Document:

Exhibit

FIRST AMENDMENT TO THIRD AMENDED  
AND RESTATED CREDIT AGREEMENT
THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) made as of this 13th day of August, 2018, by and among CARTER/VALIDUS OPERATING PARTNERSHIP, LP, a Delaware limited partnership (the “Borrower”), CARTER VALIDUS MISSION CRITICAL REIT, INC., a Maryland corporation (“REIT”), THE ENTITIES LISTED ON THE SIGNATURE PAGES HEREOF AS SUBSIDIARY GUARANTORS (hereinafter referred to individually as a “Subsidiary Guarantor” and collectively, as “Subsidiary Guarantors”; REIT and the Subsidiary Guarantors are sometimes hereinafter referred to individually as a “Guarantor” and collectively as “Guarantors”), KEYBANK NATIONAL ASSOCIATION, a national banking association (“KeyBank”), THE OTHER LENDERS LISTED ON THE SIGNATURES PAGES HEREOF AS LENDERS (KeyBank and the other lenders are listed on the signatures pages hereof as Lenders, collectively, the “Lenders”), and KEYBANK NATIONAL ASSOCIATION, a national banking association, as Agent for the Lenders (the “Agent”).   
W I T N E S S E T H:
WHEREAS, Borrower and KeyBank, individually and as Agent, and the Lenders entered into that certain Third Amended and Restated Credit Agreement dated as of February 1, 2018 (the “Credit Agreement”); and
WHEREAS, each of the Guarantors are a party to that certain Second Amended and Restated Unconditional Guaranty of Payment of Performance in favor of Agent and the Lenders dated as of February 1, 2018 (as modified or amended, the “Guaranty”);
WHEREAS, Borrower and Guarantors have requested that the Agent and the Lenders make certain modifications to the Credit Agreement; and
WHEREAS, the Agent and the Lenders a party hereto have consented to such modifications, subject to the execution and delivery of this Amendment.
NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby covenant and agree as follows:
1.Definitions.  All terms used herein which are not otherwise defined herein shall have the meanings set forth in the Credit Agreement.
2.    Modification of the Credit Agreement.  The Agent, the Lenders and the Borrower hereby amend the Credit Agreement as follows:
(a)    By deleting in their entirety the definitions of “Ascent/Maple Tree Data Center PSA”, “I/O Data Center PSA”, “Special Distribution (Ascent/Mapletree)” and “Special Distribution (I/O Data Center)” appearing in §1.1 of the Credit Agreement.

(b)    By deleting in its entirety the definition of “Tangible Net Worth Base Amount” appearing in §1.1 of the Credit Agreement, and inserting in lieu thereof the following:
“Tangible Net Worth Base Amount. The amount of $475,000,000.00.”
(c)    By modifying §8.1(h) of the Credit Agreement by inserting the words “of Gross Value” following the words and figures “fifteen percent (15.0%)” in the third line thereof.
(d)    By deleting §8.7 of the Credit Agreement in its entirety, and inserting in lieu thereof the following:
“§8.7 Distributions.
(a)    The Borrower shall not pay any Distribution to the partners, members or other owners of the Borrower, and REIT shall not pay any Distribution to its partners, members or other owners, if such Distribution by Borrower or REIT:
(i)    for the period of the second and third calendar quarters in 2018, is in excess of a rate equal to the daily distribution rate of $0.106 per quarter per share of the REIT, adjusted for any stock splits after June 30, 2018;
(ii)    for the fourth calendar quarter in 2018, is in excess, when added to the amount of all other Distributions paid in such calendar quarter annualized, of ninety-five percent (95%) of such Person’s Funds from Operations for the period of the third and fourth calendar quarters in 2018 annualized;
(iii)    for the first calendar quarter in 2019, is in excess, when added to the amount of all other Distributions paid in the period of the fourth calendar quarter in 2018 and first calendar quarter in 2019, annualized, of ninety-five percent (95%) of such Person’s Funds from Operations for the period of the third and fourth calendar quarters in 2018 and first calendar quarter in 2019, annualized;
(iv)    for the second calendar quarter in 2019, is in excess, when added to the amount of all other Distributions paid in the period of the fourth calendar quarter in 2018 and the first and second calendar quarters in 2019, annualized, of ninety-five percent (95%) of such Person’s Funds from Operations for the period of the third and fourth calendar quarters in 2018 and the first and second calendar quarters in 2019;
(v)    for the third calendar quarter in 2019, is in excess, when added to the amount of all other Distributions paid in the period of the fourth calendar quarter in 2018 and the first, second and third calendar quarters in 2019, of ninety-five percent (95%) of such Person’s Funds from Operations for the current calendar quarter and the three (3) previous consecutive calendar quarters; and
(vi)    for all times thereafter, is in excess, when added to the amount of all other Distributions paid in any period of four (4) consecutive calendar 

