for any day a fluctuating rate per annum equal to the
highest of (a) the Prime Rate for such day, (b) the sum of the Federal Funds Rate for such day plus fifty basis points (0.50%), and (c) the BSBY Rate for a one month Interest Period beginning on such day (or if such day is not
a Business Day, the immediately preceding Business Day) plus one hundred basis points (1.0%). 
 “Base Rate Loan”
means a Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars. 
 “Beneficial
Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation. 

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230, as amended from time to time. 

“Bloomberg” means Bloomberg Index Services Limited. 

“Borrower” means Verisk. 

“Borrower Materials” has the meaning specified in Section 6.02. 

“Borrowing” means a Revolving Loan borrowing or the Term Loan borrowing, as the context may require, and in the case of BSBY
Rate Loans, having the same Interest Period made pursuant to Section 2.01. 
 “BSBY” means the Bloomberg
Short-Term Bank Yield Index rate. 
 “BSBY Rate” means: 

(a) for any Interest Period with respect to a BSBY Rate Loan, the rate per annum equal to the BSBY Screen Rate two Business
Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided that if the rate is not published on such determination date then BSBY Rate means the BSBY Screen Rate on the first Business Day
immediately prior thereto; and 
 (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per
annum equal to the BSBY Screen Rate with a term of one month commencing that day; 
 provided that if the BSBY Rate determined in accordance with
either of the foregoing provisions (a) or (b) of this definition would otherwise be less than zero, the BSBY Rate shall be deemed zero for purposes of this Agreement. 

“BSBY Rate Loan” means a Loan that bears interest at a rate based on clause (a) of the definition of BSBY Rate. 

“BSBY Replacement Date” has the meaning specified in Section 3.07(b). 

“BSBY Screen Rate” means the Bloomberg Short-Term Bank Yield Index rate administered by Bloomberg (or any successor
administrator satisfactory to the Administrative Agent) and published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time).

 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to
close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and if such day relates to interest at a rate based on the BSBY Rate means any such day in New York City. 

  
 3 

 “Capitalized Leases” means all leases that have been or should be, in
accordance with GAAP, recorded as capitalized leases. 
 “Change in Law” means the occurrence, after the date of this
Agreement, of any of the following: (a) the adoption 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) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the
contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) 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 or issued. 
 “Change of Control” means an event or
series of events by which: 
 (a) any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have
“beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or
indirectly, of 35% or more of the equity securities of Verisk entitled to vote for members of the board of directors or equivalent governing body of Verisk on a fully- diluted basis (and taking into account all such securities that such person or
group has the right to acquire pursuant to any option right); or 
 (b) during any period of 12 consecutive months, a
majority of the members of the board of directors or other equivalent governing body of Verisk cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose
election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or
nomination at least a majority of that board or equivalent governing body; or 
 (c) any Person or two or more Persons acting
in concert shall have acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof, will result in its or their acquisition of the power to exercise, directly or indirectly, a controlling
influence over the management or policies of Verisk, or control over the equity securities of Verisk entitled to vote for members of the board of directors or equivalent governing body of Verisk on a fully-diluted basis (and taking into account all
such securities that such Person or group has the right to acquire pursuant to any option right) representing 35% or more of the combined voting power of such securities. 

  
 4 

 “Code” means the Internal Revenue Code of 1986. 

“Commitment” means, as to each Lender, its Revolving Commitment and/or its Term Commitment as the context may require. 

“Commitment Fee” has the meaning specified in Section 2.09. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and
any successor statute. 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit D of the
Existing Credit Agreement (as conformed for this Agreement); provided, that if the Existing Credit Agreement is outstanding and Bank of America is Administrative Agent thereunder, the delivery of a Compliance Certificate pursuant to the terms
of the Existing Credit Agreement shall fulfil the equivalent obligations hereunder. 
 “Conforming Changes” means, with
respect to the use, administration of or any conventions associated with BSBY or any proposed Successor Rate, as applicable, any conforming changes to the definitions of Base Rate, BSBY and Interest Period, timing and frequency of determining rates
and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of Business Day, timing of borrowing requests or prepayment, conversion or continuation notices and
length of lookback periods) as may be appropriate, as the Administrative Agent determines, in consultation with the Borrower, to reflect the adoption and implementation of such applicable rate, and to permit the administration thereof by the
Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines, in consultation with the Borrower, that adoption of any portion of such market practice is not administratively feasible or
that no market practice for the administration of such rate exists, in such other manner of administration as the Administrative Agent determines, in consultation with the Borrower, is reasonably necessary in connection with the administration of
this Agreement and any other Loan Document). 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on
or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated EBIT”
means, for any period, for Verisk and its direct and indirect Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated
Net Income: (i) Consolidated Interest Charges for such period; (ii) the provision for Federal, state, local and foreign income taxes payable by Verisk and its direct and indirect Subsidiaries for such period;
(iii) non-cash charges for the appreciation of ESOP shares for such period; (iv) non-cash stock option expenses under FASB Accounting Standards Codification
718 for such period; (v) non-cash expenses in connection with ISO’s Top Hat Plan and Deferred Compensation Plan for such period, to the extent such expenses are the result of increasing the
participant liabilities for said plans due to the appreciation in value of the investments held in said plan; (vi) non-cash expenses other than temporary impairment of ISO’s Top Hat Plan and Deferred
Compensation Plan for such period, to the extent such expenses are the result of the depreciation in value of the investments held in said plan; (vii) non-cash loss on the disposal of fixed assets for
such period; and (viii) other non-recurring expenses of Verisk and its direct and indirect Subsidiaries reducing such Consolidated Net Income for such period; provided that any such amounts which
represent a cash item in such period or any future period shall be included to the extent that in the aggregate they do not exceed 5% of Consolidated EBIT (prior to giving effect to such adjustment) for such period, minus (b) the
following to the extent included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax credits of Verisk and its direct and indirect Subsidiaries for such period;
(ii) non-cash gains in connection with ISO’s Top Hat Plan and Deferred Compensation Plan for such period, to the extent such gains are the result of decreasing the participant liabilities for said
plans due to the depreciation in value of the investments held; and (iii) other non-recurring non-cash items increasing Consolidated Net Income for such period.

  
 5 

 “Consolidated EBITDA” means, for any period, for Verisk and its direct and
indirect Subsidiaries on a consolidated basis, an amount equal to Consolidated EBIT for such period plus depreciation and amortization expense for such period. 

“Consolidated Funded Debt Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded
Indebtedness as of such date to (b) Consolidated EBITDA for the period of the four fiscal quarters most recently ended. For the purposes of calculating the Consolidated Funded Debt Leverage Ratio in connection with determining compliance
with the financial covenant set forth and contained in Section 7.08(b) only, and for no other purpose, to the extent that Verisk or any direct or indirect Subsidiary of Verisk acquires or disposes of a Person, the Borrower
shall include in its calculation of Consolidated EBITDA the pro forma effect of such acquisition or disposition as if such acquisition or disposition shall have occurred on the first date of the applicable test period. 

“Consolidated Funded Debt Leverage Ratio Step-up” shall have the meaning specified in
Section 7.08(b). 
 “Consolidated Funded Indebtedness” means, as of any date of determination,
for Verisk and its direct and indirect Subsidiaries on a consolidated basis, the sum of: (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all
obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all obligations, whether contingent or otherwise, arising under letters of credit (including standby
and commercial letters of credit), bankers’ acceptances, bank guaranties, surety bonds and similar instruments, (d) all obligations in respect of the deferred purchase price of Property or services (other than obligations to pay the earn
out portion of the purchase price for Permitted Acquisitions and trade accounts payable in the ordinary course of business), (e) Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations, (f) without
duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than Verisk or any direct or indirect Subsidiary of Verisk, (g) without
duplication, all Guarantees by Verisk and/or ISO of Permitted Subsidiary Acquisition Indebtedness, and (h) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other
than a joint venture that is itself a corporation or limited liability company) in which Verisk or a direct or indirect Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made
non-recourse to Verisk or such direct or indirect Subsidiary. 
 “Consolidated Interest
Charges” means, for any period, for Verisk and its direct and indirect Subsidiaries on a consolidated basis, all interest, premium payments, debt discount, fees, charges and related expenses of Verisk and its direct and indirect
Subsidiaries in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP (whether paid in cash or accrued);
provided, however, (a) interest on any debt paid in kind and (b) interest that is due and payable more than five years from the incurrence of the debt under which such interest is payable, shall, in each case, not be counted
as “Consolidated Interest Charges”. 
 “Consolidated Interest Coverage Ratio” means, as of any date of
determination, the ratio of (a) Consolidated EBIT for the period of the four prior fiscal quarters ending on such date to (b) Consolidated Interest Charges for such period. 

  
 6 

 “Consolidated Net Income” means, for any period, for Verisk and its direct
and indirect Subsidiaries on a consolidated basis, the net income of Verisk and its direct and indirect Subsidiaries (excluding extraordinary gains and extraordinary losses) for that period. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its Property is bound. 

“Control” 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. “Controlling” and “Controlled” have meanings correlative thereto. 

“Customary Permitted Liens” means the following: 

(a) Liens (other than Environmental Liens and any Lien imposed under ERISA) for taxes, assessments or charges of any
Governmental Authority or claims not yet due or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained to the extent required by GAAP; 

(b) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other like Liens (other than
any Lien imposed under ERISA) imposed by Laws, including, without limitation, Liens in favor of any Governmental Authority securing progress payments made under government contracts created in the ordinary course of business and for amounts not yet
due or which are being contested in good faith by appropriate proceedings which are sufficient to prevent imminent foreclosure of such Liens, are promptly instituted and diligently conducted and with respect to which adequate reserves or other
appropriate provision are being maintained to the extent required by GAAP; 
 (c) Liens (other than any Lien imposed under
ERISA) incurred or deposits made in the ordinary course of business (including, without limitation, surety bonds and appeal bonds) in connection with workers’ compensation, unemployment insurance and other types of social security benefits or
to secure the performance of tenders, bids, leases, contracts, statutory obligations and other similar obligations or arising as a result of progress payments or deposits under government contracts (including foreign government contracts);
provided that in each such case such Liens (i) were not incurred or made in connection with the incurrence or maintenance of Indebtedness, the borrowing of money, the obtaining of advances or credit and (ii) do not in the aggregate
materially detract from the value of the Property so encumbered or materially impair the use thereof in the operation of Verisk’s or its direct and indirect consolidated Subsidiaries’ respective businesses; 

(d) easements (including, without limitation, reciprocal easement agreements and utility agreements), rights-of-way, covenants, consents, reservations, encroachments, variations and other restrictions, charges or encumbrances (whether or not recorded) affecting the use of real
property or impairing the use thereof which are imposed by law or arise in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the
ordinary conduct of business of the Person owning such Property; 
 (e) Liens arising out of and with respect to customer
deposits made in the ordinary course of the Borrower’s business; 

  
 7 

 (f) Liens arising as a result of the filing of any financing statement under
any applicable state uniform commercial code or comparable Laws of any jurisdiction covering consigned or leased goods which do not constitute assets of the Borrower and which is not intended as security; and 

(g) extensions, renewals or replacements of any Lien referred to in clauses (a) through (f) above;
provided that (i) in the case of clauses (a) through (f) above, the principal amount of the obligation secured thereby is not increased and (ii) any such extension, renewal or replacement is limited to the
Property originally encumbered thereby. 
 “Daily Simple SOFR” with respect to any applicable determination date means the
secured overnight financing rate (“SOFR”) published on such date by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website
(or any successor source). 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to
time in effect and affecting the rights of creditors generally. 
 “Default” means any event or condition that constitutes
an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default
Rate” means an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a BSBY Rate Loan, the
Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum. 

“Delaware Divided LLC” means any Delaware LLC which has been formed upon consummation of a Delaware LLC Division. 

“Delaware LLC” means any limited liability company organized or formed under the laws of the State of Delaware. 

“Delaware LLC Division” means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act. 
 “Designated
Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any Sanction. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale
and leaseback transaction) of any Property by any 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 and including any
disposition of property to a Delaware Divided LLC pursuant to a Delaware LLC Division. 
 “Dollar” and “$”
mean lawful money of the United States. 
 “Domestic Subsidiary” means any Subsidiary that is organized under the laws of
any political subdivision of the United States. 

  
 8 

 “EEA Financial Institution” means (a) any institution 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
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; 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” 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. 

“Effective Date” means the first date on which all conditions precedent set forth in Section 4.01
and Section 4.02 have been satisfied or waived in accordance with Section 10.01. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 10.06(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)). 

“Energy Disposition” means the Disposition, in whole or in part, of the Borrower’s energy business which is comprised of
the Borrower’s Wood Mackenzie group of companies. 
 “Environmental Laws” means any and all Federal, state, local, and
foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the
Release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries 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. 

“Environmental Lien” means a Lien in favor of any Governmental Authority for (a) any liability under any Environmental
Laws or (b) damages arising from, or costs incurred by such Governmental Authority in response to, a Release or threatened Release of any Hazardous Materials into the environment. 

“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit
interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other
ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of
determination. 

  
 9 

 “ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within the
meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code solely for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or
any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” (as such term is defined in Section 4001(a)(2) of ERISA) or a cessation of operations
that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization;
(d) the filing of a notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a
Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (g) the determination that
any Pension Plan is considered an at-risk plan or any Multiemployer Plan is in endangered or critical status within the meaning of Sections 430 and 432 of the Code or Sections 303 and 305 of ERISA; or
(h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate. 

“ESOP” means that certain Insurance Services Office, Inc. Employee Stock Ownership Plan established by the ESOP Trust
Agreement dated January 3, 1997 as it may be amended and/or modified from time to time, in a manner approved by the Administrative Agent (such approval not to be unreasonably withheld or conditioned). 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Event of Default” has the meaning specified in Section 8.01. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any 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 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 or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such
interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 10.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to
Section 3.01(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately
before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) or (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Existing Credit Agreement” means that certain Second Amended and Restated Credit Agreement (as it has been amended,
modified, extended, renewed, substituted, and/or supplemented prior to the date hereof) entered into as of April 22, 2015, by and among Verisk, each lender from time to time party thereto, and Bank of America, N.A., as administrative agent,
swing line lender and l/c issuer. 

  
 10 

 “Existing Obligations” has the meaning specified in
Section 10.21. 
 “Facilities” has the meaning specified in the introductory paragraphs hereto.

 “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date hereof (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 agreements entered into pursuant to Section 1471(b)(1) of the Code, any applicable
intergovernmental agreements with respect thereto, and related legislation, official administrative regulations or practices with respect thereto. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the
Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day and (b) if no such rate is so published on such next succeeding Business Day, the
Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent. 

“Fitch” means Fitch Ratings, Inc. and any successor to its rating agency business. 

“Foreign Lender” (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. For purposes of this definition, the United States, each State thereof and the District of
Columbia shall be deemed to constitute a single jurisdiction. 
 “FRB” means the Board of Governors of the Federal Reserve
System of the United States. 
 “Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Authority” means the government of the United States or any other nation, or of 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 (including any supra- national bodies such as the European Union or the European Central Bank). 

  
 11 

 “Guarantee” means, as to any Person, (a) any obligation, contingent or
otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and
including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease Property, securities or
services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other
manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing
any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount
of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantors” means any guarantors added pursuant to the terms, conditions, and provisions of
Section 6.12. 
 “Guaranty” means any Guaranty made by the Guarantors in favor of the
Administrative Agent and the Lenders, in a form reasonably satisfactory to the Administrative Agent, as such Guaranty may be from time to time amended, modified, extended, renewed, substituted, and/or supplemented. 

“Hazardous Materials” 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. 
 “Indebtedness” means, as to any Person at a particular time, without duplication, all of the
following, whether or not included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such
Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b) all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
 (c) net obligations of such Person under
any Swap Contract (as defined in the Existing Credit Agreement); 
 (d) all obligations of such Person to pay the deferred
purchase price of Property or services (other than obligations to pay the earn out portion of the purchase price for Permitted Acquisitions and trade accounts payable in the ordinary course of business); 

(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on Property owned or being purchased by such Person
(including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

  
 12 

 (f) Capitalized Leases and Synthetic Lease Obligations; 

(g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity
Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and 

(h) all Guarantees of such Person in respect of any of the foregoing (specifically excluding, with respect to Indebtedness of
the Borrower and its Subsidiaries, any guarantees, endorsements or other contingent obligations owing to or for the benefit of the ESOP). 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The
amount of any net obligation under any Swap Contract (as defined in the Existing Credit Agreement) on any date shall be deemed to be the Swap Termination Value (as defined in the Existing Credit Agreement) thereof as of such date. The amount of any
Capitalized Leases or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. 

“Indemnified Taxes” 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 the foregoing clause (a), Other Taxes. 

“Indemnitees” has the meaning specified in Section 10.04(b). 

“Information” has the meaning specified in Section 10.07. 

“Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period
applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a BSBY Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period
shall also be Interest Payment Dates and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date. 

“Interest Period” means, as to each BSBY Rate Loan, the period commencing on the date such BSBY Rate Loan is disbursed or
converted to or continued as a BSBY Rate Loan and ending on the date one, three or six months thereafter (in each case, subject to availability), as selected by the Borrower in a Loan Notice; provided, that: 

(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c) no Interest Period shall extend beyond the Maturity Date. 

  
 13 

 “Investment” means, as to any Person, any direct or indirect acquisition or
investment by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or
other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such
other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the
amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 

“IRS” means the United States Internal Revenue Service. 

“ISO” means Insurance Services Office, Inc., a Delaware corporation. 

“Joinder” means a joinder entered into by an Eligible Assignee (with the consent of any party whose consent is required by
Section 10.06(b)), and accepted by the Administrative Agent, in a form as reasonably required by the Administrative Agent in connection with this Agreement. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Lender” has the meaning specified in the introductory paragraphs hereto. 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify Verisk and the Administrative Agent, which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or
such Affiliate. Unless the context otherwise requires each reference to a Lender shall include its applicable Lending Office. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of
way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Loan” means (a) the Term Loan or (b) any Revolving Loan, in each case, made by a Lender to the Borrower under
Article II. A Loan may be a BSBY Rate Loan or Base Rate Loan. 
 “Loan Documents” means this Agreement and each
Note. 
 “Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other,
or (c) a continuation of BSBY Rate Loans, in each case pursuant to Section 2.02(a), substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent (including any form on
an electronic platform or electronic transmission system which form, platform and system shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower. 

  
 14 

 “Loan Party” means, collectively, the Borrower and each Guarantor, if any.

 “Material Adverse Effect” means a material adverse effect upon (a) the business, assets, condition (financial or
otherwise), performance, properties or operations of Verisk and its direct and indirect consolidated Subsidiaries, taken as a whole, (b) the ability of the Borrower to perform their material obligations and duties under the Loan Documents, or
(c) the ability of the Administrative Agent to enforce the Obligations or to make use of any of the remedies available to the Administrative Agent under the terms, conditions and provisions of this Agreement or any of the other Loan Documents.

 “Material Domestic Subsidiary” means any Domestic Subsidiary which contributed more than 10% of Consolidated EBITDA of
Verisk and its direct and indirect Subsidiaries for the most recently ended four fiscal quarter period. 
 “Maturity Date”
means (a) with respect to the Revolving Commitments and Revolving Loans, October 2, 2023 and (b) with respect to the Term Loan, the one year anniversary of the Effective Date; provided, however, that if such date is not
a Business Day, the Maturity Date shall be the next preceding Business Day. 
 “Moody’s” means Moody’s Investors
Service, Inc. and any successor to its rating agency business. 
 “Multiemployer Plan” means any employee benefit plan of
the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Note” means a promissory note made by the Borrower, in favor of a Lender evidencing Loans made by such Lender, in form and
substance reasonably satisfactory to the Administrative Agent. 
 “Notice of Loan Prepayment” means a notice of prepayment
with respect to a Loan, which notice shall be substantially in the form of Exhibit B or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system which form,
platform and system shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer. 

“Notice of Reduction or Termination of Revolving Commitments” means a notice of reduction or termination of the Revolving
Commitments, which notice shall be substantially in the form of Exhibit C or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system which form, platform
and system shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising
under any Loan Document or otherwise with respect to any Loan whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that
accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims
in such proceeding. 
 “OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.

  
 15 

 “Organization Documents” means, (a) with respect to any corporation,
the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non- U.S. jurisdiction); (b) with respect to any limited liability company,
the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of
formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization
and, if applicable, any certificate or articles of formation or organization of such entity. 
 “Other Connection Taxes”
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 or Loan
Document). 
 “Other Taxes” 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 3.06 hereof). 

“Outstanding Amount” means, with respect to the Revolving Loan on any date, the aggregate outstanding principal amount
thereof after giving effect to any borrowings and prepayments or repayments of Revolving Loans, as the case may be, occurring on such date. 

“Participant” has the meaning specified in Section 10.06(d). 

“Participant Register” has the meaning specified in Section 10.06(d). 

“Patriot Act” has the meaning specified in Section 10.18. 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any
installment payment thereof) to Pension Plans and set forth in Sections 412 and 430 of the Code and Sections 302 and 303 of ERISA. 

“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan but excluding a Multiemployer
Plan) that is maintained or is contributed to by the Borrower or any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code. 

“Permitted Acquisition” means any merger, consolidation, or acquisition with or of any Person which complies with each of the
following terms and conditions: 
 (a) said Person must be in a line of business similar to those in which the Borrower and
its Subsidiaries are engaged as of the date hereof, or any related line of business, or a line of business which is reasonably complimentary or incidental thereto; and 

  
 16 

 (b) no Default or Event of Default shall exist at the time of, or shall
result or be caused by, such merger, consolidation, or acquisition; and 
 (c) (i) all of the financial covenants set forth
in Section 7.08 must be complied with on a pro forma combined basis for the then current period and (ii) if, on a pro forma basis, the Person the subject of such merger, consolidation or acquisition constitutes a
Material Domestic Subsidiary, then as evidence of such compliance, Verisk shall have first delivered to the Administrative Agent a written certificate signed by a Responsible Officer showing, in reasonable detail, the calculation of the pro-forma Consolidated Funded Debt Leverage Ratio of Verisk and its direct and indirect Subsidiaries on a consolidated basis, after giving effect to such merger, consolidation, or acquisition; and 

(d) in the event the Borrower is not the surviving Person, the surviving Person shall be a domestic Person that expressly
assumes, by a written agreement satisfactory in form and substance to the Administrative Agent (which agreement may require, in connection with such assumption, the delivery of such opinions of counsel (who may be
in-house counsel) as the Administrative Agent may reasonably require), the obligations of the acquired Borrower(s) under the Loan Documents, including, without limitation, all covenants contained therein, and
such successor or acquiring Person shall succeed to and be substituted for the Borrower(s) with the same effect as if it had been named herein as a party hereto, provided, however, that no such sale shall release the Borrower from its
obligations and liabilities under this Agreement or any of the other Loan Documents unless such sale is followed by the complete liquidation of the Borrower and substantially all the assets of the Borrower immediately following such sale are
distributed to the successor or acquiring Person in such liquidation. 
 “Permitted Subsidiary Acquisition Indebtedness”
means Indebtedness of any Subsidiary of the Borrower which is: 
 (a) owed by any Person at the time (i) such Person
becomes a Subsidiary of or is merged with or into the Borrower or a Subsidiary of the Borrower or (ii) a Subsidiary acquires any Property from such Person and which Indebtedness is expressly assumed by such Subsidiary at the time of such
acquisition; provided that (A) such Indebtedness was not created, incurred, or assumed by such Person or such Subsidiary in contemplation of any Permitted Acquisition, (B) in the event such Indebtedness shall be Guaranteed, such
Guarantee shall be unsecured and shall be given by the Borrower, and (C) the principal amount of such Indebtedness shall not be increased at any time after it is first acquired or assumed, as applicable, or 

(b) incurred by such Subsidiary to finance or to refinance a Permitted Acquisition; provided that (i) such
Indebtedness shall be incurred substantially simultaneously with the consummation of such Permitted Acquisition, (ii) the principal amount of such Indebtedness incurred in connection with such Permitted Acquisition shall not be increased at any
time after it is first incurred, (iii) the principal amount of such Indebtedness (together with any accrued interest thereon and closing costs relating thereto) shall at no time exceed 100% of the original purchase price of such Permitted
Acquisition, and (iv) in the event such Indebtedness shall be Guaranteed, such Guarantee shall be unsecured and shall be given by the Borrower. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee benefit plan within the meaning of
Section 3(3) of ERISA (including a Pension Plan but excluding a Multiemployer Plan), maintained for employees of the Borrower or any of its Subsidiaries or any such Plan to which the Borrower or any of its Subsidiaries is required to contribute
on behalf of any of its employees. 

  
 17 

 “Platform” has the meaning specified in
Section 6.02. 
 “Prime Rate” means the rate of interest in effect for such day as publicly
announced from time to time by Bank of America as its “prime rate.” The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic
conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Bank of America shall take effect at the opening of business on
the day specified in the public announcement of such change. 
 “Priority Indebtedness” means, at any time, the sum
(without duplication) of (a) all Indebtedness (other than Indebtedness of the type specified in clauses (b) and (c) of the definition of Indebtedness, or any Guarantee insofar as it relates to such types of Indebtedness) of
the Borrower secured by Liens not otherwise permitted by Sections 7.01(a), (b), (c), and (e) through (k), inclusive, plus (b) all Indebtedness of the Borrower’s Subsidiaries that are not
Guarantors owed to any Person other than to the Borrower or to a Wholly-Owned Subsidiary, other than any Permitted Subsidiary Acquisition Indebtedness. 

“Property” or “Properties” means any real or personal property, plant, building, facility, structure,
underground storage tank, equipment or unit, or other asset owned, leased or operated by the Borrower and/or any of its respective Subsidiaries. 

“Public Lender” has the meaning specified in Section 6.02. 

“QFC Credit Support” has the meaning specified in Section 10.24. 

“Recipient” means (a) the Administrative Agent, or (b) any Lender, as applicable. 

“Register” has the meaning specified in Section 10.06(c). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Release” means release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or
migration into the indoor or outdoor environment or into or out of any Property, including the movement of Hazardous Materials through or in the air, soil, surface water, groundwater or real property. 

“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New
York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day
notice period has been waived. 
 “Required Lenders” means, as of any date of determination, Lenders having more than 50%
of (a) the Term Loans and (b) the aggregate Revolving Loans and unused Revolving Commitments of all Lenders. 

  
 18 

 “Resolution Authority” means an EEA Resolution Authority or, with respect
to any UK Financial Institution, a UK Resolution Authority. 
 “Responsible Officer” means the chief executive officer,
president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party, and solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant
secretary of a Loan Party, and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or
any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan
Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan
Party. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property)
with respect to any capital stock or other Equity Interest of Verisk, 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 capital stock or other Equity Interest, or on account of any return of capital to Verisk’s stockholders, partners or members (or the equivalent Person thereof). 

“Revolving Commitment” means, as to each Lender, its obligation to make Revolving Loans to the Borrower pursuant to
Section 2.01. As of the Effective Date, Bank of America is the sole Lender hereunder and its Revolving Commitment is $275 million. Such Revolving Commitment may be adjusted from time to time as set forth in any
Assignment and Assumption in accordance with this Agreement (including with respect to additional Lenders which may become party hereto pursuant to the terms hereof). “S&P” means S&P Global Ratings, a Standard &
Poor’s Financial Services LLC business. 
 “Revolving Credit Facility” has the meaning specified in the introductory
paragraphs hereto. 
 “Revolving Loans” has the meaning specified in the introductory paragraphs hereto. 

“Sanction(s)” means any sanction administered or enforced by the United States Government (including without limitation,
OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority. 

“Scheduled Unavailability Date” has the meaning specified in Section 3.07(b). 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Securities Act” has the meaning specified in Section 4.03(c). 

“SOFR” has the meaning set forth in the definition of “Daily Simple SOFR”. 

“SOFR Adjustment” with respect to Daily Simple SOFR means 0.10% (10 basis points), and with respect to Term SOFR means 0.10%
(10 basis points) for an interest period of one-month’s duration, 0.15% (15 basis points) for an interest period of three-month’s duration, and 0.25% (25 basis points) for an interest period of six-month’s duration. 

  
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 “Subsidiary” of a Person means a corporation, partnership, joint venture,
limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such
power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Verisk. 

“Successor Rate” has the meaning specified in Section 3.07. 

“Supported QFC” has the meaning specified in Section 10.24. 

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on
the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Commitment” means, as to each Lender, its obligation to make Term Loan to the Borrower pursuant to
Section 2.01. As of the Effective Date, Bank of America is the sole Lender hereunder and has already advanced the Term Loan to the Borrower and has no further Term Commitments hereunder. 

“Term Loan” has the meaning specified in the introductory paragraphs hereto. 

“Term Loan Agreement” has the meaning specified in the introductory paragraphs hereto. 

“Term SOFR” means, for the applicable corresponding Interest Period of BSBY (or if any Interest Period does not correspond to
an interest period applicable to SOFR, the closest corresponding interest period of SOFR, and if such interest period of SOFR corresponds equally to two Interest Periods of BSBY, the corresponding interest period of the shorter duration shall be
applied) the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a BSBY Rate Loan. 

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form 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. 
 “UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 

“United States” and “U.S.” mean the United States of America. 

“Upfront Fee” has the meaning specified in Section 4.01(c). 

  
 20 

 “U.S. Person” means any Person that is a “United States
Person” as defined in Section 7701(a)(30) of the Code. 
 “U.S. Special Resolution Regimes” has the meaning
specified in Section 10.24. 
 “U.S. Tax Compliance Certificate” has the meaning specified in
Section 3.01(e)(ii)(B)(III). 
 “Verisk” has the meaning specified in the introductory paragraphs hereto. 

“Wholly-Owned” means, with respect to any Subsidiary or Subsidiaries of Verisk, that all of the Equity Interests (other than
directors’ qualifying shares but not in excess of the minimum number of shares necessary to satisfy local ownership legal requirements) of such Subsidiary or Subsidiaries is/are, at the time as of which any such determination is being made,
owned by Verisk, either directly or through any other Wholly-Owned Subsidiary or Wholly-Owned Subsidiaries. 
 “Write-Down and
Conversion Powers” 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 such 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. 

1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document: 
 (a) 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.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented
or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors
and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan
Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to,
the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall,
unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) 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. 

  
 21 

 (b) In the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through”
means “to and including.” 
 (c) Section headings herein and in the other Loan Documents are included for
convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 1.03
Accounting Terms. 
 (a) Generally. All accounting terms not specifically or completely defined herein shall be construed in
conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from
time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any
covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on
financial liabilities shall be disregarded. 
 (b) Changes in GAAP. If at any time any change in GAAP would affect the computation of
any financial ratio or requirement set forth in any Loan Document, and either Verisk or the Required Lenders shall so request, the Administrative Agent, the Lenders and Verisk shall negotiate in good faith to amend such ratio or requirement to
preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP
prior to such change therein and (ii) Verisk shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted for as Consolidated Funded Indebtedness on a basis
consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such
changes, as provided for above. For the avoidance of doubt, operating leases will not be included as Consolidated Funded Indebtedness. 

(c) Consolidation of Variable Interest Entities. All references herein to consolidated financial statements of Verisk and its direct
and indirect Subsidiaries or to the determination of any amount for Verisk and its direct and indirect Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that Verisk
is required to consolidate pursuant to FASB Interpretation No. 46 – Consolidation of Variable Interest Entities: an interpretation of ARB No. 51 (January 2003) as if such variable interest entity were a Subsidiary as defined herein.

 1.04 Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be
calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
 1.05 Times of Day. Unless otherwise
specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 
 1.06
[Reserved]. 

  
 22 

 1.07 Interpretation and Construction of Exceptions/Carveouts to
Article VII Negative Covenants. In connection with the exceptions/carveouts to the negative covenants set forth and described in Article VII, each such exception/carveout shall be available as described therein independent of, and
separate, distinct, and apart from, any other such exceptions/carveouts, including, without limitation, any other exceptions/carveouts expressly set forth and described within the same section of such Article VII. Any and all such
exceptions/carveouts which make reference to an aggregate dollar amount (i.e., a “basket”) shall be deemed to refer to the aggregate dollar amount which the Lenders will permit the Borrower and its Subsidiaries to incur or to have incurred
and to permit to remain outstanding subsequent to the date hereof, however, such aggregate dollar amount (i.e., a “basket”) shall be deemed to be inclusive of, and not in addition to, the aggregate
dollar amount of each such exception/carveout which may have been previously incurred and which is currently outstanding as of the date hereof. 

1.08 [Reserved] 
 1.09
[Reserved]. 
 ARTICLE II. 

THE LOANS 
 2.01
Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees: 
 (a) With respect to the Term Loan, the
Lenders under the Term Loan Agreement made a Term Loan to the Borrower in an aggregate principal amount equal to $125 million on March 11, 2022. Any Term Loan repaid or prepaid may not be reborrowed. The Term Loan may be Base Rate Loans or
BSBY Rate Loans, as further provided herein. 
 (b) With respect to the Revolving Loan, to make Loans in US Dollars to the Borrower from
time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Borrowing,
the Outstanding Amount shall not exceed the Revolving Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01,
prepay under Section 2.05, and reborrow under this Section 2.01. Loans may be Base Rate Loans or BSBY Rate Loans, as further provided herein. 

2.02 Borrowings, Conversions and Continuations of Loans. Each Borrowing, each conversion of Loans from one Type to the other,
and each continuation of BSBY Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (x) telephone or (y) a Loan Notice; provided that any telephonic notice must be
confirmed immediately by delivery to the Administrative Agent of a Loan Notice. Each such Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing
of, conversion to or continuation of BSBY Rate Loans or of any conversion of BSBY Rate Loans to Base Rate Loans and (ii) on the requested date of any Borrowing of Base Rate Loans; provided, however, for the initial Borrowing on
the Effective Date, the Borrower may submit a Loan Notice by 5:00 p.m. on the day prior to the Effective Date. Each Borrowing of, conversion to or continuation of BSBY Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of
$1,000,000 in excess thereof. Each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice shall specify (i) whether the Borrower is requesting
a Borrowing, a conversion of Loans from one Type to the other, or a continuation of BSBY Rate Loans, (ii) the requested date of such Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal
amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if applicable, the 

  
 23 

 
duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or
continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable
existing BSBY Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of BSBY Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one
month. 
 (a) [Reserved]. 

(b) Except as otherwise provided herein, a BSBY Rate Loan may be continued or converted only on the last day of an Interest Period for such
BSBY Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as BSBY Rate Loans without the consent of the Required Lenders. 

(c) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for
BSBY Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in the Prime Rate promptly following the public announcement
of such change. 
 (d) After giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of
Loans as the same Type, there shall not be more than ten Interest Periods in effect with respect to Loans. 
 2.03 [Reserved]. 

2.04 [Reserved]. 

2.05 Prepayments. 

(a) Optional. 

(i) The Borrower may, upon notice to the Administrative Agent pursuant to delivery to the Administrative Agent of a Notice of
Loan Prepayment, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty; provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m.
(1) three Business Days prior to any date of prepayment of BSBY Rate Loans, and (2) on the date of prepayment of Base Rate Loans; (B) any prepayment of BSBY Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple
of $1,000,000 in excess thereof; and (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then
outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if BSBY Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify
each Lender of its receipt of each such notice, and of the amount of such Lender’s prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of a BSBY Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject
to Section 2.17, each such prepayment shall be applied to the Loans of the Lenders on a pro rata basis. 

  
 24 

 (b) [Reserved] 

2.06 Termination or Reduction of Revolving Commitments. Verisk may, upon notice to the Administrative Agent, terminate the
Revolving Commitments, or from time to time permanently reduce the Revolving Commitments; provided that (i) any notice shall be received by the Administrative Agent not later than 11:00 a.m. one Business Day prior to the date of
termination or reduction and (ii) any such partial reduction shall be an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof. All fees accrued until the effective date of any termination of the Revolving
Commitments shall be paid on the effective date of such termination. 
 2.07 Repayment of Loans. The Borrower shall repay to
the Lenders on the applicable Maturity Date the aggregate principal amount of the applicable Loans outstanding on such date. 
 2.08
Interest. 
 (a) Subject to the provisions of subsection (b) below, (i) each BSBY Rate Loan shall bear interest on the
outstanding principal amount thereof for each Interest Period at a rate per annum equal to the BSBY Rate for such Interest Period plus the Applicable Rate; and (ii) each Base Rate Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 
 (b) (i) If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum
at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (ii) If any amount (other than
principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders,
such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iii) Upon the request of the Required Lenders, while any Event of Default exists, the Borrower shall pay interest on the
principal amount of all applicable outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon
demand. 
 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other
times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 

2.09 Commitment Fee. With respect to the Revolving Commitments only, Verisk shall pay to the Administrative Agent a commitment
fee (the “Commitment Fee”) equal to 0.15% per annum times the actual daily amount by which the Revolving Commitments exceed the sum of the Outstanding Amount. The Commitment Fee shall accrue at all times during the
Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing
with the first such date to occur after the Effective Date, and on the last day of the Availability Period. The Commitment Fee shall be calculated quarterly in arrears. 

  
 25 

 2.10 Computation of Interest and Fees. All computations of interest for Base
Rate Loans (including Base Rate Loans determined by reference to the BSBY Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the
basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).
Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on
which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent
manifest error. 
 2.11 Evidence of Debt. The amounts advanced in connection with a Borrowing made by each Lender shall be
evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent (which shall be treated as part of the
Register) and each Lender shall be conclusive absent manifest error of the amount of such advances made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit
or otherwise affect the obligation of the relevant Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the Register, the Register
shall control. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note (payable to such Lender or its registered assigns), which shall
evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

2.12 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative
Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its pro rata share (or other applicable share as provided
herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m., in the case of payments in Dollars shall be deemed received on the next
succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such
extension of time shall be reflected in computing interest or fees, as the case may be. 
 (b) (i) Funding by Lenders; Presumption by
Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of BSBY Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date
of such 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
Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance
upon such assumption, make available to the Borrower a corresponding amount. In such 

  
 26 

 
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 agrees to pay to the
Administrative Agent forthwith on demand such corresponding amount in immediately available funds 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 (A) in the case of a payment to be made by such Lender, the Federal Funds Rate, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing,
and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If 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. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall
constitute such Lender’s Loan included in such Borrowing. 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. 

(ii) Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, 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 the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to
repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, in immediately available funds 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 Federal Funds Rate. 
 A notice of the Administrative Agent to any Lender or the Borrower
with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 
 (c) Failure to
Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the
Borrower by the Administrative Agent because the conditions to a Borrowing set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received
from such Lender) to such Lender, without interest. 
 (d) Obligations of Lenders Several. The obligations of the Lenders hereunder
to make Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan or to make any payment under Section 10.04(c) on any
date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or to make its payment under
Section 10.04(c). 
 (e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds
for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

2.13 Sharing of Payments by Lenders. 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 the Loans made by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans and accrued interest thereon greater than its pro rata
share thereof as provided herein, then the Lender 

  
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receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans of the other Lenders, or
make such other adjustments as shall be equitable, 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 Loans and other
amounts owing them, provided 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 Section 2.13 shall not be construed to apply to (x) any payment made
by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement, (y) [reserved] or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans
to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 2.13 shall apply). 

Each Loan Party 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 such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such
participation. 
 2.14 [Reserved]. 

2.15 [Reserved]. 

2.16 [Reserved]. 

2.17 [Reserved]. 

ARTICLE III. 
 TAXES,
YIELD PROTECTION AND ILLEGALITY 
 3.01 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) 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 Laws. If any applicable Laws (as determined in the good faith discretion of the Administrative Agent) require the deduction or withholding of any Tax from any such payment by
the Administrative Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to subsection
(e) below. 
 (ii) If any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct
any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required
based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant

  
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Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan
Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable
Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 
 (iii)
If any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall
withhold or make such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent
required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes,
the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this
Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(b) Payment of Other Taxes by the Borrower. Without limiting the provisions of subsection (a) above, 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 the payment of, any Other Taxes. 

(c) Tax Indemnifications. 

(i) The Borrower shall, and does hereby, severally indemnify each Recipient, and shall make payment in respect thereof within
ten days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable by the Borrower under this Section 3.01) payable or paid by
such Recipient or required to be withheld or deducted from a payment by the Borrower to such Recipient, and any penalties, interest and 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 as to the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error. Verisk shall, and does hereby, indemnify the Administrative Agent, and shall make payment in respect thereof within ten days after demand therefor, for any amount which a Lender for any reason fails
to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii) below. 

(ii) Each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within ten days after
demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower have not already indemnified the Administrative Agent for such Indemnified Taxes and without
limiting the obligation of the Borrower to do so), (y) the Administrative Agent and the Borrower, as applicable, against any Taxes attributable to such Lender’s failure to maintain a participant register and (z) the Administrative Agent
and the Borrower, as applicable, against any Excluded Taxes attributable to such Lender that are payable or paid by the Administrative Agent or the Borrower 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 

  
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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 set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (c)(ii).

 (d) Evidence of Payments. Upon request by Verisk or the Administrative Agent, as the case may be, after any payment of Taxes by
the Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or deliver to the Borrower, as the case may be, the original
or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the
Administrative Agent, as the case may be. 
 (e) Status of Lenders; Tax Documentation. 

(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 Verisk and the Administrative Agent, at the time or times reasonably requested by Verisk or the Administrative Agent, such properly completed and executed documentation reasonably requested by Verisk 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 Verisk or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by Verisk 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
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 3.01(e)(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. 
 (ii) Without limiting the generality of the foregoing, in the event that
the Borrower is a U.S. Person, 
 (A) any Lender that is a U.S. Person shall deliver to Verisk 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 Verisk or the Administrative Agent), executed copies of IRS Form
W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Verisk 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 Verisk or the Administrative
Agent), whichever of the following is applicable: 

  
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 (I) 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, executed copies of IRS Form W-8BEN-E 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-E 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; 
 (II) executed copies of IRS Form W-8ECI; 

(III) 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 Exhibit H-1 of the Existing Credit Agreement (conformed accordingly) 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” described in
Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BENE; or 

(IV) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, a U.S. Tax Compliance
Certificate substantially in the form of Exhibit H-2 or Exhibit H-3 (in each case, of the Existing Credit Agreement (conformed accordingly)) IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided 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 Exhibit H-4 of the Existing Credit Agreement (conformed accordingly) on
behalf of each such direct and indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do
so, deliver to Verisk 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 Verisk 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 Verisk or the Administrative Agent to determine the withholding or deduction required to be made; and 

(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 Verisk and the Administrative Agent at the
time or times prescribed by law and at such time or times reasonably requested by Verisk 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 Verisk or the Administrative Agent as may be necessary for Verisk 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 (e)(ii)(D), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement. 

  
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 (iii) Each Lender agrees that if any form or certification it previously
delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Verisk and the Administrative Agent in writing of its legal
inability to do so. 
 (f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative
Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender. If any Recipient 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 by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 3.01, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 3.01
with respect to the Taxes giving rise to such refund), net of all out-of- pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than
any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrower, upon the request of the Recipient, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection (f), in no event will the
applicable Recipient be required to pay any amount to the Borrower pursuant to this subsection (f) the payment of which would place the Recipient in a less favorable net after-Tax position than
such Recipient 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 subsection (f) shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

(g) Survival. Each party’s obligations under this Section 3.01 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 other Obligations. 

3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted
that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund BSBY Rate Loans, or to determine or charge interest rates based upon the BSBY Rate, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, (i) any obligation of such Lender to make or continue BSBY Rate Loans or to convert Base Rate Loans to BSBY Rate Loans or, if such notice relates to the unlawfulness or asserted unlawfulness of charging interest based on
the BSBY Rate, to make Base Rate Loans as to which the interest rate is determined with reference to the BSBY Rate, shall be suspended, until such Lender notifies the Administrative Agent and Verisk that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), either prepay or convert (a) all such BSBY Rate Loans of such Lender and (b) all such
Base Rate Loans of such Lender as to which the interest rate is determined with reference to the BSBY Rate to Base Rate Loans as to which the rate of interest is not determined with reference to the BSBY Rate, either on the last day of the Interest
Period therefor, if such Lender may lawfully continue to maintain such BSBY Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such BSBY Rate Loans or Base Rate Loans as to which the interest rate is
determined with reference to the BSBY Rate. Notwithstanding the foregoing and despite the illegality for such a Lender to make, maintain or fund BSBY Rate Loans or Base Rate Loans as to which the interest rate is determined with reference to the
BSBY Rate, that Lender shall 

  
 32 

 
remain committed to make and maintain Base Rate Loans (in Dollars only) as to which the rate of interest is not determined with reference to the BSBY Rate and shall be entitled to recover
interest at such Base Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 

3.03 Inability to Determine Rates. If in connection with any request for a BSBY Rate Loan or a conversion to or continuation
thereof, as applicable, (i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (A) no Successor Rate has been determined in accordance with Section 3.07, and the circumstances
under clause (i) of Section 3.07 or the Scheduled Unavailability Date has occurred (as applicable) or (B) adequate and reasonable means do not otherwise exist for determining BSBY for any requested Interest Period
with respect to a proposed BSBY Rate Loan or in connection with an existing or proposed Base Rate Loan, or (ii) the Administrative Agent or the Required Lenders determine that for any reason that the BSBY Rate for any requested Interest Period
with respect to a proposed BSBY Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such BSBY Rate Loan, the Administrative Agent will promptly so notify Verisk and each Lender. Thereafter, (x) the obligation of
the Lenders to make or maintain BSBY Rate Loans or to convert Base Rate Loans to BSBY Rate Loans, shall be suspended (to the extent of the affected BSBY Rate Loans or Interest Periods), and (y) in the event of a determination described in the
preceding sentence with respect to the BSBY component of the Base Rate, the utilization of the BSBY Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of a determination by
the Required Lenders described in clause (ii) of this Section 3.03, until the Administrative Agent upon instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, (i) Verisk may revoke
any pending request for a Borrowing of, or conversion to, or continuation of BSBY Rate Loans (to the extent of the affected BSBY Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a
Borrowing of Base Rate Loans in the amount specified therein and (ii) any outstanding BSBY Rate Loans shall be deemed to have been converted to Base Rate Loans immediately at the end of their respective applicable Interest Period. 

3.04 Increased Costs. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender; 
 (ii) 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; or 

(iii) impose on any Lender any other condition, cost or expense affecting this Agreement or BSBY Rate Loans made by such
Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing, converting to or maintaining any BSBY
Rate Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender, or to reduce the amount of any sum received or receivable by such Lender (whether of principal, interest or any other amount) then, upon
request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

  
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 (b) Capital Requirements. If any Lender determines that any Change in Law affecting
such Lender or any Lending Office of such Lender or such Lender’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 capital or on the capital
of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but
for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender such
additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c)
Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this
Section 3.04 and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this
Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this
Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention
to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

 3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the
Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last
day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b) any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue
or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; 
 (c) [reserved]; or

 (d) any assignment of a BSBY Rate Loan on a day other than the last day of the Interest Period therefor as a result of a
request by the Borrower pursuant to Section 10.13; 
 including any loss or expense arising from the liquidation or reemployment
of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

  
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 3.06 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. Each Lender may make any Loan to the Borrower through any Lending Office,
provided, that the exercise of this option shall not affect the obligation of the applicable to repay the Loans in accordance with the terms of this Agreement. If any Lender requests compensation under Section 3.04,
or the Borrower are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to
Section 3.02, then such Lender shall, as applicable, 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 judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the
future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous
to such Lender. The Borrower hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower are
required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower may replace such Lender in accordance with
Section 10.13. 
 3.07 BSBY Successor Rate. Notwithstanding anything to the contrary in this
Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required
Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have determined, that: 
 (a) adequate and reasonable
means do not exist for ascertaining one month, three month and six month interest periods of BSBY, including, without limitation, because the BSBY Screen Rate is not available or published on a current basis and such circumstances are unlikely to be
temporary; or 
 (b) Bloomberg or any successor administrator of the BSBY Screen Rate or a Governmental Authority having jurisdiction over
the Administrative Agent or Bloomberg or such administrator with respect to its publication of BSBY, in each case acting in such capacity, has made a public statement identifying a specific date after which one month, three month and six month
interest periods of BSBY or the BSBY Screen Rate shall or will no longer be made available, or permitted to be used for determining the interest rate of U.S. dollar denominated syndicated loans, or shall or will otherwise cease, , provided that, at
the time of such statement, there is no successor administrator that is satisfactory to the Administrative Agent, that will continue to provide such interest periods of BSBY after such specific date (the latest date on which one month, three month
and six month interest periods of BSBY or the BSBY Screen Rate are no longer available permanently or indefinitely, the “Scheduled Unavailability Date”); 

then, on a date and time determined by the Administrative Agent (any such date, the “BSBY Replacement Date”), which date shall be at
the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date, BSBY will be replaced hereunder and
under any Loan Document with, subject to the proviso below, the first available alternative set forth in the order below for any payment period for interest calculated that can be determined by the Administrative Agent, in each case, without any
amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document (the “Successor Rate”): 

(a) Term SOFR plus the SOFR Adjustment; and 

  
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 (b) Daily Simple SOFR plus the SOFR Adjustment; 

provided that, if initially BSBY is replaced with the rate contained in clause (b) above (Daily Simple SOFR plus the SOFR Adjustment) and
subsequent to such replacement, the Administrative Agent determines that Term SOFR has become available and is administratively feasible for the Administrative Agent in its sole discretion, and the Administrative Agent notifies the Borrower and each
Lender of such availability, then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30) days after the date of such
notice, the Successor Rate shall be Term SOFR plus the SOFR Adjustment. 
 If the Successor Rate is Daily Simple SOFR plus the SOFR
Adjustment, all interest payments will be payable on a monthly basis. 
 Notwithstanding anything to the contrary herein, (i) if the
Administrative Agent determines that neither of the alternatives set forth in clauses (a) and (b) above is available on or prior to the BSBY Replacement Date or (ii) if the events or circumstances of the type described in
Section 3.07(a) or (b) have occurred with respect to the Successor Rate then in effect, then in each case, the Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing BSBY or
any then current Successor Rate in accordance with this Section 3.07 at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable, with another alternate
benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated credit facilities syndicated and agented in the United States for such alternative benchmarks and, in each case, including any
mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated credit facilities syndicated and agented in the United States for such benchmarks, which
adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated. For the avoidance of doubt, any
such proposed rate and adjustments shall constitute a Successor Rate. Any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the
Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to such amendment. 

The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of any Successor
Rate. 
 Any Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market
practice is not administratively feasible for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 

Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than zero, the Successor Rate
will be deemed to be zero for the purposes of this Agreement and the other Loan Documents. 
 In connection with the implementation of a
Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will
become effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming
Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective. 

  
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 For purposes of this Section 3.07, those Lenders that either have
not made, or do not have an obligation under this Agreement to make, the relevant Loans in Dollars shall be excluded from any determination of Required Lenders. 

3.08 Survival. All of the Borrower’s obligations under this Article III shall survive termination of the
Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 
 ARTICLE IV. 

CONDITIONS PRECEDENT 

4.01 Conditions to the Effective Date. The Lenders’ Revolving Commitments hereunder and effectiveness of the amendment and
restatement of the Term Loan Agreement are, in each case, (notwithstanding any other provision of this Agreement) subject to the following conditions precedent: 

(a) The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly
by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, and in the case of items (iii) through (vi), each dated as of the Effective Date (or, in the case of certificates
of governmental officials, a recent date before the Effective Date) and each in form and substance satisfactory to the Administrative Agent: 

(i) executed counterparts of this Agreement; 

(ii) [reserved] 

(iii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible
Officers of Verisk as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents
to which such Loan Party is a party; 
 (iv) such documents and certifications as the Administrative Agent may reasonably
require to evidence that Verisk is duly organized or formed, and that Verisk is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its
business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; 

(v) a favorable opinion of counsel to Verisk, addressed to the Administrative Agent and each Lender, in form and substance
reasonably acceptable to the Administrative Agent and Lenders and covering such matters relating hereto as any Lender, through the Administrative Agent, may reasonably request; and 

(vi) a certificate certifying the conditions set forth in Section 4.02(a) and (b) as of
the Effective Date, executed by a Responsible Officer of Verisk. 

  
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 (b) Unless waived by the Administrative Agent, the Borrower shall have paid
all reasonable actual fees, charges and disbursements of counsel to the Administrative Agent and the Arranger (directly to such counsel if requested by the Administrative Agent) to the extent invoiced at least one (1) Business Day prior to the
Effective Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings
(provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent). 

(c) The Borrower shall have paid to the Administrative Agent for the ratable account of the Lenders an upfront fee (the
“Upfront Fee”) equal to 0.10% times the aggregate principal amount of the Term Loan (i.e. $125 million) as of the Effective Date. 

4.02 Conditions to any Borrowings, Conversion and Continuations. The obligation of each Lender to (a) make Revolving Loans
or (b) convert or continue any BSBY Rate Loans shall, in each case, be subject to all of the following conditions precedent having been satisfied or waived in accordance with Section 10.01: 

(a) The representations and warranties of the Borrower and each other Loan Party contained in Article V (other than
those set forth and contained in Sections 5.05(c) and 5.06) or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct on and as of
the date of such Borrowing, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this
Section 4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b), respectively, of Section 6.01. 
 (b) No Default or Event
of Default shall exist, or would result from such proposed Borrowing or from the application of the proceeds thereof. 
 (c)
The Administrative Agent shall have received a Loan Notice in accordance with the requirements hereof. 
 Each Loan Notice (other than a
Loan Notice requesting only a conversion of Loans to the other Type or a continuation of BSBY Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and
(b) have been satisfied on and as of the date of such Borrowing. 
 ARTICLE V. 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Administrative Agent and the Lenders as of the Effective Date and the date of each Borrowing: 

5.01 Existence, Qualification and Power. Each Loan Party (a) is duly organized or formed, validly existing and, as
applicable, in good standing under the Laws of the jurisdiction of its incorporation or 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 in each case referred to in clause (b)(i) or (c), to the extent that
failure to do so could not reasonably be expected to have a Material Adverse Effect. 

  
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 5.02 Authorization; No Contravention. The execution, delivery and performance
by each Loan Party of each Loan Document to which such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s
Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any material Contractual Obligation to which such Person is a party or
(ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its Property is subject; or (c) violate any Law. 

5.03 Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice
to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by any Loan Party of this Agreement or any other Loan Document and no consent of any other Person is required in
connection with the execution, delivery or performance by any Loan Party of this Agreement or any other Loan Document except any such consent the failure of which to obtain could not reasonably be expected to have a Material Adverse Effect. 

5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly
executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan
Party that is party thereto in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting creditors’ rights generally and subject to general principals of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law). 
 5.05 Financial Statements; No Material Adverse
Effect. 
 (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein; (ii) fairly present in all material respects the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period
covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the
Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 
 (b) The
unaudited consolidated balance sheets of Verisk and its direct and indirect Subsidiaries on a consolidated basis most recently delivered to the Administrative Agent in accordance with Section 6.01(b), and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein, and (ii) fairly present in all material respects the financial condition of Verisk and its direct and indirect Subsidiaries on a consolidated basis as of the date thereof and their results of operations for the period
covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. 

(c) Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that
has had or could reasonably be expected to have a Material Adverse Effect. 

  
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 5.06 Litigation. There are no actions, suits, proceedings, claims or disputes
pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of their Subsidiaries or against any of their properties or revenues that
(a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either individually or in the aggregate, if determined adversely, could reasonably be expected to have a
Material Adverse Effect. 
 5.07 No Default. Neither any Loan Party nor any Subsidiary thereof is in default under or with
respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document. 
 5.08 Ownership of Property; Liens. Each of the Borrower and each
Subsidiary has good record and marketable title in fee simple to, or valid leasehold interests in, all Property necessary or used in the ordinary conduct of 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. The Property of the Borrower and its Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01. 

5.09 Insurance. The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance
companies not Affiliates of the Borrower, in such amounts (after giving effect to any self-insurance compatible with the following standards), with such deductibles and covering such risks as are customarily carried by companies engaged in similar
businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates. 
 5.10
Taxes. The Borrower and its Subsidiaries have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental
charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except (a) those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have
been provided in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. There is no proposed tax assessment against the Borrower or any Subsidiary that would, if
made, have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing agreement. 

5.11 ERISA Compliance. 

(a) Except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (i) each Plan is
in compliance with the applicable provisions of ERISA, the Code and other Federal or state laws, and (ii) each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination
letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income
tax under Section 501(a) of the Code, or an application for such a letter is currently being processed by the Internal Revenue Service. To the best knowledge of the Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status. 
 (b) There are no pending or, to the best knowledge of the Borrower, threatened
claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility
rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect. 

  
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 (c) (i) No ERISA Event has occurred, and neither the Borrower nor any ERISA Affiliate is
aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan or Multiemployer Plan; (ii) the Borrower and each ERISA Affiliate has met all applicable
requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for any
Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to
cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation date; (iv) neither the Borrower nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of
premiums, and there are no premium payments which have become due that are unpaid; (v) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and
(vi) no Pension Plan or Multiemployer Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings
under Title IV of ERISA to terminate any Pension Plan, except with respect to each of the foregoing clauses (i) through (vi) of this Section 5.11(c), as would not reasonably be expected, individually or in the
aggregate, to result in a Material Adverse Effect. 
 (d) Neither the Borrower nor any ERISA Affiliate maintains or contributes to, or has
any unsatisfied obligation to contribute to, or liability under, any active or terminated Pension Plan or Multiemployer Plan other than Pension Plans or Multiemployer Plans not otherwise prohibited by this Agreement. 

5.12 [Reserved]. 

5.13 Margin Regulations; Investment Company Act. 

(a) The Borrower are not engaged and will not engage, principally or as one of their important activities, in the business of purchasing or
carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

(b) None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is required to be registered as an “investment
company” under the Investment Company Act of 1940. 
 5.14 Disclosure. The Borrower have disclosed to the Administrative
Agent and the Lenders all agreements, instruments and corporate or other restrictions to which they or any of their Subsidiaries is subject, and all other matters known to them, that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect. No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the
transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) 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; provided that, with respect to projected financial information, the Borrower represent
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being recognized that projections to future events are not to be viewed as facts and that the actual results during the period or
periods covered by any projections may materially differ from the projected results). 

  
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 5.15 Compliance with Laws. Each Loan Party and each Subsidiary thereof is in
compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction
or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

5.16 [Reserved]. 

5.17 [Reserved]. 

5.18 OFAC; Anti-Corruption Laws; Sanctions. No Borrower, any of their respective Subsidiaries, or, to the knowledge of the
Borrower and its Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individual or entity that is (a) the subject or target of any
Sanctions or (b) located, organized or resident in a Designated Jurisdiction. The Borrower has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance by the Borrower, its Subsidiaries and their
respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower, its Subsidiaries and their respective officers and employees and, to the knowledge of the Borrower, its directors and agents, are
in compliance with Anti-Corruption Laws, applicable Sanctions and the Patriot Act. 
 5.19 Solvency. 

(a) The fair value of the assets of Verisk and its Subsidiaries on a consolidated basis, at a fair valuation on a going concern basis, will
exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of Verisk and its Subsidiaries on a consolidated basis. 

(b) The present fair saleable value of the property of Verisk and its Subsidiaries on a consolidated and going concern basis will be greater
than the amount that will be required to pay the probable liability of Verisk and its Subsidiaries on a consolidated basis on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and matured in the ordinary course of business. 
 (c) Verisk and its Subsidiaries on a consolidated basis will be able to
pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured in the ordinary course of business. 

(d) Verisk and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which
they are engaged as such businesses are now conducted and are proposed to be conducted. 
 5.20 Affected Financial
Institutions. No Loan Party is an Affected Financial Institution. 
 5.21 [Reserved]. 

  
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 ARTICLE VI. 

AFFIRMATIVE COVENANTS 
 So
long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and
6.03) cause each Subsidiary to: 
 6.01 Financial Statements. Deliver to the Administrative Agent and each Lender, in
form and detail satisfactory to the Administrative Agent and the Required Lenders: 
 (a) as soon as available, but in any event within 120
days after the end of each fiscal year of Verisk, a consolidated balance sheet of Verisk and its direct and indirect Subsidiaries on a consolidated basis as at the end of such fiscal year, and the related consolidated statements of income or
operations, changes in shareholders’ equity, and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such
consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared
in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; and 

(b) as soon as available, but in any event within 60 days after the end of each of the first three fiscal quarters of each fiscal year of
Verisk, a consolidated balance sheet of Verisk and its direct and indirect Subsidiaries on a consolidated basis as at the end of such fiscal quarter, the related consolidated statements of income or operations for such fiscal quarter and for the
portion of Verisk’s fiscal year then ended, and the related consolidated statements of changes in shareholders’ equity, and cash flows for the portion of Verisk’s fiscal year then ended, in each case setting forth in comparative form,
as applicable, the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by the chief executive
officer, chief financial officer, treasurer or controller of Verisk as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of Verisk and its direct and indirect Subsidiaries on a consolidated
basis in accordance with GAAP, subject only to normal year-end audit adjustments. 
 As to any
information contained in materials furnished pursuant to Section 6.02(d), the Borrower shall not be separately required to furnish such information under clauses (a) or (b) above, but the foregoing shall
not be in derogation of the obligation of the Borrower to furnish the information and materials described in clauses (a) and (b) above at the times specified therein. 

Notwithstanding anything herein to the contrary, so long as the Existing Credit Agreement remains outstanding and Bank of America serves as
the “Administrative Agent” thereunder, Verisk may satisfy its obligations under this Section 6.01 by complying with the equivalent provisions of the Existing Credit Agreement. 

6.02 Certificates; Other Information. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to
the Administrative Agent and the Required Lenders: 
 (a) concurrently with the delivery of the financial statements referred
to in Section 6.01(a), to the extent obtainable with commercially reasonable efforts, a certificate of their independent certified public accountants certifying such financial statements and stating that in making the examination
necessary therefor no knowledge was obtained of any Default under the financial covenants set forth and contained in Section 7.08 or, if any such Default shall exist, stating the nature and status of such event; 

(b) concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a
duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of Verisk; 

  
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 (c) promptly after any request by the Administrative Agent or any Lender,
copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Borrower by independent accountants in connection with the accounts or books of
the Borrower or any Subsidiary, or any audit of any of them; 
 (d) promptly after the same are available, copies of each
report, proxy or financial statement or other report or communication sent to the stockholders or bondholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or
be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934 and the Securities Act, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; 

(e) promptly after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of any
Loan Party or any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of this
Section 6.02; 
 (f) promptly, and in any event within five Business Days after receipt thereof by
any Loan Party or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or
possible investigation or other inquiry by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof, excluding routine comment letters from the SEC regarding (i) registration statements that the
Borrower have previously filed or may file with the SEC under the Securities Act and (ii) periodic and other reports that the Borrower may file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934; 

(g) promptly, such additional information regarding the business, financial or corporate affairs of the Borrower or any
Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request; and 

(h) promptly following any request therefor, provide information and documentation 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, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation. 

Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(d) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on
which Verisk posts such documents, or provides a link thereto on Verisk’s website on the Internet at the website address listed on Schedule 10.02 to the Existing Credit Agreement; or (ii) on which such documents are posted on Verisk’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 sponsored by the Administrative Agent); provided that: (i) the
Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or
such Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions
(i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the Compliance Certificates required by Section 6.02(b) to the

  
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Administrative Agent. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain 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 for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrower hereby acknowledges that (a) the Administrative Agent will make available to the Lenders materials and/or information
provided by or on behalf of the Borrower hereunder (hereinafter collectively referred to as “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (hereinafter referred to as the
“Platform”) and (b) certain of the Lenders (hereinafter each referred to as a “Public Lender”) may have personnel who do not wish to receive material non-public
information with respect to the Borrower or their Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. Each of the
Borrower hereby agrees that, so long as the Borrower is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities, (w) all
Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof;
(x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat the Borrower Materials as not containing any material
non-public information with respect to the Borrower or their securities for purposes of United States Federal and state securities laws (provided, however, that to the extent the Borrower
Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Side Information;” and (z) the Administrative Agent shall be entitled to treat the Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform that is not
designated “Public Side Information.” Notwithstanding the foregoing to the contrary, the Borrower shall be under no obligation to mark the Borrower Materials “PUBLIC.” 

Notwithstanding anything herein to the contrary, so long as the Existing Credit Agreement remains outstanding and Bank of America serves as
the “Administrative Agent” thereunder, Verisk may satisfy its obligations under this Section 6.02 by complying with the equivalent provisions of the Existing Credit Agreement. 

6.03 Notices. Promptly following a Responsible Officer’s having knowledge thereof, notify the Administrative Agent (who, in
turn, will notify each other Lender): 
 (a) of the occurrence of any Default; 

(b) of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including
(i) breach or non-performance of, or any default under, a Contractual Obligation of the Borrower or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between the
Borrower or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material adverse development in, any litigation or proceeding affecting the Borrower or any Subsidiary, including pursuant to any applicable
Environmental Laws; 
 (c) of the occurrence of any ERISA Event where there is any reasonable likelihood of the imposition of
liability on any Loan Party as a result thereof that would be reasonably expected to have a Material Adverse Effect; and 

  
 45 

 (d) of any material change in accounting policies or financial reporting
practices by the Borrower or any Subsidiary. 
 Each notice pursuant to this Section 6.03 (other than any notice
pursuant to Section 6.03(d)) shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower have taken and
propose to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

Notwithstanding anything herein to the contrary, so long as the Existing Credit Agreement remains outstanding and Bank of America serves as
the “Administrative Agent” thereunder, Verisk may satisfy its obligations under this Section 6.03 by complying with the equivalent provisions of the Existing Credit Agreement. 

6.04 Payment of Obligations. Pay and discharge as the same shall become due and payable, all its obligations and liabilities,
including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets; (b) all lawful claims which, if unpaid, would by law become a Lien upon its Property; and (c) all Indebtedness, as
and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness, except where, in regard to the matters described in clauses (a), (b) and
(c) above, the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary, or the failure to make payment
could not reasonably be expected to have a Material Adverse Effect. 
 6.05 Preservation of Existence, Etc. (a) Preserve,
renew and maintain in full force and effect the Borrower’s and each Material Domestic Subsidiary’s legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by
Section 7.03 or Section 7.04; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business,
except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect. 
 6.06
[Reserved]. 
 6.07 [Reserved]. 

6.08 Compliance with Laws. (a) Comply in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to them or to their business or Property, except in such instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted or (ii) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect; and (b) maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by the
Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

6.09 Books and Records. (a) Maintain proper books of record and account, in which full, true and correct entries in
conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be; and (b) maintain such books of record and account 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. 

  
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 6.10 Inspection Rights. Permit representatives and independent contractors of
the Administrative Agent and each Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with
its directors, officers, and independent public accountants, all at the expense of the Administrative Agent and Lenders so long as no Event of Default exists, and at such reasonable times during normal business hours and as often as may be
reasonably desired, upon reasonable advance notice to the Borrower; provided, however, that when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors)
may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice. 

6.11 Use of Proceeds. Use the proceeds of the Loans for working capital and other general corporate purposes not in
contravention of any Law or of any Loan Document including, at the Borrower’s option, stock buybacks in accordance with applicable Laws and the Borrower’s Organization Documents. 

6.12 Additional Guarantors. If any Domestic Subsidiary of the Borrower that is not a Guarantor at any time on or after the
Effective Date guarantees any Indebtedness (other than (x) Indebtedness owing to the Borrower or any Subsidiary or (y) Indebtedness the incurrence or guarantee of which would not result in a breach of
Section 7.02), then such Domestic Subsidiary shall within 30 days of such Domestic Subsidiary having guaranteed such Indebtedness (or such longer period as the Administrative Agent may approve) (a) become a Guarantor
by executing and delivering to the Administrative Agent a counterpart of a Guaranty or such other document as the Administrative Agent shall reasonably deem appropriate for such purpose, (b) deliver to the Administrative Agent documents of the
types referred to in clauses (iii) and (iv) of Section 4.01(a) and favorable opinions of counsel (who may be in-house counsel) to such Person (which shall cover,
among other things, the legality, validity, binding effect and enforceability of the documentation referred to in the foregoing clause (a)), all in form, content and scope reasonably satisfactory to the Administrative Agent, and
(c) Verisk shall provide upon the request of the Administrative Agent or any Lender, any documentation or other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such Lender,
as applicable, to comply with “know your customer” and other applicable laws and regulations. 
 6.13 Pari
Passu Status. Cause the Obligations to rank at least pari passu with all other present and future unsecured Indebtedness of the Borrower and its Subsidiaries which are Guarantors. 

