Document:

Collateral Agency Agreement, dated as of September 2, 2009

 Exhibit 10.17 
 COLLATERAL AGENCY AGREEMENT 
  
 dated as of September 2, 2009 
 among 
  
 SOLYNDRA FAB 2 LLC 
 AS BORROWER 
 SOLYNDRA, INC. 
 AS EQUITY
CONTRIBUTOR 
 U.S. BANK NATIONAL ASSOCIATION, 
 AS COLLATERAL AGENT 
 U.S. DEPARTMENT OF ENERGY, 
 AS LOAN SERVICER 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
			
	 ARTICLE 1
	 	DEFINITIONS; INTERPRETATION	  	2
	 1.1
	 	Terms Defined in Common Agreement	  	2
	 1.2
	 	Rules of Interpretation	  	2
	 1.3
	 	Certain Defined Terms	  	2
			
	 ARTICLE 2
	 	SECURITY INTEREST IN ACCOUNT COLLATERAL; ESTABLISHMENT OF PROJECT ACCOUNTS AND RECEIPT OF PAYMENTS	  	4
	 2.1
	 	Security Interest	  	4
	 2.2
	 	Equity Funding Account	  	5
	 2.3
	 	Disbursement Account	  	5
	 2.4
	 	Waterfall Accounts	  	5
	 2.5
	 	Loss Proceeds Account	  	6
	 2.6
	 	Reserve Letters of Credit	  	6
	 2.7
	 	Obligation to Collect Revenue and Other Amounts	  	7
	 2.8
	 	Control by Collateral Agent.	  	8
	 2.9
	 	Closing of Project Accounts	  	8
			
	 ARTICLE 3
	 	INVESTMENTS	  	8
	 3.1
	 	Permitted Investments	  	8
	 3.2
	 	Liquidation to Make Disbursements	  	9
	 3.3
	 	Liability of Collateral Agent and DOE	  	9
			
	 ARTICLE 4
	 	PAYMENT OF PROJECT COSTS	  	9
	 4.1
	 	Payment of Project Costs	  	10
			
	 ARTICLE 5
	 	REVENUE DISBURSEMENT PROCEDURE	  	10
	 5.1
	 	Transfer/Withdrawal Instructions	  	10
	 5.2
	 	Procedure	  	10
	 5.3
	 	Loan Servicer’s Review; Effectiveness	  	10
	 5.4
	 	Failure of Borrower to Deliver Proposed Transfer/Withdrawal Instructions	  	11
	 5.5
	 	Disbursements by Collateral Agent	  	12
			
	 ARTICLE 6
	 	MONTHLY NOTICES AND CALCULATIONS FOR DISBURSEMENT OF PROJECT CASH FLOW	  	12
	 6.1
	 	Borrower Forecast	  	12
	 6.2
	 	Collateral Agent’s Notice	  	12
	 6.3
	 	Loan Servicer Notices	  	12
	 6.4
	 	Borrower’s Proposed Instructions	  	13

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
			
	 ARTICLE 7
	 	MONTHLY DISBURSEMENTS OF PROJECT CASH FLOW	  	13
	 7.1
	 	Project Revenue Account	  	13
	 7.2
	 	Current Account	  	14
	 7.3
	 	Debt Service Payment Account	  	15
	 7.4
	 	Warranty Reserve Account	  	15
	 7.5
	 	Proposed Transfers for Prepayments and to Distribution Suspense Account	  	15
			
	 ARTICLE 8
	 	DISBURSEMENTS OF LOSS PROCEEDS	  	16
	 8.1
	 	Loss Proceeds	  	16
			
	 ARTICLE 9
	 	RIGHT TO TRANSFER FUNDS	  	16
	 9.1
	 	Debt Service Reserve Account	  	16
			
	 ARTICLE 10
	 	CONDITIONS TO DISTRIBUTIONS	  	17
	 10.1
	 	Determination and Notice	  	17
	 10.2
	 	Conditions	  	17
			
	 ARTICLE 11
	 	REGARDING THE COLLATERAL AGENT	  	17
	 11.1
	 	Administration of the Collateral	  	17
	 11.2
	 	Actions	  	18
	 11.3
	 	Own Funds	  	18
	 11.4
	 	Delegation of Duties	  	18
	 11.5
	 	Compensation	  	18
	 11.6
	 	Indemnity	  	18
	 11.7
	 	Appointment of, and Successors to, the Collateral Agent	  	18
	 11.8
	 	Waiver of Setoff by Collateral Agent	  	18
	 11.9
	 	No Risk of Funds	  	19
	 11.10
	 	Certain Rights of Collateral Agent	  	19
	 11.11
	 	Survival	  	19
			
	 ARTICLE 12
	 	EVENTS OF DEFAULT	  	19
	 12.1
	 	Event of Default Notice	  	19
	 12.2
	 	Remedies Instructions	  	20
	 12.3
	 	Appointment of a Receiver	  	21
	 12.4
	 	Required Credit Parties	  	21

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
			
	 ARTICLE 13
	 	REPRESENTATIONS AND WARRANTIES OF COLLATERAL AGENT	  	21
	 13.1
	 	Organization, Power and Status	  	21
	 13.2
	 	Power and Authority	  	21
	 13.3
	 	Due Authorization, Execution and Delivery	  	21
	 13.4
	 	No Consents	  	22
	 13.5
	 	Proceedings	  	22
	 13.6
	 	No Collateral Agent’s Liens	  	22
			
	 ARTICLE 14
	 	MISCELLANEOUS	  	22
	 14.1
	 	Payment of Expenses, Etc	  	22
	 14.2
	 	Notices	  	22
	 14.3
	 	No Waiver; Remedies Cumulative	  	22
	 14.4
	 	Severability	  	23
	 14.5
	 	No Amendments	  	23
	 14.6
	 	Entire Agreement	  	23
	 14.7
	 	Governing Law	  	23
	 14.8
	 	No Third Party Beneficiaries	  	23
	 14.9
	 	Assignments	  	24
	 14.10
	 	Special Exculpation	  	24
	 14.11
	 	Authority of Collateral Agent	  	24
	 14.12
	 	Counterparts; Effectiveness	  	24
	 14.13
	 	Force Majeure	  	25
	 14.14
	 	U.S.A. Patriot Act	  	25

  

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 [Execution Counterpart] 
 COLLATERAL AGENCY AGREEMENT 
 THIS
COLLATERAL AGENCY AGREEMENT (this “Agreement”), dated as of September 2, 2009, is made by and among: 
 (i) Solyndra Fab 2 LLC, a Delaware limited liability company (the “Borrower”); 
 (ii)
Solyndra, Inc., a Delaware corporation (the “Equity Contributor”); 
 (iii) U.S. Department of
Energy, acting through its Loan Guaranty Program Office, in its capacity as Loan Servicer pursuant to the Common Agreement (in such capacity, the “Loan Servicer”); and 
 (iv) U.S. Bank National Association, a national bank association organized and existing under the laws of the United States of
America, in its capacity as Collateral Agent under this Agreement (in such capacity, the “Collateral Agent”). 
 RECITALS 
 WHEREAS, the Borrower is developing, constructing, owning and operating a thin-film solar
photovoltaic manufacturing facility to be located in Fremont, California. 
 WHEREAS, in order to finance the cost of developing
the Project, the Borrower, the Loan Servicer and the Collateral Agent are executing and delivering that certain Common Agreement, dated as of even date herewith (as amended, modified, renewed or extended from time to time, the “Common
Agreement”), by and among the Borrower, the U. S. Department of Energy, for itself as a credit party, the Loan Servicer and the Collateral Agent. 
 WHEREAS, it is a condition precedent to the making of the initial Advance under the Common Agreement and the other Loan Documents that the parties shall have entered into this Agreement. 
  

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 AGREEMENT 
 NOW THEREFORE, to induce DOE, the Loan Servicer and the Collateral Agent to enter into the Common Agreement and the other Loan Documents and
to induce the Credit Parties to make available the Credit Facilities, and for other good and valuable consideration, the receipt and adequacy of which are acknowledged, the parties agree as follows: 
 ARTICLE 1 
 DEFINITIONS; INTERPRETATION 
 1.1 Terms Defined in Common Agreement. 
 All capitalized terms used and not otherwise defined herein shall have the meanings assigned to those terms in the Common Agreement.

 1.2 Rules of Interpretation. 
 Except as otherwise expressly provided herein, the rules of interpretation set forth in Exhibit B to the Common Agreement as in effect on the date hereof shall apply mutatis mutandis to this
Agreement. 
 1.3 Certain Defined Terms. 
 As used in this Agreement, the following terms have the following meanings: 
 “Account Collateral” has the meaning set forth in Section 2.1. 
 “Account Proceeds” has the meaning set forth in Section 3.1. 
 “Borrower Account Collateral” has the meaning set forth in Section 2.1. 
 “Borrower Project Accounts” means the Disbursement Account, the Project Revenue Account, the Current Account, the Debt
Service Payment Account, the Debt Service Reserve Account, the Warranty Reserve Account, the Distribution Suspense Account and the Loss Proceeds Account. 
 “Collateral Agent’s Liens” means all Liens on or against the Collateral that result from (i) claims against the Collateral Agent unrelated to the transactions contemplated by
this Agreement or the other Loan Documents or (ii) affirmative acts by the Collateral Agent creating a Lien other than as contemplated or permitted by this Agreement or the other Loan Documents. 
 “Collateral Agent’s Office” means U.S. Bank National Association, 100 Wall Street, Suite 1600, New York, New York
10005, Attention: Corporate Trust Services, or such other office or officer as may be designated by the Collateral Agent in a written notice to the Borrower and the Loan Servicer. 
 “Current Account” has the meaning set forth in Section 2.4.2. 
 “Current Account Withdrawal Certificate” means a notice, substantially in the form of Exhibit A, signed
by an Authorized Official of the Borrower after an Event of Default Notice has been issued that remains effective, requesting the consent and direction of the Loan Servicer to the Collateral Agent to make certain disbursements, transfers or
withdrawals from the Current Account in accordance with Section 12.1.3. 
  

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 “Debt Service Payment Account” has the meaning set forth in
Section 2.4.3. 
 “Debt Service Reserve Account” has the meaning set forth in Section 2.4.4(a).

 “Depositary Bank” has the meaning set forth in Section 2.8. 
 “Disbursement Account” has the meaning set forth in Section 2.3. 
 “Distribution Suspense Account” has the meaning set forth in Section 2.4.6. 
 “Equity Funding Account” has the meaning set forth in Section 2.2. 
 “Event of Default Notice” means a written notice to the Collateral Agent from the Loan Servicer stating that an Event of
Default has occurred. 
 “Funding Insufficiency” means any amount by which (a) funds on deposit in the
Project Revenue Account are insufficient to make any of the disbursements, transfers or withdrawals described in Section 7.1.1 through 7.1.3 on any Monthly Transfer/Withdrawal Date or (b) funds on deposit in any other Project Account are
insufficient to make any disbursement, transfer or withdrawal required to be made from such account at the time that such disbursement, transfer or withdrawal is required to be made. 
 “Loss Proceeds Account” has the meaning set forth in Section 2.5. 
 “Monthly Instruction Date” has the meaning set forth in Section 6.4.1. 
 “Monthly Notice Date” has the meaning set forth in Section 6.1. 
 “Monthly Transfer/Withdrawal Date” means (a) initially, the 15th day of the month in which the first deposit is made in the Project
Revenue Account, unless such date occurs after the 15th
day of such month, in which case the initial Monthly Transfer/Withdrawal Date shall occur on the 15th day of the following month and (b) thereafter, the 15th day of each subsequent month or, if any such day is not a Business Day, the immediately succeeding Business Day.

 “Overnight Investment” means a US Bank Money Market Deposit Account. 
 “Project Accounts” means the Disbursement Account, the Project Revenue Account, the Equity Funding Account, the Current
Account, the Debt Service Payment Account, the Debt Service Reserve Account, the Warranty Reserve Account, the Distribution Suspense Account and the Loss Proceeds Account. 
 “Project Costs Payment Date” means, with respect to any Master Advance Notice, the Requested Advance Date for the Advance
requested thereunder. 
  

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 “Project Revenue Account” has the meaning set forth in Section 2.4.1.