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quarters, of ninety-five percent (95%) of such Person’s Funds from Operations for such period.
(b)    Notwithstanding the foregoing, so long as no Default or Event of Default has occurred and is continuing or would result therefrom, including a Default or an Event of Default related to any financial covenant set forth in this Agreement, the Borrower and REIT may make Distributions to allow REIT to make payments for share repurchase programs in connection with the listing of REIT on NASDAQ, the New York Stock Exchange or another nationally recognized exchange, provided that such payments shall be made within ninety (90) days of such listing and shall not exceed $100,000,000.00 and such Distributions shall be excluded from the limitations contained in §8.7(a).
(c)    If a Default or Event of Default shall have occurred and be continuing, the Borrower shall make no Distributions, and REIT shall not pay any Distribution to its partners, members or other owners, other than Distributions in an amount equal to the minimum distributions required under the Code to maintain the REIT Status of REIT, as evidenced by a certification of the principal financial or accounting officer of REIT containing calculations in detail reasonably satisfactory in form and substance to the Agent.
(d)    Notwithstanding the foregoing, at any time when an Event of Default under §12.1(a) or (b) shall have occurred, an Event of Default as to Borrower or REIT under §12.1(g), (h) or (i) shall have occurred, or the maturity of the Obligations has been accelerated, neither the Borrower nor REIT shall make any Distributions whatsoever, directly or indirectly.”
3.    References to Amended Documents.  All references in the Loan Documents to the Credit Agreement amended in connection with this Amendment shall be deemed a reference to the Credit Agreement as modified and amended herein.  
4.    Consent of Borrower and Guarantors.  By execution of this Amendment, Guarantors hereby expressly consent to the modifications and amendments relating to the Credit Agreement as set forth herein, and Borrower and Guarantors hereby acknowledge, represent and agree that the Loan Documents (including, without limitation, the Guaranty), remain in full force and effect and constitute the valid and legally binding obligation of Borrower and Guarantors, respectively, enforceable against such Persons in accordance with their respective terms, and that the Guaranty extends to and applies to the foregoing documents as modified and amended.
5.    Representations.  Borrower and Guarantors represent and warrant to Agent and the Lenders as follows:
(a)    Authorization.  The execution, delivery and performance of this Amendment and the transactions contemplated hereby (i) are within the authority of Borrower and Guarantors, (ii) have been duly authorized by all necessary proceedings on the part of such Persons, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any of such Persons is subject or any judgment, order, writ, injunction, license or permit applicable to such Persons, (iv) do not and will not conflict 

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with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement or certificate, certificate of formation, operating agreement, articles of incorporation or other charter documents or bylaws of, or any mortgage, indenture, agreement, contract or other instrument binding upon, any of such Persons or any of its properties or to which any of such Persons is subject, and (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of such Persons, other than the liens and encumbrances created by the Loan Documents.
(b)    Enforceability.  The execution and delivery of this Amendment are valid and legally binding obligations of Borrower and Guarantors enforceable in accordance with the respective terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity.
(c)    Approvals.  The execution, delivery and performance of this Amendment and the transactions contemplated hereby do not require the approval or consent of or approval of any Person or the authorization, consent, approval of or any license or permit issued by, or any filing or registration with, or the giving of any notice to, any court, department, board, commission or other governmental agency or authority other than those already obtained.
(d)    Reaffirmation.  Borrower and Guarantors reaffirm and restate as of the date hereof each and every representation and warranty made by the Borrower, the Guarantors and their respective Subsidiaries in the Loan Documents or otherwise made by or on behalf of such Persons in connection therewith except for representations or warranties that expressly relate to an earlier date.
6.    No Default.  By execution hereof, the Borrower and Guarantors certify that the Borrower and Guarantors are and will be in compliance with all covenants under the Loan Documents after the execution and delivery of this Amendment, and that no Default or Event of Default has occurred and is continuing.
7.    Waiver of Claims.  Borrower and Guarantors acknowledge, represent and agree that Borrower and Guarantors as of the date hereof have no defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration or funding of the Loans or with respect to any acts or omissions of Agent or any of the Lenders, or any past or present officers, agents or employees of Agent or any of the Lenders, and each of Borrower and Guarantors does hereby expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.
8.    Ratification.  Except as herein above set forth or in any other document previously executed or executed in connection herewith, all terms, covenants and provisions of the Credit Agreement amended in connection herewith remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Credit Agreement, as modified and amended herein and therein.  Guarantors hereby consent to the terms of this Amendment and ratify the Guaranty.  Nothing in this Amendment or any other document delivered in connection herewith shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness evidenced by 

