Document:

Exhibit 10.67

 

Execution
Version

 

TRANSFER
AGREEMENT

 

This
Transfer Agreement (this “Transfer Agreement”) is entered into as of June 29, 2016 by and among SunPower Corporation,
a Delaware corporation (the “Company”), SunPower Corporation, Systems, a Delaware corporation (the “Subsidiary
Applicant” and, together with the Company, the “Credit Parties” and individually, each a “Credit
Party”), Total S.A., a société anonyme organized under the laws of the Republic of France (the “Parent
Guarantor”), Deutsche Bank AG New York Branch, as administrative agent for the Banks (as defined below) (in such capacity,
the “Administrative Agent”), and the Banks.

 

RECITALS

 

WHEREAS,
the Credit Parties and the Parent Guarantor entered into the Letter of Credit Facility Agreement, dated as of August 9, 2011 (as
amended by the First Amendment dated as of December 20, 2011, the Second Amendment dated as of December 19, 2012, the Third Amendment
dated as of December 23, 2013, the Fourth Amendment dated as of December 23, 2014, and the Fifth Amendment dated as of October
7, 2015, and as may be further amended, modified, supplemented, extended or restated from time to time, the “Credit Agreement”),
with the Administrative Agent and the several financial institutions from time to time a party thereto (the “Banks”).
Each capitalized term used herein, that is not defined herein, shall have the meaning ascribed thereto in the Credit Agreement.

 

WHEREAS,
pursuant to Section 2.04(a) of the Credit Agreement, the aggregate Commitment Amount permanently reduced to zero on June 28, 2016.

 

WHEREAS,
(a) Deutsche Bank AG New York Branch (“DB”) has extended to the Company a committed, bilateral letter of credit
facility pursuant to a Continuing Agreement for Standby Letters of Credit and Demand Guarantees dated as of June 29, 2016 (as
amended, supplemented or otherwise modified from time to time, the “DB Bilateral Facility”); (b) Crédit
Agricole Corporate and Investment Bank (“Credit Agricole”) has extended to the Company and the other Applicants
(as defined in the Credit Agricole Bilateral Facility referred to below) a committed, bilateral letter of credit facility pursuant
to a Letter of Credit Facility Agreement dated as of June 29, 2016 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agricole Bilateral Facility”); (c) HSBC Bank USA, National Association (“HSBC”)
has extended to the Company a committed, bilateral letter of credit facility pursuant to a Letter of Credit Facility Agreement
dated as of June 29, 2016 (as amended, supplemented or otherwise modified from time to time, the “HSBC Bilateral Facility”);
and (d) The Bank of Tokyo – Mitsubishi UFJ, Ltd. (The Bank of Tokyo – Mitsubishi UFJ, Ltd., Paris Branch together
with DB, Credit Agricole and HSBC, being collectively referred to as the “Issuing Banks” and, individually,
each an “Issuing Bank”) has extended to the Company a committed, bilateral letter of credit facility pursuant
to a Letter of Credit Facility Agreement dated as of June 29, 2016 (as amended, supplemented or otherwise modified from time to
time, the “Bank of Tokyo Bilateral Facility”, and together with the DB Bilateral Facility, the Credit Agricole
Bilateral Facility and the HSBC Bilateral Facility, collectively, the “Bilateral Facilities” and, individually,
each a “Bilateral Facility”).

 

WHEREAS,
the parties hereto desire to, among other things, cancel the LOC Participating Interests and cause each outstanding LOC issued
by an Issuing Bank under the Credit Agreement and all rights and obligations in respect of such LOCs to be subject to, and governed
by, the terms and conditions of such Issuing Bank’s Bilateral Facility as if each such LOC were originally issued under
such Issuing Bank’s Bilateral Facility, all upon the terms and subject to the conditions set forth herein.

  

    	 	 	 

     

    

 

AGREEMENT

 

For
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the parties to this Transfer
Agreement, intending to be legally bound, hereby agrees as follows:

 

1.          Incorporation
of Recitals. Each of the above recitals is incorporated herein as true and correct and is relied upon by the Administrative
Agent and each Bank in agreeing to the terms of this Transfer Agreement.

 

2.          Outstanding
LOCs. Annex 1 hereto sets forth as of the date hereof, in respect of each Issuing Bank, each outstanding LOC issued by such
Issuing Bank under the Credit Agreement.

