Document:

Exhibit 10.63

 

	Deutsche Bank	 	 

 

For Bank Use Only For Committed Facility.

Insert Applicant Name:

SunPower Corporation

 

CONTINUING AGREEMENT FOR STANDBY
LETTERS OF CREDIT AND DEMAND GUARANTEES

 

                                                   June 29, 2016 

                                                    (Date)

 

Deutsche Bank AG New York Branch

and

Deutsche Bank Trust Company Americas

60 Wall Street

New York, New York 10005

Attention: ____________________

To induce each of
you, during the Commitment Period (as defined below) and subject to the terms and conditions set forth herein, to issue one or
more irrevocable letters of credit or demand guarantees at the request of Applicant (as defined below), in substantially such form
as Applicant shall request, Applicant unconditionally and irrevocably agrees with you, including as to each Credit (as defined
below), as follows:

1.          Defined
Terms. As used in this agreement (as amended, supplemented or otherwise modified from time to time, including the application
for the Credit, this “Agreement”), the following terms have the respective meanings specified below, unless the
context requires otherwise:

“Adherence
Agreement” means an agreement substantially in the form of Exhibit A hereto, pursuant to which Applicant may designate
any of its subsidiaries as a Subsidiary Applicant in accordance with Section 4(g).

“Applicant”
means the party signing below, and in the case of a request for issuance of a demand guarantee under the URDG includes such party
in its role as the Instructing Party.

“Base Rate”
means, for any day (or, if such day is not a Business Day, the immediately preceding Business Day), a rate per annum equal to the
greater of (a) the Overnight Federal Funds Rate for such day plus 1/2 of 1% or (b) the Prime Lending Rate for such day.

“Beneficiary”
means, at any time, the beneficiary(ies) of the Credit, including any second or substitute beneficiary(ies) or transferee(s) under
a transferable Credit and any successor of a beneficiary by operation of law.

“Board”
means the Board of Governors of the Federal Reserve System of the United States of America.

“Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks are authorized or required to
close in New York City or at such other place where Issuer is obligated to honor a presentation or otherwise act under the Credit,
this Agreement or any other Loan Document.

“Change in
Control” means (a) the Parent has ceased to own at least 50.1% of the Voting Stock of the Applicant; and (b) in the case
of a Subsidiary Applicant, (i) a sale (whether of stock or other assets), merger or other transaction or series of related transactions
involving such Subsidiary Applicant, as a result of which those Persons who held 100% of the Voting Stock of such Subsidiary Applicant
immediately prior to such transaction do not hold (either directly or indirectly) more than 50% of the Voting Stock of such Subsidiary
Applicant (or the surviving or resulting entity thereof) after giving effect to such transaction, or (ii) the sale of all or substantially
all of the assets of a Subsidiary Applicant in a transaction or series of related transactions.

“Change in
Law” means (a) the adoption of any treaty, international agreement, law, rule or regulation after the date of this Agreement,
(b) any change in any treaty, international agreement, law, rule or regulation or in the interpretation or application thereof
by any Governmental Authority after the date of this Agreement or (c) compliance by Issuer with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement.

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

    

    	 

    

“Commitment
Period” means the period from the Effective Date through and including the Final Termination Date.

“counter-guarantee”
has the meaning assigned thereto under the URDG.

“Credit”
means each letter of credit or demand guarantee referred to in the introductory paragraph hereof (including any bid bond, performance
bond or similar undertaking issued or undertaken by Issuer), and includes any amendment or replacement thereof authorized by its
terms or by consent of Applicant and, at Issuer’s option, any pre-advice thereof.

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured
or waived, become an Event of Default.

“demand guarantee”
has the meaning assigned thereto under the URDG, and unless the context requires otherwise includes a counter-guarantee.

“Deposits”
means any and all deposits (whether general or special, time or demand, provisional or final) at any time held, and any other indebtedness
at any time owing, by Issuer or any of its affiliates to or for the credit or the account of Applicant, excluding any deposit where
the account title expressly indicates that such deposit does not secure any Obligations or that Applicant is not holding such deposit
for itself.

“Dollars“
or “$” mean, at any time, the lawful currency of the United States of America.

“Effective
Date” means the date on which the conditions specified in Section 2(a) are satisfied (or waived in accordance with Section
23).

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with Applicant, is treated as a single employer under
Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated
as a single employer under Section 414 of the Code.

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder
with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect
to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of
ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA
of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by Applicant or
any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the
receipt by Applicant or any ERISA Affiliate from the Pension Benefit Guaranty Corporation or a plan administrator of any notice
relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by Applicant
or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer
Plan; or (g) the receipt by Applicant or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from
Applicant or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer
Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

“Event of
Default” has the meaning provided in Section 17.

“Exchange
Act” means the United States Securities Exchange Act of 1934.

“Financial
Credit” means any Credit that is not a Performance Credit.

“Final Termination
Date” has the meaning provided in Section 25(b).

“Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

“Indemnified
Party” means Issuer and each officer, director, affiliate, employee and agent thereof.

“Instructing
Party” has the meaning assigned to such term under the URDG.

“ISP”
means the International Standby Practices 1998, International Chamber of Commerce Publication No. 590.

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“Issuer”
means Deutsche Bank AG New York Branch and Deutsche Bank Trust Company Americas, including each as “guarantor” or “counter-guarantor,”
as applicable, within the meaning of the URDG, but with respect to any particular Credit, means whichever one of them issued such
Credit.

“Issuer’s
Office” means Issuer’s address for notices under this Agreement.

“Letter of
Credit Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Credits issued by
Issuer hereunder at such time (including any pending drawings made prior to expiration and any scheduled increases in accordance
with the terms of any Credit) plus (b) the aggregate amount of all payments made by Issuer pursuant to any such Credit issued hereunder
that have not yet been reimbursed by or on behalf of Applicant at such time (including any and all acceptances and deferred payment
undertakings incurred under any Credit providing for acceptances or deferred payment undertakings, as applicable).

“Loan Documents”
means this Agreement, each request by Applicant for a Credit and each other instrument or agreement made or entered into by Applicant
with Issuer in connection with the transactions contemplated hereby or thereby, and any supplements or amendments to or waivers
of any of the foregoing executed and delivered from time to time.

“Material
Adverse Effect” means a material adverse effect on (A) the business, financial condition, operations or properties of
the Applicant and its subsidiaries, taken as a whole, (B) the ability of the Applicant to perform the obligations, taken as a whole,
under this Agreement or the other Loan Documents, or (C) the validity or enforceability of this Agreement or any of the other Loan
Documents.

“Maximum
Commitment Amount” means, at any time of determination, $50,000,000 or if Applicant reduces the Maximum Commitment Amount
in accordance with Section 25(a), such reduced amount.

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

“Notice of
Termination” means a notice substantially in the form of Exhibit B hereto, which Applicant may execute and deliver
to Issuer in accordance with Section 4(g).

“Obligations“
means all present and future obligations of Applicant under this Agreement or in respect of the Credits, whether absolute or
contingent, joint, several or independent, including interest accruing at the rate provided in this Agreement on or after the commencement
of any bankruptcy or insolvency proceeding, whether or not allowed or allowable.

“Overnight
Federal Funds Rate“ means, at any time, the rate per annum at which Issuer, in its sole discretion, can acquire
Federal funds in the interbank overnight federal funds market including through brokers of recognized standing.

“Performance
Credit” means a Credit used directly or indirectly to cover a default in the performance of any non-financial or commercial
obligations of Applicant or any Subsidiary Account Party under specific contracts, and any Credit issued in favor of a bank or
other surety who in connection therewith issues a demand guarantee or similar undertaking, performance bond, surety bond or other
similar instrument that covers a default of any such performance obligations, that is classified as a performance standby Credit
by the Board or by the Office of the Comptroller of the Currency of the United States.

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, government
(including any subdivision, agency, court, central bank, or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government) or other entity.

“Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which Applicant or any ERISA Affiliate is (or, if
such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5)
of ERISA.

“Practices”
has the meaning provided in Section 26(b).

“Prime Lending
Rate“ means the rate of interest Issuer announces from time to time as Issuer’s prime lending rate for unsecured
commercial loans within the United States of America (but is not intended to be the lowest rate of interest Issuer charges in connection
with extensions of credit to borrowers).

“Scheduled
Termination Date” means the date two years from the Effective Date.

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“Solvent”
means, when used with respect to any Person, as of any date of determination, (a) the amount of the then “present fair saleable
value” of the assets of such Person, as of such date, exceeds the amount of all “liabilities of such Person, contingent
or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable requirements of law governing
determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person, as of such date,
is greater than the amount that will be required to pay the anticipated liability of such Person on its debts as such debts become
absolute and matured, (c) such Person does not have, as of such date, an unreasonably small amount of capital with which to conduct
its business, and (d) such Person is able to pay its debts as they mature. For purposes of this definition, (i) “debt”
means liability on a “claim,” and (ii) “claim” means any (x) right to payment, whether or not such a right
is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable,
secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment,
whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed,
secured or unsecured.

“Subsidiary
Account Party” means any direct or indirect subsidiary of Applicant (a) listed on Schedule I hereto and approved
as a Subsidiary Account Party hereunder by Issuer’s signing Schedule I in its sole discretion or (b) that Applicant may
from time to time list on a supplement to Schedule I with the written approval of Issuer in its sole discretion.

“Subsidiary
Applicant” means (a) each direct or indirect subsidiary of Applicant that has executed and delivered this Agreement as
a “Subsidiary Applicant” in the space provided below and (b) each other direct or indirect subsidiary of Applicant from
time to time approved in writing by Issuer as a Subsidiary Applicant in accordance with Section 4(g), in each case other than any
such subsidiary that has ceased to be a “Subsidiary Applicant” pursuant to Section 4(g).

“Taxes”
means all present and future taxes, levies, imposts, deductions, charges, withholdings and related liabilities, excluding income
and franchise taxes imposed by the jurisdiction of Issuer’s head office or the office issuing the Credit or any of its political
subdivisions.

“UCC”
means the Uniform Commercial Code, as in effect from time to time in the applicable jurisdiction.

“UCP”
means the Uniform Customs and Practice for Documentary Credits, 2007 Revision, International Chamber of Commerce Publication No.
600.

“URDG”
means the Uniform Rules for Demand Guarantees, 2010 Revision, International Chamber of Commerce Publication No. 758.

“Voting Stock”
means shares of capital stock issued by a corporation (or equivalent interests in any other Person), the holders of which are ordinarily,
in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such
Person, even if the right so to vote has been suspended by the happening of such a contingency.

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

2.          Conditions
to Issuance; Interest on Deposited Amount; Issuance; Reimbursement.

(a)          Effective
Date. Issuer’s obligation to issue any Credit hereunder shall not become effective until the date when each of the following
conditions is satisfied (or waived in accordance with Section 23):

(i)          Issuer shall
have received from each party hereto a counterpart of this Agreement signed on behalf of such party;

(ii)         [Reserved];

(iii)        [Reserved];

(iv)        Issuer shall
have received a favorable written opinion (addressed to Issuer and dated the Effective Date) from the counsel to Applicant, covering
good standing, power and authority, due authorization, execution and delivery, enforceability, non-contravention, and perfection
of security interests, such opinions to be rendered under both (i) New York State and United States Federal law and (ii) the jurisdiction
of organization of the Applicant and covering such other matters relating to Applicant, its organizational documents, the Loan
Documents, or the transactions contemplated hereby as Issuer shall reasonably request;

(v)        Issuer shall
have received all fees and other amounts due and payable on or prior to the Effective Date, and, to the extent invoiced, reimbursement
or payment of all expenses required to be reimbursed or paid by Applicant hereunder or under another agreement;

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(vi)        Issuer shall
have received such documents and certificates as Issuer or its counsel may reasonably request relating to the organization, existence
and good standing of Applicant, the authorization of the transactions contemplated hereby, and any other matters relevant hereto,
all in form and substance reasonably satisfactory to Issuer;

(vii)       Applicant
shall have received all consents and approvals (including, without limitation, under any applicable credit facility or indenture)
required in connection with the execution and delivery by Applicant of the Loan Documents or in connection with the consummation
of the transactions contemplated hereby and thereby, and Issuer, upon request, shall have received satisfactory evidence of the
same; and

(viii)       All other
documents and legal matters in connection with the transactions contemplated by this Agreement shall have been delivered, executed,
or recorded and shall be in form and substance satisfactory to Issuer.

(b)          Each Credit
Event. Issuer’s obligation to issue, amend, renew or extend any Credit hereunder is subject to the satisfaction of the following
conditions:

(i)          Issuer shall
have received a signed and completed application for such Credit substantially in the form attached hereto and otherwise in form
and substance reasonably satisfactory to it;

(ii)         [Reserved];

(iii)        Such Credit,
or proposed amendment, shall be in form and substance reasonably satisfactory to Issuer and, with respect to any issuance of a
Credit, such Credit may include a statement to the effect that it is being issued to replace an existing letter of credit;

(iv)        Issuer shall
have received payment of all fees contemplated hereby in connection with any such issuance, amendment, renewal or extension;

(v)         At the time of and immediately after giving effect to the issuance, amendment,
renewal or extension of such Credit, the total Letter of Credit Exposure will not exceed the Maximum Commitment Amount;

(vi)        No Default
shall have occurred and be continuing immediately before or after giving effect to the issuance, amendment, renewal or extension
of such Credit;

(vii)       The representations
and warranties of Applicant contained in this Agreement and the other Loan Documents shall be true and correct in all material
respects on and as of the date of issuance, amendment, renewal or extension of such Credit, both before and immediately after giving
effect to the issuance, amendment, renewal or extension of such Credit, other than any such representation or warranty that, by
its terms, refers to a specific date other than the date of such issuance, amendment, renewal or extension, in which case as of
such specific date;

(viii)      No Change
in Law shall have occurred, no order, judgment or decree of any Governmental Authority shall have been issued, and no litigation
shall be pending or threatened, which enjoins, prohibits or restrains (or with respect to any litigation seeks to enjoin, prohibit
or restrain), the reimbursement of Issuer contemplated hereunder, the issuance of any Credit, or the consummation of any of the
other transactions contemplated hereby or the use of proceeds of the Credit permitted hereunder;

(ix)        [Reserved];

(x)         Issuer, in
its sole discretion, shall have determined that the issuance of such Credit does not negatively impact the group sustainability
principles or reputation of the Issuer;

(xi)         Issuer, in
its sole discretion, shall have determined that the issuance of such Credit shall not cause any negative compliance implications
or resulting sanctions to be brought upon Issuer;

(xii)       Such Credit
shall be issued during the Commitment Period; and

(xiii)      After giving
effect to the issuance, amendment, renewal or extension of such Credit, such Credit shall not have an expiration date occurring
after the earlier of (A) one year after the date of such issuance, amendment, renewal or extension and (B) the Scheduled Termination
Date, provided that any Credit with a one-year tenor may provide for the extension thereof for additional one-year periods
(which shall in no event extend beyond the Scheduled Termination Date),

(c)          [Reserved].

(d)          Notwithstanding
anything herein to the contrary, the obligation to issue Credits hereunder shall, subject to all terms and conditions herein, be
solely that of Deutsche Bank AG New York Branch; provided that Deutsche

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Bank Trust Company Americas may, with Applicant’s
consent, also issue Credits hereunder, and all terms and exculpations hereunder shall apply to Deutsche Bank Trust Company Americas
in respect of any such Credit. Applicant will reimburse Issuer the amount of each payment Issuer makes under the Credit within
five (5) Business Days of the date Issuer notifies Applicant of such payment; provided that if the Credit provides for acceptance
of a time draft or incurrence of a deferred payment obligation, and if Issuer notifies Applicant of such acceptance or incurrence
at least one Business Day in advance of its maturity, reimbursement shall be due sufficiently in advance of its maturity to enable
Issuer to arrange for its cover in same day funds to reach the place where it is payable no later than the date of its maturity.
Each reimbursement shall be without prejudice to Applicant’s rights under Section 8(b).

3.          Fees,
Costs and Expenses.

Applicant will pay
to Issuer (a) fees in respect of the Maximum Commitment Amount and the Credit at such rates and times as Applicant and Issuer agree
in writing (including, if applicable, issuance fees, maintenance fees, amendment fees, drawing fees, transfer fees, and assignment
of proceeds fees), and (b) all reasonable out-of-pocket costs and expenses (including reasonable and documented attorney’s fees
and disbursements) that Issuer incurs in connection with the Credit, this Agreement or any other Loan Document, including (i) in
enforcing this Agreement or any other Loan Document, (ii) all reasonable costs and expenses in complying with any governmental
exchange, currency control or other law, rule or regulation of any country now or hereafter applicable to the purchase or sale
of, or dealings in, foreign currency in connection with the Credit, this Agreement or any other Loan Document, (iii) any stamp
tax, recording tax, or similar tax or fee payable in connection with the Credit, this Agreement or any other Loan Document, and
(iv) any adviser’s, confirmer’s, or other nominated person’s fees and expenses with respect to the Credit that are chargeable
to Applicant or Issuer (if the application for the Credit requested or authorized such advice, confirmation or other nomination,
as applicable).

4.          Payments;
Currency; Interest; Computations; Designation of Subsidiary Applicants

(a)          All amounts
due from Applicant under this Agreement shall be paid to Issuer at Issuer’s Office without defense, setoff, or counterclaim, in
Dollars and in immediately available funds; provided that if the amount due is based upon Issuer’s payment in a currency
other than Dollars, Applicant will pay the equivalent of such amount in Dollars computed at Issuer’s selling rate for cable transfers
to the place where and in the currency in which Issuer paid, or, at Issuer’s option, Applicant will pay in such other currency,
place, and manner as Issuer reasonably specifies in writing. Applicant’s obligation to make payments in any currency (the “Specified
Currency”) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment or otherwise,
which is expressed in or converted into any currency other than the Specified Currency, except to the extent that such tender or
recovery results in the actual receipt by Issuer at Issuer’s Office of the full amount of the Specified Currency payable under
this Agreement. Applicant shall indemnify Issuer for any shortfall and Applicant’s obligation to make payments in the Specified
Currency shall be enforceable as an alternative or additional cause of action to the extent that such actual receipt is less than
the full amount of the Specified Currency expressed to be payable hereunder, and shall not be affected by judgment being obtained
for other sums due hereunder.

(b)          If Applicant
fails to fully reimburse Issuer on the date of any payment under the Credit, then Applicant will pay interest to Issuer on such
unreimbursed amount at a variable interest rate equal to (i) until the date reimbursement is due under Section 2(d), the Base Rate,
and (ii) thereafter, the rate provided in the following sentence. Without limiting Applicant’s obligation to make all payments
hereunder when due, Applicant will pay to Issuer, on demand, interest on all overdue amounts hereunder from the due date through
the payment date at a variable interest rate equal to the sum of two percent (2%) per annum plus the Base Rate from time to time.
Any change in the interest rate resulting from a change in the Base Rate shall take effect on the date of such change in the Base
Rate. If any payment shall be due on a day that is not a Business Day, such payment shall be made on the next Business Day and
interest shall be paid for each additional day elapsed.

(c)          Each Credit
shall be denominated in Dollars or another currency that Issuer has determined is available to it in the place where payment is
supposed to be made and is readily exchangeable to and from Dollars.

(d)          All computations
of interest under this Agreement shall be based on a 365-day or, if applicable, 366-day year for the actual number of days elapsed.
All computations of fees under this Agreement shall be based on a 360-day year for the actual number of days elapsed. All computations
of fees based upon the available or face amount of the Credit at any time shall be calculated by reference to the greatest amount
for which Issuer may be contingently liable under any circumstances under the Credit at such time or thereafter, giving effect
to any scheduled increases in accordance with the terms of the Credit.

(e)          Issuer shall
make the determination as to whether a Credit is a Performance Credit or a Financial Credit, and each such determination by Issuer
shall be conclusive absent manifest error.

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(f)          Any application
that Applicant may make for the issuance of a Credit may be made by any Subsidiary Applicant for the account of such Subsidiary
Applicant, and thereafter such Subsidiary Applicant may also make any application for the extension of the term or increase in
the amount of such Credit or any other amendment thereto or waiver of discrepancies thereunder. Applicant and the applicable Subsidiary
Applicant shall be jointly and severally liable to Issuer for all the reimbursement, indemnification and other obligations, representations,
warranties and other agreements of Applicant under this Agreement in respect of any Credit requested by such Subsidiary Applicant.
Applicant and the applicable Subsidiary Applicant represent and warrant that at the time of issuance of any Credit for the account
of such Subsidiary Applicant (or of any increase or extension thereof), such Subsidiary Applicant is a direct or indirect majority-owned
subsidiary of Applicant.

(g)          Subject to Issuer’s
written consent in its sole discretion, Applicant from time to time may designate any direct or indirect majority-owned subsidiary
of Applicant as a Subsidiary Applicant by (i) delivering to Issuer an Adherence Agreement executed by such proposed Subsidiary
Applicant and countersigned by Applicant and Issuer, (ii) taking such further actions as Issuer may reasonably request, including
executing and delivering other instruments, documents, and agreements corresponding to those obtained in respect of Applicant,
all in form and substance reasonably satisfactory to Issuer, and (iii) providing Issuer with a reasonable opportunity to perform
any due diligence concerning such proposed Subsidiary Applicant, including any new customer intake procedures imposed by applicable
law or regulation or by internal policy of Issuer (such as OFAC and “know your customer” checks and obtaining evidence
of corporate organization and existence and due authorization and incumbency of signatories). Upon such delivery and the taking
of such further actions, such subsidiary shall for all purposes of this Agreement be a Subsidiary Applicant hereunder and a party
to this Agreement, until Applicant shall have executed and delivered to Issuer a Notice of Termination in respect of such subsidiary,
whereupon such subsidiary shall cease to be a Subsidiary Applicant. Notwithstanding the preceding sentence, no such Notice of Termination
will become effective as to any Subsidiary Applicant at a time when any Obligations of such Subsidiary Applicant shall be outstanding
hereunder or any Credit issued at the request of such Subsidiary Applicant shall be outstanding; provided that such Notice
of Termination shall be effective to terminate such Subsidiary Applicant’s right to request the issuance of any new Credits hereunder
or any increase in the amount of any other Credit.

5.          Capital
Adequacy; Additional Costs. If Issuer determines that a Change in Law affects the amount of capital, insurance or reserves
(including special deposits, deposit insurance or similar requirements) to be maintained by Issuer or any corporation controlling
Issuer, or otherwise increases the costs of, or reduces the amount received or receivable by, Issuer or any corporation controlling
Issuer, and Issuer determines that the amount of such capital, insurance or reserve or other increased cost or reduction, as the
case may be, is increased or reduced by or based upon the existence of the Credit, this Agreement or any other Loan Document, then
Applicant shall pay to Issuer, within 15 Business Days after demand from time to time, such additional amounts as Issuer may demand
to compensate for the increase or reduction, as the case may be; provided that such demand shall include a statement of
the basis for such demand and a calculation in reasonable detail of the amount demanded and Issuer computes all amounts due under
this paragraph on a reasonable basis.

6.          Taxes.
All payments to Issuer hereunder shall be made free and clear of and without deduction for any Taxes. If any Taxes shall be required
to be deducted from any sum payable under this Agreement, then: (a) the sum payable under this Agreement shall be increased so
that after making all required deductions Issuer receives an amount equal to the sum Issuer would have received had no such deductions
been required; (b) Applicant shall be responsible for payment of the amount to the relevant taxing authority; (c) Applicant
shall indemnify Issuer for any such Taxes imposed on or paid by Issuer and any liability (including penalties, interest and expenses)
arising from its payment or in respect of such Taxes within thirty days from the date Issuer makes written demand therefor; and
(d) Upon request, Applicant shall provide to Issuer within thirty days of any payment to a taxing authority the original or a certified
copy of the receipt evidencing each Tax payment.

