Document:

Exhibit 10.3

 

 

                                                                                                                                                                                        

MERCEDES-BENZ FINANCIAL SERVICES USA LLC,

 as Seller,

and

DAIMLER RETAIL RECEIVABLES LLC,

 as Purchaser

RECEIVABLES PURCHASE AGREEMENT

Dated as of July 1, 2015

 

 

 

 

 

 

 

                                                                                                                                                                                        

TABLE OF CONTENTS

Page

 

	
ARTICLE ONE

 DEFINITIONS

	 	 
	
Section 1.01. Capitalized Terms; Rules of Usage

	
1

	 	 
	
ARTICLE TWO

 CONVEYANCE OF RECEIVABLES

	 	 
	
Section 2.01. Sale and Conveyance of Receivables

	
2

	
Section 2.02. Receivables Purchase Price; Payments on the Receivables

	
3

	
Section 2.03. Transfer of Receivables

	
3

	
Section 2.04. Examination of Receivable Files

	
4

	 	 
	
ARTICLE THREE

 REPRESENTATIONS AND WARRANTIES

	 	 
	
Section 3.01. Representations and Warranties of the Purchaser

	
5

	
Section 3.02. Representations and Warranties of the Seller

	
6

	
Section 3.03. Representations and Warranties as to the Receivables

	
7

	
Section 3.04. Representations and Warranties as to Security Interests

	
8

	 	 
	
ARTICLE FOUR

 CONDITIONS

	 	 
	
Section 4.01. Conditions to Obligation of the Purchaser

	
10

	
Section 4.02. Conditions to Obligation of the Seller

	
10

	 	 
	
ARTICLE FIVE

 COVENANTS OF THE SELLER

	 	 
	
Section 5.01. Protection of Right, Title and Interest in, to and Under the Receivables

	
11

	
Section 5.02. Security Interests

	
12

	
Section 5.03. Delivery of Payments

	
12

	
Section 5.04. No Impairment

	
12

	
Section 5.05. Costs and Expenses

	
13

	
Section 5.06. Sale

	
13

	
Section 5.07. Hold Harmless

	
13

	 	 

 

 

 

i

 

Page

 

 

	
ARTICLE SIX

 MISCELLANEOUS PROVISIONS

	 	 
	
Section 6.01. Amendment

	
14

	
Section 6.02. Termination

	
14

	
Section 6.03. GOVERNING LAW

	
14

	
Section 6.04. Notices

	
14

	
Section 6.05. Severability

	
15

	
Section 6.06. Further Assurances

	
15

	
Section 6.07. Waivers

	
15

	
Section 6.08. Counterparts

	
15

	
Section 6.09. Successors and Assigns

	
15

	
Section 6.10. Table of Contents and Headings

	
16

	
Section 6.11. Representations, Warranties and Agreements to Survive

	
16

	
Section 6.12. No Petition

	
16

	 	 
	
SCHEDULES

	 
	
Schedule A – Schedule of Receivables

	
SA-1

	
Schedule B – Location of Receivable Files

	
SB-1

	 	 
	
EXHIBITS

	 
	
Exhibit A – Representations and Warranties as to the Receivables

	
A-1

	
Exhibit B – Form of First-Tier Assignment

	
B-1

 

 

 

 

  

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This RECEIVABLES PURCHASE AGREEMENT, dated as of July 1, 2015 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is between MERCEDES-BENZ FINANCIAL SERVICES USA LLC, a Delaware limited liability company (“MBFS USA”), as seller (the “Seller”), and DAIMLER RETAIL RECEIVABLES LLC, a Delaware limited liability company (“Daimler Retail Receivables”), as purchaser (the “Purchaser”).

WHEREAS, in the regular course of its business, the Seller purchases and originates motor vehicle installment sales contracts and installment loans secured by new and pre-owned motor vehicles (the “Receivables”);

WHEREAS, the Seller intends to convey all of its right, title and interest in and to certain Receivables to the Purchaser, and the Purchaser shall convey all of its right, title and interest in and to the Receivables to Mercedes-Benz Auto Receivables Trust 2015-1 (the “Issuer”) pursuant to the sale and servicing agreement, dated as of July 1, 2015 (the “Sale and Servicing Agreement”), among the Issuer, Daimler Retail Receivables and MBFS USA; and

WHEREAS, the parties hereto wish to set forth the terms pursuant to which the Receivables are to be sold by the Seller to the Purchaser.

NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

ARTICLE ONE

DEFINITIONS

Section 1.01.  Capitalized Terms; Rules of Usage.  Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, which Appendix is hereby incorporated into and made a part of this Agreement.  Appendix A also contains rules as to usage applicable to this Agreement.

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ARTICLE TWO

CONVEYANCE OF RECEIVABLES

Section 2.01.  Sale and Conveyance of Receivables.  On the Closing Date, subject to the terms and conditions of this Agreement, the Seller agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Seller, the Receivables, and the other property relating thereto (as described below).

(a)            Subject to satisfaction of the conditions set forth in Section 4.01, on the Closing Date, and simultaneously with the transactions to be consummated pursuant to the Indenture, the Sale and Servicing Agreement and the Trust Agreement, the Seller shall, pursuant to the First-Tier Assignment, sell, transfer, assign and otherwise convey to the Purchaser, and the Purchaser shall purchase from the Seller, without recourse (subject to the Seller’s obligations hereunder), all of the right, title and interest of the Seller in, to and under, whether now owned or existing or hereafter acquired or arising, the following:

(i)    the Receivables and all amounts due and collected on or in respect of the Receivables after the Cutoff Date;

(ii)    the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles;

(iii)                  all proceeds from claims on any physical damage or theft insurance policies and extended warranties covering the Financed Vehicles and any proceeds of any credit life or credit disability insurance policies relating to the Receivables, the related Financed Vehicles or the related Obligors;

(iv)                  the Receivable Files that relate to the Receivables;

(v)    any proceeds of Dealer Recourse that relate to the Receivables;

(vi)                  the right to realize upon any property (including the right to receive future Net Liquidation Proceeds and Recoveries) that shall have secured a Receivable and have been repossessed by or on behalf of the Seller; and

(vii)                  all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing, and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all accounts, accounts receivable, general intangibles, chattel paper, documents, money, investment property, deposit accounts, letters of credit, letter of credit rights, insurance proceeds, condemnation awards, notes, drafts, acceptances, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing.

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(b)            In connection with the foregoing conveyance, the Seller further agrees, at its own expense, to, on or prior to the Closing Date, (i) annotate and indicate in its books, records and computer files that the Receivables have been sold and transferred to the Purchaser pursuant to this Agreement, (ii) deliver to the Purchaser a computer file or printed or microfiche list of the Schedule of Receivables containing a true and complete list of the Receivables, identified by account number and by the Principal Balance as of the Cutoff Date, which file or list shall be marked as Schedule A and is hereby incorporated into and made a part of this Agreement and (iii) deliver or cause to be delivered the Receivable Files to or upon the order of the Purchaser.

(c)            The parties hereto intend that the conveyance of Receivables and related property hereunder be a sale and not a loan.  In the event that the conveyance hereunder is for any reason not considered a sale, including in the event of an insolvency Proceeding with respect to the Seller or any of the Seller’s properties, the Seller hereby grants to the Purchaser a first priority security interest in all of the Seller’s right, title and interest in, to and under the Receivables, and all other property conveyed hereunder and all proceeds of the foregoing.  The parties intend that this Agreement constitute a security agreement under Applicable Law.  Such grant is made to secure the payment of all amounts payable hereunder, including the Receivables Purchase Price.  If such conveyance is for any reason considered to be a loan and not a sale, the Seller consents to the Purchaser transferring such security interest in favor of the Indenture Trustee to the Issuer and to the Issuer transferring the obligation secured thereby to the Indenture Trustee.

