Document:

EX-4.4

 Exhibit 4.4 
  

 
  

HELIOS ISSUER, LLC 

ISSUER 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

INDENTURE TRUSTEE 

INDENTURE 
 Dated
as of April 19, 2017 
 $254,750,000 

HELIOS ISSUER, LLC 

SOLAR ASSET BACKED NOTES, SERIES
2017-1 
  
  

 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 TABLE OF CONTENTS 

 

							
	SECTION	  	HEADING	  	PAGE	 
			
	 ARTICLE I
	  	DEFINITIONS	  	 	2	 
			
	 Section 1.01.
	  	General Definitions and Rules of Construction	  	 	2	 
	 Section 1.02.
	  	Calculations	  	 	2	 
			
	 ARTICLE II
	  	THE NOTES; RECONVEYANCE	  	 	2	 
			
	 Section 2.01.
	  	General	  	 	2	 
	 Section 2.02.
	  	Forms of Notes	  	 	3	 
	 Section 2.03.
	  	Payment of Principal and Interest	  	 	6	 
	 Section 2.04.
	  	Payments to Noteholders	  	 	6	 
	 Section 2.05.
	  	Execution, Authentication, Delivery and Dating	  	 	7	 
	 Section 2.06.
	  	Temporary Notes	  	 	7	 
	 Section 2.07.
	  	Registration, Registration of Transfer and Exchange	  	 	8	 
	 Section 2.08.
	  	Transfer and Exchange	  	 	13	 
	 Section 2.09.
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	17	 
	 Section 2.10.
	  	Persons Deemed Noteholders	  	 	18	 
	 Section 2.11.
	  	Cancellation of Notes	  	 	18	 
	 Section 2.12.
	  	Conditions to Closing	  	 	19	 
	 Section 2.13.
	  	Definitive Notes	  	 	21	 
	 Section 2.14.
	  	Access to List of Noteholders’ Names and Addresses	  	 	22	 
			
	 ARTICLE III
	  	COVENANTS; COLLATERAL; REPRESENTATIONS; WARRANTIES	  	 	22	 
			
	 Section 3.01.
	  	Performance of Obligations	  	 	22	 
	 Section 3.02.
	  	Negative Covenants	  	 	23	 
	 Section 3.03.
	  	Money for Note Payments	  	 	24	 
	 Section 3.04.
	  	Restriction of Issuer Activities	  	 	24	 
	 Section 3.05.
	  	Protection of Trust Estate	  	 	25	 
	 Section 3.06.
	  	Opinions as to Trust Estate	  	 	28	 
	 Section 3.07.
	  	Statement as to Compliance	  	 	28	 
	 Section 3.08.
	  	[Reserved]	  	 	28	 
	 Section 3.09.
	  	Recording	  	 	29	 
	 Section 3.10.
	  	Agreements Not to Institute Bankruptcy Proceedings; Additional Covenants	  	 	29	 
	 Section 3.11.
	  	Providing of Notice	  	 	32	 
	 Section 3.12.
	  	Representations and Warranties of the Issuer	  	 	32	 
	 Section 3.13.
	  	Representations and Warranties of the Indenture Trustee	  	 	36	 
	 Section 3.14.
	  	Knowledge	  	 	37	 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - i - 

							
			
	 ARTICLE IV
	  	MANAGEMENT, ADMINISTRATION AND SERVICING OF SOLAR ASSETS	  	 	37	 
			
	 Section 4.01.
	  	Management Agreement	  	 	37	 
			
	 ARTICLE V
	  	ACCOUNTS, COLLECTIONS, PAYMENTS OF INTEREST AND PRINCIPAL, RELEASES, AND
STATEMENTS TO NOTEHOLDERS	  	 	39	 
			
	 Section 5.01.
	  	Accounts	  	 	39	 
	 Section 5.02.
	  	Inverter Replacement Reserve Account	  	 	42	 
	 Section 5.04.
	  	Collection Account	  	 	43	 
	 Section 5.05.
	  	Distribution of Funds in the Collection Account	  	 	45	 
	 Section 5.06.
	  	Early Amortization Period Payments	  	 	47	 
	 Section 5.07.
	  	Note Payments	  	 	47	 
	 Section 5.08.
	  	Statements to Noteholders; Tax Returns	  	 	49	 
	 Section 5.09.
	  	Reports by Indenture Trustee	  	 	49	 
	 Section 5.10.
	  	Final Balances	  	 	49	 
			
	 ARTICLE VI
	  	VOLUNTARY PREPAYMENT OF NOTES AND RELEASE OF COLLATERAL	  	 	49	 
			
	 Section 6.01.
	  	Voluntary Prepayment	  	 	49	 
	 Section 6.02.
	  	Notice of Voluntary Prepayment	  	 	50	 
	 Section 6.03.
	  	Cancellation of Notes	  	 	51	 
	 Section 6.04.
	  	Release of Collateral	  	 	51	 
			
	 ARTICLE VII
	  	THE INDENTURE TRUSTEE	  	 	52	 
			
	 Section 7.01.
	  	Duties of Indenture Trustee	  	 	52	 
	 Section 7.02.
	  	Notice of Default, Manager Termination Event or Event of Default; Delivery of Manager Reports	  	 	55	 
	 Section 7.03.
	  	Rights of Indenture Trustee	  	 	55	 
	 Section 7.04.
	  	Not Responsible for Recitals, Issuance of Notes or Application of Moneys as Directed	  	 	57	 
	 Section 7.05.
	  	May Hold Notes	  	 	57	 
	 Section 7.06.
	  	Money Held in Trust	  	 	57	 
	 Section 7.07.
	  	Compensation and Reimbursement	  	 	57	 
	 Section 7.08.
	  	Eligibility; Disqualification	  	 	59	 
	 Section 7.09.
	  	Indenture Trustee’s Capital and Surplus	  	 	59	 
	 Section 7.10.
	  	Resignation and Removal; Appointment of Successor	  	 	59	 
	 Section 7.11.
	  	Acceptance of Appointment by Successor	  	 	60	 
	 Section 7.12.
	  	Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee	  	 	61	 
	 Section 7.13.
	  	Co-trustees and Separate Indenture Trustees	  	 	61	 
	 Section 7.14.
	  	Books and Records	  	 	63	 
	 Section 7.15.
	  	Control	  	 	63	 
	 Section 7.16.
	  	Suits for Enforcement	  	 	63	 
	 Section 7.17.
	  	Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	  	 	64	 
			
	 ARTICLE VIII
	  	RESERVED	  	 	64	 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - ii - 

							
	 ARTICLE IX
	  	EVENT OF DEFAULT	  	 	64	 
			
	 Section 9.01.
	  	Events of Default	  	 	64	 
	 Section 9.02.
	  	Actions of the Indenture Trustee	  	 	66	 
	 Section 9.03.
	  	Indenture Trustee May File Proofs of Claim	  	 	67	 
	 Section 9.04.
	  	Indenture Trustee May Enforce Claim Without Possession of Notes	  	 	67	 
	 Section 9.05.
	  	Knowledge of Indenture Trustee	  	 	67	 
	 Section 9.06.
	  	Limitation on Suits	  	 	68	 
	 Section 9.07.
	  	Unconditional Right of Noteholders to Receive Principal and Interest	  	 	68	 
	 Section 9.08.
	  	Restoration of Rights and Remedies	  	 	68	 
	 Section 9.09.
	  	Rights and Remedies Cumulative	  	 	69	 
	 Section 9.10.
	  	Delay or Omission; Not Waiver	  	 	69	 
	 Section 9.11.
	  	Control by Noteholders	  	 	69	 
	 Section 9.12.
	  	Waiver of Certain Events by Less Than All Noteholders	  	 	69	 
	 Section 9.13.
	  	Undertaking for Costs	  	 	70	 
	 Section 9.14.
	  	Waiver of Stay or Extension Laws	  	 	70	 
	 Section 9.15.
	  	Sale of Trust Estate	  	 	70	 
	 Section 9.16.
	  	Action on Notes	  	 	71	 
			
	 ARTICLE X
	  	SUPPLEMENTAL INDENTURES	  	 	72	 
			
	 Section 10.01.
	  	Supplemental Indentures Without Noteholder Approval	  	 	72	 
	 Section 10.02.
	  	Supplemental Indentures with Consent of Noteholders	  	 	73	 
	 Section 10.03.
	  	Execution of Amendments and Supplemental Indentures	  	 	74	 
	 Section 10.04.
	  	Effect of Amendments and Supplemental Indentures	  	 	74	 
	 Section 10.05.
	  	Reference in Notes to Amendments and Supplemental Indentures	  	 	74	 
	 Section 10.06.
	  	Indenture Trustee to Act on Instructions	  	 	74	 
			
	 ARTICLE XII
	  	MISCELLANEOUS	  	 	75	 
			
	 Section 12.01.
	  	Compliance Certificates and Opinions; Furnishing of Information	  	 	75	 
	 Section 12.02.
	  	Form of Documents Delivered to Indenture Trustee	  	 	75	 
	 Section 12.03.
	  	Acts of Noteholders	  	 	76	 
	 Section 12.04.
	  	Notices, Etc	  	 	77	 
	 Section 12.05.
	  	Notices and Reports to Noteholders; Waiver of Notices	  	 	78	 
	 Section 12.06.
	  	Rules by Indenture Trustee	  	 	79	 
	 Section 12.07.
	  	Issuer Obligation	  	 	79	 
	 Section 12.08.
	  	Enforcement of Benefits	  	 	79	 
	 Section 12.09.
	  	Effect of Headings and Table of Contents	  	 	80	 
	 Section 12.10.
	  	Successors and Assigns	  	 	80	 
	 Section 12.11.
	  	Separability	  	 	80	 
	 Section 12.12.
	  	Benefits of Indenture	  	 	80	 
	 Section 12.13.
	  	Legal Holidays	  	 	80	 
	 Section 12.14.
	  	Governing Law	  	 	80	 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - iii - 

							
	 Section 12.15.
	  	Counterparts	  	 	81	 
	 Section 12.16.
	  	Recording of Indenture	  	 	81	 
	 Section 12.17.
	  	Further Assurances	  	 	81	 
	 Section 12.18.
	  	No Bankruptcy Petition Against the Issuer	  	 	81	 
	 Section 12.19.
	  	Rule 17g-5 Information	  	 	81	 
	 Section 12.20.
	  	Rule 15Ga-1 Compliance	  	 	83	 
	 Section 12.21.
	  	Multiple Roles	  	 	83	 
	 Section 12.22.
	  	PATRIOT Act	  	 	84	 
			
	 ARTICLE XIII
	  	TERMINATION	  	 	84	 
			
	 Section 13.01.
	  	Termination of Indenture	  	 	84	 

  

							
	 Annex A
	  	—	  	Standard Definitions	  	
	 SCHEDULE I
	  	—	  	Schedule of Solar Assets	  	
	 SCHEDULE II
	  	—	  	Scheduled Host Customer Payments	  	
	 SCHEDULE III
	  	—	  	Scheduled PBI Payments	  	
	 SCHEDULE IV
	  	—	  	Scheduled Hedged SREC Payments	  	
	 SCHEDULE V
	  	—	  	Scheduled Outstanding Note Balance	  	
				
	 EXHIBIT A-1
	  	—	  	Form of Class A Note	  	A-1-1
	 EXHIBIT A-2
	  	—	  	Form of Class B Note	  	A-2-1
	 EXHIBIT A-3
	  	—	  	Form of Class C Note	  	A-3-1
	 EXHIBIT B
	  	—	  	Forms of Transferee Letters	  	B-1
	 EXHIBIT C
	  	—	  	Notice of Voluntary Prepayment	  	C-1
	 EXHIBIT D 
	  	—	  	Rule 15Ga-1 Information	  	D-1
	 EXHIBIT E 
	  	—	  	Form of Transferee Certification for Transfer of Class C Notes	  	E-1

  

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - iv - 

 THIS INDENTURE (as amended or supplemented from time to time,
this “Indenture”) is dated as of April 19, 2017 between Helios Issuer, LLC, a limited liability company organized under the laws of the State of Delaware, as issuer (the “Issuer”), and Wells Fargo Bank,
National Association, a national banking association, not in its individual capacity but solely in its capacity as indenture trustee (together with its successors and assigns in such capacity, the “Indenture Trustee”). 

