Document:

fcel-ex104_39.htm

Exhibit 10.4

 

PRIVILEGED AND CONFIDENTIAL

 

October 31, 2019

 

FuelCell Energy, Inc.

3 Great Pasture Road
Danbury, CT 06810
Attention: Jason Few
Email:jfew@fce.com

 

Loan Discount Letter

 

Ladies and Gentlemen:

 

This letter (this “Loan Discount Letter”) sets forth the loan discount amount accepted  by FuelCell Energy, Inc., a Delaware corporation (the “Borrower” or “you”), in connection with the Credit Agreement dated as of the date hereof (as amended, modified or supplemented from time to time, the “Credit Agreement”) by and among the Borrower, the Subsidiaries of the Borrower from time to time parties thereto as Guarantors, the Lenders party thereto from time to time, and Orion Energy Partners Investment Agent, LLC, as administrative agent and collateral agent (and in such capacities as both the administrative agent and the collateral agent, the “Agent”). Capitalized terms used herein and not defined shall have the meanings set forth in the Credit Agreement.

 

Loan Discount.

 

Each Lender shall fund its Commitments on each Funding Date in an amount equal to the principal amount of the Loans to be funded by such Lender on such date less 2.50% of the aggregate principal amount of the Loans funded by such Lender on such date (the “Loan Discount”).

 

Such Loan Discount shall be in all respects fully earned on the Initial Funding Date and non-refundable and non-creditable thereafter.

 

General Provisions.

 

The Loan Discount shall be in addition to the reimbursement of any other expenses or amounts reimbursable or payable to any Lender, Agent or Person in connection with the Credit Agreement.

 

Borrower acknowledges that this Loan Discount Letter is neither an express nor an implied commitment by any Lender, Agent or Person to act in any capacity with respect to the Credit Agreement or the Commitments thereunder or to purchase or place any Loans in connection therewith. This Loan Discount Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by the parties hereto. Except as specified in the Credit Agreement, you agree that this Loan Discount Letter shall not constitute or give rise to any obligation on the part of us or any of our Affiliates to provide or arrange any financing.

 

 

 

 

 

 

This Loan Discount Letter shall be construed in accordance with and governed by the law of the State of New York.

 

The provisions of Sections 10.07 (Severability) and 10.09(b) – (g) (Governing Law; Jurisdiction; Etc.) of the Credit Agreement shall apply, mutatis mutandis, to this Loan Discount Letter. This Loan Discount Letter may be executed in any number of counterparts, each of which when executed will be an original, and all of which, when taken together, will constitute one agreement. Delivery of an executed counterpart of a signature page of this Loan Discount Letter by facsimile or other electronic transmission will be effective as delivery of a manually executed counterpart hereof.

 

In addition, please note that neither Lender nor Agent, nor any of their respective Affiliates, provide accounting, tax or legal advice.

 

Please confirm that the foregoing is in accordance with your understanding by signing and returning to us the enclosed copy of this Loan Discount Letter.

 

[SIGNATURE PAGES FOLLOW]

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Loan Discount Letter as of the date first written above.

 

	
Very truly yours,

	
 
	
 
	
 

	
ORION ENERGY PARTNERS 

INVESTMENT AGENT, LLC, as Agent

	
 
	
 
	
 

	
By:
	
 
	
/s/ Gerritt Nicholas

	
Name:
	
 
	
Gerritt Nicholas

	
Title:
	
 
	
Managing Partner

 

 

 

[FuelCell - Loan Discount Letter]

 

 

 

 

ACKNOWLEDGED AND AGREED:

 

	
FUELCELL ENERGY, INC.

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Jason B. Few

	
Name:
	
 
	
Jason B. Few

	
Title:
	
 
	
President, Chief Executive Officer and 

	
 
	
 
	
Chief Commercial Officer

 

 

[FuelCell - Loan Discount Letter]fcel-ex105_38.htm

Exhibit 10.5

 

ORION ENERGY PARTNERS INVESTMENT AGENT, LLC

as Agent

350 5th Ave #6740

New York, NY 10118

 

October 31, 2019

 

 

FuelCell Energy, Inc.

3 Great Pasture Road

Danbury, CT 06810

Attention:Jason Few

Email:jfew@fce.com

Agent Reimbursement Letter

 

Ladies and Gentlemen:

 

This Agent Reimbursement Letter (this “Agent Reimbursement Letter”) is delivered to you in connection with the Credit Agreement dated as of the date hereof (as amended, modified or supplemented from time to time, the “Credit Agreement”) by and among FuelCell Energy, Inc., a Delaware corporation (the “Borrower” or “you”), the Subsidiaries of the Borrower from time to time parties thereto as Guarantors, the Lenders party thereto from time to time, and Orion Energy Partners Investment Agent, LLC, as administrative agent and collateral agent (and in such capacities as both the administrative agent and the collateral agent, the “Agent”). Capitalized terms used herein and not defined shall have the meanings set forth in the Credit Agreement.