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the Notes or the other obligations of Borrower and Guarantors under the Loan Documents (including without limitation the Guaranty).
9.    Counterparts.  This Amendment may be executed in any number of counterparts which shall together constitute but one and the same agreement.
10.    Miscellaneous.  THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors, successors-in-title and assigns as provided in the Credit Agreement.
11.    Effective Date.  The obligations of the undersigned parties under Section 2 of this Amendment shall be deemed effective and in full force and effect (the “Effective Date”) only upon confirmation by the Agent of the satisfaction of the following conditions:
(a)    the execution and delivery of this Amendment by Borrower, Guarantors, Agent, and the Majority Lenders (and the delivery to the Borrower of a copy of such fully-executed Amendment by the Agent shall be evidence of satisfaction of this condition);
(b)    receipt by Agent of evidence that the Borrower shall pay contemporaneously with the Effective Date all fees (including legal fees) due and payable with respect to this Amendment;
(c)    such other conditions as Agent may require in its reasonable discretion.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties hereto have hereto set their hands and affixed their seals as of the day and year first above written.
BORROWER:
CARTER/VALIDUS OPERATING PARTNERSHIP, LP, a Delaware limited partnership
		
	By:
	Carter Validus Mission Critical REIT, Inc.,  
a Maryland corporation, its general partner

By: /s/ Todd Sakow    
Name: Todd M. Sakow    
Title: Chief Financial Officer    
(CORPORATE SEAL)
REIT:
CARTER VALIDUS MISSION CRITICAL REIT, INC., a Maryland corporation

By: /s/ Todd Sakow    
Name: Todd M. Sakow    
Title: Chief Financial Officer    
(CORPORATE SEAL)

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

SUBSIDIARY GUARANTORS:
HC-2501 W WILLIAM CANNON DR, LLC 
HC-8451 PEARL STREET, LLC 
HC-3873 N. PARKVIEW DRIVE, LLC 
HC-2257 KARISA DRIVE, LLC 
HC-239 S. MOUNTAIN BOULEVARD MANAGEMENT, LLC 
HC-1940 TOWN PARK BOULEVARD, LLC 
HC-1946 TOWN PARK BOULEVARD, LLC 
HC-17322 RED OAK DRIVE, LLC 
HC-10323 STATE HIGHWAY 151, LLC
HC-7502 GREENVILLE AVENUE, LLC
HC-5330L N. LOOP 1604 WEST, LLC
HC-760 OFFICE PARKWAY, LLC
HC-4499 ACUSHNET AVENUE, LLC
HC-14024 QUAIL POINTE DRIVE, LLC
HC-5101 MEDICAL DRIVE, LLC 
HC-5330 N. LOOP 1604 WEST, LLC 
HC-3436 MASONIC DRIVE, LLC 
HC-42570 SOUTH AIRPORT ROAD, LLC 
HCP-SELECT MEDICAL, LLC 
HC-1101 KALISTE SALOOM ROAD, LLC, 
each a Delaware limited liability company

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, their sole member 

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By:    /s/ Todd Sakow         
Name: Todd M. Sakow         
Title: Chief Financial Officer                 

(CORPORATE SEAL)

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

HC-116 EDDIE DOWLING HIGHWAY, LLC 
HCP-DERMATOLOGY ASSOCIATES, LLC 
HC-800 EAST 68TH STREET, LLC 
HCP-RTS, LLC, 
HCP-PAM WARM SPRINGS, LLC, 
each a Delaware limited liability company 