 

3.          Cancellation
of LOC Participating Interests. As of the Effective Date (as defined below), each Bank’s LOC Participating Interest
in respect of each outstanding LOC is hereby cancelled and of no further force or effect.

 

4.          Transfer
of LOCs to Bilateral Facilities. As of the Effective Date, each outstanding LOC issued by an Issuing Bank under the Credit
Agreement, all instructions for the amendment, extension, or replacement of such LOC, the execution of any such instructions by
such Issuing Bank, and all rights and reimbursement and other obligations in respect of such LOCs shall be subject to, and governed
by, the terms and conditions of such Issuing Bank’s Bilateral Facility as if such LOC had originally been issued under such
Issuing Bank’s Bilateral Facility.

 

5.          Termination
of Loan Documents. As of the Effective Date, the Credit Agreement and each other Loan Document (other than this Transfer Agreement)
are hereby terminated and shall be of no further force or effect, except for (a) any provision thereof expressly stated to survive
such termination, the payment in full of all reimbursement obligations, interest, and all other amounts payable thereunder, the
expiration or termination of the Commitments, and/or the expiration without any pending drawing or termination of all LOCs and
(b) the obligations of the Administrative Agent in connection with actions taken or to be taken by the Administrative Agent as
set forth in Section 7 hereof.

 

6.          Representations
and Warranties. The Parent Guarantor and each Credit Party hereby represents and warrants to the Administrative Agent and
the Banks that:

 

a.          as
of the Effective Date, all Obligations of the Company and each other Applicant arising under or in connection with the Credit
Agreement and each other Loan Document (including, without limitation, all principal, interest, fees, and all other amounts payable
thereunder) that are due and payable as of the Termination Date shall have been paid in full;

 

b.          this
Transfer Agreement has been duly and validly executed by an authorized officer of Parent Guarantor and each Credit Party and constitutes
the legal, valid and binding obligation of the Parent Guarantor and each Credit Party;

 

c.          no
Block Notice is in effect as of the date hereof;

 

d.          on
and as of the date hereof, no Change in Law has occurred, no order, judgment or decree of any Governmental Authority has been
issued, and no litigation is pending or threatened, which enjoins, prohibits, or restrains (or with respect to any litigation
seeks to enjoin, prohibit, or restrain), the reimbursement of LOC Disbursements, the issuance of any LOC or any participation

 

    	 	 	 

     

    

 

therein,
the consummation of any of the other transactions contemplated hereby, or the use of proceeds of the Facility; and

 

e.          no
Event of Default, or event or condition that would constitute an Event of Default but for the requirement that notice be given
or time elapse or both, has occurred and is continuing or would result immediately after giving effect to this Transfer Agreement
and the transactions contemplated hereby.

 

7.          Effective
Date. This Transfer Agreement shall become effective on the date hereof (the “Effective Date”) when each
of the following conditions has been satisfied (or waived in accordance with Section 8.01 of the Credit Agreement):

 

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

 

b.          The
Administrative Agent shall have received, for the account of the applicable Person, all principal, interest, fees, costs, expenses
and other amounts that are due and payable to the Administrative Agent (for its own account or for the account of any other Person)
under any Loan Document as of the Termination Date and, to the extent invoiced, reimbursement or payment of the reasonable fees
and disbursements of Moses & Singer LLP, special counsel to the Administrative Agent.

 

c.          The
Administrative Agent shall have received from each Issuing Bank (other than DB) notice that (i) such Issuing Bank has received
all amounts that, pursuant to any Loan Document, are due and payable directly to such Issuing Bank as of the Termination Date
or (ii) no such amounts are due and payable directly to such Issuing Bank as of the Termination Date.

 

The
Administrative Agent shall notify the Company and the Banks of the Effective Date, and such notice shall be conclusive and binding.

 

8.          Execution
in Counterparts. This Transfer Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Transfer Agreement by facsimile,
e-mail (in a pdf or similar file), or any other electronic means that reproduces an image of the actual executed signature page
shall be effective as delivery of a manually executed counterpart of this Transfer Agreement.

 

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

 

10.         Amendments.
This Transfer Agreement may not be amended or any provision hereof waived or modified except by an instrument in writing signed
by each of the parties hereto.