7.          Indemnification.
Applicant will indemnify and hold harmless each Indemnified Party from and against any and all claims, liabilities, losses, damages,
costs and expenses (including reasonable attorney’s fees and disbursements) that arise out of or in connection with: (a) the Credit,
any demand for payment, other presentation or request under the Credit, or the transaction(s) supported by the Credit, (b) any
payment or other action taken or omitted to be taken in connection with the Credit, this Agreement or any other Loan Document,
(c) the enforcement of this Agreement or any other Loan Document or any rights or remedies under or in connection with the Credit,
(d) any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental
Authority with respect to the Credit, this Agreement or any other Loan Document or any other cause beyond Issuer’s control, or
(e) any indemnity or other undertaking that Applicant requests or authorizes Issuer to issue to induce any other financial institution
(including any branch or affiliate of Issuer) to issue its own letter of credit, demand guarantee, or other undertaking in connection
with any Credit, except in each case to the extent such liability, loss, damage, cost or expense is found in a final, non-appealable

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judgment by a court of competent jurisdiction to have resulted directly from such Indemnified Party’s gross negligence or willful
misconduct. Applicant will pay within fifteen Business Days after demand from time to time all amounts owing under this Section.

8.          Obligations
Absolute; Claims Against Issuer; Exculpations; Limitations of Liability.

(a)          Applicant’s
Obligations shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this
Agreement, irrespective of: (i) if any other Person shall at any time have guaranteed or otherwise agreed to be liable for any
of the Obligations or granted any security therefor, any change in the time, manner or place of payment of or any other term of
the obligations of such other Person, (ii) any exchange, change, waiver or release of any collateral for, or any other Person’s
guarantee of or other liability for, any of the Obligations, (iii) the existence of any claim, setoff, defense or other right that
Applicant or any other Person may at any time have against any Beneficiary, any assignee of proceeds of the Credit, Issuer or any
other Person, (iv) any presentation under the Credit being forged or fraudulent or any statement therein being untrue or inaccurate,
or (v) any other circumstance that might, but for the provisions of this Section, constitute a legal or equitable discharge of
or defense to any or all of the Obligations.

(b)          The foregoing
shall not excuse Issuer from liability to Applicant in any independent action or proceeding that is brought by Applicant against
Issuer following reimbursement by Applicant to Issuer to the extent of any direct damages suffered by Applicant that were caused
by Issuer’s gross negligence or willful misconduct; provided that (i) Issuer shall be deemed to have acted with reasonable
care if it acts in accordance with standard letter of credit practice or standard demand guarantee practice, as applicable, of
commercial banks located in New York City; and (ii) Applicant’s aggregate remedies against Issuer for wrongfully honoring
a presentation or wrongfully retaining honored documents shall not exceed the aggregate amount paid by Applicant to Issuer with
respect to the honored presentation, plus interest.

(c)          Without limiting
any other provision of this Agreement, Issuer: (i) may rely upon any oral, telephonic, facsimile, electronic, written or other communication
reasonably believed to have been authorized by Applicant, (ii) shall not be responsible for errors, omissions, interruptions or
delays in transmission or delivery of any message, advice or document in connection with the Credit, whether transmitted by courier,
mail, telex, any other telecommunication, or otherwise (whether or not they be encrypted), or for errors in interpretation of technical
terms or in translation (and Issuer may transmit Credit terms without translating them), (iii) may honor any presentation under
the Credit that appears on its face to substantially comply with the terms and conditions of the Credit, (iv) may honor a demand
for payment under a demand guarantee or counter-guarantee that is issued subject to the URDG even where (A) in the case of a demand
guarantee other than a counter-guarantee, such demand for payment is not supported by a statement indicating in what respect Applicant
is in breach of its obligations under any underlying agreement or transaction, unless the demand guarantee expressly requires presentation
of such supporting statement and regardless of whether such demand guarantee expressly excludes any requirement for such a supporting
statement or (B) in the case of a counter-guarantee, such demand is not supported by a statement by the party to whom such counter-guarantee
was issued indicating that such party has received a complying demand under the demand guarantee or counter-guarantee issued by
such party, unless the counter-guarantee expressly requires presentation of such supporting statement and regardless of whether
the related counter-guarantee expressly excludes the requirement for such a supporting statement, (v) in the case of a demand for
payment under a demand guarantee that is issued subject to the URDG, shall be deemed (A) to have timely paid if it pays within
one Business Day after determining that such demand is complying or (B) to have timely refused to pay if it gives notice of rejection
of such demand not later than the close of the fifth Business Day following the day of presentation of such demand, (vi) may replace
a purportedly lost, stolen or destroyed original Credit, waive a requirement for its presentation, or provide a replacement copy
to any Beneficiary, (vii) if no form of draft is attached as an exhibit to the Credit, may accept as a draft any written or electronic
demand or request for payment under the Credit, and may disregard any requirement that such draft bear any particular reference
to the Credit, (viii) unless the Credit specifies the means of payment, may make any payment under the Credit by any means it chooses,
including by wire transfer of immediately available funds, (ix) may select any branch or affiliate of Issuer or any other bank to
act as advising, transferring, confirming and/or nominated bank under the law and practice of the place where it is located (if
the application for the Credit requested or authorized advice, transfer, confirmation and/or nomination, as applicable), (x) may
amend the Credit to reflect any change of address or other contact information of any Beneficiary, (xi) shall not be obligated to
examine, and may disregard for purposes of determining compliance of any presentation with the terms and conditions of the Credit,
(A) any presented document not called for by the terms and conditions of the Credit and (B) that portion, if any, of any presented
document called for by the terms and conditions of the Credit that contains data not called for by the terms and conditions of
the Credit regardless of whether such data conflicts with data in the Credit or any other presented document, (xii) in the case
of a demand guarantee that is issued subject to the URDG, shall be deemed to have timely informed the Instructing Party of any
demand for payment thereunder and of any request, as an alternative, to extend the expiry of such demand guarantee if it so informs
the Instructing Party within three Business Days following the Business Day upon which Issuer receives such demand or request,
and (xiii) shall not be responsible for any other action or inaction taken or suffered by Issuer under or in

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connection with the
Credit, if required or permitted under any applicable domestic or foreign law or letter of credit or demand guarantee practice.
None of the circumstances described in this Section 8(c) shall impair Issuer’s rights and remedies against Applicant or place Issuer
under any liability to Applicant.

(d)          Applicant will
notify Issuer in writing of any objection Applicant may have to Issuer’s issuance or amendment of the Credit, Issuer’s honor or
dishonor of any presentation under the Credit, or any other action or inaction taken by Issuer under or in connection with the
Credit, this Agreement or any other Loan Document. Applicant’s notice of objection must be delivered to Issuer within 15 Business
Days after Applicant receives notice of the action or inaction it objects to. Applicant’s failure to give notice of objection within
such period shall automatically waive Applicant’s objection. Applicant’s acceptance or retention beyond such period of any original
documents presented under the Credit, or of any property for which title is conveyed by such documents, shall ratify Issuer’s honor
of the applicable presentation(s).

(e)          Issuer shall
not be liable in contract, tort, or otherwise for any punitive, exemplary, consequential, indirect or special damages (including
for any consequences of forgery or fraud by any Beneficiary or any other Person).

9.          Applicant
Responsibility, Etc. Applicant’s ultimate responsibility for the final text of the Credit shall not be affected by
any assistance Issuer may provide such as drafting or recommending text. Issuer may, without incurring any liability to Applicant
or impairing its entitlement to payment under this Agreement, honor the Credit despite notice from Applicant of, and without any
duty to inquire into, any purported defense to honor or any claim against any Beneficiary or any other Person. Issuer shall have
no duty to seek any waiver of discrepancies from Applicant, nor any duty to grant any waiver of discrepancies which Applicant approves
or requests.

10.        Transfers.
If the Credit is issued in transferable form, Issuer shall have no duty to determine the identity of anyone appearing in any transfer
request, draft or other document as transferee, or the validity or correctness of any transfer made pursuant to documents that
appear on their face to be substantially in accordance with the terms and conditions of the Credit.

11.        Extensions
and Modifications; Waivers of Discrepancies. This Agreement shall be binding upon Applicant with respect to any replacement,
extension or modification of the Credit or waiver of discrepancies authorized by Applicant. Except as may be provided in the Credit
or otherwise agreed to in writing by Issuer in its sole discretion, Issuer shall have no duty to (a) issue or refrain from issuing
notice of (i) its election not to extend the Credit, (ii) if the Credit by its terms permits it to do so, its election to terminate
the Credit prior to its stated expiration date, or (iii) if the Credit by its terms permits it to do so, its election not to reinstate
the amount of any drawing under the Credit or (b) otherwise amend or modify the Credit.

12.        [Reserved].

13.        Additional
Bond or Collateral.

If Applicant or any
other Person seeks to restrain any presentation under or honor of the Credit or takes any other action that has a similar effect
or if any court shall do any of the foregoing or extend the term of the Credit, then, in each case, Applicant shall, at Issuer’s
request, provide Issuer with a bond or other collateral of a type and value reasonably satisfactory to Issuer as security for the
Obligations.

14.        [Reserved].

15.        Covenants
of Applicant.

(a)          Affirmative
Covenants. Applicant will (i) comply, and cause each of its subsidiaries (to the extent such subsidiaries are deemed Subsidiary
Applicants hereunder) to comply, with all applicable laws, rules and regulations now or hereafter applicable to Applicant, its
properties, the Credit or transactions related to the Credit, except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect, (ii) deliver to Issuer, upon request from time to time, reasonably satisfactory evidence of
compliance with this Agreement and the other Loan Documents and, unless Applicant timely files (without giving effect to any extension),
regular annual and quarterly financial statements with the U.S. Securities and Exchange Commission (or any successor thereto) pursuant
to the Exchange Act, financial statements and such other information concerning Applicant’s financial condition, business and prospects
as Issuer may reasonably request, (iii) keep, and will cause each of its subsidiaries (to the extent such subsidiaries are
deemed Subsidiary Applicants hereunder) to keep, adequate books of record and account; and will permit representatives of Issuer
to visit and inspect (on one Business Day’s notice) any of its properties, to examine and make abstracts from any of its
books and records and to discuss its affairs, finances and accounts with its officers, employees and independent public accountants,
all during normal business hours and as often as reasonably requested, (iv) promptly upon obtaining knowledge of the occurrence
of any Default, notify Issuer thereof in writing, specifying the nature thereof and

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the action Applicant proposes to take with
respect thereto, (v) provide Issuer not less than 30 days’ prior written notice of any change in Applicant’s legal name, Federal
tax identification number (if applicable), state or type of organization or any organization number, (vi) pay and discharge, and
cause each of its subsidiaries to pay and discharge, before the same shall become delinquent, all of its respective material obligations
and liabilities, including any obligation pursuant to any agreement by which it or any of its properties is bound and any tax liabilities,
except where (A) the validity or amount thereof is being contested in good faith by appropriate proceedings diligently pursued,
(B) Applicant or such subsidiary (to the extent such subsidiary is deemed a Subsidiary Applicant hereunder) has set aside on its
books adequate reserves with respect thereto in accordance with generally accepted accounting principles, consistently applied,
and (C) the failure to make such payment pending such contest could not, individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect, (vii) keep and maintain, and cause each of its subsidiaries (to the extent such subsidiaries
are deemed Subsidiary Applicants hereunder) to keep and maintain, all property useful and necessary in its business in good working
order and condition, ordinary wear and tear excepted, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect, (viii) maintain, and cause each of its subsidiaries to maintain,
with financially sound and reputable insurers, insurance in such amounts and against such risks as are customarily maintained by
similarly situated companies under similar circumstances, (ix) engage only in business of the type contemplated by its organizational
documents as in effect on the Effective Date, (x) do or cause to be done, and cause each of its subsidiaries to do or cause to
be done, all things necessary to preserve and keep in full force and effect its legal existence and the rights, licenses, permits,
privileges, authorizations, qualifications and accreditations material to the conduct of its business, in each case if the failure
to do so, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, (xi) use all proceeds,
if any, of the Credits for working capital and general purposes of Applicant, in accordance with Applicant’s organizational documents
and this Agreement; and (xii) maintain each Plan in compliance in all material respects with the applicable provisions of ERISA,
the Code and other federal or state law.

(b)          Negative
Covenants. Applicant will not enter into any material agreement that would be violated or breached by the performance of any
Obligations where such violation or breach would result in a Material Adverse Effect.

16.        Representations
and Warranties; Subsidiary Account Parties.

(a)          Applicant represents
and warrants as of the date of this Agreement and also as of the date of issuance of each Credit (or of any increase or extension
thereof) that: (i) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization
with the power and authority to carry on its business; (ii) its execution, delivery and performance of this Agreement, the other
Loan Documents and any underlying agreement or transaction, (A) are within its powers, (B) have been duly authorized, (C) do not
contravene any charter provision, by-law, resolution, contract or other undertaking binding on it or any of its properties, which
could reasonably be expected to have a Material Adverse Effect, (D) do not violate any domestic or foreign law, rule or regulation,
or any order, writ, judgment, decree, award or permit of any arbitration tribunal, court or other Governmental Authority applicable
to it or any of its properties, which, could reasonably be expected to have a Material Adverse Effect, and (E) do not require any
notice, filing or other action to or by any Governmental Authority (other than those that have been made or obtained and are in
full force and effect); (iii) each of this Agreement and the other Loan Documents is its legal, valid and binding obligation, enforceable
against it in accordance with its terms; (iv) the consolidated balance sheet and statements of income, shareholders’ equity
and cash flows as of and for the fiscal year ended January 3, 2016 for the Applicant present fairly, in all material respects,
the financial condition and results of operations and cash flows of the Applicant and its consolidated subsidiaries as of such
date and for such periods, in accordance with generally accepted accounting principles, consistently applied; (v) except as disclosed
in the Applicant’s filings with the SEC, there is no pending or threatened action or investigation which could reasonably
be expected to have a Material Adverse Effect or which purports to affect the validity or enforceability of this Agreement, the
other Loan Documents or any other agreement supporting or securing the Credit, this Agreement, the other Loan Documents or any
transaction related to the Credit; (vi) neither its granting of any collateral security for the Obligations, nor Issuer’s issuance
of the Credit (or any increase or extension thereof), nor the making of any payment thereunder or the use of any proceeds thereof,
constitutes or will constitute, or be part of, a fraudulent transfer or conveyance by Applicant to anyone (including Issuer and
any Beneficiary) under any applicable law, or exceed (alone or together with any other payments or credit support for any transaction(s)
supported by the Credit) the maximum amount that would be allowed for any claim against Applicant under any applicable subsection
of United States Bankruptcy Code Section 502(b) if Applicant were the subject of any proceeding thereunder; (vii) it is not an
investment company within the meaning of the Investment Company Act of 1940 or, directly or indirectly, controlled by or acting
on behalf of any party which is such an investment company; (viii) immediately after giving effect to the issuance of the Credit
(or any increase or extension thereof), no Default has occurred and is continuing; (ix) [Reserved]; (x) [Reserved];
(xi) no other information furnished by it to Issuer is or shall be materially false or misleading when furnished, provided that,
with respect to projected financial information, Applicant represents only that such information was prepared in good faith based
upon

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assumptions believed to be reasonable at the time and Issuer recognizes and acknowledges that such projected financial information
is not to be viewed as facts and that actual results during the period or periods covered by such projections may differ from the
projected results and such differences may be material; (xii) on the Effective Date and the date of the issuance, amendment, renewal
or extension of each Credit, after giving effect to the transactions contemplated by the Loan Documents occurring on such date,
Applicant will be Solvent; (xiii) neither Applicant nor any subsidiary thereof is engaged principally, or as one of its important
activities, in the business of extending credit for the purpose of purchasing or carrying any margin stock (within the meaning
of Regulation U of the Board), and neither the issuance, amendment, renewal or extension of any Credit nor the use of the proceeds
thereof will violate or be inconsistent with the provisions of Regulations T, U or X of the Board; (xiv); its execution, delivery
and performance hereof constitute private rather than public or government acts; and neither it nor any of its property has any
immunity from jurisdiction of any court or from set-off or any legal process under the laws of the State of New York or the laws
of its jurisdiction of organization; and (xv) as of the date hereof, no ERISA Event has occurred.

(b)          Without limiting
any Obligations of Applicant hereunder, Applicant represents, warrants and agrees as to any Credit issued to support obligations
of a Subsidiary Account Party that: (i) Applicant is duly authorized to act for and bind such Subsidiary Account Party with respect
to such Credit and this Agreement; (ii) such Subsidiary Account Party shall be jointly and severally liable with Applicant for
the reimbursement, indemnification and other obligations, representations, warranties and agreements of Applicant hereunder in
respect of such Credit, but not for the reimbursement, indemnification or other obligations, representations, warranties or agreements
of Applicant hereunder in respect of any Credit not issued to support obligations of such Subsidiary Account Party; (iii) such
Subsidiary Account Party has consented to its being referred to as the “applicant”, “account party”, “client”,
“customer” or “instructing party” at whose request or on whose behalf or for whose account such Credit is issued;
(iv) such Subsidiary Account Party has consented to its not having any rights under this Agreement (including any right to request
that Issuer issue or amend such Credit or that Issuer dispose of any documents presented under such Credit (or any goods represented
thereby) in any particular manner) and to Issuer’s treating Applicant as the sole Person entitled to exercise such rights with
respect to such Credit; (v) such Subsidiary Account Party is a direct or indirect majority-owned subsidiary of Applicant at the
time of issuance of such Credit (or of any increase or extension thereof); (vi) such Subsidiary Account Party is bound by all the
limitations of liability and exculpations in Issuer’s favor contained herein and subject to all the rights and remedies in Issuer’s
favor referred to herein as if it were Applicant; and (vii) Issuer shall not be required to send any notice hereunder to such Subsidiary
Account Party, but if Issuer in its sole discretion chooses to do so, Issuer may send such notice as provided herein care of Applicant
and such notice shall be effective as if given to such Subsidiary Account Party.

17.        Events
of Default. Each of the following shall be an “Event of Default” hereunder: (a) other than as a result
of administrative or technical error and so long as such error is corrected within three Business Days of notification to Applicant
of such error, Applicant’s failure to pay any reimbursement Obligation in respect of any drawing under any Credit within five Business
Days after the same becomes due, (b) Applicant’s failure to pay any other Obligation within 10 Business Days after the date when
due, (c) Applicant’s failure to perform or observe any term or covenant of this Agreement or any other Loan Document (not otherwise
an Event of Default) for more than 30 days after Issuer notifies Applicant in writing of such failure, except where such default
cannot be reasonably cured within 30 days but can be cured within 60 days, Applicant has (A) during such 30-day period commenced
and is diligently proceeding to cure the same and (B) such default is cured within 60 days after the earlier of becoming aware
of such failure and receipt of notice to Applicant from Issuer specifying such failure, (d) Applicant’s breach in any material
respect of any representation or warranty made in this Agreement, any other Loan Document or any document delivered by Applicant
under or in connection with this Agreement, and such inaccuracy is not remedied within 30 days after receipt of notice to Applicant
from Issuer specifying such inaccuracy, (e) (i) Applicant’s failure to pay when due (whether at scheduled maturity, upon acceleration,
or otherwise) and beyond the applicable grace period, any payment in respect of any indebtedness or other obligation (other than
the Obligations) of Applicant to Issuer or another having an aggregate principal amount greater than $50,000,000 (or the equivalent
in any foreign currency), or (ii) the acceleration of the final stated maturity of such indebtedness or other obligation, (f) Applicant’s
repudiation of, or assertion of the unenforceability of, this Agreement, any other Loan Document or any separate security agreement
or other agreement or undertaking supporting this Agreement, or any court or other Governmental Authority shall issue any order,
ruling or determination that this Agreement, any other Loan Document or such other agreement or undertaking is not in full force
and effect, (g) Applicant’s dissolution or termination, (h) Applicant’s (i) merger or consolidation with any third party unless
Applicant is the survivor, (ii) sale, lease or other conveyance of all or substantially all of its assets or business or (iii) agreement
to do any of the foregoing, (i) institution by Applicant of any proceeding under any law relating to bankruptcy, insolvency or
reorganization or relief of debtors or seeking or consenting to the appointment of a liquidator, conservator, custodian, receiver,
rehabilitator, trustee or other similar official for Applicant or for any substantial part of its property, or consent by Applicant
to the institution of, or failure to contest in a timely and appropriate manner, any proceeding described in Section 17(j), or
filing by Applicant of an answer admitting the material allegations of a petition filed against it in any proceeding described
in

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Section 17(j), or Applicant shall take any action for the purpose of effecting any of the foregoing, (j) institution against
Applicant of any proceeding under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or seeking
the appointment of a liquidator, conservator, custodian, receiver, rehabilitator, trustee or other similar official for Applicant
or for any substantial part of its property, and any such proceeding or case shall be unstayed and in effect for more than 90 days,
or an order for relief shall be entered therein, (k) Applicant’s making an assignment for the benefit of creditors, (l) Applicant’s
insolvency or inability generally to pay its debts as they become due, (m) any actual seizure, vesting or intervention by or under
authority of a government by which Applicant’s management is displaced or its authority or control of its business is curtailed,
(n) entry of one or more final judgments having an aggregate amount greater than $50,000,000 (or the equivalent in any foreign
currency) against Applicant which remains unstayed and unsatisfied for more than 30 days, (o) [Reserved], (p) any Change
in Control, (q) an ERISA Event occurs which results in the imposition or granting of security, or the incurring of a liability
that individually or in the aggregate has or would have a Material Adverse Effect; (r) any event, act or condition occurs and is
continuing on or after giving effect to the issuance, amendment, renewal or extension of the Credit which has had or will have
a Material Adverse Effect, or (s) the occurrence of any of the above events with respect to any Person (including any Subsidiary
Account Party) other than Applicant that is liable for or has guaranteed or provided any collateral security for any Obligations.

18.        Remedies.
If any Event of Default shall have occurred and be continuing, Issuer may take any one or more of the following actions: (a) declare
the amount of the Credit and any other Obligations then outstanding or accrued due and payable by Applicant immediately (provided
that if the Event of Default is described in Section 17(i), (j) or (k), then such amount of the Credit and all other Obligations
then outstanding or accrued shall become due and payable immediately and automatically), in which case Applicant shall pay such
amount to Issuer to be applied to pay any matured Obligations and held as cash collateral in a non-interest bearing account for
any contingent Obligations, (b) require Applicant to (and Applicant agrees that it shall) use its best efforts to cause Issuer
to be promptly released from all its obligations under the Credit, (c) by notice to Applicant, declare the obligation of Issuer
to issue (or extend, increase or otherwise amend) Credits to be terminated, whereupon the same shall forthwith terminate, and (d)
exercise any and all other rights and remedies available at law, in equity, or otherwise to secure, collect, enforce or satisfy
the Obligations.

19.        Set-off.
To the fullest extent permitted by law, if any Event of Default shall have occurred and be continuing, Issuer may set off and apply
any and all Deposits against any and all of the Obligations, irrespective of whether such Deposits or Obligations may be unmatured
or contingent or payable at different places or in different currencies. Issuer shall promptly thereafter notify Applicant of any
such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff
or application.

20.        Waiver
of Immunity. Applicant acknowledges that this Agreement is, and the Credit will be, entered into for commercial purposes
of Applicant. To the extent that Applicant or any of its assets has or hereafter acquires any right of sovereign or other immunity
from or in respect of any legal proceedings to enforce or collect upon any Obligation or any other agreement relating to the transactions
contemplated herein, Applicant hereby irrevocably waives any such immunity and agrees not to assert any such right or claim in
any such proceeding.

21.        Notices;
Multiple Applicants; Applicant Status; Interpretation; Severability; Multiple Roles.

(a)          All notices
and other communications under this Agreement shall be sent, if to Applicant or a Subsidiary Applicant that is a party to this
Agreement on the date hereof, to its address or fax number indicated on its signature page to this Agreement, if to any Subsidiary
Applicant that after the date hereof becomes a party to this Agreement, at its address specified in the Adherence Agreement pursuant
to which it became a Subsidiary Applicant, and, if to Issuer, to its address shown above, Attention: Letter of Credit Department,
or by fax to (212) 797-0780, or as to any of the foregoing, to such other address or fax number as it may notify to the other parties
hereto in writing. No such notice shall be effective until actually received by Issuer’s Letter of Credit Department or by Applicant
or Subsidiary Applicant, as applicable, unless the intended recipient fails to maintain, or fails to notify, the other parties
of any relevant change of its name, address or number(s), in which case such notice shall be effective when sent in accordance
with this Agreement. Notices and other communications hereunder, including a signed application for a Credit, may also be delivered
or furnished by other methods of electronic communications such as email; provided that, unless otherwise agreed in writing
by Applicant, Subsidiary Applicants, if any, and Issuer, the recipient thereof shall have the option in its sole discretion whether
or not to treat it as received and effective under this Agreement.