PRELIMINARY STATEMENT 

Pursuant to this Indenture, there is hereby duly authorized the execution and delivery of three classes of notes designated as the
Issuer’s 4.94% Solar Asset Backed Notes, Series 2017-1, Class A (the “Class A Notes”), the Issuer’s 6.00% Solar Asset Backed Notes, Series 2017-1, Class B (the “Class B Notes”) and the Issuer’s 8.00% Solar Asset Backed Notes, Series 2017-1, Class C (the
“Class C Notes” and together with the Class A Notes and the Class B Notes, the “Notes”). All covenants and agreements made by the Issuer herein are for the benefit and security of the
Holders of the Notes. The Issuer is entering into this Indenture, and the Indenture Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 

GRANTING CLAUSE 

The Issuer hereby Grants to the Indenture Trustee, for the benefit of the Holders of the Notes, as their interests may appear, all of the
rights, title, interest and benefits of the Issuer whether now existing or hereafter arising in and to (a) the Initial Solar Assets, (b) any Qualified Substitute Solar Assets, (c) amounts (including Host Customer Payments, PBI
Payments, Hedged SREC Payments and Insurance Proceeds) deposited from time to time in the Collection Account, the Liquidity Reserve Account, the Inverter Replacement Reserve Account, the Lockbox Account (collectively, the
“Accounts”) and Eligible Investments thereof, (d) any SRECs generated in connection with the PV Systems owned by the Issuer (other than the Excess SRECs), (e) the Contribution Agreements, the Management Agreement, the Servicing
Agreement, the Parent Guaranty, the Custodial Agreement, the Account Control Agreement, and all other Transaction Documents, (f) rights (either directly or indirectly) to proceeds (in addition to Insurance Proceeds) from certain insurance
policies covering the Host Customer Solar Assets and (g) the proceeds of any and all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, of any of the foregoing into cash or other property (collectively, the
“Trust Estate”). For the avoidance of doubt, the Host Customer Security Deposits on deposit in the Host Customer Deposit Account and Excess SRECs will not constitute part of the Trust Estate. 

Such Grant is made in trust, to secure payments of amounts due with respect to the Notes ratably and without prejudice, priority or
distinction between or among the Notes, and to secure (i) the payment of all amounts on the Notes as such amounts become due in accordance with their terms; (ii) the payment of all other sums payable in accordance with the provisions of
this Indenture; and (iii) compliance with the provisions of this Indenture, all as provided in this Indenture. 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 The Indenture Trustee acknowledges such Grant, accepts the trusts hereunder in accordance
with the provisions of this Indenture, and agrees to perform the duties herein required pursuant to the terms and provisions of this Indenture and subject to the conditions hereof. 

ARTICLE I 

DEFINITIONS 

Section 1.01. General Definitions and Rules of Construction. Except as otherwise specified or as the context may
otherwise require, capitalized terms used in this Indenture shall have the respective meanings given to such terms in the Standard Definitions attached hereto as Annex A, which is hereby incorporated by reference into this Indenture as if set forth
fully in this Indenture. The rules of construction set forth in Annex A shall apply to this Indenture and are hereby incorporated by reference into this Indenture as if set forth fully in this Indenture. 

Section 1.02. Calculations. Calculations required to be made pursuant to this Indenture shall be made on the basis
of information or accountings as to payments on each Note furnished by the Servicer. Except to the extent they are incorrect on their face, such information or accountings may be conclusively relied upon in making such calculations, but to the
extent that it is later determined that any such information or accountings are incorrect, appropriate corrections or adjustments will be made. 

ARTICLE II 

THE NOTES; RECONVEYANCE 

Section 2.01. General. (a) The Notes shall be designated as the “Helios Issuer, LLC, 4.94% Solar Asset
Backed Notes, Series 2017-1, Class A,” the “Helios Issuer, LLC, 6.00% Solar Asset Backed Notes, Series 2017-1, Class B,” and the “Helios
Issuer, LLC, 8.00% Solar Asset Backed Notes, Series 2017-1, Class C”. 
 (b) All payments
of principal and interest with respect to the Notes shall be made only from the Trust Estate on the terms and conditions specified herein. Each Noteholder and each Note Owner, by its acceptance of a Note, agrees that, subject to the repurchase
obligations of AP5 and the Depositor and the indemnification obligations provided for herein and in the Contribution Agreements, the Management Agreement and the Servicing Agreement and the obligations of the Parent Guarantor under the Parent
Guaranty, it will have recourse solely against such Trust Estate and such repurchase and indemnification obligations. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 2 

 (c) Except as otherwise provided herein, all Notes shall be substantially identical in all
respects. Except as specifically provided herein, all Notes issued, authenticated and delivered under this Indenture shall be in all respects equally and ratably entitled to the benefits hereof without preference, priority or distinction on account
of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Indenture. 
 (d) The
Initial Outstanding Note Balance of the Class A Notes, the Class B Notes, and the Class C Notes that may be executed by the Issuer and authenticated and delivered by the Indenture Trustee and Outstanding at any given time under this
Indenture is limited to $191,750,000, $18,000,000, and $45,000,000, respectively. 
 (e) Holders of the Notes shall be entitled to payments
of interest and principal as provided herein. Each Class of Notes shall have a final maturity on the Rated Final Maturity. All Notes of the same Class shall be secured on parity with one another, with no Note of any Class having any
priority over any other Note of that same Class. 
 (f) The Notes that are authenticated and delivered to the Noteholders by the Indenture
Trustee upon an Issuer Order on the Closing Date shall be dated as of the Closing Date. Any Note issued later in exchange for, or in replacement of, any Note issued on the Closing Date shall be dated the date of its authentication. 

(g) The Class A Notes and the Class B Notes are issuable in the minimum denomination of $100,000 and the Class C Notes will be
issued in minimum initial denominations of $500,000, and, in each case, integral multiples of $1,000 in excess thereof; provided that one Note of each Class may be issued in an additional amount equal to any remaining portion of the Initial
Outstanding Note Balance of such Class. 
 Section 2.02. Forms of Notes. The Notes shall be in
substantially the form set forth in Exhibit A-1, Exhibit A-2 and Exhibit A-3, as applicable, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the Issuer, as evidenced by its execution thereof. 

The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods, all as
determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 Each Note shall be dated the date of its
authentication. The terms of the Notes are set forth in Exhibit A-1, Exhibit A-2 and Exhibit A-3 and are part of the terms of this Indenture. 
 (a) Global Notes. The Notes are being
offered and sold by the Issuer to the Initial Purchasers pursuant to the Note Purchase Agreement. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 3 

 Notes offered and sold within the United States to QIBs in reliance on Rule 144A shall
be issued initially in the form of Rule 144A Global Notes, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Indenture Trustee, as custodian for the Securities Depository, and registered in the name of
the Securities Depository or a nominee of the Securities Depository, duly executed by the Issuer and authenticated by the Indenture Trustee as hereinafter provided. The Outstanding Note Balance of the Rule 144A Global Notes may from time to time be
increased or decreased by adjustments made on the records of the Indenture Trustee and the Securities Depository or its nominee as hereinafter provided. The Indenture Trustee shall not be liable for any error or omission by the Securities Depository
in making such record adjustments and the records of the Indenture Trustee shall be controlling with regard to outstanding principal amount of Notes hereunder. 

Notes offered and sold outside of the United States in reliance on Regulation S under the Securities Act shall initially be issued in the form
of a Regulation S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Indenture Trustee, as custodian for the Securities Depository, and registered in the name of the Securities
Depository or the nominee of the Securities Depository for the investors’ respective accounts at Euroclear Bank S.A./N.V. as operator of the Euroclear System (“Euroclear”) or Clearstream Banking société
anonyme (“Clearstream”), duly executed by the Issuer and authenticated by the Indenture Trustee as hereinafter provided. Beneficial interests in the Regulation S Temporary Global Notes may be held only through Euroclear or
Clearstream. 
 Within a reasonable period of time following the expiration of the “40-day
distribution compliance period” (as defined in Regulation S), beneficial interests in the Regulation S Temporary Global Note shall be exchanged for beneficial interests in Regulation S Permanent Global Notes upon the receipt by the
Indenture Trustee of (i) a written certificate from the Securities Depository, together with copies of certificates from Euroclear and Clearstream, certifying that they have received certification of
non-United States beneficial ownership of 100% of the Outstanding Note Balance of the Regulation S Temporary Global Note (except to the extent of any beneficial owners thereof who acquired an interest
therein pursuant to another exemption from registration under the Securities Act and who will take delivery of a beneficial ownership interest in a Rule 144A Global Note, all as contemplated by Section 2.08(a)(ii)), and (ii) an
Officer’s Certificate from the Issuer. The Regulation S Permanent Global Notes will be deposited with the Indenture Trustee, as custodian, and registered in the name of a nominee of the Securities Depository. Simultaneously with the
authentication of the Regulation S Permanent Global Notes, the Indenture Trustee shall cancel the Regulation S Temporary Global Note. The Outstanding Note Balance of the Regulation S Temporary Global Note and the Regulation S
Permanent Global Notes may from time to time be increased or decreased by adjustments made on the records of the Indenture Trustee and the Securities Depository or its nominee, as the case may be, in connection with transfers of interest as
hereinafter provided. The Indenture Trustee shall incur no liability for any error or omission of the Securities Depository in making such record adjustments and the records of the Indenture Trustee shall be controlling with regard to outstanding
principal amount of Regulation S Global Notes hereunder. 
 Each Global Note shall represent such of the outstanding Notes as shall be
specified therein and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges and prepayments. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Indenture Trustee, or by
the Note Registrar at the direction of the Indenture Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.08. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 4 

 The provisions of the “Operating Procedures of the Euroclear System” and
“Terms and Conditions Governing Use of Euroclear” and the “Management Regulations” and “Instructions to Participants” of Clearstream shall be applicable to interests in the Regulation S Temporary Global Note and
the Regulation S Permanent Global Notes that are held by the members of, or participants in, the Securities Depository (“Agent Members”) through Euroclear or Clearstream. 

Except as set forth in Section 2.08, the Global Notes may be transferred, in whole and not in part, only to another nominee of the
Securities Depository or to a successor of the Securities Depository or its nominee. 
 (b) Book-Entry Provisions. This
Section 2.02(b) shall apply only to the Global Notes deposited with or on behalf of the Securities Depository. 
 The Issuer shall
execute and the Indenture Trustee shall, in accordance with this Section 2.02(b), authenticate and deliver one Global Note for each Class of Notes which (i) shall be registered in the name of the Securities Depository or the nominee
of the Securities Depository and (ii) shall be delivered by the Indenture Trustee to the Securities Depository or pursuant to the Securities Depository’s instructions or held by the Indenture Trustee as custodian for the Securities
Depository. 
 Agent Members shall have no rights either under this Indenture with respect to any Global Note held on their behalf by the
Securities Depository or by the Indenture Trustee as custodian for the Securities Depository or under such Global Note, and the Securities Depository may be treated by the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee from giving effect to
any written certification, proxy or other authorization furnished by the Securities Depository or impair, as between the Securities Depository and its Agent Members, the operation of customary practices of such Securities Depository governing the
exercise of the rights of an owner of a beneficial interest in any Global Note. 
 The Note Registrar and the Indenture Trustee shall be
entitled to treat the Securities Depository for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Holder of the Notes, and shall have
no obligation to the Note Owners. 
 The rights of Note Owners shall be exercised only through the Securities Depository and shall be
limited to those established by law and agreements between such Note Owners and the Securities Depository and/or the Agent Members pursuant to the Note Depository Agreement. The initial Securities Depository will make book-entry transfers among the
Agent Members and receive and transmit payments of principal of and interest on the Notes to such Agent Members with respect to such Global Notes. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 5 

 Whenever this Indenture requires or permits actions to be taken based upon instructions or
directions of Holders of Notes evidencing a specified percentage of the Outstanding amount of the Notes, the Securities Depository shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from
Note Owners and/or Agent Members owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 

(c) Definitive Notes. Except as provided in Sections 2.08 and 2.13, owners of beneficial interests in Global Notes will not be entitled
to receive physical delivery of certificated definitive, fully registered Notes (the “Definitive Notes”). 

