Document:

scty-ex1017f_1096.htm

 

Exhibit 10.17f

OMNIBUS AMENDMENT No. 4

THIS OMNIBUS AMENDMENT No. 4, dated July 29, 2016 (this “Amendment”) is entered into by and among the Transaction Parties (defined below) and relates to the following transaction documents (the “Transaction Documents”), by and among the parties hereto: (1) the Note Purchase Agreement, dated January 9, 2015 (as amended by Omnibus Amendment, dated June 25, 2015 (“Amendment No. 1”), by and among the parties thereto, Omnibus Amendment No. 2, dated September 30, 2015 (“Amendment No. 2”), by and among the parties thereto,  and Omnibus Amendment No. 3 dated December 16, 2015 (“Amendment No. 3”, and together with Amendment No. 1 and Amendment No. 2, the “Amendments”) by and among the parties thereto, the “Note Purchase Agreement”), by and among FTE Solar I LLC, as issuer (the “Issuer”), SolarCity Finance Company, LLC, as originator (in such capacity, the “Originator”) and as servicer (in such capacity, the “Servicer”), SolarCity Corporation, as parent (“SolarCity”) and as manager (in such capacity, the “Manager”), the Purchasers (as defined in the Transaction Documents) and Funding Agents (as defined in the Transaction Documents) from time to time party thereto and Credit Suisse AG, New York Branch, as administrative agent (in such capacity, the “Administrative Agent”); (2) the Indenture, dated as of January 9, 2015 (as amended by the Amendments, the “Indenture”), by and among the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”); (3) the Sale and Contribution Agreement, dated as of January 9, 2015 (as amended by the Amendments, the “Sale and Contribution Agreement”), by and between the Originator and the Issuer; (4) the Management Agreement, dated as of January 9, 2015 (as amended by the Amendments, the “Management Agreement”), by and among the Issuer, the Manager and the Administrative Agent; (5) the Servicing Agreement, dated as of January 9, 2015 (as amended by the Amendments, the “Servicing Agreement”), by and among the Issuer, the Servicer and the Administrative Agent; (6) the Manager/Servicer Transition Agreement, dated as of January 9, 2015 (as amended by the Amendments, the “Manager/Servicer Transition Agreement”), by and among the Issuer, the Manager, the Servicer, the Indenture Trustee, the Administrative Agent and U.S. Bank National Association, as transition service provider (in such capacity, the “Transition Service Provider”); (7) the Custodial Agreement, dated as of June 25, 2015 (as amended by Amendment No. 2 and Amendment No. 3, the “Custodial Agreement”), by and among Deutsche Bank National Trust Company (the “Custodian” and together with the Issuer, the Originator, the Servicer, SolarCity, the Manager, the Purchasers, the Funding Agents, the Administrative Agent, the Indenture Trustee, and the Transition Service Provider, the “Transaction Parties”), the Indenture Trustee, the Administrative Agent and the Issuer; (8) the Parent Guaranty, dated as of January 9, 2015 (as amended by the Amendments, the “Guaranty”), made by SolarCity in favor of the Issuer, the Indenture Trustee and the Administrative Agent; and (9) any other ancillary documents, agreements, supplements and/or certificates entered into or delivered in connection with the foregoing.

RECITALS

WHEREAS, the Transaction Parties desire to amend the Standard Definitions attached or incorporated into each of the Transaction Documents (the “Standard Definitions”).

WHEREAS, the Issuer has requested, pursuant to an Issuer Order, that the Indenture Trustee enter into this Amendment and the Administrative Agent, each Funding Agent, each Non-Conduit Committed Purchaser and each other party hereto consent to the making of the amendments herein.

WHEREAS, the undersigned Purchasers and Funding Agents together constitute 100% of the Purchasers and Funding Agents.

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth, and for other good and adequate consideration, the receipt and sufficiency of which are hereby acknowledged, the Transaction Parties hereby agree as follows:

Section 1.01.Amendment to the Standard Definitions

(a)The Standard Definitions are hereby amended by amending and restating the definition of “Change of Control” as follows:

“Change of Control” means any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), but excluding any employee benefit plan of such person or its subsidiaries and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than an Existing Shareholder, shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of, (i) in the case of the Servicer, more than 25% of Capital Stock, (ii) in case of the Manager, more than 50% of Capital Stock and (iii) in the case of the Issuer, any Capital Stock.