 

11.         Governing
Law. This Transfer Agreement shall be construed in accordance with and governed by the law of the State of New York. [Remainder
of page intentionally left blank]

 

    	 	 	 

     

    

 

Exhibit
10.67

 

IN WITNESS
WHEREOF, the Company, the Subsidiary Applicant, the Parent Guarantor, the Administrative Agent and the Banks have caused this
Transfer Agreement to be executed as of the date first written above.

	 	 	 	 	 	 
	 	The “Company”
	 	 	 	 	 	 
	 	SUNPOWER CORPORATION
	 	 	 	 	 	 
	 	By:	/s/ Charles Boynton	 	 
	 	Name: Charles Boynton
	 	Title: Executive Vice President and Chief Financial Officer
	 	 	 	 	 	 
	 	The “Subsidiary Applicant”
	 	 	 	 	 	 
	 	SUNPOWER CORPORATION, SYSTEMS
	 	 	 	 	 	 
	 	By:	/s/ Ada Kwan	 	 	 
	 	Name: Ada Kwan
	 	Title: Treasurer
	 	 	 	 	 	 
	 	The “Parent Guarantor”
	 	 	 	 	 	 
	 	TOTAL, S.A.
	 	 	 	 	 	 
	 	By:	/s/ Patrick de La Chevardière	 
	 	Name: Patrick de La Chevardière
	 	Title: Chief Financial Officer
	 	 	 	 	 	 

[Signature
Page to Transfer Agreement]

 

    	 	 	 

     

    

 

	 	DEUTSCHE BANK AG NEW YORK
	 	BRANCH, as Administrative Agent, as a Bank, and as an Issuing Bank
	 	 	 
	 	By:  	/s/ Prashant Mehra	 
	 	Name: Prashant Mehra
	 	Title: Director
	 	 	 
	 	By:  	/s/ Jack Leong	 
	 	Name: Jack Leong
	 	Title: Director

 

[Signature
Page to Transfer Agreement]

 

    	 	 	 

     

    

 

	 	BANCO SANTANDER, S.A., NEW YORK BRANCH, as a Bank
	 	 	 
	 	By:	/s/ Rita Walz
    Cuccioli	 
	 	Name: Rita Walz Cuccioli
	 	Title: Executive Director
	 	 	Banco Santander, S.A., New York Branch
	 	 	 
	 	By:	/s/ Terence Corcoran	 
	 	Name: Terence Corcoran
	 	Title: Senior Vice President
	 	 	Banco Santander, S.A., New York Branch

 

[Signature
Page to Transfer Agreement]

 

    	 	 	 

     

    

 

	 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Bank and as an Issuing
    Bank
	 	 	 
	 	By:	/s/ Frederic Bambuck	 
	 	Name: Frederic Bambuck
	 	Title:  Director
	 	 	 
	 	By:	/s/ Javier Sanchez-Asiain	 
	 	Name: Javier Sanchez-Asiain
	 	Title: Managing Director
	 	 	Head CBT Americas

 

[Signature
Page to Transfer Agreement]

 

    	 	 	 

     

    

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION, as a Bank and as an Issuing
    Bank
	 	 	 
	 	By:	/s/ Thomas Lo	 
	 	Name: Thomas Lo
	 	Title:   Director

 

[Signature
Page to Transfer Agreement]

 

    	 	 	 

     

    

 

	 	LLOYDS TSB BANK PLC, as a Bank
	 	 	 
	 	By:	/s/ Erin Doherty	 
	 	Name: Erin Doherty
	 	Title:   Assistant Vice President – D006
	 	 	 
	 	By:	/s/ Daven Popat	 
	 	Name: Daven Popat
	 	Title:   Senior Vice President – P003

 

[Signature
Page to Transfer Agreement]

 

    	 	 	 

     

    

 

	 	THE BANK OF TOKYO – MITSUBISHI UFJ, LTD., PARIS BRANCH, as a Bank and as
    an Issuing Bank
	 	 	 
	 	By:	/s/ Fumito Kobayashi	 
	 	Name: Fumito Kobayashi
	 	Title:   General Manager

 

[Signature
Page to Transfer Agreement]

 

    	 	 	 

     

    

 