ARTICLE VII. 
 NEGATIVE
COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or
unsatisfied, no Borrower shall, nor shall it permit any Subsidiary to, directly or indirectly: 
 7.01 Liens. Create, incur,
assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired, other than the following: 

(a) Customary Permitted Liens; 

(b) Liens in existence on the date hereof and any extensions, renewals, or replacements thereof, provided that
(i) the aggregate principal amount of the Indebtedness secured by such Lien(s) immediately prior to such extension, renewal, or replacement is not increased or the maturity thereof changed and (ii) such Lien(s) is not extended to any other
Property in violation of this Agreement; 

  
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 (c) Liens incidental to the conduct of its business or the ownership of its
Property which were not incurred in connection with the borrowing of money or the obtaining of advances of credit and which in the aggregate do not materially detract from the use or value of its Property or materially impair the use thereof in the
operation of its business; 
 (d) Liens in favor of the Borrower or any Wholly-Owned Subsidiary on Property of a Subsidiary
to secure obligations of such Subsidiary to the Borrower or to a Wholly-Owned Subsidiary; 
 (e) any attachment or judgment
Lien, unless the judgment it secures shall not, within 30 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged within 30 days after the expiration of any such stay;
provided that the aggregate amount of such attachments or judgment Liens shall not secure obligations in excess of $20,000,000 at any time; 

(f) Liens in respect of Permitted Subsidiary Acquisition Indebtedness; provided that (i) each such Lien
(A) shall be created substantially simultaneously with the acquisition of the related Property or Properties or (B) shall have existed on any Property of a Person (1) at the time such Person becomes a Subsidiary of or is merged with
or into the Borrower or a Subsidiary of the Borrower or (2) at the time a Subsidiary acquires such Property from such Person, and, in the case of each of the foregoing clauses (1) and (2), such Lien shall not have been
created in contemplation of any Permitted Acquisition, and (ii) no such Lien at any time shall encumber any Property or Properties other than the related Property or Properties financed by such Permitted Subsidiary Acquisition Indebtedness and
the proceeds thereof. For the avoidance of doubt, in the event that a Permitted Acquisition is consummated as a purchase of Equity Interests or a similar transaction, the pledge of stock or other Equity Interests acquired in such Permitted
Acquisition to secure the related Permitted Subsidiary Acquisition Indebtedness shall be permitted; 
 (g) Liens provided for
in equipment leases (including financing statements and undertakings to file the same); provided that such Liens are limited to the equipment subject to such leases, accessions thereto and the proceeds thereof; 

(h) Liens in or upon and any right of offset against, moneys, deposit balances, security or other Property, or interests
therein, held or received by or for or left in the possession of any lender (or any affiliate of such lender) in connection with working capital facilities, lines of credit, term loans or other credit facilities entered into in the ordinary course
of business; provided, however, that in no event shall (i) the Borrower be subject to a minimum or compensating balance or similar arrangement or arrangement requiring it to maintain minimum cash funds or deposits with such lender
or lenders or (ii) the Borrower or any Subsidiary maintain in all of its respective accounts with all such lenders, at any time, overnight cleared cash balances in demand deposit accounts that are subject to
set-off rights, in excess of $5,000,000 in the aggregate for all such accounts of the Borrower or any such Subsidiary, respectively, as the case may be (in each case other than, for the avoidance of doubt, any
such balances held in commercial paper or money market funds); 
 (i) Liens securing Indebtedness or other obligations to any
counterparty under repurchase or securities loan agreements; 

  
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 (j) Liens existing solely with respect to cash or deposit account balances
used to Cash Collateralize (as defined in the Existing Credit Agreement) obligations of a lender under the Existing Credit Agreement permitted to section 7.01(j) of the Existing Credit Agreement; 

(k) Liens created by this Agreement or any other Loan Document; 

(l) Liens in respect of Priority Indebtedness permitted under Section 7.02; provided that such
Liens do not secure Indebtedness owing by the Borrower or any of its Subsidiaries in respect of (i) any private placement or note purchase facility or facilities or (ii) any senior credit facility or facilities (including, without
limitation, the Facilities); and 
 (m) Liens securing other Indebtedness to the extent that the Borrower and each of its
applicable Subsidiaries shall have made or caused to be made effective provision whereby the obligations under this Agreement and the other Loan Documents shall be secured equally and ratably with any and all other obligations secured by any such
Lien, such security to be pursuant to agreements reasonably satisfactory to the Administrative Agent and, in any such case, the Administrative Agent and the Lenders shall have the benefit, to the fullest extent that, and with such priority as, they
may be entitled under applicable Laws, of an equitable Lien on such Property. 
 7.02 Priority Indebtedness; Permitted Subsidiary
Acquisition Indebtedness. Create, incur, assume or suffer to exist (a) any Priority Indebtedness in excess at any time of an amount equal to 7.5% of Assets at such time or (b) any Permitted Subsidiary Acquisition Indebtedness in an
aggregate principal amount in excess of $500,000,000 outstanding at any time. 
 7.03 Fundamental Changes. Merge, dissolve,
liquidate, wind-up, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter
acquired) to or in favor of any Person (including, in each case, pursuant to a Delaware LLC Division), or, with respect to the Borrower, change its structure as a corporation, except that, so long as no Default exists or would result therefrom, 

(a) the Borrower and its Subsidiaries may consummate Permitted Acquisitions; 

(b) any Subsidiary may merge with (i) the Borrower, provided that the Borrower shall be the continuing or surviving
Person, or (ii) any one or more other Subsidiaries, provided that when any Guarantor is merging with another Subsidiary, the Guarantor shall be the continuing or surviving Person; and 

(c) any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the
Borrower or to another Subsidiary; provided that if the transferor in such a transaction is a Guarantor, then the transferee must either be the Borrower or a Guarantor. 

7.04 Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except: 

(a) any Subsidiary may Dispose of assets to the Borrower or any Subsidiary of the Borrower; 

(b) the Borrower or any Subsidiary may Dispose of inventory in the ordinary course of its business (including the Disposition
of obsolete inventory); 

  
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 (c) the Borrower or any Subsidiary may Dispose of assets that, in its good
faith, reasonable judgment, have no further useful or productive capacity, are fully used or depreciated, are obsolete or are no longer necessary or productive in the ordinary course of its business; 

(d) the Borrower or any Subsidiary may Dispose of assets other than as set forth in the preceding clauses
(a) through (c) and the succeeding clauses (e), (f), and (g); provided that (i) such assets sold in any calendar year shall not, in the aggregate, account for more than 20% of Consolidated EBITDA or
more than 20% of the total revenues of Verisk and its direct and indirect Subsidiaries, on a consolidated basis, for the prior calendar year, and (ii) as of any date of determination, such assets sold during the term of this Agreement shall
not, in the aggregate, account for more than 40% of Consolidated EBITDA or more than 40% of the total revenues of Verisk and its direct and indirect Subsidiaries, on a consolidated basis, in each case on a cumulative basis from March 31, 2015
through the most recently completed fiscal quarter for which financial statements are available; 
 (e) the Borrower and its
Subsidiaries may enter into and consummate transactions permitted by Section 7.03; 
 (f) the
Borrower or any Subsidiary may grant non-exclusive licenses or sublicenses of rights or interests in intellectual property to third parties in the ordinary course of its business; 

(g) the Borrower or any Subsidiary may lease and sublease Property to other Persons in the ordinary course of its business; and

 (h) the Energy Disposition. 

7.05 Change in Nature of Business. Engage in any material line of business substantially different from those lines of business
conducted by the Borrower and its Subsidiaries on the date hereof or any business substantially related, reasonably complimentary or incidental thereto. 

7.06 [Reserved]. 

7.07 Use of Proceeds. Use the proceeds of any Borrowing, whether directly or indirectly, and whether immediately, incidentally
or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose
which in any case entails a violation of Regulation U of the FRB. 
 7.08 Financial Covenants. 

(a) Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of Verisk
to be less than 3.00:1.00. 
 (b) Consolidated Funded Debt Leverage Ratio. Permit the Consolidated Funded Debt Leverage Ratio at any
time during any period of four fiscal quarters of Verisk to be greater than 3.50:1.00. Notwithstanding the foregoing to the contrary, at the election of the Borrower (such election to be made in writing to the Administrative Agent upon the closing
of a Permitted Acquisition and such election to be made not more than twice during the term of the Facilities), the maximum Consolidated Funded Debt Leverage Ratio shall be permitted to increase to 4.00:1.00 (no more than once) and 4.25:1.00 (also
no more than once) in any sequence as requested by Verisk in writing (each such increase in the Consolidated Funded Debt Leverage Ratio, a “Consolidated Funded Debt Leverage Ratio Step-up”),
in each case, for the 

  
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four consecutive fiscal quarter period (hereinafter referred to as a “Leverage Increase Period”) commencing with the fiscal quarter in which such Permitted Acquisition occurs
(which Leverage Increase Period shall include, for the avoidance of doubt, the fourth fiscal quarter end following the closing date of such Permitted Acquisition), provided, that immediately upon the expiration of any Leverage Increase
Period, the maximum Consolidated Funded Debt Leverage Ratio permitted under this Section 7.08(b) shall revert automatically to 3.50:1.00; provided, further, Verisk shall only be permitted to elect to a second
Consolidated Funded Debt Leverage Ratio Step-up if there has been at least two consecutive fiscal quarter periods between the date of the commencement of the initial Consolidated Funded Debt Leverage Ratio Step-up and the date of the commencement of the second Consolidated Funded Debt Leverage Ratio Step-up for which Verisk’s Consolidated Funded Debt Leverage Ratio is less
than or equal to 3:00:1.00, which shall be evidenced by the delivery of Compliance Certificates to the Administrative Agent in accordance with Section 6.02(b). 

7.09 Restricted Payments. 

During the existence of a Default, declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or
otherwise) to do so. 
 7.10 Accounting Changes. 

Make any change in its (a) accounting policies or reporting practices, except (i) as required or permitted by GAAP or
(ii) otherwise, if not a material change, or (b) fiscal year if such change is made for the purposes of, amongst others, avoiding the occurrence of an Event of Default. 

7.11 Anti-Corruption Laws; Sanctions. 

Directly or indirectly, use the proceeds of any Borrowing, or lend, contribute or otherwise make available such proceeds to any Subsidiary,
joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that
will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether as Lender, Administrative Agent, or otherwise) of Sanctions, and/or directly or indirectly permit or allow
Borrowing, use of proceeds hereunder or other transaction contemplated by this Agreement to violate any Anti- Corruption Law, any applicable Sanctions or the Patriot Act. 

ARTICLE VIII. 
 EVENTS OF
DEFAULT AND REMEDIES 
 8.01 Events of Default. Any of the following shall constitute an Event of Default: 

(a) Non-Payment. Either the Borrower or any other Loan Party fails to pay
(i) when and as required to be paid herein, any amount of principal of any Loan, or (ii) within five days after the same becomes due, any interest on any Loan, or any fee due hereunder, or (iii) within five days after the same becomes
due, any other amount payable hereunder or under any other Loan Document; or 
 (b) Specific Covenants. The Borrower
fails to perform or observe any term, covenant or agreement contained in (i) any of Sections 6.05, 6.10, 6.11, or Article VII or (ii) Sections 6.01 or 6.02 and such failure continues for ten days;
or 

  
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 (c) Other Defaults. Any Loan Party fails to perform or observe any
other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days; or 

(d) Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made
by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any substantial and material respect when made or deemed
made; or 
 (e) Cross-Default. (i) The Borrower or any Loan Party (A) fails to make any payment when due
(whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise and after the giving of any required notice and the running of any applicable grace or cure periods) in respect of any Indebtedness or Guarantee (other than
Indebtedness hereunder and Indebtedness under Swap Contracts (as defined in the Existing Credit Agreement)) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any
combined or syndicated credit arrangement) of more than $100,000,000, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing,
securing or relating thereto, or any other event occurs, the effect of which default or other event (but only after the giving of any required notice, the expiration of any permitted grace period or both) is to cause, or to permit the holder or
holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be
demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become
payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to
which the Borrower or any Loan Party is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which the Borrower or any Loan Party is an Affected Party (as so
defined) and, in either event, the Swap Termination Value owed by the Borrower or such Loan Party as a result thereof is greater than $100,000,000 (in each case, as defined in the Existing Credit Agreement); or 

(f) Insolvency Proceedings, Etc. Any Loan Party institutes or consents to the institution of any proceeding under any
Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material
part of its respective Property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for
60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its Property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days,
or an order for relief is entered in any such proceeding; or 
 (g) Inability to Pay Debts; Attachment. (i) Any
Loan Party becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against any Property of any such
Person in an aggregate principal amount of more than $20,000,000 and is not released, vacated or fully bonded within 30 days after its issue or levy; or 

  
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 (h) Judgments. There is entered against any Loan Party (i) one
or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding $100,000,000 (to the extent not covered by independent third-party insurance as to which the insurer does not dispute
coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case,
(A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not
in effect; or 
 (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which,
when taken together with all other ERISA Events that have occurred, has resulted or would reasonably be expected to result in liability of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate
amount which would reasonably be expected to result in a Material Adverse Effect, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to
its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect; or 

(j) Invalidity of Loan Documents. Any 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 the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person acting on behalf of a Loan Party contests in any
manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan
Document; or 
 (k) Change of Control. There occurs any Change of Control. 

8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
 (a) declare the
commitment of each Lender to make Loans to be terminated, whereupon such commitments and obligation shall be terminated; and 

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other
amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; 

provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the
Bankruptcy Code of the United States, the obligation of each Lender to make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and
payable without further act of the Administrative Agent or any Lender. 

  
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 8.03 Application of Funds. After the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become immediately due and payable as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall be
applied by the Administrative Agent in the following order: 
 First, to payment of that portion of the Obligations
constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

 Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts payable to the
Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them;

 Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and other
Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the Lenders in
proportion to the respective amounts described in this clause Fourth held by them; 
 Last, the balance, if
any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law. 
 ARTICLE IX.

 ADMINISTRATIVE AGENT 

9.01 Appointment and Authority. 

Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other
Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. The Lenders specifically authorize the Administrative Agent to enter into and deliver the Sharing Agreement on their behalf. The provisions of this Article IX are solely for the benefit of the Administrative
Agent and the Lenders, and none of the Borrower or any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan
Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a
matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity
for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

  
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 9.03 Exculpatory Provisions. The Administrative Agent shall not have any
duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law; and 
 (c) shall not, except as expressly set forth
herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of their Affiliates that is communicated to or obtained by the Person serving as
the Administrative Agent or any of its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any action taken or
not taken by it (i) with the consent 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 shall be necessary, under the
circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given to the Administrative Agent by the Borrower or a Lender. 
 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 this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 9.04
Reliance by Administrative Agent. 
 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability
for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice
to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for
any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

  
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 9.05 Delegation of Duties. The Administrative Agent may perform any and all 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 and all of its
duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article IX 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 in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

9.06 Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders
and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any
such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation,
then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify Verisk and the Lenders that no
qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and
under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral
security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender
directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section 9.06. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder,
such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 9.06). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article IX and
Section 10.04 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. 
 9.07 Non-Reliance
on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as
it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their
Related Parties and based on such documents and information 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. 

  
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 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding,
none of the co- syndication agents, or co-documentation agents, if any, listed on the cover page hereof shall have any powers, duties or responsibilities under this
Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender hereunder. 

9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any
other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan 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 the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and
all other 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 and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.09 and 10.04) allowed in such judicial
proceeding; and 
 (b) 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 judicial proceeding
is hereby authorized by each Lender 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, to pay to the Administrative Agent any amount
due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 10.04. 

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 any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 

9.10 Guaranty Matters. The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion, to
release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder. 

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority
to release or subordinate its interest in particular types or items of Property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10. 

9.11 [Reserved]. 

  
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 9.12 ERISA Matters. 

(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 not, for the avoidance of doubt, to or for the benefit of Verisk or any other Borrower,
that at least one of the following is and will be true: (i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Plans with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Commitments or this Agreement; (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 Commitments and this Agreement; (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 Commitments and this Agreement, (C) the
entrance into, participation in, administration of and performance of the Loans, 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
Commitments and this Agreement; (iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 

(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause
(a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with 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 not, for the avoidance of doubt, to or for the benefit of Verisk or any other Borrower, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such
Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (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). 
 ARTICLE X. 

MISCELLANEOUS 

10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no
consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative
Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 

(a) waive any condition set forth in Section 4.01(a) without the prior express written consent of
each Lender; 
 (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 2.06 or Section 8.02) without the prior express written consent of such Lender; 

  
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 (c) postpone any date fixed by this Agreement or any other Loan Document for
any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 

(d) reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (iv) of
the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the prior express written consent of each Lender directly affected thereby; provided,
however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate or (ii) to amend
any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or to reduce any fee payable hereunder; 

(e) change Section 2.13 or Section 8.03 in a manner that would alter the
pro rata sharing of payments required thereby without the written consent of each Lender; 
 (f) [reserved]; or

 (g) change any provision of this Section 10.01 or the definition of “Required
Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder without the written consent of
each Lender; 
 and, provided further, that no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in
addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document. Notwithstanding anything herein to the contrary, the Borrower and the Administrative Agent may agree to
add Guarantors subject to delivery of substantially the same items referred to in Section 6.12 without consent from any other Person (other than the proposed Guarantor). Notwithstanding the foregoing, any provision of this Agreement or any
other Loan Document may be amended by an agreement in writing entered into by the Borrower and the Administrative Agent to cure any ambiguity, omission, defect or inconsistency so long as, in each case, the Lenders shall have received at least five
(5) Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within five (5) Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the
Required Lenders object to such amendment. 
 10.02 Notices; Effectiveness; Electronic Communication. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (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 as follows, and all
notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to the Borrower or the Administrative Agent, to the address, electronic mail address or telephone number specified for
such Person on Schedule 10.02 to the Existing Credit Agreement as may be updated from time to time; and 

  
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 (ii) if to any other Lender, to the address, electronic mail address or
telephone number specified in its Administrative Questionnaire. 
 Notices and other communications sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received. Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be
effective as provided in such subsection (b). 
 (b) Electronic Communications. Notices and other communications to the
Lenders hereunder may be delivered or furnished by electronic communication (including e mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to
notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in their
respective discretion, agree to accept notices and other communications to them hereunder by electronic communications pursuant to procedures approved by them; provided that approval of such procedures may be limited to particular notices or
communications. 
 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), provided that if such notice 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, 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. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT
WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. 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 ANY AGENT PARTY IN CONNECTION WITH
THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (hereinafter collectively referred to as the “Agent Parties”) have any liability to the Borrower, any Lender, or
any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet,
except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent
Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual
damages). 
 (d) Change of Address, Etc. Each of the Borrower and the Administrative Agent may change its address, telecopier or
telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrower
and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the 

  
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Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be
sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or
similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and
state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public
information with respect to the Borrower or their securities for purposes of United States Federal or state securities laws. 
 (e)
Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices and Notices of Loan Prepayment) purportedly given by or on behalf of
the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient,
varied from any confirmation thereof. The Borrower shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each
notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such
recording. 
 10.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender or the Administrative Agent to
exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by
law. 
 Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and
remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively
by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on
its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) [reserved], (c) any Lender from exercising setoff rights in accordance with
Section 10.08 (subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall
have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and
subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

  
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 10.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Borrower shall pay (i) all reasonable actual out of pocket expenses incurred by the Administrative
Agent and its Affiliates (including the reasonable actual fees, charges and disbursements of counsel for the Administrative Agent (subject to any applicable limits on such fees as set forth in Section 4.01(e)), in
connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, 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) [reserved] and (iii) all actual out of pocket expenses incurred by the Administrative Agent or any Lender (including the
actual fees, charges and disbursements of any counsel for the Administrative Agent or any Lender in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its
rights under this Section 10.04, or (B) in connection with the Loans made hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. The Borrower
shall have no obligation to pay, or reimburse any Person for, the fees and time charges of attorneys who are employees of the Administrative Agent or any Lender. 

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any
sub-agent thereof) and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (including the reasonable actual fees, charges and disbursements of any counsel for any Indemnitee excluding the fees, time charges and disbursements for attorneys who may be employees of any
Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party 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, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby,
or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters
addressed in Section 3.01), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any Property owned or operated by the Borrower or any of
their Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of their Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based
on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the
Borrower or such other Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, or (z) to any dispute solely among Indemnitees other than any claims against an
Indemnitee in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role under any Loan Document as determined by a court of competent jurisdiction by final and nonappealable judgment. The obligations of the
Borrower under this clause (b) shall survive the payment in full of the Obligations and the termination of this Agreement. Paragraph (b) of this Section shall not apply with respect to Taxes, other than any Taxes that represent losses,
claims, damages, etc. arising from any non-Tax claim. 
 (c) Reimbursement by Lenders. To the
extent that the Borrower for any reason fail to indefeasibly pay any amount required under subsection (a) or (b) of this Section 10.04 to be paid by them to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party,
as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided, that the unreimbursed expense

  
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or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such
sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with
such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d). 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, 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, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any
damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection
with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and
nonappealable judgment of a court of competent jurisdiction. 
 (e) Payments. All amounts due under this
Section 10.04 shall be payable not later than 15 Business Days after demand therefor. 
 (f) Survival. The
agreements in this Section 10.04 shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other
Obligations. 
 10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the
Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief
Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not
occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date
of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders under clause (b) of
the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 
 10.06
Successors and Assigns. 
 (a) Successors and Assigns Generally. 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, except that none of the Borrower or any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the
prior express written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection
(b) of this Section 10.06, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section 10.06, or (iii) by way of pledge or assignment
of a security interest subject to the restrictions of subsection (f) of this Section 10.06 

  
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(and any other attempted assignment or transfer by any party hereto shall be null and void). 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, Participants to the extent provided in subsection (d) of this Section 10.06 and, to the extent expressly contemplated hereby,
the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the
time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in subsection (b)(i)(A) of this Section 10.06, the aggregate
amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the 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 or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than
$5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consent (each such consent not to be unreasonably withheld or delayed); provided, however,
that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single
assignment for purposes of determining whether such minimum amount has been met. 
 (ii) Proportionate Amounts. 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 with respect to the Loans or the Commitment assigned; 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by subsection
(b)(i)(B) of this Section 10.06 and, in addition: 
 (A) the consent of Verisk (such consent
not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default pertaining to Section 8.01(a) or (f) has occurred and is continuing at the time of such assignment or
(2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; and 
 (B) the consent of the
Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender. 

  
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 (iv) Assignment and Assumption. The parties to each assignment shall
execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect
to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v) No Assignment to Borrower or Related Parties. No such assignment shall be made to the Borrower, any Guarantor, or
any of the Borrower’s Affiliates or Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such assignment
shall be made to a natural person. 
 (vii) Separate Assignment of Revolving Commitments and Revolving Loans. For the
avoidance of doubt, a Lender may assign Revolving Commitments and Revolving Loans separately from any assignment of Term Commitments and the Term Loan. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this
Section 10.06, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement 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
3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at their reasonable expense) shall execute and deliver a Note to the
assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection (b) 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 subsection (d) of this Section 10.06. 

(c) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the
Administrative Agent’s Office 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 Commitments of, and principal amounts of the Loans owing to, each
Lender pursuant to the terms hereof from time to time (hereinafter referred to as the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may 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 and any Lender, at
any reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without
the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any Guarantor or any of the Borrower’s Affiliates or Subsidiaries) (hereinafter each shall
be referred to as a “Participant”) 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); provided that
(i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the
Administrative Agent, the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Each Lender that sells a

  
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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 interest amounts of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”). The entries in the Participant Register
shall be conclusive absent manifest error, and each party hereto 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. Without limitation of the requirements of this subsection (d), no Lender shall have any obligation to disclose all or any portion of a Participant Register to any Person (including the identity of any Participant or any information
relating to a Participant’s interest in the Commitments, Loans or other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered
form for U.S. federal income tax purposes or is otherwise required by applicable law. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 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, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. Subject to subsection (e) of this Section 10.06, the
Borrower agree that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations therein) to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to subsection (b) of this Section 10.06. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it
were a Lender, provided such Participant agrees to be subject to Section 2.13 as though it were a Lender. 

(e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under
Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with
the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower are notified of the participation sold to
such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though it were a Lender. 

(f) Certain Pledges. Any Lender may at any time pledge or assign (without the consent of the Borrower or the Administrative Agent) a
security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a federal reserve bank; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(g) [Reserved]. 
 10.07
Treatment of Certain Information; Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the “Information” (as such term is defined below), except that Information may be
disclosed (a) to its Related Parties (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), (b) to the extent
required or requested by any regulatory authority purporting to have jurisdiction over such Person its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection 

  
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with the exercise of any remedies hereunder or under any other Loan Document or any 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 10.07, to (i) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its
obligations, this Agreement or payments hereunder, (g) on a confidential basis to (A) rating agencies in connection with rating the Borrower or their Subsidiaries or the credit facilities provided hereunder or (B) the CUSIP Service
Bureau or any similar agency in connection with the application, issuance, publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of Verisk,
(i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 10.07, (y) becomes available to the Administrative Agent, any Lender or any of their respective
Affiliates on a nonconfidential basis from a source other than the Borrower or (z) is independently discovered or developed by a party hereto without utilizing any Information received from the Borrower or violating the terms of this
Section 10.07 and (j) to any credit insurance provider relating to the Borrower and its obligations; provided that, prior to any disclosure, such credit insurance provider shall undertake in writing to preserve
the confidentiality of any confidential information relating to Loan Parties received by it from the Administrative Agent or any Lenders. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and
information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan
Documents, and the Commitments. 
 For purposes of this Section 10.07, “Information” means all
information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a
nonconfidential basis prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from the Borrower or a Subsidiary after the date hereof, such information is clearly identified at the time of
delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section 10.07 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 of the Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws. 

10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, and each of its Affiliates is
hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and
other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now
or hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower
or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and its Affiliates under this
Section 10.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender agrees to notify Verisk and the Administrative Agent promptly after any
such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

  
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 10.09 Interest Rate Limitation. Notwithstanding anything to the contrary
contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (hereinafter referred to
as the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law,
(a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal
parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 
 10.10 Counterparts;
Integration; Effectiveness. 
 (a) This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. 
 (b)
This Agreement and the other Loan Documents 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 (including the credit facility referenced in paragraphs of this Section 10.10. 
 (c) 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 that, when taken together, bear the
signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of an original executed counterpart of this
Agreement. 
 10.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in any
other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by
the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any
Default at the time of a Borrowing, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied. 

10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
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 10.13 Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any other
circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at their 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, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related
Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 

(a) the Borrower shall have paid to the Administrative Agent the assignment fee specified in
Section 10.06(b); 
 (b) such Lender shall have received payment of an amount equal to 100% of the
outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) 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); 

(c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or
payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 

(b) such assignment does not conflict with applicable Laws. 

A Lender shall not be required to make any such assignment or 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. 
 10.14 Governing
Law; Jurisdiction; Etc. 
 (a) GOVERNING LAW. This Agreement shall be governed by, and construed in accordance with, the law of
the State of New York. 
 (b) SUBMISSION TO JURISDICTION. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, 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 FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY
SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL 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 AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER
MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

  
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 (c) WAIVER OF VENUE. THE BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN
PARAGRAPH (b) OF THIS SECTION 10.14. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN
ANY SUCH COURT. 
 (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

10.15 Waiver of Jury Trial. 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 OR 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 PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON 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 AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.15. 

10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower hereby acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) the arranging and other
services regarding this Agreement provided by the Administrative Agent are arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one
hand, and the Administrative Agent, on the other hand, (ii) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the
Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) the Administrative Agent is and has been
acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower, any other Loan Party or any of their respective
Affiliates, or any other Person and (ii) the Administrative Agent has no obligation to the Borrower, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations
expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the other Loan
Parties and their respective Affiliates, and the Administrative Agent has no obligation to disclose any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, the
Borrower hereby waives and releases any claims that it may have against the Administrative Agent with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

  
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 10.17 Electronic Execution of Assignments and Certain Other Documents. The
words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including
without limitation Assignment and Assumptions, amendments or other modifications, Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic
platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in
any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it and provided further, without limiting the foregoing, upon the request of any party, any electronic signature shall be promptly followed
by a manually executed signature. 
 10.18 USA PATRIOT Act. Each Lender that is subject to the Patriot Act (as hereinafter
defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (hereinafter referred to as the “Patriot Act”), it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the
Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the Patriot Act. The Loan Parties shall, promptly following a request by the Administrative Agent
or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and
regulations, including the Patriot Act and the Beneficial Ownership Regulation. 
 10.19 Time of the Essence. Time is of the
essence of the Loan Documents. 
 10.20 [Reserved]. 

10.21 Amendment and Restatement. This Agreement is an amendment and restatement of the Term Loan Agreement, it being
acknowledged and agreed that as of the Effective Date all obligations outstanding under or in connection with the Term Loan Agreement and any of the other Loan Documents (such obligations, collectively, the “Existing Obligations”)
constitute obligations under this Agreement. This Agreement is in no way intended to constitute a novation of the Term Loan Agreement or the Existing Obligations. With respect to (i) any date or time period occurring and ending prior to the
Effective Date, the Term Loan Agreement and the other Loan Documents shall govern the respective rights and obligations of any party or parties hereto also party thereto and shall for such purposes remain in full force and effect; and (ii) any
date or time period occurring or ending on or after the Effective Date, the rights and obligations of the parties hereto shall be governed by this Agreement (including, without limitation, the exhibits and schedules hereto) and the other Loan
Documents. From and after the Effective Date, any reference to the Term Loan Agreement in any of the other Loan Documents executed or issued by and/or delivered to any one or more parties hereto pursuant to or in connection therewith shall be deemed
to be a reference to this Agreement, and the provisions of this Agreement shall prevail in the event of any conflict or inconsistency between such provisions and those of the Term Loan Agreement. 

  
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 10.22 Acknowledgement and Consent to
Bail-In of Affected Financial Institutions. 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: 
 (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 
 (b) the
effects of any Bail-In Action on any such liability, including, if applicable: 
 (i)
a reduction in full or in part or cancellation of any such liability; 
 (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 

(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. 
 10.23 [Reserved]. 

10.24 Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), 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.S. Special Resolution Regimes”) 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): 
 (a) In the event a Covered
Entity that is party to a Supported QFC (each, a “Covered Party”) 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. 

  
 72 

 (b) As used in this Section 10.24, the following terms have the
following meanings: 
 “BHC Act Affiliate” 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. 
 “Covered Entity”
means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 

“Default Right” 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. 
 “QFC” 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). 
 10.25 Tax
Treatment. Each of the parties hereto acknowledges and agrees that the Term Loans outstanding immediately prior to this Agreement are not, and will not be, “traded on an established market” within the meaning of Treasury Regulations Section 1.1273-2(f). 

  
 73 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
as of the date first above written. 
  

			
	 VERISK ANALYTICS, INC.,

	 as the Borrower

		
	 By:
	 	 /s/

		 	 Name:

		 	 Title:

  
 [Signature Page to
Verisk Loan Agreement] 

 
			
	BANK OF AMERICA, N.A.,
	 as the Administrative Agent

		
	By:	 	/s/
		 	Name:
		 	 Title:

  

  
 [Signature Page to
Verisk Loan Agreement] 

 
			
	 BANK OF AMERICA, N.A., as a Lender

		
	 By:
	 	 /s/

		 	 Name:

		 	 Title:

  
 [Signature Page to
Verisk Loan Agreement]Exhibit 10.1

 

Conformed through:

Omnibus Amendment and Consent, dated as of March
5, 2020

Amendment to Credit Agreement, dated as of May
29, 2020

Omnibus Amendment and Consent, dated March 18,
2021

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

among

 

KILOWATT
SYSTEMS, LLC,

 

VOLTA MH OWNER II, LLC,

 

GREENDAY FINANCE I LLC,

 

and

 

SPRUCE KISMET, LLC,

 

as Co-Borrowers,

 

SILICON VALLEY BANK,

 

as Administrative Agent,

 

ING CAPITAL LLC and SILICON VALLEY BANK,

 

as Issuing Banks,

 

and

 

The Lenders From Time to Time Party Hereto

 

dated as of October 29, 2019

 

 

 

ING CAPITAL LLC and SILICON VALLEY BANK

 

as Joint Bookrunners and Coordinating Lead Arrangers

 

and

 

KEYBANK NATIONAL ASSOCIATION

 

as Joint Lead Arranger

 

     

     

    

 

Table
of Contents

 

	 	Page
	 	 
	Article I. DEFINITIONS AND INCORPORATION BY REFERENCE	2
	 	 	 
	Section 1.01	Definitions	2
	Section 1.02	Rules of Construction	57
	Section 1.03	Time of Day	58
	Section 1.04	Class of Loan	58
	Section 1.05	Subsidiary Actions	58
	 	 	 
	Article II. THE LOANS	59
	 	 	 
	Section 2.01	The Term Loans	59
	Section 2.02	Letters of Credit	61
	Section 2.03	Computation of Interest and Fees	66
	Section 2.04	Evidence of Debt	66
	Section 2.05	Increase in Commitments	67
	Section 2.06	Joinder of Additional Co-Borrowers	69
	 	 	 
	Article III. ALLOCATION OF COLLECTIONS; PAYMENTS TO LENDERS; RELEASE OF COLLATERAL; ADditional Opcos	70
	 	 	 
	Section 3.01	Payments	70
	Section 3.02	Optional Prepayments	71
	Section 3.03	Mandatory Principal Payments	71
	Section 3.04	Application of Prepayments	73
	Section 3.05	Payments of Interest and Principal	73
	Section 3.06	Fees	75
	Section 3.07	Expenses, etc	75
	Section 3.08	Indemnification	77
	Section 3.09	Taxes	80
	Section 3.10	Mitigation Obligations; Replacement of Lenders	85
	Section 3.11	Change of Circumstances	87
	Section 3.12	Release of Projects and Guarantors	93
	Section 3.13	Additional Opcos	94

 

    i

     

    

 

Table
of Contents

(continued)

 

	 	Page
	 	 
	Article IV. REPRESENTATIONS AND WARRANTIES	97
	 	 	 
	Section 4.01	Organization, Powers, Capitalization, Good Standing, Business	97
	Section 4.02	Authorization of Borrowing, etc	97
	Section 4.03	Title to Membership Interests	98
	Section 4.04	Governmental Authorization; Compliance with Laws	99
	Section 4.05	Solvency	99
	Section 4.06	Use of Proceeds and Margin Security; Governmental Regulation	99
	Section 4.07	Defaults; No Material Adverse Effect	100
	Section 4.08	Financial Statements; Books and Records	100
	Section 4.09	Indebtedness	100
	Section 4.10	Litigation; Adverse Facts	100
	Section 4.11	Taxes and Tax Status	101
	Section 4.12	Performance of Agreements	102
	Section 4.13	Employee Benefit Plans	102
	Section 4.14	Insurance	102
	Section 4.15	Investments	102
	Section 4.16	Environmental Matters	102
	Section 4.17	Project Permits	102
	Section 4.18	Representations Under Other Loan Documents	102
	Section 4.19	Broker’s Fee	102
	Section 4.20	Sanctions; Anti-Money Laundering and Anti-Corruption	103
	Section 4.21	Property Rights	103
	Section 4.22	Portfolio Documents and Eligible Projects	104
	Section 4.23	Security Interests	106
	Section 4.24	Intellectual Property	106
	Section 4.25	Full Disclosure	106
	Section 4.26	Iran Divestment Act	107
	 	 	 
	Article V. AFFIRMATIVE COVENANTS	107
	 	 	 
	Section 5.01	Financial Statements and Other Reports	107
	Section 5.02	Notice of Events of Default	112
	Section 5.03	Maintenance of Books and Records	112

 

    ii

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 5.04	Litigation	113
	Section 5.05	Existence; Qualification	113
	Section 5.06	Taxes	113
	Section 5.07	Operation and Maintenance	113
	Section 5.08	Preservation of Rights; Maintenance of Projects; Warranty Claims; Security	113
	Section 5.09	Energy Regulatory Laws	115
	Section 5.10	Interest Rate Hedging	115
	Section 5.11	Payment of Claims	116
	Section 5.12	Maintenance of Insurance	116
	Section 5.13	Inspection	121
	Section 5.14	Cooperation	121
	Section 5.15	Collateral Accounts; Collections	121
	Section 5.16	Performance of Agreements	122
	Section 5.17	Customer Agreements and REC Contracts	122
	Section 5.18	Management Agreement	122
	Section 5.19	Use of Proceeds and Margin Security; Governmental Regulation	122
	Section 5.20	Project Expenditures	123
	Section 5.21	Tax Equity Opco Matters	123
	Section 5.22	Recapture	123
	Section 5.23	Termination of Servicer	124
	Section 5.24	Deposits to Collections Account	125
	Section 5.25	Prepaid Customer Agreements	125
	Section 5.26	[Reserved]	125
	Section 5.27	Audits and Investigations	126
	Section 5.28	[Reserved]	126
	Section 5.29	Existing NYGB Subsidiaries	126
	Section 5.30	Post-Effectiveness Date Covenants	126
	 	 	 
	Article VI. NEGATIVE COVENANTS	126
	 	 	 
	Section 6.01	Indebtedness	126

 

    iii

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 6.02	No Liens	127
	Section 6.03	Restriction on Fundamental Changes	127
	Section 6.04	Bankruptcy, Receivers, Similar Matters	128
	Section 6.05	ERISA	128
	Section 6.06	Restricted Payments	129
	Section 6.07	Limitation on Investments	129
	Section 6.08	Sanctions and Anti-Corruption	129
	Section 6.09	No Other Business; Leases	130
	Section 6.10	Portfolio Documents	130
	Section 6.11	Taxes	131
	Section 6.12	Expenditures; Collateral Accounts; Structural Changes	132
	Section 6.13	REC Contracts and Transfer Instructions	132
	Section 6.14	Speculative Transactions	132
	Section 6.15	Voting on Major Decisions	133
	Section 6.16	Transactions with Affiliates	133
	Section 6.17	Limitation on Restricted Payments	133
	 	 	 
	Article VII. SEPARATENESS	133
	 	 	 
	Section 7.01	Separateness	133
	 	 	 
	Article VIII. CONDITIONS PRECEDENT	135
	 	 	 
	Section 8.01	Conditions to Effectiveness Date and Borrowing of Initial Additional Term Loans	135
	Section 8.02	Conditions of Additional Term Loan Borrowing	142
	Section 8.03	Conditions of Letter of Credit Issuance	143
	 	 	 
	Article IX. EVENTS OF DEFAULT; REMEDIES	143
	 	 	 
	Section 9.01	Events of Default	143
	Section 9.02	Acceleration and Remedies	147
	Section 9.03	Cure Rights	148
	 	 	 
	Article X. ADMINISTRATIVE AGENT	148
	 	 	 
	Section 10.01	Appointment and Authority	148
	Section 10.02	Rights as a Lender	149

 

    iv

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 10.03	Exculpatory Provisions	149
	Section 10.04	Reliance by Administrative Agent	150
	Section 10.05	Delegation of Duties	150
	Section 10.06	Resignation of Administrative Agent	150
	Section 10.07	Non-Reliance on Administrative Agent and Other Lenders	151
	Section 10.08	Administrative Agent May File Proofs of Claim	151
	Section 10.09	Appointment of Collateral Agent and Depository Agent	152
	Section 10.10	Arrangers	152
	Section 10.11	Authorization	152
	Section 10.12	Erroneous Payments	153
	 	 	 
	Article XI. MISCELLANEOUS	154
	 	 	 
	Section 11.01	Waivers; Amendments	154
	Section 11.02	Notices; Copies of Notices and Other Information	156
	Section 11.03	No Waiver; Cumulative Remedies	158
	Section 11.04	Effect of Headings and Table of Contents	159
	Section 11.05	Successors and Assigns	159
	Section 11.06	Severability	164
	Section 11.07	Benefits of Agreement	164
	Section 11.08	Governing Law	164
	Section 11.09	WAIVER OF JURY TRIAL	165
	Section 11.10	Counterparts; Integration; Effectiveness	165
	Section 11.11	Confidentiality	166
	Section 11.12	USA PATRIOT ACT	168
	Section 11.13	Corporate Obligation	168
	Section 11.14	Non-Recourse	169
	Section 11.15	Administrative Agent’s Duties and Obligations Limited	169
	Section 11.16	Entire Agreement	169
	Section 11.17	Right of Setoff	169
	Section 11.18	Interest Rate Limitation	170
	Section 11.19	Survival of Representations and Warranties	170
	Section 11.20	No Advisory or Fiduciary Responsibility	170
	Section 11.21	Electronic Execution of Assignments and Certain Other Documents	170
	Section 11.22	Acknowledgement and Consent to Bail-In Affected Financial Institutions	171
	Section 11.23	Public Statement	171
	Section 11.24	Effect of Amendment and Restatement	171
	Section 11.25	Consent to Transfer of Projects, Dissolution and Change of Providers	172

 

    v

     

    

 

EXHIBITS AND SCHEDULES

 

	Exhibit A	Form of Borrowing Notice
	 	 
	Exhibit B	Form of Assignment and Assumption
	 	 
	Exhibit C	Form of Notice of LC Activity
	 	 
	Exhibit D-1	Form of U.S. Tax Compliance Certificate
	 	 
	Exhibit D-2	Form of U.S. Tax Compliance Certificate
	 	 
	Exhibit D-3	Form of U.S. Tax Compliance Certificate
	 	 
	Exhibit D-4	Form of U.S. Tax Compliance Certificate
	 	 
	Exhibit E	Form of Term Loan Commitment Increase Notice
	 	 
	Exhibit F-1	Form of Term Loan Note
	 	 
	Exhibit F-2	Form of LC Loan Note
	 	 
	Exhibit G	Form of Base Case Model
	 	 
	Exhibit H	Form of Increasing Lender Confirmation
	 	 
	Exhibit I	Form of Debt Service Coverage Ratio Certificate
	 	 
	Exhibit J	Form of Financial Statement Certificate
	 	 
	Exhibit K	Initial Operating Budget
	 	 
	Exhibit L	Form of Manager’s Report
	 	 
	Exhibit M	Form of Collateral Release Notice
	 	 
	Exhibit N	Form of Additional Opco Approval Notice
	 	 
	Exhibit O-1	Form of Letter of Credit
	 	 
	Exhibit O-2	Form of Letter of Credit
	 	 
	Exhibit P	Form of NYGB Quarterly Production Report
	 	 
	Exhibit Q	Form of Additional Co-Borrower Joinder Agreement
	 	 
	Exhibit R	Form of ESE Assignment Agreement
	 	 
	Schedule I	Administrative Agent’s Office

 

    vi

     

    

 

	Schedule 2.01	Lenders’ Commitments
	 	 
	Schedule 4.03(h)	Tax Equity Opco Options, Warrants or Rights of Conversion
	 	 
	Schedule 4.03(i)	Organizational Structure
	 	 
	Schedule 4.03(j)	Subsidiaries
	 	 
	Schedule 4.04	Governmental Authorization; Compliance with Laws
	 	 
	Schedule 4.08	Financial Statement Exceptions
	 	 
	Schedule 4.09	Existing Indebtedness
	 	 
	Schedule 4.10	Litigation; Adverse Facts
	 	 
	Schedule 4.11	Taxes
	 	 
	Schedule 4.14	Insurance
	 	 
	Schedule 4.19	Brokers
	 	 
	Schedule 4.23(f)	Portfolio Document Exceptions
	 	 
	Schedule 4.23(m)	Project States
	 	 
	Schedule 4.25(c)	Tax Equity Documents
	 	 
	Schedule 4.25(d)	Wholly-Owned Documents
	 	 
	Schedule 4.25(e)	Maintenance Services Agreements
	 	 
	Schedule 4.25(f)	Backup Servicing Agreements and Transition Management Agreements
	 	 
	Schedule 4.25(g)	Consumer Servicing Agreements
	 	 
	Schedule 4.25(h)	Operating Services Agreements
	 	 
	Schedule 4.25(i)	Accounts
	 	 
	Schedule A	Project Information
	 	 
	Schedule B	Account Control Agreements
	 	 
	Annex A	Amortization Schedule
	 	 
	Annex B-1	Tax Equity Opco Representations and Wholly-Owned Opco Representations
	 	 
	Annex B-2	Tax Equity Opco Covenants
	 	 
	Annex C	Audit Liability Resolution
	 	 
	Annex D	Required Additional Reserve Required Amount

 

    vii

     

    

 

AMENDED AND RESTATED CREDIT
AGREEMENT, dated as of October 29, 2019 (this “Agreement”), among Kilowatt Systems, LLC, a Delaware limited liability
company (“Kilowatt Systems”), Volta MH Owner II, LLC, a Delaware limited liability company (“Volta MH II”),
Greenday Finance I LLC, a Delaware limited liability company (“Greenday I”), Spruce Kismet, LLC, a California limited
liability company (“Kismet”) and each Additional Co-Borrower party hereto from time to time (collectively, the “Co-Borrowers”
and each individually a “Co-Borrower”), the financial institutions as Lenders from time to time party hereto (each
individually a “Lender” and, collectively, the “Lenders”), Silicon Valley Bank, as Administrative
Agent for the Lenders (in such capacity, and together with its successors and permitted assigns, the “Administrative Agent”)
and ING Capital LLC and Silicon Valley Bank, as Issuing Banks (in such capacity, and together with their respective successors and permitted
assigns, the “Issuing Banks”).

 

RECITALS

 

WHEREAS, pursuant to the Credit
Agreement, dated as of April 29, 2019 (as amended prior to the date hereof, the “Existing Credit Agreement”), the Term
Lenders party thereto, provided Kilowatt Systems, Volta Solar Owner I, a Delaware limited liability company (“Volta Owner I”),
and Volta MH II, as co-borrowers thereunder (collectively, the “Initial Co-Borrowers”), with a term loan facility in
the amount of $196,221,227.70 (the “Initial Term Loan Commitments”) and the Issuing Banks agreed to issue letters of
credit in the amount of $12,260,032.93 (the “Initial LC Commitments” and together with the Initial Term Loan Commitment,
the “Initial Commitments”);

 

WHEREAS, the Initial Term Loan
Commitments under the Existing Credit Agreement have been fully funded and, and as of the date hereof immediately prior to the effectiveness
of this Agreement, $194,077,342.10 of principal was currently outstanding in respect thereof, which principal obligations shall continue
under this Agreement (the “Existing Term Loans”);

 

WHEREAS, the Issuing Banks have
issued Letters of Credit under the Existing Credit Agreement in an amount equal to the Initial LC Commitments, and, as of the date hereof
immediately prior to the effectiveness of this Agreement, the aggregate Stated Amount of such Letters of Credit was $12,260,032.93, which
Letters of Credit, and reimbursement obligations with respect thereto, shall continue under this Agreement;

 

WHEREAS, since the Closing Date
the Pledgors have acquired 100% of the membership interests in Greenday I and Kismet, and Greenday I and Kismet directly own or lease
Projects;

 

WHEREAS, the Co-Borrowers desire
to add the Projects owned by Kismet and Greenday I (such Projects, the “Initial Additional Projects”) to the Project
Pool and thus pursuant to the terms of the Existing Credit Agreement, the Initial Co-Borrowers have requested (a) the Lenders to approve
the addition of Greenday I and Kismet as Additional Opcos under the Existing Credit Agreement and (b) the Term Lenders to make Additional
Term Loan Commitments under the Existing Credit Agreement in an amount of $34,174,010.24 (the “Initial Additional Term Loan Commitment”);

 

    
	 	1	Credit Agreement

     

    

 

WHEREAS, the Initial Co-Borrowers
have also requested (a) the LC Lenders to increase their Initial LC Commitments in an aggregate amount of $1,898,723.41 (the “Initial
Additional LC Commitment”) and issue additional Letters of Credit for purposes of satisfying the Debt Service Reserve Required
Amount and (b) the Lenders to consent to the dissolution of certain Loan Parties, including Volta Owner I, the addition of Greenday I
and Kismet as co-borrowers, and certain other changes to the Existing Credit Agreement and certain other Loan Documents;

 

WHEREAS, certain Term Lenders
have agreed to make Initial Additional Term Loan Commitments and the LC Issuing Banks have agreed to make Initial Additional LC Commitments;

 

WHEREAS, the parties wish to
amend and restate the Existing Credit Agreement and certain other Loan Documents in their entirety to, among other things, reflect such
increase in the Initial Commitments and other changes requested by the Loan Parties; and

 

WHEREAS, the parties hereto
intend that this Agreement and the other Loan Documents executed in connection herewith not effect a novation of the obligations of the
Loan Parties under the Existing Credit Agreement but merely a restatement, and where applicable, an amendment to the terms governing said
obligations;

 

NOW, THEREFORE, in consideration
of the premises and the respective representations, warranties, covenants, agreements, and conditions hereinafter set forth, and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Co-Borrowers, the Administrative Agent,
the Lenders and the Issuing Banks hereby agree as follows:

 

Article
I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section
1.01  Definitions. Except as otherwise specified in this Agreement or as the context may otherwise require,
the following terms have the respective meanings set forth below for all purposes of this Agreement (including in the Recitals hereto).

 

“Acceptable Bank”
shall mean any bank, trust company or other financial institution which is organized or licensed under the applicable Laws of the United
States of America or Canada or any state, province or territory thereof which has a tangible net worth of at least five hundred million
Dollars ($500,000,000) and has at least two of the following Credit Ratings: “A-” or better by S&P, “A3” or
better by Moody’s and “A-” or better by Fitch.

 

“Acceptable DSR Guarantee”
shall have the meaning given to such term in the Depository Agreement.

 

“Acceptable DSR Letter
of Credit” shall have the meaning given to such term in the Depository Agreement.

 

“Acceptable REC Guaranty”
shall mean a guaranty related to a REC Contract in form and substance reasonably acceptable to the Administrative Agent.

 

    
	 	2	Credit Agreement

     

    

 

“Acceptable Warranty”
shall have the meaning given to such term in the Depository Agreement.

 

“Account Control Agreements”
shall mean, collectively and individually, as the context may require (a) each agreement listed on Schedule B, as such schedule
may be updated under the Eligible Additional Opco Amendment Documentation, and (b) such other account control agreement or replacement
thereof with respect to an account of a Relevant Party that is in form and substance reasonably acceptable to the Administrative Agent.

 

“Acquired Greenbacker
Projects” shall mean Projects previously owned by Greenbacker Residential Solar LLC, a Delaware limited liability company, purchased
by Kilowatt Systems as part of the Short Hills/Greenbacker Acquisition.

 

“Acquired Kismet Projects”
shall mean Projects previously owned by Kismet Consulting, LLC, a Delaware limited liability company, purchased by the Sponsors in connection
with the Sponsors’ purchase of Kismet Consulting, LLC, and owned by Kismet.

 

“Acquired Greenbacker
Customer Agreement” shall mean a Customer Agreement with respect to an Acquired Greenbacker Project; provided that “Acquired
Greenbacker Customer Agreement” shall not include any reassignment of such Customer Agreement to a new Customer after the date of
the acquisition of such Project.

 

“Acquired Kismet Customer
Agreement” shall mean a Customer Agreement with respect to an Acquired Kismet Project; provided that “Acquired
Kismet Customer Agreement” shall not include any reassignment of such Customer Agreement to a new Customer after the Effectiveness
Date.

 

“Additional Backup
Servicing Agreement” shall mean any agreement for the provision of backup services in respect of Additional Projects and approved
by the Administrative Agent as an update to Schedule 4.25(f) under the Eligible Additional Opco Amendment Documentation.

 

“Additional Co-Borrower”
shall mean any Person designated in writing as an “Additional Co-Borrower” by the Co-Borrowers under an Additional Opco Approval
Notice and approved by the Administrative Agent under the Eligible Additional Opco Amendment Documentation and that has executed and delivered
to the Administrative Agent such documents and instruments as are required pursuant to Section 2.06.

 

“Additional Co-Borrower
Joinder Agreement” shall mean a joinder agreement to this Agreement in substantially the form of Exhibit Q.

 

“Additional Commitments”
shall have the meaning given to such term in Section 2.05(a).

 

“Additional Consumer
Servicing Agreement” shall mean any agreement for the provision of consumer services in respect of Additional Projects approved
by the Administrative Agent as an update to Schedule 4.25(g) under the Eligible Additional Opco Amendment Documentation.

 

    
	 	3	Credit Agreement

     

    

 

“Additional Expenses”
shall mean indemnification payments to the Administrative Agent, the Lenders, the Depository Agent, and certain other Persons related
to the same as described under the Loan Documents. For the avoidance of doubt, Additional Expenses shall not include Service Fees or amounts
payable to the Manager under the Management Agreement.

 

“Additional Holdco”
shall mean any Person designated in writing as an “Additional Holdco” by the Co-Borrowers under an Additional Opco Approval
Notice and approved by the Administrative Agent as an update to Schedule 4.03(j) under the Eligible Additional Opco Amendment Documentation.

 

“Additional Holding”
shall mean any Person designated in writing as an “Additional Holding” by the Co-Borrowers under an Additional Opco Approval
Notice and approved by the Administrative Agent as an update to Schedule 4.03(j) under the Eligible Additional Opco Amendment Documentation.

 

“Additional LC Commitments”
shall have the meaning given to such term in Section 2.05(a).

 

“Additional Maintenance
Services Agreement” shall mean any agreement for the provision of maintenance and administrative services in respect of Additional
Projects approved by the Administrative Agent as an update to Schedule 4.25(e) under the Eligible Additional Opco Amendment Documentation.

 

“Additional Opco”
shall mean any Person designated in writing as an “Additional Opco” by the Co-Borrowers under an Additional Opco Approval
Notice and approved by the Administrative Agent as an update to Schedule 4.03(j) under the Eligible Additional Opco Amendment Documentation.
For the avoidance of doubt, any Additional Co-Borrower that directly owns Projects shall be an Additional Opco for purposes of this Agreement
and the other Loan Documents.

 

“Additional Opco Approval”
shall have the meaning given to such term in Section 3.13(a).

 

“Additional Opco Approval
Date” shall have the meaning given to such term in Section 3.13(c).

 

“Additional Opco Approval
Notice” shall have the meaning given to such term in Section 3.13(a).

 

“Additional Project”
shall mean a Project owned by an Additional Opco.

 

“Additional Project
Transfer Agreement” shall mean any agreement for the transfer of Projects to an Additional Opco sold pursuant to an Additional
Purchase Agreement, inclusive of all supplements thereto in respect of Projects in the Project Pool, and approved by the Administrative
Agent under the Eligible Additional Opco Amendment Documentation.

 

    
	 	4	Credit Agreement

     

    

 

“Additional Purchase
Agreement” shall mean any agreement for the sale and transfer of Projects to an Additional Opco and approved by the Administrative
Agent as an update to Schedule 4.25(c) or Schedule 4.25(d) under the Eligible Additional Opco Amendment Documentation.

 

“Additional Reserve
Account” shall have the meaning given to it in the Depository Agreement.

 

“Additional Sponsor
Guaranty” shall mean any guaranty of certain obligations of an Additional Opco and/or its Affiliates under the applicable Additional
Tax Equity Documents and approved by the Administrative Agent as an update to Schedule 4.25(c) under the Eligible Additional Opco
Amendment Documentation.

 

“Additional Tax Equity
Documents” shall mean for each Additional Opco that is a Tax Equity Opco, the Tax Equity Documents approved by the Administrative
Agent as an update to Schedule 4.25(c) included in the Eligible Additional Opco Amendment Documentation.

 

“Additional Term Loan”
shall mean the Initial Additional Term Loan and each Term Loan made pursuant to Section 2.01(a)(ii).

 

“Additional Term Loan
Borrowing Date” shall mean (a) with respect to the Initial Additional Term Loan, the Effectiveness Date and (b) with respect
to any other Additional Term Loan, the date on which all conditions precedent set forth in Section 8.01 have been satisfied or
waived in writing by the Administrative Agent (acting on the instructions of all Additional Term Loan Lenders and the Issuing Banks).

 

“Additional Term Loan
Commitments” shall have the meaning given to such term in Section 2.05(a).

 

“Additional Term Loan
Joinder Agreement” shall mean a joinder agreement, in form and substance reasonably satisfactory to the Administrative Agent,
among the Co-Borrowers, the Administrative Agent and one or more New Term Loan Lenders, establishing the Term Commitments of such New
Term Loan Lenders and effecting such other amendments to this Agreement and the other Loan Documents as are contemplated by Section
2.05.

 

“Additional Term Loan
Lender” shall mean an Increasing Lender and a New Term Loan Lender.

 

“Additional Transition
Management Agreement” shall mean any agreement for the provision of transition management services in respect of Additional
Projects and approved by the Administrative Agent as an update to Schedule 4.25(f) under the Eligible Additional Opco Amendment
Documentation.

 

“Administrative Agent”
shall have the meaning given to such term in the preamble hereto, and include any successor Administrative Agents pursuant to Section
10.06.

 

    
	 	5	Credit Agreement

     

    

 

“Administrative Agent
DSCR Comments” shall have the meaning given to such term in Section 5.01(a)(v).

 

“Administrative Agent’s
Office” shall mean the Administrative Agent’s address and, as appropriate, account as set forth on Schedule I,
or such other address or account as the Administrative Agent may from time to time notify to the Co-Borrowers and the Lenders.

 

“Administrative Questionnaire”
shall mean an administrative questionnaire in the form furnished by the Administrative Agent.

 

“Affected Financial
Institution” shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
shall mean, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any Person shall mean the power to
direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise; and the terms “controlling” and “controlled” shall have meanings correlative to the
foregoing. For the avoidance of doubt, each of the Relevant Parties shall be an Affiliate of the other Relevant Parties and the Sponsors.
In no event shall (a) the Administrative Agent be considered an Affiliate of another Person solely because any Loan Document contemplates
that it shall act at the instruction of any such Person or such Person’s Affiliate, or (b) any Tax Equity Member be considered
an Affiliate of a Relevant Party.

 

“Affiliate Transaction”
shall have the meaning given to such term in Section 6.16.

 

“Affiliated Lender”
shall have the meaning given to such term in Section 11.05(b)(vii).

 

“Agent” shall
mean, collectively, the Administrative Agent, the Collateral Agent and the Depository Agent.

 

“Agreement”
shall have the meaning given to such term in the preamble hereto.

 

“Amortization Schedule”
shall have the meaning given to such term in Section 3.05(d).

 

“Ampere I Audit”
shall mean the audit being conducted by the IRS as of the date hereof in respect of tax returns submitted by Ampere Owner I, as further
detailed on Schedule 4.11.

 

“Ampere II Model”
shall mean the financial equity base case model agreed and accepted by Ampere Holdco II and Firstar in respect of Firstar’s tax
equity investment in Ampere Owner II and Ampere Tenant II.

 

    
	 	6	Credit Agreement

     

    

 

“Ampere III Model”
shall mean the financial equity base case model agreed and accepted by Ampere Holdco III and Firstar in respect of Firstar’s tax
equity investment in Ampere Owner III and Ampere Tenant III.

 

“Ampere IV Model”
shall mean the financial equity base case model agreed and accepted by Ampere Holdco IV and Firstar in respect of Firstar’s tax
equity investment in Ampere Owner IV.

 

“Ampere Holdco I”
shall mean Ampere Solar Manager I, LLC, a Delaware limited liability company.

 

“Ampere Holdco II”
shall mean Ampere Solar Manager II, LLC, a Delaware limited liability company.

 

“Ampere Holdco III”
shall mean Ampere Solar Manager III, LLC, a Delaware limited liability company.

 

“Ampere Holdco IV”
shall mean Ampere Solar Manager IV, LLC, a Delaware limited liability company.

 

“Ampere Tax Equity
Consents” shall mean each of (a) the Consent Agreement (Master Tenant Operating Agreement), dated as of the Closing Date, by
and among Kilowatt Systems, Ampere Holdco II, the Collateral Agent and Firstar and acknowledged and agreed by Ampere Tenant II, (b) the
Consent Agreement (Master Tenant Operating Agreement), dated as of the Closing Date, by and among Kilowatt Systems, Ampere Holdco III,
the Collateral Agent and Firstar and acknowledged and agreed by Ampere Tenant III, (c) the Consent Agreement (Owner Operating Agreement),
dated as of the Closing Date, by and among Kilowatt Systems, Ampere Holdco I, the Collateral Agent, Ampere Tenant I and Firstar and acknowledged
and agreed by Ampere Owner I, (d) the Consent Agreement (Owner Operating Agreement), dated as of the Closing Date, by and among Kilowatt
Systems, Ampere Holdco II, the Collateral Agent, Ampere Tenant II and Firstar and acknowledged and agreed by Ampere Owner II, (e) the
Consent Agreement (Owner Operating Agreement), dated as of the Closing Date, by and among Kilowatt Systems, Ampere Holdco III, the Collateral
Agent, Ampere Tenant III and Firstar and acknowledged and agreed by Ampere Owner III, and (f) the Consent Agreement, dated as of the Closing
Date, by and among Ampere Holdco IV, the Collateral Agent, the Administrative Agent and Firstar and acknowledged and agreed by Ampere
Owner IV.

 

“Ampere Owner”
shall mean each of Ampere Owner I, Ampere Owner II, Ampere Owner III and Ampere Owner IV.

 

“Ampere Owner I”
shall mean Ampere Solar Owner I, LLC, a Delaware limited liability company.

 

“Ampere Owner II”
shall mean Ampere Solar Owner II, LLC, a Delaware limited liability company.

 

“Ampere Owner III”
shall mean Ampere Solar Owner III, LLC, a Delaware limited liability company.

 

    
	 	7	Credit Agreement

     

    

 

“Ampere Owner IV”
shall mean Ampere Solar Owner IV, LLC, a Delaware limited liability company.

 

“Ampere Tenant”
shall mean each of Ampere Tenant II and Ampere Tenant III.

 

“Ampere Tenant I”
shall mean Ampere Solar Master Tenant I, LLC, a Delaware limited liability company.

 

“Ampere Tenant II”
shall mean Ampere Solar Master Tenant II, LLC, a Delaware limited liability company.

 

“Ampere Tenant III”
shall mean Ampere Solar Master Tenant III, LLC, a Delaware limited liability company ls.

 

“Anti-Corruption Laws”
shall have the meaning given to such term in Section 4.20(c).

 

“Anti-Money Laundering
Laws” shall have the meaning given to such term in Section 4.20(b).

 

“Applicable Margin”
shall mean (a) from the Closing Date through (but excluding) the third anniversary of the Closing Date, 2.25% per annum, (b) from
third anniversary of the Closing Date through (but excluding) the sixth anniversary of the Closing Date, 2.375% per annum and (c)
from and after sixth anniversary of the Closing Date, 2.50% per annum.

 

“Applicable Percentage”
shall mean, for any Term Lender, with respect to payments, computations and other matters relating to the Term Commitments, a percentage
equal to a fraction (a) the numerator of which is the Term Commitment of such Term Lender and (b) the denominator of which is the total
of the Term Commitments.

 

“Approved Fund”
shall mean 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.

 

“Approved Manufacturer”
shall mean any manufacturer on the Approved Vendor List

 

“Approved Vendor List”
shall mean a list of approved panel and inverter manufacturers approved by the Administrative Agent and the Co-Borrowers in consultation
with the Independent Engineer, which may be modified from time to time subject to the approval of the Administrative Agent and the Co-Borrowers
in consultation with the Independent Engineer, including under the Eligible Additional Opco Amendment Document (such approval not to be
unreasonably withheld, conditioned, or delayed); provided, that, any manufacturer that is the subject of (a) an Involuntary Bankruptcy
or (b) any voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar Law now or hereafter in
effect, shall be deemed removed from the Approved Vendor List.

 

    
	 	8	Credit Agreement

     

    

 

“Arrangers”
shall mean ING Capital LLC and Silicon Valley Bank, each as joint bookrunners and coordinating lead arrangers, and Key Bank National Association,
as joint lead arranger.

 

“Assets”
shall mean, with respect to any Person, all right, title and interest of such Person in land, Properties, buildings, improvements, fixtures,
foundations, assets and rights of any kind, whether tangible or intangible, real, personal or mixed, including contracts, equipment, systems,
books and records, proprietary rights, intellectual property, Permits, rights under or pursuant to all warranties, representations and
guarantees, cash, accounts receivable, deposits and prepaid expenses.

 

“Assignment and Assumption”
shall mean an assignment and assumption entered into by a Lender and an assignee lender (with the consent of any party whose consent is
required by Section 11.05), and accepted by the Administrative Agent, in substantially the form of Exhibit B or any
other form approved by the Administrative Agent.

 

“Audit Liability Resolution”
shall mean (a) (i) the occurrence of a Final Determination with respect to an Tax Equity Opco Audit and (ii) all costs and other liabilities
in respect thereof (including all amounts payable to the applicable Tax Equity Member, if any) have been fully satisfied or (b) amendments
to limit the amount of any cash diversion to a Tax Equity Member resulting from any unpaid amounts under the Tax Equity Documents shall
have been entered into (x) in form and substance satisfactory to the Required Lenders in their good faith sole discretion or (y) in substantially
the form attached as Annex C hereto.

 

“Audit Reserve Account”
shall have the meaning set forth in the Depository Agreement.

 

“Audit Reserve Amount”
shall mean the sum of:

 

(a) $0
with respect to the Ampere I Audit; plus

 

(b) upon
the occurrence of any other Tax Equity Opco Audit, for each such Tax Equity Opco Audit, an amount equal to the Audit Reserve Target for
such Tax Equity Opco Audit; provided, that (i) prior to the occurrence of any such Tax Equity Opco Audit, the amount under this
paragraph (b) shall be equal to zero and (ii) as of the next Payment Date following receipt by the Administrative Agent of satisfactory
evidence of an Audit Liability Resolution in respect of any Tax Equity Opco Audit, the amount under this paragraph (b) for such
Tax Equity Opco Audit shall be equal to zero. For the avoidance of doubt, the amount under this paragraph (b) for each Tax Equity
Opco Audit shall be separately determined.

 

“Audit Reserve Target”
shall mean, for any Tax Equity Opco Audit other than the Ampere I Audit, an aggregate amount equal to 6% (representing an assumed 20%
reduction of the ITC) of the fair market value claimed with respect to the Project or Projects owned or leased by such Tax Equity Opco
that were reported as Placed in Service during the taxable year or taxable years subject to such Tax Equity Opco Audit; provided,
upon the issuance of a 30-day letter or a 90-day letter, the “Audit Reserve Target” shall be (a) an amount equal to 30% of
the positive excess, if any, of the fair market value claimed with respect to such Project or Projects over the adjusted fair market value
or basis proposed in such Tax Equity Opco Audit or (b) if there are no adjustments to fair market value or basis in a Tax Equity Opco
Audit, zero with respect to such Tax Equity Opco Audit.

 

    
	 	9	Credit Agreement

     

    

 

“Authorized Officer”
shall mean (a) in relation to any Relevant Party, for so long as the Management Agreement is in full force and effect, any officer of
the Manager who is authorized to act for the Manager in matters relating to the Co-Borrowers and the Subsidiaries and to be acted upon
by the Manager pursuant to the Management Agreement, and who is identified on the list of Authorized Officers delivered by the Co-Borrowers
to the Administrative Agent on the Closing Date (as such list may be modified or supplemented from time to time thereafter by delivery
to the Administrative Agent of a duly executed Officer’s Certificate and an incumbency certificate of each Co-Borrower) and (b) in
relation to any Relevant Party or a Sponsor Party, any director, member or officer who is a natural Person authorized to act for or on
behalf of the applicable Relevant Party or Sponsor Party in matters relating to such Relevant Party or Sponsor Party and who is identified
on the list of Authorized Officers delivered by such Relevant Party or Sponsor Party to the Administrative Agent on the Closing Date (as
such list may be modified or supplemented from time to time thereafter by delivery to the Administrative Agent of a duly executed Officer’s
Certificate and an incumbency certificate of such Relevant Party or Sponsor Party).

 

“Back-up Servicer”
shall mean the provider of backup services under a Backup Servicer Agreement.

 

“Backup Servicer Agreements”
shall mean individually and collectively, as the context requires, (a) each of the agreements listed as “Backup Servicer Agreements”
on Schedule 4.25(f), (b) each Additional Backup Servicer Agreement and (c) any replacement thereof in a form and substance acceptable
to the Administrative Agent.

 

“Bail-In Action”
shall mean the exercise of any Write-down and Conversion Powers by the applicable Resolution Authority in respect of any liability of
any Affected Financial Institution.

 

“Bail-In Legislation”
shall mean (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).

 

“Bankruptcy Code”
shall mean Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated thereunder.

 

    
	 	10	Credit Agreement

     

    

 

“Base Case Model”
shall mean the comprehensive long-term financial model as updated from the initial Base Case Model delivered on the Effectiveness Date
and attached as Exhibit G to this Agreement, reflecting among other things (a) quarterly payment periods ending on each Payment
Date and (b) the projected Cash Available for Debt Service from the Eligible Projects and the Eligible REC Contracts, and Operating
Expenses from all other Projects in the Project Pool, Debt Service after giving effect to the transactions contemplated by the Transaction
Documents, the making of the Loans and changes to market interest rates and interest rate protection in respect thereof, covering the
period from the Closing Date until the Deemed Final Repayment Date. All amounts determined in accordance with the Base Case Model shall
be determined assuming the P50 Production and shall take into account (i) only Eligible Revenues and (ii) all Operating Expenses with
respect to the Project Pool. The Base Case Model shall be updated in accordance with Section 5.01(c)(ii) in a form and substance
reasonably satisfactory to the Administrative Agent, and each update shall (A) reflect the Eligible Revenues and Operating Expenses from
the Project Pool, any mandatory or voluntary prepayments on the Term Loans, the termination of any remaining Term Loan Commitments and
other changes to Debt Service and to reflect changes to market interest rates and interest rate protection in respect thereof, (B) incorporate
any Eligible Additional Opco and Eligible Additional Opco Model, in the case of an update pursuant to Section 3.12(c)(ii), and
(C) reflect any updates to the fair market value of a Tax Equity Member’s equity interests as determined pursuant to Section
5.01(c)(ii).

 

“Base Rate”
means, at any time, the highest of (a) the Prime Lending Rate at such time and (b) 1/2 of 1.00% per annum in excess of the overnight
Federal Funds Effective Rate at such time, provided, that if the Base Rate as so calculated is less than zero, such rate shall
be deemed zero for purposes of this Agreement. Any change in the Base Rate due to a change in the Prime Lending Rate or the Federal Funds
Effective Rate shall be effective as of the opening of business on the day of such change in the Prime Lending Rate or the Federal Funds
Effective Rate, respectively.

 

“Base Rate Loan”
means a Loan that bears interest based on the Base Rate.

 

“Benchmark”
means, initially, LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, or an Early Opt-in Election,
as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBOR 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 Section 3.11(a)(ii)(A). The terms “Benchmark Transition Event,” “Term SOFR Transition Event,” “Early
Opt-in Election,” “Benchmark Replacement,” and “Benchmark Replacement Date” shall have the meanings given
to such terms in Section 3.11(a)(ii)(F).

 

“Benchmark Loan”
shall mean any Loan that bears interest at rates based upon the Benchmark.