(b)The following definitions are hereby added to the Standard Definitions in the appropriate alphabetical order:

“Existing Shareholder” means (i) Elon Musk and his estate, spouse, siblings, ancestors, heirs, and lineal descendants, and any spouses of such persons, the legal representatives of any of the foregoing, any bona fide trust of which one or more of the foregoing are the principal beneficiaries or grantors, any other person or entity that is controlled by any of the foregoing, and any estate planning vehicle over which Elon Musk has exclusive right of control, (ii) funds affiliated with Draper Fisher Jurvetson, (iii) funds affiliated with AJG Growth Fund, including Valor VC, LLC., (iv) funds affiliated with Generation Investment Management LLP, (v) funds affiliated with DBL Investors, including Bay Area Equity Fund, (vi) Jeffrey B. Straubel and (vii) Tesla or any of its Affiliates or Subsidiaries.

“Subsidiary” of a Person means a corporation, partnership, limited liability company or other business entity of which a majority of the shares of Voting Stock is at 

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the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.

“Voting Stock” means with respect to any Person, Capital Stock issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitiled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right to so vote has been suspended by the happening of such contingency.

“Tesla” means Tesla Motors, Inc., a Delaware corporation.

Section 1.02. Representations and Warranties

SolarCity, the Originator, the Manager, the Servicer and the Issuer hereby represent and warrant to each of the other Transaction Parties that, after giving effect to this Amendment: (a) except for the representation of the Originator set forth in Section 6(b) of the Sale and Contribution Agreement, the representations and warranties set forth in each of the Transaction Documents by each of SolarCity, the Originator, the Manager, the Servicer and the Issuer are true and correct in all material respects on and as of the date hereof, with the same effect as though made on and as of such date (except to the extent that any representation and warranty expressly relates to an earlier date, then such earlier date), (b) on the date hereof, no Amortization Event, Servicer Event of Default, Manager Termination Event, Event of Default or Default has occurred and is continuing, (c) since March 31, 2016, there has not been a material adverse change with respect to the business or operations of any of the Issuer, the Originator, the Servicer the Manager or the Parent, in each case that would materially inhibit such Person’s ability to perform its respective obligations under the Transaction Documents to which it is a party, (d) the execution, delivery and performance of this Amendment in accordance with its terms and the consummation of the transactions contemplated hereby by any of them do not and will not (i) require any consent or approval of any Person, except for consents and approvals that have already been obtained, (ii) violate any applicable law, or (iii) contravene, conflict with, result in a breach of, or constitute a default under their organization documents, as the same may have been amended or restated, or contravene, conflict with, result in a breach of or constitute a default under (with or without notice or lapse of time or both) any indenture, agreement or other instrument, to which such entity is a party or by which it or any of its properties or assets may be bound and (e) for purposes of determining withholding taxes imposed under the Sections 1471 through 1474 of the US Internal Revenue Code (“FATCA”), the Transaction Parties shall treat  this Amendment as a modification that is not a “material modification” under Treasury Regulation section 1.1471-2(b)(2)(iv).  The Issuer agrees to provide to the Indenture Trustee prompt written notice of any material modification of the Notes (for FATCA purposes) of which it becomes aware. The Indenture Trustee shall assume that no material modification for FATCA purposes has occurred regarding the Notes, unless the Indenture Trustee receives written notice of such modification from the Issuer or the Internal Revenue Service.

Section 1.03.References in all Transaction Documents.

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To the extent any Transaction Document contains a provision that conflicts with the intent of this Amendment, the parties agree that the provisions herein shall govern. 

Section 1.04.Counterparts.

This Amendment may be executed (by facsimile or otherwise) in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.

Section 1.05.Governing Law.

THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE TRANSACTION PARTIES SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 1.06.Severability of Provisions.

If any one or more of the covenants, agreements, provisions or terms of this Amendment shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Amendment and shall in no way affect the validity or enforceability of the other provisions of this Amendment. 

Section 1.07.Continuing Effect.

Except as expressly amended hereby, each Transaction Document shall continue in full force and effect in accordance with the provisions thereof and each Transaction Document is in all respects hereby ratified, confirmed and preserved.  

Section 1.08.Successors and Assigns.

This Amendment shall be binding upon and inure to the benefit of the Transaction Parties and their respective successors and permitted assigns. 

Section 1.09No Bankruptcy Petition.