	 	UNICREDIT BANK AG, as a Bank
	 	 	 
	 	By:	/s/ Renate Bergler	 
	 	Name: Renate Bergler
	 	Title:   Managing Director
	 	 	 
	 	By:	/s/ Andrea Thimm	 
	 	Name: Andrea Thimm
	 	Title:   Director

 

[Signature
Page to Transfer Agreement]Exhibit 10.68

 

Execution Version

 

First Amendment to Credit Agreement

 

This First Amendment to Credit Agreement
(this “Amendment”) is made and entered into as of June 30, 2016, by and among SunPower
Revolver HoldCo I, LLC, a Delaware limited liability company (the “Borrower”), MIZUHO BANK, LTD., in
its capacity as Administrative Agent (in such capacity, the “Administrative Agent”), MIZUHO BANK (USA), in its
capacity as Collateral Agent (in such capacity, the “Collateral Agent”), MIZUHO BANK, LTD. and GOLDMAN SACHS
BANK USA, as Issuing Banks (the “Issuing Banks”), and the financial institutions party hereto as lenders (the
“Lenders”) and the financial institutions party hereto.

 

A.           WHEREAS, reference is made
to that certain Credit Agreement, dated as of May 4, 2016, by and among the Borrower, the Lenders, the Administrative Agent,
the Collateral Agent, the Issuing Banks, and the Lenders (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”).

 

B.           WHEREAS, the parties hereto
agree to amend the Credit Agreement on the terms and subject to the conditions of this Amendment.

 

C.           NOW, THEREFORE, for good and
valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

Section 1.            
Definitions. Capitalized terms used but not defined herein have the respective meanings assigned thereto, directly
or by reference, in Article 1 of the Credit Agreement.

 

Section 2.            
Amendments to the Credit Agreement:

 

(a)          The following definition of “Designated Payor” is hereby added to Article 1 of the Credit Agreement:

 

““Designated
Payor” has the meaning set forth in Section 5.26(a).”

 

(a)          
The following definition of “Lender’s Disbursement Period” is hereby added to Article 1 of the Credit
Agreement:

 

““Lender’s
Disbursement Period” has the meaning set forth in Section 5.26(b).”

 

(b)          The following definition of “Lender’s Review Period” is hereby added to Article 1 of the Credit Agreement:

 

““Lender’s
Review Period” has the meaning set forth in Section 5.26(b).”

 

(c)          
The definition of “Letter of Credit Application” in Article 1 of the Credit Agreement is hereby deleted and
replaced with the following:

 

     

     

    

 

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““Letter of Credit
Application” means any letter of credit application required by an Issuing Bank to be delivered by the Borrower prior
to the issuance of any Letter of Credit.”

 

(d)          The definition of “Pledged Stock” set forth in Article 1 of the Credit Agreement is hereby deleted and replaced
with the following:

 

““Pledged Stock”
shall have the meaning given to the term “Pledged Collateral” in the Pledge Agreement.”

 

(e)          The following definition of “Prompt Payment Statute” is hereby added to Article 1 of the Credit Agreement:

 

““Prompt Payment
Statute” has the meaning set forth in Section 5.26(a).”

 

(f)           The following definition of “Reimbursement Obligation” is hereby added to Article 1 of the Credit Agreement:

 

““Reimbursement
Obligation” means any reimbursement the Borrower is required to make to an Issuing Bank in accordance with the first
sentence of Section 2.16(e)(A).

 

(g)          The following definitions in Article 1 of the Credit Agreement are hereby deleted: (i) “Prepayment Account”
and (ii) “Revenue Account”.

 

(h)          Section 2.2(a) of the Credit Agreement is hereby amended by deleting the following in its entirety: “and in whole
multiples of $500,000 in excess thereof”.

 

(i)           The reference to the following in Section 3.2(w) of the Credit Agreement is hereby deleted in its entirety: “the Initial
Project Construction Loan Equity Contribution has been previously paid by the Borrower for the payment of Project Costs related
to such Projects”.

 

(j)           Section 3.2(jj) of the Credit Agreement is hereby deleted and replaced with the following:

 

“(jj) The Administrative
Agent shall have received a letter from the Independent Engineer, in form and substance acceptable to the Administrative Agent,
confirming that the applicable Initial Project Construction Loan Equity Contribution has been previously paid by the Borrower for
the payment of Project Costs related to such Projects.”