Section 2.03. Payment of Interest. (a) Noteholders shall, subject to the priorities and conditions set forth in
the Priority of Payments, be entitled to receive payments of interest and principal on each Payment Date. Any payment of interest or principal payable with respect to the Notes on the applicable Payment Date shall be made to the Person in whose name
such Note is registered as of the Record Date for such Payment Date in the manner provided in Section 5.07. 
 (b) On each Payment Date,
the Note Interest for a Class of Notes will be distributed to the registered Noteholders of such Class of Notes as of the related Record Date in accordance with the Priority of Payments. Interest on the Notes with respect to any Payment
Date will accrue at the related Note Rate based on the Interest Accrual Period. 
 (c) If the Aggregate Outstanding Note Balance has not been
paid in full on or before the Anticipated Repayment Date, additional interest (the “Post-ARD Additional Note Interest”) will begin to accrue during each Interest Accrual Period thereafter on
each Class of Notes at the related Post-ARD Additional Interest Rate. The Post-ARD Additional Note Interest for a Class of Notes will only be due and payable
after the Aggregate Outstanding Note Balance has been paid in full. Prior to such time, the Post-ARD Additional Note Interest accruing on a Class of Notes will be deferred and added to any Post-ARD Additional Note Interest previously deferred and remaining unpaid (“Deferred Post-ARD Additional Note Interest”). Deferred Post-ARD Additional Note Interest will not bear interest. 
 Section 2.04. Payments
to Noteholders. (a) Principal payments and interest on a Class of Notes will be made on each Payment Date to the Noteholders of each Class as of the related Record Date pursuant to the Priority of Payments. The remaining
Outstanding Note Balance of each Class of Notes, if any, shall be payable no later than the Rated Final Maturity. 
 (b) All reductions
in the principal balance of a Note (or one or more Predecessor Notes) effected by payments of principal made on any Payment Date shall be binding upon all Holders of such Note and of any Note issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof, whether or not such payment is noted on such Note. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 6 

 Section 2.05. Execution, Authentication, Delivery and Dating.
(a) The Notes shall be executed by the Issuer. The signature of such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of any individual who was, at the time of execution thereof, an
Authorized Officer of the Issuer shall bind the Issuer, notwithstanding the fact that such individual ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at the date of issuance of such
Notes. 
 (b) On the Closing Date, the Issuer shall, and at any time and from time to time after the execution and delivery of this
Indenture, the Issuer may deliver Notes executed by the Issuer to the Indenture Trustee for authentication, and the Indenture Trustee, upon receipt of the Notes and of an Issuer Order, shall authenticate and deliver such Notes; provided,
however, that the Indenture Trustee shall not authenticate the Notes on the Closing Date unless and until it shall have received the documents listed in Section 2.12. 

(c) Each Note authenticated and delivered by the Indenture Trustee to or upon an Issuer Order on or prior to the Closing Date shall be dated
the Closing Date. All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture shall be dated the date of their authentication. 

(d) Notes issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the Outstanding
Note Balance so transferred, exchanged or replaced, but shall represent only the Outstanding Note Balance so transferred, exchanged or replaced. In the event that any Note is divided into more than one Note in accordance with this Article II,
such Outstanding Note Balance shall be divided among the Notes delivered in exchange therefor. 
 (e) No Note shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication, substantially in the form provided for herein, executed by the Indenture Trustee by the manual signature of a
Responsible Officer of the Indenture Trustee, and such executed certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered. 

Section 2.06. Temporary Notes. Except for the Notes maintained in book-entry form, temporary Notes shall be issuable
in any authorized denomination, and substantially in the form of the Definitive Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Issuer. Every such temporary Note
shall be executed by the Issuer and authenticated by the Indenture Trustee upon the same conditions and in substantially the same manner, and with the same effect, as the Definitive Notes. Without unreasonable delay, the Issuer will execute and
deliver to the Indenture Trustee Definitive Notes (other than in the case of Notes in global form) and thereupon any or all temporary Notes (other 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 7 

 
than in the case of Notes in global form) may be surrendered in exchange therefor, at the Corporate Trust Office, and the Indenture Trustee shall authenticate and deliver in exchange for such
temporary Notes an equal aggregate principal amount of Definitive Notes. Such exchange shall be made by the Issuer at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the
same benefits and subject to the same limitations under this Indenture as Definitive Notes authenticated and delivered hereunder. 

Section 2.07. Registration, Registration of Transfer and Exchange. (a) The Indenture Trustee (in such capacity,
the “Note Registrar”) shall cause to be kept at its Corporate Trust Office a register (the “Note Register”), in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall provide for
the registration of the Notes and the registration of transfers of such Notes. The Notes are intended to be obligations in registered form for purposes of Section 163(f), Section 871(h)(2) and Section 881(c)(2) of the Code. 

(b) Each Person who has or who acquires any Ownership Interest in a Note shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the provisions of this Section 2.07 and Section 2.08. 
 (c) Each purchaser of Global Notes,
other than the Initial Purchasers, will be deemed to have represented and agreed as follows: 
 (i) The purchaser
(A) (1) is a QIB, (2) is aware that the sale to it is being made in reliance on Rule 144A and (3) is acquiring the Notes or interests therein for its own account (and not for the account of others) or as a fiduciary agent for others
(which others are also QIBS and have executed an agreement containing substantially the same representations as provided herein); or (B) is not a U.S. Person and is purchasing the Notes or interests therein in an offshore transaction pursuant
to Regulation S. The purchaser is aware that it (or any account of a QIB for which it is purchasing) may be required to bear the economic risk of an investment in the Notes for an indefinite period, and it (or such account) is able to bear such risk
for an indefinite period. 
 (ii) The purchaser understands that the Notes and interests therein are being offered in a
transaction not involving any public offering in the United States within the meaning of the Securities Act or any other applicable securities law, that the Notes have not been and will not be registered under the Securities Act and that (A) if
in the future it decides to offer, resell, pledge or otherwise transfer any of the Notes or any interests therein, the Class A Notes and Class B Notes (or the interests therein) may be offered, resold, pledged or otherwise transferred in
minimum denominations of $100,000 and the Class C Notes (or interests therein) may be offered, resold, pledged or otherwise transferred in minimum denominations of $500,000, and, in each case, in integral multiples of $1,000 in excess thereof,
and only (1) in the United States to a person whom the seller reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A (acting for its own account and not for the account of others, or as a fiduciary or agent for
other QIB to whom notice is given that the sale, pledge or transfer is being 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 8 

 
made in reliance on Rule 144A), (2) outside the United States in a transaction complying with the provisions of Regulation S under the Securities Act, or (3) pursuant to another exemption
from registration under the Securities Act (if available and evidenced by an opinion of counsel acceptable to the Issuer and Indenture Trustee), in each of cases (1) through (3) in accordance with any applicable securities laws of any State and
any other applicable jurisdiction, and that (B) the purchaser will, and each subsequent Holder is required to, notify any subsequent purchaser of such Notes or interests therein from it of the resale restrictions referred to in (A) above.

 (iii) The purchaser acknowledges that none of the Issuer, Sunnova Energy, AP5, the Manager, the Servicer, the Backup
Servicer, the Transition Manager, the Depositor, the Indenture Trustee or the Initial Purchasers or any person representing the Issuer, Sunnova Energy, AP5, the Manager, the Servicer, the Backup Servicer, the Transition Manager, the Depositor, the
Indenture Trustee or the Initial Purchasers has made any representation to it with respect to the Issuer or Sunnova Energy, AP5, the Manager, the Servicer, the Backup Servicer, the Transition Manager, the Depositor, or the sale of any Notes, other
than the information contained in the Offering Circular, which Offering Circular has been delivered to it and upon which it is relying in making its investment decision with respect to the Notes; accordingly, it acknowledges that no representation
or warranty is made by the Issuer, Sunnova Energy, AP5, the Manager, the Servicer, the Backup Servicer, the Transition Manager, the Depositor, the Indenture Trustee or the Initial Purchasers as to the accuracy or completeness of such materials; and
it has had access to such financial and other information concerning the Issuer, Sunnova Energy, AP5, the Manager, the Servicer, the Backup Servicer, the Transition Manager, the Depositor and the Notes as it has deemed necessary in connection with
its decision to purchase any of the Notes, including an opportunity to ask questions and request information from the Issuer, Sunnova Energy, AP5, the Manager, the Servicer, the Backup Servicer, the Transition Manager, the Depositor, the Indenture
Trustee and the Initial Purchasers. It acknowledges that the delivery of the Offering Circular at any time does not imply that information herein is correct as of any time subsequent to this date. 

(iv) The purchaser understands that the Notes will, until the Notes may be resold pursuant to Rule 144(b)(1) of the Securities
Act, unless otherwise agreed by the Issuer and the holder thereof, bear a legend substantially to the following effect: 
 THIS NOTE (OR ITS
PREDECESSOR) HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES
LAW. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE OR ANY INTEREST HEREIN IS HEREBY NOTIFIED THAT THE
SELLER OF THIS NOTE OR INTEREST HEREIN MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 9 

 EACH PURCHASER AND TRANSFEREE BY ITS PURCHASE OF THIS NOTE OR INTEREST HEREIN IS DEEMED TO
HAVE REPRESENTED AND WARRANTED THAT IT IS NOT ACQUIRING THE NOTE OR INTEREST THEREIN FOR OR ON BEHALF OF OR WITH THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA OR ANY OTHER
“PLAN” AS DEFINED IN SECTION 4975(E)(1) OF THE CODE THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY
(EACH A “BENEFIT PLAN INVESTOR”), OR ANY “GOVERNMENTAL PLAN” WITHIN THE MEANING OF SECTION 3(32) OF ERISA THAT IS SUBJECT TO ANY SUBSTANTIALLY SIMILAR PROVISION OF STATE, TERRITORIAL OR LOCAL LAW (“SIMILAR LAW”), OR IF
THE PURCHASER OR TRANSFEREE IS A BENEFIT PLAN INVESTOR OR A GOVERNMENTAL PLAN SUBJECT TO SIMILAR LAW, THE PURCHASER AND TRANSFEREE AND THE FIDUCIARY OF SUCH BENEFIT PLAN INVESTOR OR GOVERNMENTAL PLAN BY ITS PURCHASE OF THIS NOTE OR INTEREST HEREIN
IS DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THE PURCHASE AND HOLDING OF THIS NOTE OR INTEREST HEREIN DOES NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR
SIMILAR LAW. 
 THE HOLDER OF THIS GLOBAL NOTE OR ANY INTEREST HEREIN AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE AND ANY
INTEREST HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN MINIMUM DENOMINATIONS OF [$100,000] [FOR CLASS A NOTES AND CLASS B NOTES] / [$500,000] [FOR CLASS C NOTES] AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS
THEREOF, AND ONLY (I) IN THE U.S. TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A (ACTING FOR ITS OWN
ACCOUNT AND NOT FOR THE ACCOUNT OF OTHERS, OR AS A FIDUCIARY OR AGENT FOR OTHER QIBS TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A), (II) OUTSIDE THE U.S. IN AN OFFSHORE TRANSACTION IN ACCORDANCE
WITH REGULATION S, OR (III) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE AND EVIDENCED BY AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE INDENTURE TRUSTEE), IN EACH OF CASES (I) THROUGH
(III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE U.S. AND ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS GLOBAL NOTE OR ANY INTEREST
HEREIN FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 10 

 THE PURCHASER UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING
POSITIONS IN THE NOTES FROM THE SECURITIES DEPOSITORY. 
 (v) The purchaser understands that any Note offered in reliance on
Regulation S will, during the 40-day distribution compliance period commencing on the day after the later of the commencement of the offering and the date of original issuance of the Notes, bear a legend
substantially to the following effect: 
 THIS NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE SECURITIES ACT WHICH IS
EXCHANGEABLE FOR A PERMANENT REGULATION S GLOBAL NOTE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE INDENTURE. 
 PRIOR TO THE DATE
THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES, THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 Following the 40-day
distribution compliance period, interests in a Regulation S Temporary Global Note will be exchanged for interests in a Regulation S Permanent Global Note. 