(a)Each of the parties to this Amendment hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all outstanding indebtedness for borrowed money of any Conduit, it will not institute against, or join any other Person in instituting against any Conduit any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States.  The provisions of this Section 1.09(a) shall survive the termination of this Amendment.

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(b)Each of the parties to this Amendment hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all Notes, it will not institute against, or join any other Person in instituting against the Issuer or the Depositor any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States.  The provisions of this Section 1.09(b) shall survive the termination of this Amendment.

 

[Signature pages follow]

 

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IN WITNESS WHEREOF, the parties below have caused this Amendment to be duly executed by their respective duly authorized officers of the day and year first above written.

	
 
	
FTE SOLAR I LLC, as Issuer

 

By: /s/ Lyndon Rive
Name: Lyndon Rive
Title: President

	
 
	
 

	
 
	
SOLARCITY CORPORATION,
as Parent

 

By: /s/ Lyndon Rive
Name: Lyndon Rive
Title: Chief Executive Officer

	
 
	
 

	
 
	
SOLARCITY FINANCE COMPANY, LLC,
  as Servicer

	
 
	
 

By: /s/ Seth Weissman
Name: Seth Weissman
Title: President

	
 
	
 

	
 
	
SOLARCITY FINANCE COMPANY, LLC,
  as Originator 

 

By: /s/ Seth Weissman
Name: Seth Weissman
Title: President

	
 
	
 

	
 
	
SOLARCITY CORPORATION, as Manager

 

By: /s/ Lyndon Rive
Name: Lyndon Rive
Title: Chief Executive Officer

	
 
	
 

	
 
	
U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee

 

By: /s/ Christina Richle
Name: Christina Richle
Title: Vice President

	
 
	
 

 

	
 
	
U.S. BANK NATIONAL ASSOCIATION, as Transition Service Provider

 

By: /s/ Deborah J. Franco
Name: Deborah J. Franco
Title: Vice President

	
 
	
 

	
 
	
CREDIT SUISSE AG, NEW YORK BRANCH,
as Administrative Agent 

 

By: /s/ Patrick J. Hart
Name: Patrick J. Hart
Title: Vice President

 

By: /s/ Chris Fera
Name: Chris Fera
Title: Vice President

	
 
	
 

	
 
	
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
as Alternate Purchaser and Consenting Lender

 

By: /s/ Patrick J. Hart
Name: Patrick J. Hart
Title: Authorized Signatory

 

By: /s/ Chris Fera
Name: Chris Fera
Title: Vice President

	
 
	
 

	
 
	
CREDIT SUISSE AG, NEW YORK BRANCH,
as Funding Agent

 

By: /s/ Patrick J. Hart
Name: Patrick J. Hart
Title: Vice President

 

By: /s/ Jason D. Muncy
Name: Jason D. Muncy
Title: Vice President

	
 
	
 

 

	
 
	
GIFS CAPITAL COMPANY, LLC 
as a Conduit  

 

By: /s/ R. Scott Chisholm
Name: R. Scott Chisholm
Title: Authorized Signer

	
 
	
 

	
 
	
CREDIT SUISSE SECURITIZED PRODUCTS MASTER FUND, LTD.,

as a Non-Conduit Committed Purchaser

 

By: Credit Suisse Asset Management, LLC, in its capacity as investment manager

 

By: /s/ Mark Barres
Name: Mark Barres
Title: Authorized Signatory

 

By: /s/ Sean Keating
Name: Sean Keating
Title: Authorized Signatory

	
 
	
 

	
 
	
DEUTSCHE BANK NATIONAL TRUST COMPANY, as Custodian and solely with respect to the Custodial Agreement

 

By: /s/ Christopher Corcoran
Name: Christopher Corcoran
Title: Director

 

By: /s/ Barbara Campbell
Name: Barbara Campbell
Title: Vice Presidentscty-ex1019n_726.htm

 

Exhibit 10.19n

CONFIDENTIAL TREATMENT REQUESTED

Certain portions of this document have been omitted pursuant to a request for Confidential Treatment and, where applicable, have been marked with “[***]” to indicate where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