 

(k)           Section 3.3(h) of the Credit Agreement is hereby amended by adding the following to the end of such Section:

 

“With respect to all Projects
located in Arizona, the releases of mechanic’s and materialmen’s liens that Administrative Agent must receive with
each Construction Loan Notice of Borrowing are conditional lien waivers, in the forms prescribed by Arizona Revised Statute Sections
33-1008(D)(1) and

 

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33-1008(D)(3), as applicable, for amounts requested in the current Construction Loan Notice of Borrowing and
unconditional lien waivers, in the forms prescribed by Arizona Revised Statute Sections 33-1008(D)(2) and 33-1008(D)(4), as applicable,
for amounts requested in the previous Construction Loan Notice of Borrowing”.

 

(l)            Section 3.2 of the Credit Agreement is hereby amended by adding the following new clause 3.2(nn) at the end of such Section:

 

“(nn)      Prior to any
Borrowing in respect of Macy’s San Diego (Mission Viejo Project Site), delivery by the Borrower to the Administrative Agent
of title reports from the Title Company with respect to such Project Site, which such reports shall be in form and substance reasonably
acceptable to the Administrative Agent.”

 

(m)          Section 5.12 of the Credit Agreement is hereby amended by deleting clause (a) thereof and replacing clause (a) with the
following: “(a) is an EWG and/or a QF”.

 

(n)           Section 5.23 of the Credit Agreement is hereby amended by deleting such section in its entirety and replacing it with the
following:

 

“Section 5.23        The Borrower
shall (and shall cause each Borrower Party to) cause each Project to achieve COD on or before the date that is 18 months prior
to the Date Certain for such Project.”

 

(o)           Section 5.26 of the Credit Agreement is hereby amended by deleting such section in its entirety and replacing it with the
following:

 

“Section 5.26        Prompt Payment Requirements.

 

(a)          Compliance
with Statute. Borrower Parties shall at all times comply with the provisions of A.R.S. Sections 32-1129, 32-1129.01, 32-1129.02,
32-1129.03, 32-1129.04, and 32-1129.05 (collectively, the “Prompt Payment Statute”). The Borrower represents
and warrants to the Secured Parties that each Project Company owning any Project in Arizona is the “Owner” for purposes
of the Prompt Payment Statute. No Secured Party shall be an “Owner” for purposes of the Prompt Payment Statute and
no Secured Party shall be a “third party designated by Owner as the person responsible for making progress payments on a
Construction Contract” (as the preceding quotation is used in the Prompt Payment Statute) for any Project located in Arizona
(a “Designated Payor”). The Borrower shall not, and shall cause the Borrower Parties not to, cause or permit
any statements or representations to be made or agreements to be entered into pursuant to which any Secured Party could reasonably
be asserted to be a Designated Payor.

 

(b)          Lender Not Responsible. The Borrower agrees that no Secured Party is responsible for compliance with the Prompt Payment
Statute, as more particularly provided in subsection (a) above, and that the Borrower Parties

 