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

    
	 	11	Credit Agreement

     

    

 

“Blocked Person”
shall mean any Person that is: (a) listed on, or owned or controlled by a Person listed on, a Sanctions List, (b) a government of
a Sanctioned Country, (c) an agency or instrumentality of, or an entity directly or indirectly owned or controlled by, a government of
a Sanctioned Country, (d) resident or located in, operating from, or incorporated under the laws of, a Sanctioned Country or (e) to the
Knowledge of the Co-Borrowers (acting with due care and inquiry), otherwise the subject or target of Sanctions.

 

“Borrower Collections”
shall mean (a) all distributions from the Holdings, Holdcos and Wholly-Owned Opcos to a Co-Borrower and (b) all Collections received by
a Co-Borrower, in each case derived from the Eligible Projects and Eligible RECs owned by the Opcos; provided, that Borrower Collections
shall not include any Excluded Property.

 

“Borrower Membership
Interests” shall mean all of the outstanding limited liability company interests issued by a Co-Borrower (including all Economic
Interests and Voting Rights).

 

“Borrowing Date”
shall mean any date on which any Loan is made.

 

“Borrowing Notice”
shall mean a request for a Loan by the Co-Borrowers substantially in the form of Exhibit A.

 

“Business Day”
shall mean the hours between 9:00 a.m. – 4:00 p.m., Pacific time, Monday through Friday, other than the following days: (a) New
Year’s Day, Dr. Martin Luther King, Jr. Day, Lincoln’s Birthday, Washington’s Birthday (celebrated on President’s
Day), Good Friday, Memorial Day, the day before Independence Day, Independence Day, Labor Day, Columbus Day, Election Day, Veterans’
Day, the day before and after Thanksgiving Day, Thanksgiving Day, Christmas Eve, Christmas Day and New Year’s Eve and (b) any other
day on which banks are required or authorized by Law to close in New York State; provided that for purposes hereof, if any day
listed above as a day on which a bank is closed falls on a Saturday or Sunday, such day is celebrated on either the prior Friday or the
following Monday; provided further that when used in connection with a Loan, the term “Business Day” shall also exclude
any day on which banks are not open for dealings in Dollar deposits in the London interbank market.

 

“Calculation Date”
shall mean each March 31, June 30, September 30 and December 31 of each year falling after the date hereof.

 

“Capital Stock”
shall mean:

 

(a)  in
the case of a corporation, corporate stock;

 

(b)  in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated)
of corporate stock;

 

(c)  in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and

 

    
	 	12	Credit Agreement

     

    

 

(d)  any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of
Assets of, the issuing Person including, all warrants, options or other rights to acquire any of the foregoing.

 

“Cash Available for
Debt Service” shall mean, in respect of any period, the amount of Operating Revenues received during such period less Operating
Expenses paid during such period.

 

“Cash Calculation Date”
shall mean each April 15, July 15, October 15 and January 15 of each year falling after the date hereof, or if any such day is not a Business
Day, the immediately following Business Day.

 

“Cash Collateralize”
shall mean, in respect of any Letter of Credit, the deposit of immediately available funds into a cash collateral account maintained with
(or on behalf of) the Collateral Agent on terms satisfactory to the Administrative Agent and Issuing Bank, in an amount equal to 103%
of the Stated Amount of such Letter of Credit.

 

“Cash Diversion Guaranty”
shall mean (a) the Cash Diversion Guaranty, dated as of the Closing Date, issued by the Sponsors in favor of the Administrative Agent
for the benefit of the Lender Parties and the Collateral Agent for the benefit of the Secured Parties and (b) any other similar guaranty,
in form and substance acceptable to the Administrative Agent, issued by an Affiliate of the Co-Borrowers (which Affiliate must be acceptable
to the Administrative Agent and the Required Lenders in their sole discretion) in favor of the Administrative Agent for the benefit of
the Lender Parties and the Collateral Agent for the benefit of the Secured Parties.

 

“Change of Control”
shall occur if (a) the Sponsors collectively cease to indirectly beneficially own and control 50.1% of the equity interest in each
Co-Borrower or cease to retain control of the management of each Co-Borrower, (b) the Pledgors collectively cease to indirectly beneficially
own and control 100% of the Borrower Membership Interests in each Co-Borrower, or (c) the Co-Borrowers cease, collectively or individually,
to directly or indirectly beneficially own and control 100% of the outstanding Opco Membership Interests, the Holding Membership Interests
and the Holdco Membership Interests (other than any membership interests constituting Released Guarantor Collateral).

 

“Change of Law”
shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the adoption 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) the making or issuance of any request, rule, guideline or directive (whether
or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith and (ii) 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 of Law”, regardless of the date enacted, adopted
or issued.

 

    
	 	13	Credit Agreement

     

    

 

“Citicorp”
shall mean Citicorp North America, Inc., a Delaware corporation.

 

“Claims”
shall have the meaning given to such term in Section 5.11(a).

 

“Class” shall
have the meaning set forth in Section 1.04.

 

“Closing Date”
shall mean April 30, 2019.

 

“Co-Borrower”
or “Co-Borrowers” shall have the meaning given to such term in the preamble.

 

“Code” shall
mean the United States Internal Revenue Code of 1986, and the regulations promulgated pursuant thereto, all as amended or as may
be amended from time to time.

 

“Collateral”
shall mean the Assets and Property of, and equity interests in, each Co-Borrower, each Holding and each Guarantor, which is now owned
or hereafter acquired upon which a Lien is or is purported to be created by any Collateral Document and shall include all Assets and Property
within the terms “Collateral”, “Depository Collateral”, “Collateral Account” and “Pledged Collateral”,
as applicable, in the Collateral Documents all of which collectively constitute the “Collateral”.

 

“Collateral Accounts”
shall have the meaning given to such term in the Depository Agreement.

 

“Collateral Agency
Agreement” shall mean the Collateral Agency and Intercreditor Agreement dated as of the Closing Date, among the Co-Borrowers,
the Administrative Agent, the Collateral Agent and each other Secured Party party thereto from time to time.

 

“Collateral Agent”
shall mean Silicon Valley Bank, and its successors and assigns in such capacity.

 

“Collateral Documents”
shall mean, collectively, the Pledge Agreement, the Pledge and Security Agreement, the Cash Diversion Guaranty, any Guaranty and Security
Agreement, the Collateral Agency Agreement, the Depository Agreement, the Management Consent Agreement, the Tax Equity Consents, the REC
Contract Consents, the Account Control Agreements, the Standing Instructions and each other collateral document, pledge agreement or standing
instruction delivered to the Administrative Agent pursuant to Section 5.08 any other document or agreement that creates or purports
to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties and all UCC or other financing statements, instruments
or perfection and other filings, recordings and registrations required to be filed or made in respect of any of the foregoing.

 

“Collateral Release
Notice” shall mean a notice requesting a release of a Project substantially the form of Exhibit M.

 

    
	 	14	Credit Agreement

     

    

 

“Collections”
shall mean without duplication, with respect to any Opco, the (a) Rents and PBI Payments, including all scheduled payments and prepayments
under any Customer Agreement or PBI Document, (b) pending assumption of a Customer Agreement relating to a Project, payments of Rent
relating to such Project by lenders with respect to, or subsequent owners of, the Property where such Project has been installed, (c) proceeds
of the sale, assignment or other disposition of any Collateral, including from the sale of Eligible RECs (d) insurance proceeds and
proceeds of any warranty claims arising from manufacturer, installer and other warranties, in each case, with respect to any Projects,
(e) all recoveries including all amounts received in respect of litigation settlements and work-outs, (f) all purchase and lease
prepayments received from a Customer with respect to any Project, and (g) all other revenues, receipts and other payments to such
Opco of every kind whether arising from their ownership, operation or management of the Projects or otherwise; provided, that Collections
shall not include any Excluded Property.

 

“Collections Account”
shall have the meaning given to such term in the Depository Agreement.

 

“Commitment”
shall mean, as to each Lender, the aggregate of such Lender’s Term Loan Commitment and LC Commitment

 

“Competitor”
shall mean a Person that is in the business of developing, owning, installing, constructing or operating solar equipment and providing
solar electricity from such solar equipment to residential customers located in jurisdictions where the Sponsors or any Subsidiary are
then doing business, primarily through power purchase agreements, customer service or lease agreements or capital loan products and not
through direct sales of solar panels or any Affiliate of such a Person, but shall not include any back-up servicer or transition manager
(including U.S. Bank, National Association and Wells Fargo Bank, N.A.) or any Person engaged in the business of making passive ownership
or tax equity investments in such solar equipment and associated businesses so long as such Person has in place procedures to prevent
the distribution of confidential information that is prohibited under this Agreement.

 

“Confidential Information”
shall have the meaning given to such term in Section 11.11(a).

 

“Consequential Losses”
shall have the meaning given to such term in Section 3.07(e).

 

“Consumer Servicing
Agreements” shall mean individually and collectively, as the context requires, each of (a) the agreements listed on Schedule
4.25(g), (b) the Additional Consumer Servicing Agreements and (c) any replacement or additional consumer servicing agreement relating
to the Projects owned by an Opco in form and substance satisfactory to the Administrative Agent.

 

“CPFAM Guaranty Agreement”
shall mean the Guaranty Agreement of Clean Power Finance, Inc. benefiting Kilowatt Systems, KSS and KWPS, dated as of June 6, 2012, as
assigned to CPF Asset Management, LLC pursuant to the Assignment Agreement, dated on or about the Closing Date, among Clean Power Finance,
Inc, CPF Asset Management, LLC, CPF Asset Management, LLC, Kilowatt Systems, KSS and KWPS.

 

    
	 	15	Credit Agreement

     

    

 

“Credit Rating”
shall mean, with respect to any Person, the rating by S&P, Moody’s, Fitch or any other rating agency agreed to by the Parties
then assigned to such Person’s unsecured, senior long-term debt obligations (not supported by third party credit enhancements) or
if such entity does not have a rating for its senior unsecured long-term debt, then the rating then assigned to such Person as an issuer
rating by S&P, Moody’s, Fitch or any other rating agency agreed by the Parties.

 

“Credit Requirements”
shall mean, with respect to any Person, that such Person has at least one of the following Credit Ratings: “Baa2” outlook
stable or higher from Moody’s, “BBB” outlook stable or higher from S&P or, other than in the case of a Person providing
an Acceptable DSR Guarantee, “BBB” outlook stable or higher from Fitch.

 

“Customer”
shall mean a natural person party to a Customer Agreement who leases, or agrees to purchase Energy produced by, a Project.

 

“Customer Agreement”
shall mean those power purchase agreements or customer lease agreements (together with all ancillary agreements and documents related
thereto, including any assignment agreement to a replacement Customer) with respect to a Project between an Opco, as owner or lessor,
and a Customer, whereby the Customer agrees to purchase the Energy produced by the related Project for a fixed fee per kWh, or agrees
to lease the Project for monthly lease payments, as applicable, in each case for a specified term of years and including agreements where
the Customer has the ability to prepay such amounts.

 

“Customer Event”
shall mean:

 

(a)  a
Project experiences an Event of Loss and is not repaired, restored, replaced or rebuilt to substantially the same condition as existed
immediately prior to the Event of Loss within 120 days of such Event of Loss (an “Event of Loss Project”);

 

(b)  the
early termination of any Customer Agreement (including, but not limited to, as a result of the occurrence of a default thereunder) without
a replacement Customer Agreement being entered into within five (5) Business Days in respect of such Project such that it would continue
to be meet the criteria for a Eligible Project, regardless of whether or not any Relevant Party is entitled to or actually receives a
termination payment from the Customer in connection with such termination;

 

(c)  a
Payment Facilitation Agreement is entered into;

 

(d)  the
elective prepayment by the Customer of any future amounts due under a Customer Agreement;

 

(e)  the
purchase of any Project by a Customer in accordance with the terms of the applicable Customer Agreement; and

 

(f)  an
Ineligible Customer Reassignment;

 

except to the extent any of the events in paragraphs
(a) through (f) above occur in respect of an Excluded Prepaid Project.

 

    
	 	16	Credit Agreement

     

    

 

“Customer Event Certificate”
shall mean a certificate from an Authorized Officer of the Co-Borrowers in the form attached to a Transfer Date Certificate, containing
(a) a comprehensive report of each Customer Event occurring during the quarterly period ending on the applicable Calculation Date
and (b) the Co-Borrowers’ good faith, detailed calculation of the Customer Event Prepayment, together with such changes thereto
as the Administrative Agent may from time to time reasonably request for the purpose of monitoring the Co-Borrowers’ compliance
with Section 3.03(b).

 

“Customer Event Prepayment”
shall mean, in respect of any Payment Date, the mandatory prepayment payable on such applicable Payment Date in accordance with Section
3.03(b).

 

“Debt Service”
shall mean, for any period, the aggregate amount of all principal, interest, payments in the nature of interest (including default interest
and net payments under an Interest Rate Hedging Agreement), letter of credit fees, commitment fees, Agent fees, or any other recurrent
analogous costs and damages (including gross-ups and increased cost payments) payable pursuant to any Loan Document.

 

“Debt Service Coverage
Ratio” shall mean, as determined in respect of any Payment Date, the ratio of:

 

(a)  the
Cash Available for Debt Service for the twelve (12) month period ending on the Cash Calculation Date immediately prior to the applicable
Payment Date (or, if shorter, the period following the Closing Date); to

 

(b)  the
Debt Service (excluding (i) mandatory prepayments in respect of the Loans payable during such period pursuant to Section 3.03)
for the twelve (12) month period ending on the applicable Payment Date (or, if shorter, the period following the Closing Date).

 

“Debt Service Coverage
Ratio Certificate” shall mean a certificate from an Authorized Officer of the Co-Borrowers in the form of Exhibit I,
containing its good faith, detailed calculation of its Debt Service Coverage Ratio for the immediately following Payment Date.

 

“Debt Service Reserve
Account” shall have the meaning given to such term in the Depository Agreement.

 

“Debt Service Reserve
Required Amount” shall have the meaning given to such term in the Depository Agreement.

 

“Debt Sizing Parameters”
shall mean the following criteria, in each case as demonstrated by the Base Case Model:

 

(a)  a
minimum and average Debt Service Coverage Ratio projected for each twelve-month period ending on a fiscal quarter commencing on June 30,
2019 until the Deemed Final Repayment Date of at least 1.40 to 1.00, assuming the Obligations are repaid in full by the Deemed
Final Repayment Date and, in the case of any update to the Base Case Model, demonstrating any assumed prepayment necessary as of the date
of such update to satisfy compliance with such condition; and

 

    
	 	17	Credit Agreement

     

    

 

(b)  the
principal outstanding under this Agreement (including any loan being made as of the date of determination) is no greater than 0.70
multiplied by Portfolio Value; and

 

(c)  the
quotient, expressed as a percentage, of (i) principal outstanding under the Loans on the Maturity Date divided by (ii) Portfolio
Value at the Maturity Date, shall not exceed 65%.

 

“Debt Termination Date”
shall mean the date on which the (a) the Commitments have expired or been terminated, (b) the principal of and interest on each
Loan and all fees payable hereunder shall have been paid indefeasibly paid in cash in full and all Letters of Credit shall have expired
or terminated and all Drawing Payments shall have been reimbursed (unless the outstanding amount of the LC Exposure related thereto has
been Cash Collateralized) and (c) all other Obligations (other than any inchoate indemnification or expense reimbursement Obligations
that expressly survive termination of the Agreement) shall have indefeasibly paid in cash in full.

 

“Debtor Relief Laws”
shall mean the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States
or other applicable jurisdictions from time to time in effect.

 

“Deemed Final Repayment
Date” shall mean December 31, 2038.

 

“Default”
shall mean any event, occurrence or circumstance that is, or with notice or the lapse of time or both would become, an Event of Default.

 

“Default Prepayment
Project” shall mean, in respect of any Payment Date, an Eligible Project that became a Defaulted Project during the three month
period ending on the immediately prior Calculation Date and after any Project Default Rate Threshold was exceeded for such three month
period.

 

“Default Rate”
shall mean a rate of 2.00% per annum in excess of the rate otherwise applicable to any Loan or other Obligation, which rate
shall apply in accordance with Section 3.05(b).

 

“Defaulted Project”
shall mean in respect of any Project and its related Customer Agreement (a) the applicable Customer is more than 120 days past
due on any amount due under such Customer Agreement and (b) either (x) such Customer Agreement has not been brought current and/or the
related Customer Agreement has not been reassigned (or an amendment to the Customer Agreement or a replacement Customer Agreement has
not been executed) within sixty (60) days after the end of such one hundred twenty (120) day period or (y) the applicable Provider has
determined that such Customer Agreement should be written off in accordance with its Management Standard.“Defaulted Project Certificate”
shall mean a certificate from an Authorized Officer of the Co-Borrowers in the form attached to a Transfer Date Certificate, containing
(a) a comprehensive report of each Eligible Project that became a Defaulted Project and Defaulted Project Prepayment during the quarterly
period ending on the applicable Calculation Date and (b) the Co-Borrowers’ good faith, detailed calculation of (i) the Default
Rate during the applicable calendar year and since January 1, 2019 and (ii) the Defaulted Project Prepayment, together with such changes
thereto as the Administrative Agent may from time to time reasonably request for the purpose of monitoring the Co-Borrowers’ compliance
with Section 3.03(b).

 

    
	 	18	Credit Agreement

     

    

 

“Defaulted Project
Prepayment” shall mean, in respect of any Payment Date, the mandatory prepayment payable on such applicable Payment Date in
accordance with Section 3.03(b).

 

“Defaulted REC Contract”
shall mean any Eligible REC Contract with respect to which a default has occurred pursuant to the terms of such contract and such default
has not been cured within any applicable grace period.

 

“Defaulting Lender”
shall mean a Lender that (a) has defaulted in its obligations to fund any Loan or otherwise failed to comply with its obligations
under Section 2.01 or Section 2.02, unless (x) such default or failure is no longer continuing or has been cured within
ten (10) days after such default or failure or (y) such Lender notifies the Administrative Agent and the Co-Borrowers in writing
that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions
precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has
notified the Co-Borrowers and/or the Administrative Agent that it does not intend to comply with its obligations under Section 2.01
or Section 2.02 or has made a public statement to that effect unless such Lender notifies the Administrative Agent and the Co-Borrowers
in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each
of which conditions precedent shall be specifically identified in such writing) has not been satisfied or (c) has, or has a direct
or indirect parent company that, other than via an Undisclosed Administration (as defined below) (i) has become the subject of a proceeding
under any Debtor Relief Laws, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for
the benefit of creditors or similar Person charged with reorganization or liquidation of its business or Assets, including the Federal
Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) has become the subject
of a Bail-In Action; provided that, for the avoidance of doubt, a Lender shall not be a Defaulting Lender solely by virtue of the
ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority.
For purposes of this definition, “Undisclosed Administration” means, in relation to a Lender or its direct or indirect parent
company that is a solvent person, the appointment of a receiver, custodian, conservator, trustee, administrator or similar Person by a
supervisory authority or regulator under or based on the law in the country where such Lender or such parent company is subject to home
jurisdiction, if applicable law requires that such appointment not be disclosed. Notwithstanding anything to the contrary in this definition
of “Defaulting Lender”, if NY Green Bank has satisfied its obligations to make loans to Spruce NYGB Borrower in accordance
with the NY Green Bank Credit Agreement, Spruce NYGB Borrower shall not be a Defaulting Lender to the extent of NY Green Bank’s
outstanding loans and commitments to make loans under the NY Green Bank Credit Agreement, as such amounts may be certified to the Administrative
Agent from time to time by NY Green Bank or Spruce NYGB Borrower.

 

    
	 	19	Credit Agreement

     

    

 

“Deficient Project”
shall mean a Project that is a “Deficient Project” (as such term or any similarly defined term is defined in the applicable
Purchase Agreement for such Project).

 

“Depository Agent”
shall mean BankUnited N.A, and its successors and assigns in such capacity in accordance with the Depository Agreement.

 

“Depository Agreement”
shall mean the Depository Agreement dated as of the Closing Date, among the Co-Borrowers, the Administrative Agent, the Collateral Agent
and the Depository Agent.

 

“Distribution Conditions”
shall have the meaning given to them in the Depository Agreement.

 

“Distribution Trap”
shall occur at any time where the Distribution Conditions are not satisfied as of the most recent Payment Date.

 

“Distribution Trap
Account” shall have the meaning given to such term in the Depository Agreement.

 

“Dollars”
shall mean U.S. dollars.

 

“Drawing”
shall mean a drawing on a Letter of Credit by the beneficiary thereof.

 

“Drawing Payment”
shall mean a payment in U.S. Dollars by the relevant Issuing Bank of all or any part of the Stated Amount in conjunction with a Drawing
under any Letter of Credit.

 

“Early Amortization
Period” shall have the meaning given to such term in the Depository Agreement.

 

“Economic Interest”
shall mean the direct or indirect ownership by one Person of Capital Stock in another Person. A Person who directly holds all of the Capital
Stock of another Person is understood to hold an Economic Interest of one hundred percent (100%) in such other Person. For purposes
of determining the Economic Interest of one Person in another Person where there are one or more other Persons in the chain of ownership,
the Economic Interest of the first Person in the second Person shall be deemed proportionately diluted by Economic Interests of less than
one hundred percent (100%) held by such other Persons in the chain of ownership. For example, if Company A owns eighty percent (80%) of
the Capital Stock of Company B, which in turn owns eighty percent (80%) of the partnership interests in Partnership C, which in turn
owns fifty percent (50%) of the Capital Stock in Company D, then Company A would have an Economic Interest in Company D of thirty-two
percent (32%).

 

“EEA Financial Institution”
shall mean (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.

 

    
	 	20	Credit Agreement

     

    

 

“EEA Member Country”
shall mean any member state of the European Union, Iceland, Liechtenstein and Norway.

 

“EEA Resolution Authority”
shall mean any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country
(including nay delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Effectiveness Date”
shall mean the date on which all conditions precedent set forth in Section 8.01 have been satisfied or waived in writing by the
Administrative Agent (acting on the instructions of all Lenders and the Issuing Banks).

 

“Effectiveness Date
Funds Flow Memorandum” shall have the meaning given to such term in Section 8.01(a)(xiii).

 

“Eligible Additional
Opco Amendment Documentation” shall have the meaning given to such term in Section 3.13(b).

 

“Eligible Additional
Opco Model” shall have the meaning given to such term in Section 3.1.3(c)(iii).

 

“Eligible Additional
Opco Party” shall have the meaning given to such term in Section 3.13(b).

 

“Eligible Assignee”
shall mean any Person that is a commercial bank, insurance company, investment or mutual fund or other Person that is an “accredited
investor” (as defined in Regulation D of the Securities Act of 1933, as amended) or otherwise has a tangible net worth
not less than two hundred fifty million Dollars ($250,000,000).

 

“Eligible Customer
Agreement” shall mean a Customer Agreement in the form of one of the agreements provided by the Co-Borrowers to the Administrative
Agent and the Lenders prior to the Effectiveness Date or such other form of agreement as reasonably approved by the Administrative Agent
(acting on the instructions of the Required Lenders) in writing, which forms may be modified in a manner permitted under the Tax Equity
Documents to (a) comply with Law or to qualify for an applicable solar incentive program (provided such changes do not reallocate
risk to the Opco, Holdco or any of their Affiliates and otherwise could not reasonably be expected to have a Material Adverse Effect or
a material adverse effect on compliance by any Opco with consumer leasing and protection Law), (b) incorporate nonsubstantive or
immaterial changes reasonably agreed with a Customer or (c) incorporate such changes as approved by the Administrative Agent acting
on the instructions of the Required Lenders.

 

    
	 	21	Credit Agreement

     

    

 

“Eligible Project”
shall mean a Project installed on a primary, secondary or townhome dwelling that is owned by an Opco and (a) has been Placed in Service,
(b) is not (i) a Defaulted Project or (ii) the subject of any Customer Event described in clauses (a), (b),
(e) and (f) of the definition thereof, (c) is not the subject of a Prepaid Customer Agreement, (d) is not a Deficient
Project and (e) has (x) in the case of Projects other than Acquired Greenbacker Projects, otherwise met the qualification requirements
for the purchase of such Project as of the time of sale to the applicable Opco pursuant to the applicable Purchase Agreement, including
that the Customer under the Customer Agreement for such Project has a minimum FICO® Score of 650 (except in the case of (i) a Project
owned by a Tax Equity Opco, to the extent of any departure in accordance with Prudent Industry Practices for which a waiver was given
by the applicable Tax Equity Member and (ii) an Acquired Kismet Project, in each case where the applicable impact thereof has been incorporated
into the Base Case Model in a manner reasonably acceptable to the Administrative Agent) or (y) in the case of Acquired Greenbacker Projects,
notwithstanding the qualification requirements for the purchase of such Project as of the time of sale to the applicable Opco pursuant
to the applicable Purchase Agreement, that the Customer under the Acquired Greenbacker Customer Agreement for such Project has a minimum
FICO® Score of 620 (except in the case of a Project owned by a Tax Equity Opco, to the extent of any departure in accordance with
Prudent Industry Practices for which a waiver was given by the applicable Tax Equity Member).

 

“Eligible RECs”
shall mean all RECs sold under Eligible REC Contracts.

 

“Eligible REC Contract”
shall mean collectively and individually, as the context may require (a) each Short Hills REC Contract so long as it is not a Defaulted
REC Contract and the REC Purchaser thereunder is a Qualified REC Purchaser and (b) each Skyview REC Contract so long as it is not a Defaulted
REC Contract and Skyview Finance Company satisfies the conditions in clause (b) of the definition of Qualified REC Purchaser, together
in each case with any credit support agreements and documents, including any letters of credit, guarantees or collateral documents, provided
in connection therewith.

 

“Eligible REC Event”
shall mean the early termination of any Eligible REC Contract (including, but not limited to, as a result of the occurrence of a default
thereunder) without a replacement Eligible REC Contract being entered into within five (5) Business Days in respect of the Eligible RECs
subject to such terminated Eligible REC Contract, regardless of whether or not any Relevant Party is entitled to or actually receives
a termination payment from the REC Purchaser in connection with such termination.

 

“Eligible REC Event
Certificate” shall mean a certificate from an Authorized Officer of the Co-Borrowers in the form attached to a Transfer Date
Certificate, containing (a) a comprehensive report of each Eligible REC Event occurring during the quarterly period ending on the
applicable Calculation Date and (b) the Co-Borrowers’ good faith, detailed calculation of the Eligible REC Event Prepayment,
together with such changes thereto as the Administrative Agent may from time to time reasonably request for the purpose of monitoring
the Co-Borrowers’ compliance with Section 3.03(b).

 

“Eligible REC Event
Prepayment” shall mean, in respect of any Payment Date, the mandatory prepayment payable on such applicable Payment Date in
accordance with Section 3.03(b).

 

    
	 	22	Credit Agreement

     

    

 

“Eligible Revenues”
shall mean operating revenue from (a) Eligible Projects consisting of payments by Customers pursuant to the applicable Customer Agreement
and PBI Payments and (b) Eligible REC Contracts.

 

“Employee Benefit Plan”
shall mean any employee pension benefit plan within the meaning of Section 3(2) of ERISA (excluding any Multiemployer Plan) which
is subject to Title IV of ERISA or to Section 412 of the Code.

 

“Energy”
shall mean physical electric energy, expressed in megawatt hours or kilowatt hours (“kWh”), of the character that passes
through transformers and distribution or transmission wires, where it eventually becomes alternating current electric energy delivered
at nominal voltage.

 

“Environmental Laws”
shall mean all present and future Laws pertaining to or imposing liability or standards of conduct concerning environmental protection,
human health and safety, contamination or clean-up or the use, handling, generation, Release or storage of Hazardous Material, including,
without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, the Resource Conservation
and Recovery Act, as amended, the Emergency Planning and Community Right-to-Know Act of 1986, as amended, the Hazardous Substances
Transportation Act, as amended, the Solid Waste Disposal Act, as amended, the Clean Water Act, as amended, the Clean Air Act, as amended,
the Toxic Substances Control Act, as amended, the Safe Drinking Water Act, as amended, the Occupational Safety and Health Act, as amended
(to the extent relating to human exposure to Hazardous Materials), the National Environmental Policy Act, as amended, and all analogous
state or local statutes, (including, with respect to the Projects located in the State of New York, the New York State Environmental Quality
Review Act, as amended), any state superlien Law and environmental clean-up Laws and all regulations adopted in respect of the foregoing
Laws whether now or hereafter in effect.

 

“ERISA” shall
mean the Employee Retirement Income Security Act of 1974, as amended or as may be amended from time to time.

 

“ERISA Affiliate”
shall mean, in relation to any Person, any other Person under common control with the first Person, within the meaning of Section 4001(a)(14)
of ERISA or Section 414 of the Code.

 

“Erroneous Payment”
has the meaning assigned to it in Section 10.12(a).

 

“Erroneous Payment
Notice” has the meaning assigned to it in Section 10.12(b).

 

“ESE” shall
mean Solar Services Experts, LLC, a Delaware limited liability company.

 

“ESE Assignment Agreement”
shall mean that certain Assignment Agreement, substantially in the form attached as Exhibit R, to be entered into among KPS, KWPS
and ESE pursuant to which KPS and KWPS will assign their rights and obligations under certain Maintenance Service Agreements to ESE.

 

    
	 	23	Credit Agreement

     

    

 

“EU Bail-In Legislation
Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person)
from time to time.

 

“Event of Default”
shall have the meaning given to such term in Section 9.01.

 

“Event of Loss”
shall mean (a) an event which causes all or a material portion of an Asset of a Relevant Party to be damaged, destroyed or rendered
unfit for normal use for any reason whatsoever (including any covered loss under a casualty insurance policy) and (b) any compulsory
transfer or taking, or transfer under threat of compulsory transfer, of any Asset of a Relevant Party pursuant to the power of eminent
domain, condemnation or otherwise.

 

“Event of Loss Project”
shall have the meaning given to such term in the definition of “Customer Event.”

 

“Excluded Prepaid Customer
Agreement” shall mean all Prepaid Customer Agreements where the applicable prepayment of energy or lease payments under such
Customer Agreement is payable prior to or upon the respective Project associated with such Customer Agreement being Placed in Service.

 

“Excluded Prepaid Projects”
shall mean all Projects subject to an Excluded Prepaid Customer Agreement.

 

“Excluded Property”
shall mean:

 

(a)  all
cash proceeds from any upfront solar energy incentive programs, including proceeds pursuant to the California Solar Initiative (which
are not subject to state income tax), or any other state or local solar power incentive program which provides incentives that are substantially
similar to those provided under the California Solar Initiative (and which are similarly not subject to state income tax);

 

(b)  all
cash proceeds from any state income tax credit, including proceeds pursuant to the refundable Hawaii Energy Tax Credits;

 

(c)  RECs
and all revenues and proceeds of RECs, but specifically excluding (i) Eligible RECs to the extent not sold under the Eligible REC Contracts,
(ii) all revenues and proceeds from Eligible REC Contracts (including any settlement amount or termination payments) and (ii) any amounts
payable by the applicable Opco to a Holdco under the REC Purchase Agreement (including any settlement amounts or any termination payments),
in each case which shall form part of the Collateral;

 

(d)  all
cash proceeds from any Excluded Prepaid Customer Agreements; and

 

(e)  prior
to the termination of the Sungevity Greenwich Master Lease, all assets of Sungevity Greenwich Lessor;

 

(f)  after
the exercise by lessor of the purchase option pursuant to Section 10.2 of the Sungevity Greenwich Master Lease, all assets and rights
of Sungevity Greenwich Lessor required to be assigned to lessee pursuant to Section 10.2 of the Sungevity Greenwich Master Lease; and

 

    
	 	24	Credit Agreement

     

    

 

(g)  Released
Collateral.

 

“Excluded Taxes”
shall mean any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment
to any 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 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 or Commitment pursuant to a Law in effect on the date after the
Closing Date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request
by the Co-Borrowers under Section 3.10(b)) or (ii) such Lender changes its Lending Office, except in each case to the extent
that, pursuant to Section 3.09(a), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately
before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable
to such Recipient’s failure to comply with Section 3.09(e) and (d) any U.S. federal withholding Taxes imposed pursuant
to FATCA.

 

“Exempt Customer Agreements”
shall mean (a) any Customer Agreement which has unpaid Rents that are 120 days or more past due, (b) any Customer
Agreement where (i) the Customer’s interest in the underlying host Property for the applicable Project has been sold or otherwise
transferred without either the Customer purchasing the Project or the new owner assuming such Customer Agreement and (ii) the applicable
Provider reasonably determines that the current Customer will not make any purchase payment due under the Customer Agreement and the new
owner will refuse to assume such Customer Agreement but for a Payment Facilitation Agreement in respect thereof, (c) any Customer
Agreement subject to a dispute between a Co-Borrower and the Customer which, in light of the facts and circumstances known at the time
of such dispute, the Provider reasonably determines the Customer under such Customer Agreement could reasonably be expected to stop making
Rent payments due under the Customer Agreement but for a Payment Facilitation Agreement, or (d) any Customer Agreement which has
a Customer that has become eligible for and is receiving an income-qualified discount on his or her electricity rate from the applicable
local utility.

 

“Existing Credit Agreement”
shall have the meaning given to such term in the recitals.

 

“Existing NYGB Subsidiaries”
shall mean Spruce NYGB Owner 2 and Spruce NYGB Manager 2.

 

“Existing Term Lenders”
shall have the meaning given to such term in the recitals.

 

“Existing Term Loans”
shall have the meaning given to such term in the recitals.

 

    
	 	25	Credit Agreement

     

    

 

“Expiration Date”
shall mean, with respect to any Letter of Credit, the date of the expiration set forth therein.

 

“Facility”
shall mean each of (a) the Term Loan Commitments and the Term Loans made hereunder and (b) the LC Commitments and the LC Exposure
hereunder.

 

“FATCA” shall
mean (i) 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, (ii)
any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the U.S. and any other
jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in (i) above, (iii) any agreements
entered into pursuant to Section 1471(b)(1) of the Code and (iv) any other agreement pursuant to the implementation of any treaty, law
or regulation referred to in (i) or (ii) above with any Governmental Authority in the U.S. or any other jurisdiction.

 

“Federal Funds Effective
Rate” means, for any period, a fluctuating interest rate equal for each day during such period to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is
not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent
and from three Federal funds brokers of recognized standing selected by the Administrative Agent.

 

“Fee Letter”
shall mean, collectively, (a) the fee letter among the Sponsors, the Initial Co-Borrowers, ING Capital LLC and Silicon Valley Bank, dated
as of the Closing Date, (b) the fee letter among the Initial Co-Borrowers and KeyBank National Association, dated as of the Closing Date,
(c) the fee letter among the Co-Borrowers, certain Lenders and the Issuing Banks, dated as of the Effectiveness Date, and (c) any other
fee letter entered into by the Co-Borrowers and a Lender Party in connection with this Agreement (including in connection with a Term
Loan Commitment Increase in accordance with Section 2.05).

 

“FERC” shall
mean the Federal Energy Regulatory Commission, and any successor authority.

 

“FICO® Score”
shall mean, in respect of any Customer, a credit score obtained from (a) Experian Information Solutions, Inc., (b) Transunion,
LLC or (c) Equifax Inc., in each case, as obtained on or about the date such Customer entered into, or took an assignment of, such
Customer Agreement.

 

“Final Determination”
shall mean the earliest of the following to occur: (a) a decision, judgment, decree or other order by any court of competent jurisdiction,
which decision, judgment, decree or other order has become final after all allowable appeals (other than appeals to the United States
Supreme Court) by the parties to the action have been exhausted or the time of filing such appeals has expired, (b) any final settlement
entered in connection with any administrative or judicial proceeding (including under Section 7121 of the Code), (c) a decision by all
of the parties hereto not to pursue an appeal or other proceeding, (d) the expiration of time for instituting a claim for refund, or if
such claim was filed, the expiration of time for instituting a suit with respect thereto, or (e) the expiration of the time for instituting
a suit with respect to a claimed deficiency.

 

    
	 	26	Credit Agreement

     

    

 

“Financial Statements”
shall mean in relationship to any Person, its consolidated statements of operations and members’ equity, statements of cash flow
and balance sheets.

 

“Firstar”
shall mean Firstar Development, LLC.

 

“Fitch” shall
mean Fitch, Inc.

 

“Foreign Lender”
shall mean a Lender that is not a U.S. Person.

 

“FPA” shall
mean the Federal Power Act, as amended, and FERC’s regulations thereunder.

 

“Funding Account”
shall have the meaning given to such term in the Depository Agreement.

 

“GAAP” shall
mean United States Generally Accepted Accounting Principles.

 

“Governmental Authority”
shall mean with respect to any Person, any supra-national, national, federal or state or local government or other political subdivision
thereof or any entity, including any regulatory or administrative authority, agency, department or court or central bank, exercising executive,
legislative, judicial, taxing, regulatory or administrative or quasi-administrative functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central Bank).

 

“Grant” shall
mean a cash grant under section 1603 of the American Recovery and Reinvestment Tax Act of 2009, as amended.

 

“Greenday I”
shall have the meaning given to such term in the preamble.

 

“Guarantor”
shall mean each wholly-owned Subsidiary of a Co-Borrower other than (a) a Holding and (b) for so long as the Sungevity Greenwich Master
Lease is in effect, Sungevity Greenwich Lessor.

 

“Guaranty and Security
Agreement” shall mean individually or collectively, as the context requires that certain Amended and Restated Guaranty and Security
Agreement dated as of the Effectiveness Date by and among the Holdcos, the Wholly-Owned Opcos (other than a Co-Borrower) and the Collateral
Agent for the benefit of the Secured Parties

 

“Hazardous Material”
shall mean any pollutant, contaminant or hazardous or toxic substance, material or waste that is regulated by or forms the basis of liability
now or hereafter under, any Environmental Law, including any (a) petroleum, petroleum hydrocarbons, petroleum products, crude oil or any
fraction or by-product derivatives; (b)  flammable substances, explosives or radioactive materials; (c) asbestos or asbestos-containing
materials in any form; (d)  polychlorinated biphenyls; and (e) any other radioactive, hazardous, toxic or noxious substance, material,
pollutant, emission or discharge or contaminant that, whether by its nature or its use, is subject to regulation or giving rise to liability
or obligation under any Environmental Law.

 

    
	 	27	Credit Agreement

     

    

 

“Hedge Profile Repayment
Date” shall mean the date upon which the Term Loans are shown to be finally repaid under the Base Case Model based on the assumption
that all Cash Available for Debt Service is applied from the Maturity Date to pay Debt Service and otherwise prepay the Term Loans.

 

“Holdco Membership
Interests” shall mean all the outstanding limited liability company interests issued by the Holdcos (including all Economic
Interests and Voting Rights).

 

“Holdcos”
shall mean each Kilowatt Holdco, Volta Holdco II and each Additional Holdco.

 

“Holding Membership
Interests” shall mean all the outstanding limited liability company interests issued by the Holdings (including all Economic
Interests and Voting Rights).

 

“Holdings”
shall mean Volta Holding II, each Existing NYGB Subsidiary and each Additional Holdings.

 

“HPS” shall
mean HPS Investment Partners, LLC.

 

“Indebtedness”
shall mean, for any Person, without duplication: (a) all indebtedness of such Person for borrowed money, for amounts drawn under
a letter of credit, or for the deferred purchase price of Property for which such Person or its Assets is liable, (b) all unfunded
amounts under a loan agreement, letter of credit, surety bond or other similar instrument (unless secured in full by cash), or other credit
facility for which such Person would be liable if such amounts were advanced thereunder, (c) all amounts required to be paid by such
Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests
and any other payment required to be made in respect of any equity interests in any Person or rights or options to acquire any equity
interests in any Person, but excluding any distributions required to be made (i) in respect of the outstanding class A membership
interests issued by the Tax Equity Opcos or (ii) to a Co-Borrower or any Subsidiary in respect of the outstanding Opco Membership
Interests, Holdco Membership Interests or Holding Membership Interests, (d) all obligations (including all amounts to be capitalized)
under leases that constitute capital leases for which such Person is liable, (e) all obligations of such Person under interest rate
swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise,
as borrower, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss, (f) all
obligations of such Person under conditional sale or other title retention agreements relating to Property or Assets acquired by such
Person (even though the rights of the seller or lender thereunder may be limited in recourse), and (g) all guarantees of such Person
in respect of any of the foregoing. The Indebtedness of a Person shall include the Indebtedness of any partnership in which such Person
is a general partner, other than to the extent that the instrument or agreement evidencing such Indebtedness expressly limits the liability
of such Person in respect thereof.

 

    
	 	28	Credit Agreement

     

    

 

“Indemnified Amounts”
shall have the meaning given to such term in Section 3.08.

 

“Indemnified Taxes”
shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation
of the Co-Borrowers under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

 

“Indemnitee”
shall have the meaning given to such term in Section 3.08(a).

 

“Independent”
shall mean, when used with respect to any specified Person, that such Person (a) is in fact independent of each of the Relevant Parties
and any Affiliate thereof, (b) does not have any direct financial interest or any material indirect financial interest in any of
the Relevant Parties or any Affiliate thereof and (c) is not connected with any of the Relevant Parties or any Affiliate thereof
as an officer, employee, member, manager, contractor, promoter, underwriter, trustee, partner, director or person performing similar functions.

 

“Independent Engineer”
shall mean DNV GL or any other Person from time to time appointed by the Administrative Agent to act as “Independent Engineer”
for the purposes of this Agreement.

 

“Ineligible Customer
Reassignment” shall mean a Customer Agreement has been assigned and the assignee Customer has a FICO® Score of less than 650
as of the date of such assignment.

 

“Information”
shall have the meaning given to such term in Section 4.25(a).

 

“Initial Additional
LC Commitment” shall have meaning giving to such term in the Recitals.

 

“Initial Additional
Projects” shall have the meaning given to such term in the Recitals.

 

“Initial Additional
Term Loans” shall have the meaning given to such term in Section 2.01(a)(i).

 

“Initial Additional
Term Loan Commitment” shall have meaning giving to such term in the Recitals.

 

“Initial Increasing
Lenders” shall mean a Lender with an Initial Additional Term Loan Commitment, which as of the Effectiveness Date is as set forth
on Schedule 2.01.

 

“Initial Term Loan
Commitment” shall have the meaning given to such term in the Recitals.

 

    
	 	29	Credit Agreement

     

    

 

“Insurance Consultant”
shall mean STANCE Renewable Risk Partners LLC or any other Person from time to time appointed by the Administrative Agent to act as “Insurance
Consultant” for the purposes of this Agreement.

 

“Insurance Policies”
shall have the meaning given to such term in Section 5.12(a).

 

“Intercompany Creditors”
shall mean HPS and each subsidiary and Affiliate of HPS party to the Intercompany Financing Agreement as a lender or other provider of
credit thereunder.

 

“Intercompany Financing
Agreement” shall mean that certain Second Amended and Restated Financing Agreement, dated as of June 7, 2019, among the Pledgors,.,
as borrowers, Kilowatt, Volta MH Owner II and other guarantors from time to time party thereto, the lenders from time to time party thereto,
and HPS, as collateral agent and administrative agent, as amended, restated, supplemented or otherwise modified from time to time.

 

“Intercompany Guaranty”
shall mean those guaranties granted by each of the Initial Co-Borrowers under and pursuant to the Intercompany Financing Agreement.

 

“Intercompany Guaranty
Subordination Agreement” shall mean that certain Subordination and Waiver Agreement, dated as of the Closing Date, among the
Intercompany Creditors, the Initial Co-Borrowers, and the Collateral Agent.

 

“Interest Period”
shall mean, for each Payment Date, the period from and including the preceding Payment Date (or, with respect to the initial such period,
the date on which the Lenders make the amount of their Term Loans available to the Administrative Agent pursuant to Section 2.01(d)(i))
to but excluding such Payment Date.

 

“Interest Rate Determination
Date” shall mean, with respect to any Interest Period, the second Business Day prior to the commencement of such Interest Period.

 

“Interest Rate Hedging
Agreement” shall mean any Swap Agreement entered into by any Co-Borrower in the ordinary course of business and not for speculative
purposes in order to effectively cap, collar or exchange interest rates (from floating to fixed rates) with respect to any interest-bearing
liability or investment of such Co-Borrower.

 

“Investment Company
Act” shall mean the United States Investment Company Act of 1940, as amended or as may be amended from time to time.

 

“Involuntary Bankruptcy”
shall mean any involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar Law now or hereafter
in effect, in which any Sponsor or any Relevant Party is a debtor or any Assets of any such entity is property of the estate therein.

 

“IRS” means
the United States Internal Revenue Service.

 

“Increasing Lender”
shall have the meaning given to such term in Section 2.05(d)(v).

 

    
	 	30	Credit Agreement

     

    

 

“Increasing Lender
Confirmation” shall have the meaning given to such term in Section 2.05(b).

 

“Issuing Banks”
shall mean (a) ING Capital LLC, (b) Silicon Valley Bank and (c) each other LC Lender as the Co-Borrowers may from time to time select
as an Issuing Bank hereunder (provided that such LC Lender meets the Credit Requirements, shall be reasonably acceptable to the
Administrative Agent and has agreed to be an Issuing Bank hereunder in a writing reasonably satisfactory to the Administrative Agent),
each in its capacity as an issuer of Letters of Credit hereunder, in either case together with its permitted successors and assigns in
such capacity.

 

“ITC” shall
mean the 30% investment tax credit under Section 48 of the Code.

 

“ITC Basis Notification”
shall mean the receipt by any Relevant Party or any Affiliate thereof of (a) any notification of any audit, examination, administrative
proceeding or investigation by any Governmental Authority, or any “Information Document Request” or similar information or
document request from the IRS or the Treasury, concerning the fair market value or eligible basis of any solar projects any Opco acquired,
sold, leased, developed, constructed or operated or (b) written guidance directed to any Relevant Party or any Affiliate thereof from
the IRS or the Treasury setting forth recommended values for any solar projects any Opco acquired, sold, leased, developed, constructed
or operated.

 

“Kilowatt Holdcos”
shall mean Ampere Holdco II, Ampere Holdco III, Ampere Holdco IV and any Additional Holdcos directly or indirectly owned by Kilowatt Systems.

 

“Kilowatt OBS”
shall mean Kilowatt OBS Owner I, LLC, a Delaware limited liability company.

 

“Kilowatt Opco”
shall mean each of Kilowatt Systems, Ampere Owner I, Ampere Owner II, Ampere Tenant II, Ampere Owner III, Ampere Tenant III, Ampere Owner
IV, PV-OBS, Kilowatt OBS, and each Additional Opco directly or indirectly owned by Kilowatt Systems.

 

“Kilowatt Managing
Member Membership Interests” shall mean all the outstanding managing member membership interests issued by the Kilowatt Tax
Equity Opcos (including all Economic Interests and Voting Rights applicable to the managing member).

 

“Kilowatt Opco Membership
Interests” shall mean (a) all of the outstanding membership interests in each Kilowatt Wholly-Owned Opco, (b) all of the Kilowatt
Managing Member Membership Interests and (c) all other membership interests issued by a Kilowatt Opco that have been acquired by a Kilowatt
Holdco or where the Tax Equity Member has withdrawn (including all acquired Economic Interests and Voting Rights).

 

“Kilowatt REC Purchase
Agreements” means individually and collectively (i) the Skyview REC Contracts; (ii) the REC Purchase Agreement, by and between
Kilowatt Systems and ORE F4 ProjectCo, LLC, dated as of March 5, 2020; (iii) the REC Purchase Agreement, by and between Kilowatt Systems
and ORE F5A ProjectCo, LLC, dated as of March 5, 2020; (iv) the REC Purchase Agreement, by and between Kilowatt Systems and ORE F6 ProjectCo,
LLC, dated as of March 5, 2020; and (v) the REC Purchase Agreement, by and between Kilowatt Systems and SunServe Residential Solar I,
LLC, dated as of March 5, 2020.

 

    
	 	31	Credit Agreement

     

    

 

“Kilowatt Systems”
shall have the meaning given to such term in the preamble.

 

“Kilowatt Tax Equity
Opcos” shall mean each Kilowatt Opco that is not a Kilowatt Wholly-Owned Opco.

 

“Kilowatt Transfer
Agreement” shall mean that certain Membership Interest Assignment, dated as of the Effectiveness Date, among Kilowatt Systems,
Spruce Holding 1, Spruce Holding 2, Ampere Holdco I and Ampere Tenant I.

 

“Kilowatt Wholly-Owned
Opco” shall mean each of (a) PV-OBS, (b) Kilowatt OBS, (c) Ampere Owner I, and (d) any other Kilowatt Opco where all its issued
membership interests are directly and/or indirectly owned by Kilowatt Systems including after the buy-out or withdrawal of the applicable
Tax Equity Member from such Kilowatt Opco or, in the case of each Ampere Owner its associated Ampere Tenant.

 

“Kismet Consulting”
shall have the meaning given to such term in the preamble.

 

“Knowledge”
whenever used in this Agreement or any of the Loan Documents, or in any document or certificate executed pursuant to this Agreement or
any of the Loan Documents, (whether by use of the words “knowledge” or “known”, or other words of similar meaning,
and whether or not the same are capitalized), shall mean, with respect to a Sponsor Party or any Relevant Party: (a) actual knowledge
(which shall be deemed to include knowledge that would have been discovered after reasonable inquiry) of the Chief Executive Officer,
Chief Financial Officer, and General Counsel of a Sponsor or any Authorized Officer of a Relevant Party, and (b) actual knowledge
(which shall be deemed to include knowledge that would have been discovered after reasonable inquiry) of those officers, employees or
other persons of the Manager responsible for the day-to-day administration of the Projects or charged with effecting the duties on behalf
of the Manager set forth in the Management Agreement, and the individuals who have responsibility for any policy making, major decisions
or financial affairs, or primary management or supervisory responsibilities, of any Sponsor Party or any Relevant Party. Each Co-Borrower
shall cause each of its Subsidiaries and the Manager to promptly notify such Co-Borrower of any event or circumstance that would require
such Co-Borrower to provide notice to a Lender Party under the Loan Documents upon Knowledge of such Co-Borrower. Any notice delivered
to the Sponsor or any Relevant Party (including to the Manager as their agent) by a Secured Party shall provide such Person with Knowledge
of the facts included therein.

 

“KSS” shall
mean Kilowatt Solar Services, LLC a Delaware limited liability company.

 

“KWPS” shall
mean Kilowatt Payment Services, LLC, a Delaware limited liability company.

 

“KWS 1” shall
mean KWS Solar Term Borrower 1 LLC, a Delaware limited liability company.

 

    
	 	32	Credit Agreement

     

    

 

“KWS 2” shall
mean KWS Solar Term Borrower 2 LLC, a Delaware limited liability company.

 

“KWS 3” shall
mean KWS Solar Term Borrower 3 LLC, a Delaware limited liability company.

 

“Laws” shall
mean, collectively, all international, foreign, Federal, state and local statutes, common law, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by
any Governmental Authority, and all applicable administrative orders, decrees, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.

 

“LC Application”
shall mean an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the
applicable Issuing Bank, together with a Notice of LC Activity.

 

“LC Availability Period”
shall mean the period from the Closing Date to 30 days prior to the Maturity Date.

 

“LC Commitment”
shall mean, as to each LC Lender, its obligation to make an LC Loan to the Co-Borrowers pursuant to Section 2.02 in an aggregate
principal amount of such LC Lender’s Initial LC Commitment and Additional LC Commitment; provided, that the aggregate principal
amount of the LC Lenders’ LC Commitments on the Effectiveness Date shall not exceed $14,158,756.

 

“LC Commitment Fee”
shall mean an amount equal to the product of 0.5% per annum and the average unused LC Commitment (regardless of whether any
conditions for issuance, extension or increase of the Stated Amount of a Letter of Credit could then be met and determined as of the close
of business on any date of determination), for each day from the Closing Date through the expiration or earlier termination of the LC
Availability Period.

 

“LC Documents”
shall mean, as to any Letter of Credit, each LC Application and any other document, agreement and instrument entered into by the applicable
Issuing Bank and the Co-Borrowers or in favor of such Issuing Bank and relating to such Letter of Credit.

 

“LC Exposure”
shall mean, with respect to any LC Lender as of the date of determination, the sum of the aggregate amount of all participations by that
Lender in (a) the Stated Amount of all Letters of Credit issued and outstanding at such time that have not been Cash Collateralized,
plus (b) the aggregate amount of all unreimbursed Drawing Payments made in respect of Letters of Credit at such time, plus
(c) the aggregate outstanding principal amount of all LC Loans at such time.

 

“LC Lender”
shall mean a Lender with an LC Commitment, which as of the Effectiveness Date is as set forth on Schedule 2.01.

 

“LC Loan”
shall have the meaning set forth in Section 2.02(c)(ii).

 

    
	 	33	Credit Agreement

     

    

 

“Lender”
shall have the meaning given to such term in the preamble hereto and shall include any Term Lender and LC Lender (other than any Person
that has ceased to be a party hereto pursuant to an Assignment and Assumption) and any other Person that shall have become a party hereto
as a Lender pursuant to an Assignment and Assumption.

 

“Lender Parties”
shall mean any Agent, each Lender and the Issuing Banks.

 

“Lending Office”
shall mean, with respect to each Lender, such Lender’s address and, as appropriate, account on file with the Administrative Agent,
or such other address or account as such Lender may from time to time notify to the Administrative Agent.

 

“Letter of Credit”
shall mean a standby letter of credit substantially in the form of Exhibit O-1 or Exhibit O-2 governed by the laws
of the State of New York and issued by the Issuing Bank under the total aggregate LC Commitment pursuant to Section 2.02(a)(i).

 

“LIBOR” shall
mean, for any Interest Period, the rate per annum equal to the London Interbank Offered Rate, or a comparable or successor rate
which rate is determined by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially
available source providing such quotations as may be designated by the Administrative Agent from time to time an (“Alternate
Source”)) at or about 11:00 a.m., London time, on the Interest Rate Determination Date, for Dollar deposits with a term equivalent
to such Interest Period; provided that, with respect to any Interest Period for which the rate referenced in the preceding clause
is not available, the Interpolated Screen Rate as of 11:00 a.m., London, England time on the Interest Rate Determination Date, for a period
comparable to the Interest Period of that Loan; provided, further, that: (a) to the extent a comparable or successor
rate is designated by the Administrative Agent in connection herewith, the designated rate shall be applied in a manner consistent with
market practice; and provided, further, that to the extent such market practice is not administratively feasible for the
Administrative Agent, such rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent and (b) if
LIBOR as so calculated shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. For purposes of this definition,
“Interpolated Screen Rate” means the rate which results from interpolating on a linear basis between: (i) the rate
referenced in the first clause of this definition for the longest period (for which such rate is available) which is less than such Interest
Period; and (ii) such rate for the shortest period (for which such rate is available) which exceeds such Interest Period.

 

“LIBOR Loan”
shall mean a Loan that bears interest at a rate based on LIBOR.

 

“Lien” shall
mean, with respect to any Property or Assets, any lien, hypothecation, encumbrance, assignment for security, charge, mortgage, pledge,
security interest, conditional sale or other title retention agreement or similar lien.

 

“Limited Liability
Company Agreement” shall mean the respective limited liability company agreement or operating agreement of each Co-Borrower,
Wholly-Owned Opco and each Tax Equity Opco.

 

“Loan Commitment Increase”
shall have the meaning given to such term in Section 2.05(a).

 

    
	 	34	Credit Agreement

     

    

 

“Loan Commitment Increase
Notice” shall have the meaning given to such term in Section 2.05(a).

 

“Loan Documents”
shall mean, collectively, this Agreement, the Notes, if any, each Fee Letter, the Collateral Documents, the Secured Interest Rate Hedging
Agreements, each Backup Servicer Agreement and Transition Management Agreement, the Intercompany Guaranty Subordination Agreement, any
Additional Term Loan Joinder Agreement and all other documents, agreements or instruments executed in connection with the Obligations.
For the avoidance of doubt, the term “Loan Documents” shall not include the Portfolio Documents.

 

“Loan Increase Date”
shall have the meaning given to such term in Section 2.05(a).

 

“Loan Parties”
shall mean each Co-Borrower, each Pledgor, each Holding and each Guarantor.

 

“Loans” shall
mean the Term Loans and the LC Loans.

 

“Lockbox Account”
shall mean a deposit account or securities account in the name of an Opco into which all Rents and other operating revenues paid to such
Opco shall be deposited.

 

“Loss Proceeds”
shall mean all amounts and proceeds (including instruments) from an Event of Loss received by the Loan Parties, including, without limitation,
insurance proceeds or other amounts actually received, except proceeds of business interruption insurance.

 

“Maintenance Services
Agreements” shall mean individually and collectively, as the context requires, (a) each agreement listed on Schedule 4.25(e),
(b) any Additional Maintenance Services Agreement and (c) any replacement thereof in form and substance satisfactory to the Administrative
Agent.

 

“Major Decision”
shall mean, as to each Opco, any of the decisions contemplated to be made in any of the Limited Liability Company Agreements which require
a vote by or the consent or approval of all or a supermajority or majority of the members or the Tax Equity Members of the applicable
Opco.

 

“Major Maintenance
Reserve Account” shall have the meaning given to it in the Depository Agreement.

 

“Management Agreement”
shall mean the Management Agreement among the Manager, KSS, KWPS, ESE, and the Co-Borrowers, dated on or about the Closing Date, and each
renewal or replacement thereof in a form and substance acceptable to the Administrative Agent entered into with the Manager in accordance
with the terms and conditions hereof.

 

“Management Consent
Agreement” shall mean the Management Consent and Agreement dated as of the Closing Date by and among the Manager, the Co-Borrowers
and the Collateral Agent.

 

    
	 	35	Credit Agreement

     

    

 

“Management Standard”
shall mean, with respect to a Provider, the requirement for such Provider to perform its duties in accordance with applicable Law and
in accordance with Prudent Industry Practice.

 

“Manager”
shall mean ESE or a replacement manager as may hereafter be charged with management of the Co-Borrowers and the Subsidiaries in accordance
with the terms and conditions hereof and the other Loan Documents.

 

“Managing Member Membership
Interests” shall mean all of the outstanding managing member membership interests issued by the Tax Equity Opcos (including
all Economic Interests and Voting Rights applicable to the managing member).

 

“Master Turnkey Installation
Agreement” shall mean, with respect to a Project, the master turnkey installation agreement executed in respect of such Project
by an Affiliate of the Sponsors and an installer, the rights as to which are assigned to a Subsidiary with respect to a specific Project
under a bill of sale, but shall not include any rights or obligations under a master turnkey installation agreement to the extent such
rights or obligations are related to any other Projects not owned by an Opco.

 

“Material Adverse Effect”
shall mean, (a) a material adverse effect upon the business, operations, Property, Assets or condition (financial or otherwise) of
any Co-Borrower or any Loan Party, or (b) the material impairment of the ability of any Loan Party or any Sponsor Party to perform
its obligations under any Loan Document, (c) a material adverse effect on the legality, validity or enforceability of any of the
(i) Loan Documents or the rights and remedies of any Secured Party under any of the Loan Documents (including the validity, perfection
or priority of the Collateral Agent’s Liens on the Collateral) or (ii) Limited Liability Company Agreements or Sponsor Guaranties,
or (d) a material adverse effect on the use, value or operation of the Projects owned or leased by the Opcos taken as a whole.

 

“Maturity Date”
shall mean April 30, 2026.

 

“Maximum Rate”
shall have the meaning given to such term in Section 11.18.

 

“Membership Interests”
shall mean the Borrower Membership Interests, the Holding Membership Interests, the Holdco Membership Interests and the Opco Membership
Interests.

 

“Model Auditor”
shall mean Novogradac & Company LLP or any other Person from time to time appointed by the Administrative Agent to act as “Model
Auditor” for the purposes of this Agreement.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc.

 

“Multiemployer Plan”
shall mean a “multiemployer plan” as defined in Section 3(37) or Section 4001(a)(3) of ERISA.

 

“Net Available Amount”
shall mean, with respect to (a) any Asset sale by a Relevant Party or (b) the issuance or incurrence of any Indebtedness by
any Relevant Party, the sale proceeds, debt proceeds or other amounts received in connection therewith net of any (i) such sale proceeds,
debt proceeds or other amounts required to be allocated to a Tax Equity Member pursuant to a Tax Equity Document and (ii) reasonable
and documented transaction or collection expenses (as applicable).

 

    
	 	36	Credit Agreement

     

    

 

“New Lender”
shall have the meaning given to such term in Section 2.05(c).

 

“Non-Agreed System
Services” shall, with respect to a Project, have the meaning given to it in each applicable Maintenance Services Agreement or,
if not defined in such Maintenance Service Agreement, mean any services relating to such Project that are outside the scope of services
to be provided by the Provider under such Maintenance Service Agreement.

 

“Non-Consenting Lender”
shall mean any Lender that does not approve any consent, waiver or amendment that, in each case, (a) requires the approval of all
Lenders or all affected Lenders in accordance with the terms of Section 11.01 and (b) otherwise has been approved by the Required
Lenders.

 

“Non-Routine Services”
shall, with respect to a Project, have the meaning given to it in each applicable Maintenance Services Agreement or, if not defined in
such Maintenance Service Agreement, mean any non-routine services relating to such Project described under such Maintenance Service Agreement.

 

“Non-Routine Services
Account” shall mean (a) each “Non-Routine Services Account”, “Non-Agreed Services Account” or similar
such accounts as described and/or defined in the applicable Tax Equity Documents for each Tax Equity Opco and (b) the Spruce Non-Routine
Services Account.

 

“Note” shall
have the meaning given to such term in Section 2.04.

 

“Notice of LC Activity”
shall have the meaning set forth in Section 2.02(b)(i).

 

“NY Green Bank”
shall mean NY Green Bank, a division of the New York State Energy Research & Development Authority, or any Governmental Authority
of New York State or any entity closely affiliated with a Governmental Authority of New York State that succeeds (including by assignment)
to NY Green Bank’s rights and obligations under the NY Green Bank Credit Agreement.

 

“NY Green Bank Credit
Agreement” shall mean that certain Credit Agreement, dated as of April 29, 2019, between Spruce NYGB Borrower, as borrower,
and NY Green Bank, as lender.

 

“NY Green Bank Termination
Notice” shall mean a notice from NY Green Bank to the Administration Agent confirming that the “Debt Termination Date”
under the NY Green Bank Credit Agreement has occurred.

 

“Obligations”
shall mean the principal amount of the Loans, accrued interest thereon and all advances to, fees, costs, expenses and debts, liabilities,
obligations, covenants and duties of, any Loan Party arising under any Loan Document (including the Secured Hedging Obligations, any premium,
reimbursements, Drawing Payments, damages, expenses, fees, costs, charges, disbursements, indemnities, and other liabilities) or otherwise
with respect to any Loan, Letter of Credit or Secured Interest Rate Hedging Agreement, in each case whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest
that would accrue on any of the foregoing during the pendency of any bankruptcy or related proceeding with respect to any Loan Party.

 

    
	 	37	Credit Agreement

     

    

 

“Officer’s Certificate”
shall mean a certificate signed by any Authorized Officer of a Co-Borrower and delivered to the Administrative Agent.

 

“OID” shall
have the meaning given to such term in Section 3.09(g).

 

“Opco” shall
mean each Kilowatt Opco, Volta Solar Owner II, Greenday Finance I, Kismet and each Additional Opco.

 

“Opco Membership Interests”
shall mean (a) all of the Wholly-Owned Membership Interests, (b) all of the Managing Member Membership Interests and (c) all other membership
interests issued by an Opco that have been acquired by a Holdco or where the Tax Equity Member has withdrawn (including all acquired Economic
Interests and Voting Rights).

 

“Opco Representations”
shall mean the representations set forth in Annex B-1.

 

“Operating Account”
shall have the meaning given to such term in the Depositary Agreement.

 

“Operating Budget”
shall mean the operating budget for the Relevant Parties set out under Section 5.01(e)(i) and as approved when required by the
Administrative Agent.

 

“Operating Expenses”
shall mean for any applicable period, all expenses and other amounts in the nature of expenses incurred by the Co-Borrowers, the Wholly-Owned
Opcos and, except (in order to avoid double counting) where used in the definition of “Cash Available for Debt Service,” the
other Opcos during that period on a cash basis, including (without duplication) (a) payments under the Management Agreement, Backup
Servicer Agreements, the Maintenance Services Agreements and the other Project Documents (including, without duplication, all Services
Fees, amounts funded into any Non-Routine Services Account and capital expenditures but, to avoid double counting, excluding Service Fees
paid with amounts disbursed from a Non-Routine Services Account), (b) payments to comply with Laws (including Environmental Laws),
(c) insurance premiums to the extent not covered in the Services Fees under the Maintenance Services Agreements, (d) Taxes (including
payments in lieu of taxes), and (e) any other fee, cost and expense incurred in connection with (i) ownership, leasing and operation
of the Projects held by the Wholly-Owned Opcos and, except (in order to avoid double counting) where used in the definition of “Cash
Available for Debt Service,” the other Opcos and (ii) the ownership of the Membership Interests (including Additional Expenses
and fees, costs, indemnities and expenses payable to the Secured Parties pursuant to Section 4.02(b)(i) of the Depository Agreement),
but excluding (A) Debt Service and (B) expenses and amounts in the nature of expenses which are paid with the proceeds of Excluded
Property or a contribution by or on behalf of the Sponsors or Pledgors as required pursuant to the Cash Diversion Guaranty.

 

    
	 	38	Credit Agreement

     

    

 

“Operating Revenues”
shall mean for any applicable period, all Borrower Collections during that period on a cash basis but excluding (without duplication)
any Borrower Collections consisting of, or derived from, the following:

 

(a)  any
capital contribution or any other amounts contributed to the Relevant Parties by the Sponsors, the Pledgors or their Affiliates;

 

(b)  the
proceeds of the Loans or any other Indebtedness incurred by a Relevant Party;

 

(c)  any
net payments to the Co-Borrowers under an Interest Rate Hedging Agreement;

 

(d)  the
proceeds of the sale, assignment or other disposition of any Collateral or other Asset of a Relevant Party (other than (i) ordinary
course sales of power or the leasing of a photovoltaic system pursuant to the Customer Agreements and (ii) PBI Payments);

 

(e) proceeds
of any Customer Event, Defaulted Project or Defaulted REC Contract, including any termination payment, elective prepayment or purchase
payments;

 

(f)  Loss
Proceeds and any other insurance proceeds (other than business interruption proceeds) and proceeds of any warranty claims arising from
manufacturer, installer and other warranties;

 

(g)  any
other proceeds or other amounts that are required to be mandatorily prepaid pursuant to Section 3.03; and

 

(h)  any
Excluded Property and the proceeds thereof.

 

“Operating Services
Agreement” shall mean individually and collectively, as the context requires, (a) the agreements listed on Schedule 4.25(h),
(b) each Additional Operating Services Agreement and (c) any replacement thereof or any additional operating services agreement in form
and substance satisfactory to the Administrative Agent.

 

“Other Connection Taxes”
shall mean, 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 solely 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 or Loan Document).

 

“Other Taxes”
shall mean 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 3.10(b)).

 

    
	 	39	Credit Agreement

     

    

 

“P50 Production”
shall mean the production volume based on the P50 one (1) year confidence levels for Eligible Projects in the Project Pool reflected in
the Base Case Model.

 

“Participant”
shall have the meaning given to such term in Section 11.05(d)(i).

 

“Participant Register”
shall have the meaning given to such term in Section 11.05(d)(ii).

 

“Party” shall
mean each of the Co-Borrowers, the Lenders, the Administrative Agent and the Issuing Banks.

 

“PATRIOT Act”
shall have the meaning given to such term in Section 11.12.

 

“Payment Date”
shall mean (a) each January 31, April 30, July 31 and October 31 of each year falling after the date hereof, or if any such day is not
a Business Day, the immediately preceding Business Day and (b) the Maturity Date.

 

“Payment Facilitation
Agreement” shall have the meaning given to such term in Section 6.10(a)(i).

 

“PBI Documents”
shall mean, in respect of a Project located in Connecticut or Colorado, (a) all applications, forms and other filings required to
be submitted to a PBI Obligor in connection with the performance based incentive program maintained by such PBI Obligor and the procurement
of PBI Payments and (b) all approvals, agreements and other writings evidencing (i) that all conditions to the payment of PBI
Payments by the PBI Obligor have been met, (ii) that the PBI Obligor is obligated to pay PBI Payments and (iii) the rate and
timing of such PBI Payments.

 

“PBI Obligor”
shall mean Xcel Energy, Inc., in relation to Projects located in Colorado, and the Clean Energy Finance and Investment Authority, in relation
to Projects located in Connecticut and, in each case, any successor to such Persons that is a utility or Governmental Authority maintaining
or administering a renewable energy program designed to incentivize the installation of photovoltaic systems and use of solar generated
electricity that has approved and is obligated to make PBI Payments to the owner of the related photovoltaic system.

 

“PBI Payments”
shall mean, with respect to a Project located in Connecticut or Colorado and the related PBI Documents, all payments due by the related
PBI Obligor under or in respect of such PBI Documents.

 

“Permits”
shall mean any and all franchises, licenses, leases, permits, approvals, notifications, certifications, registrations, authorizations,
exemptions, qualifications, easements, rights of way, Liens and other rights, privileges and approvals required to be obtained from a
Governmental Authority under any Law, rule or regulation (including those required to interconnect a Project to the applicable distribution
or transmission grid).

 

“Permitted Indebtedness”
shall have the meaning given to such term in Section 6.01.

 

    
	 	40	Credit Agreement

     

    

 

“Permitted Liens”
shall mean:

 

(a) Liens
imposed by any Governmental Authority for taxes, assessments or other governmental charges (i) that are not yet due or (ii) that
are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted (and enforcement of such Lien
shall have been stayed) so long as (A) such proceeding shall not involve any material risk of the sale, forfeiture or loss of any
part of any Project and shall not interfere with the use or disposition of any Project and (B) the payment thereof is fully covered
by adequate reserves in accordance with GAAP, bonds or other security.