REQUIRED GROUP AGENT ACTION NO. 15

This REQUIRED GROUP AGENT ACTION NO. 15 (this “Action”), dated as of April 25, 2016 (the “Effective Date”), is entered into by and among Megalodon Solar, LLC, a Delaware limited liability company (“Borrower”), Bank of America, N.A., as the Administrative Agent (“Administrative Agent”), the Collateral Agent for the Secured Parties (“Collateral Agent”) and each of Bank of America, N.A. (“BA Agent”), Credit Suisse AG, New York Branch (“CS Agent”), Deutsche Bank AG, New York Branch (“DB Agent”), ING Capital LLC (“ING Agent”), KeyBank National Association (“KB Agent”) and National Bank of Arizona (“NBAZ Agent”, and collectively with BA Agent, CS Agent, DB Agent, ING Agent and KB Agent, the “Group Agents”), as Group Agents party to the Loan Agreement, dated as of May 4, 2015 (as amended, the “Loan Agreement”), by and among the Borrower, Administrative Agent, Collateral Agent, the Group Agents, the Lenders and the other parties from time to time party thereto.  As used in this Action, capitalized terms which are not defined herein shall have the meanings ascribed to such terms in the Loan Agreement.

A.The Borrower has requested the Required Group Agents to provide their consent to the addition and inclusion to the Loan Agreement and the other Financing Documents of (the “Subject Fund Transactions”):  [***] (“[***]”), as a Subject Fund, and [***] (“[***]”), as a Borrower Subsidiary Party (collectively, [***] and [***], the “New Entities”);

B.The Required Group Agents are willing to provide their consent to the Subject Fund Transactions on the terms and subject to the conditions set forth in this Action; and

C.The Borrower, the Required Group Agents, the Administrative Agent and the Collateral Agent desire to amend the Loan Agreement as set forth herein.

Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows:

Section 1.Amendments to the Loan Agreement.  Subject to the prior satisfaction of the conditions precedent described in Section 3 hereof, the Loan Agreement will be amended as follows (clauses (a) – (c) below, collectively, the “Loan Agreement Amendments”):

(a)Appendix 1 of the Loan Agreement shall be amended and restated as set forth in Exhibit 1 attached hereto;

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

(b)Appendix 4 of the Loan Agreement shall be amended and restated as set forth in Exhibit 2 attached hereto; and 

(c)Appendix 5 of the Loan Agreement shall be amended and restated as set forth in Exhibit 3 attached hereto.

Section 2.Consents.  Subject to the prior satisfaction of the conditions precedent described in Section 3 hereof:

(a)the Required Group Agents consent to the Loan Agreement Amendments, with acknowledgement by each of the Administrative Agent and the Collateral Agent; and

(b)the Administrative Agent and the Required Group Agents consent to the Subject Fund Transactions pursuant to and in accordance with Section 2.10(a) of the Loan Agreement.

Section 3.Conditions Precedent. This Action shall be effective upon the satisfaction of the following conditions precedent:

(a)The Administrative Agent shall have received counterparts of this Action, executed and delivered by each of the other parties hereto.

(b)The Administrative Agent shall have received a certificate of the Borrower dated as of the Effective Date signed by a Responsible Officer of the Borrower (i) making the Tax Equity Representations with respect to [***] and (ii) certifying that each representation and warranty of the Borrower contained in Article 4 of the Loan Agreement is true and correct in all material respects as of the Effective Date (unless such representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all material respects as of such earlier date) other than those representations and warranties that are modified by materiality by their own terms, which shall be true and correct in all respects as of the Effective Date (unless such representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all respects as of such earlier date).

(c)The Borrower shall have delivered or caused to be delivered to the Administrative Agent a Tax Equity Required Consent from each of [***] and [***] in connection with the Subject Fund Transactions.

(d)Each of the Administrative Agent and each Group Agent shall have received an opinion, dated no earlier than the Effective Date, of Wilson Sonsini Goodrich & Rosati, counsel to the Loan Parties, the Borrower Subsidiary Parties and SolarCity, in form and substance reasonably acceptable to the Administrative Agent, the Collateral Agent and the Majority Group Agents, with respect to the Subject Fund Transactions.

2

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

(e)Each of the Administrative Agent and each Group Agent shall have received opinions, dated no earlier than the Effective Date, of Proskauer Rose LLP, special bankruptcy counsel to the Loan Parties, the Borrower Subsidiary Parties and SolarCity, each in form and substance reasonably acceptable to the Administrative Agent, the Collateral Agent and the Majority Group Agents, with respect to the Subject Fund Transactions. 