Section 2.02.  Receivables Purchase Price; Payments on the Receivables.

(a)            On the Closing Date, in exchange for the Receivables and other assets described in Section 2.01(a), the Purchaser shall pay the Seller the Receivables Purchase Price which is equal to (i) $1,502,928,047.31 in immediately available funds from the sale of the Notes to the Underwriters plus (ii) a capital contribution from MBFS USA to the Depositor in the amount of $114,017,418.15 (representing the fair market value of the Certificates retained by the Depositor) less (iii) the organizational, startup and transactional expenses of the Issuer, equal to $790,000.00, and the Reserve Fund Deposit.  The Purchaser, as set forth in the Sale and Servicing Agreement, shall deposit, from funds it receives from the sale of the Notes, the Reserve Fund Depos-it into the Reserve Fund, which amount shall be an asset of the Issuer.  Daimler Retail Receivables shall receive, and shall be the holder of, the Certificates.

(b)            The Purchaser shall be entitled to, and shall convey such right to the Issuer pursuant to the Sale and Servicing Agreement, all amounts due and collected on or in respect of the Receivables received after the Cutoff Date.

Section 2.03.  Transfer of Receivables.  Pursuant to the Sale and Servicing Agreement, the Purchaser will assign all of its right, title and interest in, to and under the Receivables and other assets described in Section 2.01(a) and its interests under this Agreement to the Issuer.  The parties hereto acknowledge that the Issuer will pledge its rights in, to and under the Receivables and other assets described in Section 2.01(a) and its interests under this Agreement to the Indenture Trustee pursuant to the Indenture.  The Purchaser shall have the right to assign its 

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interest under this Agreement as may be required to effect the purposes of the Sale and Servicing Agreement, without the consent of the Seller, and the Issuer as assignee shall succeed to the rights hereunder of the Purchaser and shall have the right to assign its interest under this Agreement to the Indenture Trustee pursuant to the Indenture.

Section 2.04.  Examination of Receivable Files.  The Seller will make the Receivable Files available to the Purchaser or its agent for examination at the Seller’s offices or such other location as otherwise shall be agreed upon by the Purchaser and the Seller.

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ARTICLE THREE

REPRESENTATIONS AND WARRANTIES

Section 3.01.  Representations and Warranties of the Purchaser.  The Purchaser hereby represents and warrants to the Seller as of the date of this Agreement and the Closing Date that:

(a)            Organization and Good Standing.  The Purchaser has been duly organized and is validly existing as a limited liability company under the laws of the State of Delaware, and has the power to own its assets and to transact the business in which it is currently engaged.  The Purchaser is duly authorized to transact business and has obtained all necessary licenses and approvals, and is in good standing in each jurisdiction in which the failure to so qualify or obtain such licenses or approvals would, in the reasonable judgment of the Purchaser, materially and adversely affect the performance by the Purchaser of its obligations under, or the validity or enforceability of, the Purchaser Basic Documents, the Receivables or the Securities.

(b)            Power and Authority.  The Purchaser has the power and authority to execute and deliver and perform its obligations under the Purchaser Basic Documents, and the execution, delivery and performance of the Purchaser Basic Documents has been duly authorized by the Purchaser.  When executed and delivered, the Purchaser Basic Documents will constitute legal, valid and binding obligations of the Purchaser enforceable in accordance with their respective terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws affecting the enforcement of creditors’ rights in general, and by general principles of equity, regardless of whether considered in a Proceeding in equity or at law.

(c)            No Violation.  The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company agreement of the Purchaser, or any material indenture, agreement or other instrument to which the Purchaser is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such material indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any Applicable Law or, to the best of its knowledge, any order, rule or regulation applicable to it of any Governmental Authority having jurisdiction over it or its properties, which conflict, breach, default, Lien or violation would have a material adverse effect on the performance by the Purchaser of its obligations under, or the validity or enforceability of the Purchaser Basic Documents, the Receivables or the Securities.

(d)            No Proceedings.  To the knowledge of the Purchaser, there are no Proceedings or investigations pending or threatened against the Purchaser before any Governmental Authority having jurisdiction over the Purchaser or its properties (i) asserting the invalidity of any Basic Document, (ii) seeking to prevent the 

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consummation of any of the transactions contemplated by any Basic Document, (iii) seeking any determination or ruling that would materially and adversely affect the performance by the Purchaser of its obligations under, or the validity or enforceability of, any Purchaser Basic Document or (iv) seeking any determination or ruling that would adversely affect the federal tax attributes of the Issuer or the Securities.

(e)            Principal Executive Office.  The chief executive office of the Purchaser is at 36455 Corporate Drive, Farmington Hills, Michigan 48331.

Section 3.02.  Representations and Warranties of the Seller.  The Seller hereby represents and warrants to the Purchaser as of the date of this Agreement and the Closing Date, that:

(a)            Organization and Good Standing.  The Seller has been duly organized and is validly existing as a limited liability company under the laws of the State of Delaware, and has the power to own its assets and to transact the business in which it is currently engaged.  The Seller is duly authorized to transact business and has obtained all necessary licenses and approvals, and is in good standing in each jurisdiction in which the character of the business transacted by it or any properties owned or leased by it requires such authorization.

(b)            Power and Authority.  The Seller has the power and authority to execute and deliver and perform its obligations under the Seller Basic Documents, and the execution, delivery and performance of the Seller Basic Documents has been duly authorized by the Seller.  When executed and delivered, the Seller Basic Documents will constitute legal, valid and binding obligations of the Seller enforceable in accordance with their respective terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws relating to or affecting the enforcement of creditors’ rights in general, and by general principles of equity, regardless of whether considered in a Proceeding in equity or at law.

(c)            No Violation.  The execution, delivery and performance by the Seller of this Agreement and the sale of the Receivables, the consummation of the transactions contemplated hereby and by each other Seller Basic Document and the fulfillment of the terms hereof and thereof will not conflict with, result in a breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under the certificate of formation or limited liability company agreement of the Seller, nor conflict with or violate any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under, any material indenture, agreement or other instrument to which it is a party or by which it shall be bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such material indenture, agreement or other instrument (other than this Agreement); nor violate any Applicable Law or, to the best of its knowledge, any order, rule or regulation applicable to it of any Governmental Authority having jurisdiction over it or its properties, which breach, default, conflict, Lien or violation would have a material adverse effect on the Seller’s earnings, business affairs or business prospects, on 

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the ability of the Seller to perform its obligations under this Agreement or on the validity or enforceability of the Seller Basic Documents, the Receivables or the Securities.

(d)            No Proceedings.  To the knowledge of the Seller, there are no Proceedings or investigations pending or threatened against the Seller before any Governmental Authority having jurisdiction over the Seller or its properties (i) asserting the invalidity of any Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Basic Document, (iii) seeking any determination or ruling that would materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, any Seller Basic Document or (iv) seeking any determination or ruling that would adversely affect the federal tax attributes of the Issuer or the Securities.

(e)            Principal Executive Office.  The chief executive office of the Seller is at 36455 Corporate Drive, Farmington Hills, Michigan 48331.

(f)            No Consents.  The Seller is not required to obtain the consent of any other party or any consent, license, approval, registration, authorization, or declaration of or with any Governmental Authority in connection with the execution, delivery, performance, validity, or enforceability of this Agreement or any other Seller Basic Document that has not already been obtained.

(g)            Solvency.  The sale of the Receivables to the Purchaser is not being made with any intent to hinder, delay or defraud any of its creditors.  The Seller is not insolvent, nor will the Seller be made insolvent by the transfer of the Receivables, nor does the Seller anticipate any pending insolvency.

Section 3.03.  Representations and Warranties as to the Receivables.