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, their sole member 

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By:    /s/ Todd Sakow         
Name: Todd M. Sakow         
Title: Chief Financial Officer                 

(CORPORATE SEAL)

HC-239 S. MOUNTAIN BOULEVARD, LP, a Delaware limited partnership

		
	By:
	HC-239 S. Mountain Boulevard Management, LLC, a Delaware limited liability company, its sole general partner

		
	By:
	Carter/Validus Operating Partnership, LP,  
a Delaware limited partnership, its sole member

		
	By:
	Carter Validus Mission Critical REIT,  
Inc., a Maryland corporation, its General Partner

By: /s/ Todd Sakow                
Name: Todd M. Sakow            
Title: Chief Financial Officer            

 (CORPORATE SEAL)

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

GREEN MEDICAL INVESTORS, LLLP, a Florida limited liability limited partnership
		
	By:
	HC-1946 Town Park Boulevard, LLC, a Delaware limited liability company, its general partner

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, its sole member

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By: /s/ Todd Sakow                
            Name: Todd M. Sakow            
Title: Chief Financial Officer            

(CORPORATE SEAL)

GREEN WELLNESS INVESTORS, LLLP, a Florida limited liability limited partnership
		
	By:
	HC-1940 Town Park Boulevard, LLC, a Delaware limited liability company, its general partner

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, its sole member

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By: /s/ Todd Sakow                
            Name: Todd M. Sakow            
Title: Chief Financial Officer            

 
(CORPORATE SEAL)
 
[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

HC-77-840 FLORA ROAD, LLC 
HC-40055 BOB HOPE DRIVE, LLC 
HC-5829 29 PALMS HIGHWAY, LLC 
HC-8991 BRIGHTON LANE, LLC 
HC-6555 CORTEZ, LLC 
HC-601 REDSTONE AVENUE WEST, LLC 
HC-2270 COLONIAL BLVD, LLC 
HC-2234 COLONIAL BLVD, LLC 
HC-1026 MAR WALT DRIVE, NW, LLC 
HC-7751 BAYMEADOWS RD. E., LLC 
HC-1120 LEE BOULEVARD, LLC 
HC-8625 COLLIER BLVD., LLC 
HC-6879 US HIGHWAY 98 WEST, LLC 
HC-7850 N. UNIVERSITY DRIVE, LLC 
HC-#2 PHYSICIANS PARK DR., LLC 
HC-52 NORTH PECOS ROAD, LLC 
HC-6160 S. FORT APACHE ROAD, LLC 
HC-187 SKYLAR DRIVE, LLC 
HC-860 PARKVIEW DRIVE NORTH, UNITS A&B, LLC 
HC-6310 HEALTH PKWY., UNITS 100 & 200, LLC, 
each a Delaware limited liability company
		
	By:
	HCP-RTS, LLC, a Delaware limited liability company, their sole 
member

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, its sole member

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By: /s/ Todd Sakow                
Name: Todd M. Sakow            
Title: Chief Financial Officer            
 (CORPORATE SEAL)

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

HC-20050 CRESTWOOD BLVD., LLC 
HC-42074 VETERANS AVENUE, LLC 
HC-101 JAMES COLEMAN DRIVE, LLC 
HC-102 MEDICAL DRIVE, LLC, and 
HC-1445 HANZ DRIVE, LLC, 
each a Delaware limited liability company
		
	By:
	HCP-PAM WARM SPRINGS, LLC, a Delaware limited liability company, their sole member

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, its sole member

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By: /s/ Todd Sakow                
Name: Todd M. Sakow            
Title: Chief Financial Officer            
 (CORPORATE SEAL)

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

AGENT AND LENDERS:
KEYBANK NATIONAL ASSOCIATION,  
individually and as Agent 

By: /s/ Kristin Centracchio     
Name: Kristin Centracchio     
Title: Vice President    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

CAPITAL ONE, NATIONAL ASSOCIATION, individually and as Documentation Agent

By: /s/ Bruce Chen    
Name: Bruce Chen    
Title: Authorized Signatory    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

SUNTRUST BANK, individually and as Co-Syndication Agent

By: /s/ Danny Stover    
Name: Danny Stover    
Title: Senior Vice President    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

CITIZENS BANK, NATIONAL ASSOCIATION, individually and as Documentation Agent

By: /s/ Frank Kaplan    
Name: Frank Kaplan    
Title: Vice President    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