(f)The Administrative Agent and the Collateral Agent shall have received (i) searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each of the New Entities and the Borrower and each jurisdiction where a filing would need to be made in order to perfect the security interest of the Collateral Agent (for the benefit of the Secured Parties) in the Collateral in respect of the New Entities (the “New Collateral”), (ii) copies of the financing statements on file in such jurisdictions and evidence that no liens exist on the New Collateral pledged by [***] and the Borrower other than Permitted Liens of the type set forth in clauses (b), (c) or (d) of the definition thereof and (iii) copies of tax lien, judgment and bankruptcy searches in such jurisdictions.

(g)The Collateral Agent shall have received all documentation in connection with the New Collateral, including (i) a Joinder Agreement in the form attached as Exhibit C to the Security Agreement, executed by each of [***], the Collateral Agent and the Borrower, dated as of the Effective Date, (ii) a Joinder Agreement in the form attached as Exhibit B-1 to the CADA, executed by each of [***], the Collateral Agent and the Borrower, dated as of the Effective Date, (iii) a Joinder Agreement in the form attached as Exhibit C to the Borrower Subsidiary Party Security Agreement, executed by each of [***] and the Collateral Agent, dated as of the Effective Date and (iv) any other data, documentation, analysis or report reasonably requested by the Administrative Agent with respect to the New Entities.

(h) (i) The UCC financing statements relating to the New Collateral shall have been duly filed in each office and in each jurisdiction where required in order to create and perfect the first priority Lien and security interest set forth in the Collateral Documents (as supplemented and as such term is defined in the Loan Agreement, as amended) and (ii) the Borrower shall have properly delivered or caused to be delivered to the Collateral Agent all New Collateral in which the Lien and security interest described above is permitted to be perfected by possession or control, including delivery of original certificates representing all issued and outstanding Equity Interests in [***] and the pledged interests in the [***] pursuant to the Borrower Subsidiary Party Security Agreement, along with the applicable blank transfer powers and proxies.

(i)Each of the other conditions precedent as set forth in Section 3.4 of the Loan Agreement shall have been satisfied with respect to the Subject Fund Transactions.

(j)The Administrative Agent shall have received for its own account all costs and expenses described in Section 6 of this Action, for which invoices have been presented in connection herewith.

3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

Section 4.Reference to and Effect on Financing Documents. Each of the Loan Agreement and the other Financing Documents is and shall remain unchanged and in full force and effect, and, except as expressly set forth herein, nothing contained in this Action shall, by implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Administrative Agent or any of the other Secured Parties, or shall alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in each of the Loan Agreement and any other Financing Document. This Action shall also constitute a “Financing Document” for all purposes of the Loan Agreement and the other Financing Documents. 

Section 5.Incorporation by Reference.  Sections 10.5 (Entire Agreement), 10.6 (Governing Law), 10.7 (Severability), 10.8 (Headings), 10.11 (Waiver of Jury Trial), 10.12 (Consent to Jurisdiction), 10.14 (Successors and Assigns) and 10.16 (Binding Effect; Counterparts) of the Loan Agreement are hereby incorporated by reference herein, mutatis mutandis.

Section 6.Expenses. The Borrower agrees to reimburse the Administrative Agent in accordance with Section 10.4(b) of the Loan Agreement for its reasonable and documented out-of-pocket expenses in connection with this Action, including reasonable and documented fees and out-of-pocket expenses of legal counsel.

Section 7.Construction. The rules of interpretation specified in Section 1.2 of the Loan Agreement also apply to this Action, mutatis mutandis.

[Signature Pages Follow]

 

 

 

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[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

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

 

	
MEGALODON SOLAR, LLC,

	
as Borrower

	
 
	
 

	
By:
	
/s/ Lyndon Rive

	
Name:
	
Lyndon Rive

	
Title:
	
President

 

	
BANK OF AMERICA, N.A.,

	
as a Group Agent

	
 

	
By:
	
/s/ Sheikh Omer-Farooq

	
Name:
	
Sheikh Omer-Farooq

	
Title:
	
Managing Director

	
 

	
CREDIT SUISSE AG, NEW YORK BRANCH,

	
as a Group Agent

	
 

	
By:
	
/s/ Patrick J. Hart

	
Name:
	
Patrick J. Hart

	
Title:
	
Vice President

	
 

	
By:
	
/s/ Erin McCutcheon

	
Name:
	
Erin McCutcheon

	
Title:
	
Vice President

	
 