 “Reduction Amount” has the meaning set forth in Section 2.6.1. 
 “Remedies Instructions” means written instructions to the Collateral Agent from the Loan Servicer directing the Collateral
Agent to exercise or refrain from exercising any rights, remedies, powers or privileges with respect to the Collateral or otherwise under this Agreement or any other Loan Document to which it is a party. 
 “Required Amount” has the meaning set forth in Section 2.6.3(a). 
 “Restricted Payments Determination Date” has the meaning set forth in Section 10.1. 
 “Restricted Payments Determination Notice” has the meaning set forth in Section 10.1. 
 “Shortfall” has the meaning set forth in Section 2.6.3(a)(ii). 
 “Transfer/Withdrawal Instructions” means instructions, in substantially the form of Exhibit B, for
disbursements, transfers and payments from the Project Accounts in accordance with this Agreement. 
 “Warranty Reserve
Account” has the meaning set forth in Section 2.4.5. 
 “Warranty Reserve Payments” means any
reimbursement required to be made by the Borrower to the Output Purchaser in connection with any warranty claims made with respect to any products sold under the Project Sales Agreement. 
 ARTICLE 2 
 SECURITY INTEREST IN ACCOUNT COLLATERAL;
ESTABLISHMENT OF 
 PROJECT ACCOUNTS AND RECEIPT OF PAYMENTS 
 2.1 Security Interest. 
 Pursuant to Section 2 of the Security Agreement, the Borrower has granted to the Collateral Agent, for the benefit of the Secured Parties, a first priority security interest in and to certain assets
of the Borrower, including all amounts credited to or otherwise deposited in each of the Borrower Project Accounts (including Permitted Investments) and all of the Borrower’s right, title and interest in and to any other amounts that the
Collateral Agent may receive under the terms of this Agreement (collectively referred to herein as the “Borrower Account Collateral”), as security for the Secured Obligations. Pursuant to Section 2.5 of the Equity Funding
Agreement, the Equity Contributor has granted to the Collateral Agent, for the benefit of the Secured Parties, a first priority security interest in and to the Equity Funding Account, including all amounts credited to or otherwise deposited in the
Equity Funding Account (including Permitted Investments) (together with the Borrower Account Collateral, the “Account Collateral”), as security for the Secured Obligations. The Borrower and the Equity Contributor each agree that the
Collateral Agent shall hold all amounts on deposit from time to time, whether in cash or Permitted Investments or otherwise, in the Project Accounts subject to and in accordance with the terms of the Security Agreement. 
  

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 2.2 Equity Funding Account. 
 A securities account entitled “Solyndra, Inc.—Equity Funding Account Subject to the Security Interest of U.S. Bank National
Association as the Collateral Agent” (the “Equity Funding Account”) is established and will be maintained at the Collateral Agent’s Office. 
 2.3 Disbursement Account. 
 A deposit account entitled
“Solyndra Fab 2 LLC—Disbursement Account Subject to the Security Interest of U.S. Bank National Association as the Collateral Agent” (the “Disbursement Account”) is established and will be maintained at the Collateral
Agent’s Office. 
 2.4 Waterfall Accounts. 
 2.4.1 Project Revenue Account. A securities account entitled the “Solyndra Fab 2 LLC—Project Revenue Account Subject to the
Security Interest of U.S. Bank National Association as the Collateral Agent” (the “Project Revenue Account”) is established and will be maintained at the Collateral Agent’s Office into which shall be deposited all
Operating Revenues and any other amounts paid to or for the account of the Borrower, other than Loss Proceeds, which shall be deposited in the Loss Proceeds Account. 
 2.4.2 Current Account. A deposit account entitled the “Solyndra Fab 2 LLC—Current Account” (the “Current Account”) is established and will be maintained by the
Borrower at the Collateral Agent’s Office. 
 2.4.3 Debt Service Payment Account. A securities account entitled the
“Solyndra Fab 2 LLC—Debt Service Payment Account Subject to the Security Interest of U.S. Bank National Association as the Collateral Agent” (the “Debt Service Payment Account”) is established and will be maintained
at the Collateral Agent’s Office. 
 2.4.4 Debt Service Reserve Account. 
 (a) A securities account entitled Solyndra Fab 2 LLC—Debt Service Reserve Account Subject to the Security Interest of U.S. Bank
National Association as the Collateral Agent” (the “Debt Service Reserve Account”) is established and will be maintained at the Collateral Agent’s Office. 
 (b) The Borrower may at any time, and from time to time, arrange for the issuance, in favor of the Collateral Agent, of one or more Reserve
Letters of Credit, the aggregate undrawn stated amounts of which shall be deemed to be in the Debt Service Reserve Account for purposes of any calculations made pursuant to this Agreement. 
  

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 (c) To the extent that, as a result of the issuance of any Reserve Letter of Credit or a
reduction in the Debt Service Reserve Requirement, the balance of the Debt Service Reserve Account shall exceed the Debt Service Reserve Requirement (following the operation of Section 2.6.1), upon written request of the Borrower approved in
writing by the Loan Servicer, the excess amount, to the extent comprised of cash or Permitted Investments, shall be promptly transferred by the Collateral Agent to the Disbursement Account, or if at such time all Project Costs have been paid, to the
Project Revenue Account. 
 2.4.5 Warranty Reserve Account. A securities account entitled the “Solyndra Fab 2
LLC—Warranty Reserve Account Subject to the Security Interest of U.S. Bank National Association as the Collateral Agent” (the “Warranty Reserve Account”) is established and will be maintained at the Collateral Agent’s
Office. 
 2.4.6 Distribution Suspense Account. A securities account entitled the “Solyndra Fab 2
LLC—Distribution Suspense Account Subject to the Security Interest of U.S. Bank National Association as the Collateral Agent” (the “Distribution Suspense Account”) is established and will be maintained at the Collateral
Agent’s Office. 
 2.5 Loss Proceeds Account. 
 A securities account entitled the “Solyndra Fab 2 LLC—Loss Proceeds Account Subject to the Security Interest of U.S. Bank National
Association as Collateral Agent” (the “Loss Proceeds Account”) is established and will be maintained at the Collateral Agent’s Office into which shall be deposited all Loss Proceeds. 
 2.6 Reserve Letters of Credit. 
 2.6.1 Reductions in Amount. 
 At any time when one or more Reserve Letters
of Credit are outstanding in relation to the Debt Service Reserve Account and the balance of the Debt Service Reserve Account exceeds the then required balance thereof (the amount of the excess being the “Reduction Amount”) as the
result of (a) funds being deposited into the Debt Service Reserve Account in accordance with this Agreement or (b) a reduction in the Debt Service Reserve Requirement, then the aggregate undrawn amount of the Reserve Letters of Credit
shall, upon the written request of the Borrower be reduced. Such reduction shall be confirmed by the Loan Servicer to the Collateral Agent in writing. The Collateral Agent shall effect any such reduction by promptly delivering to the issuer of each
affected Reserve Letter of Credit a certificate in the form attached to such Reserve Letter of Credit requesting that the available amount of such Reserve Letter of Credit be reduced as provided in this Section 2.6.1. 
 If and to the extent that the aggregate amount of such reductions is less than the Reduction Amount, then Section 2.4.4(c) shall apply
to the balance. 
  

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 2.6.2 Drawings of Full Amount. The Collateral Agent shall draw the full amount of a
Reserve Letter of Credit on the first Business Day to occur after the earlier of (a) the date that is thirty (30) days prior to the scheduled expiration date of such Reserve Letter of Credit if the Collateral Agent may otherwise do so in
compliance with the definition of Reserve Letter of Credit and (b) as instructed in writing by the Loan Servicer if the issuer of such Reserve Letter of Credit ceases to satisfy the requirements established by the DOE or such Reserve Letter of
Credit is otherwise eligible to be drawn in accordance with its terms. Any amounts so drawn by the Collateral Agent under a Reserve Letter of Credit shall be deposited by the Collateral Agent in the Debt Service Reserve Account. 
 2.6.3 Partial Drawings. 
 (a) If any Transfer/Withdrawal Instructions provided pursuant to this Agreement or any written instructions of the Loan Servicer instruct the Collateral Agent to disburse, transfer or withdraw an amount
(a “Required Amount”) from the Debt Service Reserve Account, the Collateral Agent shall transfer cash and/or draw on any Reserve Letter of Credit as follows: 
 (i) if no Reserve Letter of Credit has been provided, or if and to the extent the Borrower so specifies in the Transfer/Withdrawal
Instructions, the Collateral Agent shall transfer cash from the Debt Service Reserve Account; 
 (ii) if the balance on the
Debt Service Reserve Account comprises one or more Reserve Letters of Credit, and any cash to be transferred in accordance with paragraph (i) is less than the Required Amount (the difference being the “Shortfall”), the
Collateral Agent shall draw on a Reserve Letter of Credit in an aggregate amount equal to the Shortfall. 
 (b) Any draws upon
any Reserve Letter of Credit will be made at least two (2) Business Days prior to the date on which the relevant disbursement, transfer or withdrawal is to be made. 
 2.7 Obligation to Collect Revenue and Other Amounts. 
 The Borrower
agrees to cause to be deposited with the Collateral Agent all amounts paid to or for the account of the Borrower including, without limitation, Operating Revenues and Loss Proceeds and agrees to take all steps available to it to ensure that such
amounts are paid directly by the payor thereof to the Collateral Agent for deposit into the Project Revenue Account or the Loss Proceeds Account, as applicable. The Borrower further agrees that if at any time it is in possession of any such amounts,
such amounts shall be held in trust for the Collateral Agent, and the Borrower shall immediately pay such amounts to the Collateral Agent for deposit into the Project Revenue Account or the Loss Proceeds Account, as applicable. 
 During the Construction Period (i) all amounts transferred from the Equity Funding Account, and (ii) all Advances made to
reimburse the Borrower in respect of Project Costs shall be deposited in the Disbursement Account. The Collateral Agent shall have no responsibility whatsoever to monitor the provisions of this Section 2.7 
  

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 2.8 Control by Collateral Agent. 
 The Collateral Agent shall have exclusive possession of and sole dominion and control over, and the exclusive right of withdrawal from, all
Project Accounts other than the Current Account in accordance with the terms of this Agreement. The Borrower shall have the right to direct the disposition of funds in the Current Account by check or wire transfer unless an Event of Default Notice
has been issued and remains effective. 
 2.9 Closing of Project Accounts. 
 If a Project Account is no longer intended to be utilized pursuant to this Agreement, the Borrower may deliver a written request to the
Collateral Agent to close such Project Account and transfer any funds on deposit therein to the Project Revenue Account. If the Loan Servicer acknowledges to the Collateral Agent in writing that such Project Account will no longer be utilized
pursuant to this Agreement, the Collateral Agent shall close such account, transfer any funds on deposit therein to the Project Revenue Account and deliver notice of such actions to the Borrower and the Loan Servicer. 
 ARTICLE 3 
 INVESTMENTS 
 3.1 Permitted Investments. 
 All amounts deposited in the Project Accounts and not disbursed on the same day deposited shall be invested, on the same day as deposited
or, with respect to amounts deposited with the Collateral Agent after 11:00 a.m. (New York time), the Collateral Agent shall use its best efforts to invest on the same day as deposited, or otherwise on the next Business Day, in Permitted Investments
specified in writing by the Borrower. The Borrower shall use its best efforts to assure that the final maturity of any such investment does not extend beyond the time when the amounts used to acquire such investments would be required for any other
application under this Agreement. If the Borrower does not specify in writing to the Collateral Agent in which Permitted Investments amounts deposited shall be invested, the Collateral Agent shall deposit such amounts in the Overnight Investment,
until such written specification is received. Interest or any other income arising out of the investment of the Account Collateral (“Account Proceeds”), other than with respect to the Account Collateral in the Equity Funding
Account, shall be and become a part of the Account Collateral, allocated and deposited when paid to the Disbursement Account, to the extent paid with respect to the Disbursement Account, and in all other cases shall be allocated and deposited when
paid to the Project Revenue Account. Interest or any other income (net of cumulative losses not previously deducted from such income) arising out of the investment of the Account Collateral in the Equity Funding Account shall be disbursed to the
Equity Contributor on a monthly basis. 
  

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 3.2 Liquidation to Make Disbursements. 
 If and when cash is required for any disbursement, transfer or withdrawal from a Project Account in accordance with this Agreement, the
Collateral Agent shall cause Permitted Investments to be sold or otherwise liquidated into cash (without regard to maturity) in order to make such disbursement, transfer or withdrawal. 
 3.3 Liability of Collateral Agent and DOE. 
 All investments in Permitted Investments shall be made at the sole risk of the Borrower. Neither the Collateral Agent nor DOE shall be liable for any loss, fee, tax or other charge resulting from any
investment or reinvestment in any Permitted Investment or the sale, disposition, redemption or liquidation of such investment or by reason of the fact that the proceeds realized in respect of such sale, disposition, redemption or liquidation were
less than that which might otherwise have been obtained. 
 ARTICLE 4 
 PAYMENT OF PROJECT COSTS 
 4.1 Payment of Project Costs. 
 4.1.1 Upon Receipt of Advance
Request. If the Borrower delivers a Master Advance Notice, after receiving the FFB Advance Request Approval Notice signed by the DOE pursuant to Section 2.4.1(a)(iii) of the Common Agreement and provided that the Collateral Agent has not
received a Drawstop Notice, on the relevant Project Costs Payment Date the Collateral Agent shall: 
 (a) transfer funds from
the Equity Funding Account to the Disbursement Account in the amount so specified in the applicable Master Advance Notice; 
 (b) deposit into the Disbursement Account any portion of the Advance made to Borrower to reimburse Borrower for Project Costs previously paid to third parties; and 
 (c) disburse funds from the Disbursement Account as follows: 
 (i) to the Secured Parties, all amounts then due to such Persons; and 
 (ii) to pay the Project Costs specified in the applicable Master Advance Notice as being financed by Equity Contributions in connection
with such Advance, it being understood that Project Costs to be financed from the proceeds of Advances will be paid by FFB either (x) directly to third parties, or (y) to the Borrower as reimbursements for Project Costs previously paid by
it. 
  