 

Agent Reimbursement. In connection with the Credit Agreement, subject to the occurrence of the Closing Date thereunder, you agree to pay, or cause to be paid, to the Agent, for its own account, a nonrefundable reimbursement to the Agent (the “Agent Reimbursement”) in an amount of US$100,000.00 per annum. The Agent Reimbursement shall be due and payable quarterly in advance in quarterly installments of $25,000 each.  For the first  fiscal year, the first quarterly payment of $25,000 shall be due on the Initial Funding Date and the next three quarterly payments of $25,000 shall due on the twenty –first (21st) Business Day after the last Business day of April, 2020, July, 2020 and October, 2020, respectively.  For each fiscal year thereafter, each quarterly payment of $25,000 shall be due on each Quarterly Payment Date.

 

The foregoing quarterly payments shall be made until the earlier of (i) the resignation or replacement of the Agent in accordance with the Credit Agreement, or (ii) the date on which the Obligations have been indefeasibly paid in full or are otherwise terminated in accordance with the Credit Agreement (and pro-rated for any partial quarter).

 

This Agent Reimbursement Letter and any claim, controversy or dispute arising under or related to this Agent Reimbursement Letter shall be governed by, and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law to the extent that the application of the laws of another jurisdiction will be required thereby. Any right to trial by jury with respect to any claim, action, suit or proceeding arising out 

36054881v3

 

of or contemplated by this Agent Reimbursement Letter is hereby waived. Each of the parties hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of the federal and New York State courts located in the City of New York, Borough of Manhattan (and appellate courts thereof) in connection with any dispute related to this Agent Reimbursement Letter or any matters contemplated hereby or thereby, and agrees that any service of process, summons, notice or document by registered mail addressed to such party shall be effective service of process for any suit, action or proceeding relating to any such dispute. Each of the parties hereto irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. Nothing herein will affect the right of the Agent to serve legal process in any other manner permitted by law or affect the Agent’s right to bring any suit, action or proceeding against you or your property in the courts of other jurisdictions. A final judgment in any such suit, action or proceeding may be enforced in any jurisdiction by suit on the judgment or in any other manner provided by law.

 

All Agent Reimbursement payments shall be payable in U.S. dollars in immediately available funds, free and clear of and without deduction for any and all present or future applicable taxes, levies, imports, deductions, charges or withholdings, and all liabilities with respect thereto. Except as expressly provided herein, once paid, each such Agent Reimbursement payment shall be fully earned and no Agent Reimbursement payment shall be refundable under any circumstances. At the sole discretion of Agent, all or any portion of any Agent Reimbursement payment may be paid to any of its Affiliates. You agree that this Agent Reimbursement Letter shall not constitute or give rise to any obligation on the part of us or any of our Affiliates to provide or arrange any financing, including any financing or any part thereof under the Credit Agreement.

 

Delivery of an executed counterpart of a signature page to this Agent Reimbursement Letter by facsimile or electronic .pdf shall be effective as delivery of a manually executed counterpart of this Agent Reimbursement Letter. This Agent Reimbursement Letter may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which counterpart shall be an original, but all of which shall together constitute one and the same instrument. This Agent Reimbursement Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by the parties hereto. This Agent Reimbursement Letter shall not be assignable by you without our prior written consent and any purported assignment without such consent shall be null and void.

 

[Remainder of page intentionally left blank]

 

 

 

 

 

We are pleased to have given the opportunity to assist you in connection with the financing for this transaction.

 

	
Very truly yours,

	
 
	
 

	
ORION ENERGY PARTNERS

	
INVESTMENT AGENT, LLC, as Agent

	
 
	
 

	
By:
	
/s/ Gerrit Nicholas

	
Name: Gerrit Nicholas

	
Title: Managing Partner

 

[FuelCell - Agent Reimbursement Letter]

 

 

	
ACKNOWLEDGED AND AGREED:

	
 
	
 

	
FUELCELL ENERGY, INC.

	
 
	
 

	
By:
	
/s/ Jason B. Few

	
Name: Jason B. Few

	
Title: President, Chief Executive Officer and

Chief Commercial Officer

 

[FuelCell - Agent Reimbursement Letter]

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