(b)          If this Agreement
is signed by two or more Persons as “Applicants”, (i) each shall be deemed an “Applicant” hereunder and be
jointly and severally liable for all the Obligations, (ii) the release, waiver, instruction or consent of any Applicant shall be
sufficient to bind each Applicant with respect to this Agreement, the Credit or any claims arising under or in connection with
this Agreement or the Credit, (iii) any Event of Default, regardless of fault, shall be deemed an Event of Default as to all Applicants,
(iv) delivery by Issuer of any document, notice or other communication to any Applicant shall be deemed delivery to each Applicant,
and (v) the liability of any Applicant hereunder may from time

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to time, in whole or in part, be extended, modified, released or
reduced by Issuer without affecting or releasing any liability of any other Applicant. Each Applicant agrees that its obligations
hereunder are primary, waives all discharge defenses available to a secondary obligor, and forgoes negotiation of a separate guaranty
and security agreement providing for secondary liability to Issuer.

(c)          Issuer may treat
each Person that signs this Agreement and each other Person authorized to act generally for Applicant or specifically in the matter
as actually authorized to act for Applicant in amending this Agreement, in authorizing Issuer to issue or amend the Credit, waive
any discrepancy, pay or otherwise act under the Credit, in receiving any notice (including service of process) in connection with
this Agreement, and in agreeing to indemnify Issuer for any action or inaction taken or proposed. Any change in the identity of
Persons authorized to act for Applicant shall be ineffective until notified in writing to Issuer.

(d)          Each Person
identified in this Agreement as an Applicant represents and warrants that (i) it acts for itself in requesting issuance of
the Credit for its account, or it acts for a Subsidiary Account Party in requesting issuance of the Credit for such Subsidiary
Account Party, and (ii) it may be identified in the Credit as an “applicant”, “account party”, “client”,
“customer” or “instructing party” at whose request and on whose behalf or for whose account the Credit is issued.

(e)          In this Agreement:
(i) headings are included only for convenience and are not interpretative; (ii) the term “including” means “including
without limitation”; (iii) references to actions Issuer “may” take or omit to take mean “may in its sole discretion”;
(iv) unless the context requires otherwise, references herein to Sections shall be construed to refer to Sections of this Agreement;
and (v) references to any laws or rules include any amendments thereto or successor or replacement laws or rules.

(f)          If any provision
of this Agreement is held illegal or unenforceable, the validity of the remaining provisions shall not be affected.

(g)          Applicant acknowledges
and agrees that (i) Issuer and its affiliates offer a wide range of financial and related services, which may at any time include
back-office processing services on behalf of financial institutions, letter of credit beneficiaries, and other customers; (ii)
some of these customers may be Applicant’s counter-parties or competitors; and (iii) Issuer and its affiliates may perform more
than one role in relation to the Credit.

22.          Successors
and Assigns; Etc. This Agreement shall be binding upon Applicant and its successors and assigns, and shall inure to
the benefit of and be enforceable by Issuer and its successors and assigns. Applicant agrees that delivery of a signed copy or
signature page of this Agreement by any electronic means that reproduce an image of the signed signature page shall be as effective
as delivery of a manually signed original of this Agreement. Applicant shall not transfer or otherwise assign any of its rights
or obligations under this Agreement without Issuer’s prior written consent. Issuer may transfer or otherwise assign its rights
and obligations under this Agreement, in whole or in part, with the prior written consent of Applicant (which shall not be unreasonably
withheld); provided that if an Event of Default has occurred and is continuing, the consent of Applicant shall not be required.
Issuer may grant participations in its rights and obligations under this Agreement or the Credit, in whole or in part, without
the consent of Applicant, provided that (i) Issuer’s obligations under this Agreement and the other Loan Documents shall
remain unchanged, (ii) Issuer shall remain solely responsible to Applicant for the performance of such obligations and (iii) Applicant
shall continue to deal solely and directly with Issuer in connection with Issuer’s rights and obligations under this Agreement
and the other Loan Documents. Applicant acknowledges that information pertaining to Applicant as it relates to the Credit, this
Agreement or any other Loan Document may be disclosed to actual or prospective participants, transferees or assignees. This Agreement
shall not be construed to confer any right or benefit upon any Person other than Issuer, the Indemnified Parties and Applicant
and their respective successors and permitted assigns, and no such Person shall be deemed a third-party beneficiary hereof, except
that Applicant’s obligations under Sections 5 and 19 may be enforced directly against Applicant by a participant; provided
that such enforcement shall not increase the amount of the Obligations.

23.        Modification;
No Waiver. None of the terms of this Agreement may be waived, terminated or amended orally, by course of dealing, or
otherwise, except in a writing signed by the party against whose interest the term is waived, terminated or amended; provided
that the signature of the undersigned Applicant shall also be binding upon each of its affiliates that at any time is bound by
any of the provisions of this Agreement. Forbearance, failure or delay by Issuer in the exercise of a right or remedy shall not
constitute a waiver, nor shall any exercise or partial exercise of any right or remedy preclude any further exercise of that or
any other right or remedy. Any waiver or consent by Issuer shall be effective only in the specific instance and for the specific
purpose for which it is given.

24.        Entire
Agreement; Remedies Cumulative. This Agreement constitutes the entire agreement between the parties hereto concerning
the subject matter hereof and supersedes all prior or simultaneous agreements, written or oral, with respect to the subject matter
hereof. All rights and remedies of Issuer and all obligations of Applicant under or in

    13

    	 

    

connection with this Agreement and any other
documents delivered in connection with this Agreement are cumulative and in addition to those provided or available at equity or
under any applicable law.

25.        Reduction
of Maximum Commitment Amount; Continuing Agreement; Termination.

(a)          Upon at least
three Business Days’ prior written notice, Applicant shall have the right, at any time or from time to time, without premium or
penalty, to terminate this Agreement or partially reduce the Maximum Commitment Amount; provided that (i) any partial reduction
pursuant to this Section 25(a) shall be in an amount of at least $5,000,000 or, if greater, in integral multiples of $1,000,000
and (ii) Applicant shall not terminate this Agreement or reduce the Maximum Commitment Amount if, after giving effect thereto and
any concurrent payment of Obligations made by Applicant, the total Letter of Credit Exposure would exceed the Maximum Commitment
Amount.

(b)          This is a continuing
agreement and shall remain in full effect until the earliest (such earliest date, the “Final Termination Date”)
of (i) the Scheduled Termination Date, (ii) delivery by each Issuer to Applicant of a written notice of termination specifically
referring to this Agreement as a result of the occurrence of an Event of Default in accordance with Section 18 and (iii) Applicant’s
delivery to Issuer of a written notice of termination specifically referring to this Agreement in accordance with Section 25(a).
Termination shall not release Applicant from any liability for Obligations existing on such date, or resulting from or incidental
to a Credit issued on or before such date or issued pursuant to any Issuer commitment existing on such date. Upon termination of
this Agreement, (i) Applicant shall cease to request the issuance of any further Credit hereunder or any increase or extension
of any outstanding Credit hereunder and (ii) Issuer shall have all the rights and remedies provided in Section 18. Provisions of
this Agreement relating to Taxes, indemnities, payment of costs and expenses, exculpations and limitations on liability, waivers
of immunity, jurisdiction, and waiver of trial by jury shall survive any termination of this Agreement, expiration of the Credit,
and irrevocable and final payment of all the Obligations.

26.        Governing
Law; Practice; UCP; ISP; URDG.

(a)          This Agreement
and the rights and obligations of the parties under or in connection with this Agreement shall be governed by and subject to the
laws of the State of New York applicable to contracts made and to be performed in such State (including New York General Obligations
Law Section 5-1401) and applicable federal laws of the United States of America. In the event that the Credit expressly chooses
a state or country law other than the State of New York, Applicant shall be obligated to reimburse Issuer for payments made under
the Credit if such payment is justified under New York law or such other law.

(b)          Unless Applicant
specifies otherwise in its application for the Credit, Issuer at its option may issue the Credit subject to the UCP, the ISP
or the URDG, or such later supplement to or revision of any thereof as is in effect at the time of issuance of the Credit (collectively,
the “Practices”). Issuer’s rights and remedies under the Practices shall be in addition to, and not in limitation of,
those expressly provided herein. 

(c)          To the extent
permitted by applicable law, (i) this Agreement shall prevail in case of conflict with the Practices or the UCC and (ii) the Practices
shall prevail in case of conflict between the Practices and the UCC.

27.        Jurisdiction;
Service of Process; Enforcement.

(a)          Applicant
consents and submits to the non-exclusive jurisdiction of any state or federal court sitting in New York County, in the State of
New York, for itself and in respect of any of its property, in any action or proceeding arising under or in connection with the
Credit, this Agreement or any other Loan Document. If the law of any jurisdiction other than the State of New York has been chosen
to govern the Credit or governs in the absence of an express choice of governing law, Applicant also consents and submits to the
non-exclusive jurisdiction of any court sitting in such jurisdiction, in any action or proceeding arising under or in connection
with this Agreement or the Credit. Applicant agrees not to bring any action or proceeding against Issuer that arises under or in
connection with the Credit, this Agreement or any other Loan Document in any court or other forum not described in the first sentence
of this paragraph. Applicant waives any objection to venue or any claim of forum non conveniens with respect to any action or proceeding
in any court described in this paragraph. 

(b)          Applicant
agrees that any service of process may be served upon it by Issuer by mail or hand delivery if sent to the address for notices
to Applicant under this Agreement or to the Person designated on the signature page(s) of this Agreement as “Applicant’s
Authorized Agent,“ which Person Applicant now designates as its authorized agent for the service of process. 

(c)          Nothing in
this Agreement shall affect Issuer’s right to serve process in any other manner permitted by law or to commence legal proceedings
or otherwise proceed against Applicant in any other

    14

    	 

    

jurisdiction. Applicant agrees that final judgment against it in any action
or proceeding shall be enforceable in any other jurisdiction within or outside the United States of America by suit on the judgment,
a certified copy of which shall be conclusive evidence of the judgment.

[SIGNATURE PAGE FOLLOWS]

    15

    	 

    

 

28.          JURY
TRIAL WAIVER. EACH OF APPLICANT AND ISSUER WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM, COUNTERCLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF THE CREDIT, THIS AGREEMENT, ANY OTHER LOAN DOCUMENT, OR ANY DEALINGS WITH ONE ANOTHER RELATING
TO THE SUBJECT MATTER OF THIS AGREEMENT.

Very truly yours,

 

	Applicant:
	 
	SunPower Corporation
	(Print Name of Applicant)
	 	 
	By:	/s/ Ada Kwan
	 	(Signature of Authorized Signer)
	 	Ada Kwan
	 	(Print Name of Authorized Signer)
	 	Treasurer
	 	(Title of Authorized Signer)

	Address for notices, etc. to Applicant:
	 
	77 Rio Robles
	San Jose, CA 95134

	Attention:	 Ada Kwan

	Telephone number:	 408-240-5500

	Fax number:	 408-240-5400

 

	Applicant’s jurisdiction
of organization, organization type & organizational number (if applicable):  Delaware; Corporation; State
	File No. 3808702
	 

 

	Applicant’s Social Security or Federal tax identification number (if applicable): 	##-#######

 

Applicant’s Authorized Agent (for service of process per Section
27(b)):

 

	Print Name:  	The Corporation Trust Center

 

	Complete Address:  	Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, United States
	(which must be in the State of New York)

 

	Subsidiary Applicant:
	 
	SunPower Corporation, Systems
	(Print Name of Subsidiary Applicant)
	 	 
	By:   	/s/ Ada Kwan
	 	(Signature of Authorized Signer)
	 	Ada Kwan
	 	(Print Name of Authorized Signer)
	 	Treasurer
	 	(Title of Authorized Signer)

	Address for notices, etc. to Subsidiary Applicant:
	77 Rio Robles
	San Jose, CA 95134

	Attention:   	Ada Kwan

	Telephone number:  	408-240-5500

	Fax number:  	408-240-5400

	ACCEPTED AND AGREED TO:	ACCEPTED AND AGREED TO:
	 	 
	DEUTSCHE BANK AG	DEUTSCHE BANK
	NEW YORK BRANCH	TRUST COMPANY AMERICAS
	 	 
	 	 
	By: 	/s/ Prashant Mehra	 	By: 	/s/ Prashant Mehra	 
	Name: Prashant Mehra	Name: Prashant Mehra
	Title: Director	Title: Director

 

	By: 	/s/ Christopher J. Shaw	 	By: 	/s/ Christopher J. Shaw	 
	Name:  Christopher J. Shaw	Name:  Christopher J. Shaw
	Title:  Vice President	Title:  Vice President

 

    

    	 

    

 

EXHIBIT
A to Continuing Agreement for Standby Letters of Credit and Demand Guarantees dated June 29, 2016 made by SunPower Corporation
(and, if applicable, one or more other parties) in favor of Deutsche Bank AG New York Branch and Deutsche Bank Trust Company Americas

 

ADHERENCE AGREEMENT FOR SUBSIDIARY APPLICANTS

 

	Deutsche Bank AG New York Branch and	
	Deutsche Bank Trust Company Americas	(insert date)
	60 Wall Street	 
	New York, New York 10005-2858	 

		Re:	Continuing Agreement for Standby Letters of Credit and Demand Guarantees dated June 29, 2016 among (insert Applicant’s
name) SunPower Corporation (and, if applicable, one or more other parties), Deutsche Bank AG New York Branch and Deutsche
Bank Trust Company Americas (as amended, supplemented or otherwise modified from time to time, the “Agreement”)

Ladies and Gentlemen:

Capitalized terms
used but not otherwise defined herein shall have the respective meanings assigned thereto in the Agreement.

We hereby agree to
be a Subsidiary Applicant upon the terms and subject to the conditions set forth in the Agreement, including, without limitation,
that pursuant to Section 4(f) of the Agreement we shall be jointly and severally liable with Applicant to Issuer for all the reimbursement,
indemnification and other obligations, representations, warranties and other agreements of Applicant in respect of any Credit requested
by us.

Except as expressly
modified by this letter, all provisions of the Agreement remain in full force and effect. This letter shall be governed by the
laws of the State of New York, without regard to principles of conflict of laws. This letter shall become effective as of the date
hereof.

 

	 
	Address:
	 	 
	Attention:	 	 
	Telephone: 	 	 
	Facsimile:	 	 

	Very truly yours,
	 
	(Name of Subsidiary Applicant)
	 
	By: 	 
	Name:

Title:

 

	ACCEPTED AND AGREED:
	 
	(Name of Applicant)
	 
	By:	 
	Name:
	Title:

 

	DEUTSCHE BANK AG NEW YORK BRANCH	 	DEUTSCHE BANK TRUST COMPANY AMERICAS
	 	 	 
	By:	 	 	By:	 
	Name:

Title:	 	Name:

Title:
	 	 	 
	By:	 	 	By:	 
	Name: 

Title:	 	Name: 

Title:

 

    

    	 

    

 

EXHIBIT
B to Continuing Agreement for Standby Letters of Credit and Demand Guarantees dated June 29, 2016 made by SunPower Corporation
(and, if applicable, one or more other parties) in favor of Deutsche Bank AG New York Branch and Deutsche Bank Trust Company Americas

 

NOTICE OF TERMINATION

 

Reference is made
to the Continuing Agreement for Standby Letters of Credit and Demand Guarantees dated June 29, 2016 among (insert Applicant’s
name) SunPower Corporation (and, if applicable, one or more other parties), Deutsche Bank AG New York Branch and Deutsche
Bank Trust Company Americas (as amended, supplemented or otherwise modified from time to time, the “Continuing Agreement”;
capitalized terms used but not otherwise defined herein shall have the respective meanings assigned thereto in the Continuing Agreement).

 

Applicant hereby
notifies Issuer that (insert applicable Subsidiary Applicant’s name) _____________________ (the “Terminating Subsidiary
Applicant”) shall cease to be a “Subsidiary Applicant” under the Continuing Agreement.

 

Applicant acknowledges
and agrees that notwithstanding the preceding sentence, this Notice of Termination will not become effective until such time as
all Obligations of Terminating Subsidiary Applicant shall have been paid in full in cash and all Credits issued at the request
of Terminating Subsidiary Applicant shall have expired without any pending drawing or terminated; provided that this Notice
of Termination shall be effective as of the date hereof to terminate Terminating Subsidiary Applicant’s right to request the issuance
of any new Credits under the Continuing Agreement or any increase in the amount of any other Credit.

 

	Dated as of: _________, 20__	 	 	 	 
	 	 	(Name of Applicant)
	 	 	 
	 	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

    

    	 

    

 

	Deutsche
Bank	

 

Letter of Credit or Demand Guarantee number: _________________

 

APPLICATION FOR IRREVOCABLE STANDBY LETTER
OF CREDIT OR DEMAND GUARANTEE 

UNDER CONTINUING AGREEMENT FOR STANDBY LETTERS OF CREDIT
AND DEMAND GUARANTEES

 

	
        Applicant (Full name and address):

         

        

         

         
	
        Issuing Bank:

        Deutsche Bank AG New York Branch or

        Deutsche Bank Trust Company Americas

        60 Wall Street

        New York, New York 10005
	 
	
    Date of Application:
                               	
        Expiry Date:

        Place of Expiry:
	 
	
                

	 ☐Issue
  by (air) mail           ☐ with
  brief advice by

      teletransmission

         

        ☐Issue
by teletransmission 

        ☐Issue
by courier 

        ☐Applicant
to arrange pick-up 

        ☐Issue
        by other (specify):

         
	
	
        Beneficiary (Full name and address):

        

         
	 
	Name and Jurisdiction of Organization of any Subsidiary Account Party for this Credit (or specify “None”):	 
	
        Confirmation of the Credit:

        ☐not
        requested          ☐ requested           ☐
        authorized if requested by Beneficiary

         
	Currency and Amount in Figures and Words (Please use ISO Currency Codes):	 
	☐   Credit to be issued with the terms and conditions set forth in the attached specimen.	 	 
	
        Credit available against the document(s) detailed herein:

        ☐Beneficiary’s
        sight draft(s) drawn on Issuing Bank

         

        

        ☐Original
        Credit and any and all amendments to the Credit

         

        ☐Beneficiary’s
        signed and dated statement, reading as follows:

         

        ☐Other
        documents (specify issuer(s) and data content):

         
	 
	
        Credit to be issued subject to (check one):

        ☐ International
Standby Practices 1998, International Chamber of Commerce Publication No. 590 (ISP98), or such later revision thereof as may be
in effect when the Credit is issued.

        ☐ Uniform
Customs and Practice for Documentary Credits, 2007 Revision, International Chamber of Commerce Publication No. 600 (UCP 600),
or such later revision thereof as may be in effect when the Credit is issued.

        ☐ Uniform
Rules for Demand Guarantees, 2010 Revision, International Chamber of Commerce Publication No. 758.
	 
	☐See attached for additional instructions  	☐ Check if only a single drawing for all or a portion of the amount of the Credit is permitted	 
	
        The undersigned requests you to issue your irrevocable letter of credit, demand
        guarantee or similar undertaking (herein called the “Credit”), substantially in accordance with these instructions
        (marked (x) where appropriate). The undersigned agrees to be bound in respect of the Credit by the terms and conditions
        of the Continuing Agreement for Standby Letters of Credit and Demand Guarantees dated ______________________, as amended, supplemented
        or otherwise modified from time to time, made by the undersigned (and, if applicable, one or more other parties) to Deutsche Bank
        AG New York Branch and Deutsche Bank Trust Company Americas (which Agreement you may have received by fax transmission). The undersigned
        represents and warrants to you that (i) no Event of Default (as defined in such Agreement) or other event that with notice or lapse
        of time or both would constitute such an Event of Default has occurred and is continuing or would result from the issuance of the
        requested Credit and (ii) all representations and warranties contained in such Agreement are true and correct in all material respects
        as of the date hereof and shall be true and correct in all material respects immediately after issuance of the requested Credit.

         

        Applicant or Subsidiary Applicant’s Name:

         

        By: ________________________________________

              Print Name: 

              Title:
	 

 

THIS IS AN IMPORTANT LEGAL DOCUMENT. CONSULT WITH YOUR LEGAL COUNSEL.Exhibit
10.64

 

EXECUTION VERSION 

	 

LETTER
OF CREDIT FACILITY AGREEMENT

dated
as of June 29, 2016

among

SUNPOWER
CORPORATION,

SUNPOWER
CORPORATION, SYSTEMS,

TOTAL
S.A.,

the
SUBSIDIARY APPLICANTS parties hereto from time to time,

and

THE
BANK OF TOKYO-MITSUBISHI UFJ, LTD.  

	 

 

     

     

    

  

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I
	DEFINITIONS AND INTERPRETATION
	1
	1.01	Certain Defined Terms	 	1
	1.02	Computation of Time Periods	 	10
	1.03	Other Definitional Provisions	 	10
	1.04	Accounting Terms and Determinations	 	10
	1.05	Exchange Rates	 	10
	 	 	 	 
	ARTICLE II
	AMOUNTS AND TERMS OF LETTERS OF CREDIT
	10
	2.01	The Letters of Credit	 	10
	2.02	Issuance; Extensions; Etc.	 	11
	2.03	Reimbursement Obligations	 	13
	2.04	Termination or Reduction of Commitment	 	14
	2.05	Fees	 	14
	2.06	Increased Costs and Capital Adequacy	 	15
	2.07	Payments and Computations	 	16
	2.08	Taxes	 	17
	2.09	Use of Letters of Credit	 	19
	2.10	Certain Provisions Relating to the Bank as Issuer of LOCs	 	19
	2.11	Currency Indemnity	 	20
	2.12	Subsidiary Applicants	 	20
	2.13	Parent Guaranty	 	21
	2.14	Cash Collateralization	 	21
	2.15	Company Guaranty	 	21
	 	 	 	 
	ARTICLE III
	CONDITIONS
	23
	3.01	Conditions Precedent to Closing Date	 	23
	3.02	Conditions Precedent to Each Issuance, Extension or Increase of an LOC	 	23
	 	 	 	 
	ARTICLE IV
	REPRESENTATIONS AND WARRANTIES
	24
	4.01	Existence, Etc.	 	24
	4.02	Authority and Authorization	 	24
	4.03	Approvals	 	25
	4.04	Enforceability	 	25
	4.05	Litigation	 	25
	4.06	Compliance with Certain Acts	 	25
	4.07	Investment Company Act	 	25
	4.08	Compliance with Laws and Agreements	 	25
	4.09	Anti-Corruption Laws and Sanctions	 	25
	4.10	No Event of Default	 	26

 

    -i- 

     

    

 

TABLE OF CONTENTS

(continued) 

	 	 	 	Page
	 	 	 	 
	ARTICLE V
	

COVENANTS

	26
	5.01	Information	 	26
	5.02	Existence	 	27
	5.03	Compliance with Laws	 	27
	5.04	Inspection of Property, Books and Records	 	27
	5.05	Anti-Corruption Laws and Sanctions	 	27
	 	 	 	 
	ARTICLE VI
	EVENTS OF DEFAULT
	27
	6.01	Events of Default and Their Effect	 	27
	6.02	Actions in Respect of the Letters of Credit upon Event of Default	 	29
	 	 	 	 
	ARTICLE VII
	MISCELLANEOUS
	30
	7.01	Amendments, Etc.	 	30
	7.02	Notices, Etc.	 	30
	7.03	No Waiver; Remedies	 	30
	7.04	Costs and Expenses	 	30
	7.05	Binding Effect	 	31
	7.06	Assignments and Participations	 	31
	7.07	Execution in Counterparts	 	32
	7.08	Severability	 	32
	7.09	Confidentiality	 	32
	7.10	Patriot Act	 	32
	7.11	Waiver of Immunity	 	33
	7.12	Jurisdiction, Etc.	 	33
	7.13	Governing Law	 	33
	7.14	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	 	33

SCHEDULES AND EXHIBITS 

Schedule I   Subsidiary Account Parties

Schedule II   Subsidiary
Applicants

Schedule III  Existing Letters of Credit

 

	Exhibit A	Form of Assignment and Assumption
	Exhibit B	Form of LOC Request
	Exhibit C	Form of Adherence Agreement
	Exhibit D	Form of Parent Guaranty
	Exhibit E	Form of Request re Subsidiary Account Party

  

    -ii- 

     

    

 

LETTER
OF CREDIT FACILITY AGREEMENT

 

This
LETTER OF CREDIT FACILITY AGREEMENT (this “Agreement”) dated as of June 29, 2016 is made by and among SunPower
Corporation, a Delaware corporation (the “Company”), SunPower Corporation, Systems, a Delaware corporation
(“Systems”), Total S.A., a société anonyme organized under the laws of the Republic of France
(the “Parent Guarantor”), the Subsidiary Applicants parties hereto from time to time, and The Bank of Tokyo-Mitsubishi
UFJ, Ltd. (acting out of any of its branches, the “Bank”).