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 4.1.2 Disbursement Account. The Collateral Agent shall disburse amounts held in the
Disbursement Account pursuant to Section 4.1.1(c)(ii) to the Persons, in the amounts and at the times specified in the applicable Master Advance Notice. 
 4.1.3 Drawstop Notice. If the Collateral Agent receives a Drawstop Notice, the Collateral Agent shall, notwithstanding any other provision of this Agreement, comply with the provisions of
Section 2.4.3(c) of the Common Agreement. 
 ARTICLE 5 
 REVENUE DISBURSEMENT PROCEDURE 
 5.1
Transfer/Withdrawal Instructions. 
 Except as otherwise expressly provided herein, the Borrower shall not be
entitled to request the disbursement, transfer or withdrawal of funds from the Project Revenue Account, the Debt Service Reserve Account, the Debt Service Payment Account, the Warranty Reserve Account, the Distribution Suspense Account or, except as
provided in Section 8.1.2, the Loss Proceeds Account, without having delivered proposed Transfer/Withdrawal Instructions in accordance with the terms of this Agreement. 
 5.2 Procedure. 
 5.2.1 Delivery of Borrower’s Proposed Instructions. In order to request a disbursement, transfer or withdrawal, the Borrower shall deliver to the Loan Servicer and the Collateral Agent
proposed Transfer/Withdrawal Instructions in accordance with Section 6.4.1. All such proposed Transfer/Withdrawal Instructions shall request disbursements, transfers or withdrawals in accordance with the requirements of this Agreement and shall
specify: 
 (a) the Project Account from which each disbursement, transfer or withdrawal is requested, the Person or Project
Account to which such disbursement, transfer or withdrawal is to be made, and the amount of such disbursement, transfer or withdrawal; 
 (b) the date upon which such disbursement, transfer or withdrawal is to be made (which, with respect to proposed Transfer/Withdrawal Instructions delivered pursuant to Section 6.4.1, shall be on the
immediately succeeding Monthly Transfer/Withdrawal Date); and 
 (c) if a Funding Insufficiency is anticipated, the Project
Account or payment to which such Funding Insufficiency relates, the amount thereof and the reasons therefor. 
 5.3 Loan
Servicer’s Review; Effectiveness. 
 5.3.1 Review. The Loan Servicer shall review proposed
Transfer/Withdrawal Instructions upon receipt thereof from the Borrower. 
  

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 5.3.2 Approval. If the Loan Servicer (a) determines that all amounts requested
for disbursement, transfer or withdrawal in such proposed Transfer/Withdrawal Instructions have been correctly calculated, (b) determines that such proposed Transfer/Withdrawal Instructions are consistent with, and satisfy the requirements of,
the provisions of this Agreement and the other Loan Documents and/or Operating Documents, as applicable and (c) agrees with any proposal therein to fund any Funding Insufficiencies, the Loan Servicer shall countersign such proposed
Transfer/Withdrawal Instructions and forward the same to the Collateral Agent (with a copy to the Borrower) within two (2) Business Days after receipt thereof from the Borrower. 
 5.3.3 Disapproval. If the Loan Servicer (a) determines that any amounts requested for disbursement, transfer or withdrawal in
such proposed Transfer/Withdrawal Instructions have been incorrectly calculated, (b) determines that such proposed Transfer/Withdrawal Instructions are inconsistent with, or otherwise fail to satisfy the requirements of, the provisions of this
Agreement and the other Loan Documents or (c) disagrees with any proposal therein to fund any Funding Insufficiencies, the Loan Servicer shall, within two (2) Business Days after receipt of such proposed Transfer/Withdrawal Instructions
from the Borrower, either: 
 (i) return such proposed Transfer/Withdrawal Instructions to the Borrower (with a copy to the
Collateral Agent) with its determinations noted thereon; or 
 (ii) make such corrections and changes as it deems reasonable
and deliver such corrected and/or changed Transfer/Withdrawal Instructions, signed by the Loan Servicer, to the Collateral Agent (with a copy to the Borrower). 
 5.3.4 Effectiveness. Transfer/Withdrawal Instructions received by the Collateral Agent shall only be effective and valid as to the instructions therein given if signed by the Loan Servicer. Nothing
in this Article 5 shall preclude the Loan Servicer from consulting with the Borrower, any Secured Party or any Independent Consultant in making its determinations with respect to the accuracy of any proposed Transfer/Withdrawal Instructions.

 5.4 Failure of Borrower to Deliver Proposed Transfer/Withdrawal Instructions. 
 Notwithstanding any other provision of this Agreement to the contrary, if at any time the Borrower fails to deliver, on any date required by
Section 6.4.1, proposed Transfer/Withdrawal Instructions to the Loan Servicer and the Collateral Agent to effect any disbursement, transfer or withdrawal from any Project Account as and when contemplated by this Agreement and the other Loan
Documents and/or Operating Documents, as applicable, the Loan Servicer shall be entitled to prepare and deliver Transfer/Withdrawal Instructions to the Collateral Agent (with a copy to the Borrower) instructing the Collateral Agent to effect any
such disbursement, transfer or withdrawal. The Borrower hereby irrevocably authorizes the Loan Servicer to deliver such Transfer/Withdrawal Instructions and the Collateral Agent to act in accordance with such Transfer/Withdrawal Instructions.

  

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 5.5 Disbursements by Collateral Agent. 
 The Collateral Agent shall make disbursements, transfers and withdrawals from the Project Accounts pursuant to and in accordance with
(a) Transfer/Withdrawal Instructions signed by the Loan Servicer in accordance with Section 5.3.2, 5.3.3 or 5.4 and (b) written instructions from the Loan Servicer to disburse, transfer or withdraw funds. The Collateral Agent shall
have no obligation (express, implied or otherwise) to investigate whether any such Transfer/Withdrawal Instructions or written instructions from the Loan Servicer comply with this Article 5 or any other provision of this Agreement. 

ARTICLE 6 
 MONTHLY NOTICES AND CALCULATIONS 
 FOR DISBURSEMENTS OF PROJECT CASH FLOW 
 6.1 Borrower Forecast. 
 On the sixth (6th) Business Day prior to each Monthly Transfer/Withdrawal Date (the “Monthly Notice Date”), the Borrower shall deliver to the Loan Servicer and the Collateral Agent
the Borrower’s forecast of (a) the amounts to be deposited into the Project Revenue Account during the period from and including the date of such forecast to and including the Business Day immediately preceding such Monthly
Transfer/Withdrawal Date and (b) the disbursements, transfers and withdrawals to be set forth in the Transfer/Withdrawal Instructions to be delivered on the immediately succeeding Monthly Instruction Date. 
 6.2 Collateral Agent’s Notice. 
 On each Monthly Notice Date, the Collateral Agent shall transmit to the Borrower and the Loan Servicer a notice specifying: 
 6.2.1 Any agent fees, costs and expenses to be paid in accordance with Sections 11.5 and 14.1 on the immediately succeeding Monthly Transfer/Withdrawal Date; 
 6.2.2 The balances in each of the Project Accounts and the undrawn amount of any Reserve Letter of Credit as of the opening of business in
New York on such Monthly Notice Date; and 
 6.2.3 The amount and source of funds received in accordance with this Agreement and
the disbursements, transfers and withdrawals of funds from each Project Account for the period of time that transpired since the immediately preceding Monthly Notice Date (all as set forth in the records and accounts maintained by the Collateral
Agent). 
 6.3 Loan Servicer Notices. 
 On each Monthly Notice Date, the Loan Servicer shall deliver to the Collateral Agent and the Borrower a notice specifying the following
amounts: 
 6.3.1 The amount of all fees, expenses and unscheduled payments to be paid to each Credit Party under the Loan
Documents on the immediately succeeding Monthly Transfer/Withdrawal Date, broken down, for each such Person, on an item-by-item basis; 
  

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 6.3.2 The amount of Debt Service due to each Credit Party in respect of the Credit
Facilities and all other amounts due to each Credit Party under the Loan Documents on the immediately succeeding Monthly Transfer/Withdrawal Date if it coincides with a Quarterly Payment Date, broken down for each Credit Party on an item-by-item
basis; and 
 6.3.3 The amount of the Debt Service Reserve Requirement. 
 6.4 Borrower’s Proposed Instructions. 
 6.4.1 Delivery of Transfer/Withdrawal Instructions. On the third (3rd) Business Day prior to each Monthly Transfer/Withdrawal Date
(the “Monthly Instruction Date”), the Borrower shall deliver to the Loan Servicer and the Collateral Agent proposed Transfer/Withdrawal Instructions for the disbursements, transfers and withdrawals to be made on, or during the
one-month period succeeding, such Monthly Transfer/Withdrawal Date. Such Transfer/Withdrawal Instructions shall specifically identify all Restricted Payments proposed to be made in reliance on Section 7.10(b) of the Common Agreement.

 6.4.2 Certificate. Together with proposed Monthly Transfer/Withdrawal Instructions delivered pursuant to
Section 6.4.1, the Borrower shall deliver to the Loan Servicer and the Collateral Agent a certificate signed by an Authorized Official of the Borrower as to the Operating Costs to be paid on, or during the one-month period succeeding, such
Monthly Transfer/Withdrawal Date. 
 6.4.3 Proposal to Cover Funding Insufficiencies. If it appears on the Monthly
Instruction Date that there will be any Funding Insufficiency on or during the one-month period succeeding such Monthly Transfer/Withdrawal Date, the Borrower shall include in the proposed Transfer/Withdrawal Instructions delivered pursuant
Section 6.4.1 its proposal for funding such Funding Insufficiency, including through any disbursement, transfer or withdrawal from other Project Accounts in accordance with Section 9. 
 ARTICLE 7 
 MONTHLY DISBURSEMENTS OF PROJECT CASH FLOW 
 7.1 Project Revenue Account. 
 All amounts payable under the Project Sales Agreement or any other revenues and other amounts received by the Borrower (other than Loss
Proceeds) will be deposited in the Project Revenue Account. Proposed Transfer/Withdrawal Instructions delivered by the Borrower pursuant to Section 6.4.1 shall instruct the Collateral Agent, subject to Section 7.2 if an Event of Default
Notice has been issued and remains effective, to disburse, deposit and/or transfer funds from the Project Revenue Account on the immediately succeeding Monthly Transfer/Withdrawal Date, in the following order of priority and amounts: 
 7.1.1 First, an amount sufficient to pay budgeted operations and maintenance costs due or reasonably expected to become due within
the next month, as determined by the Borrower, including without limitation all amounts specified by the Collateral Agent as described in Section 6.2.1, amounts specified by the Loan Servicer as described in Section 6.3.1, applicable taxes
(including, without limitation, amounts specified in Section 7.10(b)(i) of the Common Agreement), payments under the O&M Agreement, the Project Equipment Supply Agreement and the Project Materials Supply Agreement, to be transferred to the
Current Account; 
  

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 7.1.2 Second, an amount equal to (i) to one-third of the Debt Service due in
respect of the Credit Facilities on the immediately succeeding Quarterly Payment Date, plus (ii) all amounts that would have otherwise been deposited in the Debt Service Payment Account on previous Monthly Transfer/Withdrawal Dates occurring
since the last Quarterly Payment Date but for the insufficiency of funds in the Project Revenue Account on such date, to be transferred to the Debt Service Payment Account; 
 7.1.3 Third, on each Monthly Transfer/Withdrawal Date that corresponds to a Quarterly Payment Date, an amount sufficient to replenish
the Debt Service Reserve Account up to the Debt Service Reserve Requirement (after giving effect to all Debt Service payments to be made on such Quarterly Payment Date) to be transferred to the Debt Service Reserve Account; 
 7.1.4 Fourth, on each Monthly Transfer/Withdrawal Date, into the Warranty Reserve Account to the extent that the balance of such
Warranty Reserve Account is less than Ten Million Dollars ($10,000,000) (after giving effect to all Warranty Reserve Payments to be made on such Quarterly Payment Date), provided that such amounts deposited into such Warranty Reserve Account shall
never cause the balance of such Warranty Reserve Account to exceed Ten Million Dollars ($10,000,000); and 
 7.1.5 Fifth,
into the Distribution Suspense Account, on each Monthly Transfer/Withdrawal Date that corresponds to a Quarterly Payment Date, any remaining amounts in the Project Revenue Account, which amounts in the Distribution Suspense Account will be available
for distribution subject to the conditions set forth in Section 7.10 of the Common Agreement. 
 7.2 Current
Account. 
 7.2.1 So long as no Event of Default Notice has been issued and remains effective, the Borrower may, without
further consent from the Loan Servicer, disburse funds on deposit in the Current Account by check or wire transfer to pay Operating Costs from time to time to the extent that sufficient funds are available in the Current Account. 
  