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shall
be solely responsible for such compliance. The Borrower Parties’ obligation of compliance with the Prompt Payment Statute
shall not in any way expand the obligations of the Secured Parties hereunder and the Secured Parties shall at all times retain
the right to approve or disapprove advances of the Construction Loans in accordance with this Agreement regardless of any Borrower
Party’s obligations to any EPC Contractor or any other contractor in respect of any Project located in Arizona. In no event
will any Secured Party have any liability or obligation to any of the Borrower Parties or any other Person to approve advances
of the Construction Loan or make advances within any time periods required pursuant to the Prompt Payment Statute, nor will any
Secured Party have any liability or obligation for costs, fees, expenses, or damages of any nature incurred by any of the Borrower
Parties by reason of any failure to comply with the Prompt Payment Statute. Without limiting the generality of the foregoing,
the Borrower acknowledges, represents and warrants to each Secured Party that (i) the Borrower Parties have taken into consideration
the period of time within which the Secured Parties have to approve a Construction Loan Notice of Borrowing (the “Lender’s
Review Period”), (ii) the Borrower Parties have taken into consideration the period of time within which the Secured
Parties have to make advances once the conditions precedent to advances have been satisfied (“Lender’s Disbursement
Period”), and (iii) to the extent that any Lender’s Review Period or Lender’s Disbursement Period may extend
beyond any period of time required pursuant to the Prompt Payment Statute within which the Borrower Parties may either approve
and certify any billing or estimate (or within which any billing or estimate may be deemed approved) or make payments to any applicable
EPC Contractor for any Project located in Arizona or any other contractor in respect of a Project located in Arizona, then the
Borrower Parties will nevertheless comply with the provisions of the Prompt Payment Statute. Within twenty (20) days of execution
of this Amendment, pursuant to A.R.S. § 32-1129.01(G), the applicable Borrower Party that is the Owner (as defined
in the applicable EPC Agreement) and the EPC Contractor (as defined in the applicable EPC Agreement) will execute an amendment
or change order to the EPC Agreement that acknowledges and agrees that the EPC Agreement’s (x) billing cycle, (y) number
of specified days within which a billing or estimate must be certified and approved, and/or (z) number of specified days after
certification and approval of the billing or estimate for the Owner (as defined in the EPC Agreement) to make payment to the EPC
Contractor (as defined in the EPC Agreement), are an alternative billing cycle, an extended certification and approval period,
and/or an extended payment period, as applicable, in conformance with the Prompt Payment Statute.

 

(c)          
Indemnification. “With respect to any Project located in Arizona, the Borrower agrees to defend, indemnify
and hold the Secured Parties and Secured Parties’ agents, employees, representatives, directors, officers, successors and
assigns for, from and against any and all claims, damages, loss, liability, judgments, reasonable costs and expenses arising from
or related to the breach or violation by the Borrower Parties, the applicable EPC Contractor or any other contractor of the Prompt
Payment Statute, the failure by any Borrower Parties, the applicable EPC Contractor or any

 

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other contractor to pay any Person as
and when required under the Prompt Payment Statute, and/or any suspension or termination by the applicable EPC Contractor, any
other contractor or any subcontractor of the applicable EPC Contract, or other construction contract or subcontract unless caused
solely by one or more Persons indemnified hereunder. This indemnity will survive the payment and performance of the applicable
Construction Loan”

 

(p)          Section 5.27 of the Credit Agreement is hereby amended by deleting such section in its entirety and replacing it with the
following:

 

“Section 5.27        On the
earlier to occur of (a) the next Borrowing date to occur after the initial Borrowing date and (b) July 29, 2016, the Borrower shall
deliver to the Administrative Agent a written acknowledgement from the Power Purchaser for the Macy’s San Diego and Walnut
Creek Projects, in form and substance reasonably acceptable to the Administrative Agent, confirming that the Collateral Agent may
be granted a security interest in the Site Lease Agreements related to such Projects.

 

(q)          Article 6 of the Credit Agreement is hereby amended by adding the following new Section 6.24:

 

“6.24      Timing of COD.
In no event shall COD of a Project occur (i) with respect to each Small Project, prior to delivery to the Administrative Agent
of the Interconnection Agreement in respect of such Small Project, duly executed by the parties thereto, including the applicable
Interconnector, and otherwise in form and substance acceptable to the Administrative Agent, and (ii) without (A) the Borrower having
caused the amount on deposit in the Debt Service Reserve Account sub-account for such Project to equal the then-applicable DSR
Requirement for such Project or (B) a DSR Letter of Credit in an amount equal to the then applicable DSR Requirement having been
issued and being outstanding with respect to such Project.”

 

(r)           Section 7.3(a) of the Credit Agreement is hereby amended by adding a reference to “Section 5.23” after
the reference to Section 5.7 in Section 7.3(a).

 

(s)          All
references to “ECCA Parent Guaranty” in the Credit Agreement are hereby deleted and replaced with “ECCA Guaranty”.

  

(t)           All references to “Chadbourne & Park LLP” in the Credit Agreement are hereby deleted and replaced with “Akin
Gump Strauss Hauer & Feld LLP”.

 

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Section 3.            Waiver. The parties hereto hereby waive the five (5) Business Day requirement set forth in Section 2.2(a) and the
six (6) Business Day requirement set forth in Section 3.3(f) solely in respect of the Borrowing to occur on the date hereof.