SYNOVUS BANK, individually and as Documentation Agent

By: /s/ David Bowman    
Name: David W. Bowman    
Title: Director    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

CADENCE BANK, N.A. , individually and collectively as Documentation Agent

By: /s/ Will Donnelly    
Name: Will Donnelly    
Title: Assistant Vice President    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

TEXAS CAPITAL BANK, N.A., individually and collectively as Documentation Agent

By: /s/ Brett Walker    
Name: Brett Walker    
Title: Senior Vice President    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

EASTERN BANK

By: /s/ Jared H. Ward    
Name: Jared H. Ward    
Title: Senior Vice President    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

UNITED COMMUNITY BANK 

By: /s/ Jeff Wilson    
Name: Jeff Wilson    
Title: Vice President    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

WHITNEY BANK dba HANCOCK BANK 
By: /s/ Megan Breary     
Name: Megan Breary    
Title: Senior Vice President    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

WOODFOREST NATIONAL BANK 

By: /s/ Derek Rancourt     
Name: Derek Rancourt    
Title: Senior Vice Presdient - Corporate Banking    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit Agreement

RENASANT BANK 

By: /s/ Craig Gardella     
Name: Craig Gardella     
Title: Executive Vice President    

[SIGNATURES CONTINUED ON NEXT PAGE]

KeyBank/CV Reit I:  Signature Page to First Amendment to  
Third Amended and Restated Credit AgreementExhibit

Exhibit 10.1
Execution

AMENDMENT NO. 2018-2 
TO
MEMBERS’ AGREEMENT (FUTTSU)

THIS AMENDMENT NO. 2018-2 TO MEMBERS’ AGREEMENT (this “Amendment”) is entered into as of August 14th, 2018 by and between GREEN POWER GENERATION GK, a Japanese godo kaisha (“GPG”) and GREEN POWER INVESTMENT CORPORATION, a Japanese kabushiki kaisha (“GPI”) (each individually a “Party” and collectively the “Parties”).  
RECITALS
A.    FHL, GPI and EFS entered into that certain Amended and Restated Members’ Agreement (the “Members’ Agreement”) dated October 6, 2015, which sets forth certain rights and obligations of the members of GK Green Power Futtsu, a Japanese godo kaisha (the “Project Company”).
B.    On March 7, 2018, (i) Pattern Energy Group LP (“PEG LP”) transferred through its wholly owned subsidiary Futtsu Holdings 2 LLC, a Delaware limited liability company, 100% of the interests in FHL to GPG, a wholly owned subsidiary of Pattern Energy Group Inc. (“PEGI”), pursuant to that certain Purchase and Sale Agreement, dated as of February 26, 2018, by and between PEGI and PEG LP, (ii) following such transfer, FHL transferred all of its 47.69% membership interests in the Project Company to GPG, pursuant to that certain Assignment and Assumption Agreement, dated as of March 7, 2018, by and between FHL and GPG (collectively, the “PEG LP Membership Interest Transfer”).
C.    FHL and EFS Japan B.V. (“EFS”) entered into that certain Membership Interest Purchase Agreement (the “Futtsu MIPA”) dated September 27, 2017, pursuant to which EFS agreed to sell and assign to FHL all of EFS’s 47.69% membership interests in the Project Company, which rights and obligations of FHL thereunder were assigned to GPG, an Affiliate (as defined in the Futtsu MIPA) of FHL, in accordance with Section 5.5 of the Futtsu MIPA,
D.    Concurrently with the PEG LP Membership Interest Transfer, EFS transferred to GPG all of its membership interest in the Project Company (the “GE Membership Interest Transfer” and together with the PEG LP Membership Interest Transfer, the “Membership Interest Transfer”).  As a result of the Membership Interest Transfer, GPG will directly hold 95.38% of the membership interest in the Project Company and FHL and EFS will no longer hold any membership interest in the Project Company. GPI’s ownership in the Project Company remains unaffected by GPG’s interest in the Project Company.  
E.    Pursuant to that certain AMENDMENT NO. 2018-1 TO MEMBERS’ AGREEMENT (this “Amendment 2018-1”) as of March 7, 2018 was entered into by and between GPG and GPI, and was acknowledged by Futtsu Holdings LLC, a Delaware limited liability company (“FHL”), and EFS Japan B.V., a private company with limited liability incorporated under the laws of The Netherlands (“EFS”), it was agreed and acknowledged that all references in the 