(a)            Eligibility of Receivables.  The Seller makes the representations and warranties set forth in Exhibit A with respect to the Receivables, on which the Purchaser relies in accepting the Receivables and in selling, transferring, assigning and otherwise conveying the Receivables to the Issuer under the Sale and Servicing Agreement and on which the Issuer relies in pledging the same to the Indenture Trustee pursuant to the Indenture.  Except as otherwise provided, such representations and warranties speak as of the date of execution and delivery of this Agreement and the Closing Date, but shall survive the sale, transfer, assignment and conveyance of the Receivables to the Purchaser, the subsequent sale, transfer and assignment of the Receivables by the Purchaser to the Issuer pursuant to the Sale and Servicing Agreement and the pledge of the Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture.

(b)            Notice of Breach.  The Purchaser, the Seller, the Issuer or either Trustee, as the case may be, shall inform the other parties promptly, in writing, upon discovery of any breach of the Seller’s representations and warranties pursuant to Section 3.03(a) which materially and adversely affects the interests of the Noteholders in any Receivable.

(c)            Repurchase of Receivables.  In the event of a breach of any representation or warranty set forth pursuant to Section 3.03(a) (including by means of a subsequently discovered breach of any local law or ruling or regulation thereunder) which materially and adversely affects 

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the interests of the Purchaser, the Issuer or the Noteholders in any Receivable that shall not have been cured by the close of business on the last day of the Collection Period which includes the 30th day after the date on which the Seller becomes aware of, or receives written notice from the Servicer, the Purchaser, the Issuer or either Trustee of such breach, the Seller shall repurchase such Receivable from the Issuer as of the close of business on the last day of such Collection Period, by depositing an amount equal to the Purchase Amount into the Collection Account on the related Deposit Date.  This repurchase obligation shall apply to all representations and warranties contained in Section 3.03(a) whether or not the Seller or the Purchaser has knowledge of the breach at the time of the breach or at the time the representations and warranties were made.  In consideration of the repurchase of any such Receivable the Seller shall remit an amount equal to the Purchase Amount in respect of such Receivable to the Issuer in the manner set forth in the Sale and Servicing Agreement.  In the event that, as of the date of execution and delivery of this Agreement, any Liens shall have been filed, including Liens for work, labor or materials relating to a Financed Vehicle, that shall be prior to, or equal or coordinate with, the Lien granted by the related Receivable (whether or not the Seller has knowledge thereof), which Liens shall not have been satisfied or otherwise released in full as of the Closing Date, the Seller shall repurchase such Receivable on the terms and in the manner specified above.  Upon any such repurchase, the Purchaser shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to the Seller, without recourse, representation or warranty, all the right, title and interest of the Purchaser in, to and under such repurchased Receivable, all other related assets described in Section 2.01(a) and all monies due or to become due with respect thereto and all proceeds thereof.  The Purchaser, the Issuer, the Owner Trustee and the Indenture Trustee, as applicable, shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested by the Seller to effect the conveyance of such Receivable pursuant to this Section.  The sole remedy of the Purchaser, the Issuer, the Trustees or the Noteholders with respect to a breach of the Seller’s representations and warranties pursuant to Section 3.03(a) or with respect to the existence of any such Liens shall be to require the Seller to repurchase the related Receivables pursuant to this Section.

Section 3.04.  Representations and Warranties as to Security Interests.  The Seller represents and warrants to the Purchaser as of the Closing Date:

(a)              This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller.

(b)            The Seller has taken all steps necessary to perfect its security interest against the Obligor in the Financed Vehicles.

(c)            The Receivables constitute “tangible chattel paper” within the meaning of the applicable UCC.

(d)            The Seller owns and has good and marketable title to the Receivables free and clear of any Lien, claim or encumbrance of any Person.

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(e)            All original executed copies of each loan agreement or installment sales contract that constitute or evidence the Receivables have been delivered to the Servicer, as custodian for the Issuer.

(f)            The Seller has received a written acknowledgment from the Servicer, if MBFS USA is not the Servicer, that the Servicer is holding the loan agreements or installment sales contracts that constitute or evidence the Receivables solely on behalf and for the benefit of the Issuer.

(g)            Other than the security interest granted to the Purchaser pursuant to this Agreement, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables.  The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Purchaser hereunder or that has been terminated.  The Seller is not aware of any judgment or tax lien filings against the Seller.

(h)            None of the loan agreements or installment sales contracts that constitute or evidence the Receivables has any marks or notations indicating that it has been pledged, assigned, or otherwise conveyed to any Person other than the Purchaser.

Notwithstanding the foregoing, the representations and warranties set forth in this Section may not be waived.  The representations and warranties set forth in this Section will survive the termination of this Agreement until the Indenture has been discharged.

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ARTICLE FOUR

CONDITIONS

Section 4.01.  Conditions to Obligation of the Purchaser.  The obligation of the Purchaser to purchase the Receivables from the Seller on the Closing Date is subject to the satisfaction of the following conditions:

(a)            Representations and Warranties True.  The representations and warranties of the Seller contained herein and in the other Seller Basic Documents shall be true and correct on the Closing Date with the same effect as if made on the Closing Date (except that certain representations and warranties are made as of the Cutoff Date), and the Seller shall have performed all obligations to be performed by it hereunder and under the other Seller Basic Documents on or before the Closing Date.

(b)            Computer Files Marked.  The Seller shall, at its own expense, on or before the Closing Date, indicate in its computer files that the Receivables have been sold to the Purchaser pursuant to this Agreement and deliver to the Purchaser an Officer’s Certificate confirming that its computer files have been marked pursuant to this subsection, and shall deliver to the Purchaser the Schedule of Receivables, certified by an authorized officer of the Seller to be true, correct and complete.

(c)            Execution of Basic Documents.  The Basic Documents shall have been executed and delivered by the parties thereto.

(d)            First-Tier Assignment.  The Purchaser shall have received the First-Tier Assignment, dated as of the Closing Date.

(e)            Other Transactions.  The transactions contemplated by the Basic Documents shall be consummated on the Closing Date.

Section 4.02.  Conditions to Obligation of the Seller.  The obligation of the Seller to sell the Receivables to the Purchaser on the Closing Date is subject to the satisfaction of the following conditions:

(a)            Representations and Warranties True.  The representations and warranties of the Purchaser contained herein and in the other Purchaser Basic Documents shall be true and correct on the Closing Date, with the same effect as if then made, and the Purchaser shall have performed all obligations to be performed by it hereunder and under the other Purchaser Basic Documents on or before the Closing Date.

(b)            Payment of Receivables Purchase Price.  In consideration of the sale of the Receivables from the Seller to the Purchaser as provided in Section 2.01, on the Closing Date the Purchaser shall have paid to the Seller an aggregate amount equal to the Receivables Purchase Price.

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ARTICLE FIVE

COVENANTS OF THE SELLER

Section 5.01.  Protection of Right, Title and Interest in, to and Under the Receivables.

(a)            The Seller, at its expense, shall cause this Agreement and all financing statements and continuation statements and any other necessary documents covering the Purchaser’s right, title and interest in, to and under the Receivables and other property conveyed by the Seller to the Purchaser hereunder to be promptly authorized, recorded, registered and filed, and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by Applicable Law fully to preserve and protect the right, title and interest of the Purchaser hereunder to the Receivables and such other property.  The Seller shall deliver to the Purchaser file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing.  The Purchaser shall cooperate fully with the Seller in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this subsection.

(b)            Within 30 days after the Seller makes any change in its name, identity or organizational structure which would make any financing statement or continuation statement filed in accordance with this Agreement seriously misleading within the meaning of the UCC as in effect in the applicable State, the Seller shall give the Purchaser notice of any such change and within 30 days after such change shall authorize, execute and file such financing statements or amendments as may be necessary to continue the perfection of the Purchaser’s security interest in the Receivables and the proceeds thereof.