	
DEUTSCHE BANK AG, NEW YORK BRANCH,

	
as a Group Agent

	
 

	
By:
	
/s/ Vinod Mukani

	
Name:
	
Vinod Mukani

	
Title:
	
Director

	
 

	
By:
	
/s/ Daniel Fuchs

	
Name:
	
Daniel Fuchs

	
Title:
	
Director

 

 

 

[Signature Page to Required Group Agent Action No.15]

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

 

	
ING CAPITAL LLC,

	
as a Group Agent

	
 

	
By:
	
/s/ Erwin Thomet

	
Name:
	
Erwin Thomet

	
Title:
	
Managing Director

	
 

	
By:
	
/s/ Thomas Cantello

	
Name:
	
Thomas Cantello

	
Title:
	
Director

	
 

	
KEYBANK NATIONAL ASSOCIATION,

	
as a Group Agent

	
 

	
By:
	
/s/ Benjamin C. Cooper

	
Name:
	
Benjamin C. Cooper

	
Title:
	
Vice President

	
 

	
National Bank of Arizona,

	
as a Group Agent

	
 

	
By:
	
/s/ Kate Smith

	
Name:
	
Kate Smith

	
Title:
	
Vice President

	
 

	
BANK OF AMERICA, N.A.

	
as Administrative Agent and Collateral Agent

	
 

	
By:
	
/s/ Darleen R. DiGrazia

	
Name:
	
Darleen R. DiGrazia

	
Title:
	
Vice President

 

 

 

[Signature Page to Required Group Agent Action No. 15]

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

EXHIBIT 1

APPENDIX 1

ADVANCE RATE

The “Advance Rate” means

(i) For a Subject Fund the following percentages:

 

	
Subject Fund
	
Advance Rate
	
Cash Sweep Fund or 
Non-Cash Sweep Fund

	
[***]
	
[***]%
	
[***]

	
[***]
	
[***]%
	
[***]

	
[***]
	
[***]%
	
[***]

	
[***]
	
[***]%
	
[***]

	
[***]
	
[***]%
	
[***]

	
[***]
	
[***]%
	
[***]

	
[***]
	
[***]%
	
[***]

	
[***]
	
[***]%
	
[***]

	
[***]
	
[***]%
	
[***]

	
[***]
	
[***]%
	
[***]

	
[***]
	
[***]%
	
[***]

	
[***]
	
[***]%
	
[***]

 

(ii)In respect of any Potential New Fund that becomes a Subject Fund, a percentage as shall be determined in accordance with this Appendix 1 following the completion of due diligence by the Administrative Agent, which by way of example shall be:

Exhibit 1

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

	
Advance Rate

	
For each Cash Sweep Fund, Non-Cash Sweep Fund and Other Structure, the Advance Rate will be the percentage determined for each System in such Subject Fund based on the “Type of Fund,” in accordance with the table below.

	
Type of Fund
	
 
	
 
	
 

	
Cash Sweep Fund

(baseline: CB (see below))
	
[***]
	
 
	
 

	
Non Cash Sweep Fund

([***]% baseline)
	
[***]%
	
 
	
 

	
Other Non-Financed Structure 

([***]% baseline)
	
[***]%
	
 
	
 

	
Other Financed Structure
	
[***]%
	
 
	
 

“CB” or “Cash Sweep Fund Baseline” means, the lesser of (a) [***]% and (b) the percentage obtained by dividing (i) the maximum amount of debt that can be fully supported by Net Cash Flows distributable to the Managing Member(s) of such Subject Fund assuming interest is accruing at the Default Rate when applying the ITC Downside Case to that particular Subject Fund and only that Subject Fund by (ii) the Discounted Solar Asset Balance of such Subject Fund.

“ITC Downside Case” means a scenario in which a 30% reduction in fair market value occurs in the first month that a Subject Fund is included in the Available Borrowing Base and the Aggregate Advance Model is adjusted to calculate the Net Cash Flows distributable to the Managing Member(s) of such Subject Fund in light of such reduction in fair market value and any applicable Cash Sweep Event (as defined in Appendix 7).

For avoidance of doubt, the amounts set forth in this clause (ii) are indicative subject to final determination by the Administrative Agent at the time such Subject Fund is included in the Available Borrowing Base;

(iii)[Reserved].