 

(b) mechanics’,
materialmen’s, repairmen’s and other similar liens arising in the ordinary course of business or incident to the construction,
improvement or restoration of a Project in respect of obligations (i) that are not yet due or (ii) that are being contested
in good faith by appropriate proceedings promptly instituted and diligently conducted (and enforcement of such Lien shall have been stayed)
so long as (A) such proceedings shall not involve any material risk of forfeiture, sale or loss of any part of such Project and shall
not interfere with the use or disposition of any Project, and (B) the payment thereof is fully covered by adequate reserves in accordance
with GAAP, bonds or other security;

 

(c) minor
defects, easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and that are
not incurred to secure Indebtedness and encumbrances, licenses, restrictions on the use of Property or minor imperfections in title that
do not materially impair the Property affected thereby for the purpose for which title was acquired or interfere with the operation and
maintenance of a Project;

 

(d) judgment
Liens that (i) do not involve any material risk of the sale, forfeiture or loss of any part of any Project and do not interfere with
the use or disposition of any Project, (ii) are being contested in good faith and by appropriate appeal or review proceedings (and
execution thereof is stayed pending such appeal or review), (iii) the payment thereof is fully covered by adequate reserves in accordance
with GAAP, bonds or other security and (iv) could not reasonably be expected to result in an Event of Default;

 

(e) deposits
or pledges required to secure the performance of statutory obligations, appeals, supersedes and other bonds in connection with judicial
or administrative proceedings and other obligations of a like nature not in excess of $50,000 in the aggregate;

 

(f) zoning,
entitlement, conservation restrictions and other land use and environmental Laws by Governmental Authorities that do not involve any material
risk of the sale, forfeiture or loss of any part of any Project and do not interfere with the use or disposition of any Project, and provided
that the relevant owner of legal title to a Project is not in violation thereof;

 

(g) statutory
Liens of banks (and rights of set off) not securing Indebtedness and incurred in the ordinary course of business;

 

(h) Liens
created pursuant to the Loan Documents;

 

    
	 	41	Credit Agreement

     

    

 

(i) in
respect of the Tax Equity Opcos only, Liens permitted under the terms of the Tax Equity Documents to the extent not included in clauses (a)
through (h) of this definition of “Permitted Liens” that (i) have been approved in writing by the Administrative
Agent or (ii) subject to Section 6.15, when taken together, could not reasonably be expected to result in a material adverse
effect upon the business, operations, Assets or condition (financial or otherwise) of any individual Tax Equity Opco; and

 

(j) in
respect of Sungevity Greenwich Lessor, Liens required to be granted to lessee under the terms of the Sungevity Greenwich Master Lease.

 

“Permitted REC Contract”
shall mean (i) any REC Contract (including any spot sale of RECs) entered into by an Opco or a Holdco with a REC Purchaser for the sale
of RECs; provided that (a) the RECs sold under such Permitted REC Contract shall be limited to the RECs actually produced
by the Projects owned by such Opco or Holdco and shall not include any RECs contracted to be sold under any other REC Contract, (b) the
RECs sold under such Permitted REC Contract shall be subject to an irrevocable forward transfer (or other equivalent transfer) in favor
of the REC Purchaser, (c) the recourse of the applicable REC Purchaser to such Opco or Holdco shall be expressly limited to the RECs
sold under such Permitted REC Contract and the proceeds thereof, (d) such Permitted REC Contract shall include a covenant from the
REC Purchaser not to petition for the bankruptcy of the applicable Opco or Holdco and (e) other than in respect of any spot sale
of RECs entered into in the ordinary course of business, no Default or Event of Default has occurred and is continuing at the time such
Permitted REC Contract is entered into; (ii) each Eligible REC Contract; and (iii) each Short Hills/Greenbacker Non-Financed REC Contract.

 

“Person”
shall mean any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company,
trust (including any beneficiary thereof), unincorporated organization, or government or any agency or political subdivision thereof.

 

“Placed in Service”
shall mean, in respect of a Project, that it has been placed in service for U.S. federal tax purposes, including that it has been placed
in a condition or state of readiness and availability for its specifically assigned function of generating electricity from solar energy
and specifically that (a) all necessary Permits for operating such Project have been obtained (including permission to operate from
the applicable local utility), (b) all critical tests necessary for proper operation of such Project have been performed, (c) legal
title to such Project is held by a Subsidiary (and title and control of such Project has been handed over by the installer under the applicable
installation agreement), (d) initial synchronization of such Project to the grid has occurred and (e) daily operation of such
Project has begun.

 

“Plan” shall
mean an “employee benefit plan” within the meaning of Section 3(3) of ERISA which is subject to Title I of ERISA;
a plan, individual retirement account or other arrangement that is subject to Section 4975 of the Code or provisions under any Similar
Laws; and an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement.

 

    
	 	42	Credit Agreement

     

    

 

“Pledge Agreement”
shall mean that certain Amended and Restated Pledge Agreement dated as of the Effectiveness Date by and between the Pledgors and the Collateral
Agent for the benefit of the Lenders, with respect to the Borrower Membership Interests.

 

“Pledge and Security
Agreement” shall mean that certain Amended and Restated Pledge and Security Agreement dated as of the Effectiveness Date by
and among the Co-Borrowers and the other Loan Parties party thereto and the Collateral Agent for the benefit of the Lenders.

 

“Pledgor”
and “Pledgors” shall mean KWS 1, KWS 2 and KWS 3, individually and collectively, as the context may require.

 

“Portfolio Documents”
shall mean (a) the Project Documents, (b) the Tax Equity Documents, (c) the Management Agreement, (d) the Operating Services
Agreement, (e) the CPFAM Guaranty Agreement, (f) the Consumer Servicing Agreements. (g) each Eligible REC Contract, (h) the Sungevity
Greenwich Lessor Master Lease and (g) the Wholly-Owned Documents.

 

“Portfolio Value”
shall mean, as of the date of determination, the remaining present value of the projected Cash Available for Debt Service from the Eligible
Projects and Eligible REC Contracts, and Operating Expenses from all other Projects, in the Project Pool as set forth in the Base Case
Model (updated as of such determination date) for each quarterly payment period during the remaining term of the Customer Agreements (not
to exceed 20 years and assuming no contract renewals), discounted at the higher of (a) six percent (6%) per annum and (b)
the swapped interest rate of the Loans plus the Applicable Margin.

 

“Prepaid Customer Agreement”
shall mean a Customer Agreement with respect to which the amounts due from the Customer over the initial term of such Customer Agreement
in respect of the delivery of Energy, or the lease of the Project, have been prepaid.

 

“Prime Lending Rate”
shall mean the rate which the Administrative Agent or one of its bank affiliates announces from time to time as its prime lending rate,
the Prime Lending Rate to change when and as such prime lending rate changes. The Prime Lending Rate is a reference rate and does not
necessarily represent the lowest or best rate actually charged to any customer by the Administrative Agent or its bank affiliates, which
may make commercial loans or other loans at rates of interest at, above or below the Prime Lending Rate.

 

“Project”
shall mean a residential photovoltaic system including photovoltaic panels, racking systems, wiring and other electrical devices, conduit,
weatherproof housings, hardware, inverters, remote operating equipment, connectors, meters, disconnects, over current devices and battery
storage (including any replacement or additional parts included from time to time) and, unless the context otherwise requires a reference
to such residential photovoltaic system only, shall include the applicable Customer Agreement and PBI Documents related to such photovoltaic
system and all other related rights, Permits and manufacturer, installer and other warranties applicable thereto.

 

“Project Default Rate”
shall mean, from the Closing Date through the date of calculation, a ratio, expressed as a percentage, the numerator of which is the number
of Projects owned by the Opcos that became Defaulted Projects during such period and the denominator of which is the number of Eligible
Projects owned by the Opcos during such period.

 

    
	 	43	Credit Agreement

     

    

 

“Project Default Rate
Threshold” shall mean, for any period ending on a Calculation Date, a Project Default Rate of 0.4% per annum calculated
on a cumulative basis for each such period from the Closing Date through such Calculation Date.

 

“Project Documents”
shall mean (a) each Customer Agreement (including any Payment Facilitation Agreement), (b) all PBI Documents and (c) each Master
Turnkey Installation Agreement.

 

“Project Information”
shall mean the information listed on Schedule A, to be provided and updated in connection with each Project owned by the Opcos
in accordance with Section 8.01 and the Eligible Additional Opco Amendment Documentation.

 

“Project Pool”
shall mean all the Projects owned by the Opcos.

 

“Project Release Conditions”
shall mean, with respect to a Project requested by the Co-Borrowers to be released from the Collateral pursuant to Section 3.13(a),
the following:

 

(a) such
Project is owned by a Wholly-Owned Opco;

 

(b) no
Default or Event of Default has occurred and is continuing;

 

(c) after
taking into account the release of such Project, except for Customers subject to a Prepaid Customer Agreement or an Acquired Kismet Customer
Agreement the capacity weighted average FICO® Score of all Customers party to a Customer Agreement is no less than 750;

 

(d) after
taking into account the release of such Project, all Released Projects shall represent no more than twenty percent (20%) of the then-current
aggregated installed capacity of the Project Pool; and

 

(e) the
Co-Borrowers are in pro forma compliance with the Debt Sizing Parameters immediately before and after giving effect to the release of
such Projects.

 

“Project State”
shall mean each state of the United States of America listed under Schedule 4.23(m).

 

“Project Transfer Agreement”
shall mean individually and collectively, as the context requires, each “Assignment, Assumption and Transfer Agreement” providing
for the transfer of Projects to a Tax Equity Opco which have been sold pursuant to a Capital Contribution Agreement or a Master Purchase
Agreement, as applicable, inclusive of all supplements thereto in respect of the Projects in the Project Pool, including any Additional
Project Transfer Agreement.

 

“Property”
shall mean any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible.

 

    
	 	44	Credit Agreement

     

    

 

“Provider”
shall mean, individually and collectively, any providers, under any Maintenance Services Agreement, Operating Services Agreement, Consumer
Servicing Agreement, including any back-to-back provider, or any replacement provider appointed in accordance with the terms and conditions
herein, which as of the Effectiveness Date is ESE.

 

“Prudent Industry Practices”
shall mean, with respect to any Project, those practices, methods, acts, equipment, specifications and standards of safety and performance,
as they may change from time to time, that (a) are commonly used to own, manage, repair, operate, maintain and improve distributed
solar energy generating facilities and associated facilities of the type that are similar to such Project, safely, reliably, prudently
and efficiently and in material compliance with applicable requirements of Law and manufacturer, installer and other warranties and (b) are
consistent with the exercise of the reasonable judgment, skill, diligence, foresight and care expected of a distributed solar energy generating
facility operator or manager in order to accomplish the desired result in material compliance with applicable safety standards, applicable
requirements of Law, manufacturer, installer and other warranties and the applicable Customer Agreement, in each case, taking into account
the location of such Project, including climate change-related, environmental and general conditions. “Prudent Industry Practices”
are not intended to be limited to certain practices or methods to the exclusion of others, but are rather intended to include a broad
range of acceptable practices, methods, equipment specifications and standards used in the photovoltaic solar power industry during the
relevant time period.

 

“PUHCA” shall
mean the Public Utility Holding Company Act of 2005, as amended, and FERC’s regulations thereunder.

 

“Purchase Agreements”
shall mean individually and collectively, as the context requires, (a) each “Master Development, Purchase and Sale Agreements”,
“Capital Contribution Agreements” or other purchase agreements listed on Schedule 4.25(c) and Schedule 4.25(d)
and (b) each Additional Purchase Agreement.

 

“PV-OBS”
shall mean Spruce PV-OBS Systems, LLC, a Delaware limited liability company.

 

“Qualified REC Purchaser”
shall mean any REC Purchaser that has received a credit rating from one or more of S&P or Moody’s and neither such credit rating
is respectively lower than BBB- or Baa3 or, if such Person has a credit rating from one or more of S&P or Moody’s respectively
lower than BBB- or Baa3, such Person’s obligations under the REC Contract are guaranteed by an Acceptable REC Guaranty from a Person
who has received a credit rating from one or more of S&P or Moody’s, neither of which is respectively lower than BBB- or Baa3;
provided that Skyview Finance Company shall be a “Qualified REC Purchaser” for purposes of this Agreement and the other Loan
Documents as long as it has provided a letter of credit from an Acceptable Bank in form and substance satisfactory to the Administrative
Agent, to support its obligations under the Skyview REC Contract and such letter of credit is in full force and effect.

 

“Qualifying Facility”
shall mean a “qualifying facility” as defined in the regulations of FERC at 18 C.F.R. § 292.101(b)(1) that also
qualifies for the regulatory exemptions from the FPA set forth at 18 C.F.R. § 292.601(c), including the exemption from regulation
under Sections 205 and 206 of the FPA set forth at 18 C.F.R. § 292.601(c)(1), the regulatory exemptions from PUHCA
set forth at 18 C.F.R. § 292.602(b) and the exemptions from certain state laws and regulations set forth at 18 C.F.R. §
292.602(c).

 

    
	 	45	Credit Agreement

     

    

 

“REC” shall
mean a renewable energy certificate representing any and all environmental credits, benefits, emissions reductions, offsets and allowances,
howsoever entitled, that are created or otherwise arise from a Project’s generation of electricity, including, but not limited to,
a solar renewable energy certificate issued to comply with a state’s renewable portfolio standard and in each case resulting from
the avoidance of the emission of any gas, chemical, or other substance attributable to the generation of solar energy by a Project (including
renewable energy credits sold under a forward sale agreement), but specifically excluding any and all production tax credits, investment
tax credits, grants in-lieu of tax credits and other tax benefits and any performance based incentives paid under a program maintained
or administered by a PBI Obligor (including any renewable energy certificates that are the basis for PBI Payments or to which a PBI Obligor
is given title to under a performance based incentive program).

 

“REC Contract”
shall mean a contract for the purchase of RECs and/or the related Reporting Rights.

 

“REC Contract Consent”
shall mean for each Eligible REC Contract requiring the consent of the REC Purchaser for the collateral assignment of such contract to
the Collateral Agent, a consent to collateral assignment in form and substance satisfactory to the Administrative Agent and the Collateral
Agent.

 

“REC Purchase Agreement”
shall mean individually and collectively, as the context requires (a) the REC Purchase Agreement dated as of October 11, 2013 between
Ampere Owner II and Ampere Holdco II, (b) the REC Purchase Agreement dated as of April 23, 2014 between Ampere Owner III and Ampere Holdco
III. (c) the REC Purchase Agreement dated as of October 30, 2015 between Ampere Owner IV and Ampere Holdco IV and (d) the Kilowatt REC
Purchase Agreements.

 

“REC Purchaser”
shall mean the purchaser of RECs and/or the related Reporting Rights under a REC Contract.

 

“Recapture End Date”
shall mean, in respect of any Opco, the end of the applicable Recapture Period for the last Project owned or leased by such Opco to be
Placed in Service.

 

“Recapture Period”
shall mean, in respect of a Project, the period from the Closing Date through the fifth anniversary of the date that the applicable Project
is Placed in Service.

 

“Recipient”
shall mean (a) an Agent, (b) any Lender, (c) an Issuing Bank or (d) any other Secured Party, as applicable.

 

“Register”
shall have the meaning given to such term in Section 11.05(c).

 

    
	 	46	Credit Agreement

     

    

 

“Reimbursement Date”
shall have the meaning set forth in Section 2.02(c)(ii).

 

“Related Party”
shall mean, with respect to any Person, each of such Person’s Affiliates and the partners, directors, officers, employees, agents,
trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Release”
shall mean any disposing, discharging, injecting, spilling, leaking, leaching, dumping, pumping, pouring, emitting, escaping, emptying,
seeping, migrating, placing and the like, into, under, through or upon any land or water or air, or otherwise entering into the environment,
or the threat thereof.

 

“Released Collateral”
shall mean a Released Project or Released Guarantor Collateral.

 

“Released Guarantor
Collateral” shall have the meaning given to such term in Section 3.12(a).

 

“Released Project”
shall have the meaning given to such term in Section 3.12(a).

 

“Relevant Member Action”
means, with respect to any matter relating to a Tax Equity Opco with respect to which the organizational documents of such Tax Equity
Opco (or any other contract, agreement, or instrument) grant voting, approval or consent rights to the related Holdco, or otherwise provide
such Holdco with the ability, or otherwise permit such Holdco, to cause such Tax Equity Opco to take, or restrict such Tax Equity Opco
from taking, any action, the exercise by any Loan Party, in its capacity as sole member of the related Holdco, of such voting, approval,
consent or other rights; provided that for purposes of Article V, if any voting, approval, or consent is required to be taken pursuant
to the organizational documents of such Tax Equity Opco, the applicable Holdco’s fiduciary duties (to the extent applicable given
any elections set forth in such organizational documents) or as otherwise required by applicable Laws, the “Relevant Member Action”
shall be deemed to have been taken; provided further, that for purposes of Article VII, if any voting, approval, or consent
is required to be taken pursuant to the organizational documents of such Tax Equity Opco, the applicable Holdco’s fiduciary duties
(to the extent applicable given any elections set forth in such organizational documents) or as otherwise required by applicable Laws,
the “Relevant Member Action” shall not be deemed to have been taken.

 

“Relevant Party”
shall mean each of the Loan Parties and the Opcos.

 

“Removed Loan Parties”
shall mean Volta Owner I, Spruce Holding 1, Spruce Holding 2, Spruce Owner 1, Spruce Owner 2, Ampere Holdco I, and Ampere Tenant I.

 

“Rents” shall
mean the monies owed to the applicable Relevant Party by the Customers pursuant to the Customer Agreements, including any lease payments
under any solar lease agreement and power purchase payments under any solar power service agreement or solar power purchase agreement
that is a Customer Agreement.

 

“Replaced Hedge Provider”
shall have the meaning given to such term in Section 3.10(b).

 

    
	 	47	Credit Agreement

     

    

 

“Replacement Hedge
Provider” shall have the meaning given to such term in Section 3.10(b).

 

“Reporting Right”
shall mean the right of a Person that owns a REC to report that it owns such REC (a) to any Governmental Authority or other Person
under any emissions trading or reporting program, public or private, having jurisdiction over, or otherwise charged with overseeing or
reviewing the activities of, such Person in respect of such REC, and (b) to customers or potential customers for the purposes of
marketing and advertising.

 

“Required Additional
Reserve Amount” shall mean, as of any date of determination, the Required Additional Reserve Amount as set forth on Annex
D and calculated in accordance with the term set forth therein.

 

“Required Facility
Lenders” shall mean, with respect to any Facility, at least two Lenders (or all Lenders if there is only one Lender), other
than Defaulting Lenders, representing more than 50% of the Commitments, Loans and LC Exposure, as the case may be, outstanding under
such Facility.

 

“Required Lenders”
shall mean at least two Lenders (or all Lenders if there is only one Lender), other than Defaulting Lenders, representing more than 50%
of the aggregate amount of (and for the avoidance of doubt, taken together) Commitments, Loans and LC Exposure outstanding.

 

“Required Major Maintenance
Reserve Amount” shall gave the meaning given to it in the Depositary Agreement.

 

“Resignation Effective
Date” shall have the meaning given to such term in Section 10.06(a).

 

“Resolution Authority”
shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Restricted Payment”
shall mean (a) any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, Property, securities or
a combination thereof, to an owner of a beneficial interest in such Person or otherwise with respect to any ownership or equity interest
or security in or of such Person and (b) any payments on subordinated debt contemplated by Section 6.01(d).

 

“S&P”
shall mean Standard & Poor’s Financial Services, LLC, a subsidiary of the McGraw-Hill Companies, Inc.

 

“Sanctioned Country”
shall mean any country or territory that is the subject of a general export, import, financial or investment embargo under any Sanctions.

 

“Sanctions”
shall mean economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by any Sanctions Authority.

 

    
	 	48	Credit Agreement

     

    

 

“Sanctions Authority”
shall mean (a) the United States, (b) the United Nations Security Council, (c) the European Union, (d) the United
Kingdom or (e) the respective governmental institutions of any of the foregoing including, without limitation, Her Majesty’s
Treasury, the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of Commerce, the U.S. Department
of State and any other agency of the U.S. government.

 

“Sanctions List”
shall mean any of the lists of specifically designated nationals or designated or sanctioned individuals or entities (or equivalent) issued
by any Sanctions Authority, each as amended, supplemented or substituted from time to time (including the list of Specially Designated
Nationals and Blocked Persons published by the Office of Foreign Assets Control of the U.S. Department of the Treasury).

 

“Secured Hedge Provider”
shall have the meaning given to such term in the Collateral Agency Agreement.

 

“Secured Hedging Obligations”
shall mean the obligations of the Co-Borrowers under the Secured Interest Rate Hedging Agreements.

 

“Secured Interest Rate
Hedging Agreement” shall mean each Interest Rate Hedging Agreement entered into by one or more Co-Borrowers with a Secured Hedge
Provider.

 

“Secured Party”
shall have the meaning given to such term in the Collateral Agency Agreement.

 

“Serial Defect”
shall have the meaning given to such term in the Depository Agreement.

 

“Services Fee”
shall mean for each Opco the sum of (a) the “Maintenance Services Fee” or “Routine Services Fee” as such term
is defined in the Maintenance Services Agreement for such Opco, or such other term used to describe periodic payments for included services
under the Maintenance Service Agreements for such Opco, and (b) any amounts paid to Provider under a Maintenance Services Agreement as
reimbursement for the Non-Routine Services or Non-Agreed System Services.

 

“Servicer Termination
Event” shall mean:

 

(a) failure
by the Provider or the Manager to make any payment, transfer or deposit required to be made under terms of Section 5.15, a Maintenance
Services Agreement or the Management Agreement within five (5) Business Days of the date required;

 

(b) failure
by the Manager to deliver the Manager’s report referred to in Section 5.01(a)(iii) or the Provider to deliver the Provider’s
reports referred to in Section 5.01(a)(iii) within ten (10) Business Days of date required to be delivered;

 

(c) an
event of default (howsoever described) or right or cause to remove the Provider or Manager arises under a Maintenance Services Agreement
or the Management Agreement;

 

    
	 	49	Credit Agreement

     

    

 

(d) an
event described in Section 9.01(e) or 9.01(f) occurs with respect to a Provider or the Manager;

 

(e) any
(i) representation or warranty made by the Provider or the Manager in the Maintenance Services Agreements or Management Agreement,
or any Financial Statement or certificate, report or other writing furnished pursuant thereto, or (ii) certificate, report, any Financial
Statement or other writing made or prepared by, under the control of or on behalf of the Provider or the Manager shall prove to have been
untrue or misleading in any material respect as of the date made; provided, however, that if any such misstatement is capable
of being remedied and has not caused a Material Adverse Effect, such Provider or Manager (as applicable) may correct such misstatement
by curing such misstatement (or the effect thereof) and delivering a written correction of such misstatement, in a form and substance
satisfactory to the Administrative Agent, within thirty (30) days of (x) obtaining Knowledge of such misstatement or (y) receipt
of written notice from a Relevant Party or the Administrative Agent of such default;

 

(f) the
Provider or the Manager ceases to be in business of monitoring or maintaining energy equipment of a type comparable to the Projects;

 

(g) at
all times that the Sponsor is the Provider or Manager, an Event of Default shall have occurred and is continuing;

 

(h) the
Debt Service Coverage Ratio is less than 1.05 to 1.00 on any Payment Date; and

 

(i) Termination
of a Maintenance Services Agreement by an Opco (including by a Tax Equity Member on its behalf) other than at its normal expiry date in
accordance with its terms.

 

“SHC 1” shall
mean Spruce Holding Company 1 LLC, a Delaware limited liability company.

 

“SHC 2” shall
mean Spruce Holding Company 2 LLC, a Delaware limited liability company.

 

“SHC 3” shall
mean Spruce Holding Company 3 LLC, a Delaware limited liability company.

 

“Short Hills/Greenbacker
Acquisition” shall mean the purchase by Kilowatt Systems (either directly or indirectly) of a portfolio of Projects pursuant
to (a) that certain Membership Interest Purchase Agreement, dated as of December 23, 2019, between ACM Sungevity VI Inc., as seller, and
Spruce Sequoia, LLC, as buyer; (b) that certain Membership Interest Purchase and Sale Agreement, dated as of March 5, 2020, among Greenbacker
Residential Solar, LLC, Greenbacker Residential Solar II, LLC, as sellers, and Kilowatt Systems, as buyer; (c) that certain Assignment
Agreement and Bill of Sale, by and between Kilowatt Systems and ORE Owner I, LLC, dated as of March 5, 2020; (c) that certain Assignment
Agreement and Bill of Sale, by and between Kilowatt Systems and Sungevity Citi Lessor, LLC, dated as of March 5, 2020; (d) that certain
Assignment Agreement and Bill of Sale, by and between Kilowatt Systems and Sungevity Greenwich, LLC, dated as of March 5, 2020; (e) that
certain Assignment Agreement and Bill of Sale, by and between Kilowatt Systems and Sungevity USB Residential 2010, LLC, dated as of March
5, 2020; (f) that certain Assignment Agreement and Bill of Sale, by and between Kilowatt Systems and Sungevity USB Residential 2011, LLC,
dated as of March 5, 2020; (g) that certain Assignment Agreement and Bill of Sale, by and between Kilowatt Systems and Sungevity USB Residential
2012, LLC, dated as of March 5, 2020; (h) that certain Transfer and Assignment Agreement, by and between Kilowatt Systems and Spruce Sequoia,
LLC, dated as of March 5, 2020; (i) that certain Transfer and Assignment Agreement, by and between Kilowatt Systems and ORE F4 Sponsor,
LLC, dated as of March 5, 2020; and (j) that certain Transfer and Assignment Agreement, by and between Kilowatt Systems and SunServe Resi
Solar Manager, LLC, dated as of March 5, 2020.

 

    
	 	50	Credit Agreement

     

    

 

“Short Hills/Greenbacker
Non-Financed REC Contract” shall mean (i) that certain Agreement for Purchase and Sale of Renewable Energy Certificates (NJ),
by and between ORE F4 Projectco, LLC and DTE Energy Trading, Inc., dated as of July 14, 2017; (ii) that certain Agreement for Purchase
and Sale of Renewable Energy Certificates (NJ), by and between ORE F6 Projectco, LLC and DTE Energy Trading, Inc., dated as of July 14,
2017; (iii) that certain Solar Renewable Energy Certificate Purchase and Sale Agreement, by and between ORE F4 Projectco, LLC and XE MA
REC SL, LLC, dated as of October 11, 2016; (iv) that certain Purchase and Sale of Solar Renewable Energy Certificates, by and between
ORE F4 Projectco, LLC and Noble Americas Gas & Power Corp., dated as of February 6, 2017; (v) that certain Agreement for Purchase
and Sale of New Jersey Renewable Energy Certificates, by and between ORE F4 Projectco, LLC and TransCanada Power Marketing Ltd., dated
as of March 16, 2017; and (vi) that certain Agreement for Purchase and Sale of New Jersey Renewable Energy Certificates, by and between
ORE F6 Projectco, LLC and TransCanada Power Marketing Ltd., dated as of March 17, 2017.

 

“Short Hills REC Contract”
shall mean individually and collectively, (a) the REC Purchase and Sale Agreement (MA), dated as of January 23, 2019, by and between ACM
Sungevity VI Inc. and CP Energy Marketing (US) Inc.; (b) the REC Purchase and Sale Agreement (MD), dated as of January 23, 2019, by and
between ACM Sungevity VI Inc. and CP Energy Marketing (US) Inc.; and (c) the REC Purchase and Sale Agreement (NJ), dated as of January
23, 2019, by and between ACM Sungevity VI Inc. and CP Energy Marketing (US) Inc., in each case as assigned to Kilowatt Systems by Spruce
Sequoia, LLC pursuant to that certain Assignment and Bill of Sale, dated as of March 5, 2020, between Spruce Sequoia, LLC and Kilowatt
Systems.

 

“Similar Law”
shall mean the provisions under any federal, state, local, non-U.S. or other Laws or regulations that are similar to the fiduciary responsibility
provisions of Title I of ERISA or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code.

 

“Skyview Credit Annex”
shall mean that certain Net Settlement and Credit Support Annex Agreement, dated as of March 5, 2020 between Kilowatt Systems and Skyview
Finance Company, LLC.

 

“Skyview REC Contracts”
shall mean (i) that certain Solar Renewable Energy Certificates (SRECs) Purchase and Sale Agreement (MA); (ii) that certain Solar Renewable
Energy Certificates (SRECs) Purchase and Sale Agreement (MD); and (iii) that certain Solar Renewable Energy Certificates (SRECs) Purchase
and Sale Agreement (NJ), each dated as of March 5, 2020 between Kilowatt Systems and Skyview Finance Company, LLC; and (iv) the Skyview
Credit Annex “Sponsor” and “Sponsors” shall mean SHC 1, SHC 2 and SHC 3, individually and collectively,
as the context shall require.

 

    
	 	51	Credit Agreement

     

    

 

“Sponsor Guaranty”
shall mean individually and collectively, (a) each guaranty in favor of a Tax Equity Member listed on Schedule 4.25(c) and (b)
each Additional Sponsor Guaranty.

 

“Sponsor Parties”
shall mean each Sponsor and each Manager and Provider that is an Affiliate of a Co-Borrower.

 

“Spruce Holding 1”
shall mean Spruce Manager Holding 1, LLC, a Delaware limited liability company.

 

“Spruce Holding 2”
shall mean Spruce Manager Holding 2, LLC, a Delaware limited liability company.

 

“Spruce Non-Routine
Services Account” shall have the meaning given to such term in the Depositary Agreement.

 

“Spruce NYGB Borrower”
shall mean Spruce NYGB Borrower, LLC, a Delaware limited liability company.

 

“Spruce NYGB Manager
2” shall mean Spruce Manager Holding 2 NYGB, LLC, Delaware limited liability company.

 

“Spruce NYGB Owner
2” shall mean Spruce MH Owner 2 NYGB, LLC, Delaware limited liability company.

 

“Spruce Owner 1”
shall mean Spruce MH Owner 1, LLC, a Delaware limited liability company.

 

“Spruce Owner 2”
shall mean Spruce MH Owner 2, LLC, a Delaware limited liability company.

 

“Standard Rate”
shall mean (a) for any Benchmark Loan, during each Interest Period applicable thereto, the per annum rate equal to the sum of the
then-current Benchmark plus the Applicable Margin and (b) for any Base Rate Loan, during each Interest Period applicable thereto,
the per annum rate equal to the sum of the Base Rate for such Interest Period plus the Applicable Margin.

 

“Standing Instructions”
shall have the meaning assigned to such term in Section 5.25(g).

 

    
	 	52	Credit Agreement

     

    

 

“Stated Amount”
shall mean, with respect to any Letter of Credit at any time, the total amount in U.S. Dollars available to be drawn under such Letter
of Credit (as reflected on Schedule 1 to such Letter of Credit) at such time.

 

“Subsidiaries”
shall mean each Holding, each Holdco and each Opco, and until their dissolution pursuant to Section 5.30, the Existing NYGB Subsidiaries.

 

“Sungevity Greenwich
Lessor” shall mean Sungevity Greenwich Lessor, LLC, a Delaware limited liability company.

 

“Sungevity Greenwich
Lessor Default” shall mean the occurrence of a Lessor Default under and as defined in the Sungevity Greenwich Master Lease.

 

“Sungevity Greenwich
Master Lease” shall mean that certain Master Lease Agreement, dated as of October 12, 2011 between Sungevity Greenwich Lessor,
as lessor, and RaboSolar I, LLC, as lessee.

 

“Sungevity Greenwich
Lessor Default Certificate” shall mean a certificate from an Authorized Officer of the Co-Borrowers attached to a Transfer Date
Certificate, containing the Co-Borrowers’ good faith, detailed calculation of the Sungevity Greenwich Lessor Default Prepayment.

 

“Sungevity Greenwich
Lessor Default Prepayment” shall mean, in respect of any Payment Date, the mandatory prepayment payable on such applicable Payment
Date in accordance with Section 3.03(b).

 

“Supermajority Lenders”
shall mean at least two Lenders (or all Lenders if there is only one Lender), other than Defaulting Lenders, representing more than 662⁄3%
of the aggregate amount of (and for the avoidance of doubt, taken together) Commitments, Loans and LC Exposure outstanding.

 

“Swap Agreement”
shall mean 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.

 

“Tax Equity Consent”
shall mean each Ampere Tax Equity Consent, each Volta Tax Equity Consent and each consent required to be delivered in connection with
an Additional Opco Approval pursuant to Section 3.12(c)(v).

 

“Tax Equity Documents”
shall mean for each Tax Equity Opco, the applicable Limited Liability Company Agreement, Purchase Agreement, Project Transfer Agreement,
Maintenance Services Agreement, Backup Servicer Agreement, Transition Management Agreement, each Sponsor Guaranty, each REC Purchase Agreement
and any other documents reflecting an agreement between a Sponsor (or any Affiliate of a Sponsor) and any of the Tax Equity Members relating
to such Tax Equity Members’ investment in a Project or a Tax Equity Opco.

 

    
	 	53	Credit Agreement

     

    

 

“Tax Equity Member”
shall mean, with respect to any Tax Equity Opco, a member of such Tax Equity Opco other than a Holdco. For the avoidance of doubt, each
of Ampere Tenant II and Ampere Tenant III is a “Tax Equity Member” of the applicable Ampere Owner.

 

“Tax Equity Opco”
shall mean each Opco that is not a Wholly-Owned Opco.

 

“Tax Equity Opco Audit”
shall mean (a) the Ampere I Audit or (b) any ITC Basis Notification (and the related audit, examination, administrative proceeding or
investigation) related to, or otherwise in connection with, either (i) a Tax Equity Opco or (ii) any solar projects acquired, sold, leased,
developed, constructed or operated by a Tax Equity Opco.

 

“Tax Equity Opco Covenants”
shall mean the covenants set forth in Annex B-2.

 

“Tax Equity Opco Model”
shall mean individually and collectively, as the context requires, each of the Ampere II Model, the Ampere III Model, the Ampere IV Model,
the Volta II Model and each Eligible Additional Opco Model.

 

“Tax Equity Opco Representations”
shall mean the representations set forth in Part 1 of Annex B-1.

 

“Tax Equity Withdrawal
Date” shall mean, with respect to a Tax Equity Opco, such date under the Tax Equity Documents for such Tax Equity Opco after
which the “class B” member is required to purchase the outstanding “class A” membership interests of an Opco or
any membership interests held by a Tax Equity Member in such Opco.

 

“Tax Exempt Person”
shall mean (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), (c) any Person who is not a United States Person,
(d) any Indian tribal government described in Section 7701(a)(40) of the Code, (e) any “tax-exempt controlled entity”
under Section 168(h)(6)(F) of the Code, and (f) a partnership or other pass-through entity (including a disregarded entity) a direct
owner of which is described in clauses (a) – (e) or this clause (f); provided, however, that any such
Person 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 applicable Projects for that Person, (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 applicable
Projects for that Person, or (iii) such Person avoids being a “tax-exempt controlled entity” under Section 168(h)(6)(F)
of the Code by making an election under Section 168(h)(6)(F)(ii) of the Code. A Person shall cease to be a Tax Exempt Person if (A) such
Person ceases to be a “tax-exempt entity” within the meaning of Section 168(h)(2) of the Code or any successor provision
thereto, by virtue of a change in such section or provision of the Code; or (B) such Person ceases to be a “tax-exempt controlled
entity” within the meaning of Section 168(h)(6)(F) of the Code or any successor provision thereto, by virtue of a change in
such section or provision of the Code.

 

    
	 	54	Credit Agreement

     

    

 

“Taxes” shall
mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term Lender”
shall mean a Lender with a Term Loan Commitment, which as of the Effectiveness Date is as set forth on Schedule 2.01.

 

“Term Loan”
shall mean, individually and collectively, an Existing Term Loan and an Additional Term Loan. The Existing Term Loans and any Additional
Term Loans shall have the same terms and shall be “Term Loans” for all purposes of this Agreement and the other Loan Documents
and shall constitute one tranche with, and be the same Class as, each other.

 

“Term Loan Commitment”
shall mean, as to each Lender, the aggregate of such Lender’s Initial Term Loan Commitment and Additional Term Loan Commitment;
provided, that the aggregate principal amount of the Lenders’ Term Loan Commitments as of the Effectiveness Date shall not
exceed $227,768,114.85.

 

“Trade Date”
shall have the meaning given to such term in Section 11.05(b)(i)(B).

 

“Transaction Documents”
shall mean, collectively, each Loan Document and each Portfolio Document.

 

“Transfer Date Certificate”
shall have the meaning given to “Executed Withdrawal/Transfer Instructions” in the Depository Agreement.

 

“Transition Management
Agreement” shall mean individually and collectively, as the context requires, (a) each agreement listed as a “Transition
Management Agreement” on Schedule 4.25(f), (b) each Additional Transition Management Agreement and (c) each replacement for
each such agreement in a form and substance acceptable to the Administrative Agent.

 

“Transition Manager”
shall mean individually and collectively the transition manager under each Transition Management Agreement.

 

“Treasury”
means the U.S. Department of the Treasury.

 

“U.S. Person”
shall mean any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance
Certificate” shall have the meaning given to such term in Section 3.09(e)(ii)(B)(3).

 

“UCC” shall
mean the Uniform Commercial Code as in effect from time to time in the State of New York.

 

“UK Financial Institution”
shall mean 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.

 

    
	 	55	Credit Agreement

     

    

 

“UK Resolution Authority”
shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial
Institution.

 

“Volta II Model”
shall mean the financial equity base case model agreed and accepted by Volta Holdco II and Citicorp in respect of Citicorp’s tax
equity investment in Volta Solar Owner II.

 

“Volta Holdco II”
shall mean Volta Solar Manager II, LLC, a Delaware limited liability company.

 

“Volta Holding II”
shall mean Volta Manager Holding II, LLC, a Delaware limited liability company.

 

“Volta Managing Member
Membership Interests” shall mean all of the outstanding managing member membership interests issued by Volta Solar Owner I (including
all Economic Interests and Voting Rights applicable to the managing member).

 

“Volta MH II”
shall have the meaning given to such term in the preamble.

 

“Volta Opco Membership
Interests” shall mean (a) all of the outstanding membership interests of Volta Solar Owner II when all of its issued membership
interests are directly and/or indirectly owned by Volta MH II after the buy-out or withdrawal of the Tax Equity Member from Volta Solar
Owner II, (b) all of the Volta Managing Member Membership Interests and (c) all other membership interests issued by Volta Solar Owner
II that have been acquired by Volta Holdco II or where the Tax Equity Member has withdrawn (including all Economic Interests and Voting
Rights).

 

“Volta Owner I”
shall have the meaning given to such term in the Recitals.

 

“Volta Owner I Transfer
Agreement” shall mean that certain Transfer Agreement, dated as of the Effectiveness Date, between Volta Owner I and Kilowatt
Systems.

 

“Volta Solar Owner
II” shall mean Volta Solar Owner II, LLC, a Delaware limited liability company.

 

“Volta Tax Equity Consent”
shall mean the Consent Agreement (Volta II), dated as of the Closing Date by and among Volta Holdco II, Volta Solar Owner II, the Collateral
Agent and Citicorp.

 

“Volta Wholly-Owned
Opco” shall mean Volta Solar Owner II when all of its issued membership interests are directly and/or indirectly owned by Volta
Holdco II after the buy-out or withdrawal of the Tax Equity Member from Volta Solar Owner II.

 

    
	 	56	Credit Agreement

     

    

 

“Voting Rights”
shall mean the right, directly or indirectly, to vote on or cause the direction of the management and policies of a Person in ordinary
and extraordinary matters through the ownership of voting securities; provided, however, that a Person shall not be deemed
to hold Voting Rights if by contract or by order, decree or regulation of any Governmental Authority, such Person has effectively ceded
or been divested of the power to exercise such vote on, or cause the direction of, such management and policies.

 

“Warranty Event”
shall have the meaning given to such term in the Depository Agreement.

 

“Wholly-Owned Documents”
shall mean for each Wholly-Owned Opco (a) the applicable Limited Liability Company Agreement, Purchase Agreement, Maintenance Services
Agreement, Backup Servicer Agreement, Transition Management Agreement, Consumer Servicing Agreement, and Eligible REC Contracts and (b)
any agreement entered into with a Tax Equity Member in connection with the buy-out or withdrawal of the applicable Tax Equity Member from
such Opco.

 

“Wholly-Owned Membership
Interests” shall mean all of the outstanding membership interests of each Wholly-Owned Opco.

 

“Wholly-Owned Opco
Collections Accounts” shall mean each account held or maintained by a Wholly-Owned Opco into which any Collections are deposited
and subject to an Account Control Agreement.

 

“Wholly-Owned Opco”
shall mean (a) each Co-Borrower that directly owns or leases Projects, (b) each Opco that is wholly-owned, directly or indirectly, by
a Co-Borrower, and (c) any Tax Equity Opco after the buy-out or withdrawal of the Tax Equity Member.

 

“Wholly-Owned Opco
Representations” shall mean the representations set forth in Part 2 of Annex B.

 

“Write-down and Conversion
Powers” shall mean (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 Rules of Construction. Unless the context otherwise requires:

 

(a) a
term has the meaning assigned to it;

 

    
	 	57	Credit Agreement

     

    

 

(b) an
accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective
meanings given to them under GAAP as in effect from time to time;

 

(c) “or”
is not exclusive;

 

(d) “including”
shall mean including without limitation;

 

(e) words
in the singular include the plural and words in the plural include the singular;

 

(f) all
references to “$” are to United States dollars unless otherwise stated;

 

(g) any
agreement, instrument or statute defined or referred to in this Agreement or in any instrument or certificate delivered in connection
herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case
of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also
to its successors and permitted assigns; and

 

(h) the
words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references
are to this Agreement unless otherwise specified.

 

Section
1.03 Time of Day. Unless otherwise specified, all references herein to times of day shall be references to Pacific time
(daylight or standard, as applicable).

 

Section
1.04 Class of Loan. For purposes of this Agreement, Loans may be classified and referred to by class (“Class”).
The “Class” of a Loan refers to whether such Loan is a Term Loan or an LC Loan and, when used in reference to any Commitment,
refers to whether such Commitment is a Term Loan Commitment or an LC Loan Commitment.

 

Section
1.05 Subsidiary Actions. Unless otherwise specified, any reference in this Agreement requiring a Co-Borrower to cause
its Subsidiaries to take any action shall, with respect to Subsidiary that is a Tax Equity Opco, be interpreted to mean that such Co-Borrower
has taken all Relevant Member Action to cause such Tax Equity Opco to take such action.

 

    
	 	58	Credit Agreement

     

    

 

Article
II.

THE LOANS

 

Section
2.01 The Term Loans.

 

(a) On
the Closing Date, the Term Lenders made the Existing Term Loans to the Initial Co-Borrowers in accordance with the terms of the Existing
Credit Agreement and all Initial Term Loan Commitments terminated on the Closing Date. Subject to the terms and conditions set forth in
this Agreement:

 

(i) Each
Initial Additional Term Lender agrees severally, and not jointly, to make a single Additional Term Loan to the Co-Borrowers on the Effectiveness
Date in a principal amount equal to its Initial Additional Term Loan Commitment (the “Initial Additional Term Loans”).
In no event shall the aggregate principal amount of the Initial Additional Term Loans outstanding on the Effectiveness Date exceed the
total aggregate Initial Additional Term Loan Commitments of all Term Lenders. Each Term Lender’s Initial Additional Term Loan Commitment
shall terminate immediately and without further action on the Effectiveness Date after giving effect to any funding of such Term Lender’s
Initial Additional Term Loan Commitment on such date.

 

(ii) Solely
in the event that the Term Loan Commitments are further increased pursuant to Section 2.05, each Additional Term Lender agrees
severally, and not jointly, to make a Term Loan to the Co-Borrowers on the applicable Additional Term Loan Borrowing Date in a principal
amount equal to its Additional Term Loan Commitment. In no event shall (A) the aggregate principal amount of the Additional Term Loans
outstanding on an Additional Term Loan Borrowing Date exceed the total aggregate Additional Term Loan Commitments of all Additional Term
Lenders and (B) the disbursement of the Additional Term Loans result in the aggregate principal outstanding under the Term Loans exceeding
the maximum principal amount that would permit compliance with the Debt Sizing Parameters under the revised Base Case Model delivered
pursuant to Section 8.02(c). Each Additional Term Lender’s Additional Term Loan Commitment shall terminate immediately and
without further action on the Additional Term Loan Borrowing Date after giving effect to any funding of such Additional Term Lender’s
Additional Term Loan Commitment on such date.

 

(b) In
addition to a borrowing of the Initial Additional Term Loan Commitments, which shall be on the Effectiveness Date, the Co-Borrowers may
only make up to three (3) further borrowings under Additional Term Loan Commitments, which borrowings shall be on the applicable Additional
Term Loan Borrowing Date. The Co-Borrowers shall deliver a Borrowing Notice to the Administrative Agent no later than 10:00 a.m.
(Pacific time) at least five (5) Business Days in advance of the proposed Borrowing Date (or such shorter timeframe as may be agreed
by the Administrative Agent in its sole discretion, but in no event (x) in the case of the Borrowing of the Initial Additional Term Loans,
less than one (1) Business Day in advance of the proposed Borrowing Date and (y) for all other Borrowings, less than two (2) Business
Days in advance of the proposed Borrowing Date). The Borrowing Notice shall be irrevocable, shall be signed by an Authorized Officer of
each Co-Borrower and shall specify the following information in compliance with this Section 2.01:

 

(i) the
aggregate amount of the requested Term Loan, which shall be in the case of an Additional Term Loan in an aggregate minimum amount of $10,000,000
or the Additional Term Loan Commitment;

 

(ii) the
proposed Borrowing Date, which shall be a Business Day; and

 

    
	 	59	Credit Agreement

     

    

 

(iii) the
account(s) to which the proceeds of such Term Loan are to be disbursed (if applicable).

 

(c) The
Co-Borrowers shall use the proceeds of the Initial Additional Term Loan borrowed under this Section 2.01 solely (i) except
to the extent funded with a Letter of Credit, to fund the Debt Service Reserve Account in an amount equal to the Debt Service Reserve
Required Amount, (ii) to pay fees due pursuant to the Loan Documents and costs and expenses incurred pursuant to the Loan Documents
or otherwise in connection with such Initial Additional Term Loan and (iii) for the general corporate purposes of the Relevant Parties
and a distribution to the Sponsors. The Co-Borrowers shall use the proceeds of an Additional Term Loan borrowed under this Section
2.01 solely to (i) except to the extent funded with a Letter of Credit, to fund the Debt Service Reserve Account in an amount equal
to the Debt Service Reserve Required Amount, (ii) to fund any other reserves required under any Eligible Additional Opco Amendment
Documentation, (iii) to pay fees due pursuant to the Loan Documents and costs and expenses incurred pursuant to the Loan Documents or
otherwise in connection with such Additional Term Loan and the Eligible Additional Opco Amendment Documentation, and (iv) to pay
for the acquisition costs of any Eligible Additional Opco Party; and (v) for the general corporate purposes of the Relevant Parties and
a distribution to the Sponsors.

 

(d) Subject
to the terms and conditions set forth herein (including the prior satisfaction or waiver of the applicable conditions precedent under
Article Viii), each Term Lender (or, in the case of Spruce NYGB Borrower, NY Green
Bank) shall make the amount of its Initial Additional Term Loan or any further Additional Term Loan (which amounts may be net of any fees
owed to such Lender in connection with such Additional Term Loan pursuant to a Fee Letter) available to the Administrative Agent (or such
Person directed by the Administrative Agent) not later than 12:00 p.m. (Pacific time) on the applicable Borrowing Date by wire transfer
of same day funds, in Dollars to the account specified by the Administrative Agent.

 

Upon satisfaction or waiver
of the conditions precedent specified herein, the Administrative Agent shall make the proceeds of such Term Loans available to the Co-Borrowers
on the applicable Borrowing Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Term Loans received
into such account from the Term Lenders by 2:00 p.m. (Pacific time) on such Borrowing Date to be credited to the account of one or
more of the Co-Borrowers designated in the Borrowing Notice delivered pursuant to Section 2.01(b). Amounts borrowed under this
Section 2.01 and subsequently repaid or prepaid may not be reborrowed.

 

    
	 	60	Credit Agreement

     

    

 

(e) Notwithstanding
any provision to the contrary, the terms of Additional Term Loans to be made hereunder on an Additional Term Loan Borrowing Date shall
be the same as the terms of the Term Loans outstanding at such time and such Additional Term Loans shall be “Term Loans” for
all purposes of this Agreement and the other Loan Documents and shall constitute one tranche with, and be the same Class as, the Existing
Initial Term Loans made on the Closing Date pursuant to the Existing Credit Agreement and the Initial Additional Term Loans made on the
Effectiveness Date pursuant to this Section 2.01.

 

(f) Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any borrowing hereunder 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 clause (b) of this Section and may, in reliance upon
such assumption, make available to the Co-Borrowers 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 Co-Borrowers 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 Co-Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in
the case of such Lender, the greater of the Federal Funds Effective 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 Co-Borrowers, the interest rate applicable to Base Rate
Loans of the applicable Class.  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 Co-Borrowers 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 Co-Borrowers the amount of such interest
paid by the Co-Borrowers for such period.  Any payment by the Co-Borrowers shall be without prejudice to any claim the Co-Borrowers
may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

Section
2.02 Letters of Credit.

 

(a) Issuance.

 

(i) Subject
to and upon the terms and conditions set forth herein, the Co-Borrower may request the issuance of, and the Issuing Banks hereby agree
to issue Letters of Credit, for the Co-Borrower’s account, at any time during the LC Availability Period solely for the purposes
of satisfying the Debt Service Reserve Required Amount (and the Issuing Banks shall refuse to issue a Letter of Credit for any other purpose).
Letters of Credit issued hereunder shall constitute utilization of the total aggregate LC Commitment and at any time the LC Exposure of
all LC Lenders at such time shall not exceed the total aggregate LC Commitment of all LC Lenders. The Issuing Banks will make available
to the beneficiary thereof the original of the Letter of Credit issued by it hereunder.

 

(ii) Notwithstanding
any provision herein to the contrary, Letters of Credit shall be issued pro rata among the LC Lenders in accordance with their
respective LC Commitment, or if no LC Commitment remains, then in accordance with their respective LC Exposure, such that the aggregated
Stated Amount of all Letters of Credit issued in connection with a request by the Co-Borrowers shall equal the aggregate Stated Amount
for Letters of Credit required to be provided by the Co-Borrowers. After issuance, the Co-Borrowers shall be permitted to increase or
decrease the Stated Amount of any Letter of Credit only if it increases or decreases, as applicable, all other Letters of Credit pro rata
in accordance with the LC Lenders’ respective LC Commitment (or if no LC Commitment remains, then in accordance with such LC Lender’s
LC Exposure). Additionally, except in the case of (x) any amendment extending the Expiration Date (as defined therein) of any Letter of
Credit or (y) any ministerial or administrative amendments, no Letter of Credit shall be amended, renewed, reinstated or extended unless
each Letter of Credit is amended, renewed, reinstated or extended, as the case may be, on the same basis.

 

    
	 	61	Credit Agreement

     

    

 

(iii) Immediately
upon the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) by an Issuing Bank and without
any further action on the part of such Issuing Bank or the LC Lenders, each LC Lender shall be deemed to have purchased, and hereby agrees
to irrevocably purchase, from such Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount
equal to such LC Lender’s pro rata share (determined as the percentage which such LC Lender’s LC Commitment then constitutes
of the aggregate LC Commitments) of the Stated Amount under such Letter of Credit.

 

(iv) Each
Letter of Credit (A) shall be denominated in Dollars, (B) expire no later than the earlier of (x) the seventh (7th)
anniversary of its date of issuance and (y) the Maturity Date and (C) be issued subject to “Uniform Customs and Practice
for Documentary Credits” (2007 Revision), International Chamber of Commerce, Publication No. 600 or “International Standby
Practices 1998”, International Chamber of Commerce, Publication No. 590, as mutually agreed between the Co-Borrowers, the Administrative
Agent and the applicable Issuing Bank.

 

(b) Notice
of LC Activity.

 

(i) Subject
to Section 2.02(d), the Co-Borrowers may request (A) the issuance or extension of any Letter of Credit and (B) any decrease
or increase in the Stated Amount thereof by delivering to the Administrative Agent and the applicable Issuing Bank an irrevocable written
notice in the form of Exhibit C, appropriately completed (a “Notice of LC Activity”), which shall specify,
among other things: the particulars of the Letter of Credit to be issued, extended or amended, including (1) the proposed issuance,
extension or amendment date of the requested Letter of Credit (which shall be a Business Day); (2) the requested Stated Amount of
the Letter of Credit or the amount by which such Stated Amount is to be decreased or increased (as applicable); (3) the expiry date
thereof; (4) the name and address of the beneficiary thereof; (5) the documents to be presented by such beneficiary in case
of any drawing thereunder; (6) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder;
and (7) and, in the case of an amendment, the Letter of Credit to be amended, the nature of the amendment and the written confirmation
of the beneficiary of such Letter of Credit confirming a decrease or increase in the Stated Amount of such Letter of Credit; provided,
however, that in no instance may any request for a Letter of Credit or the increase in the Stated Amount of a Letter of Credit
cause the LC Exposure of all LC Lenders to exceed the total aggregate LC Commitment. The Co-Borrowers shall deliver the Notice of LC Activity
to the Administrative Agent (with a copy to the Issuing Bank) by 10:00 a.m. (Pacific time) at least five (5) Business Days before
the date of issuance, extension, increase or decrease of the Stated Amount of the Letter of Credit (or such shorter timeframe as may be
agreed by the Issuing Banks in their sole discretion, but in no event less than one (1) Business Day in advance of the proposed date of
such issuance, extension, increase or decrease). Additionally, the Co-Borrowers shall furnish to the applicable Issuing Bank and the Administrative
Agent such other documents and information pertaining to such requested Letter of Credit issuance, extension or amendment, including any
LC Documents, as such Issuing Bank or the Administrative Agent may reasonably require.

 

(ii) Promptly
after receipt of any LC Application, the applicable Issuing Bank will confirm with the Administrative Agent that the Administrative Agent
has received a copy of such LC Application from the Co-Borrowers and, if not, such Issuing Bank will provide the Administrative Agent
with a copy thereof. Upon receipt by such Issuing Bank of confirmation from the Administrative Agent that the requested issuance or amendment
is permitted in accordance with the terms hereof, then, upon (x) the amendment date, in the case of a requested increase or decrease
of the Stated Amount under a Letter of Credit, or (y) the date specified as being the date requested for issuance or extension, in
the case of the issuance or extension of a Letter of Credit, in each case as the applicable date is specified in such Notice of LC Activity,
subject to the terms and conditions set forth in this Agreement (including Section 2.02(d) and the applicable conditions precedent
set forth in Section 8.03), the Issuing Bank shall, by amendment to the Letter of Credit, adjust the Stated Amount thereof downward
or upward, as applicable, to reflect the decrease or increase, as applicable, or issue or extend the Letter of Credit, in each case as
specified in such Notice of LC Activity. Upon the issuance of any Letter of Credit by an Issuing Bank or amendment or modification to
a Letter of Credit, (1) such Issuing Bank shall promptly notify the Administrative Agent of such issuance, extension or amendment
and (2) the Administrative Agent shall then promptly notify each applicable LC Lender of such issuance, extension or amendment and
each such notice shall be accompanied by a copy of such Letter of Credit or amendment or modification to a Letter of Credit and the amount
of each applicable LC Lender’s respective participation in such Letter of Credit.

 

    
	 	62	Credit Agreement

     

    

 

(c) Drawing
Payment, Funding of Participations, Funding LC Loans and Reimbursement.

 

(i) An
Issuing Bank shall, within a reasonable time following its receipt thereof, examine all documents purporting to represent a demand for
payment under its Letter of Credit so as to ascertain whether such documents appear on their face to be in accordance with the terms and
conditions of such Letter of Credit. Any Drawing Payment with respect to a Letter of Credit shall reduce the Stated Amount thereof dollar
for dollar. As between the Co-Borrowers and an Issuing Bank, the Co-Borrowers assume all risks of the acts and omissions of, or misuse
of the Letters of Credit issued by an Issuing Bank, by the respective beneficiaries of such Letters of Credit. In furtherance and not
in limitation of the foregoing, an Issuing Bank shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness
or legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Credit,
even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity
or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights
or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) failure
of the beneficiary of any such Letter of Credit to comply fully with any conditions required in order to draw upon such Letter of Credit;
(D) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise,
whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (G) the
misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any
consequences arising from causes beyond the control of the Issuing Bank, including any acts or omissions by any Governmental Authority;
none of the above shall affect or impair, or prevent the vesting of, any of an Issuing Bank’s rights or powers hereunder. Without
limiting the foregoing and in furtherance thereof, any action taken or omitted by an Issuing Bank under or in connection with the Letters
of Credit or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall not give rise to any liability
on the part of such Issuing Bank to the Co-Borrowers. Notwithstanding anything to the contrary contained in this Section 2.02(c)(i),
the Co-Borrowers shall retain any and all rights it may have against an Issuing Bank for any liability arising solely out of the gross
negligence or willful misconduct of such Issuing Bank as determined by a final, non-appealable judgment of a court of competent jurisdiction.

 

(ii) If
an Issuing Bank shall make any Drawing Payment, it shall provide notice thereof to the Co-Borrowers and the Administrative Agent by telephone
(confirmed telecopy) (provided that the failure to deliver such notice shall not relieve the Co-Borrowers of their obligation to
reimburse such Issuing Bank in accordance with this Agreement), that such Drawing Payment has been made and the Co-Borrowers shall reimburse
the Issuing Bank in respect of such Drawing Payment by paying to the Administrative Agent an amount equal to such Drawing Payment and
any interest accrued pursuant to Section 2.02(g) not later than 10:00 a.m. (Pacific time), on the Business Day (the “Reimbursement
Date”) that is one Business Day following the date on which the Drawing Payment is made; provided, anything contained
herein to the contrary notwithstanding, unless the Co-Borrowers shall have notified Administrative Agent and the Issuing Bank prior to
11:00 a.m. (Pacific time) on the date such Drawing Payment is made that the Co-Borrowers intend to reimburse the Issuing Bank for the
amount of such Drawing Payment with funds other than the proceeds of LC Loans, the Co-Borrowers shall be deemed to have requested on the
date that such Drawing Payment is made that its obligation to reimburse such Drawing Payment be financed by the LC Lenders through a borrowing
of LC Loans on the Reimbursement Date in an amount in Dollars equal to the amount of such Drawing Payment and, subject to no Event of
Default provided under Section 9.01(a), (e) or (f) having occurred, each LC Lender shall, on the Reimbursement Date
with respect to such Drawing Payment make loans (“LC Loans”) ratably (based on the percentage which such LC Lender’s
LC Commitment then constitutes of the total aggregate LC Commitments) in an aggregate amount equal to such Drawing Payment, the proceeds
of which shall be applied directly by Administrative Agent to reimburse the Issuing Bank for the amount of such honored drawing; and provided
further, if for any reason proceeds of LC Loans are not received by the Issuing Bank on the date of such Drawing Payment in an amount
equal to the amount of such Drawing Payment, the Co-Borrowers shall reimburse the Issuing Bank, on demand, in an amount in same day funds
equal to the excess of the amount of such Drawing Payment over the aggregate amount of such applicable LC Loans, if any, which are so
received. All such Loans shall be secured by the Collateral Documents as if made directly to the Co-Borrowers.

 

    
	 	63	Credit Agreement

     

    

 

(iii) Immediately
upon the issuance of each Letter of Credit, each LC Lender shall be deemed to have purchased, and hereby agrees to irrevocably purchase,
from Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such LC Lender’s
pro rata share (determined as the percentage which such LC Lender’s LC Commitment then constitutes of the aggregate LC Commitments)
of the maximum amount which is or at any time may become available to be drawn thereunder. In the event that the Co-Borrowers shall fail
for any reason to reimburse the Issuing Bank as provided in clause (ii) above on the applicable Reimbursement Date (including
where an Event of Default provided under Section 9.01(a), (e) or (f) has occurred), the (A) Issuing Bank shall
promptly notify the Administrative Agent of the unreimbursed amount of such Drawing Payment with respect to a Letter of Credit and each
LC Lender’s respective participation therein and (B) then the Administrative Agent shall promptly notify each LC Lender of
the unreimbursed amount of such Drawing Payment with respect to a Letter of Credit and such LC Lender’s respective participation
therein. Each LC Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing
Bank, such LC Lender’s pro rata share (determined as the percentage which such LC Lender’s LC Commitment then constitutes
of the aggregate LC Commitments) of each such Drawing Payment on a Letter of Credit within one Business Day after receiving notice. Each
such payment shall be made without any offset, abatement, withholding or reduction whatsoever. In the event that any LC Lender fails to
make available to the Issuing Bank on such business day the amount of such LC Lender’s participation in such Letter of Credit as
provided in this Section 2.02(c)(iii), the Issuing Bank shall be entitled to recover such amount on demand from such Lender together
with interest thereon for three Business Days at the rate customarily used by the Issuing Bank for the correction of errors among banks
and thereafter at the Benchmark. Nothing in this Section 2.02(c)(iii) shall be deemed to prejudice the right of any LC Lender to
recover from an Issuing Bank any amounts made available by such LC Lender to such Issuing Bank pursuant to this Section 2.02(c)(iii)
in the event that the payment with respect to a Letter of Credit in respect of which payment was made by such LC Lender constituted gross
negligence or willful misconduct on the part of such Issuing Bank. In the event an Issuing Bank shall have been reimbursed by other LC
Lenders pursuant to this Section 2.02(c)(iii) for all or any portion of any drawing honored by such Issuing Bank under a Letter
of Credit, such Issuing Bank shall distribute to each LC Lender which has paid all amounts payable by it under this Section 2.02(c)(iii)
with respect to such honored drawing such LC Lender’s pro rata share (determined as the percentage which such LC Lender’s
participation in the reimbursed Drawing Payment then constitutes of the aggregate reimbursed Drawing Payment) of all payments subsequently
received by such Issuing Bank from the Co-Borrowers in reimbursement of such honored drawing when such payments are received. Any such
distribution shall be made to an LC Lender at its primary address set forth below its name on Appendix B or at such other
address as such Lender may request.

 

    
	 	64	Credit Agreement

     

    

 

(d) Other
Reductions of Stated Amount; Cancellation or Return.

 

(i) The
Co-Borrowers may, from time to time upon five (5) Business Days’ notice and the delivery of a Notice of LC Activity pursuant
to clause (b) above to the Administrative Agent, the Issuing Banks and the LC Lenders, permanently reduce (A) the total
aggregate LC Commitment or (B)  the Stated Amount of any Letter of Credit, in each case by the amount of $50,000, or an integral
multiple thereof, or, the Co-Borrowers may, from time to time upon five (5) Business Days’ prior notice to the Administrative
Agent, the Issuing Banks and the LC Lenders, cancel any Letter of Credit in its entirety; provided, however, that (x) so
long as any Obligations remain outstanding, the Administrative Agent shall be satisfied that no reduction or cancellation would result
in the amounts available under the Debt Service Reserve Account being less than the Debt Service Reserve Required Amount at such time
or cause a violation of any provision of this Agreement or a breach of any provision of any other Loan Document and (y) in respect
of a reduction or cancellation of an issued Letter of Credit, the Administrative Agent shall have received written notice from the applicable
beneficiary of such Letter of Credit, confirming such reduction or cancellation. The total aggregate LC Commitment shall not be reduced
if the effect thereof would be to cause the LC Exposure of all LC Lenders to exceed the total aggregate LC Commitment. Upon the expiration
or cancelation of a Letter of Credit, the Stated Amount in respect of such Letter of Credit shall be permanently reduced to zero.

 

(ii) Once
reduced or cancelled solely pursuant to clause (i) above, the total aggregate LC Commitment may not be increased.

 

(iii) Any
reductions to the total aggregate LC Commitment shall be applied ratably to each applicable LC Lender’s Commitment.

 

(iv) The
Letters of Credit shall expire on their respective Expiration Dates, or on such earlier date if canceled pursuant to the terms of the
Agreement or the applicable Letter of Credit.

 

(e) Commercial
Practices; Obligations Absolute. The Co-Borrowers assume all risks of the acts or omissions of beneficiary or transferee of any Letter
of Credit with respect to the use of such Letter of Credit. The obligations of the Co-Borrowers to reimburse the Issuing Banks for any
Drawing Payments and to repay any Loans made by the applicable LC Lenders pursuant to Section 2.02(c) and the obligations of the
applicable LC Lenders under Section 2.02(c) shall be unconditional and irrevocable and shall be paid strictly in accordance with
the terms hereof under all circumstances regardless of: (i) the use which may be made of the Letters of Credit or for any acts or
omissions of any beneficiary or transferee in connection therewith; (ii) any reference which may be made to the Agreement or to the
Letters of Credit in any agreements, instruments or other documents; (iii) the validity, sufficiency or genuineness of documents
(including the Agreement) other than the Letters of Credit, or of any endorsement(s) thereon, which appear on their face to be valid,
sufficient or genuine, as the case may be, even if such documents should in fact prove to be in any or all respects invalid, insufficient,
fraudulent or forged or any statement therein prove to be untrue or inaccurate in any respect whatsoever; (iv) payment by the Issuing
Banks against presentation of documents which do not strictly comply with the terms of the Letters of Credit, including failure of any
documents to bear any reference or adequate reference to such Letters of Credit so long as such documents substantially comply with the
terms of the Letter of Credit; (v) any amendment or waiver of or any consent to departure from all or any terms of any of the Loan
Documents; (vi) the existence of any claim, setoff, defense or other right which the Co-Borrowers may have at any time against any
beneficiary or transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), the Administrative
Agent, the Issuing Banks, any Lender or any other Person, whether in connection with the Agreement, the transactions contemplated herein
or in the other Loan Documents, or in any unrelated transaction; (vii) any breach of contract or dispute among or between the Co-Borrowers,
the Administrative Agent, the Issuing Banks, any Lender, or any other Person; (viii) any demand, statement, certificate, draft or
other document presented under the Letters of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement
therein being untrue or inaccurate in any respect; (ix) any extension of time for or delay, renewal or compromise of or other indulgence
or modification to a Drawing Payment or a Loan granted or agreed to by the Administrative Agent, the Issuing Banks, or any applicable
Lender in accordance with the terms of the Agreement; (x) any failure to preserve or protect any Collateral, any failure to perfect
or preserve the perfection of any Lien thereon, or the release of any of the Collateral securing the performance or observance of the
terms of this the Agreement or any of the other Loan Documents; or (xi) any other circumstances whatsoever in making or failing to
make payment under the Letters of Credit, except that, in each case, payment by the Issuing Banks under the applicable Letter of Credit
shall not have constituted gross negligence or willful misconduct of the Issuing Banks under the circumstances in question as determined
by a final, non-appealable judgment of a court of competent jurisdiction.

 

    
	 	65	Credit Agreement

     

    

 

(f) Indemnification.
Without duplication of any obligation of the Co-Borrowers under Section 3.06, in addition to amounts payable as provided herein,
the Co-Borrowers hereby agree to protect, indemnify, pay and save harmless the Issuing Banks from and against any and all claims, demands,
liabilities, damages, losses, costs, charges and expenses (including reasonable fees, expenses and disbursements of counsel) which an
Issuing Bank may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit by such
Issuing Bank, other than as a result of (1) the gross negligence or willful misconduct of such Issuing Bank as determined by a final,
non-appealable judgment of a court of competent jurisdiction or (2) the wrongful dishonor by an Issuing Bank of a proper demand for
payment made under any Letter of Credit issued by it, or (ii) the failure of an Issuing Bank to honor a drawing under any such Letter
of Credit as a result of any act or omission by any Governmental Authority.

 

(g) Interim
Interest. If an Issuing Bank shall make any Drawing Payment, then, unless the Co-Borrowers reimburse such Drawing Payment in full
on the date such Drawing Payment is made, the unpaid amount thereof shall bear interest, for each day from and including the date such
Drawing Payment is made to but excluding the date that the Co-Borrowers reimburse such Drawing Payment in full, at a rate equal to the
Benchmark, in effect from time to time, plus the Applicable Margin; provided that, if the Co-Borrowers fail to reimburse
such Drawing Payment on the Reimbursement Date applicable thereto pursuant to Section 2.02(c)(ii) through the conversion to an
LC Loan, or otherwise, then such overdue amount shall bear interest (after as well as before judgment) at a rate equal to the Benchmark,
in effect from time to time, plus the Applicable Margin, plus 2.00% per annum. Interest accrued pursuant to this
paragraph shall be for the account of the Issuing Bank.

 

Section
2.03 Computation of Interest and Fees. All computations of interest shall be made on the basis of a year of 360 days
and actual days elapsed. Interest shall accrue on each Loan at an interest rate per annum equal to the Standard Rate from the day
on which the Loan is made until, but not including the day on which the Loan is paid, provided that any Loan that is repaid on
the same day on which it is made shall, subject to Section 3.01(b), bear interest for one day. Each determination by the Administrative
Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

Section
2.04 Evidence of Debt. The Loans made by each Lender shall be evidenced by one or more accounts or records maintained
by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative
Agent and each Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lenders to the Co-Borrowers and
the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the
obligation of the Co-Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between
the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters,
the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made
through the Administrative Agent, the Co-Borrowers shall execute and deliver to such Lender (through the Administrative Agent) a promissory
note substantially in the form of Exhibit F-1 (in the case of a Term Loan) and Exhibit F-2 (in the case of an
LC Loan), (each, a “Note”), which shall evidence such Lender’s Loans in addition to such accounts or records.
Each Lender may attach schedules to its Note and endorse thereon the date, amount and maturity of its Loans and payments with respect
thereto.