(c)            The Seller shall give the Purchaser written notice within 60 days of any relocation of any office from which the Seller keeps records concerning the Receivables or of its principal executive office or its jurisdiction of organization and whether, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and within 60 days after such relocation shall authorize, execute and file such financing statements or amendments as may be necessary to continue the perfection of the interest of the Purchaser in the Receivables and the proceeds thereof.  The Seller shall at all times maintain its jurisdiction of organization, its principal place of business, its chief executive office and the location of the office where the Receivable Files and any accounts and records relating to the Receivables are kept within the United States.

(d)            The Seller shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable.

(e)            The Seller shall maintain its computer systems so that, from and after the time of the transfer of the Receivables to the Purchaser pursuant to this Agreement, the Seller’s master computer records (including any back-up archives) that refer to a Receivable shall indicate 

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clearly and unambiguously that such Receivable is owned by the Purchaser (or, upon transfer of the Receivables to the Issuer, by the Issuer).  Indication of the Purchaser’s ownership of a Receivable shall be deleted from or modified on the Seller’s computer systems when, and only when, such Receivable shall have been paid in full or has been repurchased by the Seller.

(f)            If at any time the Seller shall propose to sell, grant a security interest in or otherwise transfer any interest in any motor vehicle installment sales contract or installment loan to any prospective purchaser, lender or other transferee, the Seller shall give to such prospective purchaser, lender or other transferee computer tapes, compact disks, records or print-outs (including any restored from back-up archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly and unambiguously that such Receivable has been sold and is owned by the Purchaser (or, upon transfer of the Receivables to the Issuer, by the Issuer), unless such Receivable has been paid in full or repurchased by the Seller.

(g)            The Seller shall permit the Purchaser and its agents at any time during normal business hours to inspect, audit and make copies of and abstracts from the Seller’s records regarding any Receivable, upon reasonable prior notice.

(h)            If the Seller has repurchased one or more Receivables from the Purchaser or the Issuer pursuant to Section 3.03(c), the Seller shall, upon request, furnish to the Purchaser, within ten Business Days, a list of all Receivables (by Receivable number) then owned by the Purchaser or the Issuer, together with a reconciliation of such list to the Schedule of Receivables.

Section 5.02.  Security Interests.  Except for the conveyances hereunder, the Seller covenants that it will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any Receivable, whether now existing or hereafter created, or any interest therein; the Seller will immediately notify the Purchaser of the existence of any Lien on any Receivable and, in the event that the interests of the Noteholders in such Receivable are materially and adversely affected, such Receivable shall be repurchased from the Purchaser by the Seller in the manner and with the effect specified in Section 3.03(c), and the Seller shall defend the right, title and interest of the Purchaser and its assigns in, to and under the Receivables, whether now existing or hereafter created, against all claims of third parties claiming through or under the Seller; provided, however, that nothing in this subsection shall prevent or be deemed to prohibit the Seller from suffering to exist upon a Receivable any Lien for municipal or other local taxes if such taxes shall not at the time be due and payable or if the Seller shall currently be contesting the validity of such taxes in good faith by appropriate Proceedings and shall have set aside on its books adequate reserves with respect thereto.

Section 5.03.  Delivery of Payments.  The Seller covenants and agrees to deliver in kind upon receipt to the Servicer under the Sale and Servicing Agreement all payments received by or on behalf of the Seller in respect of the Receivables as soon as practicable after receipt thereof by the Seller.

Section 5.04.  No Impairment.  The Seller covenants that it shall take no action, nor omit to take any action, which would impair the rights of the Purchaser, the Issuer or the Noteholders in any Receivable, nor shall it, except as otherwise provided in this Agreement or the Sale and Servicing Agreement, reschedule, revise or defer payments due on any Receivable.

12

Section 5.05.  Costs and Expenses.  The Seller shall pay all reasonable costs and expenses incurred in connection with the perfection of the Purchaser’s right, title and interest in, to and under the Receivables.

Section 5.06.  Sale.  The Seller agrees to treat the conveyances hereunder for all purposes (including financial accounting purposes) as an absolute transfer on all relevant books, records, financial statements and related documents.

Section 5.07.  Hold Harmless.  The Seller shall protect, defend, indemnify and hold the Purchaser and the Issuer and their respective assigns and their attorneys, accountants, employees, officers and directors harmless from and against all losses, costs, liabilities, claims, damages and expenses of every kind and character, as incurred, resulting from or relating to or arising out of (i) the inaccuracy, nonfulfillment or breach of any representation, warranty, covenant or agreement made by the Seller in this Agreement, (ii) any legal action, including any counterclaim, that has either been settled by the litigants (which settlement, if the Seller is not a party thereto shall be with the consent of the Seller) or has proceeded to judgment by a court of competent jurisdiction, in either case to the extent it is based upon alleged facts that, if true, would constitute a breach of any representation, warranty, covenant or agreement made by the Seller in this Agreement, (iii) any actions or omissions of the Seller or any employee or agent of the Seller occurring prior to the Closing Date with respect to any Receivable or the related Financed Vehicle or (iv) any failure of a Receivable to be originated in compliance with all requirements of law.  These indemnity obligations shall be in addition to any obligation that the Seller may otherwise have.

13

ARTICLE SIX

MISCELLANEOUS PROVISIONS

Section 6.01.  Amendment.

(a)            This Agreement may be amended from time to time by a written amendment duly executed and delivered by the parties hereto without the consent of any Securityholder to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or the Prospectus Supplement or to add, change or eliminate any other provision with respect to matters or questions arising under this Agreement; provided, however, that no such amendment shall materially adversely affect the interests of any Noteholder.  Any amendment to this Agreement shall be deemed not to materially adversely affect the interests of any Noteholder if (i) an Opinion of Counsel to the Seller or an Officer’s Certificate of the Issuer to that effect is delivered to the Indenture Trustee and (ii) the Rating Agency Condition has been satisfied with respect to such action.

This Agreement may also be amended from time to time for any other purpose by a written amendment duly executed and delivered by the Seller and by the Purchaser with the consent of the Indenture Trustee and the Holders of Notes evidencing not less than 662⁄3% of the Note Balance of the Controlling Class of Notes (or if the Notes are no longer Outstanding, Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interests); provided, however, that no such amendment may reduce the percentage of the aggregate principal amount of the Notes of the Controlling Class the consent of the Holders of which is required for any amendment to this Agreement without the consent of all Holders of Notes then outstanding.

Promptly after the execution of any such amendment, the Seller shall furnish written notification of the substance of such amendment to the Trustees and the Rating Agencies.

Section 6.02.  Termination.  The respective obligations and responsibilities of the Seller and the Purchaser created hereby shall terminate, except for the indemnity obligations of the Seller as provided herein, upon the termination of the Issuer as provided in the Trust Agreement.

Section 6.03.  GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5‐1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 6.04.  Notices.  Unless otherwise specified in this Agreement, all notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement will be in writing.  Notices, requests, demands, consents and other communications will be deemed to have been given and made, (i) upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three days after deposit in the mail and (ii) in the 

14

case of (a) a facsimile, when receipt is confirmed by telephone or by reply e-mail or reply facsimile from the recipient, (b) an e-mail, when receipt is confirmed by telephone or by reply e‐mail from the recipient and (c) an electronic posting to a password-protected website, upon printed confirmation of the recipient’s access to such password-protected website, or when notification of such electronic posting is confirmed in accordance with clauses (ii)(b) through (ii)(c) above.  Unless otherwise specified in this Agreement, any such notice, request, demand, consent or other communication will be delivered or addressed, in the case of (i) the Seller, at Mercedes-Benz Financial Services USA LLC, 36455 Corporate Drive, Farmington Hills, Michigan 48331, Facsimile: (248) 991-6962, Attention: Steven C. Poling (steven.c.poling@daimler.com), (ii) the Purchaser, at Daimler Retail Receivables LLC, c/o Mercedes-Benz Financial Services USA LLC, 36455 Corporate Drive, Farmington Hills, Michigan 48331, Facsimile: (248) 991-6962, Attention: Michelle D. Spreitzer (michelle.d.spreitzer@daimler.com) and (iii) as to each of the foregoing, at such other address as shall be designated by written notice to the other party.