The
Company has requested that the Bank provide a letter of credit facility to the Company and the other Applicants, and the Bank
is willing to do so on the terms and subject to the conditions set forth herein.

In
consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE
I

DEFINITIONS AND INTERPRETATION

1.01        Certain
Defined Terms. As used in this Agreement, the following terms shall have the following meanings:

“Adherence
Agreement” means an agreement substantially in the form of Exhibit C among a Subsidiary, the Company and
the Bank, pursuant to which such Subsidiary becomes a Subsidiary Applicant hereunder.

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

“Agreement”
has the meaning given thereto in the preamble.

“Alternate
Currency” means any currency (other than dollars) that is freely tradable and exchangeable into dollars in the London
market and approved in writing as an Alternate Currency by the Company and the Bank, in their reasonable discretion.

“Alternate
Currency Exposure” means, at any time, the Dollar Equivalent of the sum (without duplication) at such time of (a) the
aggregate outstanding amount of all Alternate Currency LOC Disbursements, (b) the aggregate Available Amounts of all Alternate
Currency LOCs, and (c) the aggregate Available Amounts of all Alternate Currency LOCs that have been requested by the Applicants
to be issued hereunder but have not yet been so issued.

“Alternate
Currency LOC” means an LOC denominated in an Alternate Currency.

“Applicant”
means each of the Company, Systems and each other Subsidiary Applicant.

     

     

    

“Assignment
and Assumption” means an assignment and assumption entered into by the Bank and an Eligible Assignee in accordance with
Section 7.06 and in substantially the form of Exhibit A or any other form approved by the Bank.

“Available
Amount” means, at any time with respect to any LOC, the maximum amount available to be drawn under such LOC under any
circumstance at such time or thereafter, giving effect to any scheduled increases in accordance with the terms of such LOC, including
any amount that has been the subject of a drawing by the applicable Beneficiary prior to the expiration or termination of such
LOC but has not yet been paid or refused by the Bank.

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution.

“Bail-In
Legislation” means, 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 for such EEA Member Country from time to time which
is described in the EU Bail-In Legislation Schedule.

“Bankruptcy
Law” means Title 11, U.S. Code, as amended from time to time, and any successor statute or statutes, or any similar
foreign, federal, or state law for the relief of debtors.

“Bank”
has the meaning given thereto in the preamble.

“Base
Rate” means a fluctuating interest rate per annum equal at any time to the higher of (a) the sum of the Federal Funds
Rate plus 0.5% or (b) the “Prime Rate” as announced from time to time in the so called money rates section of the
United States Edition of The Wall Street Journal. Each change in such Prime Rate shall be effective from and including the date
such change is publicly announced as being effective.

“Beneficiary”
means, at any time, any beneficiary of any LOC, including any second or substitute beneficiary or transferee under a transferable
LOC and any successor of a beneficiary by operation of law.

“Block
Notice” means a Notice of Block (as defined in the Parent Guaranty) delivered by the Parent Guarantor pursuant to the
Parent Guaranty suspending the right of the Company or a Subsidiary Applicant to obtain LOCs hereunder.

“Business
Day” means a day of the year on which banks are authorized by law to be open for business (other than a Saturday or
Sunday) in New York, New York and Paris, France.

“Calculation
Date” means (a) each date on which an Alternate Currency LOC is issued or is increased, renewed, or extended by amendment
and (b) the first Business Day of each calendar month.

“Change
in Law” means (a) the adoption of any treaty, international agreement, law, rule, or regulation after the date of this
Agreement, (b) any change in any treaty, international agreement, law, rule, or regulation or in the interpretation or application
thereof by any Governmental Authority after the date of this Agreement, or (c) compliance by the Bank (or, for purposes of Section
2.06(b), by any Lending Office of the Bank or by the corporation controlling the Bank, if any) with any request, guideline,
or directive (whether or not having the force of law) of any Governmental Authority (provided that compliance with such request,
guideline, or directive is in accordance with the general practice of the Bank) made or issued after the date of this Agreement;
provided, however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all

     2

     

    

requests,
rules, regulations, guidelines or directives thereunder or issued in connection therewith or in implementation thereof and (ii)
all requests, rules, guidelines, requirements and 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 referred to in clause (i) or (ii) be deemed to be a “Change in Law”,
regardless of the date enacted, adopted or issued.

“Closing
Date” means the first date on which the conditions set forth in Article III shall have been satisfied (or waived
in accordance with Section 7.01).

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and any references to any Code section shall include references
to the Treasury Regulations promulgated thereunder.

“Commitment”
means the commitment of the Bank to issue LOCs hereunder in an amount equal to the Commitment Amount.

“Commitment
Amount” means, at any time of determination, $75,000,000, as such amount may be reduced at or prior to such time pursuant
to Section 2.04.

“Commitment
Fee” means the unused commitment fee, which shall accrue during the period from and including the Closing Date to but
excluding the date on which such Commitment terminates at the rate of six (6) basis points (0.06%) per annum on the then applicable
daily unused Commitment Amount of the Bank.

“Company”
has the meaning given thereto in the preamble.

“Confidential
Information” means all information that the Company or any Affiliate thereof furnishes to the Bank that is identified
as confidential, but does not include any such information that is or becomes generally available to the public other than as
a result of a breach by the Bank of its obligations hereunder or that is or becomes available to the Bank from a source other
than the Company or an Affiliate thereof that is not, to the best of the Bank’s knowledge, acting in violation of a confidentiality
agreement with the Company or any Affiliate thereof.

“Constituent
Documents” means, with respect to any entity, its constituent, governing, or organizational documents, including (a)
in the case of a limited partnership, its certificate of limited partnership and its limited partnership agreement, (b) in the
case of a limited liability company, its certificate of formation or organization and its operating agreement or limited liability
company agreement, as applicable, and (c) in the case of a corporation, its articles or certificate of incorporation and its by-laws
and any shareholders agreement, as applicable.

“Credit
Exposure” means, at any time, the Dollar Equivalent of the sum (without duplication) at such time of (a) the aggregate
outstanding amount of all LOC Disbursements, (b) the aggregate Available Amounts of all LOCs, and (c) the aggregate Available
Amounts of all LOCs that have been requested by the Applicants to be issued hereunder but have not yet been so issued.

“Credit
Parties” means, collectively, the Applicants and the Company.

“CVSR
Project” means the California Valley Solar Ranch in San Luis Obispo County, California.

     3

     

    

“Dollar
Equivalent” means, on any date of determination, (a) with respect to any amount in dollars, such amount, and (b) with
respect to any amount in an Alternate Currency, the equivalent amount of dollars of such amount based on the “Euro foreign
exchange reference rate” and such other foreign exchange reference rate published by the European Central Bank as may be
necessary to convert the applicable currency from such currency to euros (if necessary) and from euros to dollars determined by
the Bank pursuant to Section 1.05(b) using the Exchange Rate with respect to such Alternate Currency at the time in effect
under the provisions of such Section.

“dollars”
or “$” refers to lawful money of the United States of America.

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which
is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent
of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

“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.

“Eligible
Assignee” means (a) an Affiliate of the Bank, or (b) a commercial bank, a savings bank, or other financial institution
that, so long as there then exists no Event of Default, is approved by the Company (such approval not to be unreasonably withheld);
provided that neither the Company nor any Affiliate thereof shall qualify as an Eligible Assignee.

“Equity
Interests” means shares of capital stock, general or limited partnership interests, membership interests in a limited
liability company, beneficial interests in a trust, or other equity ownership interests in a Person, and any warrants, options,
or other rights entitling the holder thereof to purchase or acquire any such equity interest.

“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.

“euro”
means the official currency of the European Union.

“Event
of Default” has the meaning specified in Section 6.01.

“Exchange
Act” means the United States Securities Exchange Act of 1934, as amended from time to time, and any successor statute
or statutes.

“Exchange
Rate” means on any day, with respect to any Alternate Currency, the rate at which such Alternate Currency may be exchanged
into dollars, as set forth at approximately 11:00 a.m. (New York City time) on such day based on the “Euro foreign exchange
reference rate” and such other foreign exchange reference rate published by the European Central Bank. In the event that
such rate does not appear on such website, the Exchange Rate shall be determined by reference to such other publicly available
service for displaying exchange rates as may be agreed upon in writing by the Bank and the Company, or, in the absence of such
agreement, such Exchange Rate shall instead be the arithmetic 

     4

     

    

average
of the spot rates of exchange of the Bank in the market where its Alternate Currency exchange operations in respect of such Alternate
Currency are then being conducted, at or about 11:00 a.m., local time, on such date for the purchase of dollars for delivery two
(2) Business Days later; provided that if at the time of any such determination, for any reason, no such spot rate is being
quoted, the Bank, after consultation with the Company, may use any reasonable method it deems appropriate to determine such rate,
and such determination shall be conclusive absent manifest error.

“Existing
Facility” means the letter of credit facility established pursuant to the Letter of Credit Facility Agreement dated
as of August 9, 2011 among the Company, the Parent Guarantor, the subsidiary applicants parties thereto from time to time, the
banks parties thereto from time to time, and Deutsche Bank AG New York Branch, as issuing bank and as administrative agent.

“Existing
LOCs” means the letters of credit described on Schedule III.

“Facility”
means the letter of credit facility established pursuant to this Agreement.

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), and any regulations or official interpretations thereof.

“Federal
Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the
weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight federal funds transactions
with members of the Federal Reserve System arranged by federal funds brokers, 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 (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for
such day for such transactions received by the Bank from three (3) federal funds brokers of recognized standing selected by the
Company.

“Final
LOC Expiration Date” means March 31, 2020.

“GAAP”
means generally accepted accounting principles as in effect from time to time in the United States of America.

“Governmental
Authority” means any supra-national body, the government of the United States of America, any other nation or any political
subdivision of any 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.

“Indemnified
Party” has the meaning specified in Section 7.04(b).

“Internal
Revenue Code” means the United States Internal Revenue Code of 1986, as amended from time to time, and any successor
statute or statutes.

“IRS”
means the United States Internal Revenue Service.

“Judgment
Currency” has the meaning specified in Section 2.11(b).

“Judgment
Currency Conversion Date” has the meaning specified in Section 2.11(b).

     5

     

    

“LComm”
means the large commercial portion of the distributed generation business segment of the Company with projects sold directly to
a commercial end-user and not via a dealer.

“Lending
Office” means the office of the Bank that is to make and receive payments hereunder as specified to the Bank from time
to time.

“Loan
Documents” means, collectively, this Agreement, the Parent Guaranty, each LOC Request and each other instrument or agreement
made or entered into by the Company or any other Applicant with or in favor of the Bank in connection with this Agreement or the
transactions contemplated hereby, and any supplements or amendments to or waivers of any of the foregoing executed and delivered
from time to time.

“LOC”
means each standby letter of credit issued hereunder in such form as the Bank may approve in its reasonable discretion and each
Existing LOC.

“LOC
Disbursement” means the making of any payment by the Bank under an LOC in the amount of such payment.

“LOC
Fee” means, as to the Bank, a participation fee with respect to its participations in LOCs which shall accrue at the
rate of twenty (20) basis points (0.20%) per annum for LOCs with a tenor of less than two years and (ii) twenty-five (25) basis
points (0.25%) per annum for LOCs with a tenor of greater than or equal to two years, in each case on the Dollar Equivalent of
the actual amount of the Bank’s Credit Exposure for each day during the period from and including the Closing Date through
and including the later of the date on which the Bank’s Commitment terminates and the date on which the Bank ceases to have
any Credit Exposure.

“LOC
Related Documents” means, collectively, any Loan Document, any LOC Request, any LOC, or any other agreement or instrument
relating thereto.

“LOC
Request” means a written request substantially in the form of Exhibit B.

“Material
Adverse Effect” means a material adverse effect on (a) the business, financial condition, operations or properties of
the Company and its Subsidiaries, taken as a whole, (b) the validity or enforceability of any of the Loan Documents, or (c) the
ability of the Company or any other Applicant to perform their obligations, taken as a whole, under the Loan Documents.

“Non-Controlled
Subsidiary” means, at any time, any Subsidiary not controlled by the Company. The term “control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

“Obligations”
means all obligations, liabilities, and Indebtedness of every nature of each Applicant from time to time owing to the Bank under
or in connection with this Agreement or any other Loan Document, in each case whether primary, secondary, direct, indirect, contingent
(including the undrawn amount of each LOC), fixed or otherwise, including the obligation to provide cash collateral pursuant to
any Loan Document and including interest accruing at the rate provided in the applicable Loan Document on or after the commencement
of the Bankruptcy or insolvency proceeding, whether or not allowed or allowable.

     6

     

    

“OFAC”
means the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto.

“Other
Connection Taxes” means Taxes imposed as a result of a present or former connection between the Bank and the jurisdiction
imposing such Tax (other than connections arising from the Bank 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
Permitted Purposes” means (a) development obligations or guaranties of the Company or a Wholly-Owned Subsidiary with
respect to project development obligations such as transmission reservations and land options for the Company’s UPP and
LComm businesses, (b) remediation work, landscaping and other related obligations or guarantees of the Company or a Wholly-Owned
Subsidiary in favor of government entities for reparation of land and surrounding environment after construction for the Company’s
UPP and LComm businesses, (c) obligations or guarantees of the Company or a Wholly-Owned Subsidiary with respect to obligations
to local tax authorities relating to doing business in that locality with respect to the Company’s UPP or LComm businesses,
and (d) obligations or guarantees of the Company or a Wholly-Owned Subsidiary with respect to bids for projects or power purchase
agreements in the Company’s UPP or LComm businesses.

“Other
Taxes” means any present or future stamp, documentary, excise, property or similar taxes, charges or levies that arise
from any payment made hereunder or from the execution, delivery or registration of, performance under, or otherwise with respect
to, this Agreement or any other Loan Document.

“Parent
Guarantor” has the meaning given thereto in the preamble.

“Parent
Guaranty” means the Guaranty of even date herewith by the Parent in respect of the Repayment Obligations substantially
in the form of Exhibit D.

“Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

“Permitted
LOCs” means LOCs that are classified as a performance standby letters of credit by the Board of Governors of the Federal
Reserve System or by the Office of the Comptroller of the Currency of the United States and constitute (a) performance guarantees
(for a period of up to two (2) years after completion of the applicable project) and completion guarantees (until completion of
the applicable project) of the Company or such Wholly-Owned Subsidiary with respect to engineering, procurement and construction
services provided in connection with the Company’s UPP and LComm businesses (including replacing Existing LOCs), (b) performance
guarantees for engineered hardware packages not including engineering, procurement and construction services for UPP projects
for a period of up to two (2) years after completion of the applicable project, (c) the Other Permitted Purposes for a period
of up to two (2) years, (d) letters of credit or demand guarantees that relate to the CVSR Project, including any renewals or
replacements thereof, and (e) the Existing LOCs; provided, that, notwithstanding anything to the contrary in this definition but
subject to the other terms and conditions of this Agreement, the Company will be permitted to have LOCs outstanding at any one
time until the Termination Date for the purposes described in clauses (a) and (b) above with an expiry of between two (2) and
three (3) years from the date of issuance thereof and for an aggregate initial face amount of up to fifteen per cent (15%) of
the then-applicable “Maximum L/C Amount” as such term is defined in Section 

     7

     

    

1(nn)
of the Amended and Restated Credit Support Agreement dated as of June 29, 2016 by and between the Company and the Parent Guarantor.

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority, or other entity.

“Repayment
Obligations” means the obligations of a Credit Party (with respect to the Company, for itself or as guarantor) now existing
or hereafter arising under Section 2.03(a) to reimburse to the Bank the amount of any draw on any LOC issued hereunder
(with respect to the Company, for itself or for an Applicant) and all interest accrued on such reimbursement obligation from the
date of such reimbursement until the date paid. For the avoidance of doubt, “Repayment Obligations” does not include
fees, expenses or other amounts payable by any Credit Party to the Bank.

“Responsible
Officer” means, (a) in the case of the Company or any other Applicant, its president, chief executive officer, chief
financial officer, principal accounting officer, treasurer or controller (and, in any case where two Responsible Officers are
acting on behalf of such Person the second such Responsible Officer may also be its Secretary or an Assistant Secretary), and
(b) in the case of any other Person, its manager, general partner, or a senior or executive officer of such other Person or of
its managing member or general partner, as applicable.

“Sanctioned
Country” means a country or territory which is itself the subject or target of comprehensive countrywide or territory-wide
Sanctions (including, without limitation, as of the date hereof, Cuba, Iran, North Korea, Sudan and Syria).

“Sanctioned
Person” means (a) any Person that is the target or subject of Sanctions or listed in any Sanctions-related list of designated
Persons maintained by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department
of the Treasury or the U.S. Department of State) or by the United Nations Security Council, the European Union or any European
Union member state, (b) any Person located, organized or resident in a Sanctioned Country, or (c) any Person Controlled by
any such Person or Persons described in the foregoing clauses (a) or (b).

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State, (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s
Treasury of the United Kingdom, or (c) other relevant sanctions authorities to the extent compliance with the sanctions imposed
by such other authorities would not entail a violation of applicable law.

“SEC”
means the United States Securities and Exchange Commission (or any successor Governmental Authority).

“Specified
Currency” means any currency in which any Applicant is obligated to make payments hereunder.

“subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other
corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership
interests representing more than fifty percent (50%) of the equity or more than fifty percent (50%) of the ordinary 

     8

     

    

voting power
or, in the case of a partnership, more than fifty percent (50%) of the general partnership interests are, as of such date, owned,
controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the
parent or by the parent and one or more subsidiaries of the parent.

“Subsidiary”
means any subsidiary of any Applicant.

“Subsidiary
Account Party” means (a) each Wholly-Owned Subsidiary listed on Schedule I and (b) each other Wholly-Owned Subsidiary
from time to time approved in writing as a Subsidiary Account Party by the Bank at the written request of the Company substantially
in the form of Exhibit E.

“Subsidiary
Applicant” means (a) Systems, (b) each other Wholly-Owned Subsidiary that is a party to this Agreement and is listed
on Schedule II and (c) each other Wholly-Owned Subsidiary from time to time approved in writing as a Subsidiary Applicant
pursuant to an Adherence Agreement executed and delivered by such Subsidiary, the Company and the Bank, in each case other than
any such Subsidiary that has ceased to be a Subsidiary Applicant pursuant to Section 2.12.

“Taxes”
means any present or future taxes, levies, imposts, deductions, charges, or withholdings, and all liabilities with respect thereto,
excluding (i) (x) taxes that are imposed on (or measured by) its overall net income by the United States and taxes that are imposed
on its overall net income (and franchise taxes imposed in lieu thereof) by the state or foreign jurisdiction under the laws of
which the Bank is organized or any political subdivision thereof or (y) Other Connection Taxes, (ii) any branch profits tax or
any similar tax that is imposed by any jurisdiction described in clause (i) above, (iii) (x) any United States federal withholding
tax imposed under a law that is in effect at the time the Bank acquires the interest hereunder in respect of which it is claiming
under Section 2.08 (or designates a new Lending Office) except to the extent that the Bank (or its assignor, if any) was
entitled, immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts
from a Credit Party with respect to any withholding tax pursuant to Section 2.08(a) and (y) any withholding tax that is
attributable to the Bank’s failure to comply with Section 2.08(e) and, in the case of the Bank, taxes that are imposed
on its overall net income (and franchise taxes imposed in lieu thereof) by the state or foreign jurisdiction of the Bank’s
Lending Office or any political subdivision thereof, and (iv) any United States federal withholding taxes imposed by FATCA.

“Termination
Date” means December 31, 2018.

“UPP”
means the utility and power plant business segment of the Company, which includes power plant project development, construction
and project sales, turnkey engineering, procurement and construction services for power plant construction, and power plant operations
and maintenance services, but excludes component sales.

“U.S.
Person” has the meaning specified in Section 2.08(d).

“U.S.
Tax Certificate” has the meaning specified in Section 2.08(f)(iv).

“Wholly-Owned
Subsidiary” means a direct or indirect wholly-owned Subsidiary of the Company.

“Withholding
Agent” means each Applicant and the Bank.

“Write-Down
and Conversion Powers” means, 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 

     9

     

    

Legislation
for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

1.02        Computation
of Time Periods. In this Agreement and the other Loan Documents in the computation of periods of time from a specified date
to a later specified date, the word “from” means “from and including” and the words “to” and
“until” each mean “to but excluding”, in each case except as otherwise expressly provided herein.

1.03        Other
Definitional Provisions. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”.
The words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof. Except as otherwise expressly provided
herein, any definition of or reference to (a) an agreement, instrument, or other document shall mean such agreement, instrument,
or other document as amended, supplemented, or otherwise modified from time to time (subject to any restrictions on such amendments,
supplements or modifications set forth herein); (b) a law shall mean such law as amended, supplemented, or otherwise modified
from time to time (including any successor thereto) and all rules, regulations, guidelines, and decisions interpreting or implementing
such law; (c) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement; (d) a time of day shall mean such time in New York, New York; and
(e) any reference herein to any Person shall be construed to include such Person’s successors and assigns.

1.04        Accounting
Terms and Determinations. Unless otherwise specified herein, all financial statements required to be delivered hereunder shall
be prepared in accordance with GAAP, applied on a basis consistent with the most recent audited consolidated financial statements
of the Company and its Subsidiaries delivered to the Bank.

1.05        Exchange
Rates.

(a)          Not
later than 12:00 noon, New York City time, three (3) Business Days prior to each Calculation Date, beginning with the date that
is three (3) Business Days prior to the date on which the initial Alternate Currency LOC is issued, the Bank shall determine the
Exchange Rate as of such Calculation Date with respect to each Alternate Currency. The Exchange Rates so determined shall become
effective on the relevant Calculation Date, shall remain effective until the next succeeding Calculation Date, and shall for all
purposes of this Agreement (other than Section 2.01, Section 2.11, or any other provision expressly requiring the
use of a current Exchange Rate) be the Exchange Rates employed in converting any amounts between dollars and any Alternate Currency.

(b)          Not
later than 5:00 p.m., New York City time, on each Calculation Date, the Bank shall determine the Alternate Currency Exposure.
The Bank shall determine the aggregate amount of the Dollar Equivalent of all amounts denominated in an Alternate Currency at
the applicable time and in the manner provided for by this Agreement.

     10

     

    

ARTICLE
II

AMOUNTS AND TERMS OF LETTERS OF CREDIT

2.01        The
Letters of Credit. The Bank agrees, on the terms and subject to the conditions herein set forth, to issue LOCs, and amend
the expiry, amount or operative language of LOCs, for the account of any Applicant on any Business Day from time to time during
the period from the Closing Date to the Termination Date; provided that:

(a)          the
Bank shall not have any obligation to issue or amend the expiry, amount or language of any LOC if (i) the aggregate Credit Exposure
(after giving effect to such issuance, extension, or increase) would exceed the Commitment Amount, or (ii) such issuance or amendment
would conflict with or cause the Bank to exceed any limit imposed by applicable law or any applicable requirement hereof;

(b)          each
LOC shall be denominated in dollars or in an Alternate Currency and shall be in a face amount not less than the Dollar Equivalent
of $25,000 (or such lesser amount as the Bank may agree);

(c)          each
LOC shall be payable only against sight drafts or demands for payment at sight (and not provide for acceptance of time drafts
or incurrence of deferred payment undertakings);

(d)          no
LOC shall have a scheduled expiration date (including all rights of the applicable Applicant or the Beneficiary to require extension
thereof) later than the earlier of (i) three (3) years from the date of issuance thereof, and (ii) the Final LOC Expiration Date;
provided that any LOC may by its terms be automatically extendible annually for additional one-year periods (provided that the
Bank shall not permit any such extension to take effect that extends the expiration date of such LOC beyond the Final LOC Expiration
Date); provided, further that the Bank shall not permit any such automatic extension if it has determined that such extension
would not be permitted, or the Bank would have no obligation, at such time to issue such LOC as extended under the terms hereof,
in which case the Bank shall notify the Beneficiary thereof of its election not to extend such LOC (which the Bank agrees to do
on and subject to the terms of Section 2.02(c)), and

(e)          each
LOC shall be a Permitted LOC.