 

Section 4.            Effectiveness. This Amendment shall be effective, as of the date of this Amendment, upon the execution and delivery
to Administrative Agent of counterparts of this Amendment duly executed by the parties hereto.

 

Section 5.            Entire Agreement. This Amendment constitutes the entire agreement among the parties hereto with respect to the amendments
and waivers dealt with herein. All previous documents, undertakings and agreements, whether oral, written or otherwise, among the
parties hereto with respect to the amendment and consent in this Amendment, are hereby cancelled and superseded and shall not affect
or modify any of the terms or obligations set forth in this Amendment. Upon the effectiveness of this Amendment, this Amendment
shall be binding upon and inure to the benefit of the parties hereto.

 

Section 6.             Miscellaneous.

 

(a)          Limited Effect. This Amendment is limited in effect and, except as specifically set forth above, shall apply only
as expressly set forth in this Amendment and shall not constitute a consent, waiver, modification, approval or amendment of any
other provision of the Credit Agreement or any other Loan Document. Except as expressly provided for in this Amendment, nothing
herein shall limit in any way the rights and remedies of the Lenders and the other Secured Parties under the Credit Agreement.
The terms and conditions of the Credit Agreement and the other Loan Documents, as amended and otherwise modified by this Amendment,
remain in full force and effect and are hereby ratified and affirmed.

 

(b)          Severability. Any provision hereof that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and without
affecting the validity or enforceability of any provision in any other jurisdiction.

 

(c)          Headings. The headings of various sections of this Amendment are for convenience of reference only, do not constitute
a part hereof and shall not affect the meaning or construction of any provision hereof.

 

(d)          Incorporation by Reference. Sections 9.11 (Governing Law), 9.13 (Consent to Jurisdiction), and 9.19 (Waiver
of Jury Trial) of the Credit Agreement hereby are incorporated by reference as if fully set forth in this Amendment mutatis
mutandis.

 

(e)          Counterparts and Facsimile or Electronic Mail Execution. This Amendment may be executed in any number of counterparts,
all of which taken together shall constitute one and the same contract, and any of the parties hereto may execute this Amendment
by signing any such counterpart. Delivery of an executed counterpart of this Amendment by facsimile or by electronic mail or other
electronic imaging means shall be equally as effective as delivery of an original executed counterpart of this Amendment.

 

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(f)           Representations and Warranties. The Borrower represents and warrants to the Secured Parties that, as of the effective
date hereof, each representation and warranty set forth in Article 4 of the Credit Agreement is true and correct in
all material respects as if made on such date (or if such representation and warranty relates solely as of an earlier date, such
representation and warranty was true and correct in all material respects as of such earlier date).

 

(g)          Reference
to the Credit Agreement. On and after the date of this Amendment, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein,” and words of like import referring to the Credit Agreement,
and each reference in the other Loan Documents to “the Credit Agreement,” “thereunder,” “thereof,”
“therein,” and words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit
Agreement as amended by this Amendment.

 

[SIGNATURE PAGES FOLLOW]

 

First
Amendment to Credit Agreement (Revolver) 

 

     

     

    

 

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

 

	 	SunPower Revolver HoldCo I, LLC
	 	 	 
	 	By:	 	/s/ Scott Piscitello
	 	 	 
	 	Name: 	 Scott Piscitello
	 	Title: 	 Vice President

 

[Signature
Page to First Amendment to Credit Agreement (Revolver)]

 

     

     

    

 

	 	MIZUHO BANK, LTD., as Lender, Administrative
    Agent and Issuing Bank
	 	 	 
	 	By:	 	/s/ Christopher
    Stolarski
	 	 	 
	 	Name: 	Christopher Stolarski
	 	Title: 	Managing Director

 

	 	MIZUHO BANK (USA), as Collateral
    Agent
	 	 	 
	 	By:	 	/s/ Christopher
    Stolarski
	 	 	 
	 	Name: 	Christopher Stolarski
	 	Title: 	Managing Director

 

	 	GOLDMAN SACHS BANK USA, as Lender
    and Issuing Bank
	 	 	 
	 	By:	 	/s/ Anisha
    Malhotra
	 	 	 
	 	Name: 	Anisha Malhotra
	 	Title: 	Authorized Signatory

 

[Signature
Page to First Amendment to Credit Agreement (Revolver)]

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