Section 6.05.  Severability.  If any one or more of the covenants, agreements, provisions or terms of this Agreement is held invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms will be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement and will in no way affect the validity, legality or enforceability of the other covenants, agreements, provisions and terms of this Agreement or of the Receivables or the rights of the holders thereof.

Section 6.06.  Further Assurances.  The Seller and the Purchaser agree to do and perform, from time to time, any and all acts and to execute any and all further instruments required or reasonably requested by the other party hereto or by the Issuer or the Indenture Trustee more fully to effect the purposes of this Agreement, including the execution of any financing statements, amendments, continuation statements or releases relating to the Receivables for filing under the provisions of the UCC or other law of any applicable jurisdiction.

Section 6.07.  Waivers.  No failure or delay on the part of the Seller or the Purchaser in exercising any power, right or remedy under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy.

Section 6.08.  Counterparts.  This Agreement may be executed in any number of counterparts, each of which will be an original, and all of which will together constitute one and the same instrument.

Section 6.09.  Successors and Assigns.  All covenants and agreements contained herein will be binding upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns, all as provided in this Agreement.  Any request, notice, direction, consent, waiver or other instrument or action by a party to this Agreement will bind the successors and assigns of such party.  Except as otherwise provided in this Agreement, no other Person will have any right or obligation under this Agreement.

15

Section 6.10.  Table of Contents and Headings.  The Table of Contents and the various headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of any provision of this Agreement.

Section 6.11.  Representations, Warranties and Agreements to Survive.  The respective representations, warranties and agreements by the Seller and the Purchaser set forth in or made pursuant to this Agreement will remain in full force and effect and will survive the closing hereunder of the transactions contemplated hereby.

Section 6.12.  No Petition.  Each of the Seller and the Purchaser covenants that it will not at any time institute against, or join any Person in instituting against, the Issuer or the Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the Notes or any Basic Document and agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer or the Purchaser during the same period.

16

IN WITNESS WHEREOF, the parties hereto have caused this Receivables Purchase Agreement to be duly executed by their respective officers, thereunto duly authorized, as of the day and year first above written.

	 	MERCEDES-BENZ FINANCIAL SERVICES

      USA LLC,

      as Seller	
	 		
	 		 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name:		 
	 		Title:		

 

 

	 	
DAIMLER RETAIL RECEIVABLES LLC,

     as Purchaser

	
	 		
	 		 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name:		 
	 		Title:		

 

 

 

 

Receivables Purchase Agreement

SCHEDULE A

SCHEDULE OF RECEIVABLES

[Original on file at Purchaser’s office]

 

 

 

SA-1

SCHEDULE B

LOCATION OF RECEIVABLE FILES

Iron Mountain

1248 Avenue R

Grand Prairie, Texas  48089

Iron Mountain

9247 Meridian Way

 West Chester, OH 45069

DealerTrack Collateral Management Services

 9750 Goethe Road

Sacramento, California  95827

 

 

 

 

 

 

 

SB-1

EXHIBIT A

REPRESENTATIONS AND WARRANTIES AS TO THE RECEIVABLES

See Exhibit A to Sale and Servicing Agreement

 

 

 

 

 

  

 

A-1

EXHIBIT B

FORM OF FIRST-TIER ASSIGNMENT

For value received, in accordance with the receivables purchase agreement, dated as of July 1, 2015 (the “Receivables Purchase Agreement”), between MERCEDES-BENZ FINANCIAL SERVICES USA LLC (the “Seller”) and DAIMLER RETAIL RECEIVABLES LLC (the “Purchaser”), the Seller does hereby irrevocably sell, transfer, assign and otherwise convey unto the Purchaser, without recourse (subject to the obligations of the Seller herein and in the Receivables Purchase Agreement), all right, title and interest of the Seller in, to and under, whether now owned or existing or hereafter acquired or arising, the following:

(i)    the Receivables listed on Schedule A hereto (the “Receivables”) and all amounts due and received on or in respect of the Receivables after the Cutoff Date;

(ii)    the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles;

(iii)                  all proceeds from claims on any physical damage or theft insurance policies and extended warranties covering the Financed Vehicles and any proceeds of any credit life or credit disability insurance policies relating to the Receivables, the related Financed Vehicles or the related Obligors;

(iv)                  the Receivable Files that relate to the Receivables;

(v)    any proceeds of Dealer Recourse that relate to the Receivables;

(vi)                  the right to realize upon any property (including the right to receive future Net Liquidation Proceeds and Recoveries) that shall have secured a Receivable and have been repossessed by or on behalf of the Seller; and

(vii)                  all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing, and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all accounts, accounts receivable, general intangibles, chattel paper, documents, money, investment property, deposit accounts, letters of credit, letter of credit rights, insurance proceeds, condemnation awards, notes, drafts, acceptances, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing.

In the event that the foregoing sale, transfer, assignment and conveyance is deemed to be a pledge, the Seller hereby grants to the Purchaser a first priority security interest in all of the Seller’s right to and interest in the Receivables and other property described in clauses (i) through (vii) above to secure a loan deemed to have been made by the Purchaser to the Seller in 

B-1

an amount equal to the sum of the initial principal amount of the Notes plus accrued interest thereon.

THIS FIRST-TIER ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5‐1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

This First-Tier Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Receivables Purchase Agreement and is to be governed by the Receivables Purchase Agreement.

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Receivables Purchase Agreement.

IN WITNESS WHEREOF, the undersigned has caused this First-Tier Assignment to be duly executed as of the day and year first written above.

 

	 	
MERCEDES-BENZ FINANCIAL SERVICES

     USA LLC

	
	 		
	 		 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name:		 
	 		Title:		

 

 

 

 

 

 

 

B-2EX-10.3

 Exhibit 10.3 

REPOWERING SERVICES AGREEMENT 

THIS AGREEMENT is made as of the     , 2015, by and among TerraForm Global, Inc., a Delaware corporation
(“Global”), TerraForm Global, LLC, a Delaware limited liability company (“Global LLC”), TerraForm Global Operating LLC, a Delaware limited liability company (“Global Operating”), and SunEdison,
Inc., a Delaware corporation (the “Manager”). This Agreement shall become effective immediately prior to the consummation of the initial public offering of Global’s Class A Common Stock on the date first above written.

 RECITALS: 

WHEREAS, Global, Global LLC and Global Operating directly and indirectly, as applicable, hold interests in the Service Recipients (as
defined below). 
 WHEREAS, Global, Global LLC and Global Operating wish to sell and grant the Manager a right of first refusal to
provide certain services described in this Agreement to the Service Recipients from time to time, subject to the terms and conditions of this Agreement, and the Manager wishes to purchase and accept such right of first refusal to provide services to
the Service Recipients. 
 NOW THEREFORE in consideration of the mutual covenants and agreements contained in this Agreement and
other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: 

ARTICLE 1. 