 

    
	 	66	Credit Agreement

     

    

 

Section
2.05 Increase in Commitments.

 

(a) In
addition to the Initial Additional Term Loan Commitment and the Initial Additional LC Commitment, at any time prior to April 29, 2021,
in connection with an Additional Opco Approval Notice, the Co-Borrowers may request (x) the Term Lenders to increase their Term Loan Commitments
by an amount not exceeding $70,000,000 in the aggregate (“Additional Term Loan Commitments”) and (y) the LC Lenders
to increase their LC Commitments by an amount not exceeding $10,000,000 in the aggregate (“Additional LC Commitments”
and, together with any Additional Term Loan Commitments, the “Additional Commitments”) by delivery to the Administrative
Agent of a written notice in the form of Exhibit E (such notice, a “Loan Commitment Increase Notice”); provided
that:

 

(i) the
Co-Borrower may only request an Additional Commitment a total of three (3) times during the term of the Loans; provided that the
Co-Borrowers may not deliver a Loan Commitment Increase Notice on a date that is earlier than three (3) months of a previous Term Loan
Increase Date.

 

(ii) any
request for Additional Commitments shall be in a minimum amount of $10,000,000 (such requested amount, the “Loan Commitment Increase”);

 

(iii) the
terms of the Additional Term Loan Commitments and the Additional LC Commitments shall be identical to the terms of the Initial Additional
Term Loan Commitments and Initial Additional LC Commitments, respectively;

 

(iv) the
Co-Borrowers shall provide to the Administrative Agent such information that is reasonably required by the Lenders to evaluate the request
for Additional Commitments; and

 

(v) on
the date of any request by the Co-Borrowers of Additional Commitments, the conditions set forth in clauses (d)(i), (ii)
and (iii), below shall have been satisfied.

 

A Loan Commitment Increase Notice
shall set out (x) the amount of Additional Term Loan Commitments and Additional LC Commitments requested, (y) the date on which such Additional
Commitments are requested to be effective (each a “Loan Increase Date”), which shall not be less than thirty (30) days
nor more than forty-five (45) days after the date of such notice and (z) the upfront fees the Co-Borrowers propose to pay to participating
Lenders in such Additional Commitments.

 

    
	 	67	Credit Agreement

     

    

 

(b) Upon
receipt of a Loan Commitment Increase Notice pursuant to clause (a) above, the Lenders shall have forty-five (45) days (or such
longer period of time as agreed to in writing with the Co-Borrowers by the Administrative Agent, acting at the direction of the Required
Lenders) to accept an offer to provide the requested Additional Commitments by delivering to the Administrative Agent confirmation of
the increase in the amount of its Term Loan Commitment and/or LC Commitment substantially in the form attached as Exhibit H (each,
an “Increasing Lender Confirmation”); provided, that the failure by any Lender to respond to an offer within
such period after receipt of such offer shall be deemed a denial of such offer. Any Lender (or, in the case of Spruce NYGB Borrower, NY
Green Bank) that has received such an offer may accept or decline such offer in such Lender’s sole and absolute discretion.

 

(c) The
Administrative Agent shall notify the Co-Borrowers of the Lenders’ responses to the Co-Borrowers’ request for Additional Commitments.
If any Lender rejects a Loan Commitment Increase Notice or less than all of the existing Lenders issue Increasing Lender Confirmations
by the Loan Increase Date, then in order to achieve the full amount of the requested increase, and subject to the approval of the Administrative
Agent, any Lender may elect unilaterally to deliver an Increasing Lender Confirmation and the Co-Borrowers may invite additional Eligible
Assignees to become Lenders and/or Issuing Banks by executing an Additional Loan Joinder Agreement (each such Eligible Assignee or Issuing
Bank entering into an Additional Loan Joinder Agreement, a “New Lender”) on the terms and subject to the conditions
set forth in clause (a) above.

 

(d) A
Loan Commitment Increase is subject to the occurrence of the Effectiveness Date and the satisfaction of each of the following conditions
on the Loan Increase Date:

 

(i) no
Default or Event of Default shall have occurred and be continuing;

 

(ii) each
Lender Party has received an updated Base Case Model which demonstrates pro forma compliance with the Debt Sizing Parameters immediately
before and after giving effect to the Loan Commitment Increase and the occurrence of the applicable Additional Opco Approval Date;

 

(iii) since
the delivery of the most recent financial statements of the Co-Borrowers delivered pursuant to Section 5.01(a), no Material Adverse
Effect has occurred or is continuing;

 

(iv) the
representations and warranties of the Co-Borrowers and each other Loan Party and Provider contained in Article IV or in any other
Loan Document, or which are contained in any document furnished at any time or in connection herewith or therewith, shall be true and
correct in all material respects (without duplication of any materiality qualifier contained therein) on and as of the Loan Increase Date,
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 (without duplication of any materiality qualifier contained therein) as of such earlier date;

 

    
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(v) all
fees and expenses owing in respect of the Loan Commitment Increase to the Administrative Agent and each existing Lender issuing Increasing
Lender Confirmations (each an “Increasing Lender”) or New Lender shall have been paid (for the avoidance of doubt,
such fees and expenses may be paid from the proceeds of the Term Loan Commitment Increase);

 

(vi) the
Co-Borrowers shall have delivered such legal opinions, resolutions and certificates in connection therewith, and the Sponsors and Loan
Parties shall have delivered such reaffirmations of their obligations under the Loan Documents, as the Administrative Agent shall have
reasonably requested; and

 

(vii) the
Administrative Agent shall have received a certificate signed by an Authorized Officer of each Co-Borrower certifying that the conditions
specified in this clause (d) have been satisfied, which shall be an original or an electronic copy unless otherwise specified,
dated as of the Loan Increase Date.

 

(e) Upon
the effectiveness of the Loan Commitment Increase, (i) each New Lender shall be deemed to be a “Lender” and “Term Lender”
and/or “LC Lender”, as the case may be, hereunder, and henceforth shall be entitled to all the rights of, and benefits accruing
to, Lenders hereunder and shall be bound by all agreements, acknowledgments and other obligations of Lenders under this Agreement and
the other Loan Documents, (ii) the Term Commitments and/or LC Commitments shall be increased by the amount of the Additional Term Loan
Commitments and/or Additional LC Commitments, respectively, of the Increasing Lenders and New n Lenders and (iii) the Applicable Percentage
of each Term Lender and LC Lender, as the case may be, shall automatically be adjusted to give effect thereto.

 

(f) On
the date of effectiveness of the Loan Commitment Increase, each of the existing Lenders immediately prior to the effectiveness of such
Loan Commitment Increase shall automatically assign to each of the Increasing Lenders, and each of the Increasing Lenders shall purchase
from each of the existing Lenders, at the par value of such Increasing Lender’s proportionate share of the applicable outstanding
principal amount (together with accrued interest), such interests in the Term Loans and LC Loans, as the case may be, outstanding on such
date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Term Loans will be held by all
the Term Lenders and the LC Loans will all the LC Lenders (in each case, including the New Lenders) ratably in accordance with their Applicable
Percentages after giving effect to such Loan Commitment Increase. The Increasing Lenders shall pay the Administrative Agent (for further
application to the applicable Lenders) for the interests in the Loans purchased pursuant to this Section and the terms of such assignment
shall otherwise be as contemplated under Exhibit B.

 

(g) This
Section shall supersede any provision of Section 11.01 and Section 11.05 to the contrary.

 

Section
2.06 Joinder of Additional Co-Borrowers. Upon satisfaction of the conditions set forth in Section 3.13(c), the
applicable Additional Co-Borrower will become a Co-Borrower under this Agreement and the other Loan Documents and will be subject to the
terms hereof and thereof as if it were an original signatory hereunder and thereunder.

 

    
	 	69	Credit Agreement

     

    

 

Article
III.

ALLOCATION OF COLLECTIONS; PAYMENTS TO LENDERS;

RELEASE OF COLLATERAL; ADditional Opcos

 

Section
3.01 Payments.

 

(a) At
least five (5) Business Days prior to each Payment Date, the Co-Borrowers shall deliver, or cause the Manager to deliver, to the
Administrative Agent, Collateral Agent and Depository Agent, a Transfer Date Certificate in the form attached as Exhibit B to the
Depository Agreement. All withdrawals and transfers will be made based upon the information provided in the Transfer Date Certificate.

 

(b) Payments
Generally. All payments to be made by the Co-Borrowers shall be made free and clear of any Liens and without restriction, condition
or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise provided below, all payments made with respect to
the Loans on each Payment Date shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment
is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 10:00 a.m. (Pacific time)
on the date specified herein. The Administrative Agent will promptly distribute to each Lender its pro rata share of the principal amount
paid according to the outstanding principal amounts of the applicable Loan held by the Lenders (or other applicable share of such payment
as expressly provided herein) in like funds as received by wire transfer to such Lender’s Lending Office. All payments received
by the Administrative Agent after 1:00 p.m. (Pacific time) shall be deemed received on the next succeeding Business Day and any applicable
interest or fee shall continue to accrue. If any payment to be made by the Co-Borrowers shall come due on a day other than a Business
Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or
fees, as the case may be. The Administrative Agent and Co-Borrowers acknowledge and agree that Spruce NYGB Borrower has authorized NY
Green Bank to, for and on behalf of Spruce NYGB Borrower, (i) make any and all payments due and payable to Spruce NYGB Borrower under
the NY Green Bank Credit Agreement directly to the Administrative Agent, to the extent Spruce NYGB Borrower would be using such payments
to make advances under this Agreement, and (ii) receive any and all payments due and payable to Spruce NYGB Borrower under this Agreement
directly from the Administrative Agent to be applied in accordance with the NY Green Bank Credit Agreement. Unless and until each of the
Administrative Agent and each Co-Borrower receives written notice to the contrary from NY Green Bank, each of the Administrative Agent
and each Co-Borrower shall pay all amounts that are due and payable by it to Spruce NYGB Borrower as a Lender under this Agreement or
the Collateral Agency Agreement directly to, Account Number 483 043 612 687, ABA 026 009 593 or to such other account or Person designated
by NY Green Bank, as may be notified to each of the Administrative Agent, the Collateral Agent and the Co-Borrowers in writing from time
to time by NY Green Bank until the date of receipt by the Administrative Agent of the NY Green Bank Termination Notice.

 

    
	 	70	Credit Agreement

     

    

 

Section
3.02 Optional Prepayments. The Co-Borrowers (or Sponsors on the Co-Borrower’s behalf) may, upon irrevocable written
notice to the Administrative Agent at any time or from time to time, voluntarily prepay Loans in whole or in part in minimum amounts of
not less than $1,000,000; provided that such notice must be received by the Administrative Agent not later than 10:00 a.m. (Pacific
time) five (5) Business Days (or such shorter period as is acceptable to the Administrative Agent) prior to any date of prepayment.
Each such notice shall specify the date and amount of such prepayment. The Administrative Agent will promptly notify each Lender of its
receipt of each such notice, and of the amount of such Lender’s pro rata share of such prepayment. Upon giving of the notice, the
Co-Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified
therein.

 

Section
3.03 Mandatory Principal Payments. The Co-Borrowers shall make the following mandatory prepayments on the Loans:

 

(a) On
the date of receipt thereof, the Co-Borrowers shall apply towards the mandatory prepayment of the Loans in accordance with Section
3.04, 100% of the Net Available Amount of all proceeds in cash and cash equivalents (including any cash received by way of deferred
payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) to the Co-Borrowers or any
other Loan Party from:

 

(i) without
limitation to Article Ix, the issuance or incurrence of any Indebtedness by any
Relevant Party (other than Permitted Indebtedness);

 

(ii) the
sale, assignment or other disposition of any Asset of a Relevant Party (other than (A) ordinary course sales of power or the leasing
of a photovoltaic system pursuant to the Customer Agreements, (B) PBI Payments, (C) the sale of Excluded Property, (D) a
sale or assignment of an Asset that is a Customer Event, (E) the sale of Excluded Prepaid Projects or (F) the sale of Eligible RECs),
including the sale of Assets by Sungevity Greenwich Lessor pursuant to Section 10.2 of the Sungevity Greenwich Master Lease;

 

(iii) any
indemnity payment, purchase price adjustment, remediation payment or similar payment, or seller guaranty thereof, in connection with the
Short Hills/Greenbacker Acquisition.

 

(b) On
each Payment Date, the Co-Borrowers shall apply towards the mandatory prepayment of the Loans in accordance with Section 3.04,
an amount determined by multiplying 0.70 by the present value of the reduction of future Borrower Collections resulting from or attributable
to each Customer Event occurring during the calendar quarter ending on the immediately prior Calculation Date (disregarding any proceeds
received in respect of such Customer Event and assuming that no future Borrower Collections will be received in respect of any Event of
Loss Project or a Project in respect of which an Ineligible Customer Reassignment has occurred) discounted at a rate that is the higher
of (i) six percent (6%) per annum and (ii) the swapped interest rate of the Loans plus the Applicable Margin; provided
that, notwithstanding anything to the contrary herein, the Sponsor may, but shall not be required to, contribute capital to the Co-Borrowers
to satisfy its prepayment obligations under this Section 3.03(b).

 

    
	 	71	Credit Agreement

     

    

 

(c) On
each Payment Date, the Co-Borrowers shall apply towards the mandatory prepayment of the Loans in accordance with Section 3.04,
an amount determined by multiplying 0.70 by the present value of the reduction of future Borrower Collections resulting from or attributable
to each applicable Default Prepayment Project for such Payment Date (disregarding any proceeds received in respect of such Default Prepayment
Project and assuming that no future Borrower Collections will be received in respect of such Default Prepayment Project) discounted at
a rate that is the higher of (i) six percent (6%) per annum and (ii) the swapped interest rate of the Loans plus the
Applicable Margin; provided that, notwithstanding anything to the contrary herein, the Sponsors may, but shall not be required
to, contribute capital to the Co-Borrowers to satisfy its prepayment obligations under this Section 3.03(c).

 

(d) On
each Payment Date during an Early Amortization Period, the Co-Borrowers shall apply towards the mandatory prepayment of the Loans in accordance
with Section 3.04, 100% of the amounts deposited in and standing to the credit of the Collections Account and the Distribution
Trap Account after giving effect to all prior withdrawals and transfers pursuant to Section 4.02(b) of the Depository Agreement.

 

(e) Upon
the release of a Project or a Guarantor pursuant to Section 3.12, the Co-Borrowers shall make a mandatory prepayment of the
Loans in the amount required to be prepaid pursuant to Section 3.12.

 

(f) Promptly,
but in no event later than five (5) Business Days after the written request by the Administrative Agent, the Co-Borrowers shall make a
mandatory prepayment of the Loans in accordance with Section 5.29.

 

(g) On
the Effectiveness Date, pursuant to the Effectiveness Date Flow of Funds Memorandum, the Co-Borrowers shall apply proceeds of the Initial
Additional Term Loans to make a mandatory prepayment of Spruce NYGB Borrower’s Term Loans in an amount equal to $483,237.49.

 

(h) On
each Payment Date, the Co-Borrowers shall apply towards the mandatory prepayment of the Loans in accordance with Section 3.04,
an amount determined by multiplying 0.70 by the present value of the reduction of future Borrower Collections resulting from or attributable
to each Eligible REC Event occurring during the calendar quarter ending on the immediately prior Calculation Date (disregarding any proceeds
received in respect of such Eligible REC Event) discounted at a rate that is the higher of (i) six percent (6%) per annum
and (ii) the swapped interest rate of the Loans plus the Applicable Margin; provided that, notwithstanding anything to the
contrary herein, the Sponsor may, but shall not be required to, contribute capital to the Co-Borrowers to satisfy its prepayment obligations
under this Section 3.03(b).

 

(i) On
each Payment Date after the occurrence of a Lessor Default under the Sungevity Greenwich Master Lease, the Co-Borrowers shall apply towards
the mandatory prepayment of the Loans in accordance with Section 3.04, an amount determined by multiplying 0.70 by the present
value of the reduction of future Borrower Collections resulting from or attributable to payments under the Sungevity Greenwich Master
Lease (disregarding any proceeds received in respect of such termination) discounted at a rate that is the higher of (i) six percent (6%) per
annum and (ii) the swapped interest rate of the Loans plus the Applicable Margin; provided that, notwithstanding anything
to the contrary herein, the Sponsor may, but shall not be required to, contribute capital to the Co-Borrowers to satisfy its prepayment
obligations under this Section 3.03(b).

 

    
	 	72	Credit Agreement

     

    

 

(j) Concurrently
with any prepayment of the Loans pursuant to Section 3.03(a), the Co-Borrowers shall deliver to Administrative Agent a certificate
of an Authorized Officer of the Co-Borrowers demonstrating the calculation of the amount of the applicable net cash proceeds or other
amounts to be prepaid, as the case may be. In the event that the Co-Borrowers shall subsequently determine that the actual amount received
exceeded the amount set forth in such certificate, the Co-Borrowers shall promptly make an additional prepayment of the Loans in an amount
equal to such excess, and the Co-Borrowers shall concurrently therewith deliver to Administrative Agent a certificate of an Authorized
Officer of the Co-Borrowers demonstrating the derivation of such excess.

 

(k) At
the same time as a Transfer Date Certificate is provided prior to each Payment Date, the Co-Borrowers shall provide to Administrative
Agent a Customer Event Certificate, a Defaulted Project Certificate and, to the extent an Eligible REC Event or Sungevity Greenwich Lessor
Default has occurred, an Eligible REC Event Certificate and/or Sungevity Greenwich Lessor Event Certificate. The Administrative Agent
may notify the Co-Borrowers in writing of any suggested corrections, changes or adjustments to a Customer Event Certificate, a Defaulted
Project Certificate, Eligible REC Event Certificate or Sungevity Greenwich Lessor Default Certificate that are not inconsistent with the
terms of this Agreement.

 

Section
3.04 Application of Prepayments. Amounts prepaid pursuant to Section 3.02 shall be applied to the outstanding
Term Loans and LC Loans, on a pro rata basis, in the order directed by the Co-Borrowers. Amounts prepaid pursuant to Section 3.03
(other than Section 3.03(g)) shall be applied on a pro rata basis to (i) the outstanding Term Loans to be applied pro rata
to remaining scheduled installments thereof and (ii) to prepay any outstanding LC Loans. Any Letter of Credit outstanding after payment
of the Loans in full and cancellation of the Commitments shall be cancelled. Any prepayment of a Loan shall be accompanied by all accrued
but unpaid interest on the principal amount prepaid and, except in the case of a prepayment pursuant to Section 3.02(g), any amounts
due pursuant to Section 3.11(d). Except in the case of a prepayment pursuant to Section 3.02(g), each prepayment shall be
paid to the Lenders in accordance with their respective pro rata share of the outstanding principal amount of such Loan.

 

Section
3.05 Payments of Interest and Principal.

 

(a) Subject
to the provisions of Section 3.05(b) below, each Loan shall bear interest on the outstanding principal amount thereof for the Interest
Period at a rate per annum equal to the Standard Rate for the Interest Period.

 

    
	 	73	Credit Agreement

     

    

 

(b) If
(i) any amount payable by the Co-Borrowers under any Loan Document is not paid when due, whether at stated maturity, by acceleration
or otherwise or (ii) an Event of Default occurs pursuant to Section 9.01(e) or Section 9.01(f) all outstanding Obligations
shall thereafter bear interest (including post-petition interest in any proceeding under any Debtor Relief Law), payable on demand, at
a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws
until such defaulted amount shall have been paid in full. Payment or acceptance of the increased rates of interest provided for in this
Section 3.05(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise
prejudice or limit any rights or remedies of any Secured Party.

 

(c) Interest
on each Loan shall be due and payable in arrears (i) on each Payment Date, (ii) on the Maturity Date, (iii) upon prepayment
of any Loans in accordance with Section 3.02 or Section 3.03 and (iv) at maturity (whether by acceleration or otherwise),
provided, that interest payable pursuant to Section 3.05(b) shall be payable on demand. Interest hereunder shall be due
and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under
any Debtor Relief Law.

 

(d) On
each Payment Date, the Co-Borrowers shall jointly and severally pay principal then due on the Loans. The principal due in respect of the
Term Loans on each Payment Date is set forth on Annex A, as such Annex is amended from time to time in accordance with the
terms of this Agreement (the “Amortization Schedule”). The Amortization Schedule shall be updated (i) to reflect
the scheduled amortization shown under each updated Base Case Model delivered pursuant to this Agreement and approved by the Administrative
Agent and (ii) as necessary on or prior to each Payment Date to take into account the reduction of principal in connection with any
voluntary prepayment or mandatory prepayment on the Term Loans pursuant to Section 3.02 or Section 3.03 occurring since
the last Payment Date. An updated Amortization Schedule shall be delivered by the Co-Borrowers to the Administrative Agent in connection
with each updated Base Case Model and within five (5) Business Days of the date of any such voluntary prepayment or mandatory prepayment
of Term Loans, as applicable. The Administrative Agent may (but shall not be required to) notify the Co-Borrowers of any corrections to
the Amortization Schedule that are not inconsistent with the terms of this Agreement and, once a revised Amortization Schedule has been
approved by the Administrative Agent, it shall be deemed to be attached to this Agreement as the revised Amortization Schedule.

 

(e) To
the extent not previously paid, the Co-Borrowers shall repay to the Administrative Agent, for the account of the Term Lenders, each Term
Loan in full, together with all accrued and unpaid interest thereon and fees and costs and other amounts due and payable under the Loan
Documents with respect to such Term Loans, on the Maturity Date.

 

(f) Subject
to the limitations set forth in Section 9.03, Sponsor may, but shall be under no obligation to, make capital contributions to the
Co-Borrowers to enable it to pay the interest due or principal on any Payment Date.

 

    
	 	74	Credit Agreement

     

    

 

(g) To
the extent not previously paid from cash applied on a Payment Date pursuant to the Depository Agreement, the Co-Borrowers shall repay
to the Administrative Agent, for the account of the LC Lenders, each LC Loan in full, together with all accrued and unpaid interest thereon
and fees and costs and other amounts due and payable under the Loan Documents with respect to such LC Loans, on the Maturity Date.

 

Section
3.06 Fees.

 

(a) The
Co-Borrowers jointly and severally agree to pay to the Administrative Agent, for the account of each LC Lender pro rata to their participation
in any Letter of Credit, letter of credit fees equal to (i) the Applicable Margin times (ii) the average aggregate daily
maximum amount available to be drawn under all such Letters of Credit (regardless of whether any conditions for drawing could then be
met and determined as of the close of business on any date of determination), payable quarterly in arrears on (A) each Payment Date
and (B) the Maturity Date.

 

(b) The
Co-Borrowers jointly and severally agree to pay directly to each Issuing Bank, for its own account, such documentary and processing charges
for any issuance, amendment, transfer or payment of a Letter of Credit as are in accordance with such Issuing Bank’s standard schedule
for such charges and as in effect at the time of such issuance, amendment, transfer or payment, as the case may be.

 

(c) The
Co-Borrowers jointly and severally agree to pay each Lender Party the fees in accordance with the Fee Letters.

 

(d) The
Co-Borrowers jointly and severally agree to pay to the Administrative Agent, for the account of each LC Lender pro rata to their LC Commitments,
the LC Commitment Fee, payable quarterly in arrears on (i) each Payment Date and (ii) the final day of the LC Availability Period.

 

(e) In
addition to any of the foregoing fees, the Co-Borrowers jointly and severally agree to pay to Agents such other fees in the amounts and
at the times separately agreed upon between the Co-Borrowers and the applicable Agent.

 

Section
3.07 Expenses, etc.

 

(a) The
Co-Borrowers jointly and severally agree to pay to the Secured Parties (i) all reasonable and documented out-of-pocket costs and
expenses in connection with the preparation, execution, and delivery of this Agreement and the other documents to be delivered hereunder
or in connection herewith, including the reasonable and documented third-party fees and out-of-pocket expenses of its counsel, its insurance
consultant, any independent engineers and other advisors or consultants retained by it, (ii) all reasonable and documented costs
and expenses in connection with any actual or proposed amendments of, or modifications of or waivers or consents under, this Agreement
or the other Loan Documents (including in connection with an Additional Opco Approval Notice pursuant to Section 3.13), including
in each case the reasonable and documented fees and out-of-pocket expenses of counsel and consultants with respect thereto; provided,
that, at the request of the Co-Borrowers, the Administrative Agent shall consult with the Co-Borrowers regarding the estimated amount
of expenses that would be incurred, (iii) all reasonable and documented costs and expenses (including fees and expenses of counsel)
incurred by any Secured Party (for the account of such Secured Party), if any, in connection with any restructuring or workout proceedings
(whether or not consummated) and the other documents delivered thereunder or in connection therewith, and (iv) all Additional Expenses.

 

    
	 	75	Credit Agreement

     

    

 

(b) The
Co-Borrowers jointly and severally agree to timely pay in accordance with applicable Law any and all present or future stamp, transfer,
recording, filing, court, documentary and other similar Taxes payable in connection with the execution, delivery, filing, recording of,
from the receipt or perfection of a security interest under, or otherwise with respect to, any of the Loan Documents, and agree to indemnify
and hold harmless the Lenders and the Administrative Agent harmless from and against any liabilities with respect to or resulting from
any delay in paying or any omission to pay such Taxes, in each case, as the same are incurred.

 

(c) Once
paid, all fees or other amounts or any part thereof payable under this Agreement, the other Loan Documents or the transactions contemplated
hereby or thereby shall not be refundable under any circumstances, regardless of whether any such transactions are consummated. All fees
and other amounts payable hereunder shall be paid in Dollars and in immediately available funds.

 

(d) Reimbursement
by Lenders. To the extent that the Co-Borrowers for any reason fail to indefeasibly pay any amount required under Section 3.07(a)
or Section 3.08 to be paid by it to the Administrative Agent (or any sub-Administrative Agent thereof) or any Related Party, and
without limitation of the obligations of the Co-Borrowers and such Related Parties to pay such amounts, each Lender severally agrees to
pay to the Administrative Agent (or any such sub-Administrative Agent) or such Related Party, as the case may be, such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on such Lender’s
percentage of the Commitments, Loans and LC Exposure outstanding) of such unpaid amount (including any such unpaid amount in respect of
a claim asserted by such Lender), provided, further, that the unreimbursed expense or indemnified loss, claim, damage, liability
or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-Administrative Agent)
in its capacity as such, or against any Related Party, acting for the Administrative Agent (or any such sub-Administrative Agent) in connection
with such capacity. The obligations of the Lenders hereunder to make payments pursuant to this Section 3.07(d) are several and
not joint. The failure of any Lender to make any payment under this Section 3.07(d) on any date required hereunder shall not relieve
any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other
Lender to so make its payment under this Section 3.07(d). Each Lender’s obligation under this Section 3.07(d) shall
survive the resignation or replacement or removal of any Agent or any assignment of rights by or replacement of a Lender, the termination
of the Commitments and the satisfaction or discharge of all other Obligations.

 

(e) Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, neither the Co-Borrowers, any Secured Party nor
any of their respective Affiliates shall assert, and each of them hereby waives and acknowledges, that no other Person shall have any
claim against any Indemnitee, the Co-Borrowers or any of the Co-Borrowers’ Affiliates on any theory of liability, for (i) any
special, indirect, consequential or punitive losses or damages (as opposed to direct or actual losses or damages) or (ii) any loss
of profit, business, or anticipated savings (such losses and damages set out in the foregoing clauses (i) and (ii),
collectively, the “Consequential Losses”), in each case arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby,
any Loan or the use of the proceeds thereof; provided that nothing contained in this Section 3.07(e) shall limit the Co-Borrowers’
indemnity and reimbursement obligations under Section 3.08 or the obligations of each Lender under Section 3.07(d) in respect
of any third party claims made against any Indemnitee with respect to Consequential Losses of such third party, Section 3.09 and
Section 3.11. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or
other materials distributed to such unintended recipients by such Indemnitee through internet, telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby
or thereby other than for any such damages resulting from any material breach by such Indemnitee of this Agreement or the other Loan Documents
or that otherwise results from the gross negligence or willful misconduct of such Indemnitee as determined by a final judgment of a court
of competent jurisdiction which has become non-appealable.

 

    
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(f) Payments.
All amounts due under this Section 3.07 or Section 3.08 shall be payable on the immediately succeeding Payment Date after
demand therefor.

 

(g) The
Borrower’s obligations to Spruce NYGB Borrower in its capacity as a Lender pursuant to Section 3.07(a), 3.08(a), 3.09(c),
3.11(b), 3.11(c) and 3.11(d) shall also include amounts owed to NY Green Bank from Spruce NYGB Borrower under the
corresponding provisions of the NY Green Bank Credit Agreement, and NY Green Bank may proceed directly against the Borrower to enforce
the Borrower’s obligations under this Section 3.07(g) (it being agreed that NY Green Bank shall be an express third party
beneficiary of this Section 3.07(g)).

 

Section
3.08 Indemnification.

 

(a) Without
limiting any other rights which any such Person may have hereunder or under applicable Law, the Co-Borrowers hereby agree to jointly and
severally indemnify the Agents, the Lenders, each other Secured Party, any “Lender” under and as defined in the NY Green Bank
Credit Agreement and each Related Party of any of the foregoing Persons (each of the foregoing Persons being individually called an “Indemnitee”),
from and against any and all damages, losses, claims, liabilities and related costs and expenses (other than any Taxes expressly addressed
elsewhere in this Agreement), including, but not limited to, reasonable and documented attorneys’ fees and disbursements (all of
the foregoing being collectively called “Indemnified Amounts”) arising out of or relating to, without duplication:

 

(i) any
transaction financed or to be financed in whole or in part, directly or indirectly with the proceeds of the Loans, including in connection
with the repayment of any Indebtedness;

 

    
	 	77	Credit Agreement

     

    

 

(ii) the
execution or delivery of this Agreement, any other Loan Document or any Transaction Document or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of
the transactions contemplated hereby or thereby;

 

(iii) any
Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by an 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) the
grant to the Administrative Agent or the Collateral Agent for the benefit of, or to any of, the Secured Parties of any Lien on the Collateral
or in any other Property of the Co-Borrowers or any other Person or any membership, partnership or equity interest in the Co-Borrowers
or any other Person and the exercise by the Agents (or the other Secured Parties) of their rights and remedies (including foreclosure)
under any Collateral Document;

 

(v) the
breach of any representation or warranty made by or on behalf of any Relevant Party, any Sponsor Party, the Manager (to the extent that
the Manager is an Affiliate of the Co-Borrowers) or the Intercompany Creditors set forth in this Agreement or the other Loan Documents,
or in any other report or certificate delivered by any Relevant Party or the Manager or any of their Affiliates pursuant hereto or thereto,
which shall have been false or incorrect in any material respect when made or deemed made;

 

(vi) the
failure by any Relevant Party or the Manager (to the extent that the Manager is an Affiliate of the Co-Borrowers) to comply in any material
manner with any of the Loan Documents or any applicable Law, or the non-conformity of any Project with any such applicable Law;

 

(vii) the
failure of the Provider and the Manager (to the extent that the Provider or Manager, as applicable, is an Affiliate of the Co-Borrowers),
as applicable, to operate the Projects in accordance with the applicable standard set forth in the Maintenance Services Agreement or the
Management Agreement, as applicable, or to perform its duties in a good and workmanlike manner consistent with Prudent Industry Practice;

 

(viii) any
dispute, claim, offset or defense (other than discharge in bankruptcy) of a Relevant Party, a Sponsor Party or a counterparty to a Portfolio
Document to any payment under any Portfolio Document based on such Portfolio Document not being a legal, valid and binding obligation
of such Relevant Party or counterparty, as applicable, enforceable against it in accordance with its terms;

 

(ix) any
investigation, proceeding, claim or action commenced or brought by or before any Governmental Authority or related to any Transaction
Document;

 

    
	 	78	Credit Agreement

     

    

 

(x) the
failure of any Relevant Party or any of their Affiliates to comply with all consumer leasing and protection Laws applicable to any of
the Projects or Portfolio Documents;

 

(xi) any
and all broker’s or finder’s fees claimed to be due in connection with the issuance of the Loans on behalf of any Relevant
Party or its Affiliates;

 

(xii) any
loss, disallowance, reduction or recapture of any Grant or ITC awarded or claimed, as applicable, with respect to any Project, inclusive
of any penalties, interest or other premiums due in respect thereof;

 

(xiii) any
amounts required to be repaid or returned by a Relevant Party in respect of any Excluded Property, inclusive of any penalties, interest
or other premiums due in respect thereof;

 

(xiv) any
of the items listed in Schedule 4.10 or Schedule 4.11 (including the Ampere I Audit, any Tax Equity Opco Audit, and any
subsequent audit or similar proceeding conducted by the IRS or the Treasury in respect of any of the Relevant Parties);

 

(xv) any
release of Hazardous Materials by a Loan Party or with respect to a Project;

 

(xvi) any
claims by a Tax Equity Member against the applicable Holdco or Tax Equity Opco or any other Person (including under an indemnity); or

 

(xvii) any
other items identified in a schedule to any of the Eligible Opco Amendment Documentation as indemnifiable under this Agreement.

 

but excluding Indemnified Amounts to the extent
finally determined by a judgment of a court of competent jurisdiction that has become non-appealable to have resulted from gross negligence
or willful misconduct on the part of such Indemnitee; provided, plus any additional local counsel that may be required due to an
actual or potential conflict of interest, the availability of other defenses or the risk of criminal liability (including criminal fines
or penalties) being incurred, to such Indemnitee that notwithstanding the foregoing, the Co-Borrowers shall not be required to indemnify
any Indemnitee for legal fees or expenses of more than one counsel. The Co-Borrowers’ obligations under this Section 3.08
shall survive the resignation or replacement or removal of any Agent or any assignment of rights by or replacement of a Lender, the termination
of the Commitments and the satisfaction or discharge of all other Obligations.

 

(b) The
Co-Borrowers shall not, without the prior written consent of any Indemnitee, effect any settlement of any pending or threatened proceeding
in respect of which such Indemnitee is or could have been a party and indemnity could have been sought hereunder by such Indemnitee, unless
such settlement (i) seeks only monetary damages and does not seek any injunctive or other relief against an Indemnitee, (ii) includes
an unconditional release of such Indemnitee from all liability or claims that are the subject matter of such proceeding and (iii) does
not include a statement as to or an admission of fault, culpability, or a failure to act by or on behalf of such Indemnitee.

 

    
	 	79	Credit Agreement

     

    

 

Section
3.09 Taxes.

 

(a) Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i) Any
and all payments by or on account of any obligation of the Co-Borrowers under any Loan Document shall be made without deduction or withholding
for any Taxes, except as required by applicable Law (which, for the avoidance of doubt, shall include FATCA for purposes of this Section
3.09). If any applicable Law (as determined in the good faith sole discretion of the Administrative Agent or the Co-Borrowers, as
applicable, taking into account the information and documentation delivered pursuant to Section 3.09(e) below) requires the deduction
or withholding of any Tax from any such payment by the Administrative Agent or the Co-Borrowers, then the Administrative Agent or the
Co-Borrowers shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the
relevant Governmental Authority in accordance with such applicable Law.

 

(ii) If
the Administrative Agent or the Co-Borrowers are required to deduct or withhold any Tax described in Section 3.09(a)(i) and must
timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with an applicable Law, and if the
Tax is an Indemnified Tax, then, the sum payable by the Co-Borrowers shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and/or withholdings applicable to additional sums payable under this Section 3.09) the
applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

 

(b) Payment
of Other Taxes by the Co-Borrowers. Without limiting the provisions of subsection (a) above, the Co-Borrowers 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 the payment of, any Other Taxes.

 

(c) Tax
Indemnifications.

 

(i) The
Co-Borrowers shall and does hereby indemnify each Recipient, and shall make payment in respect thereof within ten (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 3.09(c)) payable or paid by such Recipient or required to be withheld or deducted from a payment to
such Recipient, and any penalties, interest and 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 as to the amount of such payment
or liability delivered to the Co-Borrowers by a Lender (which, for purposes of this Section 3.09(c), shall include the Issuing
Bank) (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. The Co-Borrowers shall and do hereby indemnify the Administrative Agent, and shall make payment in respect thereof
within ten (10) days after demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the Administrative
Agent as required pursuant to Section 3.09(c)(ii) below.

 

    
	 	80	Credit Agreement

     

    

 

(ii) Each
Lender shall and does hereby severally indemnify, and shall make payment in respect thereof within ten (10) days after demand therefor,
(A) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that the Co-Borrowers
have not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Co-Borrower
to do so), (B) the Administrative Agent and the Co-Borrowers, as applicable, against any Taxes attributable to such Lender’s
failure to comply with the provisions of Section 11.05(d) relating to the maintenance of a Participant Register and (C) the
Administrative Agent and the Co-Borrowers, as applicable, against any Excluded Taxes attributable to such Lender, in each case, that are
payable or paid by the Administrative Agent or the Co-Borrowers 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 set off and apply any and all amounts at any time owing
to such Lender, as the case may be, under this Agreement or any other 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 clause (ii).

 

(d) Evidence
of Payments. Upon request by the Co-Borrowers or the Administrative Agent, as the case may be, after any payment of Taxes by the Co-Borrowers
or by the Administrative Agent to a Governmental Authority as provided in this Section 3.09, the Co-Borrowers shall deliver to
the Administrative Agent or the Administrative Agent shall deliver to the Co-Borrowers, as the case may be, the original or a certified
copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such
payment or other evidence of such payment reasonably satisfactory to the Co-Borrowers or the Administrative Agent, as the case may be.

 

(e) Status
of Lenders; Tax Documentation.

 

(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 Co-Borrowers and the Administrative Agent, at the time or times prescribed by applicable Law or reasonably requested by
the Co-Borrowers or the Administrative Agent, such properly completed and executed documentation 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 Co-Borrowers or the Administrative
Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Co-Borrowers or the Administrative
Agent as will enable the Co-Borrowers or the Administrative Agent to determine whether or not such Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution
and submission of such documentation (other than the documentation set forth in Section 3.09(e)(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.

 

    
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(ii) Without
limiting the generality of the foregoing, each Lender agrees that on the Effectiveness Date or any other date after the Effectiveness
Date such Lender becomes a party to this Agreement, and from time to time thereafter upon reasonable request, it will deliver to each
of the Co-Borrowers and the Administrative Agent the applicable documentation described below:

 

(A) any
Lender that is a U.S. Person shall deliver to the Co-Borrowers 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 pursuant to applicable Law or upon the reasonable request of the
Co-Borrowers or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal
backup withholding tax;

 

(B) any
Foreign Lender shall deliver to the Co-Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient)
on or prior to (x) the Effectiveness Date or (y) such other date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter pursuant to applicable Law or upon the reasonable request of the Co-Borrowers or the Administrative
Agent), in the case of clause (y) to the extent it is legally entitled to do so, whichever of the following is applicable:

 

(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 (whichever is applicable)
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty, and/or (y) with respect to any other applicable payments under any Loan Document, an executed copy of IRS Form W-8BEN
or IRS Form W-8BEN-E (whichever is 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;

 

    
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(2) executed
copies of IRS Form W-8ECI;

 

(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) an
executed certificate substantially in the form of Exhibit D-1 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 a Co-Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of
the Code (a “U.S. Tax Compliance Certificate”) and (y) an executed copy of IRS Form W-8BEN or IRS Form W-8BEN-E
(whichever is applicable); or

 

(4) to
the extent a Foreign Lender is not the beneficial owner, (x) an executed copy of IRS Form W-8IMY, accompanied by one or more
of the following executed forms from each of the Foreign Lender’s direct or indirect partners/members, or Participants, or any Participant’s
direct or indirect partners/ members, as appropriate: IRS Form W-8ECI, IRS Form W-8BEN, or IRS Form W-8BEN-E (whichever
is applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-2 or Exhibit D-3, IRS
Form W-8IMY, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable, and (y) a withholding
statement to the extent one is required by the Code; provided that if the Foreign Lender is a partnership for U.S. federal income
tax purposes and one or more direct or indirect partners/members of such Foreign Lender are claiming the portfolio interest exemption,
such Foreign Lender shall provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-4 on behalf of
each such direct and indirect partner/member;

 

(C) any
Foreign Lender shall deliver to the Co-Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient)
on or prior to (x) the Effectiveness Date or (y) such other date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter pursuant to applicable Law or upon the reasonable request of the Co-Borrowers or the Administrative
Agent), in the case of clause (y) to the extent it is legally entitled to do so, 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 Co-Borrowers or the Administrative Agent to determine
the withholding or deduction required to be made; and

 

    
	 	83	Credit Agreement

     

    

 

(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 Co-Borrowers and the Administrative Agent at the time or times prescribed by
Law and at such time or times reasonably requested by the Co-Borrowers 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
Co-Borrowers or the Administrative Agent as may be necessary for the Co-Borrowers 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 Effectiveness Date.

 

(iii) Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.09 expires or becomes obsolete
or inaccurate in any respect, it shall update such form or certification or promptly notify the Co-Borrowers and the Administrative Agent
in writing of its legal inability to do so.

 

(f) Treatment
of Certain Refunds. Unless required by applicable Law, at no time shall the Administrative Agent have any obligation to file for or
otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds
paid for the account of such Lender. If any Recipient 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 by the Co-Borrowers or with respect to which the Co-Borrowers have paid additional
amounts pursuant to this Section 3.09, it shall pay to the Co-Borrowers an amount equal to such refund (but only to the extent
of indemnity payments made, or additional amounts paid, by the Co-Borrowers under this Section 3.09 with respect to the Taxes giving
rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than
any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Co-Borrowers, upon the
request of the Recipient, agrees to repay the amount paid over to the Co-Borrowers (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this Section 3.09(f), in no event will the applicable Recipient be required
to pay any amount to the Co-Borrowers pursuant to this Section 3.09(f) the payment of which would place the Recipient in a less
favorable net after-Tax position than such Recipient 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 Section 3.09(f) shall not be construed to require any Recipient to make available its tax returns
(or any other information relating to its Taxes that it deems confidential) to the Co-Borrowers or any other Person.

 

    
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(g) OID.
The Co-Borrowers and the Lenders agree (i) that the Loans are to be treated as indebtedness of the Co-Borrowers for U.S. federal
income tax purposes, (ii) to the extent that the Co-Borrowers or a Governmental Authority determines that the Loans were made with
original issue discount (“OID”) for U.S. federal income tax purposes, to report such OID as interest expense and interest
income, respectively, in accordance with Sections 163(e)(1) and 1272(a)(1) of the Code, (iii) not to file any tax return, report
or declaration inconsistent with the foregoing, and (iv) any OID shall constitute principal for all purposes under this Agreement.
The inclusion of this Section 3.09(g) is not an admission by any Lender that it is subject to United States taxation.

 

(h) Survival.
Each party’s obligations under this Section 3.09 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 other Obligations.

 

Section
3.10 Mitigation Obligations; Replacement of Lenders.

 

(a) Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.11(b), or requires the Co-Borrowers to pay
any Indemnified Taxes or additional amounts to any Lender, or any Governmental Authority for the account of any Lender, pursuant to Section
3.09, then at the request of the Co-Borrowers such Lender shall, as applicable, 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 3.09 or Section 3.11(b) (as the case may be), in the future, and (ii) in each case, would
not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Co-Borrowers
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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(b) Replacement
of Lenders. If any Lender requests compensation under Section 3.11(b), or requires the Co-Borrowers to pay any Indemnified
Taxes or additional amounts to any Lender, or any Governmental Authority for the account of any Lender, pursuant to Section 3.09
and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3.10(a),
or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Co-Borrowers may, at their sole expense, 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, and consents required by, Section 11.05), all of its interests, rights (other than its existing rights
to payments pursuant to Section 3.11 or Section 3.09) and obligations under this Agreement and the related Loan Documents
(other than any Secured Interest Rate Hedging Agreement) to an Eligible Assignee that shall assume such obligations (which assignee may
be another Lender, if a Lender accepts such assignment); provided that:

 

(i) the
Co-Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.05;

 

(ii) such
Lender shall have received payment of an amount equal to the outstanding Obligations owed (including all principal of its Loans, accrued
interest thereon, accrued fees and all other amounts) to it hereunder and under the other Loan Documents (including any amounts under
Section 3.11(d)) from the assignee (to the extent of such Obligations) or the Co-Borrowers (in the case of all other amounts);

 

(iii) in
the case of any such assignment resulting from a claim for compensation under Section 3.11(b) or payments required to be made pursuant
to Section 3.09, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv) such
assignment does not conflict with applicable Law; and

 

(v) in
the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the
applicable amendment, waiver or consent.

 

In the event the replaced Lender (or an Affiliate
of such Lender) is party to any Secured Interest Rate Hedging Agreement, then the replaced Lender (or Affiliate of such Lender) (the “Replaced
Hedge Provider”) under such Secured Interest Rate Hedging Agreement may elect to (A) terminate such Secured Interest Rate
Hedging Agreement in accordance with its terms or (B) require the Co-Borrowers to cause the novation of such Secured Interest Rate
Hedging Agreement so that the entire notional amount set forth in the original Secured Interest Rate Hedging Agreement is subject to the
novated Secured Interest Rate Hedging Agreements with the Eligible Assignee referred to above (or an Affiliate of such Eligible Assignee)
(the “Replacement Hedge Provider”); provided, however, that in the event of any novation the Replacement
Hedge Provider and transaction documentation must be acceptable to the Replaced Hedge Provider in its sole discretion and the Co-Borrowers
shall be responsible for all additional costs resulting from any assignment or novation of any Secured Interest Rate Hedging Agreement
under this clause (b), including any fees or additional credit or other margins (such costs, fees and margins to be reasonably
acceptable to the Administrative Agent) and, to the extent of any mark-to-market payment, the Replaced Hedge Provider shall determine
any amounts payable to or by it in respect of the assignment as if an “Additional Termination Event” occurred under the Secured
Interest Rate Hedging Agreement with the Co-Borrowers as the sole Affected Party (as defined therein).

 

    
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A Lender shall not be required to make any such
assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Co-Borrowers
to require such assignment and delegation cease to apply.

 

Section
3.11 Change of Circumstances.

 

(a) Illegality;
Alternative Basis of Interest or Funding.

 

(i) In
the event that any Lender (or, in the case of Spruce NYGB Borrower, NY Green Bank) shall have determined (which determination shall, absent
manifest error, be final and conclusive and binding upon all parties hereto but, with respect to clause (x) below, may be made
only by the Administrative Agent): (x) prior to the occurrence of any Benchmark Transition Event or Early Opt-In Election, on any Interest
Rate Determination Date that, by reason of any changes arising after the date of this Agreement affecting the London interbank market,
adequate and fair means do not exist for ascertaining the applicable interest rate on the basis provided for in the definition of LIBOR
or (y) that the making or continuance of any Loan has been made (A) at any time unlawful by any law or governmental rule, regulation or
order, (B) impossible by compliance by any Lender (or, in the case of Spruce NYGB Borrower, NY Green Bank) in good faith with any governmental
request (whether or not having force of law) or (C) prior to the occurrence of any Benchmark Transition Event or Early Opt-In Election,
impracticable (including where LIBOR will not adequately and fairly reflect the cost to such Lender of making, maintaining or continuing
its Loan) as a result of a contingency occurring after the Effectiveness Date that materially and adversely affects the London interbank
market, then, and in any such event, such Lender (or, in the case of Spruce NYGB Borrower, NY Green Bank) (or the Administrative Agent,
in the case of clause (x) above) shall promptly give notice in writing to the Co-Borrowers and, except in the case of clause
(x) above, to the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit to each
of the other Lenders). Thereafter, as promptly as possible and, in any event, within the time period required by law, the Co-Borrowers
shall, upon at least three (3) Business Days’ written notice to the Administrative Agent, require the affected Lender to convert
such Benchmark Loan into a Base Rate Loan, provided, that if more than one Lender is affected at any time, then all affected Lenders
must be treated the same. Such newly converted Base Rate Loans shall bear interest on the unpaid principal amount thereof from the date
of such conversion through repayment (whether by acceleration or otherwise) thereof, at a rate per annum equal to the Standard
Rate.

 

(ii) Benchmark
Replacement Setting.

 

(A) Benchmark
Replacement.

 

(1) Notwithstanding
anything to the contrary herein or in any other Loan Document (and any Secured Interest Rate Hedging Agreement shall be deemed not to
be a Loan Document for purposes of this Section 3.11(a)(ii)), upon the occurrence of a Benchmark Transition Event or an Early Opt-In
Election, as applicable, 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) or clause (2) of the definition
of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement shall 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 (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date
, such Benchmark Replacement shall 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 (5th) 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.

 

(2) Notwithstanding
anything to the contrary herein or in any other Loan Document and subject to the proviso in this clause (2), if a Term SOFR 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 the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan
Document in respect of such Benchmark setting and subsequent Benchmark setting, without any amendment to, or further action or consent
of any party to, this Agreement or any other Loan Document; provided that this clause (2) shall not be effective unless the Administrative
Agent has delivered to the Lenders and the Co-Borrowers a Term SOFR Notice.

 

    
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(B) Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent shall 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.

 

(C) Notices;
Standards of Decisions and Determinations. The Administrative Agent shall promptly notify the Co-Borrowers and the Lenders in writing
of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, or an Early Opt-In Election, as applicable, and its
related Benchmark Replacement Date, (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 (D) 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 the Lenders pursuant to this Section 3.11(a)(ii), including, without limitation, 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, shall be conclusive and binding on all parties hereto absent manifest error and may be made in its
or their sole discretion and without consent from any other party hereto or any other Loan Document, except, in each case, as required
pursuant to this Section 3.11(b)(ii).

 

(D) Unavailability
of Tenor of Benchmark. 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 Term SOFR or LIBOR) and
either (1) 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 (2) 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 (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement)
or (2) 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.

 

(E) Benchmark
Unavailability Period. Upon the Co-Borrowers’ receipt of notice of the commencement of a Benchmark Unavailability Period, the
Co-Borrowers may revoke any request for a borrowing of a LIBOR Loan, conversion to or continuation of LIBOR Loans to be made, converted
or continued during any Benchmark Unavailability Period and, failing that, the Co-Borrowers shall be deemed to have converted any such
request into a request for a borrowing of or conversion to Base Rate Loans. 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 the Base Rate based upon the then-current Benchmark
or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.

 

    
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(F) As
used in this Section 3.11(a):

 

“Available Tenor”
shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark
or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the
length of an Interest Period 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 Section 3.11(a)(ii)(D).

 

“Benchmark Replacement”
shall mean:

 

(a) 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:

 

(1) the
sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2) the
sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3) the
sum of: (a) the alternative benchmark rate that has been selected by the Administrative Agent and the Co-Borrowers 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 such a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated
syndicated credit facilities at such time, and (b) the related Benchmark Replacement Adjustment;

 

provided that, in the case of
clause (1), such Unadjusted Benchmark Replacement is 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.

 

(b) With
respect to any Term SOFR Transition Event, the sum of (1) Term SOFR and (2) the related Benchmark Replacement Adjustment.

 

If the Benchmark
Replacement determined pursuant to clauses (a) or (b) 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.

 

“Benchmark Replacement Adjustment”
shall mean, 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:

 

(1) For
purposes of clauses (a) and (b) of the definition of “Benchmark Replacement”, the first alternative set forth in the order
below that can be determined by the Administrative Agent:

 

(a) the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero)
as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the
Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable
Corresponding Tenor;

 

(b) the
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set
for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective
upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

(2) for
purposes of clause (b) of the definition of “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
Co-Borrowers 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 or (ii) any evolving or then-prevailing
market convention for determining a spread adjustment, or method for calculating or determining a spread adjustment, for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities;

 

provided that in the case of
clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement
Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

 

    
	 	89	Credit Agreement

     

    

 

“Benchmark Replacement Conforming
Changes” shall mean, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
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 Replacement 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 the Benchmark Replacement 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).

 

“Benchmark Replacement Date”
shall mean the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1) in
the case of clause (a) or (b) 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);

 

(2) in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein;

 

(3) in
the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date the Administrative Agent has provided the Term
SOFR Notice to the Lenders and the Co-Borrowers pursuant to Section 3.11(ii)(A)(2); or

 

(4) in
the case of an Early Opt-In Election, the sixth Business Day after the date notice of such Early Opt-In Election is provided to the Lenders,
so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth Business Day after the date notice
of such Early Opt-In Election is provided to the Lenders, written notice of objection to such Early Opt-In Election from Lenders comprising
the Required Lenders.

 

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) of this
definition 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).

 

“Benchmark Transition Event”
shall mean the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(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, provided 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);

 

    
	 	90	Credit Agreement

     

    

 

(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 Board of Governors of the U.S. Federal Reserve System, the Federal Reserve Bank of New
York, 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), 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,
provided 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); or

 

(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
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).

 

“Benchmark Unavailability Period”
shall mean the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of the definition
of “Benchmark Replacement Date” has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark
for all purposes hereunder and under any Loan Document in accordance with Section 3.11(a)(ii) and (y) ending at the time that a
Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with
Section 3.11(a)(ii).

 

“Corresponding Tenor”
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.

 

“Daily Simple SOFR”
means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent
in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily
Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively
feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.

 

“Early Opt-in Election”
shall mean, if the then-current Benchmark is LIBOR, the occurrence of:

 

(1) a
notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties
hereto that at least five (5) currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result
of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark
rate (and such syndicated credit facilities are identified in such notice and are publicly available for review); and

 

(2) the
joint election by the Administrative Agent and the Co-Borrower to trigger a fallback from LIBOR and the provision by the Administrative
Agent of written notice of such election to the Lenders.

 

    
	 	91	Credit Agreement

     

    

 

“Floor” shall mean
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 LIBOR.

 

“ISDA Definitions”
shall mean the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto,
as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time
to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Reference Time”
with respect to any setting of the then-current Benchmark shall mean (1) if such Benchmark is LIBOR, 11:00 a.m. (London time) on the day
that is two (2) London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBOR, the time determined by
the Administrative Agent in its reasonable discretion.

 

“Relevant Governmental Body”
shall mean the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Board of Governers of the Federal Reserve System or the Federal Reserve Bank of New York or any successor thereto.

 

“SOFR” shall mean,
with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the
SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day..

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, 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.

 

“Term SOFR” shall
mean for any SOFR Loan for any Interest Period, the greater of (a) the forward-looking term rate based on SOFR that is published by an
information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion at
approximately a time and as of a date prior to the commencement of such Interest Period determined by the Administrative Agent in its
reasonable discretion in a manner substantially consistent with market practice and (b) the Floor.

 

“Term SOFR Notice”
shall mean a notification by the Administrative Agent to the Lenders and the Co-Borrowers of the occurrence of a Term SOFR Transition
Event.

 

“Term SOFR Transition Event”
shall mean the determination by the Administrative Agent following a Benchmark Transition Event described in any of the clauses (1), (2),
or (3) of the definition of “Benchmark Transition Event” that (a) Term SOFR has been recommended for use by the Relevant Governmental
Body, and is determinable for each Available Tenor and (b) the administration of Term SOFR is administratively feasible for the Administrative
Agent.

 

“SOFR Loan” shall
mean Loans the rate of interest applicable to which is based upon Term SOFR.

 

“Unadjusted Benchmark Replacement”
shall mean the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

(iii) Any
reference to a “Lender” or “Required Lenders” under this Section 3.11(a) shall include, in the case of
Spruce NYGB Borrower, NY Green Bank. If NY Green Bank exercises its rights under the NY Green Bank Credit Agreement corresponding to the
rights of Spruce NYGB Borrower pursuant to this Section 3.11(a), the provisions of Section 3.11(a) shall be deemed to apply
to the Loans held by Spruce NYGB Borrower to the same extent as if NY Green Bank had exercised such rights pursuant to such Section hereunder.

 

    
	 	92	Credit Agreement

     

    

 

(b) Increased
Costs. If any Change of Law shall:

 

(i) impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in by, any Lender or any Issuing Bank;

 

(ii) subject
any Recipient to any Taxes (other than Indemnified Taxes and Excluded Taxes) on its loans, loan principal, letters of credit, commitments,
or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii) impose
on any Lender or any Issuing Bank or the London 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;

 

and the result of any of the foregoing shall be
to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining
its obligation to make any such Loan, or to increase the cost to such Lender, such Issuing Bank or such other Recipient of participating
in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit),
or to reduce the amount of any sum received or receivable by such Lender, Issuing Bank or other Recipient hereunder (whether of principal,
interest or any other amount) then, upon request of such Lender, Issuing Bank or other Recipient, the Co-Borrowers will pay to such Lender,
Issuing Bank or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, Issuing Bank or
other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

 

(c) Capital
Requirements. If any Lender or Issuing Bank determines that any Change of Law affecting such Lender or Issuing Bank or any lending
office of such Lender or such Lender’s or 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 Issuing Bank’s capital or on the capital of
such Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender
or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by any Issuing Bank,
to a level below that which such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company could have achieved
but for such Change of Law (taking into consideration such Lender’s or Issuing Bank’s policies and the policies of such Lender’s
or Issuing Bank’s holding company with respect to capital adequacy), then from time to time the Co-Borrowers will pay to such Lender
or Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Bank or such Lender’s
or Issuing Bank’s holding company for any such reduction suffered.

 

(d) Compensation
for Breakage or Non-Commencement of Interest Periods. The Co-Borrowers shall compensate each Lender Party, upon written request by
such Lender Party (which request shall set forth the basis for requesting such amounts), for all losses, expenses and liabilities (including
any interest paid or payable by such Lender to lenders of funds borrowed by it to make or carry its Loans and any loss, expense or liability
sustained by such Lender in connection with the liquidation or re-employment of such funds but excluding loss of anticipated profits)
which such Lender may sustain: (i) if for any reason (whether as a result of the failure to satisfy any applicable conditions or
otherwise other than a default by such Lender) a borrowing of any Loan does not occur on a date specified therefor in a Borrowing Notice;
(ii) if any prepayment or other principal payment of any of its Loans occurs on a date prior to the last day of an Interest Period
applicable to that Loan; or (iii) if any prepayment of any of its Loans is not made on any date specified in a notice of prepayment
given by the Co-Borrowers. For the avoidance of doubt, this Section 3.11(d) shall not apply to Taxes.

 

Section
3.12 Release of Projects and Guarantors.

 

(a) The
Co-Borrowers may, from time to time, request the Secured Parties to release one or more Projects owned by Wholly-Owned Opcos from the
Lien created by the Collateral Documents by delivery to the Administrative Agent and the Collateral Agent of an updated Base Case Model
together with a Collateral Release Notice certifying that the Project Release Conditions have been met and notifying the Administrative
Agent of the date of such release, which date shall be no later than five (5) Business Days after the date of such Collateral Release
Notice. On the release date indicated in the Collateral Release Notice the Co-Borrowers shall prepay the Loans in an amount determined
by multiplying 0.70 by the present value of the reduction of future Borrower Collections resulting from the removal of such Projects during
the calendar quarter ending on the immediately prior Calculation Date (disregarding any revenues received in respect of such Projects
and assuming that no future Borrower Collections will be received in respect of such Project) discounted at a rate that is the higher
of (i) six percent (6%) per annum and (ii) the swapped interest rate of the Loans plus the Applicable Margin, and upon
such prepayment, (I) the Liens on such Projects (the “Released Projects”) shall be automatically released from the
Liens created by the Collateral Documents and such Released Projects shall cease to be “Collateral” under the Loan Documents,
(II) the Collateral Agent, at the sole cost and expense of the Co-Borrowers, shall promptly execute and deliver all such documentation,
UCC termination statements and instruments and take such other actions as shall be reasonably requested by the Co-Borrowers or such Wholly-Owned
Opco to effect the termination and release of the Liens on such Released Projects created by the Collateral Documents, (III) all rights
to the Released Project shall revert to such Wholly-Owned Opco, and (IV) notwithstanding anything to the contrary in this Agreement, the
Loan Parties shall have the right without the consent of any of the Secured Parties to sell, transfer, distribute or otherwise dispose
of such Released Projects.

 

    
	 	93	Credit Agreement

     

    

 

(b) The
Co-Borrowers, may from time to time, request the Secured Parties to release a Guarantor from the Liens created by the Collateral Documents
and from its obligations under the Collateral Documents by delivery to the Administrative Agent and the Collateral Agent of an updated
Base Case Model demonstrating that the Co-Borrowers are in pro forma compliance with the Debt Sizing Parameters immediately before and
after giving effect to such release together with a Collateral Release Notice indicating the requested date of such release, which date
shall be no later than ten (10) Business Days after the date of such Collateral Release Notice. Subject to the written consent of the
Required Lenders and provided that no Default or Event of Default shall have occurred and be continuing, the Liens created by the Collateral
Documents on the membership interests of a Guarantor and on all its Assets and all of such Guarantor’s obligations under the Collateral
Documents shall be released on the requested release date upon the prepayment by the Co-Borrowers of the Loans in an amount determined
by multiplying 0.70 by the present value of the reduction of future Borrower Collections resulting from the removal of such Guarantor
during the calendar quarter ending on the immediately prior Calculation Date (disregarding any Borrower Collections received in respect
of such Guarantor and assuming that no future Borrower Collections will be received in respect of such Guarantor) discounted at a rate
that is the higher of (i) six percent (6%) per annum and (ii) the swapped interest rate of the Loans plus the Applicable
Margin. Upon the prepayment of the Loans in accordance with this clause (b), (I) the Liens on the Assets of the released Guarantor
and on the membership interests in such Guarantor shall be automatically released from the Liens created by the Collateral Documents and
such Collateral (the “Released Guarantor Collateral”) shall cease to be “Collateral” and the released Guarantor
shall cease to be a “Guarantor” under the Loan Documents, (II) the obligations of such Guarantor under the Collateral Documents
(including the guarantee of such Guarantor under the Guaranty and Security Agreement) and all powers of attorney and rights of setoff
granted thereunder by such Guarantor shall automatically terminate and cease to be in full force and effect, (III) the Collateral Agent,
at the sole cost and expense of the Co-Borrowers, shall (A) promptly execute and deliver all such documentation, UCC termination statements
and instruments and take such other actions as shall be reasonably requested by the Co-Borrowers or such Guarantor to effect the termination
and release of Released Guarantor Collateral and (B) return any certificates, instruments and documents evidencing the Released Guarantor
Collateral to such Guarantor, (IV) all rights to the Released Guarantor Collateral shall revert to such Guarantor, and (V) notwithstanding
anything to the contrary in this Agreement, the Loan Parties shall have the right without the consent of any of the Secured Parties to
sell, transfer, distribute or otherwise dispose of the Released Guarantor Collateral.

 

Section
3.13 Additional Opcos.

 

(a) At
any time prior to April 29, 2021, the Co-Borrowers may request the Administrative Agent (acting on the instructions of the Supermajority
Lenders) to approve the addition of one or more Additional Opcos and any Additional Holdcos, Additional Holdings and/or Additional Co-Borrowers
that will own, directly or indirectly such Additional Opcos (such approval, an “Additional Opco Approval”) by delivery
of a written notice in the form of Exhibit N (such notice, an “Additional Opco Approval Notice”); provided,
that:

 

(i) the
Co-Borrowers shall not deliver more than one Additional Opco Approval Notice at any time and the Administrative Agent shall not be under
any obligation to review any more than one Additional Opco Approval Notice at any time;

 

(ii) if
any Additional Opco is a Tax Equity Opco, the applicable Tax Equity Member’s funding commitment in respect of such Tax Equity Opco
has been fully tranched;

 

(iii) the
Co-Borrowers shall provide to the Administrative Agent copies of any data, documentation, analysis, report or other information reasonably
requested by the Administrative Agent or any Lender to evaluate the request for an Additional Opco Approval; and

 

(iv) on
the date of any request by the Co-Borrowers for an Additional Opco Approval, the conditions set forth in Section 3.13(c)(i) (ii), (iii)
and (iv) below shall have been satisfied.

 

(b) Following
receipt of an Additional Opco Approval Notice and satisfaction of the conditions under clause (a) above, the Administrative Agent
(acting on the instructions of the Supermajority Lenders) shall have up to forty five (45) days (or such longer period of time as
agreed to by the Co-Borrowers and the Administrative Agent, acting at the instructions of the Supermajority Lenders) to conduct due diligence
on the proposed additional Relevant Parties and provide written notice to the Co-Borrowers as to whether or not such proposed additional
Relevant Parties are eligible for approval (an “Eligible Additional Opco Party”). A notice that the proposed additional
Relevant Parties are Eligible Additional Opco Parties shall not be construed to be an Additional Opco Approval, which is expressly subject
to the receipt of final credit approvals, satisfactory due diligence, finalization of satisfactory definitive documentation and amendments,
consents and other agreements as may be required by the Supermajority Lenders, including in respect of this Agreement and the other Loan
Documents (such amending documentation, the “Eligible Additional Opco Amendment Documentation”) and other conditions
precedent required by the Supermajority Lenders in their sole discretion, including those set out in clause (c) below and in the
Eligible Additional Opco Amendment Documentation. Any agreement to designate an Additional Opco, Additional Holdings, Additional Holdco
and/or Additional Co-Borrower as an Eligible Additional Opco Party or grant Additional Opco Approval under this Agreement shall be subject
to the consent of the Supermajority Lenders.

 

    
	 	94	Credit Agreement

     

    

 

(c) Without
limitation to any other conditions as may be required by the Lenders in their sole discretion under the Eligible Additional Opco Amendment
Documentation, any Additional Opco Approval in respect of a Eligible Additional Opco Party is subject to the occurrence of the Effectiveness
Date and the satisfaction of each of the following conditions on the date of any Additional Opco Approval (such date, the “Additional
Opco Approval Date”) in a form and substance reasonably satisfactory to the Administrative Agent (acting on the instructions
of the Supermajority Lenders, and unless waived in writing by the Administrative Agent with the consent of the Supermajority Lenders):

 

(i) the
Administrative Agent shall have received a duly completed and executed Additional Opco Approval Notice in accordance with clause (a)
above;

 

(ii) no
Default or Event of Default shall have occurred and be continuing, or would result from the Additional Opco Approval and the transactions
contemplated to take place on the Additional Opco Approval Date;

 

(iii) each
Lender Party has received (A) with respect to each Eligible Additional Opco Party that is Tax Equity Opco, a financial equity base case
model agreed and accepted by the applicable Holdco and the applicable Tax Equity Member (an “Eligible Additional Opco Model”)
and (B) an updated Base Case Model updated for the Eligible Additional Opco Parties and which demonstrates pro forma compliance with the
Debt Sizing Parameters;

 

(iv) the
Co-Borrowers shall have provided true and complete copies of all Portfolio Documents associated with the Eligible Additional Opco Parties;

 

(v) executed
counterparts of the Eligible Additional Opco Amendment Documentation and any other documents and amendments and/or joinders to the existing
Transaction Documents required by the Administrative Agent in connection with such Additional Opco Approval, including, (x) if an Eligible
Additional Opco Party is a Tax Equity Opco, any consents that may be required with the applicable Tax Equity Member and (y) if an Eligible
Additional Opco Party is to be an Additional Co-Borrower, a duly executed copy of an Additional Co-Borrower Joinder Agreement;

 

(vi) favorable
legal opinions in connection with the Eligible Additional Opco Amendment Documentation and the Eligible Additional Opco Parties;

 

(vii) the
Lenders shall have completed their due diligence in respect of each of the Eligible Additional Opco Parties, their Portfolio Documents,
including review of Customer Agreements with respect to consumer compliance, and the Lenders shall have received final credit committee
approvals with respect to such Eligible Additional Opco Party;

 

(viii) since
the Closing Date, no Material Adverse Effect shall have occurred or be continuing;

 

(ix) the
representations and warranties set forth in Article V and in each other Loan Document (including the Eligible Additional Opco
Amendment Documentation) shall be true and correct in all material respects as of the Additional Opco Approval Date (unless such representation
or warranty relates solely to an earlier date, in which case it shall have been true and correct in all material respects as of such earlier
date) and the Opco Representations shall be true, complete and correct in respect of the applicable Eligible Additional Opco Parties that
are Opcos;

 

    
	 	95	Credit Agreement

     

    

 

(x) the
Administrative Agent shall have received for its own account, and for the account of each Lender Party entitled thereto, all fees due
and payable as of the Additional Opco Approval Date, and all costs and expenses, including costs, fees and expenses of legal counsel and
consultants, for which invoices have been presented;

 

(xi) to
the extent that the amount of Additional Term Loan Commitments requested by the Co-Borrowers in connection with such Additional Opco Approval
are equal to or greater than $30,000,000 and any Eligible Additional Opco Party is a Tax Equity Opco, the Administrative Agent shall have
received a report from the Model Auditor in respect of the Eligible Additional Opco Model for such Eligible Additional Opco Party, addressed
to the Administrative Agent and the Lenders;

 

(xii) the
Administrative Agent shall have received evidence, including customary insurance certificates, that all insurance required to be obtained
and maintained with respect to the Eligible Additional Opco Parties have been obtained together with a supplement to the insurance report
from the Insurance Consultant addressed to the Administrative Agent and the Lenders in respect of the applicable Eligible Additional Opco
Parties;

 

(xiii) the
Administrative Agent shall have received a supplement to the technical reports on the Projects to be owned by the Eligible Additional
Opco Parties prepared by the Independent Engineer and addressed to the Administrative Agent and the Lenders;

 

(xiv) the
Borrower shall deliver to the Administrative Agent a certificate of the Co-Borrowers dated as of the Additional Opco Approval Date signed
by an Authorized Officer of the Co-Borrowers certifying that each of the conditions set forth in this Section 3.13(c) (and
such other conditions as are reasonably required by the Lenders pursuant to the Eligible Additional Opco Amendment Documentation) have
been met as of the Additional Opco Approval Date and otherwise certifying to those matters contemplated by Section 8.01(a)(xii)(B);

 

(xv) the
Lender Parties have received all documentation and other information required by regulatory authorities under the applicable “know
your customer” and Anti-Money Laundering Laws, including the PATRIOT Act, with respect to the Eligible Additional Opco Parties;

 

(xvi) each
Eligible Additional Opco Party that is not a Tax Equity Opco has acceded to the applicable Collateral Document to guaranty (in the case
of any proposed Additional Holdco), and grant a security interest in all its Assets and Property (including all Membership Interests owned
by it) as security for, the Obligations together with evidence of perfection and lien searches and such other deliverables required to
satisfy the conditions in Section 8.01(a)(v) as applied in respect of the applicable Eligible Additional Opco Party;

 

(xvii) organizational
documents of each Eligible Applicable Opco Party, resolutions and other corporate approvals, good standing certificates and customary
officer’s certificates and applicable approvals and such other deliverables required to satisfy the conditions set forth in Section
8.01(a)(viii), (ix), (x) and (xii) as applied in respect of the applicable Eligible Additional Opco Parties;

 

(xviii) the
proposed Additional Holdco owning membership interests in any Eligible Additional Opco Party that is a Tax Equity Opco shall
be the managing member under the Limited Liability Company Agreement for such Tax Equity Opco and such proposed Additional Holdco has
not given or received written notice of an action, claim or threat of removal from such position;

 

(xix) the
Lenders shall have received an updated Operating Budget for the current fiscal year including the anticipated revenues, and Operating
Expenses (including expenses for Non-Covered Services) of the Eligible Additional Opco Parties; and

 

    
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(xx) the
Administrative Agent shall have received evidence that each Project owned by each Eligible Additional Opco Party that is a Wholly-Owned
Opco is subject to a back-up servicing or transition management arrangements in form and substance satisfactory to the Administrative
Agent and the Supermajority Lenders.