At
the request of any Applicant, LOCs may be issued in accordance with this Agreement to support obligations of any Subsidiary Account
Party that is a Subsidiary of such Applicant; provided that such Applicant represents, warrants and agrees, without limiting any
Obligations of such Applicant hereunder, that: (i) such Subsidiary Account Party has consented to its being referred to in such
LOC or otherwise as the “applicant”, “account party”, “client”, or “customer”
at whose request or for whose account such LOC is issued; (ii) such Subsidiary Account Party has consented to its not having any
rights under this Agreement (including any right to request that the Bank issue or amend such LOC or that the Bank dispose of
any documents presented under such LOC (or any goods represented thereby) in any particular manner) and to the Bank’s treating
such Applicant as the sole Person entitled to exercise such rights with respect to such LOC; (iii) such Subsidiary Account Party
is a direct or indirect majority-owned subsidiary of the Company at the time of issuance of such LOC (or of any increase or extension
thereof); (iv) such Subsidiary Account Party is bound by all the limitations of liability and exculpations in the Bank’s
favor contained herein and subject to all the rights and remedies in the Bank’s favor referred to herein as if it were such
Applicant; and (v) the Bank shall not be required to send any notice hereunder to such Subsidiary Account Party, but if the Bank
in its sole discretion chooses to do so, the Bank 

     11

     

    

may send such notice as provided herein care of such Applicant and such notice
shall be effective as if given to such Subsidiary Account Party.

2.02        Issuance;
Extensions; Etc.

(a)          Request
for Issuance. An Applicant may from time to time request, upon at least three (3) Business Days’ notice (given not later
than 11:00 a.m. New York City time), that the Bank issue an LOC by delivering to the Bank (i) an LOC Request specifying the date
on which such LOC is to be issued (which shall be a Business Day), a summary of the arrangement to which such LOC pertains, the
expiration date thereof, the currency thereof (whether dollars or an Alternate Currency), the Available Amount thereof, and the
name and address of the Beneficiary thereof; and (ii) such other documents and agreements as may be required pursuant to the Bank’s
customary practices for the issuance of letters of credit (and in the event of a conflict between the terms of this Agreement
and the terms of such other documents or agreements, the terms of this Agreement shall govern). The applicable Applicant agrees
to promptly deliver to the Parent Guarantor a copy of each request made by it pursuant to the foregoing sentence. If the requirements
set forth in the first sentence of Section 2.01 and in Article III are satisfied, the Bank shall issue the applicable
LOC on the date requested in such LOC Request. Upon the issuance of an LOC, the Bank shall (A) deliver the original of such LOC
to the Beneficiary thereof or as the applicable Applicant shall otherwise direct and (B) promptly notify the Bank thereof and
furnish a copy thereof to the applicable Applicant and the Parent Guarantor.

(b)          Request
for Extension or Increase. The applicable Applicant may from time to time request, upon at least three (3) Business Days’
notice (given not later than 11:00 a.m. New York City time), that the Bank amend the expiration date of an outstanding LOC, the
Available Amount of an outstanding LOC or the language of an outstanding LOC by delivering to the Bank (with a copy to the Parent
Guarantor) a written request therefor. Any such request for an extension or increase shall for all purposes hereof (including
for purposes of Section 2.02(a)) be treated as though such Applicant had requested issuance of a replacement LOC (except
that the Bank may, if it elects, issue a notice of extension or increase in lieu of issuing a new LOC in substitution for the
outstanding LOC).

(c)          Automatic
Extensions. If any LOC shall provide for the automatic extension of the expiry date thereof unless the Bank gives notice that
such expiry date shall not be extended, then the Bank shall allow such LOC to be extended unless such extended expiration date
would conflict with Section 2.01(d) or unless the Bank shall have received, at least five (5) Business Days prior to the
date on which such notice of non-extension must be delivered under such LOC (or such shorter period acceptable to the Bank), (i)
notice from the applicable Applicant directing the Bank not to permit the extension of such LOC, unless an Event of Default has
occurred and is continuing (and the Bank shall not permit any LOC to be automatically extended if it has received a timely notice,
or (ii) a Block Notice from the Parent Guarantor.

(d)          LOC
Reports. The Bank will furnish to the Company and the Parent Guarantor prompt written notice of each (i) issuance or amendment
of the expiry, amount or language of an LOC (including the Available Amount and expiration date thereof), (ii) other amendment
to an LOC, (iii) cancellation of an LOC, and (iv) payment on an LOC. The Bank will furnish to the Applicant and the Parent Guarantor
promptly upon request and, in any case, prior to the fifteenth Business Day of each calendar quarter a written report summarizing
issuance and amendment of LOCs issued or amended during the preceding calendar quarter and payments and reductions in Available
Amounts during such calendar quarter on all LOCs.

(e)          ISP
and UCP. Subject to the exculpations, limitations on liability, and other provisions of this Agreement, unless otherwise expressly
agreed in writing by the Bank and the applicable 

     12

     

    

Applicant when a LOC is issued and subject to applicable laws, performance under
LOCs by the Bank will be governed by (i) either (x) the rules of the “International Standby Practices 1998” (ISP98)
(or such later revision as may be published by the Institute of International Banking Law & Practice on any date any LOC may
be issued) or (y) the rules of the “Uniform Customs and Practices for Documentary Credits” (2007 Revision), International
Chamber of Commerce Publication No. 600 (or such later revision as may be published by the International Chamber of Commerce on
any date any LOC may be issued) and (ii) to the extent not inconsistent therewith, the governing law of this Agreement as
set forth in Section 7.13.

2.03        Reimbursement
Obligations.

(a)          Each
Applicant agrees to reimburse the Bank (by making payment to the Bank in accordance with Section 2.07) in the amount of
each LOC Disbursement made by the Bank under each LOC issued at the request of such Applicant, such reimbursement to be made within
five (5) Business Days of the date the Bank notifies such Applicant of such LOC Disbursement. Such reimbursement obligation shall
be payable without further notice, protest or demand, all of which are hereby waived, and an action therefor shall immediately
accrue. To the extent such payment by such Applicant is not timely made in accordance with the terms hereof, such unpaid reimbursement
obligation shall be treated as a matured loan extended to such Applicant under this Agreement in respect of which interest shall
accrue and be payable. Such Applicant agrees to pay to the Bank, on demand, interest (at a rate per annum equal to the Base Rate
plus 1.00%) for each day from the date of such LOC Disbursement to the date such obligation is paid in full. For the avoidance
of doubt, the payment by such Applicant of interest pursuant to this Section 2.03(a) shall not affect the calculation of
fees under the Loan Documents.

(b)          The
obligation of the applicable Applicant to reimburse the Bank for any LOC Disbursement made by the Bank shall be unconditional
and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, the applicable LOC Request and any
other applicable agreement or instrument under all circumstances, including the following circumstances:

(i)           any
lack of validity or enforceability of any LOC Related Document or any term or provision thereof;

(ii)          any
change in the time, manner, or place of payment of, or in any other term of, any obligation of the Company, any other Applicant,
or any other Person in respect of any LOC Related Document or any other amendment or waiver of or any consent to departure from
any LOC Related Document;

(iii)         the
existence of any claim, set-off, defense, or other right that the Company, any other Applicant, or any other Person may have at
any time against any Beneficiary (or any Person for which any such Beneficiary may be acting), the Bank or any other Person, whether
in connection with the transactions contemplated by the LOC Related Documents or any unrelated transaction;

(iv)         any
statement or any other document presented under an LOC being forged, fraudulent, invalid, or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect;

(v)          payment
by the Bank under an LOC against presentation of a draft or other document that does not strictly comply with the terms of such
LOC; or

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(vi)          any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Company or any other Applicant.

The
foregoing provisions of this Section 2.03(b) shall not excuse the Bank from liability to the applicable Applicant against
the Bank following reimbursement of each LOC Disbursement in full by such Applicant to the extent of any direct (but not consequential)
damages suffered by the applicable Applicant that are caused by the Bank’s gross negligence or willful misconduct;
provided that (i) the Bank shall be deemed to have acted with reasonable care if it acts in accordance with standard letter
of credit practice of commercial banks located in New York City and (ii) the applicable Applicant’s aggregate remedies against
the Bank for wrongfully honoring a presentation shall not exceed the aggregate amount paid by such Applicant to the Bank with
respect to the honored presentation, plus interest.

(c)          Without
limiting any other provision of this Agreement, the Bank: (i) may rely upon any oral, telephonic, facsimile, electronic, written,
or other communication reasonably believed to have been authorized by any Applicant, (ii) shall not be responsible for errors,
omissions, interruptions, or delays in transmission or delivery of any message, advice or document in connection with any LOC,
whether transmitted by courier, mail, telex, any other telecommunication, or otherwise (whether or not they be encrypted), or
for errors in interpretation of technical terms or in translation (and the Bank may transmit any LOC terms without translating
them), (iii) may honor any presentation under any LOC that appears on its face to substantially comply with the terms and conditions
of such LOC, (iv) may replace a purportedly lost, stolen, or destroyed original LOC, waive a requirement for its presentation,
or provide a replacement copy to any Beneficiary, (v) if no form of draft is attached as an exhibit to an LOC, may accept as a
draft any written or electronic demand or request for payment under such LOC, and may disregard any requirement that such draft
bear any particular reference to such LOC, (vi) unless an LOC specifies the means of payment, may make any payment under such
LOC by any means it chooses, including by wire transfer of immediately available funds, (vii) may select any branch or affiliate
of the Bank or any other bank or financial institution to act as advising, transferring, confirming, and/or nominated bank under
the law and practice of the place where it is located (if the applicable LOC Request or LOC Related Documents requested or authorized
advice, transfer, confirmation and/or nomination, as applicable), (viii) may amend any LOC to reflect any change of address or
other contact information of any Beneficiary, and (ix) shall not be responsible for any other action or inaction taken or suffered
by the Bank under or in connection with any LOC, if required or permitted under any applicable domestic or foreign law or letter
of credit practice. None of the circumstances described in this Section 2.03(c) shall impair the Bank’s rights and
remedies against any Applicant or place the Bank under any liability to any Applicant.

(d)          The
applicable Applicant will notify the Bank in writing of any objection such Applicant may have to the Bank’s issuance or
amendment of any LOC, the Bank’s honor or dishonor of any presentation under any LOC, or any other action or inaction taken
by the Bank under or in connection with this Agreement or any LOC. The applicable Applicant’s notice of objection must be
delivered to the Bank within fifteen (15) Business Days after such Applicant receives notice of the action or inaction it objects
to.

2.04         Termination
or Reduction of Commitment. The Company may at any time, upon at least three (3) Business Days’ notice to the Bank,
terminate the Commitment in whole or reduce in part the unused portion of the Commitment Amount; provided that each partial
reduction shall be in an aggregate amount of $5,000,000 or a higher integral multiple of $1,000,000. The Commitment Amount shall
be permanently reduced to zero on the Termination Date if not sooner reduced to zero. Each notice delivered by the Company pursuant
to this paragraph shall be irrevocable; provided that a notice of termination of the Commitment delivered by the Company
may state that such notice is conditioned upon 

     14

     

    

the effectiveness of other credit facilities, in which case such notice may be
revoked by the Company (by notice to the Bank on or prior to the specified effective date) if such condition is not satisfied.
Except as specifically provided in this Agreement, no fees or expenses shall be payable by any Credit Party or Subsidiary Applicant
in respect of any such termination.

2.05        Fees.

(a)          The
Company agrees to pay to the Bank the Upfront Fee and the Commitment Fee. Accrued Commitment Fees shall be payable in arrears
on the last day of March, June, September, and December of each year, and on the date on which the Commitments terminate, commencing
on the first such date to occur after the date hereof. All Commitment Fees shall be computed on the basis of a year of 360 days
and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

(b)          The
Company agrees to pay to the Bank an LOC Fee with respect to its participations in LOCs. LOC Fees accrued to but excluding the
last day of March, June, September and December of each year shall be payable on such last day, commencing on the first such date
to occur after the Closing Date; provided that all such accrued and unpaid fees shall also be payable on the Termination
Date, and any such fees accruing after the Termination Date shall be payable on demand. All LOC Fees shall be computed on the
basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day and the last
day).

(c)          All
fees payable hereunder shall be paid on the dates due, in dollars, in immediately available funds, to the Bank. Other than amounts
erroneously paid as the result of administrative or technical errors, fees paid shall not be refundable under any circumstances.
The Commitment Fee due to the Bank shall cease to accrue on the date on which the Commitment shall expire or be terminated as
provided herein.

2.06        Increased
Costs and Capital Adequacy.

(a)          If,
due to any Change in Law, there shall be any increase in the cost to the Bank by an amount the Bank reasonably determines to be
material of agreeing to issue or of issuing or maintaining or participating in LOCs or the making of LOC Disbursements (excluding,
for purposes of this Section, any such increased costs resulting from (i) Taxes or Other Taxes (as to which Section 2.08
shall exclusively govern), (ii) changes in the basis of taxation of overall net income or overall gross income by the United States
or by the foreign jurisdiction or state under the laws of which the Bank is organized or has its Lending Office or any political
subdivision thereof, (iii) any increased cost in respect of which the Bank is entitled to compensation under any other provision
of this Agreement, (iv) any payment to the extent that it is attributable to the requirement of any Governmental Authority which
regulates the Bank or its holding company which is imposed by reason of the quality of the Bank’s assets or those of its
holding company and not generally imposed on all entities of the same kind regulated by the same authority, or (v) any increased
cost arising by reason of the Bank voluntarily breaching any lending limit or other similar restriction imposed by any provision
of any relevant law or regulation after the introduction thereof), then the Company agrees to pay, from time to time, within fifteen
(15) days after demand by the Bank, which demand shall include a statement of the basis for such demand and a calculation in reasonable
detail of the amount demanded, to the Bank for the account of the Bank additional amounts sufficient to compensate the Bank for
such increased cost. A certificate as to the amount of such increased cost, submitted to the Company by the Bank, shall be conclusive
and binding for all purposes, absent manifest error of which the Company has notified the Bank promptly after receipt of such
certificate.

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(b)          If,
due to any Change in Law, there shall be any increase in the amount of capital or liquidity required or expected to be maintained
by the Bank or any corporation controlling the Bank as a result of or based upon the existence of the Bank’s commitment
to extend credit hereunder and other commitments of such type pursuant hereto that has or would have the effect of reducing the
rate of return on the Bank’s (or the Bank’s parent corporation’s) capital or liquidity to a level below that
which the Bank (or the Bank’s parent corporation) could have achieved but for such Change in Law (excluding, for purposes
of this Section, any such increased costs resulting from any change to the extent that it is attributable to the requirement of
any Governmental Authority which regulates the Bank or its holding company which is imposed by reason of the quality of the Bank’s
assets or those of its holding company and not generally imposed on all entities of the same kind regulated by the same authority)
then, within fifteen (15) days after demand by the Bank or such corporation, which demand shall include a statement of the basis
for such demand and a calculation in reasonable detail of the amount demanded, the Company agrees to pay to the Bank, from time
to time as specified by the Bank, additional amounts sufficient to compensate the Bank in the light of such circumstances, to
the extent that the Bank reasonably determines such increase in capital or liquidity to be allocable to the existence of the Bank’s
commitment to issue or participate in LOCs hereunder or to the issuance or maintenance of or participation in any LOC. A certificate
as to such amounts submitted to the Company by the Bank shall be conclusive and binding for all purposes, absent manifest error
of which the Company has notified the Bank promptly after receipt of such certificate.

(c)          Promptly
after an officer with responsibility for its participation in the Facility becomes aware of the relevant circumstances and their
results, the Bank shall promptly notify the Company of any event of which will result in, and will use reasonable commercial efforts
available to it (and not, in the Bank’s good faith judgment, otherwise materially disadvantageous to the Bank) to mitigate
or avoid, any obligation of the Company to pay any amount pursuant to Section 2.06(a) or 2.06(b) above or pursuant
to Section 2.08 (and, if the Bank has given notice of any such event and thereafter such event ceases to exist, the Bank
shall promptly so notify the Company). Without limiting the foregoing, the Bank will designate a different Lending Office if such
designation will avoid (or reduce the cost to the Company of) any event described in the preceding sentence and such designation
will not, in the Bank’s good faith judgment, be otherwise materially disadvantageous to the Bank.

(d)          Notwithstanding
the provisions of Section 2.06(a), 2.06(b) or 2.08 (and without limiting Section 2.06(c) above), if
the Bank fails to notify the Company of any event or circumstance that will entitle the Bank to compensation pursuant to Section
2.06(a), 2.06(b) or 2.08 within 180 days after the Bank obtains actual knowledge of such event or circumstance,
then the Bank shall not be entitled to compensation from the Company for any amount arising prior to the date that is 180 days
before the date on which the Bank notifies the Company of such event or circumstance; provided that, if the event or circumstance
giving rise to such entitlement to compensation is retroactive, then the 180-day period referred to above shall be extended to
include the period of retroactive effect thereof.

2.07        Payments
and Computations.

(a)          The
applicable Applicant shall make each payment hereunder irrespective of any right of counterclaim or set-off not later than 2:00
p.m. (New York City time) on the day when due, in dollars, to the Bank at its office at 1251 Avenue of the Americas, New York,
New York 10020 (or to such other office as the Bank shall direct from time to time) and at such account as the Bank shall direct
from time to time in immediately available funds, with payments being received by the Bank after such time being deemed to have
been received on the next succeeding Business Day; provided that if any amount due hereunder is based upon the Bank’s
payment in an Alternate Currency, the applicable Applicant will pay the Dollar Equivalent of such amount.

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(b)          If
at any time insufficient funds are received by and available to the Bank to pay fully all amounts of principal, unreimbursed LOC
Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees
then due hereunder, and (ii) second, towards payment of principal and unreimbursed LOC Disbursements then due hereunder.

(c)          All
computations of interest on LOC Disbursements for the Base Rate shall be made by the Bank on the basis of a year of 365 or, if
applicable, 366 days; all other computations of interest shall be made by the Bank on the basis of a year of 360 days. All such
computations of interest shall be made for the actual number of days (including the first day but excluding the last day) occurring
in the period for which such interest is payable.

(d)          Whenever
any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding
Business Day, and such extension of time shall be included in the computation of any payment of interest or fees.

2.08        Taxes.

(a)          All
payments by the applicable Applicant hereunder shall be made, in accordance with Section 2.07, free and clear of and without
deduction for any Taxes. If any Withholding Agent determines, in its sole discretion exercised in good faith, that it is required
by law to deduct any taxes, levies, imposts, deductions, charges, or withholdings, and all liabilities with respect thereto, from
or in respect of any sum payable hereunder to the Bank, (i) the sum payable by the applicable Applicant shall be increased as
may be necessary so that after such Withholding Agent has made all required deductions (including deductions applicable to additional
sums payable under this Section 2.08) the Bank receives an amount equal to the sum it would have received had no such deductions
been made, (ii) such Withholding Agent shall make all such deductions, and (iii) such Withholding Agent shall pay the full amount
deducted to the relevant taxation authority or other authority in accordance with applicable law.

(b)          In
addition, the applicable Applicant shall pay any Other Taxes in accordance with applicable law.

(c)          The
applicable Applicant shall indemnify the Bank and hold it harmless against the full amount of Taxes and Other Taxes, and for the
full amount of taxes of any kind imposed by any jurisdiction on amounts payable under this Section 2.08, imposed on or
paid by the Bank and any liability (including penalties, additions to tax, interest and expenses) arising therefrom or with respect
thereto. Any such indemnification payment shall be made within thirty (30) days from the date the Bank makes written demand therefor.

(d)          Within
thirty (30) days after the date of any payment of Taxes, the applicable Applicant shall furnish to the Bank, at its address referred
to in Section 7.02, the original or a certified copy of a receipt evidencing such payment. In the case of any payment hereunder
by or on behalf of such Applicant through an account or branch outside the United States or by or on behalf of such Applicant
by a payor that is not a United States person, if such Applicant determines that no Taxes are payable in respect thereof, such
Applicant shall furnish, or shall cause such payor to furnish, to the Bank, at such address, an opinion of counsel reasonably
acceptable to the Bank stating that such payment is exempt from Taxes. For purposes of this Section 2.08(d) and Section
2.08(f), (i) the terms “United States” and “United States person” shall have the meanings specified
in Sections 7701(a)(9) and 7701(a)(30) of the Code, respectively, and (ii) a “Foreign Lender” means a person that
is not a “United States person.”

(e)          If
the Bank is entitled to an exemption from or reduction of withholding Tax with respect to payments under any Loan Document, it
shall deliver to the Company, at the time or times as 

     17

     

    

reasonably requested by the Company, such properly completed and executed
documentation as reasonably requested by the Company as will permit such payments to be made without withholding or at a reduced
rate.

(f)          Without
limiting the generality of the foregoing, the Bank (and any Eligible Assignee on or prior to the date on which it becomes a party
hereto) shall, if it is legally eligible to do so, deliver to the Company, two duly signed, properly completed copies of whichever
of the following is applicable:

(i)           if
the Bank (or Eligible Assignee) is not a Foreign Lender, IRS Form W 9;

(ii)          if
the Bank (or Eligible Assignee) is a Foreign Lender claiming the benefits of an income tax treaty to which the United States is
a party (1) with respect to payments of interest under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable,
establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of
such tax treaty and (2) with respect to any other applicable payments under any Loan Document, IRS Form W 8BEN or IRS Form W-8BEN-E,
as applicable, establishing an exemption from U.S. Federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty;

(iii)          if
the Bank (or Eligible Assignee) is a Foreign Lender for whom payments under any Loan Document constitute income that is effectively
connected with such Foreign Lender’s conduct of a trade or business in the United States, IRS Form W-8ECI;

(iv)          if
the Bank (or Eligible Assignee) is a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section
881(c) of the Code both (1) IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, and (2) a certificate (a “U.S. Tax Certificate”)
to the effect that such Lender is not (a) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (b) a “10
percent shareholder” of the Company within the meaning of Section 881(c)(3)(B) of the Code and (c) a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Code;

(v)          if
the Bank (or Eligible Assignee) is a Foreign Lender that is not the beneficial owner of payments made under any Loan Document
(including a partnership or a participant) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in
subsections (i), (ii), (iii) or (iv) of this paragraph (f) that would be required of each such beneficial owner or partner of
such partnership if such beneficial owner or partner were a lender; provided, however, that if the Lender is a partnership and
one or more of its partners are claiming the exemption for portfolio interest under Section 881(c) of the Code, such Lender may
provide a U.S. Tax Certificate on behalf of such partners;

(vi)          if
a payment made to a Foreign Lender under any Loan Document would be subject to any withholding Taxes as a result of such Foreign
Lender’s failure to comply with the requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Code), at the time or times prescribed by law and at such time or times reasonably requested by the Withholding 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 Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under
FATCA, to determine that such Foreign Lender has or has not complied with such Foreign Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment; or

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(vii)         any
other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. Federal withholding Tax together
with such supplementary documentation necessary to enable the Company to determine the amount of Tax (if any) required by law
to be withheld.