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 7.2.2 If an Event of Default Notice has been issued and remains effective: 
 (a) the Borrower shall not have any right to disburse funds on deposit in the Current Account, 
 (b) the Collateral Agent shall disburse funds as directed by the Loan Servicer as further described in Section 12.1.3. 
 7.2.3 Disbursements from the Current Account will be made by 11:00 a.m. (New York time) on the second Business Day
following the Collateral Agent’s receipt of the related Current Account Withdrawal Certificate. The Current Account Withdrawal Certificate must be countersigned by the Loan Servicer. 
 7.3 Debt Service Payment Account. 
 Proposed Transfer/Withdrawal Instructions delivered by the Borrower pursuant to Section 6.4.1 with respect to a Monthly Transfer/Withdrawal Date coinciding with a Quarterly Payment Date shall
instruct the Collateral Agent to disburse, transfer and/or withdraw funds from the Debt Service Payment Account (after giving effect to the transfers and deposits referred to in Section 7.1.2 and 9.1.1) to each relevant Secured Party in the
amount of Debt Service then due to such Secured Party under the Loan Documents and on the date(s) when due. 
 7.4
Warranty Reserve Account. 
 Proposed Transfer/Withdrawal Instructions delivered by the Borrower pursuant to
Section 6.4.1 with respect to a Monthly Transfer/Withdrawal Date shall instruct the Collateral Agent to disburse, transfer and/or withdraw funds from the Warranty Reserve Account to the Output Purchaser in the amount of Warranty Reserve
Payments then due pursuant to the terms of the Project Sales Agreement. 
 7.5 Proposed Transfers for Prepayments and to
Distribution Suspense Account. 
 Proposed Transfer/Withdrawal Instructions delivered by the Borrower pursuant to
Section 6.4.1 with respect to a Monthly Transfer/Withdrawal Date coinciding with a Quarterly Payment Date shall instruct the Collateral Agent to disburse, transfer and/or withdraw funds from the Project Revenue Account (after giving effect to
the disbursements, transfers and/or withdrawals referred to in Sections 7.1.1, 7.1.2 and 7.1.3), exclusive of funds which have been deposited in the Project Revenue Account subsequent to the Monthly Transfer/Withdrawal Date to which the
proposed Transfer/Withdrawal Instructions relate, in the following order of priority and amounts: 
 (a) First, if the
Borrower has delivered a written notice of prepayment pursuant to Section 3.4.2(b) of the Common Agreement and such prepayment will be made in accordance with the terms and conditions of the Loan Documents, to the relevant Credit Parties an
amount equal to the principal amount of the Advances being prepaid, all accrued and unpaid interest on such principal amount, and all other fees and Periodic Expenses then payable, including prepayment premiums, or other amounts as may be required
under the DOE Credit Facility Documents; and 
 (b) Second, to the Distribution Suspense Account. 
  

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 ARTICLE 8 
 DISBURSEMENTS OF LOSS PROCEEDS 
 8.1 Loss
Proceeds. 
 8.1.1 Borrower’s Notice. Upon the occurrence of an Event of Loss, if the Project is to be
restored or repaired in accordance with Section 6.26(b) or (c) of the Common Agreement, the Borrower shall, on the first Business Day of each month until such restoration and repair has been completed and the contractors performing such
restoration or repair work have been paid in full, deliver to the Collateral Agent and the Loan Servicer the following: 
 (a)
A detailed summary of the work performed in connection with any such restoration or repair during the preceding month and the itemized expenses that are then due and payable, together with copies of all invoices, conditional (upon payment only) lien
waivers from the contractors performing such restoration or repair work and other information and documents reasonably requested by the Loan Servicer with respect to such work and expenses; and 
 (b) Proposed Transfer/Withdrawal Instructions directing the Collateral Agent to disburse to the contractors performing such restoration or
repair work amounts constituting Loss Proceeds on deposit in the Loss Proceeds Account in the respective amounts then due and payable to such contractors. 
 8.1.2 Disbursement of Unused Amounts. Upon the completion of any such restoration and repair work, or if restoration and repair work is not undertaken pursuant to Section 6.26 of the Common
Agreement, the Collateral Agent shall, upon receipt of written instructions from the Loan Servicer, apply any amounts constituting Loss Proceeds on deposit in the Loss Proceeds Account to the prepayment of the FFB Loans on the second Business Day
following receipt of such instructions, in accordance with Section 3.4.3(a)(ii), of the Common Agreement. 
 ARTICLE 9

 RIGHT TO TRANSFER FUNDS 
 9.1 Debt Service Reserve Account. 
 9.1.1 Borrower’s Rights
to Transfer Funds. On any Quarterly Payment Date, the Borrower shall have the right to cause any amounts on deposit in the Debt Service Reserve Account to be used to fund any Funding Insufficiency with respect to the Debt Service Payment Account
to the extent necessary to pay to the Credit Parties the amounts referred to in Section 7.3. The Borrower may request that amounts be so used in the proposed Transfer/Withdrawal Instructions delivered pursuant to Section 6.4.1. 

 

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 9.1.2 Loan Servicer’s Right to Transfer Funds. The Loan Servicer shall have the
right, by giving written notice to the Collateral Agent, to cause any amounts on deposit in the Debt Service Reserve Account to be used to fund any Funding Insufficiency with respect to payments to the Credit Parties to be funded pursuant to
Section 7.3. 
 ARTICLE 10 
 CONDITIONS TO DISTRIBUTIONS 
 10.1 Determination and Notice.

 The Loan Servicer shall determine whether each condition set forth in Section 10.2 is satisfied on each Monthly
Transfer/Withdrawal Date coinciding with a Quarterly Payment Date after giving effect to each of the disbursements, transfers and payments to occur on such Monthly Transfer/Withdrawal Date (any such date, a “Restricted Payments Determination
Date”). On each Restricted Payments Determination Date, the Loan Servicer shall deliver a written notice (a “Restricted Payments Determination Notice”) of such determination to the Borrower and the Collateral Agent. Each
Restricted Payments Determination Notice shall specifically identify any of such conditions that are not satisfied. 
 10.2
Conditions. 
 No amounts shall be transferred from the Distribution Suspense Account on a Monthly
Transfer/Withdrawal Date unless each of the conditions set forth in Section 7.10 of the Common Agreement is satisfied to the satisfaction of the Loan Servicer on the relevant Restricted Payments Determination Date. To the extent that the amount
on deposit in the Distribution Suspense Account on the Restricted Payments Determination Date is less than the amount of Restricted Payments specifically identified in the Transfer/Withdrawal Instructions as proposed to be made in reliance on
Section 7.10(b) of the Common Agreement, only the amount on deposit in the Distribution Suspense Account shall be disbursed for payment of such Restricted Payments. 
 ARTICLE 11 
 REGARDING THE COLLATERAL AGENT 
 11.1 Administration of the Collateral. 
 The Collateral Agent shall hold the Collateral and any Lien thereon for the benefit of the Secured Parties pursuant to the terms of this Agreement and the other Security Documents to which the Collateral
Agent is a party. The Collateral Agent shall administer the Collateral in the manner contemplated by the Security Documents and the other Loan Documents to which it is a party. The Collateral Agent shall exercise such rights and remedies with
respect to the Collateral as are granted to it under the Security Documents, the other Loan Documents and Governmental Rule and, except as otherwise expressly provided in the Security Documents or the other Loan Documents, as shall be directed in
writing by the Loan Servicer. 
  

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 11.2 Actions. 
 Except as otherwise provided in this Article 11, and subject to the other provisions of this Agreement, the Collateral Agent shall take any
action requested in writing by the Loan Servicer with respect to the Collateral, this Agreement or any other Loan Document to which it is a party. 
 11.3 Own Funds. 
 The Collateral Agent shall not be under any
obligation to take any action other than as expressly set forth in this Agreement or the other Loan Documents to which it is a party that involves any expense or liability, the payment of which, within a reasonable time, is not, in the reasonable
opinion of the Collateral Agent, assured to it. Nothing in this Agreement shall be interpreted to require the Collateral Agent to advance or expend its own funds to make any payments hereunder. The Collateral Agent shall not be required to invest,
or be under any liability for interest, on any monies at any time received by it pursuant to any of the provisions of this Agreement, except as otherwise expressly provided herein or in any other Loan Document to which it is a party. 
 11.4 Delegation of Duties. 
 The Collateral Agent may execute any of the rights, remedies, powers, privileges, duties or obligations under this Agreement and the other Loan Documents to which it is a party either directly or by or
through nominees or agents, and shall not be liable for any misconduct or negligence of any such nominee or agent appointed with due care by it hereunder. 
 11.5 Compensation. 
 The Borrower agrees to pay to the Collateral
Agent as fees for its services under this Agreement and the other Loan Documents such amounts as shall be agreed in writing between the Borrower and the Collateral Agent. 
 11.6 Indemnity 
 The provisions of Section 11.17 of the Common
Agreement are incorporated herein by reference. 
 11.7 Appointment of, and Successors to, the Collateral Agent.

 The appointment and designation of any successor to the Collateral Agent under this Agreement shall be made in accordance
with Section 9.9 of the Common Agreement. 
 11.8 Waiver of Setoff by Collateral Agent. 
 The Collateral Agent hereby irrevocably waives any right of setoff, banker’s lien, right to combine accounts or any similar Lien or
right that it may have by agreement, under law or otherwise against any of the Collateral in respect of amounts owing to the Collateral Agent by any Person. 
  

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 11.9 No Risk of Funds. 
 No provision of this Agreement shall require the Collateral Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. 
 11.10 Certain Rights of Collateral Agent. 
 11.10.1 The Collateral Agent may conclusively rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties. 
 11.10.2 The Collateral Agent may consult with counsel of its selection and, as long as such
counsel was selected by the Collateral Agent with due care, the advice of such counsel or any opinion of counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon. 
 11.11 Survival. 
 The provisions of this Article shall survive the termination of this Agreement. 
 ARTICLE 12 
 EVENTS OF DEFAULT 
 12.1 Event of Default Notice. 
 12.1.1 Delivery of Notice. The Loan Servicer may deliver an Event of Default Notice to the Collateral Agent at any time when an Event of Default has occurred and is continuing. 
 12.1.2 Copy to the Borrower. Concurrently with the delivery of any Event of Default Notice to the Collateral Agent, the Loan Servicer
shall deliver a copy thereof to the Borrower, but the effectiveness of any such Event of Default Notice shall not depend on the delivery of a copy thereof to the Borrower. 
 12.1.3 Effect of Notice. Upon delivery to the Collateral Agent of an Event of Default Notice and while such Event of Default Notice
remains effective, the Collateral Agent 
  

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 shall notwithstanding anything in this Agreement to the contrary (a) cease to honor any instruction or
request from the Borrower to distribute, transfer or withdraw any funds or other assets from the Project Accounts or directing the manner in which any such funds or other assets shall be held or invested, (b) hold funds on deposit in any
Project Account only in such Permitted Investments as the Loan Servicer may from time to time direct in writing (or, failing such direction, the Overnight Investment), (c) disburse, transfer and withdraw amounts on deposit in the Project
Accounts only as the Loan Servicer may direct in writing from time to time, and (d) draw upon any or all Reserve Letters of Credit for the full undrawn face amount in accordance with the terms of such Reserve Letters of Credit and disburse the
aggregate amount of such drawings in the Project Accounts as the Loan Servicer may direct from time to time. Each of the parties hereto confirms that the Collateral Agent shall comply with its obligations set forth in this paragraph, notwithstanding
any protest or order to the contrary by the Borrower at any time. 
 12.1.4 Revocation. Upon request of the Borrower to
the Loan Servicer at any time when any and all Events of Default that gave rise to an Event of Default Notice have been waived, the Loan Servicer shall deliver a written notice to the Collateral Agent (with a copy to the Borrower and each Credit
Party) revoking the effectiveness of any previously delivered Event of Default Notice. 
 12.2 Remedies
Instructions. 
 12.2.1 Delivery of Remedies Instructions. At any time when an Event of Default exists, the Loan
Servicer shall be entitled, by delivery of Remedies Instructions to the Collateral Agent, to: 
 (a) direct the Collateral
Agent to exercise, or to refrain from exercising, any right, remedy, power or privilege available to or conferred upon it with respect to the Collateral or otherwise under this Agreement, the Security Documents or any other Loan Document to which it
is a party; and 
 (b) direct the time, place and manner in which the Collateral Agent is to exercise any such right, remedy,
power or privilege. 
 12.2.2 Exercise of Remedies. If the Collateral Agent has received Remedies Instructions, it shall
exercise the rights, remedies, powers and privileges specified in the Remedies Instructions unless and until such Remedies Instructions are modified or revoked by the Loan Servicer. 
 12.2.3 Revocation. Upon request of the Borrower to the Loan Servicer after any and all Events of Default that gave rise to a Remedies
Instruction have been waived, the Loan Servicer shall deliver a written notice to the Collateral Agent (with a copy to the Borrower and each Credit Party) revoking the effectiveness of any Remedies Instructions, and the Collateral Agent shall be
required to give effect to such revocation not later than the first Business Day after the date upon which it receives such revocation; provided, however, that to the extent that the revocation of any Remedies Instructions would require
affirmative actions to be taken on the part of the Collateral Agent, the Collateral Agent shall be granted a reasonable amount of time to undertake such actions. 
  