 

(d) Amendment
of the Transaction Documents. The Eligible Additional Opco Amendment Documentation and any other Transaction Documents and amendments
to the existing Transaction Documents shall be in a form and substance satisfactory to each Lender.

 

(e) Fees
and Expenses. The Co-Borrowers will reimburse the Agents and the Lenders for their reasonable due diligence (if applicable) and legal
expenses in connection with their review of any Additional Opco Approval Notice and proposed additional Relevant Party.

 

Article
IV.

REPRESENTATIONS AND WARRANTIES

 

Each Co-Borrower represents
and warrants to the Administrative Agent and each Lender Party that the statements set forth in this Article Iv
are true, correct and complete in all respects as of (a) the Effectiveness Date, (b)  each Additional Term Loan Borrowing Date (if
any) or (c) the date of each issuance, extension or increase of the Stated Amount of the Letter of Credit during the LC Availability
Period pursuant to Section 2.02.

 

Section
4.01 Organization, Powers, Capitalization, Good Standing, Business.

 

(a) Organization
and Powers. Each Relevant Party and each Sponsor Party is duly organized, validly existing and in good standing under the Laws of
its state of formation. Each Relevant Party and each Sponsor Party has all requisite power and authority to own and operate its Properties,
to carry on its businesses as now conducted and proposed to be conducted. Each Relevant Party and each Sponsor Party has all requisite
power and authority to enter into each Transaction Document to which it is a party and to perform the terms thereof.

 

(b) Qualification.
Each Relevant Party and each Sponsor Party is duly qualified and in good standing in each state or territory where necessary to carry
on its present businesses and operations, except in jurisdictions in which the failure to be qualified and in good standing could not
reasonably be expected to have a Material Adverse Effect.

 

Section
4.02 Authorization of Borrowing, etc.

 

(a) Authority.
Each Co-Borrower has the power and authority to incur, and the Loan Parties have the power and authority to guarantee, the Indebtedness
represented by the Loans, the Secured Hedging Obligations and the Loan Documents. The execution, delivery and performance by each Loan
Party and each Sponsor Party of the Loan Documents to which it is a party and the consummation of the transactions contemplated thereby
have been duly authorized by all necessary limited liability company or other action, as the case may be, on behalf of such Loan Party
or Sponsor Party.

 

(b) No
Conflict. The execution, delivery and performance by each Relevant Party and each Sponsor Party of the Transaction Documents to which
it is a party and the consummation of the transactions contemplated thereby do not and will not: (i) conflict with or result in a
violation or breach of the terms of (A) its certificate of formation, limited liability company agreement, operating agreement or
other organizational documents, as the case may be; (B) any provision of material Law applicable to it or (C) any order, judgment
or decree of any Governmental Authority binding on it or any of its material Properties; (ii) result in a material breach of or constitute
(with due notice or lapse of time or both) a material default under the Transaction Documents or any other material contractual obligation
binding upon a Relevant Party or its material Properties, including the Intercompany Financing Agreement; or (iii) result in or require
the creation or imposition of any Lien upon its Assets (other than the Liens created under the Collateral Documents).

 

(c) Consents.
The execution and delivery by each Relevant Party and each Sponsor Party of the Transaction Documents to which it is a party, and the
consummation of the transactions contemplated thereby, do not and will not require any registration with, consent or approval of, or notice
to, or other action to, with or by, any Governmental Authority or any other Person (including any Tax Equity Member and their Affiliates
or HPS and its Affiliates) which has not been obtained or made, and each such consent or approval is in full force and effect, in each
case, other than consents, approvals, registrations, notices or other action which, if not obtained or made, could not reasonably be expected
to have a Material Adverse Effect.

 

    
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(d) Binding
Obligations. Each of the Transaction Documents to which a Relevant Party or Sponsor Party is a party has been duly executed and delivered
by such Relevant Party or Sponsor Party thereto and is the legally valid and binding obligation of such Relevant Party or Sponsor Party,
enforceable against it, in accordance with its respective terms, subject to bankruptcy, insolvency, moratorium, reorganization and other
similar Laws affecting creditor’s rights.

 

Section
4.03 Title to Membership Interests

 

(a) Each
of the Co-Borrowers and their Subsidiaries has good and valid legal and beneficial title to all of the Membership Interests held by it
as identified on Schedule 4.03(j), free and clear of all Liens other than Permitted Liens. All of the issued and outstanding Membership
Interests owned by the Co-Borrowers and their respective Subsidiaries have been duly authorized and validly issued and are owned of record
and beneficially by such Co-Borrower or its Subsidiaries and were not issued in violation of any pre-emptive right. There are no voting
agreements or other similar agreements with respect any such Membership Interests.

 

(b) [Reserved.]

 

(c) [Reserved.]

 

(d) [Reserved.]

 

(e) [Reserved.]

 

(f) [Reserved.]

 

(g) Other
than any independent member of each Co-Borrower, the Pledgors are the sole members of each Co-Borrower, and each Pledgor has good and
valid legal and beneficial title to the Borrower Membership Interests in each Co-Borrower as identified on Schedule 4.03(j), free
and clear of all Liens other than Permitted Liens. All of the issued and outstanding Borrower Membership Interests have been duly authorized
and validly issued and are owned of record and beneficially by the Pledgors and were not issued in violation of any pre-emptive right.
There are no voting agreements or other similar agreements with respect to the Borrower Membership Interests.

 

(h) There
are no outstanding options, warrants or rights for conversion into or acquisition, purchase or transfer of any of the Membership Interests.
Except as identified on Schedule 4.03(h), there are no outstanding options, warrants or rights for conversion into or acquisition,
purchase or transfer of any of the membership interests in a Tax Equity Opco. There are no agreements or arrangements for the issuance
by any Relevant Party of additional equity interests.

 

(i) Schedule
4.03(i) accurately sets forth the ownership structure of the Relevant Parties owned by the Sponsors as of the Effectiveness Date,
and as of the Effectiveness Date the Co-Borrowers have no Subsidiaries other than as shown on Schedule 4.03(j), in each case as
such schedules shall be updated pursuant to the Eligible Additional Opco Amendment Documentation.

 

(j) Schedule
4.03(j) sets forth the name and jurisdiction of incorporation or formation of each Loan Party and the Tax Equity Opcos and the percentage
of each class of Capital Stock owned by any Loan Party as of the Effectiveness Date, as such schedule shall be updated pursuant to the
Eligible Additional Opco Amendment Documentation.

 

    
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Section
4.04 Governmental Authorization; Compliance with Laws.

 

(a) No
Permit, approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with (i) the execution, delivery or performance by, or enforcement against, any
Relevant Party or any Sponsor Party of this Agreement or any other Transaction Document, (ii) the grant by any Loan Party of the
Liens granted by it pursuant to the Collateral Documents, (iii) the perfection or maintenance of the Liens created under the Collateral
Documents or (iv) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in
respect of the Collateral pursuant to this Agreement or the Collateral Documents, except for the authorizations, approvals, actions, notices
and filings listed on Schedule 4.04, or which are otherwise particular to the identity or character of the Administrative Agent,
all of which have been duly obtained, taken, given or made and are in full force and effect as of the Closing Date.

 

(b) Each
of the Sponsors and the Relevant Parties is, and the business and operations of each such Person and its development, construction and
operation of the Projects are, and always have been, conducted in all respects in compliance with all material Laws (including, without
limitation, laws with respect to consumer leasing and protection but not including Environmental Laws which are addressed under Section
4.16), and none of the Sponsors or any Relevant Party has received written notice from any Governmental Authority of an actual or
potential violation of any such Laws, except as does not constitute or could not reasonably be expected to constitute a Material Adverse
Effect.

 

Section
4.05 Solvency. No Loan Party or Sponsor Party has entered into any Loan Document with the actual intent to hinder, delay,
or defraud any creditor. After giving effect to the issuance of the Loans (and the use of proceeds thereof), the fair saleable value of
the Loan Parties’ Assets, taken as a whole, exceeds and will, immediately following the making of any Loans, exceed the Loan Parties’
total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent obligations. The fair saleable value
of the Loan Parties’ Assets, taken as a whole, is and will, immediately following the making of any Loans (and the use of proceeds
thereof), be greater than the Loan Parties’ probable liabilities, including the maximum amount of its contingent obligations on
its debts as such debts become absolute and matured. The Loan Parties’ Assets, taken as a whole, do not and, immediately following
the making of any Loans (and the use of proceeds thereof) will not, constitute unreasonably small capital to carry out the business of
the Loan Parties as conducted or as proposed to be conducted. Each Co-Borrower does not intend for it or any of its Subsidiaries to, and
does not believe that any such Person will, incur Indebtedness and liabilities beyond its ability to pay such Indebtedness and liabilities
as they mature (taking into account the timing and amounts of cash to be received by the Loan Parties and the amounts to be payable on
or in respect of obligations of the Loan Parties).

 

Section
4.06 Use of Proceeds and Margin Security; Governmental Regulation.

 

(a) No
portion of the proceeds from the making of the Loans will be used by any Co-Borrower, a Loan Party, a Sponsor Party or any other Person
in any manner that might cause the borrowing or the application of such proceeds to violate Regulation T, Regulation U or Regulation X
or any other regulation of the Board of Governors of the Federal Reserve System. Nor is any Co-Borrower engaged principally, or as one
of its principal activities in the business of extending credit for the purpose of purchasing or carrying margin stock (as defined or
used in Regulation T, U or X of the Board of Governors of the Federal Reserve System).

 

(b) Each
of the Projects is a Qualifying Facility.

 

(c) Each
Co-Borrower, and each of its Subsidiaries, is (i) not a “public utility” under the FPA, and (ii) not subject to, or is exempt
from, regulation as a “holding company” under PUHCA.

 

(d) Each
Co-Borrower and each of its Subsidiaries are either not subject to, or are exempt from, regulation as a “public utility,”
an “electric utility,” “electric corporation,” or a “holding company,” or similar terms, under the
relevant State’s laws or regulations, including state laws and regulations respecting the rates of electric utilities and the financial
and organizational regulation of electric utilities.

 

    
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(e) None
of the Co-Borrowers or any of their Subsidiaries are required to register as an “investment company”, or a company “controlled”
by an “investment company”, within the meaning of the Investment Company Act.

 

(f) None
of the Co-Borrowers or any of their Subsidiaries are subject to regulation under any federal or state statute or regulation that limits
their ability to incur indebtedness for borrowed money.

 

(g) Solely
as the result of the execution and delivery of the Loan Documents, the consummation of the transactions contemplated by the Loan Documents,
or the performance of obligations under the Loan Documents, none of the Lenders will become subject to regulation (i) as a “public
utility” under the FPA, (ii) as a “holding company” under PUHCA, or (iii) as a “public utility,”
an “electric utility,” “electric corporation,” or a “holding company,” or similar terms, under the
relevant State’s laws or regulations.

 

Section
4.07 Defaults; No Material Adverse Effect.

 

(a) No
Default or Event of Default has occurred and is continuing.

 

(b) Since the
Closing Date, no event, condition or circumstance has occurred which has resulted in, or could reasonably be expected to result in, a
Material Adverse Effect.

 

Section
4.08 Financial Statements; Books and Records.

 

(a) Except
as set forth on Schedule 4.08, all Financial Statements which have been furnished by or on behalf of any Relevant Party, the Sponsors
or any of their Affiliates to the Administrative Agent in connection with the Loan Documents have been prepared in accordance with GAAP,
consistently applied and present fairly in all material respects the financial condition of the Persons covered thereby as of the respective
dates thereof, subject, in the case of any such unaudited Financial Statements, to changes resulting from audit and normal year-end adjustments,
including the absence of footnotes and subject to validation of individual capital accounts in calculating net loss attributable to noncontrolling
interests in conformity with GAAP.

 

(b) All
books, accounts and files of each Relevant Party are accurate and complete in all material respects, and the Co-Borrowers have access
to all such books and records and the authority to grant access to such books and records to the Secured Parties.

 

Section
4.09 Indebtedness. Except as listed on Schedule 4.09, each Co-Borrower and its Subsidiaries have no outstanding
Indebtedness other than the Obligations and other Permitted Indebtedness. The Obligations under the Loan Documents constitute Indebtedness
of the Co-Borrowers and their Subsidiaries secured by a first ranking priority security interest in the Collateral. As of the Closing
Date, no other Indebtedness of the Co-Borrowers or their Subsidiaries ranks senior in priority to the Obligations.

 

Section
4.10 Litigation; Adverse Facts. There are no judgments outstanding against any Sponsor or any Relevant Party, or affecting
any of the Projects or any other Assets or Property of any Relevant Party, nor to the Relevant Parties’ Knowledge is there any action,
charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration now pending or threatened against any Sponsor
or any Relevant Party, respectively, or any of the Projects that relates to the legality, validity or enforceability of any of the Transaction
Documents, the ability of a Secured Party to exercise any of its rights in respect of the Collateral or the Collateral Documents or, other
than as set forth on Schedule 4.10, that could reasonably be expected to result in a Material Adverse Effect.

 

    
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Section
4.11 Taxes and Tax Status. All U.S. federal, state, local tax returns, information statements and reports, and all other
material tax returns, information statements or reports, of the Relevant Parties required to be filed have been timely filed (or any such
Person has timely filed for a valid extension and such extension has not expired), and all material Taxes, assessments, fees and other
governmental charges (including any payments in lieu of Taxes) upon such Persons and upon their Properties, Assets, income, profits, businesses
and franchises which are due and payable have been timely paid except to the extent the same are being contested in accordance with Section
5.06 and for which adequate reserves are maintained. All such returns, information statements and reports (and all information filed
with the Treasury in connection with the application for, and receipt of, a Grant) are true and accurate in all material respects (it
being understood that the amount claimed as the fair market value for any Project shall be deemed true and accurate if such amount is
consistent with the applicable appraisal and all information provided to the appraiser was true and accurate) and were prepared in substantial
compliance with applicable Law. Except as set forth on Schedule 4.11 no Grant has been applied for or obtained with respect to
any Project currently owned by a Relevant Party. There are no Liens for Taxes (other than Liens for Taxes not yet due and payable) on
any Assets of any Relevant Party. Except as set forth on Schedule 4.11, no unresolved written claim or proposed adjustment (including
in connection with a Tax Equity Opco Audit or an ITC Basis Notification) has been asserted with respect to any Taxes of any Relevant Party.
Except as set forth on Schedule 4.11, no waiver or agreement by any Relevant Party is in force for the extension of time for the
assessment or payment of any Tax or regarding the application of statute of limitations for any Taxes or tax returns, and no request for
any such extension or waiver is currently pending. Except as set forth in Schedule 4.11, there is no pending or, to the Knowledge
of the Co-Borrowers, threatened audit or investigation (including a Tax Equity Opco Audit) by any Governmental Authority of any Relevant
Party with respect to Taxes or any Grant. No Relevant Party is a party to or bound by any Tax sharing arrangement with any Person or any
other agreement pursuant to which it is liable for the Taxes of another Person (including any Affiliate of a Relevant Party), other than
the Tax Equity Documents and any Project Document the primary purpose of which is not the indemnification of income or other material
Taxes or the sharing or allocation of income or other material Tax benefits or liabilities. No Relevant Party has any liability for Taxes
of any Person under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local, or foreign law) or as a transferee
or successor. No power of attorney currently in force has been granted with respect to Taxes of any Relevant Party. No written claim has
been made by any Governmental Authority and received by any Relevant Party in a jurisdiction where such Relevant Party does not file a
tax return that it is or may be subject to taxation in that jurisdiction. No Relevant Party has engaged in any “listed transaction”
as defined in Treasury Regulation Section 1.6011-4 or made any disclosure under Treasury Regulation Section 1.6011-4. With respect
to each Project that is leased for U.S. federal income tax purposes to a Customer, to the Knowledge of the Co-Borrowers, the Customer
is not a Tax Exempt Person, except as could not reasonably be expected to have a Material Adverse Effect, when combined with other similar
Projects. All property, sales and use taxes imposed upon any Project or the Energy produced by any Project are fully reimbursable by the
applicable Customer or have been timely paid. No private letter ruling from the Internal Revenue Service has been obtained or requested
by any Relevant Party for any of the transactions contemplated hereunder or under any of the Tax Equity Documents. Each Relevant Party
is treated for U.S. federal income tax purposes either as disregarded as an entity separate from its owner (as described in Treasury Regulations
Section 301.7701-2(c)(2)(i)) or as a partnership (and not a publicly traded partnership as defined in Section 7704(b) of the
Code). Each owner of a Relevant Party (or if an owner of a Relevant Party is a disregarded entity, the entity treated as owning such Relevant
Party’s assets for federal income tax purposes) is a U.S. Person. Each Relevant Party is not a Tax Exempt Person. No Relevant Party
has elected to be treated as an association taxable as a corporation for federal income tax purposes. With respect to state and local
property taxes for each of Sunserve Residential Solar I, LLC; ORE F4 ProjectCo, LLC; ORE F5A ProjectCo, LLC; and ORE F6 ProjectCo, LLC,
(i) the amount of such taxes assumed in the Base Case Model is reasonable and (ii) to the extent any state or local property tax abatements,
exemptions or exclusions are assumed in the Base Case Model (including, for the avoidance of doubt, the property tax exclusion for solar
energy systems with respect to the State of California), such state or local property tax abatements, exemptions or exclusions are valid
or, if incorrect, would not result in a Material Adverse Effect, such state or local property tax abatements, exemptions or exclusions
are valid or, if incorrect, would not result in a Material Adverse Effect.

 

    
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Section
4.12 Performance of Agreements. None of the Relevant Parties or the Sponsor Parties are in default in the performance,
observance or fulfillment of the Loan Documents, the Wholly-Owned Documents or the Management Agreement. None of the Relevant Parties
or the Sponsor Parties are in material default in the performance, observance or fulfillment of the other Transaction Documents to which
they are a party or any of the other obligations, covenants or conditions contained in any material contracts of any such Persons and,
to the Knowledge of the Relevant Parties and the Sponsor Parties, no condition exists under such Transaction Documents that, with the
giving of notice or the lapse of time or both, would constitute such a material default, other than with respect to the Customer Agreements
or the Master Turnkey Installation Agreements where such condition (itself or when coupled with other defaults or conditions under such
agreements) could not reasonably be expected to have a Material Adverse Effect.

 

Section
4.13 Employee Benefit Plans. None of the Co-Borrowers or any Relevant Parties, or any of their respective ERISA Affiliates,
maintains or contributes to, or has any obligation under, any Employee Benefit Plans or Multiemployer Plans. Without limiting the foregoing,
the Co-Borrowers and their Subsidiaries do not have any employees or former employees and do not sponsor, maintain, participate in, contribute
to or have any obligations under or liability in respect of any Plan.

 

Section
4.14 Insurance. Set forth on Schedule 4.14 is a description of all policies of insurance for the Relevant Parties,
including those policies of the Sponsors for the benefit of the Relevant Parties which are required to be maintained pursuant to a Transaction
Document (if any), that are in effect as of the Closing Date. Such Insurance Policies conform to the requirements of Section 5.12
and have been paid in full or are not in arrears. No notice of cancellation has been received with respect to such policies and the Relevant
Parties and the Sponsor are in compliance in all material respects with all conditions contained in such policies.

 

Section
4.15 Investments. Except as permitted under Section 6.07, the Relevant Parties (other than the Pledgors) have
no direct or indirect equity interest in any Person which is not also a Relevant Party, including any stock, partnership interest or other
equity securities of any other Person.

 

Section
4.16 Environmental Matters. Each Project is, and has been developed, constructed and operated, in material compliance
with all applicable Environmental Laws and Permits; no notice of violation of such Environmental Laws or Permits has been issued by any
Governmental Authority with respect to any Project which has not been resolved; there is no pending or, to any Co-Borrower’s Knowledge,
threatened action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration in respect of any Environmental
Laws or Permits against any Relevant Party or with respect to any Project; there has been no Release of, or exposure to, any Hazardous
Material on, from or related to any Project that has resulted in or could reasonably be expected to result in any material liability or
material obligation for any Relevant Party; and no action has been taken by any Relevant Party that would cause any Project not to be
in material compliance with all applicable Environmental Laws or Permits pertaining to Hazardous Materials. If any Project is located
in the State of New York, the gross area of such Project is less than 4,000 square feet, does not involve a change in zoning or a use
variance and is consistent with local land use controls.

 

Section
4.17 Project Permits. No Permits are required for the operation of any Project in the ordinary course following the date
that it is Placed in Service.

 

Section
4.18 Representations Under Other Loan Documents. Each of the Relevant Parties’ and the Sponsor Parties’ representations
and warranties set forth in the (a) other Loan Documents are true, correct and complete in all material respects and (b) Limited
Liability Company Agreements and Purchase Agreements were true, correct and complete in all material respects when made.

 

Section
4.19 Broker’s Fee. Except as disclosed on Schedule 4.19, no broker’s fee or finder’s fee, commission
or similar compensation will be payable by or pursuant to any contract or other obligation of any Sponsor Party or Relevant Party with
respect to the making of the Loans or any of the other transactions contemplated by the Transaction Documents.

 

    
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Section
4.20 Sanctions; Anti-Money Laundering and Anti-Corruption. (a) None of the Relevant Parties nor any of their respective
Affiliates nor any director or officer or, to the Knowledge of the Co-Borrowers, agent, employee, affiliate or other person acting on
behalf of a Relevant Party or any of its Affiliates (i) is a Blocked Person (ii) has been engaged in any transaction, activity or conduct
that constitutes or could reasonably be expected to give rise to a violation of any Sanctions; and/or (iii) has received notice of, or
is otherwise aware of, any claim, action, suit, proceedings or investigation involving it with respect to Sanctions.

 

(b) The
operations of each of the Relevant Parties and its Affiliates have been conducted at all times in compliance with applicable anti-money
laundering statutes of all applicable jurisdictions, including, without limitation, all money laundering, drug trafficking, terrorist-related
activities or other money laundering predicate crimes under the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known
as the Bank Secrecy Act), the USA PATRIOT Act or any other United States Law or regulation governing such activities (collectively, “Anti-Money
Laundering Laws”) and no action, suit or proceeding by or before any court or other Governmental Authority involving a Relevant
Party or any of its Affiliates with respect to the Anti-Money Laundering Laws is pending, or to the Knowledge of any Co-Borrower, threatened.

 

(c) None
of the Relevant Parties nor any of their respective Affiliates nor any director or officer or, to the Knowledge of the Co-Borrowers, agent,
employee, affiliate or other person acting on behalf of a Relevant Party or any of its Affiliates (i) is aware of or has taken any
action, directly or indirectly, that constitutes or would result in a violation by such person of any applicable Law or regulation related
to corruption or bribery of the United States or any non-U.S. country or jurisdiction, including, but not limited to, the U.S. Foreign
Corrupt Practices Act of 1977, as amended, and the U.K. Bribery Act 2010, as amended, and the rules and regulations thereunder (collectively,
“Anti-Corruption Laws”), including, without limitation, using any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful payment to any foreign or domestic government official or employee from corporate funds, and making any
bribe, rebate, payoff, influence payment, kickback or other unlawful payment, (ii) is under investigation by any U.S. or non-U.S.
Governmental Authority for possible violation of Anti-Corruption Laws, or (iii) has been assessed civil or criminal penalties under
any Anti-Corruption Laws.

 

(d) None
of the transactions contemplated by the Transaction Documents will violate any Anti-Money Laundering Laws, Anti-Corruption Laws or applicable
Sanctions, and the Co-Borrowers will not, directly or indirectly, use, contribute or otherwise make available all or any part of the proceeds
of the Loans to or for the benefit of any Person for the purpose of financing activities or business of, other transactions with, or investments
involving any Blocked Person or Sanctioned Country or in any other manner that constitutes or would give rise to a violation by any Person,
including any Lender, of any Anti-Money Laundering Laws, Anti-Corruption Laws or Sanctions.

 

Section
4.21 Property Rights. Each Opco owns each photovoltaic system included in a Project acquired by it and owns, or has a
contractual right to use or shall have on the date it acquires a Project, ownership of or, in the case of access rights to Customer Property,
a contractual right to use, all equipment and facilities necessary for the operation of each Project. All equipment and facilities included
in the Projects are (or are reasonably expected to be when acquired or contracted for) in good repair and in an operating condition subject
to ordinary wear and tear and casualty and are suitable for the purposes for which they are employed, and, to the Knowledge of the Co-Borrowers,
there was and is no material defect, hazard or dangerous condition existing with respect to any such equipment or facilities except in
respect of any material defect, hazard or dangerous condition for which the Provider is taking appropriate action in accordance with Prudent
Industry Practices and that could not reasonably be expected to have a Material Adverse Effect or a material adverse effect on the ability
of the Co-Borrowers to perform under the Loan Documents at or above the assumption in the Base Case Model. Each Opco has the requisite
real property rights and licenses under the Customer Agreements to which it is party to access, install, operate, maintain, repair, improve
and remove its respective Projects and evidence of such real property rights and licenses has been provided to the Administrative Agent.
No Relevant Party is the title owner of any real property.

 

    
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Section
4.22 Portfolio Documents and Eligible Projects.

 

(a) No
Relevant Party is party to any agreement or contract other than (i) the Transaction Documents to which it is a party, (ii) in
the case of any Opco, any Permitted REC Contract entered into by it and (iii) any contract or agreement incidental or necessary to
the operation of its business that does not allocate material risk to any Relevant Party and has either a term of less than one year or
a value over its term not exceeding $100,000.

 

(b) All
rights to receive the PBI Payments and the related PBI Documents in respect of the Eligible Projects have been assigned to the applicable
Opco and all conditions to payment by the PBI Obligor under such PBI Documents have been satisfied and such payments are not subject to
any offset. Xcel Energy, Inc., and each PBI Obligor that is not a Governmental Authority, meet the Credit Requirements.

 

(c) Each
Customer Agreement to which an Opco is a party is an Eligible Customer Agreement.

 

(d) Each
Customer Agreement and the origination thereof and the installation of the related Project, in each case, was in compliance in all material
respects with applicable Law (including without limitation, all consumer leasing and protection Law) at the time such Customer Agreement
was originated and executed and such Project was installed.

 

(e) Except
for Customers subject to a Prepaid Customer Agreement or an Acquired Kismet Customer Agreement, (i) the capacity weighted average FICO®
Score of all Customers party to a Customer Agreement is no less than 750 and (ii) no greater than twenty percent (20%) of all Customers
party to a Customer Agreement have a capacity weighted average FICO® Score of between 650 and 699.

 

(f) Except
as set forth on Schedule 4.23(f), all Portfolio Documents when provided to the Administrative Agent (in each case, including all
schedules, exhibits, attachments, supplements and amendments thereto and any related protocols or side letters) are (or will be when provided)
true, correct and complete copies of such Portfolio Documents, and as of the Closing Date or any other date when additional Portfolio
Documents are provided to the Administrative Agent hereunder, each Portfolio Document (i) has been duly executed and delivered by
each Sponsor Party and each Relevant Party thereto (as applicable) and, to the Knowledge of Co-Borrowers, the other parties thereto, (ii) is
in full force and effect and is enforceable against each Sponsor and each Relevant Party (as applicable) and, to the Knowledge of Co-Borrowers,
each other party thereto as of such date, (iii) neither the Sponsors nor any Relevant Party or, to the Knowledge of the Co-Borrowers,
no other party to such document is or, but for the passage of time or giving of notice or both, would be in breach of any material obligation
thereunder, except solely with respect to the Project Documents, where such breach (itself or when coupled with other breaches under such
Project Documents) could not reasonably be expected to have a Material Adverse Effect, (iv) has no event of force majeure existing
thereunder except solely with respect to the Project Documents, where such event of force majeure (itself or when coupled with other events
of force majeure under such Project Documents) could not reasonably be expected to have a Material Adverse Effect and (v) all conditions
precedent to the effectiveness of such documents have been satisfied or waived in writing.

 

(g) The
Co-Borrowers maintain in their or the applicable Relevant Party’s books and records a copy of all documentation ancillary to the
Customer Agreements, including, with respect to each completed Project: (i) a copy of or access to all of such Project’s manufacturer,
installer or other warranties; (ii) copies of all PBI Documents and completed and submitted documentation in respect of rebates,
if applicable, including the applicable confirmation letters; (iii) a copy of the Project’s completed inspection certificate
issued by the applicable Governmental Authority; (iv) evidence of permission to operate from the applicable local utility; and (v) evidence
that the installer of such Project has been paid in full.

 

    
	 	104	Credit Agreement

     

    

 

(h) The
insurance described in Section 5.12 satisfies all insurance requirements set forth in the Portfolio Documents.

 

(i) As
of the Closing Date, each Eligible Project is comprised of panels and inverters from an Approved Manufacturer.

 

(j) The
Sponsors and Relevant Parties have taken all action in accordance with Prudent Industry Practices to ensure that the manufacturer warranties
relating to an Eligible Project are in full force and effect and can be enforced by the applicable Opco and, to the Knowledge of the Co-Borrowers
and except to the extent the applicable manufacturer is no longer honoring its warranties generally, all manufacturer warranties are in
full force and effect.

 

(k) In
respect of each Eligible Project, a precautionary fixture filing has been recorded in respect of such Eligible Project or such other similar
filing as may be required by applicable law including pursuant to Cal. Pub. Util. Code §§ 2868-2869; provided, however,
that (i) certain of such filings may be released from time-to-time in order to assist the applicable Customer in a pending refinancing
of such Customer’s mortgage loan or sale of home, (ii) such filings may not have been filed or maintained in a manner that would
provide priority under applicable law over an encumbrance or owner of the real property subject to the filing, and (iii) fixture filings
may not have been made on Projects located on military property.

 

(l) (i)
Each Eligible Project is located in a Project State listed on Schedule 4.23(m) and (ii) Eligible Projects in any single Project
State (other than California) in the aggregate, do not exceed twenty percent (20%) of the total number of Eligible Projects.

 

(m) With
respect to each Tax Equity Opco, each of the Tax Equity Opco Representations is true, complete and correct.

 

(n) With
respect to each Wholly-Owned Opco, each of the Wholly-Owned Opco Representations is true, complete and correct.

 

(o) The
Cash Available for Debt Service included under the Base Case Model from the Project Pool does not include any Operating Revenues other
than as derived from Eligible Revenues, includes Operating Expenses from all Projects in the Project Pool and takes into account the impact
on Operating Revenues and Operating Expenses from each waiver to eligibility requirements, portfolio criteria or otherwise as provided
by a Tax Equity Member. Taking into account all Projects owned by the applicable Opco: (i) each of the fund constraints and limitations
set forth in the related Purchase Agreement has been satisfied, (ii) any minimum systems in service requirement set forth in such
Purchase Agreement shall have been achieved, and (iii) each Project met the sale conditions and eligibility representations at the
time of sale pursuant to such Purchase Agreement or, such requirements referenced in clauses (i), (ii) and/or
(iii) were waived or amended and a copy of any such waiver or amendment has been provided to the Administrative Agent.

 

(p) No
Projects that are owned by the Wholly-Owned Opcos are subject to Prepaid Customer Agreements.

 

(q) No
Opco has any remaining obligations to purchase Projects under any Purchase Agreement.

 

(r) Any
and all Projects considered a public work under Article 8 of the NY Labor Law or a building service agreement covered by Article 9 thereof
have been constructed in compliance with all State of New York prevailing wage and hours law and regulations.

 

    
	 	105	Credit Agreement

     

    

 

Section
4.23 Security Interests.

 

(a) The
Collateral Documents create, as security for the Obligations, valid, enforceable, and, upon the filing of documents and instruments in
the proper places and the taking of other required actions (including, without limitation, possession), which have been filed or taken
on or prior to the Closing Date, perfected first-priority Liens in the Collateral, in favor of the Collateral Agent, for the benefit of
the Secured Parties, subject to no Liens other than Permitted Liens. All consents and approvals necessary or desirable to create and perfect
such Liens have been obtained.

 

(b) The
descriptions of the Collateral set forth in the Collateral Documents are true, complete, and correct in all material respects and are
adequate for the purpose of creating, attaching, and perfecting the Liens in the Collateral granted or purported to be granted in favor
of the Collateral Agent for the benefit of the Secured Parties.

 

(c) All
filings, registrations, recordings, notices, and other actions that are necessary or required (including delivery to the Collateral Agent
of the certificates evidencing the Membership Interests or giving the Collateral Agent control or possession of the Collateral) to perfect
the Collateral Agent’s Lien on the Collateral have been made or taken or will be made or taken on the date of this representation.

 

Section
4.24 Intellectual Property. Each Subsidiary owns or holds a valid and enforceable agreement, license, permit, certificate,
franchise or other authorization or right to use the technology and intellectual property rights necessary to own, lease, operate, maintain
and repair the Projects, and no actions by any Subsidiary that have been performed or are expected to be performed under the Portfolio
Documents infringe upon or misappropriate the intellectual property rights of any other Person.

 

Section
4.25 Full Disclosure.

 

(a) All
written information, including any information contained in any Officer’s Certificate, Loan Document (including all schedule, exhibit
annexes and other attachments), documents, reports or other written information pertaining to the Relevant Parties, the Portfolio Documents
and the Projects (other than any projections or forward-looking statements), together with all written updates of such information from
time to time (collectively, the “Information”), that have been furnished by or on behalf of the Co-Borrowers to any
Secured Party or its advisors or consultants are, as of the date such Information was so furnished (it being understood, without limitation,
that the disclosures under the schedules to this Agreement, except where updated in accordance with this Agreement, are furnished as of
the Effectiveness Date) and taken as a whole, true and correct in all material respects and do not contain any material misstatement of
fact or omit to state a material fact or any fact necessary to make the statements contained therein not materially misleading in light
of the circumstances in which they were made.

 

(b) The
projections and forward-looking statements, including the Base Case Model, prepared by or as directed by the Co-Borrowers that have been
made available to any Secured Party (i) have been prepared in good faith based upon assumptions believed by the Co-Borrowers to be
reasonable as and when such projections or forward-looking statements were prepared and as of the Closing Date, (ii) other than with
respect variances to the assumptions as agreed by the Administrative Agent and the Co-Borrowers, are generally consistent with each financial
model provided to the Tax Equity Members as and when such projections or forward-looking statements were prepared and (iii) do not
include any cash flows other than Eligible Revenues and include all Operating Expenses in respect of all Projects owned by the Opcos.

 

(c) Schedule
4.25(c) sets forth the Tax Equity Documents for each Tax Equity Opco, as such schedule shall be updated pursuant to the Eligible Additional
Opco Amendment Documentation.

 

    
	 	106	Credit Agreement

     

    

 

(d) Schedule
4.25(d) sets forth the Wholly-Owned Documents for each Wholly-Owned Opco, as such schedule shall be updated pursuant to the Eligible
Additional Opco Amendment Documentation.

 

(e) Schedule
4.25(e) sets forth all agreements for the provision of maintenance and administrative services in respect of Projects in the Project
Pool, as such schedule shall be updated pursuant to the Eligible Additional Opco Amendment Documentation.

 

(f) Schedule
4.25(f) sets forth all agreements for the provision of backup or transition management services in respect of Projects in the Project
Pool, as such schedule shall be updated pursuant to the Eligible Additional Opco Amendment Documentation.

 

(g) Schedule
4.25(g) sets forth all agreements for the provision of consumer services with respect the Projects in the Project Pool, as such schedule
shall be updated pursuant to the Eligible Additional Opco Amendment Documentation.

 

(h) Schedule
4.25(h) sets forth all agreements for the provision of operating services with respect to the Projects in the Project Pool, as such
schedule shall be updated pursuant to the Eligible Additional Opco Amendment Documentation.

 

(i) Schedule
4.25(i) sets forth (i) all accounts (other than the Collateral Accounts) maintained by each Relevant Party (other than the Tax Equity
Opcos) and (ii) each Non-Routine Services Account and each Lockbox Account maintained by each Tax Equity Opco.

 

(j) As
of the date delivered, the information included in each Beneficial Ownership Certification is true and correct in all respects.

 

Section
4.26 Iran Divestment Act. In accordance with Section 2879-c of the Public Authorities Law, by signing this contract,
the Co-Borrowers certify, for themselves and their Affiliates, under penalty of perjury, to the best of their knowledge and belief, that
no Co-Borrower nor any of their Affiliates is on the list created pursuant to paragraph (b) of subdivision 3 of section 165-a of the New
York State Finance Law (see www.ogs.ny.gov/about/regs/ida.asp).

 

Article
V.

AFFIRMATIVE COVENANTS

 

Each of the Co-Borrowers covenants
and agrees that until the Debt Termination Date, it shall perform and comply with all covenants in this Article V
applicable to such Person.

 

Section
5.01 Financial Statements and Other Reports.

 

(a) Financial
Statements and Operating Reports.

 

(i) Annual
Reporting.

 

(A) Within
one hundred twenty (120) days after the end of each fiscal year of each Sponsor and ESE, the Co-Borrowers shall furnish, or cause to be
furnished, to the Administrative Agent and each Lender (on a combined consolidated basis for the Sponsors and their Subsidiaries and on
a consolidated basis for ESE and its Subsidiaries) (x) with respect to the Sponsors, copies of unaudited Financial Statements of each
Sponsor for such fiscal year and (y) with respect to ESE, copies of audited Financial Statements of ESE. All such Financial Statements
shall be prepared in accordance with GAAP consistently applied (other than, in the case of the Financial Statements of the Sponsors, where
such Financial Statements cannot be prepared in accordance with GAAP due solely to the inability of the Sponsors to determine the fair
value of certain subsidiaries related to a prior foreclosure of such subsidiaries by the Sponsors) and other than in the case of the Financial
Statements of the Sponsors, which shall only be required to be management certified, shall be audited by an Independent certified public
accounting firm of national standing and shall be accompanied by an unqualified opinion of such accountants on such Financial Statements
which states that such Financial Statements present fairly in all material respects the financial position of the applicable Person and
its consolidated Subsidiaries for the period covered by such Financial Statements. All such Financial Statements delivered pursuant to
this Section 5.01(a)(i)(A) shall also be accompanied by a certification executed by the applicable Person’s chief executive
officer or chief financial officer (or other officer with similar duties) to the effect set forth in Section 5.01(a)(vi).

 

    
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(B) Within
one hundred twenty (120) days after the end of each fiscal year of each Co-Borrower, the Co-Borrowers shall furnish, or cause to
be furnished, to the Administrative Agent and each Lender copies of the audited Financial Statements of (x) each Co-Borrower (on a consolidated
basis for such Co-Borrower and its Subsidiaries) and (y) each Tax Equity Opco. All such Financial Statements shall be prepared in accordance
with GAAP consistently applied and shall be audited by an Independent certified public accounting firm of national standing, and shall
be accompanied by an unqualified report of such accountants on such Financial Statements which states that such Financial Statements present
fairly in all material respects the financial position of the applicable Person and its consolidated Subsidiaries for the period covered
by such Financial Statements. All such Financial Statements shall also be accompanied by a certification executed by the applicable Person’s
chief executive officer or chief financial officer (or other officer with similar duties) to the effect set forth in Section 5.01 (a)(vi).

 

(ii) Quarterly
Reporting. Within forty-five (45) days after the end of each of the first three (3) fiscal quarters in each fiscal year
of the applicable Person, commencing with the fiscal quarter ended June 30, 2019, the Co-Borrowers shall provide to the Administrative
Agent and each Lender (on a consolidated basis for each Co-Borrower and its Subsidiaries and on a combined basis for the Sponsors) copies
of the unaudited Financial Statements of each of the Sponsors, each Co-Borrower and each Opco for each such quarter, together with a certification
executed by each respective chief executive officer or chief financial officer (or other officer with similar duties) to the effect set
forth in Section 5.01(a)(vi).

 

(iii) Portfolio
Reporting.

 

(A) The
Co-Borrowers shall cause the Manager to provide to the Administrative Agent and the Independent Engineer a quarterly Manager’s report,
no later than forty five (45) days after the end of the fiscal quarter for the combined portfolio in the form attached as Exhibit
L, commencing with the fiscal quarter ended June 30, 2019;

 

(B) The
Co-Borrowers shall cause the Manager to provide to the Administrative Agent a quarterly report, no later than thirty (30) days after the
end of the fiscal quarter in the form attached hereto as Exhibit P with respect to each Project owned by the Sponsors and their
subsidiaries located in the State of New York (or in such other form as acceptable to the Spruce NYGB Borrower). Such report shall contain
each of the data points in Exhibit P and shall be delivered on an incremental basis, with the most recently delivered spreadsheet
updated incrementally by the Manager each quarter.

 

(C) The
Co-Borrowers shall cause the Manager to provide to the Administrative Agent no later than fifteen (15) Business Days after the end
of the fiscal quarter of each Co-Borrower, commencing with the fiscal quarter ended June 30, 2019, the amounts standing to the credit
of each Non-Routine Services Account (other than the Spruce Non-Routine Services Account) as of the end of such fiscal quarter together
with a summary of all deposits and withdrawals from such accounts during the three month period ending on the last day of such fiscal
quarter.

 

(D) The
Co-Borrowers shall cause the Manager and its employees and officers to make themselves available during normal business hours at the reasonable
request of the Administrative Agent or the Independent Engineer to discuss any information disclosed in a Manager’s report, including
with respect to (a) Collections, (b) Operating Revenues, Operating Expenses and Cash Available for Debt Service, (c) the fair market value
of the equity interests in each Opco and (d) portfolio production performance.

 

    
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(iv) Provider
Reporting. The Co-Borrowers shall cause the Providers to provide to the Administrative Agent and the Independent Engineer each quarterly
operating report, as permitted by the Tax Equity Members, required pursuant to Maintenance Services Agreements at such time and in such
manner as provided therein. The Co-Borrower shall cause each Provider and its employees and officers to make themselves available during
normal business hours at the reasonable request of the Administrative Agent or the Independent Engineer to discuss any information disclosed
in such reports, including with respect to inverter failures.

 

(v) Debt
Service Coverage Ratio Certificate. No later than ten (10) Business Days prior to each Payment Date, the Co-Borrowers shall provide
to the Administrative Agent a Debt Service Coverage Ratio Certificate. The Administrative Agent (including on the instructions of any
Lender) may notify the Co-Borrowers in writing of any suggested corrections to a Debt Service Coverage Ratio Certificate (the “Administrative
Agent DSCR Comments”) regarding any inconsistencies with the terms of this Agreement, no later than five (5) Business Days
following receipt of a Debt Service Coverage Ratio Certificate. The Co-Borrowers shall incorporate into the Debt Service Coverage Ratio
Certificate all Administrative Agent DSCR Comments that are consistent with the terms of this Agreement and deliver to the Administrative
Agent a revised Debt Service Coverage Ratio Certificate no later than three (3) Business Days following the date of the Co-Borrowers’
receipt of the Administrative Agent DSCR Comments. The calculations of the Debt Service Coverage Ratios and other information provided
in respect of Debt Service Coverage Ratio Certificate hereunder shall be used in determining deposits to and releases from the Collections
Account or the Distribution Trap Account, as applicable, for the purposes of making any Restricted Payments by the Co-Borrowers. If the
Co-Borrowers fail to produce the information and calculations relating to the Debt Service Coverage Ratios and Debt Service Coverage Ratio
Certificate required to be produced pursuant to this Agreement, then, until such time as such information and calculations are provided,
no funds shall be released for the purposes of making any Restricted Payments by the Co-Borrowers.

 

(vi) Certifications
of Financial Statements and Other Documents. Together with the Financial Statements provided to the Administrative Agent pursuant
to Sections 5.01(a)(i) and (ii), the Co-Borrowers shall also furnish to the Administrative Agent certifications upon
which the Administrative Agent may conclusively rely in the form of Exhibit J, executed by the respective chief executive
officer or chief financial officer (or other officer with similar duties) of the applicable Sponsor and applicable Relevant Party (as
applicable) certifying that such Financial Statements fairly present the financial condition and results of operations of the applicable
Sponsor and applicable Relevant Party (as applicable) on a consolidated basis for the period(s) covered thereby in accordance with GAAP
(subject, in the case of any such unaudited Financial Statements, to changes resulting from audit and normal year-end adjustments, including
the absence of footnotes and subject to validation of individual Subsidiary capital accounts in calculating net loss attributable to non-controlling
interests in conformity with GAAP).

 

(b) Material
Notices. Each Co-Borrower shall promptly, but in no event later than five (5) Business Days after the earlier of its or any Subsidiary’s
receipt or Knowledge thereof, deliver, or cause to be delivered, to the Administrative Agent:

 

(i) copies
of all notices given or received with respect to a default or any event of default under any term or condition of or related to any Permitted
Indebtedness;

 

(ii) copies
of any and all notices of a default, breach or termination by any party under (A) any Transaction Document (other than a Project
Document) or (B) any Project Document, which default, breach or termination under any Project Document (itself or when coupled with
other breaches under any Project Document) could reasonably be expected to have a Material Adverse Effect;

 

    
	 	109	Credit Agreement

     

    

 

(iii) notice
of the occurrence of any event or circumstance that has, or could reasonably be expected to have, a Material Adverse Effect;

 

(iv) notice
of any (A) fact, circumstance, condition or occurrence at, on, or arising from, any Project that results or could reasonably be expected
to result in material noncompliance with or a material liability or material obligation under any Environmental Law, (B) Release
of Hazardous Materials on, from or related to any Project that has resulted in or could reasonably be expected to result in personal injury
or material Property damage or in any material liability or material obligation for any Relevant Party, or (C) pending or, to such
Co-Borrower’s Knowledge, threatened action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration
in respect of any Environmental Laws against it or arising in connection with occupying or conducting operations on or at any Project
therefor;

 

(v) copies
of all material notices, documents or reports received or sent by such Co-Borrower, a Sponsor or any other Relevant Party pursuant to
any Tax Equity Document or the Sungevity Greenwich Master Lease, which shall include (without limitation) any capital contribution notice
and notices, documents or reports in relation to (A) any call option, buy-out right, withdrawal right or put option, (B) the
achievement of any flip or cash reversion dates under a Limited Liability Company Agreement, (C) true-up requirements (including,
without limitation, any true-up report regarding interim and final true-ups), (D) the transfer of membership interests, (E) claims
against any Sponsor Party or any Relevant Party under any indemnity, (F) the threatened or actual removal of any Holdco as a managing
member, (G) any updates to financial models prepared by or in respect of an Opco, (H) stop deployment events, any deficient class
or deficient Projects or otherwise in relation to Projects owned by an Opco being Placed in Service or material correspondence on other
eligibility criteria in the Tax Equity Documents for any Tax Equity Opco and (I) dispute resolution or independent review under the
terms of any Tax Equity Document (in each case including, without limitation, in relation to the loss, reduction, recapture or disallowance
of any Grant or ITC awarded or claimed, as applicable, with respect to any Project, any Projects being Placed in Service, any appraisal
procedure and any material dispute in relation to Tax matters, Grants or ITCs) or the Sungevity Greenwich Master Lease;

 

(vi) notice
of any event which would require a mandatory prepayment under Section 3.03(a), (h) or (i);

 

(vii) notice
that any insurance required to be maintained pursuant to the Tax Equity Documents, the Sungevity Greenwich Master Lease or Loan Documents
has been, or, to the Knowledge of Co-Borrowers, is threatened to be, cancelled;

 

(viii) any
proposed amendment, supplement, modification or waiver to, or assignment or transfer in respect of, a Portfolio Document (other than any
Customer Agreement or Master Turnkey Installation Agreement) or the organizational documents of a Relevant Party at least five (5) Business
Days prior to entry thereto;

 

(ix) copies
of any amendment, supplement, waiver or other modification to a Portfolio Document or the organizational documents of a Relevant Party
(provided that such documents in respect of the Customer Agreements may be provided on a quarterly basis but no later than forty-five
(45) days after the end of March, June, September and December); and

 

(x) notice
of any Serial Defect and each recall notice issued in respect of, or any other material communications related to an actual or potential
Serial Defect from any manufacturer of any inverter included in an Eligible Project.

 

    
	 	110	Credit Agreement

     

    

 

(xi) notice
that any Project component used in respect of the Projects owned by the Opcos is not covered by an Acceptable Warranty or any other material
communications related to an actual or loss of an Acceptable Warranty from any manufacturer of any equipment included in any Projects
owned by the Opcos.

 

(xii) notice
of any Warranty Event or any other material communications related to an actual or potential Warranty Event from any manufacturer of any
inverter included in any Projects owned by the Opcos.

 

(xiii) any
change in the information provided in any Beneficial Ownership Certification that would result in a change to the list of beneficial owners
identified in parts (c) or (d) of such certification.

 

(c) Performance
Tracking.

 

(i) The
Co-Borrowers shall cause each Holdco and the Manager to make themselves available during normal business hours at the reasonable request
of the Administrative Agent (acting on the instructions of the Required Lenders) to discuss the basis for any calculations, including
the interpretation and application of the calculation rules, conventions and procedures under the applicable Limited Liability Company
Agreement. At any time during the occurrence of any Event of Default or a Distribution Trap, the Administrative Agent may submit the latest
Tax Equity Opco Model for each Tax Equity Opco, together with the exhibits or supplemental information thereto, to the Model Auditor for
its review at the sole cost and expense of the Co-Borrowers.

 

(ii) If
the calculations of the fair market value of a Tax Equity Member’s equity interests in a Tax Equity Opco shown in the relevant updated
Tax Equity Opco Model (based on an appraisal performed by, or at the direction of, such Tax Equity Member in accordance with relevant
Tax Equity Documents) result in an increase in such fair market value from the prior Base Case Model, the Required Additional Reserve
Amounts shall be updated to reflect such higher amounts.

 

(iii) On
the Tax Equity Withdrawal Date for a Tax Equity Opco, if the fair market value of the applicable Tax Equity Member’s equity interests
in such Tax Equity Opco (based on an appraisal performed by, or at the direction of, such Tax Equity Member in accordance with relevant
Tax Equity Documents) exceeds the amount assumed under the then-current Base Case Model, the Required Additional Reserved Amounts shall
be updated to reflect such higher amounts.

 

(d) Major
Decisions. Each Co-Borrower shall promptly, but in no event later than five (5) Business Days prior to any vote or approval in
respect of a Major Decision, deliver, or cause to be delivered, to the Administrative Agent written notice describing the issue to be
decided by vote or approved together with copies of all correspondence received and sent with respect to that Major Decision.

 

(e) Operating
Budgets.

 

(i) Each
Co-Borrower shall prepare, or cause to be prepared, for each fiscal year of such Co-Borrower and each of its Opcos an operating and capital
expense budget setting forth the anticipated revenues, and Operating Expenses (including expenses for Non-Routine Services and Non-Agreed
System Services) of each Relevant Party for such fiscal year; provided that with respect to the Ampere Tenants, the operating budget
may be on a combined basis with the applicable Ampere Owner. The initial Operating Budget for 2019 is attached as Exhibit K
hereto. For each succeeding fiscal year (commencing with 2020), each Co-Borrower shall, not later than thirty (30) days prior to
beginning of such fiscal year, submit a proposed Operating Budget to the Administrative Agent for its approval (acting on the instructions
of the Required Lenders); provided that the approval of the Administrative Agent shall be deemed to be given if (A) the Operating
Expenses set forth in the proposed Operating Budget do not exceed 10% in the aggregate over the amount budgeted for such Operating Expenses
of such Co-Borrower and its Opcos in the then-current Base Case Model for the applicable year and (B) such proposed Operating Budget
is otherwise consistent with the then-current Base Case Model for the applicable year.

 

    
	 	111	Credit Agreement

     

    

 

(ii) Each
Co-Borrower shall, and shall cause each of its Holdcos to, deliver to the Administrative Agent (i) each operating budget submitted
to and approved by the Tax Equity Members in respect of its Tax Equity Opco, as required under the applicable Limited Liability Company
Agreement and (ii) when available, any amendments to such operating budget, together with all notices or correspondence regarding
the approval of such operating budget (if applicable) by the relevant Tax Equity Member; provided that the approval of the Administrative
Agent shall be deemed to be given if the Non-Routine Services and Non-Agreed System Services included in such operating budgets do not
collectively exceed the greater of (x) 10% in the aggregate over the amount budgeted for Operating Expenses in respect of the Tax Equity
Opcos in the then-current Base Case Model for the applicable year and (y) $50,000 and (B) such operating budgets are otherwise consistent
with the then-current Base Case Model for the applicable year.

 

(f) Inverter
Reporting. On or prior to the Calculation Date ending December 31, 2019, and annually thereafter, each Co-Borrower shall submit
to the Administrative Agent a list of all inverter manufacturers and models, together with the distribution of such equipment across each
of its Opcos (or with respect to Volta Owner I, itself) and inverter failures and warranty information, for an annual review of which
such Co-Borrower has Knowledge (together, the “Inverter Review Information”). The Administrative Agent may consult
with the Independent Engineer regarding the Inverter Review Information at the Co-Borrowers’ sole cost and expenses and each Co-Borrower
shall make itself and its officers and employees available during normal business hours to the Independent Engineer, at the reasonable
request of the Administrative Agent, to discuss the Inverter Review Information.

 

(g) REC
Contracts. On a monthly basis, Kilowatt Systems shall calculate the value of its Aggregate Net Exposure (as such term is defined in
the Skyview Credit Support Annex) under the Skyview REC Contracts and submit a calculation of such amounts to the Administrative Agent.
If such Aggregate Net Exposure is greater than zero, then Kilowatt Systems shall request the REC Purchaser under the Skyview REC Contracts
to post additional collateral pursuant to the terms of the Skyview Credit Support Annex and promptly (but in no event more than five (5) Business
Days after receipt of such additional collateral) provide the Administrative Agent notice thereof.

 

(h) Other
Information. As soon as reasonably practicable upon request, each Co-Borrower shall, deliver, or cause to be delivered, such other
information in relation to the business, operations, Property, Assets or condition (financial or otherwise) of such Co-Borrower and any
Relevant Party as the Administrative Agent or any Lender may from time to time reasonably request.

 

(i) Data
Site. Notwithstanding anything contained to the contrary herein, all reporting and notice obligations of the Co-Borrowers under this
Section 5.01 may be satisfied by posting any applicable reports, notices or other materials to an Intralinks data site or such
other data site designated by the Co-Borrowers that is reasonably acceptable to the Administrative Agent and the Required Lenders and
to which the Administrative Agent shall have control and the Lenders and the Independent Engineer have been granted access.

 

Section
5.02 Notice of Events of Default. A Co-Borrower shall give the Administrative Agent prompt written notice of (a) each
Default of which it obtains Knowledge and each Event of Default hereunder and (b) each default on the part of any party to (i) the
other Transaction Documents (other than the Customer Agreements where such breach (itself or when coupled with other breaches under such
agreements) could not reasonably be expected to have a Material Adverse Effect) and (ii) Master Turnkey Installation Agreements where
such breach (itself or when coupled with other breaches under such agreements) could not reasonably be expected to have a Material Adverse
Effect.

 

Section
5.03 Maintenance of Books and Records. Each Co-Borrower shall, and shall cause each of its Subsidiaries to, maintain
and implement, administrative and operating procedures reasonably necessary in the performance of their obligations hereunder, and the
Co-Borrowers shall, and shall cause the Subsidiaries to, keep and maintain at all times, or cause to be kept and maintained at all times,
all documents, books, records, accounts and other information reasonably necessary or advisable for the performance of their obligations
hereunder to the extent required under applicable Law.

 

    
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Section
5.04 Litigation. A Co-Borrower shall give the Administrative Agent prompt written notice upon a Co-Borrower or any Relevant
Party receiving or obtaining:

 

(a) notice
of any pending or threatened (in writing) litigation, investigation, action or proceeding of or before any court arbitrator or Governmental
Authority affecting a Sponsor, a Co-Borrower or any Relevant Party that, if adversely determined, could reasonably be expected to result
in:

 

(i) liability
to a Co-Borrower or a Relevant Party in an aggregate amount exceeding $1,000,000, or an aggregate amount with all other such claims exceeding
$3,000,000;

 

(ii) injunctive,
declaratory or similar relief against a Co-Borrower or a Relevant Party; or

 

(iii) a
Material Adverse Effect;

 

(b) Knowledge
of any material development in any action, suit, proceeding, governmental investigation or arbitration at any time which is pending against
or affecting any of the Sponsor Parties, a Co-Borrower or any Relevant Party and could reasonably be expected to have a Material Adverse
Effect.

 

Section
5.05 Existence; Qualification. Each Co-Borrower shall, and shall cause each of its Subsidiaries to, at all times preserve
and keep in full force and effect its existence as a limited liability company and all rights and franchises material to its business,
including its qualification to do business in each state where it is required by Law to so qualify, except to the extent that the failure
to be so qualified could not reasonably be expected to have a Material Adverse Effect.

 

Section
5.06 Taxes. Each Co-Borrower shall, and shall cause each of the other Relevant Parties to, maintain its classification
as a partnership or disregarded entity for U.S. federal income tax purposes as represented in Section 4.11 and shall not recognize
any transfer of an ownership interest in such Co-Borrower if the direct owner either (a) is not a U.S. Person or (b) is a Tax Exempt Person.
Each Co-Borrower shall, and shall cause each of the other Relevant Parties to, pay, or cause to be paid, as and when due and prior to
delinquency, all material Taxes, assessments and governmental charges of any kind that may at any time be lawfully due or levied against
or with respect to such Person or any Project (including, in each case, all material Taxes, assessments and charges lawfully made by any
Governmental Authority for public improvements that may be secured by a Lien on such Project); provided, however, that a
Co-Borrower or other Relevant Party may, by appropriate proceedings, contest or cause to be contested in good faith any such Taxes, assessments
and other charges and, in such event, may, if permitted by applicable Laws, permit the Taxes, assessments or other charges so contested
to remain unpaid during any period, including appeals, when such Co-Borrower or other Relevant Party is in good faith contesting or causing
to be contested the same by appropriate proceedings, so long as (a) appropriate segregated cash reserves have been established to pay
any such Tax, assessments or other charges, accrued interest thereon and potential or other costs related thereto in accordance with GAAP
(it being understood that with respect to a Tax Equity Opco Audit, the funding of the Audit Reserve Amount with respect to the relevant
Tax Equity Opco shall constitute an appropriate segregated cash reserve), (b) enforcement of the contested Tax, assessment or other
charge is effectively stayed pursuant to applicable Laws for the entire duration of such contest, and (c) any Tax, assessment or
other charge determined to be due, together with any interest or penalties thereon, is promptly paid after resolution of such contest.

 

Section
5.07 Operation and Maintenance. Each Co-Borrower shall, and shall cause each of its Opcos and the applicable Provider
to, keep each Project in good operating condition consistent in all material respects with the applicable Portfolio Documents, all other
agreements with respect to the Project (including any provisions of any manufacturer, installer or other warranties), Prudent Industry
Practices and requirements of Law, and make or cause to be made all repairs necessary to keep such Projects in such condition (ordinary
wear and tear excepted). With respect to replacements of panels or inverters of any Project, each Co-Borrower shall, and shall cause each
of its Opcos and the applicable Provider to, use equipment manufactured by an Approved Manufacturer.

 

Section
5.08 Preservation of Rights; Maintenance of Projects; Warranty Claims; Security.

 

(a) Each
Co-Borrower shall, and shall cause each of its Subsidiaries to, (i) perform and observe its material obligations under the Portfolio
Documents, and to which such Relevant Party is a party and (ii)  to preserve, protect and defend its (or its Subsidiary’s)
material rights, under such Portfolio Documents, including prosecution of suits to enforce any right of such Relevant Party thereunder
and enforcement of any claims with respect thereto. Each Co-Borrower and each of its Subsidiaries shall cause the applicable Provider
to maintain any Permits as may be required in connection with the maintenance, repair or removal of any Project.

 

    
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(b) Each
Co-Borrower shall, and shall cause each of its Subsidiaries to, or shall cause the Manager or Provider (as appropriate) to, on behalf
of the applicable Subsidiary, pursue warranty claims related to a Project’s photovoltaic panels, inverters or other material components
in accordance with the terms of the applicable warranty, unless the Administrative Agent waives such requirement in writing.

 

(c) Each
Co-Borrower shall, and shall cause each Loan Party to, execute and deliver from time to time such other documents as shall be necessary
or advisable, or that the Administrative Agent or Collateral Agent may reasonably request, in connection with the rights and remedies
of the Secured Parties granted by or provided for in the Loan Documents and to perform the transactions contemplated therein.

 

(d) Each
Co-Borrower shall, and shall cause each Loan Party to (i) take all actions as may be necessary or advisable, or that the Administrative
Agent may reasonably request, to establish, maintain, protect, perfect and continue the perfection or the first-priority status (subject
to Permitted Liens) of the security interests created (or purported to be created) by the Collateral Documents and (ii) furnish timely
notice of the necessity of any such action together with such instruments, in execution form (if applicable), and such other information
as may be required or reasonably requested to enable any appropriate Person to effect any such action. Without limiting the generality
of the foregoing, each Co-Borrower shall, at its own expense, (A) execute and deliver or cause to be executed and delivered, acknowledge
or cause to be acknowledged, file or cause to be filed or record or register or cause to be recorded or registered, or take any other
action or cause any other action to be taken with respect to, such notices, statements, instruments and other documents (including any
memorandum of lease or other agreement, UCC financing statement or amendment or continuation statement, certificate of title or estoppel
certificate, fixture filings and mortgages or deeds of trust) in all places necessary or advisable to establish, maintain, protect and
perfect, and ensure the priority of, such security interests and in all other places that the Administrative Agent or any Lender shall
reasonably request, (B) discharge all other Liens (other than Permitted Liens) or other claims adversely affecting the rights of
the Secured Parties in the Collateral or the pledged interests and (C) deliver or publish all notices to third parties that may be
required to establish or maintain the validity, perfection or priority of any Lien created pursuant to this Agreement or the Collateral
Documents.

 

(e) Without
limiting its obligations under the foregoing clauses (c) and (d), each Co-Borrower shall, and shall cause each Loan
Party to, take actions necessary or advisable (including filing, registering and recording all necessary instruments and documents and
paying all fees, taxes, levies, imposts and periodic expenses in connection therewith), or that the Administrative Agent may reasonably
request, to (i) create security arrangements, including, as applicable, the establishment of a pledge or the perfection of any Lien
or, as applicable, the enforceability of a Lien as against such Subsidiary and any subsequent lienor (including a judgment lienor), holder
of a charge, or transferee for or not for value, in bulk, by operation of Law, or otherwise, in each case granted, with respect to all
future Assets in accordance with the requirements of all applicable Laws, or the Law of any other jurisdiction, as applicable, (ii) maintain
the security and pledges created by this Agreement and the Collateral Documents in full force and effect at all times (including, as applicable,
the priority thereof) and (iii) preserve and protect the Collateral and Membership Interests and protect and enforce its rights and
title, and the rights and title of the Secured Parties, to the security created by this Agreement and the Collateral Documents.

 

(f) Each
Co-Borrower shall take all reasonable actions to maintain the filings referenced in Section 4.22(k) pursuant to applicable Laws.

 

(g) Without
limitation to Section 5.21, simultaneously with the purchase or cancellation of the outstanding “investor member” membership
interests of an Ampere Tenant or any membership interests held by a Tax Equity Member in such Ampere Tenant (whether pursuant to purchase,
call, put or withdrawal option), Kilowatt Systems shall, and shall cause the applicable Ampere Tenant, Holdco and Ampere Owner to deliver
such new and amended Collateral Documents and standing instructions and associated amendments to the Loan Documents as requested by the
Administrative Agent (including an accession and joinder to the Guaranty and Security Agreement to provide a guaranty of the Obligations
and a security interest for the Obligations over all Assets of the applicable Opco, a deposit account control agreement to perfect such
security interest in such Opco’s Lockbox Account and Non-Routine Services Account, standing instructions for the deposit of the
revenues of such Ampere Tenant and Ampere Owner into the Collections Account, amendments to reflect such Ampere Tenant and Ampere Owner
as a wholly owned subsidiary of Kilowatt Systems and other amendments in respect of account mechanics, contracting, budgeting and payment
provisions regarding the operation and maintenance of such Ampere Tenant and Ampere Owner, transition management or back-up servicing
arrangements for the Ampere Tenant and Ampere Opco and the removal of prepaid systems from the ownership of the Relevant Parties) in a
form and of substance reasonably acceptable to the Administrative Agent.

 

    
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(h) Without
limitation to Section 5.21, simultaneously with the purchase or cancellation of the outstanding “class A” membership
interests of an Opco or any membership interests held by a Tax Equity Member in such Opco (whether pursuant to purchase, call, put or
withdrawal option), the applicable Co-Borrower shall, and shall cause the applicable Holdco and Opco to deliver such new and amended Collateral
Documents and standing instructions and associated amendments to the Loan Documents as requested by the Administrative Agent (including
an accession and joinder to the Guaranty and Security Agreement to provide a guaranty of the Obligations and a security interest for the
Obligations over all Assets of the applicable Opco, standing instructions for the deposit of the revenues of such Opco into the Collections
Account, amendments to reflect such Opco as a wholly owned subsidiary of the relevant Co-Borrower and other amendments in respect of account
mechanics, contracting, budgeting and payment provisions regarding the operation and maintenance of such Opco, transition management or
back-up servicing arrangements for such Opco and the removal of prepaid systems from the ownership of the Relevant Parties) in a form
and of substance reasonably acceptable to the Administrative Agent.

 

(i) Upon
an Opco becoming a Wholly-Owned Opco as a result of the purchase or cancellation of the membership interests held by a Tax Equity Member
as described in clauses (g) and (h) above, the Co-Borrowers shall ensure that any Maintenance Service Agreement, Consumer
Servicing Agreement, Operation Services Agreement and Backup Servicer Agreement to which each Wholly-Owned Opco is a party shall be substantially
in the form as those entered into by a Wholly-Owned Opco on the Closing Date and shall provide for the Wholly-Owned Opco to have a right
to terminate such agreements for Provider default, and transition to a replacement Provider under the Backup Servicer Agreement, upon
the occurrence of a Servicer Termination Event hereunder.

 

(j) Simultaneously
with the termination of the Sungevity Greenwich Master Lease for any reason, Kilowatt Systems shall, and shall cause Sungevity Greenwich
Lessor to, deliver such new and amended Collateral Documents and standing instructions and associated amendments to the Loan Documents
as requested by the Administrative Agent (including an accession and joinder to the Guaranty and Security Agreement to provide a guaranty
of the Obligations and a security interest for the Obligations over all Assets of Sungevity Greenwich Lessor (other than, in the case
of a termination due to the exercise by the lessor of the purchase option under Section 10.2 of the Sungevity Greenwich Master Lease,
any Assets required to be sold or transferred to lessor pursuant to the Sungevity Greenwich Master Lease), standing instructions for the
deposit of the revenues of Sungevity Greenwich Lessor into the Collections Account, and other amendments in respect of account mechanics,
contracting, budgeting and payment provisions regarding the operation and maintenance of such Opco, transition management or back-up servicing
arrangements for such Opco and the removal of prepaid systems from the ownership of the Relevant Parties) in a form and of substance reasonably
acceptable to the Administrative Agent. Compliance with Laws; Environmental Laws. Each Co-Borrower shall, and shall cause each
of its Subsidiaries to (a) comply in all material respects with, and conduct its business and operations in compliance in all material
respects with, all applicable Laws (including Environmental Laws, consumer leasing and protection Law and any federal, state or local
regulatory Laws) and Permits, and (b) procure, maintain in full force and effect and comply in all material respects with all Permits
by the date such Permit is necessary or required to have been obtained under applicable Law.

 

Section
5.09 Energy Regulatory Laws. Each Co-Borrower shall, and shall cause each of its Subsidiaries to, take all necessary
actions to maintain (a) the status of each Project as a Qualifying Facility, and (b) such Co-Borrower’s and each of its
Subsidiary’s exemptions from (i) the FPA, as provided in FERC’s regulations at 18 C.F.R. § 292.601(c), including
the exemption from regulation under Sections 205 and 206 of the FPA as provided in § 292.601(c)(1), (ii) PUHCA, as provided
in FERC’s regulations at 18 C.F.R. § 292.602(b), and (iii) certain state laws and regulations respecting the rates of
electric utilities and the financial and organizational regulation of electric utilities, as provided in FERC’s regulations at 18 C.F.R.
§ 292.602(c).