(g)          Thereafter
and from time to time, each Foreign Lender shall, if it is legally eligible to do so, (i) promptly submit to the Company (with
a copy to the Withholding Agent) such additional duly completed and signed copies of one or more of the forms or certificates
described in Section 2.08(f)(i), (ii), (iii), (iv) or (v) above (or such successor forms or certificates as shall be adopted from
time to time by the relevant United States taxing authorities) as may then be available under then current United States laws
and regulations to avoid, or such evidence as is reasonably satisfactory to the Company of any available exemption from, or reduction
of, United States withholding Taxes in respect of all payments to be made to such Foreign Lender by the Company pursuant to this
Agreement, or any other Loan Document, in each case, (1) after the occurrence of any event requiring a change in the most recent
form, certificate or evidence previously delivered by it to the Company and (2) from time to time thereafter if reasonably requested
by the Company, and (ii) promptly notify the Company of any change in circumstances which would modify or render invalid any claimed
exemption or reduction.

(h)          For
any period with respect to which the Bank that may lawfully do so has failed to provide the Company with the appropriate form
described in Section 2.08(f) above (other than if such failure is due to a change in law occurring after the date on which
a form originally was required to be provided or if such form otherwise is not required under Section 2.08(f) above), the
Bank shall not be entitled to indemnification under Sections 2.08(a) or 2.08(c) with respect to Taxes imposed by
the United States by reason of such failure; provided that should the Bank become subject to Taxes because of its failure
to deliver a form required hereunder, the Company shall take such steps as the Bank shall reasonably request to assist the Bank
to recover such Taxes.

(i)          The
Bank represents and warrants to each Applicant and the Parent Guarantor that, as of the date the Bank becomes a party to this
Agreement, the Bank is entitled to receive payments hereunder from such Applicant and the Parent Guarantor without deduction or
withholding for or on account of any Taxes.

(j)          If
the Bank determines, in its reasonable discretion, that it has received a refund of any Taxes or Other Taxes as to which it has
been indemnified by the Company, the Parent Guarantor or any Applicant or with respect to which such Applicant has paid additional
amounts pursuant to this Section 2.08 or the Parent Guarantor pursuant to the Parent Guaranty, it shall reimburse to such
Applicant or the Parent Guarantor, as the case may be, such amount as the Bank determines to be the proportion of such refund
as will leave the Bank (after that reimbursement) in no better or worse position in respect of the worldwide liabilities for Taxes
and Other Taxes of the Bank (including in each case its Affiliates) than it would have been if no such indemnity had been required
under this Section 2.08. This Section 2.08(j) shall not be construed to require the Bank to make available its tax
returns (or any other information relating to its taxes which it deems confidential) to the Company or any other Person.

2.09        Use
of Letters of Credit. The Company and each other Applicant covenants and agrees with the Bank that the LOCs shall be used
for the purposes set out in the definition of “Permitted LOCs” in Section 1.01.

2.10        Certain
Provisions Relating to the Bank as Issuer of LOCs.

(a)          LOC
Requests. The representations, warranties, and covenants by each Applicant under, and the rights and remedies of the Bank
under, any LOC Request or any documents or agreements delivered to the Bank pursuant to Section 2.02(a)(i) relating to
any LOC are in addition to, 

     19

     

    

and not in limitation or derogation of, representations, warranties, and covenants by such Applicant
under, and rights and remedies of the Bank under, this Agreement and applicable law. Each Applicant acknowledges and agrees that
all rights of the Bank under any LOC Request or any such other documents or agreements shall inure to the benefit of the Bank
to the extent of its LOC Participating Interest in and LOC Disbursements in connection with the applicable LOC as fully as if
the Bank were a party to such LOC Request or any such other documents or agreements. In the event of any inconsistency between
the terms of this Agreement and any LOC Request or any such other documents or agreements, this Agreement shall prevail.

(b)          No
Liability of the Bank. Each Applicant assumes all risks of the acts or omissions of any Beneficiary of any LOC with respect
to its use of such LOC. Neither the Bank nor any of its officers, directors, employees, Affiliates, or agents shall be liable
or responsible for: (a) the use that may be made of any LOC or any acts or omissions of any Beneficiary in connection therewith;
(b) the validity, sufficiency, or genuineness of documents, or of any endorsement thereon, even if such documents should prove
to be in any or all respects invalid, insufficient, fraudulent or forged; or (c) payment by the Bank against presentation of documents
that strictly or substantially comply with the terms of an LOC, including failure of any documents to bear any reference or adequate
reference to the LOC. In furtherance and not in limitation of the foregoing, the Bank may accept documents that appear on their
face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.

2.11        Currency
Indemnity.

(a)          Each
Credit Party’s obligation to make payments hereunder in any Specified Currency shall not be discharged or satisfied
by any tender, or any recovery pursuant to any judgment or otherwise, which is expressed in or converted into any currency other
than the Specified Currency, except to the extent that such tender or recovery results in the actual receipt by the Bank of the
full amount of the Specified Currency payable under this Agreement. Each Credit Party shall indemnify the Bank for any shortfall
and such Credit Party’s obligation to make payments in the Specified Currency shall be enforceable as an alternative or
additional cause of action to the extent that such actual receipt is less than the full amount of the Specified Currency expressed
to be payable hereunder, and shall not be affected by judgment being obtained for other sums due hereunder.

(b)          If,
for the purpose of obtaining or enforcing judgment against any Credit Party in any court or in any jurisdiction, it becomes necessary
to convert into or from any currency other than the Specified Currency (such other currency being hereinafter referred to as the
“Judgment Currency”) an amount due in the Specified Currency, the conversion shall be made at the Dollar Equivalent
of such amount, in each case, as of the date immediately preceding the day on which the judgment is given (such Business Day being
hereinafter referred to as the “Judgment Currency Conversion Date”). If there is a change in the rate of exchange
prevailing between the Judgment Currency Conversion Date and the date of actual payment of the amount due, the applicable Credit
Party obligated in respect thereof covenants and agrees to pay, or cause to be paid, such additional amounts, if any (but in any
event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the
rate of exchange prevailing on the date of payment, will produce the amount of the Specified Currency which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment
Currency Conversion Date.

2.12        Subsidiary
Applicants. The Company from time to time may designate any Subsidiary as a Subsidiary Applicant by (i) delivering to the
Bank an Adherence Agreement executed by such Subsidiary, the Company and the Bank and (ii) taking such further actions as the
Bank may reasonably request, including executing and delivering other instruments, documents, and agreements corresponding 

     20

     

    

to
those obtained in respect of the Company, all in form and substance reasonably satisfactory to the Bank; provided,
that no Subsidiary shall become a party hereto or a Subsidiary Applicant hereunder if the Bank reasonably believes that it
would violate any applicable law or regulation for any LOCs to be issued at such proposed Subsidiary Applicant’s
request or that the Bank would be subject to any unindemnified withholding taxes. Upon such delivery and the taking of such
further actions such Subsidiary shall for all purposes of this Agreement be a Subsidiary Applicant and a party to this
Agreement until the Company shall have executed and delivered to the Bank a “Notice of Termination” (as defined
in the applicable Adherence Agreement) in respect of such Subsidiary, whereupon such Subsidiary shall cease to be a
Subsidiary Applicant. Notwithstanding the preceding sentence, no such Notice of Termination will become effective as to any
Subsidiary Applicant at a time when any Obligations of such Subsidiary Applicant shall be outstanding hereunder or any LOC
issued at the request of such Subsidiary Applicant shall be outstanding (which shall not have been cash collateralized in a
manner satisfactory to the Bank in its sole discretion); provided that such Notice of Termination shall be effective
to terminate such Subsidiary Applicant’s right to request LOCs hereunder. The Subsidiary Applicants as of the Closing
Date are set forth on Schedule II.

2.13       Parent
Guaranty. Payment of the Repayment Obligations by the Company is guaranteed by the Parent Guarantor pursuant to the Parent
Guaranty. Subject to (a) the Parent Guarantor’s obligations under the Parent Guaranty and (b) Section 2.15, the obligations
of each Credit Party under this Agreement are several and not joint and no Credit Party shall be responsible for the obligations
of any other Credit Party under this Agreement.

2.14       Cash
Collateralization. If, at any time, the Dollar Equivalent of the Credit Exposure exceeds the Commitment Amount
(including by reason of fluctuations in exchange rates), then one or more of the Applicants shall, within five (5) Business Days
after notice thereof from the Bank, cash collateralize any outstanding LOCs in a manner satisfactory to the Bank in its sole discretion
and/or pay or reimburse any other amounts then due and payable under the Facility, in each case in an amount sufficient to eliminate
such excess; provided, however, that no Applicant shall be required to cash collateralize any amounts attributable
to an LOC issued at the request of any other Applicant.

2.15        Company
Guaranty.

(a)          The
Company hereby irrevocably and unconditionally guarantees to the Bank the due and punctual payment of all Repayment Obligations
of each of the other Credit Parties (the “Guaranteed Obligations”). The Company agrees that the Guaranteed
Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain
bound upon its guarantee notwithstanding any extension or renewal of any Guaranteed Obligations. Each and every default in payment
or performance on any Guaranteed Obligation shall give rise to a separate cause of action hereunder, and separate suits may be
brought hereunder as each cause of action arises.

(b)          To
the fullest extent permitted by applicable law, the Company waives presentment to, demand of payment from, and protest to the
applicable Applicant or to any other guarantor of any of the Guaranteed Obligations, and also waives notice of acceptance of its
guarantee and notice of protest for nonpayment. To the fullest extent permitted by applicable law, the obligations of the Company
hereunder shall not be affected by (i) the failure of the Bank to assert any claim or demand or to enforce or exercise any right
or remedy against any Applicant or any other Person under the provisions of the Loan Documents or otherwise; (ii) any rescission,
waiver, amendment or modification of, or any release of any Person from any of the terms or provisions of any Loan Document or
any other agreement; (iii) the failure or delay of the Bank for any reason whatsoever to exercise any right or remedy against
the Parent Guarantor under the Parent Guaranty; (iv) any default, failure or delay, willful or otherwise, in the performance of
any Repayment Obligations; or (v) any other act, omission or delay to do any other act 

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which may or might in any manner or to
any extent vary the risk of the Company under this Section 2.15 or otherwise operate as a discharge or exoneration of the
Company as a matter of law or equity or which would impair or eliminate any right of the Company to subrogation.

(c)          The
Company agrees that its guarantee hereunder constitutes a guarantee of payment when due and not of collection, that such guarantee
may be enforced at any time and from time to time, on one or more occasions, during the continuance of any Event of Default, without
any prior demand or enforcement in respect of any Guaranteed Obligations, and that the Company waives any right to require that
any resort be had by the Bank to any other guarantee. The obligations of the Company hereunder shall not be subject to any reduction,
limitation, impairment or termination for any reason (other than the payment in full in cash of the Guaranteed Obligations), including
any claim of waiver, release, surrender, amendment, modification, alteration or compromise of any of the Guaranteed Obligations
or of any collateral security or guarantee or other accommodation in respect thereof, and shall not be subject to any defense
or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the
Guaranteed Obligations or any Loan Document or any provision thereof (or of this Agreement or any provision hereof) or otherwise.
The obligations of the Company hereunder shall extend to all Repayment Obligations of the other Applicants without limitation
of amount.

(d)          To
the fullest extent permitted by applicable law, the Company waives any defense based on or arising out of any defense of any Applicant
or any other guarantor or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation
from any cause of the liability of any Applicant, other than the final payment in full in cash of the Guaranteed Obligations.
The Bank may, at its election, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with
any Applicant or any other Person or exercise any other right or remedy available to them against any Applicant or any other Person,
without affecting or impairing in any way the liability of the Company hereunder except to the extent the Guaranteed Obligations
have been fully and finally paid. To the fullest extent permitted by applicable law, the Company waives any defense arising out
of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement
or subrogation or other right or remedy of the Company against any Applicant or any other Person, as the case may be. The Company
agrees that (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated for the purposes of the Company’s
guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration as to any Applicant in
respect of the Guaranteed Obligations (other than any notices and cure periods expressly granted to an Applicant in this Agreement
or any other Loan Document evidencing or securing the Obligations of such Applicant), and (ii) in the event of any such acceleration
of such Guaranteed Obligations, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable
in full by the Company for purposes of this Agreement.

(e)          In
furtherance of the foregoing and not in limitation of any other right that the Bank has at law or in equity against the Company
by virtue hereof, upon the failure of any Applicant to pay (after the giving of any required notice and the expiration of any
cure period expressly granted to such Applicant in this Agreement) any Guaranteed Obligation when and as the same shall become
due, whether at maturity, upon mandatory prepayment, by acceleration, after notice of prepayment or otherwise, the Company hereby
promises to and will forthwith pay, or cause to be paid, to the Bank in cash the amount of such unpaid Guaranteed Obligation.
Upon payment by the Company of any sums as provided above, all rights of the Company against the applicable Applicant or any other
Person arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in
all respects be subordinate and junior in right of payment to the prior payment in full in cash of all the Guaranteed Obligations.
If any amount shall erroneously be paid to the Company on account of (i) such subrogation, contribution, reimbursement, indemnity,
or similar right, or (ii) any such indebtedness of any 

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Applicant, such amount shall be held in trust for the benefit of the Bank
and shall be paid to the Bank to be credited against the payment of the Guaranteed Obligations, whether matured or unmatured.

(f)          The
Company further agrees that its obligations hereunder shall continue to be effective or be reinstated, as the case may be, if
at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or must otherwise be restored by the Bank
upon the bankruptcy or reorganization of any Applicant or otherwise. Nothing shall discharge or satisfy the liability of the Company
hereunder except the full and final performance and payment in cash of the Guaranteed Obligations.

ARTICLE
III

CONDITIONS

3.01        Conditions
Precedent to Closing Date. The occurrence of the Closing Date, and the obligation of the Bank to issue any LOC, is subject
to the satisfaction (or waiver in accordance with Section 7.01) of the following conditions precedent:

(a)          The
Bank shall have received from each party hereto or thereto either (i) a counterpart of this Agreement and the Parent Guaranty
signed on behalf of such party or (ii) written evidence satisfactory to the Bank (which may include electronic transmission of
a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and the Parent Guaranty.

(b)          The
Bank shall have received from the Company a signed certificate, dated as of the Closing Date and signed by a Responsible Officer
of the Company on behalf of the Company, certifying as to (i) the truth in all material respects of the representations and warranties
contained in the Loan Documents as though made on and as of the Closing Date and (ii) the absence of any Event of Default.

(c)          The
Bank shall have received documents and certificates relating to the organization, existence, and good standing of each Credit
Party, and the authorization of the transactions contemplated hereby, all in form reasonably satisfactory to the Bank, including
(i) certified copies of the resolutions (or comparable evidence of authority) of each Credit Party approving the transactions
contemplated by the Loan Documents and (ii) a certification as to the names and true signatures of the officers of each Credit
Party that are authorized to sign the Loan Documents and the other documents to be delivered hereunder.

(d)          The
Bank shall have received evidence, reasonably satisfactory to it, that the Existing Facility has been terminated on or prior to
the date hereof.

(e)          Patriot
Act. The Bank shall have received all documentation and other information reasonably requested by it that is required by regulatory
authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot
Act.

(f)          The
Bank shall have received all fees and other amounts due and payable on or prior to the Closing Date and, to the extent invoiced,
reimbursement or payment of all expenses required to be reimbursed or paid by any Applicant hereunder, including the previously
agreed fees and disbursements of special counsel (if any) to the Bank.

3.02        Conditions
Precedent to Each Issuance, Extension or Increase of an LOC. In addition to the conditions to issuance or amendment set forth
in Section 2.01, the obligation of the Bank to issue or 

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amend the expiry, amount or language of an LOC (including any issuance
on the Closing Date) shall be subject to the further conditions precedent that on the date of such issuance or amendment:

(a)          the
representations and warranties contained in each Loan Document are true and correct in all material respects on and as of such
date, before and after giving effect to such issuance, extension (other than any automatic extension of an LOC), or increase,
as though made on and as of such date, other than any such representation or warranty that, by its terms, refers to a specific
date other than the date of such issuance, extension or increase, in which case as of such specific date, unless waived in accordance
with Section 7.01;

(b)          no
Block Notice is in effect;

(c)          no
Event of Default, or event or condition that would constitute an Event of Default described in Section 6.01(a), Section
6.01(f), or Section 6.01(g) but for the requirement that notice be given or time elapse or both, has occurred and is
continuing or would result from such issuance, extension, or increase;

(d)          the
Parent Guarantor shall not have repudiated, or asserted the unenforceability of the Parent Guaranty and the Parent Guaranty shall
continue to be in full force and effect; and

(e)          in
the case of the issuance, extension or increase of the amount of any LOC denominated in an Alternate Currency, there shall not
have occurred any change in national or international financial, political, or economic conditions or currency exchange rates
or exchange controls which in the reasonable opinion of the Bank would make it impracticable for such LOC to be issued, extended
or increased in such Alternate Currency.

Each
request for issuance, extension, or increase of an LOC and each automatic extension permitted pursuant to Section 2.02(c) shall
be deemed to be a representation and warranty by the applicable Applicant that both on the date of such request and on the date
of such issuance, extension, or increase or automatic extension the foregoing statements are true and correct.

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES

The
Company represents and warrants as follows:

4.01         Existence,
Etc. Each Credit Party (i) is duly organized or formed, validly existing, and in good standing under the laws of the jurisdiction
of its incorporation or formation, (ii) is duly qualified and in good standing as a foreign corporation or other entity in each
other jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be
licensed except where the failure to so qualify or be licensed could not reasonably be expected to have a Material Adverse Effect,
and (iii) has all requisite power and authority (including all governmental licenses, permits and other approvals) to own or lease
and operate its properties and to carry on its business as now conducted and as proposed to be conducted, except where the failure
to have any license, permit or other approval could not reasonably be expected to have a Material Adverse Effect.

4.02         Authority
and Authorization. The execution, delivery, and performance by each Credit Party of each Loan Document to which such Credit
Party is party, and the consummation of the transactions contemplated thereby, are within the organizational powers of such Credit
Party, have been duly authorized by all necessary organizational action, and do not (i) contravene the Constituent 

     24

     

    

Documents of
such Credit Party, or (ii) violate any law, rule, regulation (including Regulation X of the Board of Governors of the Federal
Reserve System), order, writ, judgment, injunction, decree, determination or award, or (iii) conflict with or result in the breach
of, or constitute a default under, any contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument
binding on or affecting such Credit Party or its properties, which, in the case of any violation, conflict, breach or default
under clause (ii) or (iii) could reasonably be expected to have a Material Adverse Effect. No Credit Party is in violation of
any such law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or in breach of any such contract,
loan agreement, indenture, mortgage, deed of trust, lease or other instrument, the violation or breach of which could reasonably
be expected to have a Material Adverse Effect.

4.03         Approvals.
No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or any other third
party is required for the due execution, delivery, or performance by any Credit Party of any Loan Document to which it is party
or the consummation of the transactions contemplated thereby, other than has been obtained and is in full force and effect as
of the Closing Date.

4.04         Enforceability.
This Agreement has been, and each other Loan Document to which a Credit Party is a party, has been or when delivered hereunder
will have been, duly executed and delivered by such Credit Party. This Agreement is, and each other Loan Document to which a Credit
Party is a party, is or when delivered hereunder will be, the legal, valid, and binding obligation of such Credit Party, enforceable
against it in accordance with the terms thereof, subject to bankruptcy, insolvency, and similar laws of general application relating
to creditors’ rights and to general principles of equity.

4.05         Litigation.
Except as disclosed in the Company’s filings with the SEC from time to time, there is no action, suit, investigation, litigation
or proceeding affecting the Company pending or, to the knowledge of the Company, threatened in writing before any Governmental
Authority that could reasonably be expected to have a Material Adverse Effect.

4.06         Compliance
with Certain Acts. Each Credit Party is in compliance in all material respects with the Patriot Act. No part of any payment
under any LOC will be used, directly or indirectly, for any payments to any governmental official or employee, political party,
official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain,
retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of
1977, as amended from time to time, and any successor statute or statutes. Neither any Credit Party nor any of its directors,
officers, managers or principal employees is on the list of Specially Designated Nationals and Blocked Persons issued by OFAC.

4.07         Investment
Company Act. No Credit Party is an “investment company”, or an “affiliated person” of, or “promoter”
or “principal underwriter” for, an “investment company”, as such terms are defined in the United States
Investment Company Act of 1940, as amended from time to time, and any successor statute or statutes. Neither the making of any
LOC Disbursements, nor the issuance of any LOC, nor the application of the proceeds or repayment thereof, nor the consummation
of the other transactions contemplated by the Loan Documents, will violate any provision of such Act or any rule, regulation,
or order of the SEC thereunder.

4.08         Compliance
with Laws and Agreements. Each Credit Party is in compliance with all laws, regulations, and orders of any Governmental Authority
applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect. No Credit Party is in default in any material respect beyond any applicable grace period under or 

     25

     

    

with respect to any
of its Constituent Documents or any indenture, agreement, instrument or undertaking to which it is a party or by which it or any
of its property is bound, the existence of which default has not been waived in writing and which, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect.

4.09         Anti-Corruption
Laws and Sanctions. Each Credit Party and each Subsidiary is in compliance, in all material respects, with Anti-Corruption
Laws and Sanctions and are not engaged in any activity that would reasonably be expected to result in the Credit Parties being
designated as a Sanctioned Person. Policies and procedures the Company believes are designed to ensure compliance by the Credit
Parties, their respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws
and applicable Sanctions have been implemented, and are maintained in effect, by the Credit Parties or otherwise on behalf of
their Subsidiaries. None of (a) any Credit Party, any Subsidiary of a Credit Party or any of their respective directors, officers
or employees (except any director, officer or employee of a Non-Controlled Subsidiary appointed by a Person that is not an Affiliate
of any Credit Party), or (b) to the knowledge of any Credit Party, any director, officer or employee of any Non-Controlled Subsidiary
(to the extent appointed by a Person that is not an Affiliate of any Credit Party, is a Sanctioned Person. No LOC will violate
any Anti-Corruption Laws or applicable Sanctions.

4.10         No
Event of Default. No Event of Default has occurred and is continuing.

ARTICLE
V

COVENANTS

Until
the Commitment has expired or been terminated and the principal of and interest on each LOC Disbursement and all fees payable
hereunder shall have been paid in full in cash and all LOCs shall have expired without any pending drawing or terminated, the
Company covenants and agrees with the Bank that:

5.01         Information.
The Company will furnish to the Bank:

(a)          within
ninety (90) days after the end of each fiscal year of the Company, its audited consolidated balance sheet and related statements
of earnings, shareholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative
form the figures for the previous fiscal year, all reported on by independent public accountants of recognized national standing
and reasonably acceptable to the Bank (without a “going concern” explanatory note or any similar qualification or
exception or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly,
in all material respects, the financial condition and results of operations of the Company and its consolidated Subsidiaries on
a consolidated basis in accordance with GAAP;

(b)          within
forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Company, its consolidated
balance sheet and related statements of earnings, shareholders’ equity and cash flows as of the end of and for such fiscal
quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding
period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of
its Financial Officers as presenting fairly, in all material respects, the financial condition and results of operations of the
Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments
and the absence of footnotes; and

     26

     

    

(c)          written
notice of the occurrence of an Event of Default, which notice shall be given within five (5) Business Days after the actual knowledge
of an officer of the Company of such occurrence, specifying the nature and extent thereof and, if continuing, the action the Company
or relevant Credit Party is taking or proposes to take in respect thereof.

The
Parent Guarantor shall promptly (and not later than three (3) Business Days after the occurrence thereof) notify the Company of
any Event of Default occurring under Section 6.01(d), (e), (f), or (g) and relating to the Parent
Guarantor.

Anything
required to be delivered pursuant to Section 5.01(a) or (b) above (to the extent any such financial statements or
reports 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 on which the Company posts such reports, or provides a link thereto, on the Company’s
website on the Internet, or on the date on which such reports are filed with the SEC and become publicly available.

5.02         Existence.
Each Credit Party shall do or cause to be done all things necessary to preserve and keep in full force and effect its legal existence
and the rights, licenses, permits, privileges, authorizations, qualifications and accreditations material to the conduct of its
business, in each case if the failure to do so, individually or in the aggregate, could reasonably be expected to result in a
Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation or other transaction
expressly permitted hereunder.

5.03         Compliance
with Laws. Each Credit Party will comply with all applicable laws, ordinances, rules, regulations, and requirements of Governmental
Authorities except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect.