(iv)All PV Systems in any Watched Fund shall have an Advance Rate of [***]% for purposes of calculating the Available Borrowing Base. For avoidance of doubt, this shall include any PV Systems in a Watched Fund that were financed in previous tranches and whose Net Cash Flows were incorporated in previous Available Borrowing Base calculations.

(v)To the extent that, despite negotiating in good faith, the Administrative Agent and the Borrower cannot agree on the Advance Rate under clause (ii) of this Appendix 1, the Advance Rate determined by the Administrative Agent, acting at the direction of the Majority Group Agents, shall prevail.

 

 

Exhibit 1

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

EXHIBIT 2

APPENDIX 4

TAX EQUITY STRUCTURES, PARTNERSHIPS, LESSOR PARTNERSHIPS, LESSORS, SUBJECT FUNDS, MANAGING MEMBERS, FUNDED SUBSIDIARIES, LESSEES, CASH SWEEP DESIGNATIONS AND INVESTORS

 

	
Tax Equity

Structure
	
Partnership / 
Lessor Partnership

(Subject Fund)
	
Partnership

Managing Member /

Lessor Partnership

Managing Member
	
Funded Subsidiaries

(Subject Fund and

Managing Member, if any)
	
Lessee
	
Cash-Sweep Fund or

Non-Cash Sweep

Fund
	
Investor(s)

	
[***]
	
[***]
	
[***]
	
·    [***]

·    [***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
·    [***]

·    [***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
·    [***]

·    [***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
·    [***]

·    [***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
·    [***]

·    [***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
·    [***]

·    [***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
·    [***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
·    [***]

·    [***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
·    [***]

·    [***]
	
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[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
·    [***]

·    [***]

·    [***]
	
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[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
·    [***]

·    [***]
	
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[***]
	
·    [***]

·    [***]
	
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[***]

 

 

 

Exhibit 2

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

EXHIBIT 3

APPENDIX 5

PROJECT DOCUMENTS

	
 
	
1.
	
[***] Subject Fund

	
 
	
·
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
·
	
Amendment No. 1 to Limited Liability Company Agreement of[***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
·
	
Amendment No. 2 to Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
·
	
Second Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
·
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Administrative Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Amendment No. 1 to Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
2.
	
[***] Subject Fund

	
 
	
·
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [***].

	
 
	
·
	
Amendment No. 1 to Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [***].

	
 
	
·
	
Amendment No. 2 to Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [***].

	
 
	
·
	
Second Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

	
 
	
·
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity and [***]. 

	
 
	
·
	
Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Amendment No. 1 to Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Amendment No. 2 to Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Guaranty, dated as of [***], from SolarCity in favor of [***] and [***].

	
 
	
·
	
Guaranty, dated as of [***], from [On File with Administrative Agent] in favor of [***].

	
 
	
·
	
Asset Management Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Affirmation Agreement, dated as of [***], by [On File with Administrative Agent] to [***].

	
 
	
3.
	
[***] Subject Fund

	
 
	
·
	
Master Lease, dated as of [***], by and between [***] and [***].

	
 
	
·
	
Equity Capital Contribution Agreement, dated as of [***], by and among SolarCity, [***] and [***].

	
 
	
·
	
Amendment to Equity Capital Contribution Agreement, dated as of [***] (to add [***] as a Project State).

	
 
	
·
	
Operating Agreement of [***], dated as of [***], by and between [***] and [***].

	
 
	
·
	
Operating Agreement of [***], dated as of [***], by and among [On File with Administrative Agent], [***] and [***].

	
 
	
·
	
Second Amended and Restated Limited Liability Company Agreement of [***] dated as of [***], by Megalodon Solar, LLC.

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

	
 
	
·
	
Pass-Through Agreement, dated as of [***], by and between [***] and [***]. 

	
 
	
·
	
Guaranty, dated as of [***], from SolarCity in favor of [On File with Administrative Agent], [***] and [***].

	
 
	
4.
	
[***] Subject Fund

	
 
	
·
	
Master Lease, dated as of [***], by and between [***] and [***].

	
 
	
·
	
Equity Capital Contribution Agreement, dated as of [***], by and among SolarCity, [***] and [***].

	
 
	
·
	
Amendment to Equity Capital Contribution Agreement, dated as of [***] (to add [***] as a Project State) by and among SolarCity, [***] and [***].

	
 
	
·
	
First Amendment to Equity Capital Contribution Agreement, dated as of [***], by and among SolarCity, [***] and [***].

	
 
	
·
	
Operating Agreement of [***], dated as of [***], by and between [***] and [***].