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 12.3 Appointment of a Receiver. 
 Notwithstanding any appointment of a receiver, subject to mandatory provisions of Governmental Rule, the Collateral Agent shall be entitled
to retain possession and control of all cash, investments and Reserve Letters of Credit held by, or deposited with, it or its agents or nominees pursuant to any provision of this Agreement or any other Loan Document. 
 12.4 Required Credit Parties. 
 The Required Credit Parties may themselves exercise any right given to the Loan Servicer in this Section 12. 
 ARTICLE 13 
 REPRESENTATIONS AND WARRANTIES OF COLLATERAL AGENT 
 The Collateral Agent makes all of the following
representations and warranties to and in favor of the other Credit Parties as of the date hereof. 
 13.1 Organization,
Power and Status. 
 The Collateral Agent is a national banking association duly organized and existing under the laws
of the United States of America. 
 13.2 Power and Authority. 
 The Collateral Agent has the requisite power and authority to (a) execute, deliver and perform each of the Loan Documents to which it
is a party and (b) carry on its business as now being conducted. 
 13.3 Due Authorization, Execution and
Delivery. 
 All action on the part of the Collateral Agent that is required for the authorization, execution, delivery
and performance by the Collateral Agent of the Loan Documents to which it is a party has been duly and effectively taken. The obligations of the Collateral Agent under the Loan Documents to which it is a party are the legal, valid and binding
obligations of the Collateral Agent enforceable in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors
generally and by general principles of equity (regardless of whether enforcement is sought in proceedings at law or in equity). 
  

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 13.4 No Consents. 
 Neither the execution, delivery or performance by the Collateral Agent of any Loan Document to which it is a party, nor the performance by
the Collateral Agent of the terms and conditions thereof requires the approval, consent or authorization of any Person other than (a) such approvals, consents and authorizations as have been obtained or (b) as may be required from time to
time in connection with the exercise of remedies provided for herein and in the other Loan Documents (as to which the Collateral Agent makes no representation or warranty). 
 13.5 Proceedings. 
 There are no actions, suits or proceedings, claims or investigations pending or, to the actual knowledge of any officers of the Collateral Agent responsible for the administration of this Agreement,
threatened against it that (a) challenge the validity or enforceability of any Loan Document to which it is a party or (b) relate to the banking or trust powers of the Collateral Agent and which, individually or in the aggregate, if
adversely determined would materially and adversely affect the ability of the Collateral Agent to perform its obligations under any Loan Document to which it is a party. 
 13.6 No Collateral Agent’s Liens. 
 There are no Collateral
Agent’s Liens against the Collateral. 
 ARTICLE 14 
 MISCELLANEOUS 
 14.1 Payment of Expenses,
Etc. 
 All costs and expenses of the Collateral Agent, the Loan Servicer and the other Credit Parties shall be paid in
accordance with Section 11.17 of the Common Agreement. 
 14.2 Notices. 
 All notices provided for hereunder shall be given in accordance with Section 11.1 of the Common Agreement. 
 14.3 No Waiver; Remedies Cumulative. 
 14.3.1 No Waiver. No failure or delay on the part of the Collateral Agent, the Loan Servicer or any other Credit Party in exercising any right, power or privilege hereunder or under any other Loan
Document and no course of dealing between the Borrower, the Equity Contributor or any of their respective Affiliates, on the one hand, and the Collateral Agent, the Loan Servicer or any other Credit Party, on the other hand, shall impair any such
right, power or privilege or operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder or under any other Loan Document shall preclude any other or further 
  

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 exercise thereof or the exercise of any other right, power or privilege hereunder or
thereunder. No notice to or demand on the Borrower or the Equity Contributor in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the Collateral Agent, the
Loan Servicer or any other Credit Party to any other or further action in any circumstances without notice or demand. 
 14.3.2
Remedies Cumulative. The rights, powers and remedies herein or in any other Loan Document expressly provided are cumulative and not exclusive of any rights, powers or remedies that any party hereto or thereto would otherwise have. 

14.4 Severability. 
 In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable in any respect in any jurisdiction, the parties hereto agree to the fullest extent they
may effectively do so that the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the parties hereto shall enter into good faith negotiations to replace the invalid, illegal or
unenforceable provision. 
 14.5 No Amendments. 
 This Agreement shall only be modified, amended or supplemented with the express written consent of each of the Borrower, the Equity
Contributor, the Collateral Agent and the Loan Servicer. 
 14.6 Entire Agreement. 
 This Agreement, including any agreement, document or instrument attached hereto or referred to herein, integrates all the terms and
conditions mentioned herein or incidental hereto and supersedes all oral negotiations and prior agreements and understandings of the parties hereto in respect to the subject matter hereof. 
 14.7 Governing Law. 
 THIS AGREEMENT IS TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF. 
 14.8 No Third Party Beneficiaries. 
 The agreements contained herein are made solely for the benefit of the Credit Parties, and successors and assigns of the Credit Parties, as specified in the Loan Documents, and shall not be construed as
having been intended to benefit any third party. 
  

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 14.9 Assignments. 
 This Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors and assigns of the Borrower,
the Equity Contributor, the Collateral Agent, the Loan Servicer and the Credit Parties; provided, however, that neither the Borrower nor the Equity Contributor may assign or transfer any of its rights or obligations under this
Agreement without the prior written consent of each of DOE and FFB. The Collateral Agent may not assign or transfer any of its rights or obligations hereunder except as permitted pursuant to the Common Agreement. Any other Credit Party may assign or
transfer its rights hereunder in connection with an assignment or transfer of all or any part of its interest in Secured Obligations owed to it in accordance with the provisions of the Common Agreement. Any attempted assignment in contravention of
this Section 14.9 shall be null and void. 
 14.10 Special Exculpation. 
 None of the Credit Parties shall be liable to the Borrower, the Equity Contributor or any other Person for any indirect, special,
consequential or punitive damages howsoever arising, whether in negligence or otherwise, out of or in connection with the performance or non-performance of this Agreement or any other Loan Document (including any loss of revenue or loss of profit).

 14.11 Authority of Collateral Agent. 
 The Borrower and the Equity Contributor each acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement
with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any power, right or remedy provided for or resulting or arising out of this Agreement shall, as between the Collateral Agent and the
Credit Parties, be governed by the Common Agreement, this Agreement, by such other agreements with respect thereto as may exist from time to time among them, but, as between each of the Collateral Agent and the Borrower, the Equity Contributor, the
Collateral Agent shall be conclusively presumed to be acting as the Collateral Agent for the Credit Parties with full and valid authority so to act or refrain from acting, and neither the Borrower nor the Equity Contributor shall be under any
obligation or entitlement to make any inquiry respecting such authority. 
 14.12 Counterparts; Effectiveness.

 This Agreement may be executed in one or more duplicate counterparts, each of which when so executed and delivered shall be
deemed an original, and when signed by all the parties listed below shall constitute a single binding agreement. This Agreement shall become effective at such time as the Collateral Agent and the Loan Servicer shall have received counterparts hereof
signed by all of the parties hereto. 
  

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 14.13 Force Majeure. 
 In no event shall the Collateral Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Collateral Agent shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 
 14.14 U.S.A. Patriot
Act. 
 The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the
Collateral Agent, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Collateral Agent. The parties to this Agreement agree that they will provide the Collateral Agent with such information as it may request in order for the Collateral Agent to satisfy the requirements of the
U.S.A. Patriot Act. 
  

 25 

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

							
	BORROWER:
	
	SOLYNDRA FAB 2 LLC
	
	 By: Solyndra, Inc., its sole Member

			
		 	By:	 	 /s/ W.G. Stover, Jr.

		 		 	Name:	 	 W.G. Stover, Jr.

		 		 	Title:	 	 Vice President, Finance &

		 		 		 	Chief Financial Officer
	
	EQUITY CONTRIBUTOR:
	
	SOLYNDRA, INC.
		
	By:	 	 /s/ W.G. Stover, Jr.

	Name:	 	 W.G. Stover, Jr.

	Title:	 	 Vice President, Finance &

		 	Chief Financial Officer
	
	COLLATERAL AGENT:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	LOAN SERVICER:
	
	U.S. DEPARTMENT OF ENERGY
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signature Page to Collateral Agency Agreement] 

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

							
	BORROWER:
	
	SOLYNDRA FAB 2 LLC
	
	By: Solyndra, Inc., its sole Member
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	
	EQUITY CONTRIBUTOR:
	
	SOLYNDRA, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	COLLATERAL AGENT:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Jean Clarke

	Name:	 	 Jean Clark

	Title:	 	 Assistant Vice President

	
	LOAN SERVICER:
	
	U.S. DEPARTMENT OF ENERGY
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signature Page to Collateral Agency Agreement] 

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

							
	BORROWER:
	
	SOLYNDRA FAB 2 LLC
	
	By: Solyndra, Inc., its sole Member
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	
	EQUITY CONTRIBUTOR:
	
	SOLYNDRA, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	COLLATERAL AGENT:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	LOAN SERVICER:
	
	U.S. DEPARTMENT OF ENERGY
		
	By:	 	 /s/ David G. Frantz

	Name:	 	 David G. Frantz

	Title:	 	 Director, Loan Guarantee Program Office

 [Signature Page to Collateral Agency Agreement] 

 EXHIBIT A 
 to Collateral Agency Agreement 
 FORM OF 
 CURRENT ACCOUNT WITHDRAWAL CERTIFICATE 
  

	TO:	U.S. Bank National Association, as Collateral Agent 

  

	CC:	U.S. Department of Energy, as Loan Servicer 

  

	FROM:	Solyndra Fab 2 LLC 

  

	DATE:	                     

  

	RE:	Collateral Agency Agreement dated as of September 2, 2009. 

 Please disburse the following amounts from the Current Account to pay the following Operating Costs to the following payees: 
  

					
	 Amount
	  	 To
	  	 Purpose

		  	[specify name of transferee and account]	  	

  

							
	SOLYNDRA FAB 2 LLC
	
	By:Solyndra, Inc., its sole Member
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

 Approved: 
 U.S. Department of Energy, 
 as Loan Servicer 
 By:                                       
              
 Its:                                       
              
  

 1 

 EXHIBIT B 
 to Collateral Agency Agreement 
 FORM OF

 TRANSFER/WITHDRAWAL INSTRUCTIONS 
  

	TO:	U.S. Bank National Association, as Collateral Agent 

  

	CC:	U.S. Department of Energy, as Loan Servicer 

  

	FROM:	Solyndra Fab 2 LLC 

  

	DATE:	                     

  

	RE:	Collateral Agency Agreement dated as of September 2, 2009. 

 The following are the Transfer/Withdrawal Instructions required to be delivered pursuant to Section 6.4.1 of the Collateral Agency Agreement: 
 On      [date]             , please make the
following disbursements and transfers: 
 A. Please disburse from the Project Revenue Account: 
 (1) $              shall be deposited in the Current Account for the
payment of Operating Costs pursuant to Section 7.1.1. 
 (2) $
             to be paid to the Debt Service Payment Account pursuant to Section 7.1.2. 
 (3) $              to be paid to the Debt Service Reserve Account pursuant to Section 7.1.3. 
 (4) $              to be paid to the Distribution Suspense Account
pursuant to Section 7.5(b). 
 B. Please disburse from the Debt Service Payment Account $
             to the following Secured Parties in the following respective amounts, pursuant to Section 7.3: [insert details]. 
 C. [Please disburse from the Loss Proceeds Account: insert details] 
 D. [Please disburse from the Warranty Reserve Account: insert details] 
 E. [Identify all Restricted Payments proposed to be made in reliance on Section 7.10(b) of the Common Agreement.] 

 E. The following Funding Insufficiency is anticipated: [list payment to which such
insufficiency relates, the reasons therefor and the funds transfers to be made to satisfy such insufficiencies pursuant to Section 9.] 
  