5.04         Inspection
of Property, Books and Records. Each Credit Party will keep, and will cause each of its Subsidiaries to keep, adequate books
of record and account, and will permit representatives of the Bank to visit and inspect (upon one (1) Business Day’s notice)
any of its properties, to examine and make abstracts from any of its books and records and to discuss its affairs, finances and
accounts with its officers, employees and independent public accountants, all during regular business hours and as often as reasonably
requested (provided, however, that unless an Event of Default shall have occurred and be continuing, such inspection right shall
be limited to one occurrence per Bank in any 12-month period).

5.05         Anti-Corruption
Laws and Sanctions. Policies and procedures will be maintained and enforced by or on behalf of each Credit Party that the
Company believes are designed to promote and achieve compliance, in all material respects by each Credit Party and each of its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
No Credit Party will directly or indirectly, use the proceeds of the LOCs, or lend, contribute or otherwise make available such
proceeds to any direct or indirect subsidiary of such Credit Party, joint venture partner or other Person, (i) to fund any activities
or business of or with any Sanctioned Person, or in any Sanctioned Country, or (ii) in any other manner that would result in such
Credit Party or the Bank being in violation of Sanctions.

ARTICLE
VI 

EVENTS OF DEFAULT

6.01        Events
of Default and Their Effect. If any of the following events (each an “Event of Default”) shall occur and
be continuing:

     27

     

    

(a)          Any
Applicant shall, other than as a result of administrative or technical error so long as such error is corrected within three (3)
Business Days of notification to such Applicant of such error, fail to pay any reimbursement obligation in respect of any LOC
Disbursement made by the Bank pursuant to an LOC, any Applicant shall fail to deposit cash collateral when and as the same shall
become due and payable, or any Credit Party shall fail to pay any other amount payable by such Credit Party under any Loan Document,
in each case within five (5) Business Days after the same becomes due and payable with respect to a payment required to
be made pursuant to Section 2.03 or ten (10) Business Days after the same becomes due and payable with respect to any other
payment required to be made hereunder;

(b)          Any
representation or warranty made by any Credit Party (or any of its officers or other representatives) under or in connection with
any Loan Document shall prove to have been incorrect in any material respect when made or deemed to have been made and such inaccuracy
is not remedied within thirty (30) days after receipt of notice to the applicable Credit Party and the Parent Guarantor from the
Bank specifying such inaccuracy;

(c)          Any
Credit Party shall fail to perform or observe any term, covenant, or agreement contained herein on its part to be performed or
observed if such failure shall remain unremedied for thirty (30) days after written notice thereof shall have been given to the
Company by the Bank, except where such default cannot be reasonably cured within 30 days but can be cured within 60 days, the
Credit Party has (i) during such 30-day period commenced and is diligently proceeding to cure the same and (ii) such default is
cured within 60 days after the earlier of becoming aware of such failure and receipt of notice to the applicable Credit Party
and the Parent Guarantor from the Bank specifying such failure;

(d)          The
Parent Guarantor shall fail to pay any indebtedness for borrowed money pursuant to a loan agreement or noncontingent payment obligation
pursuant to a letter of credit agreement of similar nature to this Agreement, individually or in the aggregate, in excess of the
Dollar Equivalent of $200,000,000, when the same becomes due and payable (whether by scheduled maturity, required prepayment,
acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the
agreement or instrument relating to such indebtedness, provided, however, that a written waiver of such failure
by the Person to whom such Indebtedness is owed shall be a written waiver of the Event of Default resulting pursuant to this subclause
from such failure; or the maturity of such indebtedness is accelerated, provided, however, that a written waiver
of such failure by the Person to whom such indebtedness is owed shall be a written waiver of the Event of Default resulting pursuant
to this subclause from such failure;

(e)          The
Parent Guarantor shall repudiate, or assert the unenforceability of the Parent Guaranty, or the Parent Guaranty shall for any
reason not be in full force and effect or the Company shall repudiate, or assert the unenforceability of this Agreement;

(f)          The
entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the Parent Guarantor, the
Company or any other Credit Party in an involuntary case or proceeding under any applicable United States federal, state, or foreign
bankruptcy, insolvency, reorganization, or other similar law or (ii) a decree or order adjudging the Parent Guarantor, the Company
or any other Credit Party bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Parent Guarantor, the Company or any other Credit Party under any applicable
United States federal, state, or foreign law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator
or other similar official of the Parent Guarantor, the Company or any other Credit Party or any substantial part of the property
of the Parent Guarantor or the Company, or ordering the winding up or liquidation of the affairs of the Parent 

     28

     

    

Guarantor, the
Company or any other Credit Party, and the continuance of any such decree or order for relief or any such other decree or order
unstayed and in effect for a period of ninety (90) consecutive days; or

(g)          The
commencement by the Parent Guarantor, the Company or any other Credit Party of a voluntary case or proceeding under any applicable
United States federal, state, or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding
to be adjudicated the Bankrupt or insolvent, or the consent by the Parent Guarantor, the Company or any other Credit Party to
the entry of a decree or order for relief in respect of the Company or any other Credit Party in an involuntary case or proceeding
under any applicable United States federal, state, or foreign bankruptcy, insolvency, reorganization, or other similar law or
to the commencement of the Bankruptcy or insolvency case or proceeding against it, or the filing by the Parent Guarantor, the
Company or any other Credit Party of a petition or answer or consent seeking reorganization or relief under any applicable United
States federal, state, or foreign law, or the consent by the Parent Guarantor, the Company or any other Credit Party to the filing
of such petition or the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator,
or similar official of the Parent Guarantor, the Company or any other Credit Party or of any substantial part of the property
of, or the making by the Parent Guarantor, the Company or any other Credit Party of an assignment for the benefit of creditors,
or the admission by the Parent Guarantor, the Company or any other Credit Party in writing of its inability to pay its debts generally
as they become due, or the taking of corporate action by the Parent Guarantor, the Company or any other Credit Party in furtherance
of any such action;

then,
and in any such event, the Bank (i) may, by notice to the Company, declare the obligation of the Bank to issue or amend the expiry,
amount or language of any LOC to be terminated, whereupon the same shall forthwith terminate, and/or (ii) may, by notice to the
Company, declare all amounts payable under this Agreement and the other Loan Documents to be forthwith due and payable, whereupon
all such amounts shall become and be forthwith due and payable, without presentment, demand, protest, or further notice of any
kind, all of which are hereby expressly waived by each Credit Party, and/or (iii) may require the Beneficiary of any LOC to draw
the entire amount available to be drawn under such LOC in accordance with (and to the extent permitted by) such LOC and/or (iv)
require the applicable Applicant to use best efforts to cause the Bank to be released from all its obligations under each LOC,
and/or (v) exercise any and all other remedies available at law, in equity or otherwise, to secure, collect, enforce or satisfy
any Obligations of any of the Credit Parties; provided that in the event of an actual or deemed entry of an order for relief
with respect to any Applicant under the Bankruptcy Law, (x) the obligation of the Bank to issue, amend, or amend the expiry, amount
or language of any LOC shall automatically terminate, (y) all such amounts shall automatically become due and payable, without
presentment, demand, protest, or any notice of any kind, all of which are hereby expressly waived by each Applicant, and (z) the
obligation of each Applicant to provide cash collateral under Section 6.02 shall automatically become effective.

6.02         Actions
in Respect of the Letters of Credit upon Event of Default. If any Event of Default shall have occurred and be continuing,
the Bank may, whether before or after taking any of the actions described in Section 6.01, demand that the Company and
each other Applicant, and forthwith upon such demand the Company and each other Applicant will, without duplication of any other
cash collateral provide to the Bank, remit as cash collateral to the Bank in immediately available funds an aggregate amount not
less than the sum of (i) one hundred percent (100%) of the Available Amount at such time of all LOCs denominated in dollars plus
(ii) one hundred five percent (105%) of the Available Amount at such time of all LOCs denominated in Alternate Currencies. If
at any time during the continuance of an Event of Default the Bank determines that such funds are subject to any right or claim
of any Person other than the Bank or that the total amount of such funds is less than the aggregate Available Amount at such time
of all LOCs, the Company and each other Applicant will, forthwith upon 

     29

     

    

demand by the Bank, remit to the Bank, as additional cash
collateral, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, that
the Bank determines to be free and clear of any such right and claim. Notwithstanding the two preceding sentences, no Applicant
other that the Company shall be required to cash collateralize any amounts attributable to an LOC issued at the request of any
other Applicant. Upon the drawing of any LOC, such funds shall be applied to reimburse the Bank, to the extent permitted by applicable
law.

ARTICLE
VII

MISCELLANEOUS

7.01         Amendments,
Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document (other than with respect to an increase
in the Commitment Amount pursuant to Section 2.04(b) or any agreement or agreements executed and delivered thereunder),
nor consent to any departure by any Credit Party therefrom, shall in any event be effective unless the same shall be in writing
the Bank and the Company, and then any such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given.

7.02         Notices,
Etc. All notices and other communications provided for hereunder shall be in writing (including facsimile or e-mail) and mailed
or sent to the applicable party at its address set forth below its signature hereto (or, in the case of an assignee pursuant to
Section 7.06 that is not a party hereto on the Closing Date, at its address specified in the Assignment and Assumption
pursuant to which it becomes the Bank and in the case of any Subsidiary Applicant that is not a party hereto on the Closing Date,
at its address specified in the Adherence Agreement pursuant to which it becomes a Subsidiary Applicant) or at such other address
as shall be designated by such party in a written notice to the other parties. All such notices and communications shall be effective
(a) if mailed, three Business Days after the date deposited in the mail, (b) if sent by messenger or courier, when delivered,
or (c) if sent by facsimile or e-mail, when the sender receives electronic confirmation of receipt, except that (i) notices and
communications to the Bank pursuant to Article II, shall not be effective until received by such Person; and (ii) any notice
or other communication received at a time when the recipient is not open for its regular business shall be deemed received one
hour after such recipient is again open for its regular business.

7.03         No
Waiver; Remedies. No failure on the part of the Bank to exercise, and no delay in exercising, any right hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof
or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by
law.

7.04         Costs
and Expenses.

(a)          Each
Credit Party agrees to pay on demand all reasonable and documented costs and expenses of the Bank (including the legal fees and
disbursements of special counsel (if any) to the Bank to the extent previously agreed) in connection with the preparation, execution
and delivery of the Loan Documents; provided, however, that no Applicant shall be obligated to pay any costs and
expenses to the extent attributable to any LOC issued at the request of any other Applicant.

(b)          Each
Credit Party agrees to indemnify and hold harmless the Bank and each of its Affiliates and the officers, directors, employees,
agents and advisors of any of the foregoing (each an “Indemnified Party”) from and against all claims, damages,
losses, liabilities and expenses (including reasonable and documented fees and expenses of counsel) of any kind or nature whatsoever
that may be incurred by or asserted or awarded against any Indemnified Party arising out of or in connection with or 

     30

     

    

by reason
of (including in connection with any investigation, litigation, or proceeding or preparation of a defense in connection therewith)
(i) the enforcement of this Agreement or any other Loan Document or (ii) any adviser’s confirmer’s, or other nominated
person’s fees and expenses with respect to any LOC that are chargeable to any Applicant or the Bank (if the applicable LOC
Request or any LOC Related Document requested or authorized such advice, confirmation, or other nomination, as applicable), except
to the extent such claim, damage, loss, liability or expense shall have resulted from the negligence, willful misconduct or fraud
of such Indemnified Party. Each Credit Party also agrees not to assert any claim against any Indemnified Party on any theory of
liability for, and no Indemnified Party shall be liable in contract, tort, or otherwise for, special, indirect, consequential,
exemplary, or punitive damages arising out of or otherwise relating to this Agreement, any other Loan Document, any transaction
contemplated hereby or thereby or the actual or proposed use of the LOC Disbursements or any LOC (including for any consequences
of forgery or fraud by any Beneficiary or any other Person).

(c)          Without
prejudice to the survival of any other agreement of any Credit Party hereunder or under any other Loan Document, the agreements
and obligations of each Credit Party contained in Section 2.06, Section 2.08, and this Section 7.04 shall
survive the payment in full of principal, interest, and all other amounts payable hereunder and under any other Loan Document,
the expiration or termination of the Commitments, and the expiration without any pending drawing or termination of all LOCs.

7.05         Binding
Effect. This Agreement shall become effective when it shall have been executed by each Credit Party and the Bank and thereafter
shall be binding upon and inure to the benefit of each Credit Party and the Bank and their respective successors and assigns,
except that no Credit Party shall have the right to assign its rights hereunder or any interest herein without the prior written
consent of the Bank (such consent not to be unreasonably withheld).

7.06         Assignments
and Participations.

(a)          The
Bank may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement and the
other Loan Documents (including all or a portion of its Commitment, its LOC Participating Interests and the LOC Disbursements
owing to it); provided that (i) each such assignment shall be of a uniform, and not a varying, percentage of all rights
and obligations of the Bank hereunder, (ii) except in the case of an assignment to a Person that, immediately prior to such assignment,
was (x) the Bank or an Affiliate of the Bank, the aggregate amount of the Commitment being assigned to such Eligible Assignee
pursuant to such assignment (determined as of the date of the Assignment and Assumption with respect to such assignment) shall
in no event be less than $25,000,000 unless it is an assignment of the entire amount of such assignor’s Commitment, or (y)
not the Bank or an Affiliate of the Bank, the aggregate amount of the Commitment being assigned to such Eligible Assignee pursuant
to such assignment (determined as of the date of the Assignment and Assumption with respect to such assignment) shall in no event
be less than $5,000,000 unless it is an assignment of the entire amount of such assignor’s Commitment, (iii) each such assignment
shall be to an Eligible Assignee, (iv) as a result of such assignment, the Company shall not be subject to additional amounts
under Section 2.06 or 2.08, and (vii) the parties to each such assignment shall execute and deliver an Assignment
and Assumption.

(b)          The
Bank may sell participations to one or more Persons (other than the Company or any of its Affiliates) in or to all or a portion
of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment,
its LOC Participating Interests and the LOC Disbursements owing to it; provided that (i) the Bank’s obligations under
this Agreement (including its Commitment and its LOC Participating Interests) shall remain unchanged, (ii) the Bank shall remain
solely responsible to the other parties hereto for the performance of 

     31

     

    

such obligations, (iii) the Company and the other Applicants
shall continue to deal solely and directly with the Bank in connection with the Bank’s rights and obligations under this
Agreement, (iv) so long as there then exists no Event of Default, such participation is consented to and approved by the Company
(not to be unreasonably withheld), and (v) no participant under any such participation shall have any right to approve any amendment
or waiver of any provision of any Loan Document, or any consent to any departure by the Company therefrom, except to the extent
that such amendment, waiver or consent would reduce the principal of, or interest on, reimbursement obligations or any fees or
other amounts payable hereunder, or postpone any date fixed for any payment thereof, in each case to the extent subject to such
participation.

(c)          The
Bank may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section
7.06, disclose to the assignee or participant or proposed assignee or participant any information relating to the Company
or any of its Subsidiaries furnished to the Bank by or on behalf of the Company or any such Subsidiary; provided that,
prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality
of any Confidential Information received by it from the Bank.

(d)          Notwithstanding
any other provision set forth in this Agreement, the Bank may at any time create a security interest in all or any portion of
its rights under this Agreement (including the LOC Disbursements owing to it) in favor of any Federal Reserve Bank in accordance
with Regulation A of the Board of Governors of the Federal Reserve System.

7.07         Execution
in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement (or any related agreement,
including any amendment hereto or waiver hereunder) by facsimile or e-mail (in a pdf or similar file) shall be effective as delivery
of an original executed counterpart of this Agreement (or such related agreement).

7.08         Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

7.09         Confidentiality.
The Bank shall not disclose any Confidential Information to any Person without the consent of the Company, other than (a) to the
Bank’s Affiliates and their officers, directors, employees, agents and advisors with a need to know, to actual or prospective
Eligible Assignees and participants, and to any direct, indirect, actual or prospective counterparty (and its advisor) to any
swap, derivative or securitization transaction related to the obligations under this Agreement, and in each case then only on
a confidential basis (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) as required by any law, rule or regulation
or judicial process, (c) as requested or required by any state, federal or foreign authority or examiner regulating the Bank or
pursuant to any request of any self-regulatory body having or claiming authority to regulate or oversee any aspect of the Bank’s
business or that of any of its Affiliates, and (d) to any rating agency when required by it; provided that, prior to any
such disclosure, such rating agency shall undertake to preserve the confidentiality of any Confidential Information relating to
the Company and its Subsidiaries received by it from the Bank. Each Credit Party agrees and consents to the Bank’s disclosure
of information relating to this transaction to 

     32

     

    

Gold Sheets and other similar bank trade publications. Such information will consist
of deal terms and other information customarily found in such publications.

7.10         Patriot
Act. The Bank is required to obtain, verify, and record information that identifies the Company and each other Credit Party,
which information includes the name and address of the Company and each other Credit Party and their respective direct and indirect
beneficial owners and other information that will allow the Bank to identify the Company and each other Credit Party and their
respective direct and indirect beneficial owners in accordance with the Patriot Act.

7.11         Waiver
of Immunity. Each Credit Party acknowledges that this Agreement and each other Loan Document is, and each LOC will be, entered
into for commercial purposes of the applicable Applicant. To the extent that any Credit Party or any of its assets has or hereafter
acquires any right of sovereign or other immunity from or in respect of any legal proceedings to enforce or collect upon any Obligation
or any other agreement relating to the transactions contemplated herein, such Credit Party hereby irrevocably waives any such
immunity and agrees not to assert any such right or claim in any such proceeding.

7.12         Jurisdiction,
Etc.

(a)          Each
of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of any New York state court sitting in New York County or the United States District Court for 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 of the
other Loan Documents. 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.

(b)          Each
of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement or any of the other Loan Documents to which it is a party in any New York state or federal court. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court sitting in New York County.

(c)          Each
of the parties hereto, to the fullest extent permitted by applicable law, hereby irrevocably waives all right to trial by jury
as to any action or proceeding arising out of or relating to this Agreement or any of the other Loan Documents.

(d)          Each
Credit Party hereby agrees that service of process in any such action or proceeding may be made on such Applicant by the mailing
of copies thereof by express or overnight mail or courier, postage prepaid, to such Applicant at its address referred to in Section
7.02.

(e)          Nothing
in this Agreement shall affect any right that any party may otherwise have to serve process in any other manner.

7.13         Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. If any LOC
expressly chooses a state or country law other than the State of New York, the applicable Applicant shall be obligated to reimburse
the Bank for payments made under such LOC if such payment is justified under New York law or such other law.

     33

     

    

7.14         Acknowledgement
and Consent to Bail-In of EEA 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 EEA Financial Institution arising under any Loan Document, to the extent
such liability is unsecured, may be subject to the write-down and conversion powers of an EEA 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 an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA 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 EEA 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)         the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 [Signature
Pages Follow]

 

     34

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this
Letter of Credit Facility Agreement to be duly executed and delivered by their respective officers thereunto duly authorized, as
of the date first above written.

 

	 	SUNPOWER CORPORATION

 

	 	By:	/s/ Ada Kwan	 
	 	 	Name: Ada Kwan
	 	 	Title: Treasurer

 

	 	Address:	77 Rio Robles
	 	 	San Jose, CA 95134
	 	Attention:	Ada Kwan
	 	Telephone:	408-240-5500
	 	Facsimile:	408-240-5400
	 	E-mail:	ada.kwan@sunpowercorp.com

 

	 	SUNPOWER CORPORATION, SYSTEMS

 

	 	By:	/s/ Ada Kwan	 
	 	 	Name: Ada Kwan
	 	 	Title: Treasurer

  

	 	Address:	77 Rio Robles
	 	 	San Jose, CA 95134
	 	Attention:	Ada Kwan
	 	Telephone:	408-240-5500
	 	Facsimile:	408-240-5400
	 	E-mail:	ada.kwan@sunpowercorp.com

 

	 	TOTAL S.A.

 

	 	By:	/s/ Patrick de La Chevière	 
	 	 	Name: Patrick de La Chevière
	 	 	Title: Chief Financial Officer

 

	 	Address:	2, place Jean Millier
	 	 	La Défense 6
	 	 	92400 Courbevoie
	 	 	France
	 	Attention:	Jean-Luc Guiziou
	 	Telephone:	+ 33 1 47 44 26 95
	 	Facsimile:	+ 33 1 47 44 50 95
	 	E-mail:	jean-luc.guiziou@total.com

  

Signature Page to Letter of Credit Facility Agreement

  

    

     

    

 

	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

 

	 	By:	/s/ Fumito Kobayashi	 
	 	 	      Name: Fumito Kobayashi
	 	 	      Title: General Manager

  

	 	Address:	18 rue du Quatre Septembre
	 	 	75002 Paris, France
	 	Attention:	Jean-Claude Caffardo
	 	Telephone:	+33 1 44 77 48 32
	 	E-mail:	jean-claude.caffardo@fr.mufg.jp

 

	 	Address:	1251 Avenue of the Americas
	 	 	New York, New York 10020
	 	Attention:	Bret Douglas
	 	Telephone:	212-782-5732
	 	E-mail:	bdouglas@us.mufg.jp

 

Signature Page to Letter of Credit Facility
Agreement

 

    

     

    

 

EXHIBIT A

 

[FORM
OF]

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (the “Assignment and
Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor]
(the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein
shall have the meanings given to them in the Letter of Credit Facility Agreement identified below (as amended, supplemented, or
otherwise modified from time to time, the “Facility Agreement”), receipt of a copy of which (and any other Loan Documents
requested by the Assignee) is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth
herein in full.

 

For an agreed consideration, the Assignor hereby irrevocably
sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and
in accordance with the Standard Terms and Conditions and the Facility Agreement, as of the Effective Date inserted by the Bank
as contemplated below (i) all of the Assignor’s rights and obligations under the Facility Agreement and any other documents or
instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such
outstanding rights and obligations of the Assignor under the facility identified below and (ii) to the extent permitted to be assigned
under applicable law, all claims, suits, causes of action and any other right of the Assignor against any Person, whether known
or unknown, arising under or in connection with the Facility Agreement, any other documents or instruments delivered pursuant thereto
or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims,
tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations
sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above
being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the
Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

 

	1.	Assignor:	 	 

  

	2.	Assignee:	 	 

	 	[and is an Affiliate of [identify Bank]]

 

	3.	[Company / Applicants]:	 	 

 

		4.	Facility Agreement: The $75,000,000 Letter of Credit Facility Agreement dated as of June 29, 2016 among SunPower Corporation,
Total S.A., SunPower Corporation, Systems, the Subsidiary Applicants parties thereto from time to time, and The Bank of Tokyo-Mitsubishi
UFJ, Ltd.

 

	5.	Assigned Interest:

 

    

     

    

 

	Facility Assigned	Aggregate Commitment 

Amounts / Credit

 Exposure for all Banks	Amount of Commitment 

/ Credit Exposure 

Assigned	Percentage Assigned of

 Commitment/Credit 

Exposure1
	Letter of Credit Facility	$_______________	$_______________	____________%

  

Effective Date: _____________ ___, 20___ [TO BE INSERTED BY BANK AND WHICH
SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER]

 

The terms set forth in this Assignment and Assumption are hereby agreed to:

 

	 	ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Consented to:] 2

 

[NAME OF RELEVANT PARTY]

 

	By	 	 
	 	Title:	 

 

 

 

		1	Set forth, to at least 9 decimals, as a percentage of the Commitment / Credit Exposure of all Banks thereunder.

 

		2	To
be added only if the consent of the Company [and/or other Applicants] is required by the terms of the Facility Agreement.