	
 
	
·
	
Operating Agreement of [***], dated as of [***], by and between [On File with Administrative Agent] and [***].

	
 
	
·
	
Second Amended and Restated Limited Liability Company Agreement of [***] dated as of [***], by Megalodon Solar, LLC.

	
 
	
·
	
Pass-Through Agreement, dated as of [***], by and between [***] and [***].

	
 
	
·
	
Guaranty, dated as of [***], from SolarCity in favor of [On File with Administrative Agent] and [***].

	
 
	
5.
	
[***] Subject Fund

	
 
	
·
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [***].

	
 
	
·
	
Second Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
·
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

	
 
	
·
	
Administrative Services Agreement, dated as of [***], by and between SolarCity and [***]. 

	
 
	
·
	
Guaranty, dated as of [***], by SolarCity in favor of [***].

	
 
	
·
	
Guaranty, dated as of [***], by [On File with Administrative Agent], in favor of [***].

	
 
	
·
	
Transition Manager Agreement, dated as of [***], by and among [***], SolarCity and U.S. Bank National Association.

	
 
	
·
	
Amendment No. 1 to the Transition Management Agreement, dated as of [***], by and among [***], SolarCity and U.S. Bank National Association.

	
 
	
6.
	
[***] Subject Fund

	
 
	
·
	
Limited Liability Company Agreement of [***], dated as of [***], by and among[***], [On File with Administrative Agent] and [On File with Administrative Agent].

	
 
	
·
	
Amended and Restated Limited Liability Company Agreement of[***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
·
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and[***].

	
 
	
·
	
Amendment No. 1 to Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and[***].

	
 
	
·
	
Administrative Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Guaranty, dated as of [***], by SolarCity in favor of [On File with Administrative Agent] and [On File with Administrative Agent].

	
 
	
·
	
Transition Manager Agreement, dated as of [***], by and among [***], SolarCity and U.S. Bank National Association.

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

	
 
	
7.
	
[***] Subject Fund 

	
 
	
·
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
·
	
Contribution Agreement (Systems), dated as of [***], by and among SolarCity Fund Holdings, LLC, [***], Megalodon Solar, LLC and[***].

	
 
	
·
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity and[***].

	
 
	
·
	
Administrative Services Agreement, dated as of [***], by and between SolarCity and[***].

	
 
	
8.
	
[***] Subject Fund

	
 
	
·
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
·
	
Amendment No. 1 to Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
·
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
·
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Administrative Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Guaranty, dated as of [***], from SolarCity in favor of [On File with Administrative Agent].

	
 
	
9.
	
[***] Subject Fund

	
 
	
·
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
·
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

	
 
	
·
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity Corporation and [***]. 

	
 
	
·
	
Administrative Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
·
	
Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
·
	
Amendment No. 1 to Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Guaranty, dated as of [***], by and between SolarCity Corporation and [On File with Administrative Agent].

	
 
	
·
	
Transition Manager Agreement, dated as of [***], by and among [***], SolarCity Corporation and U.S. Bank National Association.

	
 
	
10.
	
[***] Subject Fund

	
 
	
·
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
·
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
·
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
·
	
Administrative Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
·
	
Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
·
	
Guaranty, dated as of [***], by and between SolarCity Corporation and [On File with Administrative Agent].

	
 
	
11.
	
[***] Subject Fund

	
 
	
·
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [***].

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

	
 
	
·
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC. 

	
 
	
·
	
Capital Modification Rights Agreement, dated as of [***], by and among SolarCity, [***] and [***].

	
 
	
·
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Guaranty, dated as of [***], from SolarCity in favor of [***] and [***].

	
 
	
·
	
Guaranty, dated as of [***], from [On File with Administrative Agent] in favor of [***].

	
 
	
·
	
Asset Management Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
12.
	
[***] Subject Fund

	
 
	
·
	
Limited Liability Company Agreement of [***], dated as of [***], by and among [***], [On File with Administrative Agent] and [On File with Administrative Agent].

	
 
	
·
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
·
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Administrative Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
·
	
Guaranty, dated as of [***], by SolarCity in favor of [On File with Administrative Agent] and [On File with Administrative Agent].

	
 
	
·
	
Transition Manager Agreement, dated as of [***], by and among [***], SolarCity and U.S. Bank National Association.

	
 
	
·
	
SREC Services Agreement, dated as of [***], by and between SolarCity and [***].

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

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