INTERPRETATION 
 1.1
Definitions 
 In this Agreement, except where the context otherwise requires, the following terms will have the following meanings:

 1.1.1 “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, through one or more
intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person. 
 1.1.2
“Agreement” means this Repowering Services Agreement, and “herein,” “hereof,” “hereby,” “hereunder” and similar expressions refer to this Agreement and include every instrument supplemental or
ancillary to this Agreement and, except where the context otherwise requires, not to any particular article or section thereof. 
 1.1.3
“Business Day” means every day except a Saturday or Sunday, or a legal holiday in the City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 

1.1.4 “Control” means the control by one Person of another Person in accordance with the following: a Person (“A”)
controls another Person (“B”) where A has the power to determine the management and policies of B by contract or status (for example the 

 
status of A being the managing member of B) or by virtue of beneficial ownership of or control over a majority of the voting or economic interests in B; and, for certainty and without limitation,
if A owns or has control over shares to which are attached more than 50% of the votes permitted to be cast in the election of directors to the Governing Body of B or A is the general partner of B, a limited partnership, then in each case A Controls
B for this purpose, and the term “Controlled” has the corresponding meaning. 
 1.1.5 “Energy Project” or
“Project” means a power generation project owned by any of the Service Recipients. 
 1.1.6 “Fair Market
Value” means the aggregate amount of fees that would be paid by a willing and able owner, operator or manager of an energy project similar to the relevant Energy Project and a willing and qualified provider of the relevant Services, neither
being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. 
 1.1.7 “Feed-in
Tariff” means a performance-based incentive supporting renewable energy generation guaranteeing payments to a Service Recipient for total kWh produced, access to the grid and a long-term contract, and/or similar additional terms. 

1.1.8 “Global Group” means Global, Global LLC, Global Operating and their direct and indirect Subsidiaries. 

1.1.9 “Governing Instruments” means the certificate of incorporation, corporate charter, partnership agreement, limited
liability company operating agreement, bylaws or other corporate governance documents, as applicable, of each of the parties to the Agreement. 

1.1.10 “Governmental Authority” means any (i) international, national, multinational, federal, state, regional,
municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau, agency or instrumentality, domestic or foreign, including ISO/RTOs, (ii) self-regulatory
organization or stock exchange, (iii) subdivision, agent, commission, board, or authority of any of the foregoing, or (iv) quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the
account of any of the foregoing. 
 1.1.11 “IFRS” means the International Financial Reporting Standards as issued by the
International Accounting Standards Board. 
 1.1.12 “Independent Committee” has the meaning set forth in the Management
Services Agreement by and among Global, Global LLC, Global Operating and the Manager. 
 1.1.13 “Laws” means any and all
applicable (i) laws, constitutions, treaties, statutes, codes, ordinances, principles of common law and equity, rules, regulations and municipal bylaws whether domestic, foreign or international, (ii) judicial, arbitral, administrative,
ministerial, departmental and regulatory judgments, orders, writs, injunctions, decisions, and awards of any Governmental Authority, and (iii) policies, practices and guidelines of any Governmental Authority which, although not actually having
the force of law, are considered by such Governmental Authority as requiring compliance as if having the force of law, and the term “applicable,” with respect to such Laws and in the context that refers to one or

  
 2 

 
more Persons, means such Laws that apply to such Person or Persons or its or their business, undertaking, property or securities at the relevant time and that emanate from a Governmental
Authority having jurisdiction over the Person or Persons or its or their business, undertaking, property or securities. 
 1.1.14
“Manager Group” means the Manager and its Affiliates (other than any member of the Global Group) and any other Service Providers. 

1.1.15 “Management Services Agreement” means the Management Services Agreement by and among the parties hereto dated on or
about the date hereof. 
 1.1.16 “Permit” means any consent, license, approval, registration, permit or other authorization
granted by any Governmental Authority. 
 1.1.17 “Person” means any natural person, partnership, limited partnership,
limited liability partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company, unincorporated association, trust,
trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or Governmental Agency, authority or entity however designated or constituted and pronouns have a similarly extended meaning. 

1.1.18 “Power Purchase Agreement” or “PPA” means each contract entered into between a Service Recipient, as
seller, and a third-party purchaser for the generation, purchase and sale of electricity and/or renewable energy credits (RECs), and certain other commercial terms related thereto. 

1.1.19 “Service Providers” means the Manager, or any member of the Manager Group that the Manager has arranged to provide the
Services to any Service Recipient. 
 1.1.20 “Service Recipient” means Global, Global LLC, Global Operating, as well as any
other direct and indirect Subsidiary of Global, Global LLC, Global Operating, as applicable, acquired or formed after the date hereof for the purpose of owning a Project and that receives Services from a Service Provider pursuant to this Agreement.

 1.1.21 “Services” means, with respect to an Energy Project, (i) re- powering the applicable Energy Project,
including without limitation services provided to analyze, design and replace or improve the Project through the modification of the Energy System or the installation of new components, but excluding any maintenance; and (ii) providing such
other services as may from time to time be reasonably requested by the Service Recipients relating to the foregoing. 
 1.1.22
“Subsidiary” means, with respect to any Person, (i) any other Person that is directly or indirectly Controlled by such Person, (ii) any trust in which such Person holds all of the beneficial interests or (iii) any
partnership, limited liability company or similar entity in which such Person holds all of the interests other than the interests of any general partner, managing member or similar Person. 

  
 3 

 1.2 Headings and Table of Contents 

The inclusion of headings and a table of contents in this Agreement are for convenience of reference only and will not affect the construction
or interpretation hereof. 
 1.3 Interpretation 

In this Agreement, unless the context otherwise requires: 

1.3.1 words importing the singular shall include the plural and vice versa, words importing gender shall include all genders or the neuter,
and words importing the neuter shall include all genders; 
 1.3.2 the words “include,” “includes,”
“including,” or any variations thereof, when following any general term or statement, are not to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or matters, but rather
as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement; 

1.3.3 references to any Person include such Person’s successors and permitted assigns; 

1.3.4 any reference to a statute, regulation, policy, rule or instrument shall include, and shall be deemed to be a reference also to, all
amendments made to such statute, regulation, policy, rule or instrument and to any statute, regulation, policy, rule or instrument that may be passed which has the effect of supplementing or superseding the statute, regulation, policy, rule or
instrument so referred to; 
 1.3.5 any reference to this Agreement or any other agreement, document or instrument shall be construed as a
reference to this Agreement or, as the case may be, such other agreement, document or instrument as the same may have been, or may from time to time be, amended, varied, replaced, amended and restated, supplemented or otherwise modified; 

1.3.6 in the event that any day on which any amount is to be determined or any action is required to be taken hereunder is not a Business Day,
then such amount shall be determined or such action shall be required to be taken at or before the requisite time on the next succeeding day that is a Business Day; and 

1.3.7 except where otherwise expressly provided, all amounts in this Agreement are stated and shall be paid in U.S. currency. 

ARTICLE 2. 
 RIGHT OF
FIRST REFUSAL 
 2.1 Purchase of Right of First Refusal; Purchase Price 

2.1.1 Global, Global LLC and Global Operating each hereby sell to Manager and Manager hereby purchases from Global, Global LLC and Global
Operating, an exclusive right of first refusal to provide (or arrange for another Service Provider to provide) any or all of the Services to the Service Recipients from time to time during the term of this Agreement. 

  
 4 

 2.1.2 Concurrently with the execution and delivery of this Agreement, Manager shall pay each of
Global, Global LLC and Global Operating one hundred dollars ($100) as full consideration for the sale and grant of such right of first refusal to Manager. 

2.2 Terms of Right of First Refusal 

2.2.1 During the term of this Agreement, and subject to the terms and conditions specified below, Manager has a right of first refusal each
time a Service Recipient (the “Offering Service Recipient”) proposes to engage any Person to perform any Services in respect of a Project. Each time the Offering Service Recipient proposes to engage any Person to perform any
Service, the Offering Service Recipient shall first offer Manager the right to perform (or arrange for another Service Provider to perform) such Service in accordance with this Section 2.2. 