 

Section
5.10 Interest Rate Hedging. On the Effectiveness Date, the Co-Borrowers shall enter into and thereafter maintain Interest
Rate Hedging Agreements on a pro rata basis with the Lenders or Affiliates thereof who elect to participate as Secured Hedge Providers
(in each case, documented pursuant to ISDA agreements reasonably satisfactory to the Administrative Agent) to the extent necessary to
provide that at least 75%, but in no event greater than 100%, of the aggregate principal amount of Term Loans outstanding or projected
to be outstanding are subject to either a fixed interest rate, or other interest rate protection acceptable to the Administrative Agent,
through the Hedge Profile Repayment Date; provided that the Co-Borrowers may hedge more than 100% of the aggregate principal Term
Loans outstanding or projected to be outstanding in the last three quarterly periods immediately prior to the Hedge Profile Repayment
Date.

 

    
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Section
5.11 Payment of Claims.

 

(a) Except
for those matters being contested pursuant to clause (b) below, the Co-Borrowers shall, and shall cause the other Relevant
Parties to, pay (i) all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable
and that by Law have or may become a Lien upon any of its Properties or Assets (hereinafter referred to as the “Claims”)
and (ii) all U.S. federal, state, local and non-U.S. income Taxes, sales Taxes, excise Taxes and all other Taxes and assessments
of the Relevant Parties on their businesses, income, profits, franchises or Assets, in each instance before any penalty or fine is incurred
with respect thereto; provided that, without limiting the Sponsors’ obligations under the Cash Diversion Guaranty, the foregoing
shall not be deemed to require that a Relevant Party pay any such Tax or other liability that is imposed on a Customer or that such Customer
is contractually obligated to pay, and the term “Claims” shall be construed accordingly.

 

(b) No
Co-Borrower shall be required to pay, discharge or remove any Claim relating to any Project that it is otherwise obligated to pay, discharge
or remove so long as such Co-Borrower contests (or causes to be contested) in good faith such Claim or the validity, applicability or
amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the applicable
Project, so long as no Event of Default shall have occurred and be continuing and such Co-Borrower has provided the Administrative Agent
with evidence that the Co-Borrower are maintaining adequate reserves in accordance with GAAP to pay, discharge or remove such Claim.

 

Section
5.12 Maintenance of Insurance.

 

(a) Until
the Debt Termination Date, each Co-Borrower shall, at its sole cost and expense, procure and maintain, or cause to be procured and maintained
by the Providers, and the Manager pursuant to the Portfolio Documents, and provide the Administrative Agent with acceptable evidence (in
form and substance reasonably satisfactory to the Administrative Agent) of the existence of, the types and amounts of insurance listed
below with respect to the activities of its representatives in connection with this Agreement (collectively, the “Insurance Policies”)
with reputable insurers rated at least A-, X by A.M. Best and “A” or higher by S&P or otherwise acceptable to the Administrative
Agent, acting reasonably. In addition, each Co-Borrower and the Relevant Parties shall take all necessary action to maintain any insurance
that each such Relevant Party or Sponsor is required to maintain pursuant to the terms and conditions of the Transaction Documents. The
following terms and conditions apply with respect to property and liability insurance maintained by or on behalf of each Co-Borrower or
the Relevant Parties with respect to the Projects:

 

(i) All-Risk
Property / Builders Risk. “All-Risk” property, as such term is used in the insurance industry, including coverage for
mechanical and electrical breakdown (or “electrical arcing”) plus resulting or ensuing damage arising out of design error,
faulty workmanship or faulty materials, the perils of flood and earthquake, windstorm (named or unnamed), hail, lightning, strike, riot
and civil commotion, sabotage (non-terrorism but excluding acts of a named insured), resulting damage caused by extremes of temperature,
vandalism and malicious mischief, subject to terms and conditions that are consistent with current industry practice and acceptable to
the Administrative Agent. Coverage shall be maintained in an amount that is not less than the greater of: (i) the maximum total replacement
cost value of Eligible Projects at risk for any one occurrence on a per occurrence basis, (ii) such other per occurrence and/or aggregate
limits required by the Administrative Agent and that are sufficient to comply with the requirements of the Transaction Documents or (iii)
an amount that (A) is supported by a probable maximum loss (or “PML”) analysis performed by Beecher Carlson that is in a form
and substance acceptable to the Administrative Agent in consultation with the Insurance Consultant and (B) is sufficient to comply with
the requirements of the Transaction Documents; provided, that coverage for the residential photovoltaic systems shall be included under
an installation floater or other similar coverage (whether under the same policy required in this Section 5.12(a) or a separate
policy) until the residential photovoltaic systems are fully constructed, tested and commissioned in an amount equal to the full replacement
cost value of Assets. All responsibility for verification of compliance with the Transaction Documents shall rest solely with the Co-Borrowers.
Sub-limits are permitted with respect to the following perils:

 

(A) inland
transit (i) with a limit consistent with the replacement cost values at risk, if any, at all times or (ii) with such other limit in an
amount not less than the amount approved by the Administrative Agent in consultation with the Insurance Consultant;

 

(B) offsite
storage with a (i) limit consistent with the replacement cost values at risk, if any, at all times or (ii) with such other limit in an
amount not less than the amount approved by the Administrative Agent in consultation with the Insurance Consultant;

 

    
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(C) earthquake
and/or earth movement insurance (including California earthquake) with limits not less than: (i) than (i) 100% of the 1-in-500-year event
as determined by the PML study inclusive of business interruption or (ii) such other amount approved by Administrative Agent in consultation
with the Insurance Consultant;

 

(D) flood
insurance for both hazardous and non-hazardous zones with limits not less than: (i) the total insured value of Eligible Projects on a
per occurrence and annual aggregate basis or (ii) such other amount required by the Administrative Agent in consultation with the Insurance
Consultant;

 

(E) named
windstorm insurance with limits not less than (i) 100% of the 1-in-500-year event as determined by the PML study inclusive of business
interruption or (ii) such other amount approved by Administrative Agent in consultation with the Insurance Consultant;

 

(F) such
other coverages acceptable to the Administrative Agent that are customarily sub-limited and/or aggregated in reasonable amounts consistent
with current industry practice with respect to similar risks and acceptable to the Administrative Agent, including a limit of not less
than $5,000,000 per occurrence for newly acquired property when coverage is provided on a reporting form basis; and

 

(G) Business
interruption insurance, following all perils required and insured above under Section 5.12(a)(i) including mechanical or electrical
breakdown and inland transit perils, with limits and terms and conditions approved by the Administrative Agent (including all revenues
derived from any renewable attribute of such Projects (including without limitation, any REC that is owned or sold) less non-continuing
expenses). Contingent business interruption shall also be included with a limit and on terms and conditions acceptable to the Administrative
Agent to the extent such exposure exists. If coverage is subject to an indemnification period, such period shall not be less than twelve
(12) months. The deductible or waiting period shall not exceed ten (10) days, except 30 days for earthquake, flood and windstorm unless
otherwise approved by the Administrative Agent in consultation with the Insurance Consultant.

 

Such policy shall
include: (a) an automatic reinstatement of limits following each loss (except for the perils of earthquake, pollution cleanup, flood and
windstorm (as provided for above)), (b) replacement cost (or functional replacement cost) valuation coverage with no deduction for depreciation
and no coinsurance clauses (or a waiver thereof) and (c) mechanical and electrical breakdown insurance including coverage for resulting
damage with respect to consequence of design, workmanship or material defect on a replacement cost (or functional replacement cost) basis
with limits acceptable to the Administrative Agent.

 

All such policies may
have deductibles of not greater than $10,000 on a per location basis and a maximum of $250,000 for any single event, except 5% of the
value of property suffering damage, subject to a maximum of $500,000 for earthquake and/or earth movement, and named windstorm, or as
otherwise agreed by the Administrative Agent in consultation with the Insurance Consultant.

 

(ii) Automobile
Liability. Automobile liability for any owned, leased, non-owned and hired automobiles for both bodily injury and property damage
in accordance with statutory legal requirements, with combined single limits of no less than $1,000,000 per accident with respect to bodily
injury, property damage or death; provided that if a Provider, Manager, or any Co-Borrower hires or leases any non-owned automobile, then
contingent liability for such hired, leased and non-owned automobiles may be obtained through endorsement to the general liability policy
above. Deductibles in excess of $25,000 shall be subject to review and approval by the Administrative Agent.

 

    
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(iii) Commercial
General Liability. Commercial general liability insurance, written on “occurrence” policy form, including coverage for
premises/operations, products/completed operations, property damage, blanket contractual liability, and personal injury, with no exclusions
for explosion, collapse and underground perils, wildfire, or fire, with primary coverage limits of no less than $1,000,000 any one occurrence
for injuries or death to one or more persons or damage to property including products and completed operations and an annual aggregate
limit of not less than $2,000,000. The commercial general liability policy shall also include a severability of interests clause and insure
punitive damages to the extent commercially available and allowed by applicable Law. Deductibles in excess of $25,000 shall be subject
to review and approval by the Administrative Agent.

 

(iv) Excess/Umbrella
Liability. Excess/Umbrella liability in excess of the Automobile Liability and Commercial General Liability limits indicated above
with limits not less than $20,000,000 per occurrence and $20,000,000in the annual aggregate. Such coverage shall be on a per occurrence
basis and shall include drop down provisions in the event of exhaustion of the underlying limits or aggregates and apply on a following
form basis to the primary policies required in Section 5.12(a)(ii) and (iii) above. If the policy or policies provided under
this these aggregate limits are reduced by more than $5,000,000 during the applicable policy term by any one or more incidents, occurrences,
claims, settlements or judgments against such insurance which has caused the insurer to establish a reserve, the Co-Borrowers shall take
immediate steps to restore such aggregate limits or shall provide other equivalent insurance protection approved by the Administrative
Agent. Administrative Agent shall have the right to reevaluate and increase the limits of umbrella or excess liability insurance required
in this Section 5.12(a)(iv) on an annual basis.

 

(v) Contractors
and Subcontractors. The Co-Borrowers shall use commercially reasonable efforts to require contractors and subcontractors with which
it has a direct contractual relationship, if any, that will be performing construction, operations and maintenance or other on-site work
on its behalf (as applicable), to obtain and maintain the types of insurance required in Section 5.12(a)(ii) and (iii) above
in amounts that are customary for contractors and subcontractors performing similar work and operations.

 

(b) With
respect to all property insurance (including any excess or difference in conditions policies, if applicable) required pursuant to Section
5.12(a):

 

(i) Co-Borrowers,
the Relevant Parties and each of their members shall be included as either the “named insured” or an additional “insured”.

 

(ii) Co-Borrowers
hereby waive, and shall cause the Relevant Parties and each of their members to waive, any rights of subrogation against the Secured Parties
and shall cause any such property Insurance Policies to include or be endorsed to include a waiver of subrogation in favor of the Secured
Parties.

 

(iii) Such
property insurance shall include the following severability of interest and non-vitiation wording (or such other similar wording acceptable
to the Administrative Agent):

 

“This Policy shall apply as if
a separate policy had been issued to each insured provided that the total liability of the insurer to all parties collectively shall not
exceed the sums insured and limits and sublimits of liability specified in the Schedule, elsewhere in the Policy, or endorsed thereto.
A vitiating act committed by one insured party shall not prejudice the right to indemnity of any other insured party who has an insurable
interest and who has not committed a vitiating act.”

 

(iv) The
Secured Parties shall be included as additional insureds on all such Insurance Policies insuring Wholly-Owned Opcos.

 

(v) Collateral
Agent for the benefit of the Secured Parties shall be named as the “sole” loss payee on all such Insurance Polices insuring
Wholly-Owned Opcos pursuant to a lender loss payable endorsement acceptable to the Collateral Agent.

 

    
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(vi) To
the extent commercially available, such Insurance Policies shall be endorsed to provide at least thirty (30) days’ prior written
notice (or ten (10) days’ prior notice if such cancellation is due to failure to pay premiums) of cancellation to the Administrative
Agent. If such endorsement for notice of cancellation shall not be commercially available, the Co-Borrowers shall be obligated to provide
the required written notice of cancellation to the Administrative Agent.

 

(vii) All
such Insurance Policies shall have limits and sublimits at least equal to those contained in the policies listed on Schedule 4.14
unless otherwise approved by Administrative Agent in consultation with the Insurance Consultant.

 

(viii) Such
Insurance Policies shall have deductibles in accordance with Prudent Industry Practices, the Portfolio Documents and the policies listed
on Schedule 4.14 unless otherwise approved by Administrative Agent in consultation with the Insurance Consultant.

 

(c) With
respect to all liability insurance required pursuant to Section 5.12(a):

 

(i) To
the extent commercially available, such Insurance Policies shall be endorsed to provide at least thirty (30) days’ prior written
notice (or (10) ten days’ prior notice if such cancellation is due to failure to pay premiums) of cancellation to the Administrative
Agent. If such endorsement for notice of cancellation shall not be commercially available, the Co-Borrowers shall be obligated to provide
the required written notice of cancellation to the Administrative Agent.

 

(ii) Such
Insurance Policies shall include the Co-Borrowers, the Relevant Parties and each of their members as “named insureds”.

 

(iii) Such
Insurance Policies shall include an endorsement to the policy naming (or providing via blanket endorsements as required by written contract)
the Administrative Agent, and the Lenders, and their respective permitted successors, assigns, members, directors, officers, employees,
lenders, investors, representatives and Administrative Agents as additional insureds on a primary and non-contributory basis.

 

(iv) Each
Co-Borrower hereby waives, and shall cause the Relevant Parties and each of their members to waive, any rights of subrogation against
the Secured Parties and shall cause any such liability Insurance Policies to include or be endorsed to include a waiver of subrogation
in favor of the Secured Parties.

 

(v) Such
Insurance Policies shall include a severability of interest or separation of insureds clause with no material exclusions for cross-liability
clause.

 

(vi) All
such Insurance Policies shall have limits and sublimits at least equal to those contained in the policies listed on Schedule 4.14.

 

(vii) All
such Insurance Policies shall have deductibles in accordance with Prudent Industry Practices, the Portfolio Documents and the policies
listed on Schedule 4.14.

 

    
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(d) The
Co-Borrowers and the Relevant Parties shall provide a written notice of any material change to the Administrative Agent unless such notice
is otherwise provided by endorsement of the required Insurance Policies. For the purposes of this Section 5.12(d), “material
change” means any reduction of more than twenty-five percent (25%) of any policy aggregate limit for earthquake (or earth movement
as the case may be), flood, windstorm (if an aggregate applies) or excess liability or any other change that would cause the Relevant
Parties to be in non-compliance with the insurance requirements of the Transaction Documents.

 

(e) Prior
to the Closing Date and on each anniversary of the Closing Date thereafter (or earlier in conjunction with the renewal or replacement
of the Insurance Policies), the Co-Borrowers and Relevant Parties shall provide detailed evidence of insurance (in a form acceptable to
the Administrative Agent) including certificates of insurance and copies of applicable insurance binders and policies (if requested),
as well as a statement from the Co-Borrowers and/or its authorized insurance representative confirming that such insurance is in compliance
with the terms and conditions of this Section 5.12, is in full force and effect and all premiums then due have been paid or are
not in arrears.

 

(f) No
provision of this Agreement shall impose on the Administrative Agent or any other Secured Party any duty or obligation to verify the existence
or adequacy of the insurance coverage maintained by or on behalf of the Co-Borrowers, the Relevant Parties or their members, nor shall
the Administrative Agent or any other Secured Party be responsible for any representations or warranties made by or on behalf of the Co-Borrowers,
the Relevant Parties, their members or any other Person to any insurance agent or broker, insurance company or underwriter.

 

(g) On
an annual basis, not later than forty-five (45) days before renewal of a Co-Borrower’s property insurance policies, such Co-Borrower
shall cause a nationally recognized insurance or other applicable expert to perform and deliver, with a copy to the Administrative Agent,
a probable maximum loss analysis (or analyses) with respect to the Properties of such Co-Borrower and the Relevant Parties. Such probable
maximum loss analysis (or analyses) shall include at a minimum the peril of earthquake and windstorm and shall be based on not less than
a 1 in 500 year event. The Administrative Agent, the relevant Co-Borrower and each Relevant Party shall review such probable maximum loss
analysis, and such Co-Borrower and the Relevant Parties shall make appropriate adjustments (in consultation with, and with the prior written
approval of, the Administrative Agent) to the types and amounts of insurance they maintain pursuant to Section 5.12(a) to reflect
not less than one hundred percent (100%) of the probable maximum loss analysis (or analyses) at all times (including the use of extrapolation
method to account for Properties not yet built, as applicable).

 

(h) If
at any time a Co-Borrower determines in its reasonable judgment that any insurance (including the limits or deductibles thereof)
required to be maintained by this Section 5.12 is not available on commercially reasonable terms due to prevailing conditions in
the commercial insurance market at such time, then upon the written request of such Co-Borrower together with a written report of such
Co-Borrower’s insurance broker or another independent insurance broker of nationally-recognized standing in the insurance industry
(i) certifying that such insurance is not available on commercially reasonable terms (and, in any case where the required maximum
coverage is not reasonably available, certifying as to the maximum amount which is so available), (ii) explaining in detail the basis
for such broker’s conclusions (including but, not limited to, the cost of obtaining the required coverage(s) as well as the proposed
alternative coverage(s)), and (iii) containing such other information as the Administrative Agent (in consultation with the Insurance
Consultant) may reasonably request, the Administrative Agent may (after consultation with the Insurance Consultant) temporarily waive
such requirement and only to the extent that such Co-Borrower can demonstrate that such temporary waiver will not cause such Co-Borrower
or the Relevant Parties to be out of compliance with the Portfolio Documents or that a similar waiver has been obtained under such Portfolio
Documents; provided, however, that the Administrative Agent, may in its sole judgment, decline to waive any such insurance requirement(s).
At any time after the granting of any temporary waiver pursuant to this Section 5.12 but not more than once in any year, the Administrative
Agent may request, and each Co-Borrower shall furnish to the Administrative Agent within thirty (30) days after such request, an
updated insurance report reasonably acceptable to the Administrative Agent (in consultation with the Insurance Consultant) from such Co-Borrower’s
independent insurance broker. Any waiver granted pursuant to this Section 5.12 shall expire, without further action by any party,
immediately upon (A) such waived insurance requirement becoming available on commercially reasonable terms, as reasonably determined
by the Administrative Agent, (in consultation with the Insurance Consultant and the relevant Co-Borrower) or (B) failure of a Co-Borrower
to deliver an updated insurance report pursuant to clause (ii) above.

 

    
	 	120	Credit Agreement

     

    

 

Section
5.13 Inspection.

 

(a) Each
Co-Borrower agrees that, with five (5) Business Days’ prior written notice, it will permit, and cause each of its Subsidiaries to
permit, any representatives and consultants of the Lender Parties, during the applicable Relevant Party’s normal business hours,
to examine on-site all the books of account, records, reports and other papers of the Relevant Parties, to make copies and extracts therefrom,
and each Co-Borrower further agrees to discuss its affairs, finances and accounts with the officers, employees, Independent certified
public accountants and other consultants of such Lender Parties, all at such reasonable times and at such Co-Borrower’s expense;
provided that except during the continuation of an Event of Default, such examinations may occur no more frequently than once per
calendar year. Each Co-Borrower shall promptly deliver copies of any Portfolio Documents as may be requested by Administrative Agent from
time to time.

 

(b) Each
Co-Borrower will permit, and shall cause each of its Subsidiaries to permit, the Administrative Agent to conduct, in each case, at the
sole cost and expense of such Co-Borrower, field audits and examinations of the Projects, and appraisals of the Projects; provided,
that, (i) such field audits and examinations and appraisals may be conducted not more than once per any twelve-month period (except,
during the existence and continuance of an Event of Default, there shall be no limit on the number of additional field audits and examinations
and appraisals that shall be permitted at such Co-Borrower’s expense) and (ii) except during the continuance of an Event of
Default, the Administrative Agent shall consult with such Co-Borrower regarding the costs and expenses of such field audits and examinations
and appraisals.

 

Section
5.14 Cooperation. Each Co-Borrower shall, and shall cause its Subsidiaries to, cooperate and provide reasonable information
and other assistance in connection with any proposed assignment or participation of a Loan permitted by Section 11.05(b).

 

Section
5.15 Collateral Accounts; Collections.

 

(a) Each
Co-Borrower shall maintain, and shall cause its Subsidiaries to maintain, in full force and effect each of the Collateral Accounts, the
Wholly-Owned Opco Collections Accounts and the Standing Instructions in accordance with the terms of the Loan Documents and with an Acceptable
Bank.

 

(b) Each
Co-Borrower shall, and shall cause each Relevant Party to, ensure that at all times each counterparty to a Project Document is directed
to pay all Rents, PBI Payments or other payments due to a Relevant Party under such Project Document in accordance with the terms of the
Loan Documents.

 

(c) Each
Co-Borrower shall, and shall cause each Loan Party to, remit any amounts received by it or received by third parties (other than pursuant
to the terms of the Loan Documents) on its behalf to the appropriate Collateral Account for deposit in accordance with the terms of the
Loan Documents.

 

(d) Each
Co-Borrower shall cause its Holdcos to deposit all distributions in respect of the Holdco Membership Interests directly into the Collections
Account (other than any distributions received in respect of the proceeds of Excluded Property, as evidenced by documentation reasonably
acceptable to the Administrative Agent).

 

(e) Within
one (1) Business Day of the Effectiveness Date, the Co-Borrowers shall deliver to the Administrative Agent Account Control Agreements
and Standing Instructions with respect each of the accounts of Kismet and Greenday I listed on Schedule 4.25(i), each in form and
substance satisfactory to the Administrative Agent, duly executed by each of the parties thereto, together with a favorable opinion from
Troutman Sanders LLP, counsel for the Relevant Parties, in form and substance satisfactory to the Administrative Agent, regarding due
execution, delivery and enforceability and perfection of security interests in such accounts.

 

    
	 	121	Credit Agreement

     

    

 

(f) Within
ten (10) Business Days of the Effectiveness Date, the Co-Borrowers shall (i) cause Ampere Tenant I to transfer the account currently held
by it listed on Schedule 4.25(i) at Wells Fargo Bank, National Association (together with all of the funds standing to the credit
of such accounts) to Ampere Owner I and (ii) deliver to the Administrative Agent an Account Control Agreement and Standing Instructions
with respect such account, each in form and substance satisfactory to the Administrative Agent, duly executed by each of the parties thereto,
together with a favorable opinion from Troutman Sanders LLP, counsel for the Relevant Parties, in form and substance satisfactory to the
Administrative Agent, regarding due execution, delivery and enforceability and perfection of security interests in such accounts..

 

Section
5.16 Performance of Agreements. Each Co-Borrower shall, and shall cause its Subsidiaries to, duly and punctually perform,
observe and comply in all material respects with all of the terms, provisions, conditions, covenants and agreements on its part to be
performed, observed and complied with hereunder and under the other Portfolio Documents to which it is a party. Each Co-Borrower shall,
and shall cause its Subsidiaries to, prudently exercise and enforce their rights, authorities and discretions under the Portfolio Documents
to which they are a party.

 

Section
5.17 Customer Agreements and REC Contracts.

 

(a) Each
Customer Agreement entered into following the Closing Date shall be an Eligible Customer Agreement.

 

(b) Each
Co-Borrower shall ensure that each applicable Opco is assigned all rights to receive the PBI Payments and the related PBI Documents in
respect of each Eligible Project.

 

Section
5.18 Management Agreement. The Co-Borrowers shall, and shall cause the Manager and each Relevant Party to, (a) perform
and observe all of the material terms, covenants and conditions of the Management Agreement on the part of Manager and such Relevant Party
to be performed and observed and (b) promptly notify the Administrative Agent of any notice to the Co-Borrowers of any material default
under the Management Agreement. If the Co-Borrowers shall default in the performance or observance of any material term, covenant or condition
of the Management Agreement to be performed or observed by it, then, without limiting the Administrative Agent’s other rights or
remedies under this Agreement or the other Loan Documents, and without waiving or releasing Manager or any Relevant Party from any of
its obligations under the Loan Documents or the Co-Borrowers under the Management Agreement, the Co-Borrowers grants the Administrative
Agent on its behalf the right, upon prior written notice to the Co-Borrowers, to pay any sums and to perform any act as may be reasonably
appropriate to cause such material conditions of the Management Agreement on the part of the Co-Borrowers to be performed or observed;
provided, however, that the Administrative Agent will not be under any obligation to pay such sums or perform such acts.

 

Section
5.19 Use of Proceeds and Margin Security; Governmental Regulation.

 

(a) The
Co-Borrowers shall apply the proceeds of the Loans exclusively as permitted pursuant to Section 2.01 and Section 2.02.

 

(b) No
portion of the proceeds from the making of the Loans will be used by any Co-Borrower, a Loan Party, a Sponsor Party or any other Person
in any manner that might cause the borrowing or the application of such proceeds to violate Regulation T, Regulation U or Regulation X
or any other regulation of the Board of Governors of the Federal Reserve System. Nor is any Co-Borrower engaged principally, or as one
of its principal activities in the business of extending credit for the purpose of purchasing or carrying margin stock (as defined or
used in Regulation T, U or X of the Board of Governors of the Federal Reserve System).

 

(c) Each
of the Projects shall be a Qualifying Facility.

 

(d) Each
Co-Borrower, and each of its Subsidiaries, shall not be (i) a “public utility” under the FPA, and (ii) subject to, or is exempt
from, regulation as a “holding company” under PUHCA.

 

(e) Each
Co-Borrower and each of its Subsidiaries shall either not be subject to, or shall be exempt from, regulation as a “public utility,”
an “electric utility,” “electric corporation,” or a “holding company,” or similar terms, under the
relevant State’s laws or regulations, including state laws and regulations respecting the rates of electric utilities and the financial
and organizational regulation of electric utilities.

 

(f) None
of the Co-Borrowers or any of their Subsidiaries shall be required to register as an “investment company”, or a company “controlled”
by an “investment company”, within the meaning of the Investment Company Act.

 

(g) None
of the Co-Borrowers or any of their Subsidiaries shall be subject to regulation under any federal or state statute or regulation that
limits their ability to incur indebtedness for borrowed money.

 

    
	 	122	Credit Agreement

     

    

 

(h) Solely
as the result of the execution and delivery of the Loan Documents, the consummation of the transactions contemplated by the Loan Documents,
or the performance of obligations under the Loan Documents, none of the Lenders shall be subject to regulation (i) as a “public
utility” under the FPA, (ii) as a “holding company,” or similar terms, under the relevant State’s laws or
regulations.

 

Section
5.20 Project Expenditures. Each Co-Borrower shall, and shall cause the Relevant Parties, the Manager and the Providers
to, operate and maintain the Projects pursuant to the then-current operating budgets, the Maintenance Services Agreements, the Portfolio
Documents, all other agreements with respect to the Project (including any provisions of any manufacturer, installer or other warranties),
Prudent Industry Practices and applicable Law.

 

Section
5.21 Tax Equity Opco Matters.

 

(a) Any
capital contribution or loan required to be made by any Holdco to any Tax Equity Opco pursuant to such Tax Equity Opco’s Limited
Liability Company Agreement or any other Tax Equity Document shall be made solely from the proceeds of Excluded Property (it being understood
that such loan shall not be Excluded Property and shall be pledged to the Collateral Agent as security for the Obligations with repayments
on such loan to be paid directly into the Collections Account by the applicable Holdco).

 

(b) Each
Co-Borrower shall, and shall cause each applicable Holdco to, enforce its rights under the Tax Equity Documents to ensure that each Opco
shall make and apply the maximum distributions to the managing members in accordance with the Tax Equity Documents and, without limitation,
and except as required by the Tax Equity Documents, shall not agree to the maintenance of any cash reserve within any applicable Opco
without the consent of the Administrative Agent (acting on the instructions of the Required Lenders).

 

(c) With
respect to any “imputed underpayment” (within the meaning of Section 6225 of the Code) assessed or imposed against a Tax Equity
Opco, each Co-Borrower shall, to the extent permitted under the applicable Tax Equity Opco Limited Liability Agreement, cause such Tax
Equity Opco to make an election under Section 6226 of the Code to make Section 6225 of the Code inapplicable to the imputed underpayment;
and if the applicable Tax Equity Opco Limited Liability Agreement does not permit such an election, each Co-Borrower shall use commercially
reasonable efforts to cause an amendment to such agreement to permit such an election.

 

(d) Each
Co-Borrower shall, and shall cause each applicable Holdco to, take all necessary actions to satisfy each of the Tax Equity Opco Covenants.

 

Section
5.22 Recapture. Each Relevant Party will take all commercially reasonable actions to avoid any (a) recapture of (or other
liability to repay) all or part of any Grant awarded with respect to any Project by the Treasury or (b) loss, disallowance, recapture
or recapture of all or part of any ITC claimed with respect to any Project.

 

    
	 	123	Credit Agreement

     

    

 

Section
5.23 Termination of Servicer.

 

(a) In
the event that a Servicer Termination Event occurs, the Administrative Agent or Collateral Agent (each acting on the instructions of the
Required Lenders) may, in its sole discretion, direct any Wholly-Owned Opco to deliver notice to the Provider under any Maintenance Services
Agreement to which a Wholly-Owned Opco is a party and to the Backup Servicer or the Transition Manager under the applicable Backup Servicer
Agreement or Transition Management Agreement to which a Wholly-Owned Opco is a party, triggering the transition process for the replacement
of such Provider under the applicable Backup Servicer Agreement or Transition Management Agreement. Each Co-Borrower shall, and shall
cause each of its Subsidiaries to, immediately take all such action necessary (including the delivery of notice) to terminate the Provider
and transition to a replacement Provider acceptable to the Administrative Agent (acting on the instructions of the Required Lenders),
which shall include the Back-Up Servicer or Transition Manager.

 

(b) In
the event that (i) a Servicer Termination Event occurs, and (ii) a Tax Equity Opco or a Holdco has the right to terminate a Maintenance
Services Agreement or Provider pursuant to the terms of any Maintenance Services Agreement to which a Tax Equity Opco is a party, the
Administrative Agent (acting on the instructions of the Required Lenders) may, in its sole discretion, deliver notice to the relevant
Co-Borrower requiring it to cause the applicable Holdco to trigger the transition process for the replacement of such Provider under the
applicable Backup Servicer Agreement or Transition Management Agreement, and such Co-Borrower shall, and shall cause the applicable Holdco
to, immediately take all such action necessary (including the delivery of notice) to terminate the Provider and transition to a replacement
Provider acceptable to the Administrative Agent (acting on the instructions of the Majority Required Lenders), which shall include the
Back-Up Servicer or Transition Manager. Following a Servicer Termination Event, the Co-Borrowers shall, and shall cause the applicable
Holdco to, only exercise any approval or consent right held by an Opco to object to or veto the identity of a replacement Provider (or
any candidate for such role) or the terms and conditions of a replacement Maintenance Services Agreement, with the prior written consent
of the Administrative Agent.

 

(c) At
all times until the Debt Termination Date, the Co-Borrowers shall maintain, and shall ensure that each Relevant Party maintains, a Backup
Servicer Agreement or a Transition Services Agreement in respect of each Maintenance Services Agreement. Without limitation, (i) the Co-Borrowers
shall, and shall ensure that each Tax Equity Opco, promptly (and no later than one (1) day after receipt) informs the Administrative Agent
of any request by a Tax Equity Opco or Tax Equity Member to amend a Backup Servicer Agreement (and provides a copy of such request) and
(ii) if a Tax Equity Opco or Tax Equity Member terminates, or requires the termination of, any Backup Servicer Agreement within sixty
(60) days of the Closing Date, the Co-Borrowers shall ensure that the applicable Backup Servicer Agreement is terminated and that the
applicable Tax Equity Opco enters into a replacement Backup Servicer Agreement within fifteen (15) Business Days of such termination with
a replacement Backup Servicer, and on terms and conditions, acceptable to the Administrative Agent. Each of the Co-Borrowers acknowledges
and consents to the Administrative Agent’s right (but not obligation) to give notices (including a “Servicing Transition Notice”
as defined in a Backup Servicer Agreement), directions and instructions, and to cure defaults of the Sponsor and Provider, under each
Backup Servicer Agreement.

 

    
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Section
5.24 Deposits to Collections Account.

 

(a) Each
Co-Borrower shall cause the Manager to transfer any checks representing recurring payments to an Opco into its applicable Lockbox Account
no later than the third (3rd) Business Day following receipt.

 

(b) Each
Co-Borrower shall cause the Manager to use commercially reasonable efforts to identify the payor of any non-recurring Customer ACH or
credit card payments as soon as reasonably practicable and shall cause all Collections that have been identified as being payable to an
Opco to be deposited into its applicable Lockbox Account no less frequently than twice monthly.

 

(c) Each
Co-Borrower shall cause the Manager to deposit any recurring Customer ACH or debit card payments that are due to an Opco into the applicable
Lockbox Account upon receipt of such payments.

 

(d) Each
Co-Borrower shall cause the Manager to deposit all checks representing PBI Payments received on or after the Closing Date into the Lockbox
Account of the applicable Opco no later than thirty (30) days following the receipt of such checks by or on behalf of the Manager.

 

(e) Each
Co-Borrower shall cause the Holdcos to deposit all distributions in respect of the Managing Member Membership Interests directly into
the Collections Account (other than any distributions received in respect of the proceeds of Excluded Property, as evidenced by documentation
reasonably acceptable to the Administrative Agent).

 

(f) Each
Co-Borrower shall cause the Manager and each Holdco to maintain each Lockbox Account with an Acceptable Bank and free and clear of any
Lien over such Lockbox Account or the amounts deposited therein.

 

(g) Pursuant
to standing instructions in a form reasonably acceptable to the Administrative Agent (the “Standing Instructions”),
the Co-Borrowers shall cause the Manager to transfer any amounts deposited into a Wholly-Owned Opco Collections Accounts on a daily basis
into the Wholly-Owned Opco Operating Account.

 

(h) Each
Co-Borrower shall cause all proceeds from the sale of Eligible RECs to be deposited directly into the Collections Account.

 

Section
5.25 Prepaid Customer Agreements. Each Co-Borrower shall cause all Projects subject to Prepaid Customer Agreements to
be transferred to an Affiliate of the Sponsors that is not a direct or indirect subsidiary of such Co-Borrower by no later than 30 days
following the date that the applicable Opco becomes a Wholly-Owned Opco of such Co-Borrower, at the sole cost and expense of the Sponsors
or Affiliate of the Sponsors (other than a Relevant Party).

 

Section
5.26 [Reserved]

 

    
	 	125	Credit Agreement

     

    

 

Section
5.27 Audits and Investigations. If at any time after the Effectiveness Date (a) any Relevant Party or any Affiliate thereof
receives (i) any notification of any audit, examination, administrative proceeding or investigation by any Governmental Authority, or
any “Information Document Request” or similar information or document request from the IRS or the Treasury, with respect to
any Opco or (ii) written guidance directed to any Relevant Party or any affiliate thereof from the IRS or the Treasury setting forth recommended
values for any solar projects any Opco acquired, sold, leased, developed, constructed or operated, or (b) the IRS, Department of Justice
or the Treasury issues any written allegation, finding, notice, announcement or revenue agent’s report to the effect that any Opco
submitted claims under the Grant program or the Code based on misrepresentations, then the Co-Borrowers shall in each case, promptly (but
in any event, within five (5) Business Days) provide notice of the same and (to the extent doing so is not limited by privilege or prohibited
by restrictions on confidentiality) a true, correct and complete copy thereof to the Administrative Agent.

 

Section
5.28 [Reserved].

 

Section
5.29 Existing NYGB Subsidiaries. No sooner than thirty six (36) months after the Closing Date, Kilowatt Systems may dissolve
the Existing NYGB Subsidiaries, the Lenders and the Agents consent to such dissolution, and promptly (but in no event later than five
(5) Business Days thereafter) Kilowatt Systems shall provide the Administrative Agent written notice and evidence thereof.

 

Section
5.30 Post-Effectiveness Date Covenants. No later than two (2) Business Days after the Effectiveness Date the Administrative
Agent shall have received:

 

(a) evidence
in form and substance satisfactory to it of the dissolution and winding up of Spruce Holding 1, Spruce Holding 2, Spruce Owner 1, Spruce
Owner 2, Ampere Holdco I, and Ampere Tenant I under applicable Law, including evidence of the filing of a certificate of cancellation
for each such Person with the Delaware Secretary of State;

 

(b) a
Back-Up Servicing Agreement or Transition Management Agreement for Projects owned by Greenday I and Kismet, in form and substance satisfactory
to the Administrative Agent, duly executed and delivered by each of the parties thereto, together with a favorable opinion from Troutman
Sanders LLP, counsel for the Relevant Parties, in form and substance satisfactory to the Administrative Agent, regarding the due execution,
delivery and enforceability thereof; and

 

(c) an
agreement with Black & Veatch Consulting LLC, in form and substance satisfactory to the Administrative Agent, duly executed and delivered
by the parties thereto, permitting the Administrative and the Lenders to rely on the technical report prepared by Black & Veatch Consulting
LLC on the Projects owned by Greenday I.

 

Article
VI.

NEGATIVE COVENANTS

 

Section
6.01 Indebtedness. Each Co-Borrower shall not, and shall not permit any of its Subsidiaries to, create, incur, assume,
guarantee, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness except for the following (collectively,
“Permitted Indebtedness”):

 

(a) the
Obligations (including the Secured Hedging Obligations);

 

    
	 	126	Credit Agreement

     

    

 

(b) unsecured
trade payables which are not evidenced by a note or are otherwise indebtedness for borrowed money and which arise out of purchases of
goods or services in the ordinary course of business; provided, however, (i) such trade payables are payable not later
than ninety (90) days after the original invoice date and are not overdue by more than thirty (30) days and (ii) the aggregate amount
of such trade payables outstanding does not, at any time, exceed $1,000,000 in the aggregate for the Co-Borrowers and their Subsidiaries;

 

(c) loans
made by a Holdco to an Opco solely to the extent made with the proceeds of Excluded Property in accordance with Section 5.21(a);

 

(d) subject
to Section 9.03, Indebtedness incurred under loans made by the Sponsors to the Co-Borrowers which are subordinated to the Obligations,
evidenced by a subordinated note and pledged in favor of the Collateral Agent under documentation and terms acceptable to the Administrative
Agent;

 

(e) to
the extent constituting Indebtedness, obligations or liabilities of an Opco arising under any Eligible REC Contract or Permitted REC Contract
(or any guarantee in respect thereof that is also subject to the limitation on recourse and other conditions in clauses (a) through (f)
of the definition of Permitted REC Contract) other than any obligation or liability constituting indebtedness for borrowed money;

 

(f) obligations
under Interest Rate Hedging Agreements permitted in accordance with Section 5.10; or

 

(g) Indebtedness
incurred by the Co-Borrowers under the Intercompany Financing Agreement, provided that such Indebtedness shall be subordinated pursuant
to the Intercompany Guaranty Subordination Agreement.

 

In no event shall any Indebtedness
other than the Obligations be secured, in whole or in part, by the Collateral or other Assets or any portion thereof or interest therein
and any proceeds of any of the foregoing.

 

Section
6.02 No Liens. No Co-Borrower shall, nor shall permit its Subsidiaries to, create, incur, assume or permit to exist any
Lien on any Asset now owned or hereafter acquired by it except Permitted Liens.

 

Section
6.03 Restriction on Fundamental Changes. No Co-Borrower shall, nor shall permit its Subsidiaries to, (a) merge or
consolidate with another Person, (b) sell, assign, transfer or dispose of (including as a result of division) any part of the Collateral
other than (x) sales, assignments, transfers or dispositions of obsolete, worn-out or replaced Property or Assets not used or useful
in its business, (y) sales of Projects to Customers pursuant to the express terms of the Customer Agreements (provided that the proceeds
thereof received by the Relevant Parties are applied in accordance with Section 3.02) or (z) otherwise as expressly permitted
by this Agreement, (c) other than as expressly permitted under Section 5.30 or Section 11.25, liquidate, wind-up or
dissolve any Subsidiary or (d) withdraw or resign from any Subsidiary (including in the capacity as managing member).

 

    
	 	127	Credit Agreement

     

    

 

Section
6.04 Bankruptcy, Receivers, Similar Matters. Each Co-Borrower shall not, and shall not permit any of its Subsidiaries
to, apply for, consent to, or aid, solicit, support, or otherwise act, cooperate or collude to cause the appointment of or taking possession
by, a receiver, trustee or other custodian for all or a substantial part of the Assets of any Relevant Party. Each Co-Borrower shall not,
and shall not permit any of its Subsidiaries to, file a petition for, consent to the filing of a petition for, or aid, solicit, support,
or otherwise act, cooperate or collude to cause the filing of a petition for an Involuntary Bankruptcy. In any Involuntary Bankruptcy
of any Relevant Party, no Co-Borrower shall, nor shall not permit any of its Subsidiaries to, without the prior written consent of the
Administrative Agent (acting on the instructions of the Required Lenders), consent to the entry of any order, file any motion, or support
any motion (irrespective of the subject of the motion), and no Co-Borrower shall, nor shall permit any of its Subsidiaries to file or
support any plan of reorganization. In any Involuntary Bankruptcy of a Relevant Party, each Co-Borrower shall, and shall cause each of
its Subsidiaries to, do all things reasonably requested by the Administrative Agent (acting on the instructions of the Required Lenders)
to assist the Administrative Agent in obtaining such relief as the Administrative Agent shall seek, and shall in all events vote as directed
by the Administrative Agent (acting on the instructions of the Required Lenders). Without limitation of the foregoing, each Co-Borrower
shall, and shall cause each of its Subsidiaries to, do all things reasonably requested by the Administrative Agent (acting on the instructions
of the Required Lenders) to support any motion for relief from stay or plan of reorganization proposed or supported by the Administrative
Agent (acting on the instructions of the Required Lenders).

 

Section
6.05 ERISA.

 

(a) No
ERISA Plans. No Co-Borrower shall, nor shall permit any Relevant Party or, except as would not reasonably be expected to result in
a Material Adverse Effect, any of their respective ERISA Affiliates, to, establish any Employee Benefit Plan or Multiemployer Plan, or
commence making contributions to (or become obligated to make contributions to) any Employee Benefit Plan or Multiemployer Plan.

 

(b) Compliance
with ERISA. No Co-Borrower shall, nor shall permit any of its Subsidiaries to, engage in any non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code; provided that if such Co-Borrower is in default of this covenant under
paragraph (a) above, such Co-Borrower shall be deemed not to be in default if such default results solely because (x) any
portion of the Loans have been, or will be, funded with plan assets of any Plan and (y) the purchase or holding of such portion of
the Loans by such Plan constitutes a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
or a violation of applicable Similar Law.

 

(c) No
Co-Borrower shall, nor shall permit any of its Subsidiaries to, hire or maintain any employees.

 

    
	 	128	Credit Agreement

     

    

 

Section
6.06 Restricted Payments. No Co-Borrower shall, nor shall permit any of its Subsidiaries to make, directly or indirectly
any Restricted Payment other than:

 

(a) distributions
by its Tax Equity Opcos to their members in accordance with the terms of the respective Limited Liability Company Agreements;

 

(b) distributions
by the Relevant Parties to such Co-Borrower;

 

(c) distributions
by such Co-Borrower upon satisfaction of the Distribution Conditions, unless such Restricted Payment is otherwise restricted under this
Agreement or the Depository Agreement;

 

(d) distributions
of any and all proceeds from Excluded Property to their members; and

 

(e) distributions
of Term Loan proceeds in accordance with the express provisions of Article Ii and
as directed in the Effectiveness Date Funds Flow Memorandum.

 

No Co-Borrower shall (i) redeem, purchase,
retire or otherwise acquire for value any of its ownership or equity interests or securities or (ii) set aside or otherwise segregate
any amounts for any such purpose. No Co-Borrower shall, directly or indirectly, make payments to or distributions from the Collateral
Accounts except in accordance with the Depository Agreement. Each Co-Borrower shall ensure that none of its Holdcos exercises any right
of offset or set-off against its right to distributions from its Opcos.

 

Section
6.07 Limitation on Investments. No Co-Borrower shall, and shall not permit any of its Subsidiaries to, after the date
hereof, form, or cause to be formed, any subsidiaries, make or suffer to exist any loans or advances to, or extend any credit to, or guarantee
(directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or
capability of so doing or otherwise (other than pursuant to a Loan Document)), endorse or otherwise become contingently liable, directly
or indirectly, in connection with the obligations, stocks or dividends of any other Person (except by the endorsement of checks in the
ordinary course of business), or, except as expressly permitted under any Loan Document, make any investments (by way of transfer of Property,
contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or Assets, or otherwise)
in, any Affiliate or any other Person.

 

Section
6.08 Sanctions and Anti-Corruption. No Co-Borrower shall, nor shall permit any Relevant Party, Sponsor Party or other
Affiliate to (a) become a Blocked Person (including by virtue of being owned or controlled by a Blocked Person) or own or control
a Blocked Person, (b) use, contribute or otherwise make available all or any part of the proceeds of the Loans, directly or indirectly,
to or for the benefit of any Person (whether or not an Affiliate of such Co-Borrower) for the purpose of financing the activities or business
of, other transactions with, or investments involving any Blocked Person or Sanctioned Country or in any other manner that constitutes
or would give rise to a violation by any Person, including any Lender, of any Anti-Money Laundering Laws, Anti-Corruption Laws or Sanctions,
(c) directly or indirectly fund all or part of any repayment or prepayment of the Loans out of proceeds derived from any transaction
with or action involving a Blocked Person or in violation of Anti-Corruption Laws or (d) engage in any transaction, activity or conduct
that would violate applicable Sanctions or Anti-Corruption Laws, that would cause any Secured Party to be in breach of any Sanctions or
that could reasonably be expected to result in it or its Affiliates or any Secured Party being designated as a Blocked Person.

 

    
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Section
6.09 No Other Business; Leases.

 

(a) No
Co-Borrower shall, nor shall permit any of its Subsidiaries to: (i) engage in any business other than the acquisition, ownership,
leasing, construction, financing, operation and maintenance of the Projects in accordance with and as contemplated by the Transaction
Documents and other activities incidental thereto, including the sale of RECs under the Permitted REC Contracts, or (ii) change its
name without the consent of the Administrative Agent.

 

(b) No
Co-Borrower shall, nor shall permit any of its Subsidiaries to, enter into any agreement or arrangement to lease the use of any Asset
or Project of any kind (including by sale-leaseback, operating leases, capital leases or otherwise), except pursuant to the terms of the
Eligible Customer Agreements and the Sungevity Greenwich Master Lease.

 

Section
6.10 Portfolio Documents.

 

(a) No
Co-Borrower shall, nor shall permit any of its Subsidiaries to, materially amend or modify any Portfolio Document, terminate any Portfolio
Document, or waive any material breach under, or material breach of, any Portfolio Document, without the prior written consent of the
Administrative Agent (acting on the instructions of the Required Lenders); provided, that such Subsidiaries shall be permitted
to enter into an agreement to amend or modify:

 

(i) the
electricity or lease rate, annual escalator or term of any Exempt Customer Agreement only (such agreement, a “Payment Facilitation
Agreement”), so long as such amendment or modification is (A) permitted under the applicable Tax Equity Documents and (B) made
in good faith for a commercially reasonable purpose and is intended to maximize the long-term economic value of the Customer Agreement
as against its value if the Payment Facilitation Agreement had not been entered into (as reasonably determined by the Sponsor in good
faith and in light of the facts and circumstances known at the time of such amendment or modification);

 

(ii) a
Master Turnkey Installation Agreement to the extent that such amendment or modification could not reasonably be expected to have a Material
Adverse Effect; and

 

(iii) a
Tax Equity Document or the Sungevity Greenwich Master Lease to the extent that such amendment or modification could not reasonably be
expected to materially and adversely affect the Administrative Agent or the other Secured Parties or otherwise have a Material Adverse
Effect; provided, that, without limitation, any amendment or modification that could reasonably be expected to result in
a reduction (1) in Cash Available for Debt Service during any Interest Period or (2) in Portfolio Value shall, in each case, require the
consent of the Administrative Agent (acting on the instructions of the Required Lenders).

 

    
	 	130	Credit Agreement

     

    

 

(b) No
Co-Borrower shall, nor shall permit any of its Subsidiaries to, enter into any new agreement or contract, other than the Transaction Documents
and the Permitted REC Contracts or any contract or agreement incidental or necessary to the operation of its business that do not allocate
material risk to any Relevant Party and have a term of less than one year or that has a value over its term not exceeding $100,000, without
the prior written consent of the Administrative Agent (acting on the instructions of the Required Lenders).

 

(c) No
Co-Borrower shall, nor shall permit any of its Subsidiaries to, assign, novate or otherwise transfer or consent to an assignment, novation
or any other transfer of a Portfolio Document other than (i) pursuant to the Collateral Documents, (ii) transfers of an interest
in an Opco from a Tax Equity Member to a Holdco which are permitted in accordance with clause (d) below and Section 5.08(g)
and (iii) assignments of a Customer Agreement to a replacement Customer in accordance with the terms of the Customer Agreement and
applicable Law (including consumer leasing and protection Law), without the prior written consent of the Administrative Agent (acting
on the instructions of the Required Lenders).

 

(d) No
Co-Borrower shall permit a Holdco to exercise any option to purchase the outstanding “class A” membership interests of
a Tax Equity Opco or any membership interests held by a Tax Equity Member in such Tax Equity Opco without the prior written consent of
the Administrative Agent (acting on the instructions of the Required Lenders); provided that, such consent shall not be required
if the exercise of such option is funded through the Additional Reserve Account or through other funding provided by the Sponsors.

 

(e) No
Co-Borrower shall take any action, or permit a Holdco to take any action, that would cause a breach of any the Tax Equity Opco Covenants.

 

(f) Other
than amendments required for the appointment of an independent member, copies of which shall be provided to the Administrative Agent no
later than five (5) days after the execution thereof, no Co-Borrower shall amend its Limited Liability Company Agreement without prior
written consent of the Administrative Agent.

 

Section
6.11 Taxes. The Co-Borrowers shall not, and shall not permit any Relevant Party to, take any action or position that
would (i) result in a Project being determined to have been Placed in Service prior to the date it was sold or otherwise transferred to
the applicable Relevant Party or (ii) result in the loss, disallowance, reduction or recapture of all or part of any Grant awarded or
ITC claimed, as applicable, with respect to any Project, other than as required by applicable Law or Prudent Industry Practices. The Co-Borrowers
shall not, and shall not permit any Relevant Party to, claim the ITC for any Project with respect to which a Grant has been awarded or
apply for a Grant for any Project with respect to which the ITC has been claimed. The Co-Borrowers shall not, and shall not permit any
Relevant Party to, cause or permit any Property that is part of a Project to be subject to the alternative depreciation system under Section 168(g)
of the Code.

 

    
	 	131	Credit Agreement

     

    

 

Section
6.12 Expenditures; Collateral Accounts; Structural Changes.

 

(a) No
Co-Borrower shall, nor shall permit any of its Subsidiaries to, incur Operating Expenses or otherwise pay the Manager, Provider, Back-up
Servicer and Transition Manager in the aggregate amounts in excess of the greater of:

 

(i) the
budgeted amounts shown for Operating Expenses in the applicable Operating Budget for such calendar year; and

 

(ii) 10%
in the aggregate over the amount budgeted for Operating Expenses in the then-current Base Case Model for the applicable calendar year,
without the prior written consent of the Administrative Agent (acting on the instructions of the Required Lenders and with such consent
in respect of the Tax Equity Opcos not to be unreasonably withheld or delayed).

 

(b) No
Co-Borrower shall, nor shall permit any of its Subsidiaries to, acquire or own any material Asset other than the Projects, Portfolio Documents,
Permitted REC Contracts, the Membership Interests and the proceeds thereof.

 

(c) No
Co-Borrower shall maintain, nor permit any Subsidiary to maintain, any bank accounts other than (i) the Collateral Accounts, (ii) the
Lockbox Accounts, (iii) with respect to any Tax Equity Opco, any Non-Routine Services Account or other accounts required and/or permitted
pursuant to the terms of the Tax Equity Documents for such Tax Equity Opco, and (iv) the Wholly-Owned Opco Collections Accounts.

 

(d) No
Co-Borrower shall, nor shall permit any of its Subsidiaries to, materially amend, modify or waive, or permit any material amendment, modification
or waiver of (i) its organizational documents (except (A) for non-substantive or immaterial changes to organizational documents
other than a Limited Liability Company Agreement which, for the avoidance of doubt, shall not include any amendments that relate to corporate
powers, corporate separateness or single-purpose entity provisions set forth herein or therein,(B) as may be required by applicable
Law, provided, that, any such change required by applicable Law shall be made only with prior notice to and consultation
with the Administrative Agent or (C) as may be required to effect the permitted dissolutions and transfers described in Section 11.25),
(ii) its legal form or its capital structure (including the issuance of any options, warrants or other rights with respect thereto)
or (iii) change its fiscal year, in each case without the consent of the Administrative Agent.

 

(e) The
Co-Borrowers shall not use any proceeds of any Loan except as permitted by applicable Law and for the purposes permitted in Section
2.01 or Section 2.02.

 

Section
6.13 REC Contracts and Transfer Instructions. Without limiting Section 6.10(b), no Co-Borrower shall, nor shall
not permit any of its Subsidiaries to, enter into any REC Contract other than a Permitted REC Contract or the applicable REC Purchase
Agreement to which it is a party.

 

Section
6.14 Speculative Transactions. No Co-Borrower shall, nor shall cause any Relevant Party (which solely for the purposes
of this Section 6.14 shall not include any Pledgor) to, engage in any Swap Agreement other than the Permitted REC Contracts, the
REC Purchase Agreement and the Interest Rate Hedging Agreements.

 

    
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Section
6.15 Voting on Major Decisions. The Co-Borrowers shall ensure that no Loan Party exercises its rights, authorities and
discretions under any Tax Equity Document to consent to, approve, ratify, vote in favor of, or submit to the Tax Equity Member for such
consent, approval, ratification or vote, any matter which requires approval as a Major Decision, other than with the prior written consent
of the Administrative Agent (acting on the instructions of the Required Lenders); provided, that, the Co-Borrowers shall not be
restricted from communicating with any Tax Equity Member in the ordinary course so long as such communications do not cause a Major Decision
to be made without the Administrative Agent’s consent.

 

Section
6.16 Transactions with Affiliates. No Co-Borrower shall, nor shall cause any of its Subsidiaries to, make or cause any
payment to, or sell, lease, transfer or otherwise dispose of any of its Assets to, or purchase any Assets from, or enter into or make,
replace, terminate or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of,
the Sponsor or its Affiliates or any of the Affiliates of the Co-Borrowers and each of their respective members and principals (each,
an “Affiliate Transaction”), unless the Affiliate Transaction is upon terms and conditions that are intrinsically fair,
commercially reasonable and on terms no less favorable to such Relevant Party than those that would be available on an arms-length basis
with an unrelated Person (other than (w) the transfers permitted to be made under Section 11.25, (x) Restricted Payments permitted
to be made under Section 6.06, (y) the Transaction Documents in existence as at the Effectiveness Date (z) the Intercompany
Financing Agreement).

 

Section
6.17 Limitation on Restricted Payments. Without limiting Section 6.10, no Co-Borrower shall, nor shall cause any
of its Subsidiaries to, enter into any agreement, instrument or other undertaking that (a) restricts the ability of any such Subsidiary
to make a Restricted Payment (including pursuant to any reallocation of distribution percentages) or (b) restricts or limits the
ability of any Loan Party to create, incur, assume or suffer to exist Liens on the Assets or Property of such Person for the benefit of
the Secured Parties with respect to the Obligations, except to the extent set out in the Tax Equity Documents as of the Closing Date.

 

Article
VII.

SEPARATENESS

 

Section
7.01 Separateness. Each of the Co-Borrowers acknowledges that the Administrative Agent and the Lender Parties are entering
into this Agreement in reliance upon each Relevant Party’s identity as a legal entity that is separate from any other Person. Therefore,
from and after the Closing Date, the Co-Borrowers shall take all reasonable steps to maintain each Relevant Party’s identity as
a separate legal entity from each other Person and to make it manifest to third parties that the Relevant Parties are separate legal entities.
Without limiting the generality of the foregoing, each Co-Borrower agrees that it shall, and cause each of its Subsidiaries to:

 

(a) hold
all of its Assets in its own name;

 

    
	 	133	Credit Agreement

     

    

 

(b) not
commingle its Assets with the Assets of any of its members, Affiliates, principals or any other Person;

 

(c) maintain
books, records and agreements as official records and separate from those of the members, principals and Affiliates or any other Person;

 

(d) maintain
its bank accounts separate from the members, principals and Affiliates of any other Person;

 

(e) not,
other than pursuant to the Transaction Documents and as otherwise expressly permitted by Section 6.16, enter into any Affiliate
Transaction;

 

(f) maintain
separate Financial Statements from those of its general partners, members, principals, Affiliates or any other Person; provided,
however, that the Relevant Parties financial position, Assets, liabilities, net worth and operating results may be included in
the consolidated Financial Statements of Sponsor, provided that (i) appropriate notation shall be made on such consolidated
Financial Statements to indicate the separateness of each Relevant Party and the Sponsor, to indicate that the Sponsor and each Relevant
Party maintain separate books and records and to indicate that none of the Relevant Parties’ Assets and credit are available to
satisfy the debts and other obligations of the Sponsor or any other Person and (ii) such Assets and liabilities shall be listed on
each Relevant Party’s own separate balance sheet;

 

(g) promptly
correct any known or suspected misunderstanding regarding its separate identity;

 

(h) not
maintain its Assets in such a manner that it will be unreasonably costly or difficult to segregate, ascertain or identify its individual
Assets from those of any other Person;

 

(i) not
guarantee or become obligated, or hold itself as responsible, for the debts of any other Person, except under the Guaranty and Security
Agreement;

 

(j) not
hold out its credit as being available to satisfy the obligations of any other Person, except under any Guaranty and Security Agreement;

 

(k) not
make any loans or advances to any third party, including any member, principal or Affiliate of the Co-Borrowers, or any member, principal
or Affiliate thereof, except as expressly permitted by the Loan Documents;

 

(l) not
pledge its Assets for the benefit of any other Person, except as expressly permitted under the Loan Documents;

 

(m) not
identify itself or hold itself out as a division of any other Person or conduct any business in another name;

 

(n) maintain
adequate capital in light of its current and contemplated business operations;

 

    
	 	134	Credit Agreement

     

    

 

(o) act
solely in its own limited liability company name and not of any other Person, any of its officers or any of their respective Affiliates,
and at all times use its own stationery, invoices and checks separate from those of any other Person, any of its officers or any of their
respective Affiliates;

 

(p) not
acquire obligations or securities of its members, shareholders or other Affiliates, as applicable, except as expressly permitted under
the Loan Documents;

 

(q) not
take any action that knowingly shall cause any Relevant Party to become insolvent;

 

(r) keep
minutes of the actions of the member of any Relevant Party and observe all limited liability company and other organizational formalities;

 

(s) cause
its members, managers, directors, officers, agents and other representatives to act at all times with respect to each Relevant Party consistently
and in furtherance of the foregoing and in the best interests of each Relevant Party;

 

(t) pay
its own liabilities and expenses (including, as applicable, shared personnel and overhead expenses) only out of its own funds, except
as expressly provided under by the Loan Documents;

 

(u) at
all times maintain an independent member of each Co-Borrower and Pledgor (as the term “independent member” is defined in the
applicable limited liability company agreement of each Co-Borrower or Pledgor, as applicable) and provide written notice to the Administrative
Agent of the name of such independent member and any replacement thereof; and

 

(v) not
undertake any division under Section 18-217 of the Delaware Limited Liability Company Act.

 

Article
VIII.

CONDITIONS PRECEDENT

 

Section
8.01 Conditions to Effectiveness Date and Borrowing of Initial Additional Term Loans. The effectiveness of this Agreement,
the Commitment and obligation of each Lender to make Initial Additional Term Loans and the obligation of an Issuing Bank to issue a Letter
of Credit (or increase the Stated Amount thereof) hereunder is subject to satisfaction of the following conditions precedent each in form
and substance reasonably satisfactory to the Administrative Agent (acting on the instructions of all Lenders and the Issuing Banks):

 

(a) Effectiveness
Date Deliverables. The Administrative Agent’s receipt of the following, each of which shall be originals or executed electronic
copies (followed promptly by originals) unless otherwise specified, each properly executed by an Authorized Officer of the Co-Borrowers,
each dated the Effectiveness Date (or, in the case of certificates of governmental officials, a recent date before the Effectiveness Date):

 

(i) Borrowing
Notice. A Borrowing Notice in accordance with the requirements of Section 2.01.

 

    
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(ii) Notice
of LC Activity. A Notice of LC Activity in accordance with the requirements of Section 2.02(b) together with completed LC Application
duly executed by the Co-Borrowers for the benefit of the Administrative Agent and submitted to the Issuing Banks (together with such other
LC Documents applicable thereto) with a copy to the Administrative Agent.

 

(iii) Transaction
Documents. Executed counterparts of:

 

(A) this
Agreement, together with all Exhibits and Schedules thereto, sufficient in number for distribution to the Administrative Agent, each Lender
and the Co-Borrowers;

 

(B) a
Note (or replacement Note) executed by the Co-Borrowers in favor of each Lender requesting a Note;

 

(C) the
Volta I Transfer Agreement;

 

(D) the
Kilowatt Transfer Agreement;

 

(E) [Reserved];
and

 

(F) all
other Loan Documents to be delivered as of the Effectiveness Date;

 

(iv) Warranties.
Evidence satisfactory to the Administrative Agent that all warranties relating to the Projects owned by Greenday I and Kismet inure to
the benefit of, and be enforceable by, such Co-Borrowers;

 

(v) Collateral
Documents. Executed counterparts of the Pledge Agreement, the Pledge and Security Agreement and the Guaranty and Security Agreement,
in each case, duly executed by the applicable Loan Parties, together with:

 

(A) Membership
Interest Certificates. Certificates representing the pledged equity referred to therein (in the form required by the applicable limited
liability company agreement) accompanied by undated stock powers executed in blank and instruments evidencing any pledged debt indorsed
in blank;

 

(B) Financing
Statements. Financing Statements in a form appropriate for filing under the applicable Uniform Commercial Code in order to perfect
the Liens created under the Collateral Documents (covering the Collateral described therein);

 

    
	 	136	Credit Agreement

     

    

 

(C) Perfection.
Evidence that all other action that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created under
the Collateral Documents has been taken or will be taken on the Effectiveness Date such that such Liens shall each constitute a first
priority security interest; and

 

(D) Recent
Lien Search. The results of a recent lien search in each of the jurisdictions in which UCC financing statement or other filings or
recordation’s should be made to evidence or perfect security interests in all Assets of Greenday I and Kismet, and such search shall
reveal no Liens on any of the Assets of Greenday I and Kismet, or otherwise on the Collateral, other than Permitted Liens and other documentation
reasonably satisfactory to the Administrative Agent;

 

(vi) Portfolio
Documents. Fully executed copies of all Portfolio Documents with respect to Greenday I and Kismet on the Effectiveness Date, together
with the Project Information relating to each Eligible Project owned by Greenday I and Kismet and such other information as reasonably
required by the Administrative Agent in respect of each Project owned by Greenday I and Kismet that is not an Eligible Project, accompanied
by an Officer’s Certificate certifying:

 

(A) that
each such copy provided to the Administrative Agent is a true, correct and complete copy of such document (and includes all schedules,
exhibits, attachments, supplements and amendments thereto and any related protocols or side letters),

 

(B) each
such Portfolio Document (I) has been duly executed and delivered by each Relevant Party party thereto and, to the Knowledge of the
Co-Borrowers, the other parties thereto, and (II) is in full force and effect and is enforceable against each such Relevant Party
as of such date,

 

(C) no
Relevant Party party thereto nor, to the Knowledge of the Co-Borrowers, any other party to such document is or, but for the passage of
time or giving of notice or both, will be in breach of any material obligation except, solely with respect to Customer Agreements, where
such breach (itself or when coupled with other breaches under such agreements) could not reasonably be expected to have a Material Adverse
Effect,

 

(D) no
Portfolio Document has an event of force majeure existing thereunder except solely with respect to the Project Documents, where such event
of force majeure (itself or when coupled with other events of force majeure under such Project Documents) could not reasonably be expected
to have a Material Adverse Effect and

 

    
	 	137	Credit Agreement

     

    

 

(E) all
conditions precedent to the effectiveness of such documents have been satisfied or waived in writing;

 

(vii) [Reserved]

 

(viii) Organizational
Documents. To the extent not previously delivered on the Closing Date or if amended after the Closing Date, a copy of the certificate
of formation, limited liability company agreement, operating agreement or other organizational documents of each Relevant Party, together
with such amendments to the organizational documents of such parties as required by the Administrative Agent, certified by an Authorized
Officer of such Person as being true, correct and complete copy of such document (and includes all schedules, exhibits, attachments, supplements
and amendments thereto and any related protocols or side letters);

 

(ix) Resolutions
and Incumbency Certificates. Such certificates of resolutions or other action, incumbency certificates and/or other certificates of
Authorized Officers of the Loan Parties as the Administrative Agent may require authorizing, as applicable, the Initial Additional Term
Loans and the guarantees given by the Loan Parties, the granting of the Liens under the Collateral Documents and the execution delivery
and performance of this Agreement and the other Transaction Documents and evidencing the identity, authority and capacity of each Authorized
Officer thereof authorized to act as an Authorized Officer in connection with this Agreement and the other Loan Documents to which a Loan
Party or a Sponsor is a party or is to be a party, in each case, certified by an Authorized Officer of such Person;

 

(x) Secretary’s
Certificates. To the extent not previously delivered on the Closing Date, such documents and certifications as the Administrative
Agent may reasonably require to evidence that each Relevant Party is duly formed, validly existing, in good standing and qualified to
engage in business in each jurisdiction where its ownership, lease or operation of Properties or the conduct of its business requires
such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;

 

(xi) Legal
Opinions. Favorable opinions of counsel to the Relevant Parties and the Sponsor Parties in relation to the Loan Documents executed
and delivered on the Effectiveness Date, addressed to the Administrative Agent and each Secured Party from (A) Troutman Sanders LLP, counsel
for the Relevant Parties and the Sponsor Parties and (B) in-house counsel to the Relevant Parties, including opinions regarding the attachment,
perfection of security interests in the Collateral and corporate matters, including, without limitation, enforceability, no consents,
Investment Company Act matters, no conflicts with organizational documents, and no conflict with other material contracts binding on the
Relevant Parties and the Sponsor Parties;

 

    
	 	138	Credit Agreement

     

    

 

(xii) Officer’s
Certificate. A certificate of an Authorized Officer of the Co-Borrowers on behalf of each Relevant Party and each Sponsor Party:

 

(A) either
(1) attaching copies of all consents, licenses and approvals required in connection with the Initial Additional Term Loans and the
guarantees given by the Loan Parties, the granting of the Liens under the Collateral Documents, and the execution delivery and performance
of this Agreement and the other Transaction Documents and the validity against the Sponsors and each Relevant Party of the Loan Documents
to which it is a party, and such consents, licenses and approvals shall be in full force and effect and not subject to appeal, or (2) certifying
that no such consents, licenses or approvals are so required;

 

(B) certifying
(1) that the conditions specified in Sections 8.01(g), 8.01(h), 8.01(i), and 8.01(j), have been satisfied,
(2) as to the solvency of the Co-Borrowers and their Subsidiaries, and (3) that there has been no event or circumstance since
December 31, 2018 that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse
Effect;

 

(xiii) Funds
Flow Memorandum. A funds flow memorandum outlining the use of the Initial Additional Term Loans which shall be in compliance with
Section 2.01(c) (the “Effectiveness Date Funds Flow Memorandum”);

 

(xiv) Other
Certificates. Each other certificate or document as the Administrative Agent shall reasonably request.

 

(b) Base
Case Model. The Administrative Agent has received the Base Case Model, demonstrating compliance with the Debt Sizing Parameters in
form and substance satisfactory to the Administrative Agent addressed to the Administrative Agent and the Lenders.

 

(c) Operating
Budget. Each Lender Party has received the Operating Budget required pursuant to Section 5.01(e)(i).

 

(d) KYC.
To the extent not previously delivered on or prior to the Closing Date, the Lender Parties have received (i) all documentation and other
information required by regulatory authorities under the applicable “know your customer” and Anti-Money Laundering Laws, including
the PATRIOT Act and (ii) least five (5) days prior to the Closing Date, any Loan Party that qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to such Loan Party.

 

(e) Fees
and Expenses.

 

(i) All
fees and expenses (including reasonable attorney’s fees and disbursements) required to be paid to the Agents and the Depository
Agent on or before the Closing Date, shall have been paid or shall be, substantially concurrent with the Closing, paid.

 

    
	 	139	Credit Agreement

     

    

 

(ii) All
fees required to be paid to the Lenders and the Arrangers on or before the Closing Date pursuant to the Fee Letters, shall have been paid
or shall be, substantially concurrent with the Closing, paid.

 

(iii) All
Additional Expenses due and payable as of the Closing Date shall have been paid or shall be, substantially concurrent with the Closing,
paid in full by the Co-Borrowers.

 

(iv) All
other costs and expenses required to be paid pursuant to Section 3.07 for which evidence has been presented (including third-party
fees and out-of-pocket expenses of lenders counsel, the Insurance Consultant, Independent Engineer, Model Auditor and other advisors or
consultants retained by the Administrative Agent) shall have been paid or shall be, substantially concurrent with the Closing, paid in
full by the Co-Borrowers.

 

(v) The
payment of all fees, costs and expenses to be paid on the Closing Date will be reflected in the Effectiveness Date Funds Flow Memorandum
and funding instructions given by the Co-Borrowers to the Administrative Agent and the Depository Agent prior to the Closing Date.