(vi) Each purchaser and transferee by its purchase of a Note or interest therein shall be deemed to have represented and
warranted that it is not acquiring the Note or interest therein for or on behalf of or with the assets of any employee benefit plan as defined in Section 3(3) of the Employment Retirement Income Security Act of 1974, as amended
(“ERISA”), that is subject to Title I of ERISA or any other “plan” as defined in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code or any entity whose underlying assets include plan assets by
reason of an employee benefit plan’s or plan’s investment in such entity (each a “Benefit Plan Investor”), or any “governmental plan” within the meaning of Section 3(32) of ERISA that is subject to any
substantially similar provision of state, territorial or local law (“Similar Law”), or if the purchaser or transferee is a Benefit Plan Investor or a governmental plan subject to Similar Law, the purchaser and transferee and the fiduciary
of such Benefit Plan Investor or governmental plan by its purchase of the Note or interest therein shall be deemed to have represented and warranted that the purchase and holding of the Note or interest therein will not result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a violation of Similar Law. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 11 

 (vii) The purchaser acknowledges that the Issuer, Sunnova Energy, AP5, the
Manager, the Servicer, the Backup Servicer, the Transition Manager, the Depositor, the Indenture Trustee, the Initial Purchasers and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations, warranties, and
agreements and agrees that, if any of the acknowledgments, representations, warranties and agreements deemed to have been made by its purchase of the Notes are no longer accurate, it shall promptly notify the Initial Purchasers. If it is acquiring
any Notes as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to each such investor account and that it has full power to make the foregoing acknowledgments, representations
and agreements on behalf of each such investor account. 
 (viii) The purchaser understands that the Issuer may receive a
list of participants holding positions in the Notes from the Securities Depository. 
 (d) Other than with respect to Notes maintained in
book-entry form, at the option of a Noteholder, Notes may be exchanged for other Notes of any authorized denominations and of a like Outstanding Note Balance upon surrender of the Notes to be exchanged at the Corporate Trust Office. Whenever any
Notes are so surrendered for exchange, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver, the Notes which the Noteholder making the exchange is entitled to receive. 

(e) Other than with respect to Notes maintained in book-entry form, any Note presented or surrendered for registration of transfer or exchange
of Notes shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed. All Notes issued upon any registration of transfer or exchange of Notes shall be the valid
obligations of the Issuer, evidencing the same rights, and entitled to the same benefits under this Indenture, as the Class of Notes surrendered upon such registration of transfer or exchange. No service charge shall be made for any
registration of transfer or exchange of Notes, but the Issuer and the Indenture Trustee may require payment of a sum sufficient to cover any Tax or other governmental charge as may be imposed in connection with any registration of transfer or
exchange of Notes, other than exchanges pursuant to Section 2.08 not involving any transfer. 
 The Notes have not been and will not be
registered under the Securities Act or securities laws of any jurisdiction. Consequently, the Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of provisions set
forth in this Indenture. 
 (f) Each purchaser and transferee by its purchase of a Class C Note or a beneficial interest therein shall
have to provide the Issuer, the Indenture Trustee and the Note Registrar with representations substantially in the form of the transferee certification in Exhibit E attached hereto and upon accepting a beneficial interest in the Class C
Notes will be deemed to have made all of the certifications, representations and warranties set forth in Section 2.08(e). Any transfer of a beneficial interest in a Class C Note in violation of any of the foregoing
will be of no force and effect and void ab initio. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 12 

 Section 2.08. Transfer and Exchange. (a) The transfer and
exchange of Global Notes or beneficial interests therein shall be effected through the Securities Depository, in accordance with this Indenture and the procedures of the Securities Depository therefor, which shall include restrictions on transfer
comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in a Global Note may be transferred to persons who take delivery thereof in the form of a beneficial interest in the same Global Note in
accordance with the transfer restrictions set forth in the legends in subsections (c)(iii) and (iv) of Section 2.07, as applicable. Transfers of beneficial interests in the Global Notes to person required or permitted to take delivery
thereof in the form of an interest in another Global Note shall be permitted as follows: 
 (i) Rule 144A Global Note to
Regulation S Global Note. If, at any time, an owner of a beneficial interest in a Rule 144A Global Note deposited with the Securities Depository (or the Indenture Trustee as custodian for the Securities Depository) wishes to transfer its
interest in such Rule 144A Global Note to a person who is required or permitted to take delivery thereof in the form of an interest in a Regulation S Global Note, such owner shall, subject to compliance with the applicable procedures described
herein (the “Applicable Procedures”), exchange or cause the exchange of such interest for an equivalent beneficial interest in a Regulation S Global Note as provided in this Section 2.08(a)(i). Upon receipt by the Indenture
Trustee of (1) instructions given in accordance with the Applicable Procedures from an Agent Member directing the Indenture Trustee to credit or cause to be credited a beneficial interest in the Regulation S Global Note in an amount equal to
the beneficial interest in the Rule 144A Global Note to be exchanged, (2) a written order given in accordance with the Applicable Procedures containing information regarding the participant account of the Securities Depository and the Euroclear
or Clearstream account to be credited with such increase, and (3) a certificate in the form of Exhibit B-1 hereto given by the Note Owner of such beneficial interest stating that the transfer of such
interest has been made in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with Rule 903 or Rule 904 of Regulation S, then the Indenture Trustee, as Note Registrar, shall instruct the
Securities Depository to reduce or cause to be reduced the initial Outstanding Note Balance of the applicable Rule 144A Global Note and to increase or cause to be increased the initial Outstanding Note Balance of the applicable Regulation S Global
Note by the initial principal amount of the beneficial interest in the Rule 144A Global Note to be exchanged, to credit or cause to be credited to the account of the person specified in such instructions a beneficial interest in the Regulation S
Global Note equal to the reduction in the initial Outstanding Note Balance of the Rule 144A Global Note, and to debit, or cause to be debited, from the account of the person making such exchange or transfer the beneficial interest in the Rule 144A
Global Note that is being exchanged or transferred. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 13 

 (ii) Regulation S Global Note to Rule 144A Global Note. If, at any
time an owner of a beneficial interest in a Regulation S Global Note deposited with the Securities Depository or with the Indenture Trustee as custodian for the Securities Depository wishes to transfer its interest in such Regulation S Global Note
to a person who is required or permitted to take delivery thereof in the form of an interest in a Rule 144A Global Note, such owner shall, subject to the Applicable Procedures, exchange or cause the exchange of such interest for an equivalent
beneficial interest in a Rule 144A Global Note as provided in this Section 2.08(a)(ii). Upon receipt by the Indenture Trustee of (1) instructions from Euroclear or Clearstream, if applicable, and the Securities Depository, directing the
Indenture Trustee, as Note Registrar, to credit or cause to be credited a beneficial interest in the Rule 144A Global Note equal to the beneficial interest in the Regulation S Global Note to be exchanged, such instructions to contain information
regarding the participant account with the Securities Depository to be credited with such increase, (2) a written order given in accordance with the Applicable Procedures containing information regarding the participant account of the
Securities Depository and (3) if such transfer is being effected prior to the expiration of the “40-day distribution compliance period” (as defined by Regulation S under the Securities Act), a
certificate in the form of Exhibit B-2 hereto given by the Note Owner of such beneficial interest stating (A) if the transfer is pursuant to Rule 144A, that the person transferring such interest in a
Regulation S Global Note reasonably believes that the person acquiring such interest in a Rule 144A Global Note is a QIB and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A and any applicable blue sky or
securities laws of any State, (B) that the transfer complies with the requirements of Rule 144A under the Securities Act and any applicable blue sky or securities laws of any State or (C) if the transfer is pursuant to any other exemption
from the registration requirements of the Securities Act, that the transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the requirements of the
exemption claimed, such statement to be supported by an Opinion of Counsel from the transferee or the transferor in form reasonably acceptable to the Issuer and to the Indenture Trustee, then the Indenture Trustee, as Note Registrar, shall instruct
the Securities Depository to reduce or cause to be reduced the initial Outstanding Note Balance of such Regulation S Global Note and to increase or cause to be increased the initial Outstanding Note Balance of the applicable Rule 144A Global Note by
the initial principal amount of the beneficial interest in the Regulation S Global Note to be exchanged, and the Indenture Trustee, as Note Registrar, shall instruct the Securities Depository, concurrently with such reduction, to credit or cause to
be credited to the account of the person specified in such instructions a beneficial interest in the applicable Rule 144A Global Note equal to the reduction in the Outstanding Note Balance at maturity of such Regulation S Global Note and to debit or
cause to be debited from the account of the person making such transfer the beneficial interest in the Regulation S Global Note that is being transferred. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 14 

 (b) Transfer and Exchange from Definitive Notes to Definitive Notes. When Definitive
Notes are presented by a Holder to the Note Registrar with a request: 
 (i) to register the transfer of Definitive Notes in
the form of other Definitive Notes; or 
 (ii) to exchange such Definitive Notes for an equal principal amount of Definitive
Notes of other authorized denominations, 
 the Note Registrar shall register the transfer or make the exchange as requested; provided, however, that
the Definitive Notes presented or surrendered for register of transfer or exchange shall be duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Note Registrar duly executed by such Holder or by his attorney,
duly authorized in writing; and 
 (i) if such Definitive Note is being transferred to a QIB in accordance with
Rule 144A or in an offshore transaction pursuant to Regulation S, a certification to that effect from such Holder (in the form of Exhibit B-3 hereto); or 

(ii) if such Definitive Note is being transferred in reliance on any other exemption from the registration requirements of the
Securities Act, a certification to that effect from such Holder (in the form of Exhibit B-3 hereto) and an Opinion of Counsel from such Holder or the transferee reasonably acceptable to the Issuer and to the
Indenture Trustee to the effect that such transfer is in compliance with the Securities Act. 
 (c) Restrictions on Transfer and Exchange
of Global Notes. Notwithstanding any other provision of this Indenture, a Global Note may not be transferred except by the Securities Depository to a nominee of the Securities Depository or by a nominee of the Securities Depository to the
Securities Depository or another nominee of the Securities Depository or by the Securities Depository or any such nominee to a successor Securities Depository or a nominee of such successor Securities Depository. 

(d) Initial Issuance of the Notes. The Initial Purchasers shall not be required to deliver, and neither the Issuer nor the Indenture
Trustee shall demand therefrom, any of the certifications or opinions described in this Section 2.08 in connection with the initial issuance of the Notes and the delivery thereof by the Issuer. 