2.2.2 The Offering Service Recipient shall give written notice (the “Offering Service Recipient Notice”) to the Manager
stating its bona fide intention to engage a Person to provide one or more Services and specifying the material terms and conditions, including a Fair Market Value fee to be paid to Manager (or other Service Provider, as applicable), upon
which the Services would be provided. Upon request of the Manager, the relevant Offering Service Recipient shall provide a breakdown of the Fair Market Value fee for relevant parts of the Services and the supply of relevant components as would be
standard in the relevant market. 
 2.2.3 The Offering Service Recipient Notice will constitute the Offering Service Recipient’s offer
to Manager to provide (or arrange for another Service Provider to provide) the Services on the terms therein specified and shall be irrevocable for a period of fifteen (15) Business Days (the “ROFR Notice Period”). 

2.2.4 Upon receipt of the Offering Service Recipient Notice, Manager shall have until the end of the ROFR Notice Period to agree to provide
(or arrange for another Service Provider to provide) the Services or any separately broken out parts of the Services or supply of relevant components thereof as described in the Offering Service Recipient Notice by delivering a written notice (a
“ROFR Notice”) to the Offering Service Recipient stating that it agrees to provide (or arrange for another Service Provider to provide) such Services or part thereof on the terms specified in the Offering Service Recipient Notice.
If Manager delivers a ROFR Offer Notice to the Offering Service Recipient in accordance with this Section 2.2.4, Manager and such Offering Service Recipient shall thereafter negotiate in good faith and use their commercially reasonable
efforts to enter into all necessary agreements and other arrangements as soon as practicable thereafter. Notwithstanding the foregoing, if Manager delivers a ROFR Notice in accordance with this Section 2.2.4, except that it in good faith
states therein that the proposed fee for such Services is not in its opinion consistent with Fair Market Value (a “Limited ROFR Notice”), then the ROFR Notice Period shall be extended by another fifteen (15) Business Days from
the delivery of the Limited ROFR Notice, and the parties shall work in good faith during such extended ROFR Notice Period to mutually agree on a Fair Market Value of the fee to be paid by Manager for the provision of such Services. If the parties
are unable to agree on the Fair Market Value within the extended ROFR Notice Period, then Manager shall be deemed not to have provided a ROFR Notice and the provisions of the following Section 2.2.5 shall apply. 

  
 5 

 2.2.5 If Manager fails to deliver a ROFR Offer Notice in accordance with
Section 2.2.4, it shall be deemed to have waived all of its rights to provide (or arrange for another Service Provider to provide) the specific Services with respect such Offering Service Recipient Notice, and the Offering Service
Recipient may, during the forty-five (45) day period following the expiration of the ROFR Notice Period engage another Person to perform such Services on terms and conditions no more favorable to such Person than those specified in the Offering
Service Recipient Notice. If the Offering Service Recipient does not engage a third party to perform the Services within such period or, if the Services are not commenced within three (3) months from the expiration of the ROFR Notice Period,
Manager’s right of first refusal provided hereunder shall be deemed to be revived and the provision of such Services shall not be offered to any third party unless first re-offered to Manager in accordance with this Section 2.2.

 2.2.6 Global, Global LLC and Global Operating each hereby expressly agree to cause each other Service Recipient to comply with the terms
of this Agreement, including, without limitation, this Section 2.2. 
 ARTICLE 3. 

RELATIONSHIP BETWEEN THE MANAGER AND THE SERVICE RECIPIENTS 

3.1 Other Activities 
 No
member of the Manager Group (and no Affiliate, director, officer, member, partner, shareholder or employee of any member of the Manager Group) shall be prohibited from engaging in other business activities or sponsoring, or providing services to,
third parties that compete directly or indirectly with the Service Recipients, whether or not the Manager has exercised its right of first refusal hereunder. Nothing in this Agreement will prohibit the Manager from acquiring or operating power
generation infrastructure assets that are contracted. 
 3.2 Independent Contractor, No Partnership or Joint Venture 

The parties acknowledge that to the extent the Manager provides Services pursuant to this Agreement the Manager provides or arranges for the
provision of the Services hereunder as an independent contractor and that the Service Recipients, on one hand, and the Manager, on the other hand, are not partners or joint venturers with each other, and nothing herein will be construed so as to
make them partners or joint venturers or impose any liability as such on any of them as a result of this Agreement; provided however that nothing herein will be construed so as to prohibit the Service Recipients and the Manager from embarking
upon an investment together as partners, joint venturers or in any other manner whatsoever. 

  
 6 

 ARTICLE 4. 

COOPERATION 
 4.1 Access
to Information by Manager Group; Additional Actions 
 Each of Global, Global LLC and Global Operating shall, and shall cause the other
Service Recipients to: 
 4.1.1 grant, or cause to be granted, to the Manager Group full access to all documentation and information
reasonably necessary to enable Manager to provide the Services; 
 4.1.2 provide, or cause to be provided, all documentation and information
as may be reasonably requested by any member of the Manager Group, and promptly notify the appropriate member of the Manager Group of any material facts or information of which the Service Recipients are aware, including any known, pending or
threatened suits, actions, claims, proceedings or orders by or against any member of the Global Group before any Governmental Authority, that may affect Manager’s provision of Services; and 

4.1.3 take all actions as may be reasonably necessary to effectuate the transactions and agreements described herein. 

4.2 Access to Information by Service Recipients; Additional Actions 

The Manager shall, and shall cause the other members of the Manager Group to: 

4.2.1 grant, or cause to be granted, to the Global Group full access to all documentation and information reasonably necessary in order for
the Global Group to conduct their business; 
 4.2.2 provide, or cause to be provided, all documentation and information as may be
reasonably requested by any member of the Global Group, and promptly notify the appropriate Service Recipient of any material facts or information of which the Manager Group is aware, including any known, pending or threatened suits, actions,
claims, proceedings or orders by or against any member of the Manager Group before any Governmental Authority, that may affect the the Global Group in connection with Manager’s provision of Services; and 

4.2.3 take all actions as may be reasonably necessary to effectuate the transactions and agreements described herein. 

4.3 Additional Information 

The parties acknowledge and agree that conducting the activities and providing the Services contemplated herein may have the incidental effect
of providing additional information which may be utilized with respect to, or may augment the value of, business interests and related assets in which any of the Service Providers or any of its Affiliates has an interest and that, subject to
compliance with this Agreement, none of the Service Providers or any of their respective Affiliates will be liable to account to the Service Recipients with respect to such activities or results; provided, however, that the relevant
Service Provider will not (and will cause its Affiliates not to), in making any use of such additional information, do so in any manner that the relevant Service Provider or its Affiliates knows, or ought reasonably to know, would cause or result in
a breach of any confidentiality provision of agreements to which any Service Recipient is (or may become) a party or is (or may become) bound. 

  
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 ARTICLE 5. 

REPRESENTATIONS AND WARRANTIES 

OF THE MANAGER AND THE SERVICE RECIPIENTS 

5.1 Representations and Warranties of the Manager 

The Manager hereby represents and warrants to the Service Recipients that: 

5.1.1 it is validly organized and existing under the laws of the State of Delaware; 

5.1.2 it, or any another Service Provider, as applicable, holds, or will timely hold, such Permits as are necessary to perform its obligations
hereunder and is not aware of, or shall inform the Service Recipients promptly upon knowledge of, any reason why such Permits might be cancelled; 

5.1.3 it has the power, capacity and authority to enter into this Agreement and to perform its obligations hereunder; 

5.1.4 it has taken all necessary action to authorize the execution, delivery and performance of this Agreement; 

5.1.5 the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do not and will not
contravene, breach or result in any default under its Governing Instruments, or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which it or any of its properties or
assets may be bound, except for any such contravention, breach or default which would not have a material adverse effect on the business, assets, financial condition or results of operations of the Manager; 

5.1.6 no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or
performance by it of this Agreement; and 
 5.1.7 this Agreement constitutes its valid and legally binding obligation, enforceable against
it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally
and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a
proceeding at law or in equity. 