							
	SOLYNDRA FAB 2 LLC
	
	 By:Solyndra, Inc., its sole Member

			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

 Approved: 
 U.S. Department of Energy, 

as Loan Servicer 
 By:
                                         
    
 Its:Equity Funding Agreement, dated as of September 2, 2009

 Exhibit 10.18 
 EQUITY FUNDING AGREEMENT 
 among 
 SOLYNDRA, INC., 
 as Equity Contributor 
 SOLYNDRA FAB 2 LLC, 
 as Borrower 
 U.S. DEPARTMENT OF ENERGY,

 as Credit Party 
 U.S. DEPARTMENT OF ENERGY, 
 as Loan Servicer 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Collateral Agent 
 Dated as of September 2, 2009 

 TABLE OF CONTENTS 
  

					
	ARTICLE I. DEFINITIONS AND INTERPRETATION	  	2
			
	 1.1
	 	DEFINITIONS	  	2
	 1.2
	 	COMMON AGREEMENT DEFINITIONS	  	3
	 1.3
	 	INTERPRETATION	  	3
		
	ARTICLE II. CAPITAL CONTRIBUTIONS	  	3
			
	 2.1
	 	BASE EQUITY	  	3
	 2.2
	 	OVERRUN EQUITY	  	4
	 2.3
	 	PROCEDURES FOR EQUITY CONTRIBUTIONS	  	5
	 2.4
	 	PROCEEDS OF EQUITY CONTRIBUTIONS	  	6
	 2.5
	 	GRANT OF SECURITY INTEREST	  	6
		
	ARTICLE III. ADDITIONAL AGREEMENTS; TAXES; INDEMNITIES	  	6
			
	 3.1
	 	NO WITHHOLDING	  	6
	 3.2
	 	GROSS-UP	  	6
	 3.3
	 	INDEMNITY FOR TAXES	  	7
	 3.4
	 	INDEMNITY FOR SPONSOR BREACH	  	7
	 3.5
	 	SURVIVAL	  	8
	 3.6
	 	MODIFICATIONS, SUSPENSIONS, ETC.	  	8
	 3.7
	 	WAIVER OF NOTICE OF DEFAULT	  	8
	 3.8
	 	NO DISCHARGE UPON CERTAIN ACTIONS BY CREDIT
PARTIES	  	8
		
	ARTICLE IV. REPRESENTATIONS AND WARRANTIES	  	9
			
	 4.1
	 	LEGALITY, VALIDITY AND ENFORCEABILITY	  	9
	 4.2
	 	DEFAULT	  	9
	 4.3
	 	LITIGATION	  	9
	 4.4
	 	FEES	  	10
		
	ARTICLE V. COVENANTS OF EQUITY CONTRIBUTOR	  	10
			
	 5.1
	 	CONSENTS	  	10
	 5.2
	 	COMPLIANCE WITH LEGAL REQUIREMENTS	  	10
	 5.3
	 	LITIGATION	  	10
	 5.4
	 	DISTRIBUTIONS	  	10
		
	ARTICLE VI. GOVERNING LAW, CONSENT TO JURISDICTION AND VENUE	  	11
			
	 6.1
	 	GOVERNING LAW	  	11
	 6.2
	 	WAIVER OF TRIAL BY JURY	  	11
	 6.3
	 	CONSENT TO JURISDICTION; SERVICE OF PROCESS	  	11
		
	ARTICLE VII. MISCELLANEOUS	  	12
			
	 7.1
	 	NOTICES	  	12
	 7.2
	 	AMENDMENTS TO OTHER DOCUMENTS	  	12
	 7.3
	 	ENTIRE AGREEMENT	  	12
	 7.4
	 	NO DISCHARGE	  	12
	 7.5
	 	TERMINATION	  	13
	 7.6
	 	REINSTATEMENT	  	13
	 7.7
	 	LIMITATION ON LIABILITY	  	13
	 7.8
	 	WAIVER OF SUBROGATION	  	13
	 7.9
	 	RIGHTS AND RESPONSIBILITIES OF AGENTS	  	14
	   7.10
	 	CALCULATIONS	  	14

					
	   7.11
	 	SUCCESSORS AND ASSIGNS	  	14
	   7.12
	 	AMENDMENTS	  	14
	   7.13
	 	SEVERABILITY	  	14
	   7.14
	 	DELAY AND WAIVER	  	15
	   7.15
	 	REMEDIES	  	15
	   7.16
	 	BENEFITS OF AGREEMENT	  	15
	   7.17
	 	CONCLUSIVE AUTHORITY	  	15
	   7.18
	 	COUNTERPARTS	  	16

 Exhibit
A     Form of Notice of Accelerated Equity Contribution Demand 

 [Execution Counterpart] 
 EQUITY FUNDING AGREEMENT 
 THIS EQUITY FUNDING AGREEMENT (this “Agreement”) is dated as of September 2, 2009, by and among: 
  

	(i)	SOLYNDRA, INC., a corporation organized and existing under the laws of Delaware (the “Equity Contributor”);

  

	(ii)	SOLYNDRA FAB 2 LLC, a limited liability company organized and existing under the laws of Delaware (the
“Borrower”); 

  

	(iii)	U.S. DEPARTMENT OF ENERGY, acting by and through the Secretary of Energy, for itself as a Credit
Party and as guarantor of the DOE-Guaranteed Loans (in such capacity, “DOE”); 

  

	(iv)	U.S. DEPARTMENT OF ENERGY, acting by and through the Secretary of Energy, as the Loan Servicer under
the Common Agreement (in such capacity, the “Loan Servicer”); and 

  

	(v)	U.S. BANK NATIONAL ASSOCIATION, a national banking association, as the Collateral Agent under the
Common Agreement (in such capacity, the “Collateral Agent”). 

 WHEREAS, the Borrower intends to develop,
construct, own and operate a thin-film solar photovoltaic manufacturing facility, together with certain associated facilities, in connection with the Project. 
 WHEREAS, in order to finance the cost of the Project, the Borrower has entered into the Common Agreement dated as of September 2, 2009, by and among DOE, the Borrower, the Loan Servicer and the
Collateral Agent (the “Common Agreement”), pursuant to which the Credit Parties have agreed to make available certain credit facilities to the Borrower on the terms and conditions set forth therein. 
 WHEREAS, it is a condition precedent to the making of the initial Advance under the Common Agreement and the other Loan Documents that the parties shall
have entered into this Agreement. 
 NOW, THEREFORE, to induce DOE, the Loan Servicer and the Collateral Agent to enter into the Common
Agreement and the other Loan Documents and to induce the Credit Parties to make available the DOE Credit Facility, and for other good and valuable consideration, the receipt and adequacy of which are acknowledged, the parties agree as follows:

 ARTICLE I. 
 DEFINITIONS AND INTERPRETATION 
 1.1 Definitions 
 As used in this Agreement, the following terms have the following meanings: 
 “Accelerated Equity Contribution” means, at any time in the case of an Equity Acceleration Date specified in a notice issued by the Loan Servicer to the Equity Contributor pursuant
to Section 2.3.2, an amount equal to the lesser of (i) the balance of the undrawn Base Equity Commitment and all amounts of the Overrun Equity Commitment that have been funded at such time, and (ii) the outstanding amount of the
Secured Obligations at such time. 
 “Base Equity” means, individually, each capital contribution in Dollars made by, or
on behalf of, the Equity Contributor to the Borrower either as application of an Approved Pre-Closing Equity Credit or in satisfaction of the Equity Contributor’s obligation, pursuant and subject to Article II, to provide its share of Base
Equity Contributions, and, collectively, the aggregate of all such capital contributions to fund Project Costs up to the amount of the Base Equity Commitment. 
 “Base Equity Contribution” means Base Equity in an amount equal to, on any Base Equity Contribution Date, an amount sufficient that, after giving effect to the provision of such
amount to the Borrower and the disbursement of Advances (if any) scheduled to be made on or before such Base Equity Contribution Date, the Debt-to-Equity Contribution Ratio is not more than 73:27. 
 “Base Equity Contribution Date” means the date nine (9) Business Days prior to each Requested Advance Date. 
 “Equity Acceleration Date” means the date specified as such in any notice issued by the Loan Servicer to the Equity Contributor
pursuant to Section 2.3.2. 
 “Equity Contribution” means, individually, each Base Equity Contribution and Overrun
Equity Contribution (including an Accelerated Equity Contribution) and, collectively, the aggregate of all such contributions. 
 “Equity Contribution Date” means each Base Equity Contribution Date, Overrun Equity Contribution Date, or Equity Acceleration Date. 
 “Equity Percentage” means, with respect to the Equity Contributor, one hundred percent (100%). 
 “Overrun Equity” means, individually, each capital contribution made to the Borrower in satisfaction of the Equity Contributor’s obligation, pursuant to Article II, to
provide its share of the Overrun Equity Contribution and, collectively, the aggregate of all such capital contributions. 
 “Overrun
Equity Contribution” means Overrun Equity in an amount equal to the portion of any Overrun Project Costs to be funded pursuant to this Agreement with Overrun Equity. 
  

 2 

 “Overrun Equity Contribution Date” means, the date nine (9) Business Days prior
to the Requested Advance Date specified in any Master Advance Notice or any other date specified in a notice requiring a Overrun Equity Contribution in accordance with the Common Agreement or this Agreement. 
 “Sponsor Loan Documents” means this Agreement, the Sponsor Support Agreement, and any other agreement, instrument or document
executed pursuant hereto or thereto. 
 1.2 Common Agreement Definitions 
 When used in this Agreement including the recitals hereto, capitalized terms not otherwise defined herein which are defined in Exhibit A to the Common Agreement have the meanings given to them
in the Common Agreement. 
 1.3 Interpretation 
 For all purposes of this Agreement and the Exhibits hereto, the principles of construction set forth in Exhibit B to the Common Agreement shall apply mutatis mutandis to this Agreement
as if set forth in full in this Section 1.3. 
 ARTICLE II. 
 CAPITAL CONTRIBUTIONS 
 The Equity Contributor undertakes to provide
directly or indirectly to the Borrower the required amounts of Base Equity and Overrun Equity, on and subject to the terms and conditions of this Agreement. 
 2.1 Base Equity 
 2.1.1 Base Equity Commitment 
 The Equity Contributor irrevocably commits to provide Base Equity in the aggregate amount of (i) 27% of all Eligible Base Project Costs, plus
(ii) 100% of all Ineligible Base Project Costs. 
 2.1.2 Deposits Into Equity Funding Account 
 On or prior to the Financial Closing Date, the Equity Contributor shall provide or cause to be provided to the Collateral Agent in cash an amount equal to
(i) $198,000,000, equal to the full amount of the Base Equity Commitment, less (ii) the Approved Pre-Closing Equity Credit to be deposited into the Equity Funding Account in accordance with the Collateral Agency Agreement. 
  

 3 

 2.1.3 Base Equity Contributions to Borrower 
 In accordance with Section 2.3.1, the Equity Contributor shall cause each Base Equity Contribution, in an amount equal to the product of (x) the
Equity Percentage for the Equity Contributor, and (y) the Base Equity Contribution scheduled to be made on the applicable Base Equity Contribution Date, to be made to the Borrower from the following sources as specified in the applicable Master
Advance Notice: 
  

	(a)	to the extent there is an Approved Pre-Closing Equity Credit Balance that has not been allocated to an Advance pursuant to Section 2.4.2 of the Common Agreement,
it may elect to allocate any portion of such Approved Pre-Closing Equity Credit Balance as an Approved Pre-Closing Equity Credit; and 

  

	(b)	it may transfer funds from the Equity Funding Account to the Disbursement Account by providing in the Master Advance Notice instruction to the Collateral Agent to do so
in accordance with the Collateral Agency Agreement; and 

  

	(c)	otherwise, it shall provide or cause to be provided to the Collateral Agent in cash all unfunded amounts of such Base Equity Contribution, to be deposited in the
Disbursement Account in accordance with the Collateral Agency Agreement. 

 Base Equity shall be made available for application as
provided in Section 2.4.2 of the Common Agreement and in the manner described in this Agreement. 
 2.2 Overrun Equity 

2.2.1 Overrun Equity Commitment 
 The Equity Contributor irrevocably commits to provide Overrun Equity in the aggregate amount equal to (i) 100% of all Overrun Project Costs incurred at any time prior to the Project Completion Date less (ii) the full amount of
Overrun Contingencies, provided, that Overrun Project Costs shall first be funded from Overrun Contingencies and only after all Overrun Contingencies are utilized shall Overrun Equity be required from the Equity Contributor. 
 2.2.2 Deposits Into Equity Funding Account 
 On each of (x) the first Business Day of the calendar month in which the fifteen-month anniversary of the Financial Closing Date occurs, and (y) thereafter on the first Business Day of the next successive five calendar months, the
Equity Contributor shall provide or cause to be provided to the Collateral Agent $5,000,000 in cash, up to a total of $30,000,000, to be deposited into the Equity Funding Account in accordance with the Collateral Agency Agreement. 
 2.2.3 Overrun Equity Contributions to Borrower 
 In accordance with Section 2.3.1, the Equity Contributor shall cause each Overrun Equity Contribution, in an amount equal to the product of (x) the Equity Percentage for the Equity Contributor,
and (y) the Overrun Equity Contribution scheduled to be made on the applicable Overrun Equity Contribution Date, to be made to the Borrower from the following sources: 
  

 4 

	(a)	to the extent that there are any funds in the Equity Funding Account, at DOE’s instruction in accordance with the Collateral Agency Agreement such funds shall be
withdrawn by the Collateral Agent and contributed to the Borrower up to the amount of the required Overrun Equity Contribution; and 

  

	(b)	otherwise, it shall provide or cause to be provided to the Collateral Agent in cash all unfunded amounts of such Overrun Equity Contribution, to be deposited in the
Disbursement Account in accordance with the Collateral Agency Agreement. 