(e) Transfer Restrictions for the Class C Notes. Notwithstanding anything to the contrary herein, no transfer of a
beneficial interest in a Class C Note shall be effective, and any attempted transfer shall be void ab initio, unless, prior to and as a condition of such transfer, each of the prospective transferee of the beneficial interest (including the
initial transferee of the beneficial interest) and any subsequent transferee of the beneficial interest in a Class C Note, truthfully represents, warrants and covenants, in writing, substantially in the form of the transferee certification set
forth in Exhibit E hereto to the Issuer, the Indenture Trustee and the Note Registrar, as applicable, and any of their respective successors or assigns that: 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 15 

 (i) Either (a) it is not and will not become, for U.S. federal income
tax purposes, a partnership, Subchapter S corporation, or grantor trust (each such entity a “flow-through entity”) or (b) if it is or becomes a flow-through entity, then (1) none of the direct or indirect beneficial owners of any
of the interests in such flow-through entity has or ever will have 50% or more of the value of its interest in such flow-through entity attributable to the beneficial interest of such flow-through entity in a Class C Note, other interest
(direct or indirect) in the Issuer, or any interest created under this Indenture and (2) it is not and will not be a principal purpose of the arrangement involving the flow-through entity’s beneficial interest in any Class C Note to
permit any entity to satisfy the 100-partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such entity not to be classified as
a publicly traded partnership for U.S. federal income tax purposes. 
 (ii) It will not (a) acquire, sell, transfer,
assign, participate, pledge or otherwise dispose of any of its interests in a Class C Note (or any interest therein that is described in Section 1.7704-1(a)(2)(i)(B) of the Treasury Regulations), or
attempt to do any of the foregoing, on or through an “established securities market” within the meaning of Section 1.7704-1(b) of the Treasury Regulations (an “Exchange”),
including, without limitation, any of the following: (x) a U.S. national, regional or local securities exchange, (y) a foreign securities exchange or (z) an inter-dealer quotation system that regularly disseminates firm buy or sell
quotations by identified brokers or dealers (including, without limitation, the National Association of Securities Dealers Automated Quotation System) or (b) cause any of its interests in a Class C Note (or any interest therein that is
described in Section 1.7704-1(a)(2)(i)(B) of the Treasury Regulations) to be marketed on or through an Exchange. 

(iii) It will not cause any beneficial interest in a Class C Note to be traded or otherwise marketed on or through an
“established securities market” or a “secondary market (or the substantial equivalent thereof),” each within the meaning of Section 7704(b) of the Code and the Treasury Regulations promulgated thereunder, including, without
limitation, an interdealer quotation system that regularly disseminates firm buy or sell quotations. 
 (iv) Its beneficial
interest in a Class C Note is not and will not be in an amount that is less than the minimum denomination for the Class C Notes set forth in this Indenture, and it does not and will not hold any beneficial interest in the Class C Note
on behalf of any person whose beneficial interest in a Class C Note is in an amount that is less than the minimum denomination for the Class C Notes set forth in this Indenture. It will not sell, transfer, assign, participate, pledge or
otherwise dispose of any beneficial interest in a Class C Note or enter into any financial instrument or contract the value of which is determined by reference in whole or in part to any Class C Note, in each case, if the effect of doing
so would be that the beneficial interest of any person in a Class C Note would be in an amount that is less than the minimum denomination for the Class C Notes set forth in this Indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 16 

 (v) It will not transfer any beneficial interest in a Class C Note
(directly, through a participation thereof, or otherwise) unless, prior to the transfer, the transferee of such beneficial interest will have executed and delivered to the Issuer, the Indenture Trustee and the Note Registrar, and any of their
respective successors or assigns, a transferee certification as required in the form of Exhibit E hereto. 
 (vi) It
will not enter into any financial instrument the payment on which, or the value of which, is determined in whole or in part by reference to an interest in a Class C Note (including the amount of payments on a Class C Note, the value of a
Class C Note or any contract that otherwise is described in Section 1.7704-1(a)(2)(i)(B) of the Treasury Regulations). 

(vii) It will not use a Class C Note as collateral for the issuance of any securities that could cause the Issuer to
become subject to taxation as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. 

(viii) It will not take any action that could cause, and will not omit to take any action, which omission could cause, the
Issuer to become taxable as a corporation for U.S. federal income tax purposes. 
 (ix) It will treat a Class C Note as
indebtedness and indicate on all federal, state and local income tax and information returns and reports required to be filed with respect to a Class C Note, under any applicable federal, state or local tax statute or any rule or regulation
under any of them, that a Class C Note is indebtedness unless otherwise required by applicable law. 
 (x) It
acknowledges that the Issuer may prohibit any transfer of a Class C Note if it reasonably believes that such transfer would violate any of these representations, warranties, and covenants. 

(xi) It acknowledges that the Originator, the Indenture Trustee, the Note Registrar, the Issuer and others will rely on the
truth and accuracy of the foregoing representations, warranties and covenants and agrees that if it becomes aware that any of the foregoing are no longer accurate, it will notify the Issuer. 

The Indenture Trustee shall maintain a file of all such transferee certifications delivered to it and shall make such
transferee certifications available to the Issuer upon request. The Issuer may refuse to recognize, and treat as void ab initio, any transfer of a Class C Note that it reasonably believes would violate any of the foregoing
representations, warranties, and covenants. 
 Section 2.09. Mutilated, Destroyed, Lost or Stolen Notes.
(a) If (i) any mutilated Note is surrendered to the Indenture Trustee or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee
such security or indemnity as may be required by the Indenture Trustee to hold each of the Issuer and the Indenture Trustee harmless, then, in the absence of actual notice to the Issuer or the Indenture Trustee that such Note has been acquired by a
protected purchaser, the Issuer shall 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 17 

 
execute, and the Indenture Trustee shall authenticate and deliver upon an Issuer Order, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a new Note or Notes of
the same tenor and principal balance bearing a number not contemporaneously outstanding; provided, however, that if any such mutilated, destroyed, lost or stolen Note shall have become subject to receipt of payment in full, instead of issuing
a new Note, the Indenture Trustee may make a payment with respect to such Note without surrender thereof, except that any mutilated Note shall be surrendered. If, after the delivery of such new Note or payment with respect to a destroyed, lost or
stolen Note pursuant to the proviso to the preceding sentence, a protected purchaser of the original Note in lieu of which such new Note was issued presents for receipt of payments such original Note, the Issuer and the Indenture Trustee shall be
entitled to recover such new Note (or such payment) from the Person to whom it was delivered or any Person taking such new Note from such Person, except a protected purchaser, and each of the Issuer and the Indenture Trustee shall be entitled to
recover upon the security or indemnity provided therefor to the extent of any loss, damage or cost incurred by the Issuer or the Indenture Trustee in connection therewith. 

(b) Upon the issuance of any new Note under this Section 2.09, the Issuer or the Indenture Trustee may require the payment of a sum
sufficient to cover any Tax or other governmental charge that may be imposed in relation thereto. 
 (c) Every new Note issued pursuant to
this Section 2.09 in lieu of any destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not such destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

(d) The provisions of this Section 2.09 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect
to the replacement or payment with respect to mutilated, destroyed, lost or stolen Notes. 
 Section 2.10. Persons
Deemed Noteholders. Before due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered as the owner of
such Note (a) on the applicable Record Date for the purpose of receiving payments with respect to principal and interest on such Note and (b) on any date for all other purposes whatsoever, whether or not such Note be overdue, and none of
the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by any notice to the contrary. 

Section 2.11. Cancellation of Notes. All Definitive Notes surrendered for payment, registration of transfer,
exchange or prepayment shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by it. The Issuer may at any time deliver to the Indenture Trustee for cancellation any
Note previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in
exchange for any Notes canceled as provided in this Section 2.11 except as expressly permitted by this Indenture. All canceled Notes shall be held and disposed of by the Indenture Trustee in accordance with its standard retention and disposal
policy. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 18 

 Section 2.12. Conditions to Closing. The Notes shall be executed,
authenticated and delivered on the Closing Date in accordance with Section 2.05 and, upon receipt by the Indenture Trustee of the following: 

(a) an Issuer Order authorizing the authentication and delivery of such Notes by the Indenture Trustee; 

(b) the original Notes executed by the Issuer and true and correct copies of the Transaction Documents; 

(c) Opinions of Counsel addressed to the Indenture Trustee, the Initial Purchasers and the Rating Agency in form and substance satisfactory to
the Indenture Trustee, the Initial Purchasers and the Rating Agency addressing corporate, security interest, bankruptcy and other matters; 

(d) an Officer’s Certificate of an Authorized Officer of the Issuer, stating that: 

(i) all representations and warranties of the Issuer contained in the Transaction Documents are true and correct, and no
defaults exist under the Transaction Documents; 
 (ii) the issuance of the Notes will not result in any breach of any of the
terms, conditions or provisions of, or constitute a default under, this Indenture or any other Transaction Document, the Issuer Operating Agreement or any other constituent documents of the Issuer or any indenture, mortgage, deed of trust or other
agreement or instrument to which the Issuer is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the Issuer is a party or by which it may be bound or to which it may be subject,
and that all conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes have been fully satisfied; and 

(iii) the conditions precedent described in this Indenture and in the other Transaction Documents, if any, have been satisfied;

 (e) an Officer’s Certificate dated as of the Closing Date, of an Authorized Officer of AP5 that: 

(i) AP5 is not in default under any of the Transaction Documents to which it is a party, and the transfer of the AP5 Conveyed
Property by it will not result in any breach of any of the terms, conditions or provisions of, or constitute a material default under, its organizational documents or any other constituent documents of it or any indenture, mortgage, deed of trust or
other agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which it is a party or by which it may be bound or to which it may be subject; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 19 

 (ii) all representations and warranties of it contained in each of the
Transaction Documents to which it is a party are true and correct on and as of the Closing Date, as though made on and as of the Closing Date; and 

(iii) all conditions precedent set forth in Section 2.12 and in the other Transaction Documents have been satisfied; 

(f) an Officer’s Certificate dated as of the Closing Date, of an Authorized Officer of the Depositor that: 

(i) the Depositor is not in default under any of the Transaction Documents to which it is a party, and the transfer of the
Depositor Conveyed Property by it and the simultaneous Grant of the Trust Estate to the Indenture Trustee by the Issuer will not result in any breach of any of the terms, conditions or provisions of, or constitute a material default under, its
organizational documents or any other constituent documents of it or any indenture, mortgage, deed of trust or other agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative agency entered
in any Proceeding to which it is a party or by which it may be bound or to which it may be subject; 
 (ii) all
representations and warranties of it on and as of the Closing Date, as though made on and as of the Closing Date contained in each of the Transaction Documents to which it is a party are true and correct; and 

(iii) all conditions precedent set forth in Section 2.12 and in the other Transaction Documents have been satisfied; 

(g) a Secretary’s Certificate dated as of the Closing Date of each of AP5, the Depositor and the Issuer regarding certain organizational
matters and the incumbency of the signatures of AP5, the Depositor and the Issuer; 
 (h) the Assignment to the Depositor by AP5 of its
right, title and interest in the Solar Assets, duly executed by AP5 and the Depositor, and the Assignment to the Issuer by the Depositor of its right, title and interest in the Solar Assets, duly executed by the Depositor and the Issuer; 

(i) presentment of all applicable UCC termination statements or partial releases (collectively, the “Termination Statements”)
terminating the Liens of creditors of Sunnova Energy, AP5, the Depositor, any of their Affiliates or any other Person with respect to any part of the Trust Estate (except as expressly contemplated by the Transaction Documents) and the Financing
Statements (which shall constitute all of the Perfection UCCs with respect to the Closing Date) to the proper Person for filing to perfect the Indenture Trustee’s first priority Lien on the Trust Estate, subject to Permitted Liens; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 20 

 (j) evidence that the Issuer has established the Collection Account, the Liquidity Reserve
Account and the Inverter Replacement Reserve Account; 
 (k) evidence that Sunnova Energy has established the Host Customer Deposit Account;

 (l) delivery by the Custodian to the Issuer and the Indenture Trustee of an executed Closing Date Certification; 

(m) delivery by the Rating Agency to the Issuer and the Indenture Trustee of its rating letter assigning a rating to the Class A Notes of
“A (sf)” and to the Class B Notes of “BBB (sf)”; 
 (n) the Servicer shall have deposited into the Collection
Account all collections received in respect of the Depositor Conveyed Property since the Initial Cut-Off Date; and 

(o) any other certificate, document or instrument reasonably requested by the Initial Purchasers or the Indenture Trustee. 