  
 8 

 5.2 Representations and Warranties of the Service Recipients 

Global, Global LLC and Global Operating, each hereby represents and warrants, on its behalf and on behalf of each of the other Service
Recipients, to the Manager that: 
 5.2.1 it (and, if applicable, its managing member) is validly organized and existing under the Laws
governing its formation and organization; 
 5.2.2 it, or the relevant Service Recipient, holds such Permits necessary to own and operate
the projects and entities that it directly or indirectly owns or operates from time to time and is not aware of any reason why such Permits might be cancelled; 

5.2.3 it (or, as applicable, its managing member on its behalf) has the power, capacity and authority to enter into this Agreement and to
perform its duties and obligations hereunder; 
 5.2.4 it (or, as applicable, its managing member) has taken all necessary action to
authorize the execution, delivery and performance of this Agreement; 
 5.2.5 the execution and delivery of this Agreement by it (or, as
applicable, its managing member on its behalf) and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or, if applicable, the Governing Instruments of
its managing member), or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which any of its properties or assets may be bound, except for any such contravention, breach or
default which would not have a material adverse effect on the business, assets, financial condition or results of operations of the Service Recipients as a whole; 

5.2.6 no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or
performance by it (or, as applicable, its managing member on its behalf) of this Agreement; and 
 5.2.7 this Agreement constitutes its
valid and legally binding obligation, enforceable against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the
enforcement of creditors’ rights and remedies generally; and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of
equitable remedies, whether such principles are considered in a proceeding at law or in equity. 
 ARTICLE 6. 

TERM AND TERMINATION 
 6.1
Term and Termination 
 Unless earlier terminated by the mutual written consent of each of the parties hereto (with Global acting
through its Independent Committee), the term of this Agreement (the “Term”) shall commence on the date hereof and shall continue indefinitely. 

  
 9 

 ARTICLE 7. 

GENERAL PROVISIONS 
 7.1
Amendment, Waiver 
 The parties may amend this Agreement only by a written agreement signed by the parties and that identifies itself
as an amendment to this Agreement, provided that, except as expressly provided in this Agreement, no amendment or waiver of this Agreement will be binding unless the prior approval of the Board of Directors of Global (acting through the Independent
Committee) is obtained and the amendment or waiver is executed in writing by the party to be bound thereby. No waiver of any provision of this Agreement will constitute a waiver of any other provision nor will any waiver of any provision of this
Agreement constitute a continuing waiver unless otherwise expressly provided. A party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not
preclude a party from any other or further exercise of that right or the exercise of any other right. 
 7.2 Assignment 

7.2.1 This Agreement shall not be assigned by the Manager without the prior written consent of Global (acting through the Independent
Committee, as long as Manager Controls Global), except in the case of assignment to a Person that is the Manager’s successor by merger, consolidation or purchase of assets, in which case the successor shall be bound under this Agreement and by
the terms of the assignment in the same manner as the Manager is bound under this Agreement. In addition, provided that the Manager provides prior written notice to the Service Recipients for informational purposes only, nothing contained in
this Agreement shall preclude any pledge, hypothecation or other transfer or assignment of the Manager’ rights under this Agreement, including any amounts payable to the Manager under this Agreement, to a bona fide lender as security.

 7.2.2 This Agreement shall not be assigned by any of the Service Recipients without the prior written consent of the Manager, except in
the case of assignment by any such Service Recipient to a Person that is its successor by merger, consolidation or purchase of assets, in which case the successor shall be bound under this Agreement and by the terms of the assignment in the same
manner as such Service Recipient is bound under this Agreement. 
 7.2.3 Any purported assignment of this Agreement in violation of this
Article 7 shall be null and void. 
 7.3 Invalidity of Provisions 

Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such
provision or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable law, the parties waive any provision of law which renders any
provision of this Agreement invalid or unenforceable in any respect. The parties will engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect
of which comes as close as possible to that of the invalid or unenforceable provision which it replaces. 

  
 10 

 7.4 Entire Agreement 

This Agreement and any agreements later entered into as a result of Manager exercising its right of first refusal constitute the entire
agreement between the parties pertaining to the Services. There are no warranties, conditions, or representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter except as
specifically set forth or referred to in this Agreement. No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made either prior to, contemporaneous with, or after entering into this Agreement, by any party to
this Agreement or its directors, officers, employees or agents, to any other party to this Agreement or its directors, officers, employees or agents, except to the extent that the same has been reduced to writing and included as a term of this
Agreement, and none of the parties to this Agreement has been induced to enter into this Agreement by reason of any such warranty, representation, opinion, advice or assertion of fact. Accordingly, there will be no liability, either in tort or in
contract, assessed in relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent contemplated above. 

7.5 Mutual Waiver of Jury Trial 

AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT
WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 

7.6 Consent to Jurisdiction and Service of Process 

EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE
CITY AND COUNTY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER
AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH BELOW SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO
WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT
ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

  
 11 

 7.7 No Consequential Damages 

Notwithstanding anything to the contrary contained in this Agreement or provided for under any applicable law, no party hereto shall be liable
to any other Person, either in contract or in tort, for any consequential, incidental, indirect, special or punitive damages of such other Person, including loss of future revenue, or income or profits, or any diminution of value or multiples of
earnings damages relating to the breach or alleged breach hereof, whether or not the possibility of such damages has been disclosed to the other party in advance or could have been reasonably foreseen by such other party. 

7.8 Governing Law 
 The
internal law of the State of New York will govern and be used to construe this Agreement without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required
thereby. 
 7.9 Enurement 

This Agreement will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. 

7.10 Notices 
 Any notice,
demand or other communication to be given under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed
electronic mail or facsimile if sent during normal business hours of the recipient; but if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or
(iv) three Business Days after it is mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications shall be sent to the addresses specified below, or at such address or to the attention of
such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change such party’s address for receipt of notice by giving prior written notice of the change to the sending party as provided
herein. Notices and other communications will be addressed as follows: 
 If to the Services Recipients: 

TerraForm Global, Inc. 
 7550
Wisconsin Avenue, 9th Floor 
 Bethesda, Maryland 20814 

Attn: General Counsel 
 Facsimile:
(240) 762-7900 

  
 12 

 If to the Manager: 

SunEdison, Inc. 
 13736 Riverport
Drive 
 Maryland Heights, Missouri 63043 

Attention: General Counsel 

Facsimile: (866) 773-0791 

7.11 Further Assurances 

Each of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts,
documents and things as the other party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all such steps as may be reasonably within its power to implement to
their full extent the provisions of this Agreement. 
 7.12 Counterparts 

This Agreement may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken
together, will constitute one and the same instrument. PDF or other electronic transmissions of this Agreement shall constitute an original counterpart. 

7.13 Specific Performance 

The parties agree that if a party materially breaches any provision of this Agreement or materially fails to perform any provision in
accordance with its specific terms, irreparable damage could occur, no adequate remedy at Law may exist and damages would be difficult to determine, and that each party shall be entitled to seek an injunction and/or specific performance of the terms
of this Agreement, in addition to any other contractual remedy, at law, in equity, or otherwise, to which it may be entitled. 
 [Signature
pages follow] 

  
 13 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	TERRAFORM GLOBAL, INC.
	
	  

	By:		
	Name:		
	Title:		
	
	TERRAFORM GLOBAL, LLC
	
	  

	By:		
	Name:		
	Title:		
	
	TERRAFORM GLOBAL OPERATING, LLC
	
	  

	By:		
	Name:		
	Title:		

  
 [Signature page to
Repowering Services ROFR Agreement] 
  
 14 

 
			
	SUNEDISON, INC. as Manager
	
	  

	By:		
	Name:		
	Title:		

  
 [Signature Page to
Repowering Services ROFR Agreement] 
  
 15

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