 2.2.4 Release of Amounts in Equity Funding
Account 
 Upon Project Completion, DOE shall instruct the Collateral Agent in accordance with the Collateral Agency Agreement to pay to
the Equity Contributor any remaining balance in the Equity Funding Account not otherwise used to fund Overrun Project Costs. 
 2.3
Procedures for Equity Contributions 
 2.3.1 Timing of Equity Contributions to Borrower 
 Pursuant to the Common Agreement and the relevant Master Advance Notice, the Equity Contributor shall, to the extent its Base Equity Contribution or Overrun
Equity Contribution is required to be made in cash, provide or cause to be provided to the Collateral Agent in cash for deposit into the Disbursement Account no later than the Equity Contribution Date therefor in an amount equal to the Equity
Percentage of the Base Equity Contribution or Overrun Equity Contribution scheduled to be made on such Equity Contribution Date. 
 2.3.2
Accelerated Equity Contributions 
 Promptly upon delivery by the Loan Servicer to the Equity Contributor at any time prior to the
Project Completion Date of a notice in the form of Exhibit A hereto demanding an Accelerated Equity Contribution pursuant to Section 8.2(a)(vi) of the Common Agreement, the Equity Contributor shall on the date specified therefor in
such notice provide or cause to be provided to the Collateral Agent funds for deposit from the Equity Funding Account into the Disbursement Account without further notice of default, presentment or demand for payment, protest or notice of
non-payment or dishonor, or other notices or demands of any kind, all such notices and demands being waived. 
 The right of the Loan Servicer
to demand an Accelerated Equity Contribution shall not limit any other right or remedy of DOE, the Loan Servicer or any other Credit Party under any Loan Document or the Governmental Rules, nor shall any Credit Party be obligated to pursue any right
or remedy or proceed against, or elect or exhaust any remedies with respect to, any other Person or any Collateral Security. The Equity Contributor hereby irrevocably waives any defense of a guarantor or surety to which the Equity Contributor might
be entitled under any Governmental Rules with respect to any Accelerated Equity Contribution. 
  

 5 

 2.4 Proceeds of Equity Contributions 
 Each Equity Contribution required to be made in cash shall be made in immediately available funds in Dollars. 
  

	(a)	Proceeds of any Equity Contribution (other than in connection with an Accelerated Equity Contribution) shall be made available to the Borrower in accordance with
Section 2.4.2 of the Common Agreement and the terms of the Collateral Agency Agreement. 

  

	(b)	Proceeds of any Accelerated Equity Contribution shall be applied in accordance with Section 8.2 of the Common Agreement. 

 2.5 Grant of Security Interest 
 As security
for the payment and performance of its obligations under this Agreement and the other Secured Obligations, the Equity Contributor hereby grants to the Collateral Agent, for itself and on behalf of and for the ratable benefit of the other Secured
Parties, a security interest in the Equity Funding Account (as defined in the Collateral Agency Agreement) and all proceeds thereof (the “Collateral”). The Equity Contributor agrees that this Agreement shall create a continuing
security interest in the Collateral which shall remain in effect until the termination of the DOE Credit Facility Commitment and payment and performance in full of all Secured Obligations (other than inchoate indemnity obligations). 
 ARTICLE III. 
 ADDITIONAL AGREEMENTS; TAXES; INDEMNITIES 
 3.1 No Withholding 
 All sums payable by the Equity Contributor under this Agreement or any other Sponsor Loan Document shall be paid free of any restriction or condition, free
and clear of and (except to the extent required by law) without any deduction or withholding on account of, any tax and without deduction or withholding (except to the extent required by law) on account of any other amount, whether by way of
set-off, counterclaim or otherwise (except on account of tax on the net income or capital of any Credit Party by any jurisdiction or any political subdivision or taxing authority thereof or therein as a result of such entity’s being organized
or maintaining an office, branch or permanent establishment in such jurisdiction or political subdivision). 
 3.2 Gross-Up 

If either (x) the Equity Contributor (or any other Person) is required by law to make any deduction or withholding on account of any such tax or
other amount as is referred to in Section 5.1, from any sum paid or payable by the Equity Contributor (or any other Person) under this Agreement; or (y) any Credit Party (or any Person on its behalf) is required by law to make any
deduction or withholding from, or (except on account of tax on the net income or capital of

  

 6 

 
such Credit Party by any jurisdiction or any political subdivision or taxing authority thereof or therein as a result of such Credit Party’s being organized or maintaining an office, branch
or permanent establishment in such jurisdiction or political subdivision) any payment on, or calculated by reference to, the amount of, any sum payable by the Equity Contributor under this Agreement or any other Sponsor Loan Document, then:

  

	(i)	the Equity Contributor shall notify the Loan Servicer of any such requirement or any change in any such requirement as soon as it becomes aware of it;

  

	(ii)	the Equity Contributor shall pay any such tax or other amount before the date on which penalties attach to such amount, such payment to be made (if the liability is
imposed on any other Person who is a party to any of the Loan Documents) on behalf of and in the name of that Person; 

  

	(iii)	the sum payable by the Equity Contributor in respect of which the relevant deduction, withholding or payment is required shall (except, in the case of any such payment,
to the extent that its amount is not ascertainable when that sum is paid) be increased to the extent necessary to ensure that, after the making of that deduction, withholding or payment, that party receives on the due date and retains (free from any
liability in respect of any such deduction, withholding or payment) a net sum equal to what it would have received and so retained had no such deduction, withholding or payment been required or made; and 

  

	(iv)	within thirty (30) days after paying any sum from which it is required by law to make any deduction or withholding, and within thirty (30) days after the due
date of payment of any tax or other amount which it is required by paragraph (i) or (ii) above to pay, the Equity Contributor shall deliver to the Loan Servicer evidence satisfactory to the other affected parties of such deduction,
withholding or payment and of the remittance thereof to the relevant taxing or other authority. 

 3.3 Indemnity for Taxes 

 The Equity Contributor shall indemnify the Borrower and each Credit Party on demand for the full amount of any tax imposed by any jurisdiction
on amounts payable by the Equity Contributor under this Agreement. Upon receiving notice of the assertion of any claim against the Borrower or a Credit Party relating to such a tax, the Borrower or such Credit Party shall give prompt notice to the
Loan Servicer (which shall notify the Equity Contributor of the asserted claim) accompanied by a certificate describing in reasonable detail the basis of the asserted claim. The obligations of the Equity Contributor under this Section 5.3 shall
survive any failure by the Borrower or such Credit Party to provide prompt notice to the Equity Contributor. 
 3.4 Indemnity for Sponsor
Breach 
 The Equity Contributor agrees that it shall defend, indemnify and hold harmless on demand each Agent and each other Credit Party
and their respective directors, officers, employees, agents and representatives from and against and reimburse such indemnitees on demand for any and all costs, expenses, liabilities, losses, damages, injunctions, suits, actions, fines, penalties,
claims

  

 7 

 
and demands of every kind or nature, including reasonable attorney’s fees and court costs, which are occasioned by or result from any failure by the Equity Contributor to perform any of the
terms of this Agreement or any other Sponsor Loan Document. The Equity Contributor severally agrees that it shall on demand pay its Equity Percentage of the fees and expenses (including legal fees and out-of-pocket expenses) incurred by each Agent
and each other Credit Party in connection with the preservation or enforcement of this Agreement and any other Sponsor Loan Document. 
 3.5
Survival 
 The obligations of the Equity Contributor under this Article III shall survive termination of this Agreement. 
 3.6 Modifications, Suspensions, Etc. 
 The
Equity Contributor shall not agree to any amendment, modification or variation to, or waive or grant any indulgence with respect to, any right under, or make or agree to any suspension, termination or cancellation of, this Agreement or any other
Sponsor Loan Document, or assert or agree to any claim that this Agreement or any other Sponsor Loan Document has been frustrated, except, in any case, to the extent permitted under the Loan Documents. 
 3.7 Waiver of Notice of Default 
 The Equity
Contributor hereby irrevocably waives diligence, presentment, protest, demand for payment and notice of default or non-payment to or upon the Borrower or any other Person with respect to any amounts due under the Common Agreement, any Sponsor Loan
Document or any other Loan Document. The Equity Contributor acknowledges the substantial direct and indirect benefits from the financing arrangements are contemplated by the Loan Documents and the waivers set forth herein are knowingly made in
contemplation of such benefits. 
 3.8 No Discharge Upon Certain Actions by Credit Parties 
 The Equity Contributor shall remain obligated under this Agreement notwithstanding that, without any reservation of rights by or against the Equity
Contributor and without notice to, or further assent by, the Equity Contributor: 
  

	(a)	any demand for payment of any amount due pursuant to the Common Agreement or any other Loan Documents may be rescinded by any agent or any of the other Credit Parties;

  

	(b)	any of the Advances under the DOE Credit Facility is continued; 

  

	(c)	such amounts, or the liability of any other Person upon or for any part of such amounts, or any collateral security or guarantee for such amounts or right of offset
with respect to such amounts, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by any Credit Party; 

  

 8 

	(d)	the Common Agreement or any other Transaction Document or any other agreement, document or instrument evidencing, securing or relating to such document, may be amended,
modified, supplemented or terminated, in whole or in part; or 

  

	(e)	any collateral security or guarantee or right of offset at any time held by any Agent or any of the other Credit Parties or any of them for the payment of such amounts
may be sold, exchanged, waived, surrendered or released. 

 ARTICLE IV. 
 REPRESENTATIONS AND WARRANTIES 
 The Equity Contributor makes all of the following representations and warranties to and in favor of each Credit Party as of (i) the Financial Closing Date, (ii) each Periodic Approval Date, and (iii) each Advance Date, except
as such representations and warranties relate to an earlier date, and all of these representations and warranties shall survive the Financial Closing Date. 
 4.1 Legality, Validity and Enforceability 
 This Agreement and each other Sponsor Loan
Document to which it is a party, constitutes the legal, valid and binding obligation of it, enforceable against it in accordance with its respective terms, except as such enforceability may be limited by (i) bankruptcy, insolvency,
reorganization, moratorium or other similar laws of general applicability affecting the enforcement of creditors’ rights and (ii) the application of general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law). 
 4.2 Default 
 It is not in default under (i) any term of this Agreement or (ii) any other agreement to which it is a party which could reasonably be expected to have a material adverse effect on its ability
to perform its obligations hereunder or under any other Sponsor Loan Document to which it is a party. 
 4.3 Litigation 
 There is no pending or, to its knowledge, threatened (in writing) action or proceeding at law or in equity affecting it before any Governmental Authority or
arbitrator, (i) that relates to this Agreement or, any other Transaction Document to which it is a party that could reasonably be expected to have a Material Adverse Effect or (ii) which could reasonably be expected to have a material
adverse effect on its ability to perform its obligations under this Agreement or under any other Sponsor Loan Document to which it is a party. 
  

 9 

 4.4 Fees 
 Other than amounts that have been paid in full or will have been paid in full by the initial Requested Advance Date, no fees or taxes, including stamp, transaction, registration or similar taxes, are
required to be paid by it or by any of the Credit Parties for the legality, validity, or enforceability of this Agreement. 
 ARTICLE V. 
 COVENANTS OF EQUITY CONTRIBUTOR 
 The Equity Contributor covenants and agrees that, until the Secured Obligations (other than inchoate indemnity obligations) shall have been indefeasibly
paid in full and all commitments to extend credit under the DOE Credit Facility shall have expired or terminated: 
 5.1 Consents

 It will maintain in full force and effect all Government Approvals that are required to be obtained by it with respect to this Agreement
and will obtain any such Government Approvals that may become necessary in the future. 
 5.2 Compliance With Legal Requirements

 It will comply with all requirements under any law, rule, regulation, order, judgment or decree to which it may be subject if failure so
to comply could reasonably be expected to have a material adverse effect on its ability to perform its obligations under this Agreement. 
 5.3 Litigation 
 Promptly, and in any event within five (5) Business Days after an Authorized Official obtains knowledge
thereof, it will give to the Loan Servicer notice of the occurrence of any event or of any litigation or governmental proceeding pending against it which could reasonably be expected to have a material adverse effect on its ability to perform its
obligations hereunder. 
 5.4 Distributions 
 If any amount shall be paid to it in violation of this Agreement or the Common Agreement, such amount shall be deemed to have been paid to it for the benefit of, and held in trust for the benefit of, the
Collateral Agent and shall forthwith be paid to the Collateral Agent to be credited and applied toward payment of the outstanding Secured Obligations, whether matured or unmatured, in accordance with the terms of the Collateral Agency Agreement.