Section 2.13. Definitive Notes. The Notes will be issued as Definitive Notes, rather than to DTC or its nominee,
only if (a) the Securities Depository notifies the Issuer and the Indenture Trustee that it is unwilling or unable to continue as the Securities Depository with respect to any or all of the Notes or (b) at any time the Securities
Depository shall no longer be registered or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, and in either case a successor Securities Depository is not appointed by the Issuer within
90 days after the Issuer receives notice or becomes aware of such condition, as the case may be. Upon the occurrence of any of the events described in the immediately preceding paragraph, the Issuer will issue the Notes of each Class in the
form of Definitive Notes and thereafter the Indenture Trustee will recognize the holders of such Definitive Notes as Noteholders of each such Class under this Indenture. In connection with any proposed transfer outside the book entry system or
exchange of beneficial interest in a Note for Notes in definitive registered form, the Issuer shall be required to provide or cause to be provided to the Indenture Trustee all information reasonably available to it that is reasonably requested by
the Indenture Trustee and is otherwise necessary to allow the Indenture Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Code. The
Indenture Trustee may rely on any such information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. The Indenture Trustee shall not have any responsibility or liability for any actions taken or
not taken by DTC. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 21 

 Section 2.14. Access to List of Noteholders’ Names
and Addresses. The Indenture Trustee shall furnish or cause to be furnished to the Servicer within 15 days after receipt by the Indenture Trustee of a request therefor from the Servicer in writing, a list, in such form as the Servicer may
reasonably require, of the names and addresses of the Noteholders as of the most recent Record Date. 
 ARTICLE III

 COVENANTS; COLLATERAL; REPRESENTATIONS; WARRANTIES 

Section 3.01. Performance of Obligations. (a) The Issuer will not take any action or permit any action to be
taken by others which would release any Person from any of such Person’s covenants or obligations in any Transaction Document or under any instrument or agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Transaction
Documents or such other instrument or agreement. 
 (b) To the extent consistent with the Issuer Operating Agreement, the Issuer may contract
with other Persons to assist it in performing its duties hereunder, and any performance of such duties shall be deemed to be action taken by the Issuer. To the extent that the Issuer contracts with other Persons which include or may include the
furnishing of reports, notices or correspondence to the Indenture Trustee, the Issuer shall identify such Persons in a written notice to the Indenture Trustee. 

(c) The Issuer shall and shall require that the Depositor and AP5 characterize (i) the transfer of the AP5 Conveyed Property by AP5 to the
Depositor and the Depositor Conveyed Property by the Depositor to the Issuer pursuant to the related Contribution Agreement as an absolute transfer for legal purposes, (ii) the Grant of the Trust Estate by the Issuer under this Indenture as a
pledge for financial accounting purposes, and (iii) the Notes as indebtedness for U.S. federal income tax purposes and for financial accounting purposes. In this regard, the financial statements of Sunnova Energy and its consolidated
subsidiaries will show the Solar Assets as owned by the consolidated group and the Notes as indebtedness of the consolidated group (and will contain appropriate footnotes stating that the assets of the Issuer will not be available to creditors of
Sunnova Energy, AP5 Holdings, AP5 or the Depositor or any other Person), and the U.S. federal income tax returns of Sunnova Energy and its consolidated subsidiaries that are regarded entities for U.S. federal income tax purposes will indicate that
the Notes are indebtedness. The Issuer will cause Sunnova Energy, AP5 and the Depositor to file all required tax returns and associated forms, reports, schedules and supplements thereto in a manner consistent with such characterizations. 

(d) The Issuer covenants to pay, or cause to be paid, all Taxes or other similar charges levied by any governmental authority with regard to
the Trust Estate, except to the extent that the validity or amount of such Taxes is contested in good faith, via appropriate Proceedings and with adequate reserves established and maintained therefor in accordance with GAAP. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 22 

 (e) The Issuer hereby assumes liability for all liabilities associated with the Trust Estate
or created under this Indenture, including but not limited to any obligation arising from the breach or inaccuracy of any representation, warranty or covenant of the Issuer set forth herein except as provided in the Transaction Documents.
Notwithstanding the foregoing, the Issuer has and shall have no liability with respect to the payment of principal and interest on the Notes, except as otherwise provided in this Indenture. 

(f) The Issuer will perform and observe all of its obligations and agreements contained in this Indenture, the Transaction Documents and in the
instruments and agreements included in the Trust Estate, including, but not limited to, preparing (or causing to be prepared) and filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the
terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or
terminate any Transaction Document or any provision thereof without the consent of the Indenture Trustee (acting at the direction of the Majority Noteholders). 

(g) If an Event of Default or Manager Termination Event shall arise from the failure of the Manager to perform any of its duties or obligations
under the Management Agreement, the Issuer shall take all reasonable steps available to it to remedy such failure, including appointing a replacement Manager pursuant to the terms of the Management Agreement. 

(h) If an Event of Default or Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or
obligations under the Servicing Agreement, the Issuer shall take all reasonable steps available to it to remedy such failure, including appointing a replacement Servicer pursuant to the terms of the Servicing Agreement. 

(i) The Issuer, or the Servicer on behalf of the Issuer, will supply to the Indenture Trustee, at the time and in the manner required by
applicable Treasury Regulations, for further distribution to such persons, and to the extent, required by applicable Treasury Regulations, information with respect to any original issue discount accruing on the Notes. 

Section 3.02. Negative Covenants. In addition to the restrictions and prohibitions set forth in Sections 3.04 and
3.10 and elsewhere herein, the Issuer will not: 
 (a) sell, transfer, exchange or otherwise dispose of any portion of its interest in the
Trust Estate except as expressly permitted by this Indenture or the Transaction Documents; provided that at any time the Issuer may distribute to the Depositor (i) any Excess SRECs and (ii) any Rebates; 

(b) permit the validity or effectiveness of this Indenture or any Grant hereunder to be impaired or permit any Person to be released from any
covenants or obligations under this Indenture, except as may be expressly permitted hereby or under any other Transaction Document; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 23 

 (c) (i) create, incur or suffer, or permit to be created or incurred or to exist any
Lien on any of the Trust Estate or (ii) permit the Lien of this Indenture not to constitute a valid first priority, perfected Lien on the Trust Estate, in each case subject to Permitted Liens; 

(d) take any action or fail to take any action which action or failure to act may cause the Issuer to become classified as an association (or
publicly traded partnership) that is taxable as a corporation for U.S. federal income tax purposes; or 
 (e) act in violation of its
organization documents. 
 Section 3.03. Money for Note Payments. (a) All payments with respect to any Notes
which are to be made from amounts withdrawn from the Collection Account pursuant to the Priority of Payments shall be made on behalf of the Issuer by the Indenture Trustee, and no amounts so withdrawn from an Account for payments with respect to the
Notes shall be paid over to the Issuer under any circumstances except as provided in this Section 3.03 and Article V. 
 (b) When
the Indenture Trustee is not also the Note Registrar, the Issuer shall furnish, or cause the Note Registrar to furnish, with respect to Global Notes, on each Record Date, and with respect to Definitive Notes, no later than the fifth calendar day
after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders and of the number of individual Notes and the Outstanding Note Balance held by each such Noteholder. 

(c) Any money held by the Indenture Trustee in trust for the payment of any amount distributable but unclaimed with respect to any Note shall
be held in a non-interest bearing trust account, and if the same remains unclaimed for two years after such amount has become due to such Noteholder, such money shall be discharged from such trust and paid to
the Issuer upon an Issuer Order without any further action by any Person; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to
the Issuer), and all liability of the Indenture Trustee with respect to such trust money shall thereupon cease. The Indenture Trustee may adopt and employ, at the expense of the Issuer, any reasonable means of notification of such payment
(including, but not limited to, mailing notice of such payment to Noteholders whose Notes have been called but have not been surrendered for prepayment or whose right to or interest in moneys due and payable but not claimed is determinable from the
records of the Indenture Trustee, at the last address of record for each such Noteholder). 
 Section 3.04.
Restriction of Issuer Activities. Until the date that is 365 days after the Termination Date, the Issuer will not on or after the date of execution of this Indenture: 

(a) engage in any business or investment activities other than those necessary for, incident to, connected with or arising out of, owning and
Granting the Trust Estate to the Indenture Trustee for the benefit of the Noteholders, or contemplated hereby, in the Transaction Documents; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 24 

 (b) incur any indebtedness secured in any manner by, or having any claim against, the Trust
Estate or the Issuer other than indebtedness arising hereunder and in connection with the Transaction Documents and as otherwise expressly permitted in a Transaction Document; 

(c) incur any other indebtedness except as permitted in the Issuer Operating Agreement; 

(d) amend, or propose to the member of the Depositor for their consent any amendment of, the Issuer Operating Agreement (or, if the Issuer
shall be a successor to the Person named as the Issuer in the first paragraph of this Indenture, amend, consent to amendment or propose any amendment of, the governing instruments of such successor), without giving notice thereof in writing, 30 days
prior to the date on which such amendment is to become effective, to the Rating Agency; 
 (e) except as otherwise expressly permitted by
this Indenture or the Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate; provided that at any time the Issuer may distribute to
the Depositor (i) any Excess SRECs and (ii) any Rebates; 
 (f) claim any credit on, or make any deduction from the principal or
interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the Taxes levied or assessed upon any part of
the Trust Estate; 
 (g) permit the validity or effectiveness of this Indenture to be impaired, or permit the Lien in favor of the Indenture
Trustee created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly
permitted hereby; 
 (h) permit the Lien of this Indenture not to constitute a valid perfected first priority (other than with respect to a
Permitted Lien) Lien on the Trust Estate; or 
 (i) dissolve, liquidate, merge or consolidate with any other Person, other than in compliance
with Section 3.10 if any Notes are Outstanding. 
 Section 3.05. Protection of Trust Estate.
(a) The Issuer intends the Lien Granted pursuant to this Indenture in favor of the Indenture Trustee for the benefit of the Noteholders to be prior to all other Liens in respect of the Trust Estate, subject to Permitted Liens, and the
Issuer shall take all actions necessary to obtain and maintain, in favor of the Indenture Trustee and the Noteholders, a first Lien on and a first priority, perfected Lien on the Trust Estate, subject to Permitted Liens. Subject to
Section 3.05(f), the Issuer will from time to time prepare, execute (or authorize the filing of) and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further
assurance, and other instruments, and will take such other action as may be necessary or advisable to: 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 25 

 (i) provide further assurance with respect to such Grant and/or Grant more
effectively all or any portion of the Trust Estate; 
 (ii) (A) maintain and preserve the Lien (and the priority
thereof) in favor of the Indenture Trustee created by this Indenture and (B) enforce the terms and provisions of this Indenture or carry out more effectively the purposes hereof; 

(iii) perfect or protect the validity of, any Grant made or to be made by this Indenture; 

(iv) enforce its rights under the Transaction Documents; or 

(v) preserve and defend title to any asset included in the Trust Estate and the rights of the Indenture Trustee and of the
Noteholders in the Trust Estate against the claims of all Persons. 
 The Issuer shall deliver or cause to be delivered to the Indenture
Trustee 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 Issuer shall
cooperate fully with the Indenture Trustee in connection with the obligations set forth above and will execute (or authorize the filing of) any and all documents reasonably required to fulfill the intent of this Section 3.05. 