 

(f) Collateral
Accounts; Non-Routine Services Accounts. The Administrative Agent shall have received satisfactory evidence that the Debt Service
Reserve Account ( except to the extent to be funded with a Letter of Credit on the Effectiveness Date), the Audit Reserve Account, the
Additional Reserve Account, and the Spruce Non-Routine Services Account are each fully funded in compliance with the Loan Documents. To
the extent applicable, the funding of the Debt Service Reserve Account, the Audit Reserve Account, the Additional Reserve Account and
the Spruce Non-Routine Services Account will be reflected in the Effectiveness Date Funds Flow Memorandum and funding instructions will
be given by the Co-Borrowers to the Administrative Agent and the Depository Agent prior to the Effectiveness Date..

 

(g) Representations
and Warranties. The representations and warranties of the Sponsors and the Relevant Parties contained in Article Iv
or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith,
shall be true and correct in all material respects on and as of the Effectiveness Date, 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 as of such
earlier date.

 

(h) Eligible
Project Representations. The representations and warranties in Section 4.22 regarding Eligible Projects owned by Greenday I
and Kismet are true and correct in all material respects for all Projects shown to generate Eligible Revenues under the Base Case Model
delivered pursuant to Section 8.01(b).

 

(i) No
Action by Governmental Authority. No action or proceeding has been instituted or threatened in writing by any Governmental Authority
against a Sponsor or any Relevant Party that seeks to impair, restrain prohibit or invalidate the transactions contemplated by this Agreement
and the other Loan Documents or regarding the effectiveness or validity of any required Permits.

 

    
	 	140	Credit Agreement

     

    

 

(j) No
Default or Event of Default. No Default or Event of Default shall exist, or would result from the borrowing or from the application
of the proceeds thereof.

 

(k) Technical
Reports. The Administrative Agent shall have received technical reports on (i) the Projects owned by Greenday I prepared by Black
& Veatch Consulting LLC and (ii) the Projects owned by Kismet prepared by the Independent Engineer and addressed to the Administrative
Agent and the Lenders.

 

(l) Insurance
Report and Certificates. The Administrative Agent shall have received (i) a report from the Insurance Consultant with respect to Projects
owned by Greenday I and Kismet addressed to the Administrative Agent and the Lenders, (ii) a corresponding reliance letter with respect
to such report prepared by the Insurance Consultant that shall entitle the Administrative Agent, the other Agents, and the Lenders to
rely upon such report, (iii) an insurance certificate from the Co-Borrowers’ insurance broker identifying the underwriters,
types of insurance, applicable insurance limits and policy terms consistent with Schedule 4.14 and (iv) evidence, including customary
insurance certificates, that all insurance required to be obtained and maintained by Greenday I and Kismet pursuant to the Loan Documents
has been obtained and all premiums thereon have been paid in full.

 

(m) Intercompany
Financing Agreement. The Administrative Agent shall have received evidence that all Liens on the Collateral securing the Intercompany
Financing Agreement have been terminated and released (including receipt of filed UCC-3 termination statements).

 

(n) Debt
Service Reserve Account. Except to the extent funded with a Letter of Credit or an Acceptable DSR Guarantee, the Debt Service Reserve
Account is fully funded with the Debt Service Required Amount .

 

(o) Services
Agreements. The Administrative shall have received (i) copies of each Maintenance Services Agreement with respect to Projects owned
by Greenday I and Kismet, duly executed by each of the parties thereto.

 

(p) [Reserved]

 

(q) Due
Diligence. The Administrative Agent shall have received a consumer due diligence memorandum prepared by Mayer Brown LLP with respect
to Greenday I and Kismet.

 

(r) Interest
Rate Hedging. The Administrative Agent shall have received evidence in form and substance satisfactory to it that the Co-Borrowers
are in compliance with Section 5.11, which evidence may include the delivery of copies of executed Interest Rate Hedging Agreements
or amendments thereto.

 

    
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Section
8.02 Conditions of Additional Term Loan Borrowing. The obligation of each Lender to make Additional Term Loans (other
than the Initial Additional Term Loans) is subject to satisfaction of the following conditions precedent each in form and substance reasonably
satisfactory to the Administrative Agent (acting on the instructions of the Lenders and the Issuing Banks):

 

(a) Effectiveness
Date. The Effectiveness Date shall have occurred.

 

(b) Additional
Opco Approval Date; Eligible Additional Opco Amendment Documentation. The Additional Opco Approval Date shall have occurred, and the
Administrative Agent shall have received originals or electronic copies (followed promptly by originals) of the Eligible Additional Opco
Amendment Documentation and other documents delivered in connection with the applicable Additional Opco Approval Date, duly executed and
delivered by each of the parties thereto.

 

(c) Additional
Term Loan Borrowing Date Deliverables. The Administrative Agent’s receipt of the following, each of which shall be originals
or electronic copies (followed promptly by originals) unless otherwise specified, each properly executed by an Authorized Officer of each
Co-Borrower, each dated as of the Additional Term Loan Borrowing Date:

 

(i) Borrowing
Notice. The Co-Borrowers shall have delivered a Borrowing Notice in accordance with the requirements of Section 2.01;

 

(ii) Notes.
A Note executed by each Co-Borrower in favor or each Lender requesting a Note;

 

(d) Warranties.
Evidence satisfactory to the Administrative Agent that all warranties relating to the Additional Projects will inure to the benefit of,
and be enforceable by, the Relevant Party following the purchase of such Projects;

 

(e) Eligible
Project Representations. The representations and warranties in Section 4.22 regarding Eligible Projects are true and correct
for all Additional Projects shown to generate Eligible Revenues under the Base Case Model delivered pursuant to Section 8.01(b);

 

(f) Debt
Service Reserve Account. Except to the extent funded with a Letter of Credit or an Acceptable DSR Guarantee, the Debt Service Reserve
Account is fully funded with the Debt Service Required Amount as of such date;

 

(g) No
Action by Governmental Authority. No action or proceeding has been instituted or threatened in writing by any Governmental Authority
against a Sponsor or any Relevant Party that seeks to impair, restrain prohibit or invalidate the transactions contemplated by this Agreement
and the other Loan Documents or regarding the effectiveness or validity of any required Permits;

 

(h) No
Default or Event of Default. No Default or Event of Default shall exist, or would result from the borrowing or from the application
of the proceeds thereof;

 

    
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(i) Interest
Rate Hedging. The Administrative Agent shall have received evidence in form and substance satisfactory to it that the Co-Borrowers
are in compliance with Section 5.11, which evidence may include the delivery of copies of executed Interest Rate Hedging Agreements
or amendments thereto.

 

Section
8.03 Conditions of Letter of Credit Issuance. The obligation of an Issuing Bank to issue, extend or increase the Stated
Amount of the Letter of Credit under Section 2.02 is subject to satisfaction of the following conditions precedent each in form
and substance reasonably satisfactory to the Administrative Agent (acting on the instructions of the Issuing Banks and all the LC Lenders):

 

(a) CPs;
Notice of LC Activity. With respect to any LC Activity in connection with the making of any Initial Additional Term Loans or with
the making of any Additional Term Loans, the conditions precedent under Section 8.01 and Section 8.02, respectively, shall
have been satisfied or waived and the Co-Borrowers shall have delivered a Notice of LC Activity in accordance with the requirements of
Section 2.02.

 

(b) Officer’s
Certificate. The Administrative Agent and each Issuing Bank shall have received a certificate signed by an Authorized Officer of each
Co-Borrower certifying that the conditions specified in Sections 8.03(c) and 8.03(d) have been satisfied, which shall
be an original or an electronic copy (followed promptly by originals to the extent extant) unless otherwise specified, each properly executed
by an Authorized Officer of the signing Co-Borrower, each dated as of the date of such issuance, extension or increase.

 

(c) Representations
and Warranties. The representations and warranties of the Co-Borrowers, each other Loan Party and Provider contained in Article
Iv or any other Loan Document, or which are contained in any document furnished at
any time under or in connection herewith or therewith, shall be true and correct in all material respects (without duplication of any
materiality qualifier contained therein) on and as of such issuance, extension or increase, 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 (without duplication
of any materiality qualifier contained therein) as of such earlier date.

 

(d) No
Default. No Default or Event of Default shall exist, or would result from the issuance, extension or increase.

 

Article
IX.

EVENTS OF DEFAULT; REMEDIES

 

Section
9.01 Events of Default. Any of the following shall constitute an event of default (“Event of Default”)
hereunder:

 

(a) Principal
and Interest. Failure of a Loan Party to pay in accordance with the terms of this Agreement, (i) any interest on any Loan within
three (3) Business Days after the date such sum is due, (ii) any principal with respect to any Loan when such sum is due, or
(iii) any other fee, cost, charge or other sum due under this Agreement or any other Loan Document within five (5) Business
Days after the date such sum is due;

 

    
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(b) Misstatements.
Any (i) representation or warranty made by a Sponsor Party, the Relevant Parties or an HPS Party in the Loan Documents, or any Financial
Statement furnished pursuant thereto, or (ii) certificate or any Financial Statement made or prepared by, under the control of or
on behalf of the Sponsor Parties or the Relevant Parties and furnished to the Administrative Agent or any Lender pursuant to this Agreement
or any other Loan Document (including, without limitation, in a certificate of an Authorized Officer of a Sponsor Party or Relevant Party
delivered pursuant to the Loan Documents) shall prove to have been untrue or misleading in any material respect as of the date made; provided,
however, that if any such misstatement is capable of being remedied and has not caused a Material Adverse Effect, the Co-Borrowers
may correct such misstatement by curing such misstatement (or the effect thereof) and delivering a written correction of such misstatement
to the Administrative Agent, in the form and substance satisfactory to the Administrative Agent, within thirty (30) days of (x) obtaining
Knowledge of such misstatement or (y) receipt by the Co-Borrowers of written notice from the Administrative Agent of such default;

 

(c) Automatic
Defaults. Any default by any Relevant Party in the observance and performance of or compliance with Section 5.02, Section
5.05, Section 5.10, Section 5.16(e) and (f), Section 5.23, Section 5.24, Section 5.25, Section
5.27, Section 5.31, Article Vi and Section 9.03. Any failure by
the Sponsors to pay any amount due and payable under the Cash Diversion Guaranty.

 

(d) Other
Defaults. Any default by any of the Sponsor Parties, any Co-Borrower, any Relevant Party or any HPS Party in the observance and performance
of or compliance with any other covenant or agreement contained in this Agreement or any other Loan Document, a Maintenance Services Agreement,
a Consumer Servicing Agreement, an Operating Services Agreement or the Management Agreement (other than as provided in paragraphs (a)
through (c) of this Section 9.01), which default shall continue unremedied for a period of (i) 10 days with respect
to a breach of Section 5.12 and (ii) 30 days for any other covenant to be performed or observed by it under this Agreement,
any other Loan Document or such other document and not otherwise specifically provided for elsewhere in this Article Ix,
in each case, after the earlier of (A) receipt by the Co-Borrowers of written notice from the Administrative Agent of such default
or (B) obtaining Knowledge of any such default; provided that the thirty (30) day period referred to in clause (ii)
above may be extended by an additional forty-five (45) days, in the event that such default has not been cured within the initial
thirty (30) day period, (x) such default remains capable of being cured within the additional forty-five (45) day period, (y)
no Material Adverse Effect has resulted from such default and (z) the Co-Borrowers continue to diligently pursue cure of such default.

 

(e) Involuntary
Bankruptcy; Appointment of Receiver, etc. (i) A court enters a decree or order for relief with respect to a Sponsor or any Relevant
Party in an Involuntary Bankruptcy, which decree or order is not stayed or other similar relief is not granted under any applicable federal
or state Law; (ii) the occurrence and continuation of any of the following events for sixty (60) days unless dismissed or discharged
within such time: (A) an involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar Law
now or hereafter in effect, is commenced, in which Sponsor or any Relevant Party is a debtor or any portion of the Collateral or any Membership
Interest is property of the estate therein, (B) a decree or order of a court for the appointment of a receiver, liquidator, sequestrator,
trustee, custodian or other officer having similar powers over a Sponsor or any Relevant Party, over all or a substantial part of its
Property, is entered, (C) an interim receiver, trustee or other custodian is appointed without the consent of a Sponsor or any Relevant
Party for all or a substantial part of the Property of such Person or (D) a warrant of attachment, execution or similar process shall
have been issued against any substantial part of the Property of the Sponsors or any Relevant Party;

 

    
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(f) Voluntary
Bankruptcy; Appointment of Receiver, etc. (i) An order for relief is entered with respect to a Sponsor or any Relevant Party,
or a Sponsor or any Relevant Party commences a voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other
similar Law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case or to the conversion of
an involuntary case to a voluntary case under any such Law or consents to the appointment of or taking possession by a receiver, trustee
or other custodian for a Sponsor or any Relevant Party, for all or a substantial part of the Property of a Sponsor or any Relevant Party;
(ii) a Sponsor or any Relevant Party makes any assignment for the benefit of creditors; (iii) a Sponsor or any Relevant Party
shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due or (iv) the
board of directors or other governing body of a Sponsor or any Relevant Party adopts any resolution or otherwise authorizes action to
approve any of the actions referred to in this Section 9.01(f);

 

(g) Material
Judgment. Any final money judgment, writ or warrant of attachment or similar process involving, individually or in aggregate at any
time, an amount in excess of $1,000,000 (to the extent not adequately covered by insurance as to which a solvent, reputable and Independent
insurance company, which at least meets the Credit Requirements, has acknowledged coverage in writing to the Co-Borrowers and such acknowledgment
is provided to the Administrative Agent) shall be entered or filed against a Co-Borrower or any of the other Relevant Parties or any of
their respective Assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of thirty (30) days (or in any
event later than five (5) days prior to the date of any proposed sale thereunder).

 

(h) Impairment
of Loan Documents. At any time after the execution and delivery thereof, (i) this Agreement or any other Loan Document ceases
to be in full force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or on the
Debt Termination Date) or shall be declared null and void, or the Administrative Agent or any Lender shall not have or shall cease to
have a valid and perfected Lien in any Collateral or the Membership Interests purported to be covered by the Loan Documents with the priority
required by the relevant Loan Document or (ii) a Co-Borrower, Sponsor or any Relevant Party thereto shall contest the validity or
enforceability of any Loan Document in writing or deny in writing that it has any further liability, including with respect to future
advances by any Lender, under any Loan Document to which it is a party.

 

(i) ERISA.
A Co-Borrower, any Relevant Party or, except as would not result in a Material Adverse Effect, any of their respective ERISA Affiliates
establishes any Employee Benefit Plan or Multiemployer Plan, or commences making contributions to (or becomes obligated to make contributions
to) any Employee Benefit Plan or Multiemployer Plan.

 

    
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(j) Change
of Control. A Change of Control shall have occurred.

 

(k) Removal
of Managing Member; Operation and Maintenance.

 

(i) Any
Holdco shall have been removed as the “managing member” of any Tax Equity Opco. The receipt of any written notice, claim or
threat of removal from the Tax Equity Member shall be a “Default” for all purposes hereunder until rescinded in writing by
such Tax Equity Member and such event shall mature into an “Event of Default” if the Holdco default that is the subject of
such written notice, claim or threat is not cured within the applicable period prior to effectiveness of removal provided under the applicable
Limited Liability Company Agreement.

 

(ii) The
Provider shall have been removed as the “Provider” under the applicable Maintenance Services Agreement and shall not have
been replaced with a replacement provider appointed in accordance with the terms and conditions herein. The receipt of any written notice,
claim or threat of removal from any Tax Equity Opco shall be a “Default” for all purposes hereunder until rescinded in writing
by such Tax Equity Opco and such event shall mature into an “Event of Default” if the Provider default that is the subject
of such written notice, claim or threat is not cured within the applicable period prior to effectiveness of removal provided under the
applicable Maintenance Services Agreement.

 

(iii) The
Projects shall cease to be designated as “Projects” under the applicable Operating Services Agreement, or the Provider shall
cease to be the “Service Provider” under the Operating Services Agreement and shall not have been replaced with a replacement
provider appointed in accordance with the terms and conditions herein.

 

(iv) The
Projects shall cease to be designated as “Projects” under the applicable Consumer Servicing Agreement, or the Provider shall
cease to be the “Service Provider” under the such Consumer Servicing Agreement and shall not have been replaced with a replacement
provider appointed in accordance with the terms and conditions herein.

 

(l) Abandonment
of Servicing. (i) The transition to a successor Provider to perform the services under a Maintenance Services Agreement is not complete
within thirty (30) days after termination of a Provider, (ii) the transition to a successor Manager under a Management Agreement
is not complete within thirty (30) days after termination of the Manager, (iii) a replaced Provider or Manager fails to comply
with its transition requirements under a Backup Servicer Agreement, a Transition Management Agreement, the Management Agreement, a Consumer
Servicing Agreement or an Operating Services Agreement, as applicable, or (iv) any of the Consumer Servicing Agreements or any Operating
Services Agreement is terminated or a Maintenance Services Agreement is not renewed on its expiry date in accordance with its terms or
otherwise in a form and substance acceptable to the Administrative Agent (acting on the instructions of the Required Lenders).

 

    
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(m) Sungevity
Greenwich Master Lease. A Sungevity Greenwich Lessor Default shall have occurred and the Co-Borrowers shall not have made a Sungevity
Greenwich Lessor Default Prepayment by the second Payment Date after the occurrence of such Sungevity Greenwich Lessor Default.

 

Section
9.02 Acceleration and Remedies. (a) Upon the occurrence and during the continuance of any Event of Default and at any
time thereafter during the continuance of such Event of Default, the Administrative Agent shall, at the request of the Required Lenders,
take any or all of the following actions, at the same or different times: (i) terminate any outstanding Commitments, and thereupon
any such outstanding Commitments shall terminate immediately; (ii) 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
obligations of the Co-Borrowers accrued hereunder, shall become due and payable immediately, and the Co-Borrowers shall Cash Collateralize
the LC Exposure; and (iii) make a demand on any Acceptable DSR Letter of Credit provided with respect to the Debt Service Reserve
Account, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Co-Borrowers;
and in case of any Event of Default described in Section 9.01(e) or (f) in respect of any Loan Party, any outstanding Commitments
shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and
other obligations of the Co-Borrowers, shall automatically become due and payable, and the Cash Collateralization of the LC Exposure shall
automatically be required, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived
by the Co-Borrowers. Upon the occurrence and during the continuance of any Event of Default, in addition to the exercise of remedies set
forth in clauses (i), (ii) and (iii) above, each Secured Party shall be, subject to the terms of the
Collateral Agency Agreement, entitled to exercise the rights and remedies available to such Secured Party under and in accordance with
the provisions of the other Loan Documents to which it is a party or any applicable Law.

 

(b) Upon
the occurrence and during the continuation of an Event of Default, all or any one or more of the rights, powers, privileges and other
remedies available to the Administrative Agent against the Co-Borrowers under this Agreement or any of the other Loan Documents, or at
Law or in equity, may be exercised by the Administrative Agent (acting on the instructions of the Required Lenders) at any time and from
time to time, whether or not all or any of the Obligations shall be declared due and payable, and whether or not the Administrative Agent
shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents
with respect to the Collateral and the proceeds from any of the foregoing. Any such actions taken by the Administrative Agent shall be
cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order
as the Administrative Agent may determine in its sole discretion, to the fullest extent permitted by Law, without impairing or otherwise
affecting the other rights and remedies of the Administrative Agent permitted by Law, equity or contract or as set forth herein or in
the other Loan Documents. Without limiting the generality of the foregoing, if an Event of Default is continuing (i) to the fullest
extent permitted by Law, the Administrative Agent shall not be subject to any “one action” or “election of remedies”
Law or rule, and (ii) all liens and other rights, remedies or privileges provided to the Administrative Agent shall remain in full
force and effect until the Administrative Agent has exhausted all of its remedies against the Collateral and the proceeds from any of
the foregoing or the Obligations have been paid in full.

 

    
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(c) The
rights and remedies set forth in this Section 9.02 are in addition to, and not in limitation of, any other right or remedy provided
for in this Agreement or any other Loan Document.

 

(d) Anything
herein to the contrary notwithstanding, if and for so long as a Lender is a Tax Exempt Person, such Lender shall not succeed to the rights
of any Holdco or a Co-Borrower as a direct or indirect owner of any Tax Equity Opco, a Wholly-Owned Opco, or an assignee of any such Person,
until after the Recapture Period for the last Project Placed in Service with respect to the Person(s) of which the Lender would become
a direct or indirect owner, regardless whether or not exists an Event of Default.

 

Section
9.03 Cure Rights. The Administrative Agent and the Lenders acknowledge and agree that:

 

(a) to
prevent the occurrence of an Event of Default pursuant to Section 9.01(a), the Sponsors shall have the right, but not the obligation,
to contribute or loan funds to the Co-Borrowers, which shall be deposited into the Collections Account; provided that, unless the
Administrative Agent otherwise consents, the deposit of funds by the Sponsors to prevent the occurrence of such Event of Default pursuant
to this clause (a) more than two (2) times during the term the Loans shall be an “Event of Default”; and for the
avoidance of doubt, any payment made by the Sponsors pursuant to the Cash Diversion Guaranty, Section 3.02, Section 3.03(d)
or Section 6.10(d) is expressly permitted by the terms of this Agreement and does not constitute a cure for purposes of this Agreement;
and

 

(b) if
the Debt Service Coverage Ratio at the end of any calculation period is below 1.20 to 1.00, the Sponsors shall have the right but
not the obligation, to contribute or loan funds to the Co-Borrowers, which shall be deposited into the Collections Account no later than
ten (10) Business Days prior to a Payment Date; provided that, unless the Administrative Agent otherwise consents, the deposit
of funds by the Sponsors pursuant to this clause (a) shall be permitted no more than two (2) times during the term of the
Loans.

 

Article
X.

ADMINISTRATIVE AGENT

 

Section
10.01 Appointment and Authority.

 

(a) Each
of the Lenders hereby irrevocably appoints Silicon Valley Bank to act on its behalf as the Administrative Agent hereunder and under the
other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated
to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.
The provisions of this Article are solely for the benefit of the Lender Parties and no Relevant Party nor any Sponsor shall have rights
of a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “Administrative Agent”
herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used
as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

 

    
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Section
10.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include
the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person 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 business with any Relevant Party or their Affiliates as if such Person were not the Administrative Agent hereunder and without
any duty to account therefor to the Lenders.

 

Section
10.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly
set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality
of the foregoing, the Administrative Agent:

 

(a) shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b) shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents),
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law, including for the avoidance
of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law; and

 

(c) shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to any Co-Borrower or any of its Affiliates that is communicated to or obtained by the Person
serving as the Administrative Agent or any of its Affiliates in any capacity.

 

The Administrative Agent shall
not be liable for any action taken or not taken by it (i) with the consent 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 shall be necessary,
under the circumstances as provided in Sections 11.03 and 9.02) or (ii) in the absence of its own gross negligence
or willful misconduct as determined by a court of competent jurisdiction by final judgment. The Administrative Agent shall be deemed not
to have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by a
Co-Borrower or a Lender.

 

    
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The Administrative Agent shall
not be responsible for or have any duty to ascertain or inquire into (A) any statement, warranty or representation made in or in
connection with this Agreement or any other Loan Document, (B) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (C) the performance or observance of any of the covenants, agreements
or other terms or conditions set forth herein or therein or the occurrence of any Default, (D) the validity, enforceability, effectiveness
or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (E) the satisfaction
of any condition set forth in Article Viii or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent.

 

Section
10.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed,
sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by
telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, which by its terms must be fulfilled to the satisfaction of a Lender,
the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received
notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who
may be counsel for the Co-Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

Section
10.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub Administrative Agents appointed by the Administrative
Agent. The Administrative Agent and any such sub Administrative Agent may perform any and all of its duties and exercise its rights and
powers by or through their respective Related Parties. The exculpatory provisions of this Article X
shall apply to any such sub Administrative Agent and to the Related Parties of the Administrative Agent and any such sub Administrative
Agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein
as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any
sub-Administrative Agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment
that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-Administrative Agents.

 

Section
10.06 Resignation of Administrative Agent.

 

(a) The
Administrative Agent may at any time give notice of its resignation to the Lenders, the Depository Agent, and the Co-Borrowers. Upon receipt
of any such notice of resignation, the Administrative Agent (acting on the instructions of the Required Lenders) or the Required Lenders
shall have the right, with the consent of the Co-Borrowers (not to be unreasonably withheld or delayed), unless a Default or an Event
of Default shall have occurred and is continuing, in which case the consent of the Co-Borrowers shall not be required, to appoint a successor,
which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. The Administrative
Agent’s resignation shall become effective on the earliest (such date, the “Resignation Effective Date”) of (i)
30 days after delivery of notice of resignation (regardless of whether a successor Administrative Agent has been appointed or not),
(ii) the acceptance of such successor Administrative Agent by the Required Lenders and, if applicable, the Co-Borrowers or (iii) such
other date, if any, agreed to by the Required Lenders and the retiring Administrative Agent. If the Administrative Agent or the Required
Lenders have not appointed a successor Administrative Agent, the Required Lenders shall be deemed to have succeeded to and become vested
with all the rights, powers, privileges and duties of the resigning Administrative Agent.

 

    
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(b) With
effect from the Resignation Effective Date (i) the retiring Administrative Agent shall be discharged from its duties and obligations
hereunder and under the other Loan Documents and (ii) except for any indemnity payments or other amounts then owed to the retiring
Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall
instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent
as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Administrative Agent (other than as
provided in Section 3.09(h) and other than any rights to indemnity payments or other amounts owed to the retiring Administrative
Agent as of the Resignation Effective Date). The fees payable by the Co-Borrowers to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between the Co-Borrowers and such successor. After the retiring Administrative
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article X
and Sections 3.07 and 3.08 shall continue in effect for the benefit of such retiring Administrative Agent, its sub
Administrative 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.

 

Section
10.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and
without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that
it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based
on such documents and information 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.

 

Section
10.08 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief
Law or any other judicial proceeding relative to any Co-Borrower, the Administrative Agent (irrespective of whether the principal of any
Loan 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 a Co-Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a) to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other 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
and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders
and the Administrative Agent and their respective Administrative Agents and counsel and all other amounts due the Lenders and the Administrative
Agent under Sections 3.06, 3.07 and 3.08) allowed in such judicial proceeding; and

 

    
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(b) 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 judicial proceeding is hereby authorized by
each Lender 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, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its Administrative Agents and counsel, and any other amounts due the Administrative
Agent under Sections 3.06, 3.07 and 3.08.

 

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 any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to
vote in respect of the claim of any Lender in any such proceeding.

 

Section
10.09 Appointment of Collateral Agent and Depository Agent. The Issuing Banks and each Lender hereby consents and agrees
to the appointment of the Collateral Agent and the Depository Agent respectively in accordance with the Collateral Agency Agreement and
the Depository Agreement and authorize each such Agent in such capacity to take such action on its behalf under the provisions of the
Collateral Documents and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Collateral
Documents, together with such other powers as are reasonably incidental thereto. The Collateral Agent and Depository Agent shall each
be an express third party beneficiary of Section 11.01(b)(vii), Section 3.07 and Section 3.08.

 

Section
10.10 Arrangers. The Arrangers shall not have any duties or responsibilities hereunder in their capacities as such.

 

Section
10.11 Authorization. The Administrative Agent and the Collateral Agent are hereby authorized and directed by the Lenders
to execute, deliver and perform any reliance letters or use of work product agreements with the Independent Engineer and Model Auditor
and the Loan Documents to which each of them, respectively, is or is intended to be a party and each Lender agrees to be bound by all
of the agreements of the Administrative Agent and Collateral Agent contained in the Loan Documents and such reliance letters or use of
work product agreements.

 

    
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Section
10.12 Erroneous Payments.

 

(a) Each
Lender and each Issuing Bank hereby agrees that (i) if the Administrative Agent notifies such Lender or Issuing Bank that the Administrative
Agent has determined in its sole discretion that any funds received by such Lender or Issuing Bank from the Administrative Agent or any
of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Lender or Issuing Bank (whether
or not known to such Lender or Issuing Bank) (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise;
individually and collectively, a “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion
thereof), such Lender or Issuing Bank shall promptly, but in no event later than one Business Day thereafter, return to the Administrative
Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency
so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof)
was received by such Lender or Issuing Bank to the date such amount is repaid to the Administrative Agent in same day funds at the greater
of the Federal Funds Effective 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 (ii) to the extent permitted by applicable law, such Lender or Issuing Bank shall not assert
any right or claim to the Erroneous Payment, and hereby waives, 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 Erroneous Payments received, including
without limitation waiver of any defense based on “discharge for value” or any similar doctrine. A notice of the Administrative
Agent to any Lender or any Issuing Bank under this clause (a) shall be conclusive, absent manifest error.

 

(b) Without
limiting immediately preceding clause (a), each Lender and each Issuing Bank hereby further agrees that if it receives an Erroneous
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 Erroneous Payment
(an “Erroneous Payment Notice”), (y) that was not preceded or accompanied by an Erroneous Payment Notice, or (z) that
such Lender or Issuing Bank otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), in each
case, an error has been made (and that it is deemed to have knowledge of such error at the time of receipt of such Erroneous Payment)
with respect to such Erroneous Payment, and to the extent permitted by applicable law, such Lender or Issuing Bank shall not assert any
right or claim to the Erroneous Payment, and hereby waives, 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 Erroneous Payments received, including without
limitation waiver of any defense based on “discharge for value” or any similar doctrine. Each Lender and each Issuing Bank
agrees that, in each such case, it shall promptly (and, in all events, within one Business Day of its knowledge (or deemed knowledge)
of such error) notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but
in all events no later than one Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or
portion thereof) as to which such a demand was made in same day funds (in the currency so received), together with interest thereon in
respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender or Issuing Bank
to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Effective Rate and
a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in
effect.

 

    
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(c) The
Co-Borrowers and each other Loan Party hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered
from any Lender or Issuing Bank that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent
shall be subrogated to all the rights of such Lender or Issuing Bank with respect to such amount and (y) an Erroneous Payment shall not
pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Co-Borrowers or any other Loan Party.

 

(d) Each
party’s obligations under this Section 10.12 shall survive the resignation or replacement of the Administrative Agent, the
termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan
Document.

 

Article
XI.

MISCELLANEOUS

 

Section
11.01 Waivers; Amendments.

 

(a) No
Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent or any Lender in exercising any right or power
hereunder 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 and the Lenders hereunder 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
Co-Borrowers therefrom shall in any event be effective unless the same shall be permitted by Section 11.01(b), 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 shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any
Lender may have had notice or knowledge of such Default at the time.

 

(b) Amendments.
No amendment, supplement, modification or waiver of any provision of this Agreement or any other Loan Document, and no consent to any
departure by the Co-Borrowers therefrom, shall be effective unless in writing and either (x) signed by the Required Lenders and the Co-Borrowers,
as the case may be, and acknowledged by the Administrative Agent or (y) approved by the Administrative Agent (acting on the instructions
of the Required Lenders) and the Co-Borrowers, and each such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given; provided, however, that no such waiver and no such amendment, supplement or modification
shall:

 

(i) increase
the amount or extend the expiration date of any Commitment without the written consent of each Issuing Bank and each Lender adversely
affected thereby;

 

    
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(ii) reduce
or forgive the principal amount or extend the final scheduled date of maturity of any Loan, extend the scheduled date of any amortization
payment in respect of any Loan, reduce the stated rate of any interest or fee payable under this Agreement (except in connection with
the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Required
Facility Lenders of each adversely affected Facility)) or extend the scheduled date of any payment thereof, in each case, without the
written consent of each Issuing Bank and each Lender adversely affected thereby;

 

(iii) amend,
modify or waive any provision of Article Iii in a manner that would alter the pro
rata sharing of payments required thereunder, without the written consent of each Lender or amend Section 11.17 without the written
consent of each Lender Party adversely affected thereby;

 

(iv) change
the voting rights of the Issuing Bank or the Lenders under this Section 11.01(b) or the definition of the term “Required
Lenders” or “Required Facility Lenders” or any other provision hereof specifying the number or percentage of Lenders
or other Secured Parties 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 and Issuing Bank; or

 

(v) other
than releases of Collateral pursuant to Section 3.12, release all or a material portion of the Collateral, or any Loan Party from
their obligations under the Collateral Documents or any Membership Interests without the written consent of the Issuing Bank and each
Lender, in each case, other than in connection with a disposition permitted hereunder; provided that no such agreement shall amend,
modify or otherwise affect the rights or duties of any Lender Party hereunder without the prior written consent of such Lender Party;

 

(vi) amend,
modify or waive any provision of Article X or any other provision of any Loan Document
that would adversely affect the Administrative Agent without the written consent of the Administrative Agent;

 

(vii) amend,
modify or waive any provision of the Collateral Agency Agreement or the Depository Agreement or any other provision of any Loan Document
that would adversely affect the Collateral Agent or Depository Agent without the written consent of such affected Agent;

 

(viii) amend,
modify or waive any provision of Section 2.02 (or any other provision of this Agreement or any other Loan Document that specifically
provides for rights and obligations of the Issuing Banks) without the written consent of each Issuing Bank;

 

    
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(ix) change
the order of priority of payments set forth in Section 4.02(b) of the Depository Agreement or Section 2.03 of the Collateral Agency
Agreement without the written consent of each Lender Party directly affected thereby; and

 

(x) amend,
modify or waive any provision of this Agreement in a manner that would adversely affect the Term Lenders or the LC Lenders disproportionately
to any Lenders in respect of any other Class of Loan without the consent of all the Required Facility Lenders of the adversely affected
Facility.

 

Notwithstanding the above the Lenders and the
Issuing Banks hereby irrevocably authorize the Administrative Agent to enter into any amendments or other modifications to this Credit
Agreement and/or the other Loan Documents as may be necessary or appropriate in the reasonable opinion of the Administrative Agent to
evidence, effectuate or establish any Additional Commitments pursuant to Section 2.05, any joinder of an Additional Co-Borrower
pursuant to Section 2.06 or any changes to effect a Benchmark Replacement pursuant to Section 3.11(a)(ii).

 

Section
11.02 Notices; Copies of Notices and Other Information.

 

(a) Any
request, demand, authorization, direction, notice, consent, waiver or other documents provided or permitted by this Agreement shall be
in writing and if such request, demand, authorization, direction, notice, consent or waiver is to be made upon, given or furnished to
or filed with:

 

(i) the
Administrative Agent by any Lender or by the Co-Borrowers shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Administrative Agent at its Administrative Agent’s Office; or

 

(ii) the
Co-Borrowers by the Administrative Agent, or by any Lender shall be sufficient for every purpose hereunder if in writing and mailed first-class,
postage prepaid and by facsimile to the Co-Borrowers addressed to: 2900 N Loop W Fwy, Third Floor, Houston, TX 77093, Attn: Legal Department,
Fax: (415) 318-3997, or at any other address previously furnished in writing to the Administrative Agent by the Co-Borrowers. The Co-Borrowers
shall promptly transmit any notice received by them from the Lenders to the Administrative Agent.

 

Notices and other communications sent by hand
or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and
other communications 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
and other communications delivered through electronic communications to the extent provided in Section 11.02(b) below, shall be
effective as provided in Section 11.02(b).

 

    
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(b) Electronic
Communications. Notices and other communications to the Administrative Agent or the Lenders hereunder may be delivered or furnished
by electronic communication (including e mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Article Ii
if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.
The Administrative Agent or the Co-Borrowers may each, in its discretion, agree to accept notices and other communications to it hereunder
by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to
particular notices or communications.

 

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; provided that, for
both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours
of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business
Day for the recipient. To the extent that a Lender does not receive a Customer Event Certificate, Defaulted Project Event Certificate,
Eligible REC Event Certificate, Sungevity Greenwich Lessor Default Certificate quarterly Manager’s report pursuant to Section
5.01(a)(iii), Debt Service Coverage Ratio Certificate or proposed Operating Budget directly from the Co-Borrowers, then the Administrative
Agent agrees to deliver such reports, certificates and other documents to any such Lender promptly after receipt by the Administrative
Agent from the Co-Borrowers.

 

(c) Change
of Address, Etc. Each of the Co-Borrowers and the Administrative Agent may change its address, facsimile or telephone number for notices
and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone
number for notices and other communications hereunder by notice to the Co-Borrowers and the Administrative Agent. In addition, each Lender
agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be
sent and (ii) accurate wire instructions for such Lender.

 

(d) Reliance
by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including
electronic Borrowing Notices) purportedly given by or on behalf of the Co-Borrowers by an Authorized Officer even if (i) such notices
were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein,
or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof; provided, however, that the Administrative
Agent and the Lenders may not rely upon any such notice if they have Knowledge that such notice is not authorized by the Co-Borrowers.
The Co-Borrowers shall indemnify each Indemnitee from all losses, costs, expenses and liabilities resulting from the reliance by such
Person on each notice purportedly given by or on behalf of the Co-Borrowers, other than those resulting from the gross negligence or willful
misconduct of such Person. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded
by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

    
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(e) Disclosure
to NY Green Bank. Notwithstanding anything to the contrary contained in this Agreement and for so long as Spruce NYGB Borrower has
any obligations to NY Green Bank under the NY Green Bank Credit Agreement, the Administrative Agent shall (i) send to NY Green Bank
copies of all requests, demands, authorizations, directions, notices, consents, waivers, instructions, financial statements, certificates,
reports, models, budgets or other documents and communications sent by the Administrative Agent to the Lenders and (ii) grant to
NY Green Bank access to any electronic data site maintained by, or on behalf of, the Administrative Agent and the same level of access
and inspection rights with respect to the books of account, records, reports and other papers of the Relevant Parties as granted to the
Lenders under this Agreement. Each of the Administrative Agent and the Co-Borrowers agree to deliver to NY Green Bank a copy of any notice
delivered to any Co-Borrower under this Agreement and the other Loan Documents simultaneously with the delivery of such notice to Spruce
NYGB Borrower as a Lender under this Agreement; provided, that, so long as the Administrative Agent has granted NY Green Bank access
to a data site referred to in this Section 11.02(e), any such notice obligation may be satisfied by posting any applicable notice
to such data site. NY Green Bank shall be an express third party beneficiary of this Section 11.02(e).

 

(f) Notices
by NY Green Bank. NY Green Bank is exclusively authorized to exercise all discretion in giving notices, directions, requests, instructions
and other communications relating to this Agreement and the other Loan Documents to which Spruce NYGB Borrower is entitled to give as
a Lender under this Agreement and the other Loan Documents and in taking all such other actions reserved to Spruce NYGB Borrower as a
Lender under this Agreement (including the exercise of all voting rights of Spruce NYGB Borrower as a Lender under this Agreement and
the other Loan Documents), and the Administrative Agent, the Co-Borrowers and the Lenders shall (i) deal exclusively with NY Green Bank
in connection with the exercise of Spruce NYGB Borrower’s rights as a Lender under this Agreement and the other Loan Documents,
(ii) treat any and all written notices, directions, requests, instructions and other communications received from NY Green Bank as coming
directly from Spruce NYGB Borrower as a Lender under this Agreement and the other Loan Documents, (iii) disregard any notices, directions,
requests, instructions and other communications that are received from Spruce NYGB Borrower but not initiated or acknowledged by NY Green
Bank and (iv) direct to NY Green Bank (with a copy to Spruce NYGB Borrower) all requests, demands, authorizations, directions, notices,
consents, waivers, instructions, financial statements, certificates, reports, models, budgets or other documents and communications arising
out of or in connection with this Agreement and the other Loan Documents; provided, that this clause (f) shall not be applicable
from and after the date of receipt by the Administrative Agent of the NY Green Bank Termination Notice. NY Green Bank shall be an express
third-party beneficiary of this Section 11.02(f).

 

Section
11.03 No Waiver; Cumulative Remedies. No failure by any Lender or the Administrative Agent to exercise, and no delay
by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided,
and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by Law.

 

    
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Section
11.04 Effect of Headings and Table of Contents. The Article and Section headings in this Agreement and the Table of Contents
are for convenience only and shall not affect the construction hereof or thereof.

 

Section
11.05 Successors and Assigns.

 

(a) Successors
and Assigns Generally. 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, except that the Co-Borrowers may not assign or otherwise transfer any of their rights
or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (such consent not to be unreasonably
withheld, conditioned, or delayed), and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to
an assignee in accordance with Section 11.05(b), (ii) by way of participation in accordance Section 11.05(d), or (iii) by
way of pledge or assignment of a security interest subject to the restrictions of Section 11.05(f) (and any other attempted assignment
or transfer by any party hereto shall be null and void). 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, Participants to the extent provided
in Section 11.05(d) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and
the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b) Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement
upon prior notice to the Administrative Agent and the Co-Borrowers; provided that any such assignment shall be subject to the following
conditions:

 

(i) Minimum
Amounts.

 

(A) in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitments and/or the Loans at the time owing
to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in clause (b)(i)(B)
below in the aggregate, or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need
be assigned; and

 

    
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(B) in
any case not described in clause (b)(i)(A) above, the aggregate amount of the Commitments (which for this purpose includes
Loans outstanding thereunder) or, if the applicable Commitments are not then in effect, the principal outstanding balance of the 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 or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date) shall not be less than $1,000,000, unless each of the Administrative Agent and, so long as no Event of Default has
occurred and is continuing, the Co-Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed).

 

(ii) Proportionate
Amounts. 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 with respect to the Loans or the Commitment assigned;

 

(iii) Required
Consents. The consent of the Administrative Agent and, with respect to the assignment of any LC Exposure, the Issuing Bank shall be
required for any assignment pursuant to this Section 11.05(b) other than assignments to a Lender, an Affiliate of a Lender, NY
Green Bank, an Eligible Assignee or an Approved Fund. The consent of the Co-Borrowers shall be required for any assignment pursuant to
this Section 11.05(b) other than assignments to a Lender, an Affiliate of a Lender, an Eligible Assignee or an Approved Fund, to
(A) a Competitor or (B) to a Person that is adverse in litigation to the Co-Borrowers or its Affiliates (other than Affiliates that are
commercial banks, insurance companies or investment or mutual funds) (such consent not to be unreasonably withheld); provided that,
in each case, no consent of the Co-Borrowers shall be required (x) if a Default or Event of Default has occurred and is continuing or
(y) in the case of an assignment to Spruce NYGB Borrower and the Co-Borrowers’ consent shall be deemed to have been given if the
Co-Borrowers have not responded within ten (10) Business Days of an assignment request. No other consent shall be required for any
such assignment except to the extent required by clause (b)(i)(B) above.

 

(iv) Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole
discretion, elect to waive such processing fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire.

 

(v) Prohibited
Assignments. No assignment of any Loans or Commitments shall be made to (A)  any Defaulting Lender or any of its Affiliates in
this Section 11.05(b)(v), (B) to a natural Person or (C) to any Affiliated Lender if, in the case of this subclause (C),
after giving effect to such assignment, the Affiliated Lenders would, in the aggregate, own or hold in excess of 25% of the Commitments,
Loans and LC Exposure outstanding under the Facilities (calculated as of the date of such purchase).

 

    
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(vi) Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment
shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including
funding, with the consent of the Co-Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested
but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder
(and interest accrued thereon), and (B) acquire (and fund as appropriate) its full pro rata share of all Loans. Notwithstanding the
foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under
applicable Law without compliance with the provisions of this clause (vi), then the assignee of such interest shall be deemed
to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

(vii) Assignment
to an Affiliated Lender. In the event that the Co-Borrowers or any Affiliate thereof (including the Sponsor) is an assignee under
this Section 11.05(b) (an “Affiliated Lender”), (A) such Affiliated Lender shall be a Non-Voting Lender
(as defined in the Collateral Agency Agreement) and its Commitments shall not be included in any calculation for purposes of determining
whether a requisite number or percentage of Lenders, as applicable, have voted to take an action hereunder and (B) the Affiliated
Lender, in its capacity as a Lender, shall not have any right (1) to consent to any amendment, modification, waiver, consent or other
such action with respect to any of the terms of this Agreement or any other Loan Document, (2) to require the Administrative Agent
or any Lender to undertake any action (or refrain from taking any action) with respect to this Agreement or any other Loan Document, (3) to
otherwise vote on any matter related to this Agreement or any other Loan Document, (4) to attend any meeting or conference call with
the Administrative Agent or any Lender or receive any information from the Administrative Agent or any Lender or (5) to make or bring
any claim, in its capacity as a Lender, against the Administrative Agent or any Lender or with respect to the duties and obligations of
such Person under the Loan Documents; provided, that no amendment, modification or waiver shall (x) deprive the Affiliated
Lender, in its capacity as a Lender, of its share of any payments which Lenders are entitled to share on a pro rata basis hereunder or
(y) affect the Affiliated Lender, or any of them, in its capacity as Lender, in a manner that is materially disproportionate to the
effect of such amendment or other modification on other Lenders; provided, further, no amendment, modification or waiver
expressly requiring the consent of all Lenders pursuant to Section 11.01(b) shall be effective without the consent of the Affiliated
Lender, in its capacity as a Lender. Notwithstanding anything to the contrary in this Agreement, for all purposes of this Agreement and
the other Loan Documents, including, without limitation, for purposes of the Collateral Agency Agreement, Spruce NYGB Borrower shall not
be an Affiliated Lender prior to receipt by the Administrative Agent of the NY Green Bank Termination Notice; provided, that for
purposes of determining the voting percentage of Spruce NYGB Borrower hereunder, Spruce NYGB Borrower shall be deemed to hold an aggregate
amount of outstanding Loans and Loan Commitment equal to the aggregate amount of outstanding loans and commitments to make loans under
the NY Green Bank Credit Agreement, as such amounts may be certified to the Administrative Agent from time to time by NY Green Bank.

 

    
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Subject to acceptance and recording thereof by
the Administrative Agent pursuant to Section 11.05(c), from and after the effective date specified in each Assignment and Assumption,
the assignee thereunder shall be a party to this Agreement 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 3.06, 3.07, 3.08, 3.09 and 3.11
with respect to facts and circumstances occurring prior to the effective date of such assignment; provided that except to the extent
otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights
or obligations under this Agreement that does not comply with this paragraph 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 Section 11.05(d).

 

(c) Register.
The Administrative Agent, acting solely for this purpose as an Administrative Agent of the Co-Borrowers, 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 Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time
(the “Register”). Upon its receipt of, and consent to, a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee lender, administrative details information with respect to such assignee lender (unless the assignee lender shall
already be a Lender hereunder), the processing and recordation fee referred to in clause (b)(iv) above, if applicable, and
the written consent of the Administrative Agent to such assignment and any applicable tax forms, the Administrative Agent shall promptly
record each assignment made in accordance with this Section 11.05(c) in the Register. No assignment shall be effective unless it
has been recorded in the Register as provided in this Section 11.05(c). The entries in the Register shall be conclusive absent
manifest error, and the Co-Borrowers, the Administrative Agent 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. The Register shall be available for inspection
by the Co-Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

    
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(d) Participations.
(i) Any Lender may at any time, without the consent of, or notice to, the Co-Borrowers or the Administrative Agent, sell participations
to any Person (other than a natural Person or the Co-Borrowers or any of the Co-Borrowers’ Affiliates) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitments
and/or the Loans owing to it); provided 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
Co-Borrowers, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement.

 

(ii) 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 requiring the consent of all Lenders, as set forth in first proviso in Section 11.01(b) that affects such Participant.
The Co-Borrowers agree that each Participant shall be entitled to the benefits of Sections 3.08, 3.09 and 3.10
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.05(b); provided
that such Participant agrees to be subject to the provisions of 3.09 as if it were an assignee under Section 11.05(b). To
the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 3.11 as though it were a Lender;
provided that such Participant agrees to be subject to Section 3.10 as though it were a Lender. Each Lender that sells a
participation shall, acting solely for this purpose as an agent of the Co-Borrowers, 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, Commitments
or other rights or obligations under the Loan Documents (each such register, a “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of any Participant Register to any Person (including the identity
of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or other rights or obligations
under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other right
or obligation is in registered form under section 5f.103-1(c) of the Treasury Regulations. The entries in a 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.

 

(e) Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.09 that the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation
to such Participant is made with the Co-Borrowers’ prior written consent. A Participant that would be a Foreign Lender if it were
a Lender shall not be entitled to the benefits of Section 3.09 unless the Co-Borrowers are notified of the participation sold to
such Participant and such Participant agrees, for the benefit of the Co-Borrowers, to comply with Sections 3.09 and 3.10
as though it were a Lender.

 

    
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(f) Certain
Pledges. Any Lender or the Administrative Agent may at any time pledge or assign a security interest in all or any portion of its
rights under the Loan Documents to secure obligations of such Lender or the Administrative Agent, including any pledge or assignment to
secure obligations to a Federal Reserve Bank or other central banking authority; provided that no such pledge or assignment shall
release such Lender or the Administrative Agent from any of its obligations hereunder or substitute any such pledgee or assignee for such
Lender or the Administrative Agent as a party hereto.

 

Section
11.06 Severability. In case any provision in this Agreement shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
11.07 Benefits of Agreement. Nothing in this Agreement, express or implied, shall give to any Person, other than the
parties hereto, the Administrative Agent and their successors hereunder, the Lender Parties, each Indemnitee and any other Person with
an ownership interest in any part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Agreement.

 

Section
11.08 Governing Law.

 

(a) GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT
OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY
AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b) SUBMISSION
TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING
OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY
LENDER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING
HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT
COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE
PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION 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.

 

    
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(c) WAIVER
OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT.

 

(d) SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

Section
11.09 WAIVER OF JURY TRIAL. 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
OR 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, ADMINISTRATIVE AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PERSON 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 AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.09.

 

Section
11.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a
single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject
matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter
hereof and thereof. 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 that, when taken together, bear the signatures of each of the other parties hereto. Delivery
of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf”,
“tif”, “jpg” or “jpeg”) shall be effective as delivery of a manually executed counterpart of this
Agreement.

 

    
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Section
11.11 Confidentiality.

 

(a) Each
party to this Agreement agrees to maintain the confidentiality of the Confidential Information (as defined below), except that Confidential
Information may be disclosed (i) to its Affiliates, and to its and its Affiliates’ directors, officers, employees, trustees
and agents, including accountants, legal counsel and other agents and advisors (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Confidential Information and instructed to keep such Confidential
Information confidential and any failure of such Persons acting on behalf of such party to comply with this Section shall constitute a
breach of this Section by the relevant party, as applicable), (ii) to the extent requested by any regulatory authority or self-regulatory
authority, required by applicable Law or by any subpoena or similar legal process; provided that solely to the extent permitted
by law and other than in connection with audits and reviews by regulatory and self-regulatory authorities, each party shall notify the
other parties hereto as promptly as practicable of any such requested or required disclosure in connection with any legal or regulatory
proceeding; provided further that in no event shall any party hereto be obligated or required to return any materials furnished
by any other party hereto, (iii) to any other party to this Agreement or under the other Loan Documents, (iv) in connection
with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the other Loan Documents or
the enforcement of rights hereunder or thereunder, (v) on a confidential basis to (A) any rating agency in connection with rating
a Co-Borrower or its Subsidiaries or the Facilities, (B) the CUSIP Service Bureau or any similar agency in connection with the issuance
and monitoring of CUSIP numbers with respect to the Facilities, (C) any pledgee of a Lender referred to Section 11.05, (D) any
insurer and credit risk support provider or (E) in the case of any Lender, to its limited partners or its potential limited partners,
(vi) subject to an agreement containing confidentiality undertakings substantially similar to those of this Section, to (A) any
assignee of or Participant in, or any prospective assignee of or Participant in, any Lender’s rights or obligations under this Agreement,
or any prospective assignee or participant in any of NY Green Bank’s rights or obligations under the NYGB Credit Agreement (B) any
actual or prospective counterparty (or its advisors) to any interest rate cap contract or derivative transaction relating to any Relevant
Party or the Sponsors and their obligations under the Loan Documents, or (vii) to the extent such Confidential Information (A) becomes
publicly available other than as a result of a breach of this Section or (B) becomes available to such party or its Affiliates on
a nonconfidential basis from a source other than a Sponsor or the Co-Borrowers. In addition, the Administrative Agent and each Lender
may disclose the existence of this Agreement and the information about this Agreement to market data collectors and similar services providers
to the lending industry, and, on a confidential basis, to service providers to the Administrative Agent and the Lenders in connection
with the administration and management of this Agreement and the other Loan Documents. For the purposes hereof, “Confidential
Information” shall mean (1) with respect to a Co-Borrower, all information received by the Administrative Agent or the
Lenders from Sponsor, a Co-Borrower or any Subsidiary relating to a Sponsor, the Co-Borrowers, any other Subsidiary or their business,
other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure
by a Sponsor, a Co-Borrower or any Subsidiary, and (2) with respect to the Administrative Agent or the Lenders, all information received
by any Relevant Party or the Sponsors from the Administrative Agent or any Lender relating to the Administrative Agent or any Lender or
its business, including information relating to fees, other than any such information that is available to such Relevant Party or the
Sponsors on a nonconfidential basis prior to disclosure by the Administrative Agent or such Lender. Any Person required to maintain the
confidentiality of Confidential 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 Confidential Information as such Person
would accord to its own confidential information.

 

    
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(b) The
Co-Borrowers hereby agree that Spruce NYGB Borrower, NY Green Bank or any of NY Green Bank’s Affiliates may (i) aggregate and anonymize
data provided to such Person for use and public disclosure in reports or in accordance with NY Green Bank’s regulatory requirements,
(ii) disclose a general description of transactions arising under the Loan Documents for advertising marketing, regulatory or other similar
purposes and (iii) use Co-Borrower’s names, logos or other indicia germane to such party in connection with such advertising, marketing
or other similar purposes. The Co-Borrowers acknowledge that they have reviewed a preliminary draft of the transaction profile that NY
Green Bank is required to post publicly in accordance with its regulatory requirements, and the Co-Borrowers agree that NY Green Bank
may post on the transactions profile, once finalized, on its website and in its publicly-filed metrics reports.

 

(c) EACH
PARTY HERETO ACKNOWLEDGES THAT CONFIDENTIAL INFORMATION AS DEFINED IN SECTION 11.11(A) FURNISHED TO IT PURSUANT TO THIS AGREEMENT
MAY INCLUDE MATERIAL NON-PUBLIC CONFIDENTIAL INFORMATION CONCERNING SUCH OTHER PARTIES HERETO AND THEIR RELATED PARTIES OR THEIR RESPECTIVE
SECURITIES AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC CONFIDENTIAL INFORMATION
AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC CONFIDENTIAL INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING
FEDERAL AND STATE SECURITIES LAWS.

 

(d) ALL
CONFIDENTIAL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS FURNISHED BY A CO-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 CONFIDENTIAL
INFORMATION ABOUT THE SPONSORS, THE CO-BORROWERS, THE RELEVANT PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY,
EACH LENDER REPRESENTS TO THE CO-BORROWERS AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT
CONTACT WHO MAY RECEIVE CONFIDENTIAL INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC CONFIDENTIAL INFORMATION IN ACCORDANCE WITH ITS
COMPLIANCE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

    
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(e) NOTWITHSTANDING
ANYTHING TO THE CONTRARY EXPRESSED OR IMPLIED IN THIS SECTION 11.11 OR ELSEWHERE IN THIS AGREEMENT, ANY COMMUNICATION CONTAINING CONFIDENTIAL
INFORMATION THAT INCLUDES UNREDACTED BANK ACCOUNT NUMBERS, SOCIAL SECURITY OR DRIVER’S LICENSE NUMBERS THAT IS DELIVERED ELECTRONICALLY
MUST BE DELIVERED: (I) IF TO ANY LENDER, BY UPLOADING SUCH COMMUNICATION TO A DATA ROOM DESIGNATED BY SUCH LENDER, SUCH AS INTRALINKS
OR EXTERNAL SHAREPOINT OR ANY SUCCESSOR DATA ROOM SO APPROVED AND DESIGNATED, AND PROMPTLY NOTIFYING SUCH LENDER BY EMAIL THAT SUCH CONFIDENTIAL
INFORMATION HAS BEEN UPLOADED TO SUCH DATA ROOM OR (II) IF TO ANY CO-BORROWER, AT LENDER’S OPTION, BY UPLOADING IT TO A DATA ROOM
DESIGNATED BY A LENDER SUCH AS INTRALINKS OR EXTERNAL SHAREPOINT, OR ANY SUCCESSOR DATA ROOM SO APPROVED AND DESIGNATED, AND PROMPTLY
NOTIFYING THE CO-BORROWERS BY EMAIL THAT SUCH CONFIDENTIAL INFORMATION HAS BEEN UPLOADED TO SUCH DATA ROOM.

 

(f) EACH
PARTY RECOGNIZES AND AGREES THAT CONFIDENTIAL INFORMATION MAY BE E-MAILED IN THE COURSE OF DEALING. NOTWITHSTANDING ANYTHING CONTAINED
HEREIN TO THE CONTRARY, EACH OF THE PARTIES AGREE THAT SO LONG AS THE PARTY E-MAILING CONFIDENTIAL INFORMATION HAS USED REASONABLE PRACTICES
TO PROTECT ITS DATA AGAINST BREACH BY THIRD PARTIES, SUCH PARTY WILL NOT BE LIABLE FOR DISCLOSURE OF CONFIDENTIAL INFORMATION CAUSED BY
A “CYBERATTACK”, “HACK” OR ANY OTHER UNINTENDED DATA BREACH PERFORMED BY A THIRD-PARTY.

 

Section
11.12 USA PATRIOT ACT. Each Lender that is subject to the PATRIOT Act and the Administrative Agent (for itself and not
on behalf of any Lender) hereby notifies the Co-Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and record
information that identifies the Co-Borrowers, which information includes the name and address of the Co-Borrowers and other information
that will allow such Lender or the Administrative Agent, as applicable, to identify the Co-Borrowers in accordance with the PATRIOT Act.
The Co-Borrowers shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information
that the Administrative Agent or such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know
your customer” and Anti-Money Laundering Laws, including the PATRIOT Act.

 

Section
11.13 Corporate Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the
Co-Borrowers or the Administrative Agent, in each of their capacities hereunder, under this Agreement or any certificate or other writing
delivered in connection herewith, against (a) the Administrative Agent in its individual capacity, or (b) any partner, member,
owner, beneficiary, Administrative Agent, officer, director, employee or Administrative Agent of the Administrative Agent in its individual
capacity, any holder of equity in any Co-Borrower or the Administrative Agent or in any successor or assign of the Administrative Agent
in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Administrative Agent
has no such obligations in its individual capacity), and except that any such partner, owner or equity holder shall be fully liable, to
the extent provided by applicable Law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity.

 

    
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Section
11.14 Non-Recourse. No claims may be brought against any Co-Borrower’s directors or officers for any Obligations,
except in the case of fraud or actions taken in bad faith by such Persons.

 

Section
11.15 Administrative Agent’s Duties and Obligations Limited. The duties and obligations of the Administrative Agent,
in its various capacities hereunder, shall be limited to those expressly provided for in their entirety in this Agreement (including any
exhibits to this Agreement). Any references in this Agreement (and in the exhibits to this Agreement) to duties or obligations of the
Administrative Agent in its various capacities hereunder, that purport to arise pursuant to the provisions of any of the Loan Documents
shall only be duties and obligations of the Administrative Agent if the Administrative Agent is a signatory to any such Loan Documents.

 

Section
11.16 Entire Agreement. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES.

 

Section
11.17 Right of Setoff. Subject to Article IV of the Collateral Agency Agreement, if an Event of Default shall have
occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest
extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final,
in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate
to or for the credit or the account of the Co-Borrowers against any and all of the obligations of the Co-Borrowers now or hereafter existing
under this Agreement or any other Loan Document to such Lender or its Affiliates, irrespective of whether or not such Lender or Affiliate
shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Co-Borrowers may be contingent
or unmatured or are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit
or obligated on such indebtedness. The rights of each Lender and its Affiliates under this Section 11.17 are in addition to other
rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender agrees to notify the Co-Borrowers
and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect
the validity of such setoff and application.

 

    
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Section
11.18 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest
paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable
Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds
the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded
to the Co-Borrowers. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender
exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations
hereunder.

 

Section
11.19 Survival of Representations and Warranties. All representations and warranties made hereunder and in any document,
certificate or statement delivered pursuant hereto or in connection herewith shall survive the making thereof and the termination of this
Agreement.

 

Section
11.20 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Co-Borrowers
acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) the arranging and other services regarding
this Agreement provided by the Arrangers, the Lender Parties and their Affiliates are arm’s-length commercial transactions between
the Co-Borrowers and their respective Affiliates, on the one hand, and the Arrangers, the Lender Parties and their Affiliates, on the
other hand, (ii) the Co-Borrowers have consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate, and (iii) the Co-Borrowers are capable of evaluating, and understand and accept, the terms, risks and conditions of
the transactions contemplated hereby and by the other Loan Documents; (b) (i) the Arrangers, the Lender Parties and their Affiliates
are and have been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not,
and will not be acting as an advisor, Administrative Agent or fiduciary for the Co-Borrowers or any of its Affiliates, or any other Person
and (ii) neither the Arrangers, the Lender Parties nor their Affiliates have any obligation to the Co-Borrowers or any of their Affiliates
with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents;
and (c) the Arrangers, the Lender Parties and their respective Affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Co-Borrowers and their respective Affiliates, and neither the Arrangers, the Lender Parties nor
their Affiliates have any obligation to disclose any of such interests to the Co-Borrowers or any of their Affiliates. To the fullest
extent permitted by Law, the Co-Borrowers hereby waive and release any claims that it may have against the Arrangers, the Lender Parties
and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby.

 

Section
11.21 Electronic Execution of Assignments and Certain Other Documents. The words “execute,” “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other
modification hereof (including waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment
terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state Laws based on
the Uniform Electronic Transactions Act.

 

    
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Section
11.22 Acknowledgement and Consent to Bail-In Affected Financial Institutions. Notwithstanding any other term of any Loan
Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability
of any Affected Financial Institution arising under any Loan Documents may be subject to the write-down and conversion powers of the applicable
Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

(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

 

(b) the
effects of any Bail-In Action on any such liability, including (without limitation), if applicable:

 

(i) a
reduction, in full or in part of any such liability;

 

(ii) a
conversion of all, or a portion of, any such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, 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

 

(iii) a
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
11.23 Public Statement. Notwithstanding any other term of any Loan Document or any other agreement, arrangement, or understanding
between the Parties, the Co-Borrowers may issue a press release or other public statement regarding the existence of this Agreement with
the prior written approval of the Lenders, such approval not to be unreasonably withheld, conditioned, or delayed. The Co-Borrowers will
provide the Lenders a reasonable opportunity (no less than three (3) Business Days) to review and comment on the content of such press
release or public statement.

 

Section
11.24 Effect of Amendment and Restatement.

 

(a) On
the Effectiveness Date, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement. The parties hereto
acknowledge and agree that (i) this Agreement and the other Loan Documents, whether executed and delivered in connection herewith or otherwise,
do not constitute a novation or termination of any of the obligations under the Existing Credit Agreement and the other Loan Documents
as in effect prior to the Effectiveness Date and which remain outstanding and (ii) subject to this Agreement and the other Loan Documents
entered into on the Effectiveness Date, such obligations (including the guaranties and security interests created under the Existing Credit
Agreement and the other Loan Documents existing on such date) are in all respects continuing.

 

    
	 	171	Credit Agreement

     

    

 

(b) On
an after the Effectiveness Date (i) all references to the Existing Credit Agreement in the Loan Documents (other than this Agreement)
shall be deemed to refer to the Existing Credit Agreement as amended and restated hereby, (ii) all references to any section (or subjection)
of the Existing Credit Agreement in any Loan Document (but not herein) shall be amended to become, mutatis mutandis, references
to the corresponding provisions of this Agreement and (iii) except as the context otherwise provides, on and after the Effectiveness Date,
all references to this Agreement herein (including for purposes of indemnification and reimbursement of fees) shall be deemed to be reference
to the Existing Credit Agreement as amended and restated hereby.

 

(c) This
amendment and restatement is limited as written and is not a consent to any other amendment, restatement or waiver or other modification,
whether or not similar, and, except as expressly provided herein or in any other Loan Document, all terms and conditions of the Loan Documents
remain in full force and effect unless otherwise specifically amended hereby or by any other Loan Document.

 

(d) The
parties hereto hereby agree that as of the Effectiveness Date (i) Volta Owner I shall cease to be a Co-Borrower and shall have no rights
or obligations under this Agreement or the other Loan Documents in future, (ii) all references to the “Co-Borrowers” in the
Loan Documents shall be deemed to refer to the Co-Borrowers (including any Additional Co-Borrower) under this Agreement and (iii) Greenday
I and Kismet shall be deemed to be “Co-Borrowers” under all Loan Documents and subject to the terms thereof as if they were
original signatories thereunder. Each of the Co-Borrowers hereby acknowledge and agree that all continuing obligations under the Existing
Credit Agreement and the other Loan Documents of Volta Owner I shall as of the Effectiveness Date be assumed, jointly and severally, by
each of the Co-Borrowers hereunder.

 

Section
11.25 Consent to Transfer of Projects, Dissolution and Change of Providers.

 

(a) Subject
to the occurrence of the Effectiveness Date, each of the Lenders, each of the Issuing Banks, and the Administrative Agent consent to (i)
the addition of Greenday I and Kismet as Co-Borrowers hereunder, (ii) the assignment and transfer of all Projects owned by Volta Owner
I to Kilowatt Systems pursuant to the Volta Owner I Transfer Agreement, (iii) the removal of the Removed Loan Parties as Loan Parties
under this Agreement and the other Loan Documents, and (iv) the dissolution of Spruce Holding 1, Spruce Holding 2, Spruce Owner 1, Spruce
Owner 2, Ampere Holdco I, and Ampere Tenant I, and the transfer of each such entity’s direct or indirect membership interest in
any Loan Party to Kilowatt Systems pursuant to the Kilowatt Transfer Agreement.

 

(b) Subject
to the occurrence of the Effectiveness Date and the receipt of approval from Firstar, as Tax Equity Member of Ampere Tenant II, Ampere
Tenant III and Ampere Tenant IV, each of the Lenders, each of the Issuing Banks and the Administrative Agent consent to the assignment
of all of KSS’ and KWPS’ rights and obligations under certain Maintenance Service Agreements to ESE pursuant to the ESE Assignment
Agreement.

 

[Signature Pages Follow]

 

    
	 	172	Credit Agreement

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year
first above written.

 

	 	CO-BORROWERS: 
	 	 
	 	KILOWATT SYSTEMS, LLC 
	 	 
	 	By:	/s/ Christian Fong
	 	 	Name: 	Christian Fong
	 	 	Title:	Chief Executive Officer

 

	 	VOLTA MH OWNER II, LLC
	 	 
	 	By:	/s/ Christian Fong
	 	 	Name: 	Christian Fong
	 	 	Title:	Chief Executive Officer

 

	 	GREENDAY FINANCE I LLC
	 	 
	 	By:	/s/ Christian Fong
	 	 	Name: 	Christian Fong
	 	 	Title:	Chief Executive Officer

 

	 	SPRUCE KISMET, LLC
	 	 
	 	By:	/s/ Christian Fong
	 	 	Name: 	Christian Fong
	 	 	Title:	Chief Executive Officer

 

Signature Page to Amended
and Restated Credit Agreement

 

     

     

    

 

	 	SILICON VALLEY BANK,
	 	as Administrative Agent
	 	 
	 	By:	/s/ Sayoji Goli
	 	 	Name: 	Sayoji Goli
	 	 	Title:	Vice President

 

Signature Page to Amended and Restated Credit Agreement

 

     

     

    

 

	 	SILICON VALLEY BANK,
	 	as Lender
	 	 
	 	By:	/s/ Sayoji Goli
	 	 	Name: 	Sayoji Goli
	 	 	Title:	Vice President

 

Signature Page to Amended and Restated Credit Agreement

 

     

     

    

 

	 	ING CAPITAL LLC,
	 	as Lender
	 	 
	 	By:	/s/ Thomas Cantello
	 	 	Name: 	Thomas Cantello
	 	 	Title:	Managing Director

 

	 	By:	/s/ Scott hancock
	 	 	Name: 	Scott hancock
	 	 	Title:	Director

 

Signature Page to Amended and Restated Credit Agreement

 

     

     

    

 

	 	EAST WEST,
	 	as Lender
	 	 
	 	By:	/s/ Christopher Simeone
	 	 	Name: 	Christopher Simeone
	 	 	Title:	First Vice President

 

Signature Page to Amended and Restated Credit Agreement

 

     

     

    

 

	 	BANKUNITED, N.A.,
	 	as Lender
	 	 
	 	By:	/s/ Michael van Teeffelen
	 	 	Name: 	Michael van Teeffelen
	 	 	Title:	Vice President

 

Signature Page to Amended and Restated Credit Agreement

 

     

     

    

 

	 	KEYBANK NATIONAL ASSOCIATION,
	 	as Lender
	 	 
	 	By:	/s/ Renee M. Bonnell
	 	 	Name: 	Renee M. Bonnell
	 	 	Title:	Senior Vice President

 

Signature Page to Amended and Restated Credit Agreement

 

     

     

    

 

	 	SPRUCE NYGB BORROWER, LLC,
	 	as Lender
	 	 
	 	By:	/s/ Christian Fong
	 	 	Name: 	Christian Fong
	 	 	Title:	Chief Executive Officer

 

Signature Page to Amended and Restated Credit Agreement

 

     

     

    

 

	 	SILICON VALLEY BANK,
	 	as Issuing Bank
	 	 
	 	By:	/s/ Sayoji Goli
	 	 	Name: 	Sayoji Goli
	 	 	Title:	Vice President

 

Signature Page to Amended and Restated Credit Agreement

 

     

     

    

 

	 	ING CAPITAL LLC,
	 	as Issuing Bank
	 	 
	 	By:	/s/ Thomas Cantello
	 	 	Name: 	Thomas Cantello
	 	 	Title:	Managing Director

 

	 	By:	/s/ Scott hancock
	 	 	Name: 	Scott Hancock
	 	 	Title:	Director

 

Signature Page to Amended and Restated Credit Agreement

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