1

Members’ Agreement to FHL, except for statements of prior fact, shall be deemed references to GPG as successor in interest to FHL and EFS shall no longer be a Member or a party to the Members’ Agreement.
F.    The Parties wish to document amendments of the Members’ Agreement to effectuate amendments relating to distributions to Members and accounting principle for accounting and reporting pursuant to the terms and conditions of this Amendment.
AGREEMENT
NOW, therefore, the Parties agree as follows:
1.Defined Terms.  All capitalized terms used herein (including in the preamble and the recitals) shall have the meanings ascribed to such terms in the Members’ Agreement unless otherwise defined herein.
2.Amendments.  The terms of the Members’ Agreement are hereby amended as follows:
		
	(a)
	Allocation Ratio.

		
	(1)
	Each of the defined term “Allocation Ratio 1”, “Allocation Ratio 2” and “Allocation Ratio 3” shall be deleted in its entirety. 

		
	(2)
	The defined term “Allocation Ratio” shall be deleted and replaced with the following:

““Allocation Ratio” has the meaning given in Section 5.1.”
		
	(3)
	All references in the Members’ Agreement to ‘Allocation Ratios” shall be deemed references to Allocation Ratio.

		
	(4)
	Section 5 shall be deleted in its entirety and replaced with the following:

		
	“5.1
	Shared Proceeds.    To the extent that the Company has Shared Proceeds, the Company shall distribute all Shared Proceeds and allocate book income to the Members in accordance with the following allocation: (i) 25.0% to the Class A Member, and (ii) 75.0% to the Class B Members (“Allocation Ratio”), which distributions shall be made as soon as practicable after the receipt thereof (but in any event no less frequently than on a semi-annual basis), by way of a cash distribution (whether as a dividend, and interim-dividend or a distribution of Membership Interest premium) subject to:

(a)   compliance with Applicable Law, the Constitutional Documents, any financial covenants or other requirements in the Financing Documents, the Land Rights Agreements  or  any other  agreement  to  which  the  Company is  subject  or expects (acting reasonably) to become subject; or

2

		
	(b)
	any  determination  by  the  Management  Committee  regarding  funds  to  be retained by the Company for current or future operating or minimum capital purposes.”

		
	(5)
	Each of Section 5.2 (a), Section 5.2 (b), Section 5.2 (c) and Section 5.2 (d) shall be deleted in its entirety. 

(b)    Class B Member Actual IRR.
		
	(1)
	The defined term “Class B Member Actual IRR” shall be deleted in its entirety and references to such term (words “or the Class B Member Actual IRR”) in the first sentence of each of Section 19.2 (d) and Section 19.2 (e) shall be deleted.

		
	(2)
	Each of Section 4.3 (b) and Section 11.3 (e) shall be deleted in its entirety. 

(c)    U.S.  GAAP. 
Notwithstanding anything to the contrary set forth in Section 12, the Company shall not be required to cause to be delivered or provided financial reports, financial information, financial statements or accounts prepared in accordance with, or in the format of, U.S. GAAP.
3.Effective Date.    The amendments set forth herein shall become effective with respect to distributions to Members made, and financial reports, financial information, financial statements or accounts delivered or provided, as from July 1, 2018. 
4.Ratification.  Except as expressly amended herein, all terms, covenants and conditions of the Membership Agreement shall remain in full force and effect and are hereby ratified and confirmed by the Parties.   
5.Governing Law.  This Amendment shall be governed by, and construed under, the laws of Japan, without reference to conflicts of law principles. 
6.Counterparts.  This Amendment may be executed in multiple counterparts, each of which shall constitute an original, but all of which shall constitute one document.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above written.
	
		
	 
	Green Power Investment Corporation

	 
	 

	 
	

	 
	___/s/ Mitsuru Sakaki___________________

	 
	Name:  Mitsuru Sakaki

	 
	Title:    President

	 
	 

	 
	 

	 
	 

	 
	Green Power Generation GK

	 
	

	 
	__/s/ Mark Anderson____________________

	 
	Representative Member

	 
	Pattern US Finance Company LLC

	 
	Executive Officer

	 
	Mark Anderson

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