(b) The Issuer hereby irrevocably appoints the Indenture Trustee as its agent and attorney-in-fact (such appointment being coupled with an interest) to execute, or authorize the filing of, upon the Issuer’s failure to do so, any financing statement or continuation statement required
pursuant to this Section 3.05; provided, however, that such designation shall not be deemed to create any duty in the Indenture Trustee to monitor the compliance of the Issuer with the foregoing covenants; and provided further,
that the Indenture Trustee shall only be obligated to execute or authorize such financing statement or continuation statement upon written direction of the Servicer and upon written notice to a Responsible Officer of the Indenture Trustee of the
failure of the Issuer to comply with the provisions of Section 3.05(a); shall not be required to pay any fees, Taxes or other governmental charges in connection therewith; and shall not be required to prepare any financing statement or
continuation statement required pursuant to this Section 3.05 (which shall in each case be prepared by the Issuer or the Servicer). The Issuer shall cooperate with the Servicer and provide to the Servicer any information, documents or
instruments with respect to such financing statement or continuation statement that the Servicer may reasonably require. Neither the Indenture Trustee nor any of its officers, directors, employees, attorneys or agents will be responsible or liable
for the existence, genuineness, value or protection of any collateral securing the Notes, for the legality, enforceability, effectiveness or sufficiency of the Transaction Documents or any financing statement or continuation statement for the
creation, perfection, continuation, priority, sufficiency or protection of any of the liens, or for any defect or deficiency as to any such matters, for monitoring the status of any lien or performance of the collateral or for the accuracy or
sufficiency of any financing statement or continuation statement prepared for its execution or authorization hereunder. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 26 

 (c) Except as necessary or advisable in connection with the fulfillment by the Indenture
Trustee of its duties and obligations described herein or in any other Transaction Document, the Indenture Trustee shall not remove any portion of the Trust Estate that consists of money or is evidenced by an instrument, certificate or other writing
from the jurisdiction in which it was held as described in the most recent Opinion of Counsel that was delivered pursuant to Section 3.06 (or from the jurisdiction in which it was held as described in the Opinion of Counsel delivered at the
Closing Date pursuant to Section 2.12(c), if no Opinion of Counsel has yet been delivered pursuant to Section 3.06) unless the Indenture Trustee shall have first received an Opinion of Counsel to the effect that the Lien created by this
Indenture with respect to such property will continue to be maintained after giving effect to such action or actions. 
 (d) No later than 30
days prior to any of AP5, the Depositor or the Issuer making any change in its or their name, identity, jurisdiction of organization or structure which would make any financing statement or continuation statement filed in accordance with
Section 3.05(a) above seriously misleading within the meaning of Section 9-506 of the UCC as in effect in New York or wherever else necessary or appropriate under applicable law, or otherwise
impair the perfection of the Lien on the Trust Estate, the Issuer shall give or cause to be given to the Indenture Trustee written notice of any such change and shall file such financing statements or amendments as may be necessary to continue the
perfection of the Indenture Trustee’s Lien on the Trust Estate. None of AP5, the Depositor or the Issuer shall become or seek to become organized under the laws of more than one jurisdiction. 

(e) The Issuer shall give the Indenture Trustee written notice at least 30 days prior to any relocation of AP5’s, the Depositor’s or
the Issuer’s respective principal executive office or jurisdiction of organization and whether, as a result of such relocation, the applicable provisions of relevant law or the UCC would require the filing of any amendment of any previously
filed financing or continuation statement or of any new financing statement and shall file such financing statements or amendments as may be necessary to continue the perfection of the Indenture Trustee’s Lien on the Trust Estate. The Issuer
shall at all times maintain its principal executive office and jurisdiction of organization within the United States of America. 
 (f)
Notwithstanding anything to the contrary in this Section 3.05 or otherwise in this Indenture, UCC Fixture Filings will be maintained in the name of the initial Servicer, as secured party, on behalf of the Issuer and the Indenture Trustee. A UCC
Fixture Filing may, or at the direction of the Issuer or the Servicer shall, be released by the secured party in connection with a Host Customer refinancing transaction or sale of the related home, so long as the Servicer re-files the UCC Fixture Filing within 10 Business Days of obtaining knowledge of, but no later than 45 calendar days of, the closing of such refinancing or sale (if applicable). Following an Event of Default or the
removal of Sunnova Management as Servicer following a Servicer Termination Event, the Servicer shall cause each UCC Fixture Filing to be assigned to the Indenture Trustee as secured party. To the extent the Servicer fails to do so, the Indenture
Trustee is authorized to do so, but only if the Indenture Trustee is given a written direction or an Opinion of Counsel specifying the jurisdictions in which such filings shall be made and attaching copies of the applicable assignments of the UCC
Fixture Filings to be filed by the Indenture Trustee. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 27 

 Section 3.06. Opinions as to Trust Estate. (a) On the Closing
Date and on the date of each supplemental indenture hereto, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel such action has been taken with respect to the recording and
filing of the requisite documents (except as set forth in Section 3.05(f) and assuming the filing of any required financing statements and continuation statements) as are necessary to perfect and make effective the Lien on the Trust Estate in
favor of the Indenture Trustee for the benefit of the Noteholders, created by this Indenture and reciting the details of such action or no such action is necessary to make such Lien effective. 

(b) On or before the thirtieth day prior to the fifth anniversary of the Closing Date and every five years thereafter until the Rated Final
Maturity, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, (i) such action has been taken with respect to the recording, filing,
re-recording and re-filing of the requisite documents, except as set forth in Section 3.05(f), including the filing of any financing statements and continuation
statements as is necessary to maintain the Lien created by this Indenture with respect to the Trust Estate and reciting the details of such action or (ii) no such action is necessary to maintain such Lien. The Issuer shall also provide the
Indenture Trustee with a file stamped copy of any document or instrument filed as described in such Opinion of Counsel contemporaneously with the delivery of such Opinion of Counsel. Such Opinion of Counsel shall also describe the recording, filing,
re-recording and re-filing of the requisite documents, except as set forth in Section 3.05(f), including the filing of any financing statements and continuation
statements that will, in the opinion of such counsel, be required to maintain the Lien of this Indenture with respect to the Trust Estate. If the Opinion of Counsel delivered to the Indenture Trustee hereunder specifies future action to be taken by
the Issuer, the Issuer shall furnish a further Opinion of Counsel no later than the time so specified in such former Opinion of Counsel to the extent required by this Section 3.06. 

Section 3.07. Statement as to Compliance. The Issuer will deliver to the Indenture Trustee, the Rating Agency and
the Initial Purchasers, within 120 days after the end of each calendar year (beginning with calendar year 2017), an Officer’s Certificate of the Issuer stating, as to the signer thereof, that, (a) a review of the activities of the Issuer
during the preceding calendar year and of its performance under this Indenture has been made under such officer’s supervision, (b) to the best of such officer’s knowledge, based on such review, the Issuer has fulfilled all its
obligations under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof and remedies therefor being
pursued, and (c) to the best of such officer’s knowledge, based on such review, no event has occurred and has been waived which is, or after notice or lapse of time or both would become, an Event of Default hereunder or, if such an event
has occurred and has not been waived, specifying each such event known to him or her and the nature and status thereof and remedies therefor being pursued. 

Section 3.08. [Reserved]. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 28 

 Section 3.09. Recording. The Issuer will, upon the Closing Date
and thereafter from time to time, prepare and cause financing statements and such other instruments as may be required with respect thereto, including without limitation, the Financing Statements to be filed, registered and recorded as may be
required by present or future law (with file stamped copies thereof delivered to the Indenture Trustee) to create, perfect and protect the Lien hereof upon the Trust Estate, and protect the validity of this Indenture. The Issuer shall, from time to
time, perform or cause to be performed any other act as required by law and shall execute (or authorize, as applicable) or cause to be executed (or authorized, as applicable) any and all further instruments (including financing statements,
continuation statements and similar statements with respect to any of said documents with file stamped copies thereof delivered to the Indenture Trustee) that are necessary or reasonably requested by the Indenture Trustee for such creation,
perfection and protection. The Issuer shall pay, or shall cause to be paid, all filing, registration and recording taxes and fees incident thereto, and all expenses, Taxes and other governmental charges incident to or in connection with the
preparation, execution, authorization, delivery or acknowledgment of the recordable documents, any instruments of further assurance, and the Notes. 

Section 3.10. Agreements Not to Institute Bankruptcy Proceedings; Additional Covenants. (a) The Issuer shall
only voluntarily institute any Proceedings to adjudicate the Issuer a bankrupt or insolvent, consent to the institution of bankruptcy or insolvency Proceedings against the Issuer, file a petition seeking or consenting to reorganization or relief
under any applicable federal or State law relating to bankruptcy, consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer or a substantial part of its property or admit its
inability to pay its debts generally as they become due or authorize any of the foregoing to be done or taken on behalf of the Issuer, in accordance with the terms of the Issuer Operating Agreement. 

(b) So long as any of the Notes are Outstanding: 

(i) The Issuer will keep in full effect its existence, rights and franchises as a limited liability company under the laws of
the State of Delaware and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes and each asset
included in the Trust Estate. 
 (ii) The Issuer shall not consolidate or merge with or into any other entity or convey or transfer its
properties and assets substantially as an entirety to any entity unless (A) the entity (if other than the Issuer) formed or surviving such consolidation or merger, or that acquires by conveyance or transfer the properties and assets of the
Issuer substantially as an entirety, shall be organized and existing under the laws of the United States of America or any State as a special purpose bankruptcy remote entity, and shall expressly assume in form satisfactory to the Rating Agency the
obligation to make due and punctual payments of principal and interest on the Notes then Outstanding and the performance of every covenant on the part of the Issuer to be performed or observed pursuant to the Indenture, (B) immediately after
giving effect to such transaction, no Default or Event of Default under this Indenture shall have occurred and be continuing, (C) the Issuer shall have delivered to the Rating Agency and the Indenture Trustee an Officer’s Certificate of
the Issuer and an Opinion of Counsel, each stating that such consolidation, merger, conveyance or transfer complies with this Indenture and (D) the Issuer shall have given prior written notice of such consolidation or merger to the Rating
Agency. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 29 

 (iii) The funds and other assets of the Issuer shall not be commingled with
those of any other Person except to the extent expressly permitted under the Transaction Documents. 
 (iv) The Issuer shall
not be, become or hold itself out as being liable for the debts of any other Person. 
 (v) The Issuer shall not form, or
cause to be formed, any subsidiaries. 
 (vi) The Issuer shall act solely in its own name and through its Authorized Officers
or duly authorized agents in the conduct of its business, and shall conduct its business so as not to mislead others as to the identity of the entity with which they are concerned. The Issuer shall not have any employees other than the Authorized
Officers of the Issuer. 
 (vii) The Issuer shall maintain its records and books of account and shall not commingle its
records and books of account with the records and books of account of any other Person. The books of the Issuer may be kept (subject to any provision contained in the applicable statutes) inside or outside the State of Delaware at such place or
places as may be designated from time to time by the Issuer Operating Agreement. 
 (viii) All actions of the Issuer shall be
taken by an Authorized Officer of the Issuer (or any Person acting on behalf of the Issuer). 
 (ix) The Issuer shall not
amend its certificate of formation (except as required under the Delaware law) or the Issuer Operating Agreement, without first giving prior written notice of such amendment to the Rating Agency (a copy of which shall be provided to the Indenture
Trustee). 
 (x) The Issuer maintains and will maintain the formalities of the form of its organization. 