  

    

     

    

 

EXHIBIT B

 

[FORM
OF]

LOC REQUEST

 

    

     

    

  

APPLICATION
FOR STANDBY
LETTER OF CREDIT

 

	 	The Bank of Tokyo-Mitsubishi UFJ, Ltd.,

 

	 	 	 	 	 	 
	Office:   	The Bank of Tokyo-Mitsubishi UFJ,	 	FOR
    BANK USE ONLY
	 	LTD., New York Branch	 	 	 	 
	 	 	 	IRREVOCABLE
    CREDIT NO.
	Attn:   	IOD Standby LC Section	 	MGR	LCD	A/O
	 	 	 	 	 	 
	 	 	 	 	 	Date:

 

Gentlemen,

 

Please issue an irrevocable Standby Letter of Credit as set forth below and
forward same to your correspondent/beneficiary for delivery to the beneficiary by [   ] Airmail                               [      ]
Full cable

 

	
        ADVISING BANK (If Correspondent Bank)

         

         

         
	AMOUNT
	
        FOR ACCOUNT OF (Applicant Name/Address)

         

         

         
	IN FAVOR OF (Beneficiary of SB LC)(Full Name/Address)
	Drafts must be presented to drawee on or before (Expiration Date):

 

Available by draft(s) at sight drawn at your option on you or any of your
correspondents accompanied by the following documents: 

(Text of SBLC Wording/Format/Terms and conditions must be stated or attached
here with)

 

	 	 	 
	SPECIAL INSTRUCTIONS:	 	 
	 	 	 
	All Banking Charges outside of U.S.A. are for	(   ) Beneficiary’s Account	(   ) Applicant’s Account
	 	 	 
	 	 	 

  

	Signature Verification	 	 
	 	(AUTHORIZED SIGNATURE)	 
	 	 	 
	 	 	 

 

    

     

    

 

THIS CREDIT WILL BE SUBJECT TO [INSERT EITHER ISP98 OR UCP 600]

 

This Application is made subject to the Letter of Credit Facility Agreement
heretofore executed by us and delivered to you, the provisions of which are hereby made applicable to this Application and the
Credit.

 

	 	 	 	 
	FOR BANK USE ONLY	INTERNAL BOOK ONLY
	 	 	 	 
	 	 	Y/N____(If “Y” indicate reserved LC Number)
	 	 	 	 
	Customer Code______________________	C/A.# ____________	Cost Center _____________
	Part Bought Code	 	 	 
	__________________	PBLC.# ___________	Cert # and Date_____________________
	FOR P/S DETAILS ATTACH FORM SBLC3	 
	Affil Y/N____	Synd Y/N____	Agent Bank	Agent Bank ID___________
	 	 	Y/N_________	 
	FOR STANDBY COMM ATTACH FORM SBLC2	 
	Evergreen Y/N____ _	No. of Days_______	G/L Category_____________
	Facility Code_______	Guaranteed Y/N	Funds Avail	Purpose________________
	 	________________ _	Y/N_________	 
	 	_____	 	 
	Appr. # ____________	Grade	Review	Class__________________
	 	Date___________	Date___________	 
	 	 	 	 
	SPECIAL INSTRUCTIONS	 	 	 
	 	 	 	 
	Similar L/C (if any): (A duly approved copy of similar LC wording must be attached if applicable)

  

    

     

    

 

EXHIBIT C

 

[FORM
OF] 

ADHERENCE AGREEMENT

 

ADHERENCE AGREEMENT (this “Agreement”) dated as of _________ among ___________, a ___________, which is a new Subsidiary Applicant (the “New Subsidiary Applicant”),
SunPower Corporation, a Delaware corporation, the direct or indirect parent of the New Subsidiary Applicant (the “Company”),
SunPower Corporation, Systems, a Delaware corporation (“Systems”), Total S.A., a société anonyme
organized under the laws of the Republic of France, and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (the “Bank”).

 

Reference is made to the Letter of Credit Facility Agreement
dated as of June 29, 2016, among the Company, Systems, the Subsidiary Applicants parties thereto from time to time, and the Bank
(as amended, supplemented, or otherwise modified from time to time, the “Facility Agreement”). Unless the context
requires otherwise, terms used herein as defined terms and not otherwise defined herein shall have the meanings given thereto
in the Facility Agreement.

 

Section 2.12 of the Facility Agreement provides
that, subject to the satisfaction of certain conditions, the undersigned New Subsidiary Applicant may become a party to, and a
“Subsidiary Applicant” under, the Facility Agreement by entering into an agreement in the form of this Agreement.

 

Accordingly, and for other good and lawful consideration
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.          In accordance with Section 2.12 of the Facility Agreement,
the New Subsidiary Applicant by its signature below becomes a “Subsidiary Applicant” under the Facility Agreement with
the same force and effect as if originally named therein as a Subsidiary Applicant. The New Subsidiary Applicant hereby (a) agrees
to all of the terms and provisions of the Facility Agreement applicable to it as a Subsidiary Applicant thereunder and (b) represents
and warrants that it satisfies all of the requirements under the Facility Agreement for becoming a Subsidiary Applicant and that
the representations and warranties relating to it contained in the Facility Agreement are true and correct in all material respects
on and as of the date hereof (except to the extent such representations and warranties expressly relate to an earlier date, in
which case such representations and warranties were true and correct in all material respects as of such earlier date). The Facility
Agreement is hereby incorporated herein by reference.

 

2.        Hereinafter,
each reference to the “Subsidiary Applicants” in the Facility Agreement shall be deemed to include the New Subsidiary
Applicant until such time as the Company executes and delivers to the Bank a notice of termination in substantially the form of
Annex A hereto or such other form acceptable to the Bank (a “Notice of Termination”), whereupon
the New Subsidiary Applicant shall cease to be a Subsidiary Applicant. Notwithstanding the preceding sentence, no such Notice
of Termination will become effective at a time when any Obligations of the New Subsidiary Applicant shall be outstanding thereunder
or any LOC issued at the request of the New Subsidiary Applicant shall be outstanding (which shall not have been cash collateralized
in a manner satisfactory to the Bank in its sole discretion); provided that such Notice of Termination shall be effective
to terminate the New Subsidiary Applicant’s right to request LOCs under the Facility Agreement.

 

3.         The New Subsidiary Applicant hereby agrees to be liable under the
Facility Agreement, with respect to each Existing LOC listed on Schedule III to the Facility Agreement as being issued at its request,
as though such Existing LOC were issued as an LOC pursuant to the Facility Agreement.

 

    

     

    

 

4.         Each of the New Subsidiary Applicant, Systems and the Company represents
and warrants to the Bank that this Agreement has been duly authorized, executed and delivered by it and constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally.

 

5.         Each of the New Subsidiary Applicant, Systems and the Company represents
and warrants that no Event of Default has occurred and is continuing immediately after giving effect to the execution and delivery
of this Agreement.

  

6.         This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of which, when taken together, shall
constitute but one agreement. This Agreement shall become effective when the Bank shall have received counterparts of this Agreement
that bear the signatures of the New Subsidiary Applicant, the Company, Systems and the Bank. Delivery of an executed counterpart
of a signature page of this Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart
of this Agreement.

 

7.         Each of the New Subsidiary Applicant and the Company agrees to
furnish to the Bank such information as the Bank shall reasonably request in connection with the New Subsidiary Applicant or the
Company.

  

8.         Except as expressly supplemented hereby, the Facility Agreement
shall remain in full force and effect.

  

9.         THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

  

10.       If any one or more of the provisions contained in this Agreement
should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein and in any other Loan Document shall not in any way be affected or impaired.

  

11.       All communications and notices hereunder shall be in writing and
given as provided in Section 7.02 of the Facility Agreement. All communications and notices hereunder to the New Subsidiary Applicant
shall be given to it at the address set forth under its signature hereto.

  

12.       Neither this Agreement nor any provision hereof may be waived,
amended, or modified except as provided in Section 7.01 of the Facility Agreement.

  

13.       The New Subsidiary Applicant agrees to reimburse the Bank for
its reasonable expenses incurred in connection with this Agreement, including the reasonable fees, disbursements, and other charges
of counsel.

 

[SIGNATURE PAGE FOLLOWS]

 

    

     

    

 

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

 

	 	 	 	 
	Address:	 	[NEW SUBSIDIARY APPLICANT]
	 	 	 	 
	 	 	By:	 	 
	 	 	Name:
	 	 	Title:
	 	 	 	 
	 	 	SUNPOWER CORPORATION
	 	 	 	 
	 	 	By:	 	 
	 	 	Name:
	 	 	Title:
	 	 	 	 
	 	 	SUNPOWER CORPORATION, SYSTEMS
	 	 	 	 
	 	 	By:	 	 
	 	 	Name:
	 	 	Title:
	 	 	 	 
	 	 	TOTAL S.A.
	 	 	 	 
	 	 	By:	 	 
	 	 	Name:
	 	 	Title:
	 	 	 	 
	 	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
	 	 	 	 
	 	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

EXHIBIT D

 

[FORM
OF]

PARENT GUARANTY

 

    

     

    

 

EXECUTION VERSION

 

Guaranty

  

This GUARANTY (the “Guaranty”),
dated as of June 29, 2016 is between Total S.A., a société anonyme organized under the laws of the Republic of France
(the “Guarantor”), and The Bank of Tokyo-Mitsubishi UFJ, Ltd., a bank organized under the laws of Japan, having
an office at 1251 Avenue of the Americas, New York, New York 10020 (the “Bank”).

 

RECITALS

 

A.          SunPower Corporation (the “Obligor”)
wishes to enter into a Letter of Credit Facility Agreement (the “Contract”) with the Bank, the form of which
Contract has been provided to the Obligor and to the Guarantor.

 

B.           It is a condition precedent to
the Bank’s extension of credit under the Contract that the Guarantor guarantee the payment to the Bank of the Obligor’s
payment obligations under the Contract as described herein.

 

C.           Guarantor owns a portion of the
equity interest in the Obligor and will receive direct and indirect benefits from the Bank’s performance of the Contract.

 

AGREEMENT

 

For good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows:

 

1.            Guaranty. (a) Guarantor
unconditionally guarantees and promises to pay to the Bank, in accordance with the payment instructions contained in the Contract,
on demand after the default by the Obligor in the performance of its payment obligations under the Contract, in lawful money of
the United States, any and all Obligations (as hereinafter defined) consisting of payments due to the Bank. For purposes of this
Guaranty, the term “Obligations” means and includes the obligations of the Obligor to reimburse to the Bank:
(a) the amount of any draw on any letter of credit issued pursuant to the Contract and all interest accrued on such reimbursement
obligation from the date of such reimbursement until the date paid and (b) reasonable fees, expenses or other amounts payable by
the Obligor to the Bank under the Contract; provided, however, that with respect to the Obligations described in clause (b), the
Guarantor’s aggregate liability shall not exceed $250,000.

 

(b)          This Guaranty is absolute, unconditional,
continuing and irrevocable, constitutes an independent guaranty of payment and is in no way conditioned on or contingent upon any
attempt to enforce in whole or in part any of the Obligor’s Obligations to the Bank, the existence or continuance of the
Obligor as a legal entity, the consolidation or merger of the Obligor with or into any other entity, the sale, lease or disposition
by the Obligor of all or substantially all of its assets to any other entity, or the bankruptcy or insolvency of the Obligor,

 

    

     

    

 

the
admission by the Obligor of its inability to pay its debts as they mature, or the making by the Obligor of a general assignment
for the benefit of, or entering into a composition or arrangement with, creditors. If the Obligor fails to pay or perform any Obligations
to the Bank that are subject to this Guaranty as and when they are due, the Guarantor shall forthwith pay to the Bank all such
liabilities or obligations in immediately available funds. Each failure by the Obligor to pay any Obligations shall give rise to
a separate cause of action, and separate suits may be brought hereunder as each cause of action arises.

 

(c)          The Bank may at any time and
from time to time, without the consent of or notice to the Guarantor, except such notice as may be required by applicable statute
that cannot be waived, without incurring responsibility to the Guarantor, and without impairing or releasing the obligations of
the Guarantor hereunder, (i) exercise or refrain from exercising any rights against the Obligor or others (including the Guarantor)
or otherwise act or refrain from acting, (ii) settle or compromise any Obligations hereby guaranteed and/or any other obligations
and liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate
the payment of all or any part thereof to the payment of any obligations and liabilities which may be due to the Bank or others,
and (iii) sell, exchange, release, surrender, realize upon or otherwise deal with in any manner or in any order any property pledged
or mortgaged by anyone to secure or in any manner securing the Obligations hereby guaranteed.

 

(d)          The Bank may not, without the
prior written consent of the Guarantor, (i) change the manner, place and terms of payment or change or extend the time of payment
of, renew, or alter any Obligation hereby guaranteed, or in any manner modify, amend or supplement the terms of the Contract or
any documents, instruments or agreements executed in connection therewith, (ii) take and hold security or additional security for
any or all of the obligations or liabilities covered by this Guaranty, or (iii) assign its rights and interests under this Guaranty,
in whole or in part.

 

(e)          No invalidity, irregularity
or unenforceability of the Obligations hereby guaranteed shall affect, impair, or be a defense to this Guaranty. This is a continuing
Guaranty for which Guarantor receives continuing consideration and all obligations to which it applies or may apply under the terms
hereof shall be conclusively presumed to have been created in reliance hereon and this Guaranty is therefore irrevocable without
the prior written consent of the Bank.

 

2.           Representations and Warranties.
The Guarantor represents and warrants to the Bank that (a) the Guarantor is a société anonyme duly organized, validly,
existing and in good standing under the laws of its jurisdiction of incorporation or formation, (b) the execution, delivery and
performance by the Guarantor of this Guaranty are within the power of the Guarantor and have been duly authorized by all necessary
actions on the part of the Guarantor, (c) this Guaranty has been duly executed and delivered by the Guarantor and constitutes a
legal,

 

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valid and binding obligation of the Guarantor, enforceable against it in accordance with its terms, except as limited by
bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights
generally, (d) the execution, delivery and performance of this Guaranty do not (i) violate any law, rule or regulation of any governmental
authority, or (ii) result in the creation or imposition of any material lien, charge, security interest or encumbrance upon any
property, asset or revenue of the Guarantor, (e) no consent, approval, order or authorization of, or registration, declaration
or filing with, any governmental authority or other person (including, without limitation, the shareholders of the Guarantor) is
required in connection with the execution, delivery and performance of this Guaranty, except such consents, approvals, orders,
authorizations, registrations, declarations and filings that are so required and which have been obtained and are in full force
and effect, (f) the Guarantor is not in violation of any law, rule or regulation other than those the consequences of which cannot
reasonably be expected to have material adverse effect on the ability of the Guarantor to perform its obligations under this Guaranty,
and (g) no litigation, investigation or proceeding of any court or other governmental tribunal is pending or, to the knowledge
of the Guarantor, threatened against the Guarantor which, if adversely determined, could reasonably be expected to have a material
adverse effect on the ability of the Guarantor to perform its obligations under this Guaranty.

 

3.           Waivers. (a) The Guarantor,
to the extent permitted under applicable law, hereby waives any right to require Bank to (i) proceed against the Obligor or any
other guarantor of the Obligor’s obligations under the Contract, (ii) proceed against or exhaust any security received from
the Obligor or any other guarantor of the Obligor’s Obligations under the Contract, or (iii) pursue any other right or remedy
in the Bank’s power whatsoever.

 

(b)          The Guarantor further waives,
to the extent permitted by applicable law, (i) any defense resulting from the absence, impairment or loss of any right of reimbursement,
subrogation, contribution or other right or remedy of the Guarantor against the Obligor, any other guarantor of the Obligations
or any security, (ii) any setoff or counterclaim of the Obligor or any defense which results from any disability or other defense
of the Obligor or the cessation or stay of enforcement from any cause whatsoever of the liability of the Obligor (including, without
limitation, the lack of validity or enforceability of the Contract), (iii) any right to exoneration of sureties that would otherwise
be applicable, (iv) any right of subrogation or reimbursement and, if there are any other guarantors of the Obligations, any right
of contribution, and right to enforce any remedy that the Bank now has or may hereafter have against the Obligor, and any benefit
of, and any right to participate in, any security now or hereafter received by Bank, (v) all presentments, demands for performance,
notices of non-performance, notices delivered under the Contract, protests, notice of dishonor, and notices of acceptance of this
Guaranty and of the existence, creation or incurring of new or additional Obligations and notices of any public or private foreclosure
sale, (vi) the benefit of any statute of limitations, (vii) any appraisement, valuation, stay, extension, moratorium redemption
or similar law or similar rights for marshalling, and (viii) any right to be informed by the Bank of the financial condition of
the

 

    	 	3 	 

     

    

 

Obligor or any other guarantor of the Obligations or any change therein or any other circumstances bearing upon the risk of
nonpayment or nonperformance of the Obligations. The Guarantor has the ability to and assumes the responsibility for keeping informed
of the financial condition of the Obligor and any other guarantors of the Obligations and of other circumstances affecting such
nonpayment and nonperformance risks.

 

4.            Notice of Issuance of Letters of Credit and Draws
Thereon; Block Notice.

 

(a)          Notice of Issuance of Letter
of Credit and Draws Thereon. The Bank will furnish to the Guarantor prompt written notice of each (i) issuance or amendment
of the expiry, amount or language of letter of credit, (ii) other amendment to a letter credit, (iii) cancellation of a letter
credit, and (iv) payment on letter credit. The Bank will furnish to Guarantor promptly upon request and, in any case, prior to
the fifteenth business day of each calendar quarter a written report summarizing issuance and amendment of letter of crdeit issued
or amended during the preceding calendar quarter and payments and reductions in Available Amounts (as defined in the Contract)
during such calendar quarter on all letters of credit.

 

(b)         Right of Guarantor to Block Issuances of Letters
of Credit.

 

(i)         Delivery of Block Notice.
The Guarantor may (A) suspend the right of the Obligor to obtain additional issuances of letters of credit under the Contract that
are subject to this Guaranty at any time following the occurrence and during the continuance of a Trigger Event (as defined in
the Amended and Restated Credit Support Agreement, dated June 29, 2016, between the Obligor and the Guarantor) or (B) limit the
aggregate undrawn amount of letters of credit that are subject to this Guaranty at any time following a reduction of the Maximum
L/C Amount or Available Facility Amount pursuant to such Credit Support Agreement, in each case by delivering to the Bank a written
notice to such effect (a “Notice of Block”). Such Notice of Block shall be made and shall be deemed effective
when properly given in the manner specified in Section 5(a) of this Guaranty. The Bank will have no duty to investigate or make
any determination with respect to any Notice of Block received by it and will comply with any Notice of Block given by the Guarantor.
The Bank may rely upon any instructions from any person that it reasonably believes to be an authorized representative of the Guarantor.

 

(ii)        Compliance with Notice.
From and after the date a Notice of Block is delivered to the Bank pursuant to and in accordance with the provisions of clause
(i) above, and until either (A) the Guarantor delivers to the Bank a written notice rescinding such Notice of Block or (B) this
Guaranty is terminated, no additional letters of credit may be issued by the Bank for the benefit of the Obligor pursuant to the
Contract without the prior written consent of the Guarantor.

 

    	 	4 	 

     

    

 

5.            Miscellaneous.

 

Notices. All notices,
requests, demands and other communications that are required or may be given under this Guaranty shall be in writing and shall
be personally delivered or sent by certified or registered mail. If personally delivered, notices, requests, demands and other
communications will be deemed to have been duly given at time of actual receipt. If delivered by certified or registered mail,
deemed receipt will be at time evidenced by confirmation of receipt with return receipt requested. In each case notice shall be
sent:

 

		if to the Bank, to:	1251 Avenue of the Americas

New York, New York 10020

Attention: Bret Douglas

Telephone: 212-782-5732

E-mail: bdouglas@us.mufg.jp
	 	 	 
	 	 	18 rue du Quatre Septembre

75002 Paris, France

Attention: Jean-Claude Caffardo

Telephone: +33 1 44 77 48 32

E-mail: jean-claude.caffardo@fr.mufg.jp
	 	 	 
	 	if to the Guarantor, to: 	Total SA

2 place Jean Miller – La Defense 6

92078 Paris La Défense Cedex, France

Attention: Jean-Luc Guiziou

Telephone: +33 1 47 44 26 95

E-mail: jean-luc.guiziou@total.com

 

or to such other place
and with such other copies as the Bank or the Guarantor may designate as to itself by written notice to the other pursuant to this
Section 5(a).

 

(b)          Nonwaiver. No failure
or delay on the Bank’s part in exercising any right hereunder shall operate as a waiver thereof or of any other right nor
shall any single or partial exercise of any such right preclude any other further exercise thereof or of any other right.

 

(c)          Amendments and Waivers.
This Guaranty may not be amended or modified, nor may any of its terms be waived, except by written instruments signed by the Guarantor
and the Bank. Each waiver or consent under any provision hereof shall be effective only in the specific instances for the purpose
for which given.

 

    	 	5 	 

     

    

 

(d)          Assignments. This Guaranty
shall be binding upon and inure to the benefit of the Bank and the Guarantor and their respective successors and permitted assigns.
This Guaranty may not be assigned by the Guarantor without the express written approval of the Bank, which may not be unreasonably
withheld, conditioned or delayed.

 

(e)          Cumulative Rights, etc.
The rights, powers and remedies of the Bank under this Guaranty shall be in addition to all rights, powers and remedies given to
the Bank by virtue of any applicable law, rule or regulation, the Contract or any other agreement, all of which rights, powers,
and remedies shall be cumulative and may be exercised successively or concurrently without impairing the Bank’s rights hereunder.

 

(f)           Partial Invalidity. If
at any time any provision of this Guaranty is or becomes illegal, invalid or unenforceable in any respect under the law or any
jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Guaranty nor the legality, validity
or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby.

 

(g)          GOVERNING LAW. THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, WITHOUT REFERENCE
TO CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

(h)          JURISDICTION. EACH PARTY
(A) IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE
STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND
ANY APPELLATE COURT FROM ANY THEREOF AND (B) WAIVES ANY OBJECTION WHICH SUCH PARTY MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH
SUIT, ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(i)           Jury Trial. EACH OF THE
GUARANTOR AND THE BANK, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY
AS TO ANY ISSUE RELATING HERETO IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY.

 

[Remainder of page intentionally left blank]

 

    	 	6 	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this
Guaranty to be executed as of the day and year first written above.

 

	 	TOTAL S.A.

	 	 	 
	 	By 	 
	 	Name:
	 	Title:

 

	 	The Bank of Tokyo-Mitsubishi UFJ, Ltd.

	 	 	 
	 	By 	 
	 	Name:
	 	Title:

 

    

     

    

 

EXHIBIT E

 

[FORM OF] 

REQUEST RE SUBSIDIARY ACCOUNT PARTY

 

SUNPOWER CORPORATION

 

Date

 

To the Bank referred to in the Facility 

Agreement referred to
below

  

		Re:	Request to Approve “[    ]” as a “Subsidiary Account Party”

  

Reference is made to the Letter of
Credit Facility Agreement, dated as of June 29, 2016 (as it may be amended, supplemented or otherwise modified from time to time,
the “Facility Agreement”), among SunPower Corporation (the “Company”), SunPower Corporation, Systems, Total
S.A., the Subsidiary Applicants parties thereto from time to time, and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (the “Bank”).
Capitalized terms used herein without definition shall have the meanings given to such terms in the Facility Agreement.

 

The Company hereby requests that
the Bank approve [    ], an [    ]limited liability company (“[    ]”), as a Subsidiary Account Party under the Facility Agreement.
In connection therewith, the Company hereby represents and warrants to the Bank that [    ] is an [direct/indirect] Subsidiary of
the Company.

 

Kindly sign this consent in the space
provided below to approve [    ] as a Subsidiary Account Party as provided herein.

 

This approval to treat [    ] as a Subsidiary
Account Party shall not become effective until each party hereto shall have executed and delivered this approval or a separate
approval to the same effect. This approval may be executed in any number of counterparts, which together shall constitute one instrument.
Delivery of an executed counterpart of a signature page to this approval by facsimile or e-mail (in a pdf or similar file) shall
be effective as delivery of an original executed counterpart of this approval. This approval constitutes one of the Loan Documents
referred to in the Facility Agreement. This approval shall be governed by, and construed in accordance with, the law of the State
of New York.

 

	 	Very truly yours,
	 	 
	 	SUNPOWER CORPORATION

 

	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

THE FOREGOING REQUEST TO APPROVE

[   ]

AS A “SUBSIDIARY ACCOUNT PARTY” IS HEREBY

APPROVED:

 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as the Bank

 

	By: 	 	 
	 	Name:	 
	 	Title:	 

 

    	 	2

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