  

 10 

 ARTICLE VI. 
 GOVERNING LAW, CONSENT TO JURISDICTION AND VENUE 
 6.1 Governing
Law 
 This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed and interpreted in
accordance with, Federal law and not the law of any state or locality. To the extent that a court looks to the laws of any state to determine or define the Federal law, it is the intention of the parties hereto that such court shall look only to the
laws of the State of New York without regard to the rules of conflicts of laws. 
 6.2 Waiver of Trial by Jury 
 EACH OF THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE ARISING OUT OF, IN
CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF
THE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR DOE, THE LOAN SERVICER, AND THE COLLATERAL AGENT TO ENTER INTO THIS AGREEMENT. 
 6.3 Consent to Jurisdiction; Service of Process 
 By execution and delivery of this Agreement, the Equity Contributor
irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding against it arising
out of or in connection with this Agreement or any other Loan Document, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of (i) the courts of the United States of America for the
Southern District of New York, (ii) the courts of the United States of America located in the District of Columbia, (iii) any other federal court of competent jurisdiction in any other jurisdiction where it or any of its property may be
found, and (iv) appellate courts from any of the foregoing; 
 (b) consents that any such action or proceeding may be
brought in or removed to such courts, and waives any objection, or right to stay or dismiss any action or proceeding, that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding
was brought in an inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that service of process in any
such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Equity Contributor at its address referenced in Section 7.1 of this
Agreement or at such other address of which DOE shall have been notified pursuant thereto; 
  

 11 

 (d) agrees that nothing herein shall (i) affect the right of any Credit Party to effect
service of process in any other manner permitted by law or (ii) limit the right of any Credit Party to commence proceedings against or otherwise sue the Equity Contributor or any other Person in any other court of competent jurisdiction nor
shall the commencement of proceedings in any one or more jurisdictions preclude the commencement of proceedings in any other jurisdiction (whether concurrently or not) if, and to the extent, permitted by the Governmental Rules; and 
 (e) agrees that judgment against it in any such action or proceeding shall be conclusive and may be enforced in any other jurisdiction
within or without the U.S. by suit on the judgment or otherwise as provided by law, a certified or exemplified copy of which judgment shall be conclusive evidence of the fact and amount of the Equity Contributor’s obligation. 
 ARTICLE VII. 
 MISCELLANEOUS 
 7.1 Notices 
 Any communications to any party to this Agreement or notices provided pursuant to this Agreement may be given to the address set forth for such party as provided in Section 11.1 of the Common
Agreement. Each communication to be made under this Agreement shall be made in writing and, unless otherwise stated, shall be given and deemed effective as provided in Section 11.1 of the Common Agreement. 
 7.2 Amendments to Other Documents 
 No
compromise, alteration, amendment, modification, extension, renewal, release or other change of, or waiver, consent or other action in respect of any liability or obligation under or in respect of, or of any of the terms, covenants or conditions of
this Agreement or any other Transaction Document shall in any way alter or affect any of the obligations under this Agreement or any other Transaction Document of the Equity Contributor. 
 7.3 Entire Agreement 
 This Agreement, including any agreement, document or instrument
attached hereto or referred to herein, integrates all the terms and conditions mentioned herein or incidental hereto and supersedes all oral negotiations and prior agreements and understandings of the parties hereto in respect to the subject matter
hereof. 
 7.4 No Discharge 
 The obligations of the Equity Contributor under this Agreement and each other Sponsor Loan Document shall not be affected by (i) any default by the Borrower or any other Major Project Participant in the performance or observance of any
of its agreements or covenants in this

  

 12 

 
Agreement or any other Transaction Document, or (ii) the insolvency of the Borrower or any other Major Project Participant. No obligations of the Equity Contributor under this Agreement or
any other Sponsor Loan Document shall be released, discharged or in any way affected by any reorganization, arrangement, compromise, composition or plan affecting the Borrower or any of its Affiliates or by any lack of validity or enforceability of
this Agreement or any other Transaction Document, whether or not the Equity Contributor or the Borrower or such Affiliate shall have notice or knowledge of any of the foregoing. 
 7.5 Termination 
 Except as otherwise expressly provided herein, the obligations of the
Equity Contributor under this Agreement shall remain in full force and effect (i) in the case of Article II, until the payment in full of the required amounts of Base Equity and Overrun Equity, and (ii) in the case of all other obligations
hereunder, until the date on which all Secured Obligations (other than inchoate indemnity obligations) have been indefeasibly paid in full and all commitments to extend credit under the FFB Note Purchase Agreement have been terminated. 

7.6 Reinstatement 
 This Agreement shall
continue to be effective or be reinstated, as the case may be, if at any time payment and performance of any obligations of the Equity Contributor under this Agreement, or any part of this Agreement, is, pursuant to the Governmental Rules, rescinded
or reduced in amount, or must otherwise be restored or returned by any Credit Party. In the event that the whole or any part of any payment is so rescinded, reduced, restored or returned, such obligations shall be reinstated and deemed reduced only
by such amount paid and not so rescinded, reduced, restored or returned. 
 7.7 Limitation on Liability 
 Except for a claim arising from the gross negligence or willful misconduct of any Person, no claim shall be made by the Equity Contributor against any Agent
or any Credit Party or any of their respective Affiliates, directors, employees, attorneys or agents for any special, indirect, consequential or punitive damages (whether or not the claim for such damages is based on contract, tort or duty imposed
by law), in connection with, arising out of or in any way related to the transactions contemplated by this Agreement or the other Transaction Documents or any act or omission or event occurring in connection with such documents. The Equity
Contributor waives, releases and agrees not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
 7.8 Waiver of Subrogation 
 Until the Secured Obligations (other than inchoate indemnity
obligations) shall have been indefeasibly paid in full and all commitments to extend credit under the DOE Credit Facility shall have expired or terminated, the Equity Contributor shall not enforce or accept any payment by the Borrower under any
right of subrogation which may have arisen or may hereafter arise in connection with this Agreement. 
  

 13 

 7.9 Rights and Responsibilities of Agents 
 Each of the Collateral Agent and the Loan Servicer shall be entitled to the benefits of Article 9 (Agents and Advisors) of the Common Agreement and
Section 11.17 (Payment of Costs and Expenses) of the Common Agreement in connection with the performance of its rights and responsibilities and exercise of its rights under this Agreement and any other Sponsor Loan Document to which such Person
is a party. 
 7.10 Calculations 
 All financial calculations to be made under, or for the purposes of, this Agreement and the other Sponsor Loan Documents shall be determined in accordance with the Common Agreement. 
 7.11 Successors and Assigns 
 (a) The
provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors or permitted assigns of the parties hereto. The Equity Contributor may not make an assignment or other transfer of this Agreement or any
interest herein, unless it has obtained the prior written consent of the Collateral Agent acting upon the instruction of the Loan Servicer pursuant to the Common Agreement to such assignment or other transfer. 
 (b) Neither the Equity Contributor nor the Borrower shall be entitled to assign this Agreement or any benefit or obligation under this Agreement in whole or
in part. The Equity Contributor irrevocably consents to any absolute, conditional or collateral transfer, pledge or assignment from time to time by the Borrower to the Collateral Agent of any or all of the right, title and interest of the Borrower
in, to, and under this Agreement under the Security Documents and agrees that (i) the Collateral Agent shall be a permitted assignee of the Borrower’s rights hereunder and may succeed to all the rights, titles and interests of the Borrower
hereunder, (ii) all payments hereunder by the Equity Contributor of its obligations shall be made to the Collateral Agent and (iii) the Collateral Agent shall be entitled to exercise such rights and remedies as are provided in the Security
Documents. 
 (c) The Collateral Agent and the Loan Servicer shall assign all of their respective rights and obligations under this Agreement to
any successor appointed pursuant to the Collateral Agency Agreement or the Common Agreement (as appropriate). 
 7.12 Amendments

 Neither this Agreement nor any of the terms of this Agreement may be changed, waived, discharged or terminated unless such change, waiver,
discharge or termination is in writing and signed by the parties to this Agreement. 
 7.13 Severability 
 In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable in any respect in any jurisdiction, the
parties hereto agree to the fullest extent they may effectively do so that the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the parties hereto shall enter into good faith
negotiations to replace the invalid, illegal or unenforceable provision. 
  

 14 

 7.14 Delay and Waiver 
 No delay or omission to exercise, and no course of dealing with respect to, any right, power or remedy accruing upon the occurrence of any Potential Default or Event of Default or any other breach or
default of the Borrower under this Agreement or the Common Agreement shall impair any such right, power or remedy of the Credit Parties, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or in any
similar breach or default thereafter occurring, nor shall any waiver of any single Potential Default or Event of Default, or other breach or default be deemed a waiver of any other Potential Default or Event of Default or other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any of the Credit Parties of any Potential Default or Event of Default, or other breach or default under this Agreement or any other
Loan Document, or any waiver on the part of any of the Credit Parties of any provision or condition of this Agreement or any other Loan Document, must be in writing and shall be effective only to the extent in such writing specifically set forth.

 7.15 Remedies 
 The remedies
provided in this Agreement or by law or otherwise afforded to any of the Credit Parties shall be cumulative and not alternative. If the Equity Contributor fails to pay or perform any of its obligations hereunder when due, the Borrower and each
Credit Party may avail itself of all available remedies, in law or at equity, to enforce its rights hereunder. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion of any other
appropriate right or remedy. 
 7.16 Benefits of Agreement 
 Nothing in this Agreement, express or implied, shall give to any Person, other than the parties hereto and their successors and permitted assigns hereunder and under the Loan Documents, any benefit or any
legal or equitable right or remedy under this Agreement. 
 7.17 Conclusive Authority 
 In taking or omitting to take any action (including exercising or failing to exercise any option, voting right or other election provided for in this
Agreement or any other Loan Document), each Agent, as between such Person on the one hand and the Borrower, the Equity Contributor and each other Major Project Participant on the other hand, shall be conclusively presumed to be acting or omitting to
act in such capacity with full and valid authority so to conduct itself, notwithstanding any reference to the Common Agreement or any other Loan Document. Except to the extent provided otherwise in this Agreement, nothing in this Agreement shall be
deemed to prejudice the rights and responsibilities, if any, of such Agent with respect to any other Credit Party arising out of the Common Agreement or any other Loan Document. 
  

 15 

 7.18 Counterparts 
 This Agreement may be executed in one or more duplicate counterparts and when signed by all of the parties shall constitute a single binding agreement. 
  

 16 

 IN WITNESS WHEREOF, the parties to this Agreement, acting through their Authorized Officials, have caused
this Agreement to be signed in their respective names as of the date first above written. 
  

					
	SOLYNDRA FAB 2 LLC
		
	By:	 	Solyndra, Inc., its sole Member
			
		 	By:	 	/s/ W.G. Stover, Jr.
			
		 	Its:	 	Vice President, Finance & Chief Financial Officer
	
	SOLYNDRA, INC.
		
	By:	 	 /s/ W.G. Stover, Jr.

		
	Its:	 	 Vice President, Finance & Chief Financial Officer

	
	 U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent

		
	By:	 	  

		
	Its:	 	  

	
	 U.S. DEPARTMENT OF ENERGY,
 as Credit Party

		
	By:	 	  

		
	Its:	 	  

 [Signature Page to Equity Funding Agreement] 

 IN WITNESS WHEREOF, the parties to this Agreement, acting through their Authorized Officials, have caused
this Agreement to be signed in their respective names as of the date first above written. 
  

					
	SOLYNDRA FAB 2 LLC
		
	By:	 	Solyndra, Inc., its sole Member
			
		 	By:	 	  

			
		 	Its:	 	  

	
	SOLYNDRA, INC.
		
	By:	 	  

		
	Its:	 	  

	
	 U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent

		
	By:	 	 /s/ Jean Clarke

		
	Its:	 	 Jean Clarke; Assistant Vice President

	
	 U.S. DEPARTMENT OF ENERGY,
 as Credit Party

		
	By:	 	  

		
	Its:	 	  

 [Signature Page to Equity Funding Agreement] 

 IN WITNESS WHEREOF, the parties to this Agreement, acting through their Authorized Officials, have caused
this Agreement to be signed in their respective names as of the date first above written. 
  

					
	SOLYNDRA FAB 2 LLC
		
	By:	 	Solyndra, Inc., its sole Member
			
		 	By:	 	  

			
		 	Its:	 	  

	
	SOLYNDRA, INC.
		
	By:	 	  

		
	Its:	 	  

	
	 U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent

		
	By:	 	  

		
	Its:	 	  

	
	 U.S. DEPARTMENT OF ENERGY,
 as Credit Party

		
	By:	 	 /s/ David G. Frantz

		
	Its:	 	 Director, Loan Guarantee Program Office

 [Signature Page to Equity Funding Agreement] 

			
	 U.S. DEPARTMENT OF ENERGY,
 as Loan Servicer

		
	By:	 	/s/ David G. Frantz
		
	Its:	 	 Director, Loan Guarantee Program Office

 [Signature Page to Equity Funding Agreement] 

 Exhibit A  
 to Equity Funding Agreement 
 [Form of Notice of Accelerated
Equity Contribution 
 Demand By Loan Servicer] 
 [Date] 
 Solyndra, Inc. 

																																							
	                                         
         
	  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
	  
	  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
	  
	  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	

  

	Re:	Equity Funding Agreement dated as of                     ,
2009, by and among the Equity Contributor, the Borrower, DOE, the Loan Servicer and the Collateral Agent (as at any time amended or otherwise modified, the “Equity Funding Agreement”) 

 Ladies and Gentlemen: 
 All capitalized terms used
herein and not otherwise defined shall have their respective meanings set forth in the Equity Funding Agreement. 
 Pursuant to
Section [8.2(a)(vi)] of the Common Agreement and Section 2.3.2 of the Equity Funding Agreement, we hereby demand the making of an Accelerated Equity Contribution (the “Demand”) in the amount of
[                    ] Dollars
($                    ). The amount of such Accelerated Equity Contribution due from, or on behalf of, the Equity Contributor is
$            . 
 All such amounts shall be paid to the [Disbursement
Account], Account No.             at the Collateral Agent, [address] on the date of this Demand in Dollars and immediately available funds. 
 We hereby expressly reserve all rights and remedies to which any Credit Party may be entitled under any Loan Document or the Governmental Rules. 

 

			
	U.S. DEPARTMENT OF ENERGY, as Loan Servicer
		
	By:	 	 
		
	Its:	 	 

 cc: Collateral Agent 
  

 2

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