(xi) The annual financial statements of Sunnova Energy and its consolidated subsidiaries will disclose the effects of the
transactions contemplated by the Transaction Documents in accordance with GAAP. Any consolidated financial statements which consolidate the assets and earnings of Sunnova Energy, AP5 Holdings, AP5 or the Depositor with those of the Issuer will
contain a footnote stating that the assets of the Issuer will not be available to creditors of Sunnova Energy, AP5 Holdings, AP5 or the Depositor or any other Person other than creditors of the Issuer. The financial statements of the Issuer, if any,
will disclose that the assets of Sunnova Energy, AP5 Holdings, AP5 and the Depositor are not available to pay creditors of the Issuer. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 30 

 (xii) Other than certain costs and expenses related to the issuance of the
Notes and pursuant to the Parent Guaranty, none of Sunnova Energy, AP5 Holdings, AP5 or the Depositor shall pay the Issuer’s expenses, guarantee the Issuer’s obligations or advance funds to the Issuer for payment of expenses except for
costs and expenses for which Sunnova Energy, AP5 Holdings, AP5 or Depositor is required to make payments, in which case the Issuer will reimburse such Person for such payment. 

(xiii) All business correspondences of the Issuer are and will be conducted in the Issuer’s own name. 

(xiv) Other than as contemplated by the Transaction Documents, none of Sunnova Energy, AP5 Holdings, AP5 or the Depositor acts
or will act as agent of the Issuer and the Issuer does not and will not act as agent of Sunnova Energy, AP5 Holdings, AP5 or the Depositor. 

(xv) [Reserved]. 

(xvi) The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) to acquire capital assets
(either realty or personalty) other than pursuant to the Depositor Contribution Agreement. 
 (xvii) The Issuer shall comply
with the requirements of all applicable laws, the non-compliance with which would have a Material Adverse Effect with respect to the Issuer. 

(xviii) The Issuer shall not, directly or indirectly, (A) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination thereof, to any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer,
(B) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (C) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or
cause to be made, distributions to the Depositor as permitted by, and to the extent funds are available for such purpose under, this Indenture and the other Transaction Documents (including distributions of Excess SRECs and proceeds related to
Rebates generated with respect to the Solar Assets). The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account or any other Account except in accordance with this Indenture and the other Transaction
Documents. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 31 

 Section 3.11. Providing of Notice. (a) The Issuer, upon
learning of any failure on the part of Sunnova Energy, Sunnova Management, AP5 or the Depositor to observe or perform in any material respect any covenant, representation or warranty set forth in the Contribution Agreements, the Parent Guaranty, the
Management Agreement, the Servicing Agreement or any other Transaction Document to which it is a party, as applicable, or upon learning of any Default, Event of Default, Manager Termination Event or Servicer Termination Event, shall promptly notify,
in writing, the Indenture Trustee, the Depositor, AP5, Sunnova Management or Sunnova Energy, as applicable, of such failure or Default, Event of Default, Manager Termination Event or Servicer Termination Event. 

(b) The Indenture Trustee, upon receiving written notice from the Issuer of the Parent Guarantor’s failure to perform any covenant or
obligation of the Parent Guarantor set forth in the Parent Guaranty, shall promptly notify, in writing, the Parent Guarantor of such failure. 

Section 3.12. Representations and Warranties of the Issuer. The Issuer hereby represents and warrants to the
Indenture Trustee and the Noteholders that as of the Closing Date: 
 (a) The Issuer is duly formed and is validly existing as a limited
liability company in good standing under the laws of the State of Delaware with full power and authority to execute and deliver this Indenture, the Management Agreement, the Servicing Agreement, the Depositor Contribution Agreement, the Custodial
Agreement and each other Transaction Document to which it is a party and to perform the terms and provisions hereof and thereof; the Issuer is duly qualified to do business as a foreign business entity in good standing, and has obtained all required
licenses and approvals, if any, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications except those jurisdictions in which failure to be so qualified would not have a material
adverse effect on the business or operations of the Issuer, the Trust Estate, the Noteholders or the Depositor Conveyed Property. 
 (b) All
necessary action has been taken by the Issuer to authorize the Issuer, and the Issuer has full power and authority, to execute, deliver and perform its obligations under this Indenture, the Management Agreement, the Servicing Agreement, the
Depositor Contribution Agreement, the Custodial Agreement and each other Transaction Document to which it is a party, and no consent or approval of any Person is required for the execution, delivery or performance by the Issuer of this Indenture,
the Management Agreement, the Servicing Agreement, the Depositor Contribution Agreement, the Custodial Agreement and each other Transaction Document to which it is a party except for any consent or approval that has previously been obtained. 

(c) This Indenture, the Management Agreement, the Servicing Agreement, the Depositor Contribution Agreement, the Custodial Agreement and each
other Transaction Document to which it is a party have been duly executed and delivered, and the execution and delivery of this Indenture, the Management Agreement, the Servicing Agreement, the Depositor Contribution Agreement, the Custodial
Agreement and each other Transaction Document to which it is a party by the Issuer and its performance and compliance with the terms hereof and thereof will not violate its certificate of formation or the Issuer Operating Agreement or constitute a
default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material contract or any other material agreement or instrument (including, without limitation, the Transaction
Documents) to which the Issuer is a party or which may be applicable to the Issuer or any of its assets. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 32 

 (d) This Indenture, the Management Agreement, the Servicing Agreement, the Depositor
Contribution Agreement, the Custodial Agreement and each other Transaction Document to which it is a party constitute valid, legal and binding obligations of the Issuer, enforceable against it in accordance with their respective terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity (regardless of whether enforcement is sought in a Proceeding at
law or in equity). 
 (e) The Issuer is not in violation of, and the execution, delivery and performance of this Indenture, the Management
Agreement, the Servicing Agreement, the Depositor Contribution Agreement, the Custodial Agreement and each other Transaction Document to which it is a party by the Issuer will not constitute a violation with respect to, any order or decree of any
court or any order, regulation or demand of any federal, State, municipal or governmental agency, which violation might have consequences that would have a Material Adverse Effect with respect to the Issuer. 

(f) No Proceeding of any kind, including but not limited to litigation, arbitration, judicial or administrative, is pending or, to the
Issuer’s knowledge, threatened in writing against or contemplated by the Issuer which would have a Material Adverse Effect with respect to the Issuer. 

(g) Each of the representations and warranties of the Issuer set forth in the Management Agreement, the Servicing Agreement, the Depositor
Contribution Agreement, the Issuer Operating Agreement and each other Transaction Document to which it is a party is, as of the Closing Date, true and correct in all material respects. 

(h) The Issuer has not incurred debt or engaged in activities not related to the transactions contemplated hereunder or under the Transaction
Documents except as permitted by the Issuer Operating Agreement or Section 3.04. 
 (i) The Issuer is not insolvent and did not become
insolvent as a result of the Grant pursuant to this Indenture; the Issuer is not engaged and is not about to engage in any business or transaction for which any property remaining with the Issuer is unreasonably small capital or for which the
remaining assets of the Issuer are unreasonably small in relation to the business of the Issuer or the transaction; the Issuer does not intend to incur, and does not believe or reasonably should not have believed that it would incur, debts beyond
its ability to pay as they become due; and the Issuer has not made a transfer or incurred an obligation and does not intend to make such a transfer or incur such an obligation with actual intent to hinder, delay or defraud any entity to which the
Issuer was or became, on or after the date that such transfer was made or such obligation was incurred, indebted. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 33 

 (j) (i) The transfer of the Depositor Conveyed Property by the Depositor to the Issuer
pursuant to the applicable Contribution Agreement is an absolute transfer for legal purposes, (ii) the Grant of the Trust Estate by the Issuer pursuant to the terms of this Indenture is a pledge for financial accounting purposes, and
(iii) the Notes will be treated by the Issuer as indebtedness for U.S. federal income tax purposes. In this regard, (i) the financial statements of Sunnova Energy and its consolidated subsidiaries will show (A) that the Depositor
Conveyed Property is owned by such consolidated group and (B) that the Notes are indebtedness of the consolidated group (and will contain appropriate footnotes stating that the assets of the Issuer will not be available to creditors of Sunnova
Energy, AP5 Holdings, AP5 or the Depositor or any other Person other than creditors of the Issuer), and (ii) the U.S. federal income tax returns of Sunnova Energy and its consolidated subsidiaries that are regarded entities for U.S. federal
income tax purposes will indicate that the Notes are indebtedness. 
 (k) As of the Initial Cut-Off
Date, the Aggregate Discounted Solar Asset Balance is at least $299,647,606. 
 (l) The legal name of the Issuer is as set forth in this
Indenture; the Issuer has no trade names, fictitious names, assumed names or “doing business as” names. 
 (m) The Solar Service
Agreements and rights to PBI Payments and Hedged SREC Payments constitute “general intangibles”, “accounts” or “chattel paper” within the meaning of the UCC. The PV Systems constitute “Equipment” within the
meaning of the UCC. 
 (n) No item comprising the Depositor Conveyed Property has been sold, transferred, assigned or pledged by the Issuer
to any Person other than the Indenture Trustee; immediately prior to the pledge of the Depositor Conveyed Property to the Indenture Trustee pursuant to this Indenture, the Issuer was the sole owner thereof and had good and indefeasible title
thereto, free of any Lien other than Permitted Liens. 
 (o) Upon the filing of the Perfection UCCs in accordance with applicable law, the
Indenture Trustee, for the benefit of the Noteholders, shall have a first priority perfected Lien on the Depositor Conveyed Property and in the proceeds thereof, limited with respect to proceeds to the extent set forth in Section 9-315 of the UCC as in effect in the applicable jurisdiction, subject to Permitted Liens. All filings (including, without limitation, UCC filings) and other actions as are necessary in any jurisdiction
to provide third parties with notice of and to document the transfer and assignment of the Trust Estate to the Issuer and to give the Indenture Trustee a first perfected Lien on the Trust Estate (subject to Permitted Liens), including delivery of
the Custodian Files to the Custodian, and the payment of any fees, have been made or, with respect to Termination Statements, will be made within one Business Day of the Closing Date. 

(p) None of the absolute transfer of the AP5 Conveyed Property by AP5 to the Depositor pursuant to the AP5 Contribution Agreement, the absolute
transfer of the Depositor Conveyed Property by the Depositor to the Issuer pursuant to the Depositor Contribution Agreement, or the Grant by the Issuer to the Indenture Trustee pursuant to this Indenture is subject to the bulk transfer or any
similar statutory provisions in effect in any applicable jurisdiction. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 34 

 (q) The Issuer is not, and after giving effect to the offering and sale of the Notes and the
application of the proceeds thereof as described in the Offering Circular, will not be required to register as an “investment company” as such term is defined in the 1940 Act. In making this determination, the Issuer is relying on an
exclusion from the definition of ‘investment company” contained in Section 3(a)(1) of the 1940 Act, although additional exclusions or exemptions may be available to the Issuer at the Closing Date or in the future. 

(r) The Issuer is being structured so as not to constitute a “covered fund” for purposes of Section 619 of the Dodd Frank Wall
Street Reform and Consumer Protection Act of 2010, based on its current interpretations. In determining that the Issuer is not a “covered fund”, the Issuer will not be relying solely on an exclusion from the definition of “investment
company” under the 1940 Act contained in Section 3(c)(1) and/or Section 3(c)(7) of the 1940 Act. 
 (s) The principal place of
business and the chief executive office of the Issuer are located in the State of Texas and the jurisdiction of organization of the Issuer is the State of Delaware, and there are no other such locations. 

(t) Representations and warranties regarding the Lien and Custodian Files: 

(i) The Grant contained in the “Granting Clause” of this Indenture creates a valid and continuing Lien on the
Depositor Conveyed Property in favor of the Indenture Trustee, which Lien is prior to all other Liens arising under the UCC (other than Permitted Liens), and is enforceable as such against creditors of the Issuer, subject to applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and to general principles of equity (regardless of whether enforcement is sought in a Proceeding at law or in
equity). 
 (ii) The Issuer has taken all steps necessary to perfect its ownership interest in the PV Systems. 

(iii) The Solar Service Agreements and rights to PBI Payments and Hedged SREC Payments constitute “general
intangibles”, “accounts” or “chattel paper” within the meaning of the UCC. The PV Systems constitute “Equipment” within the meaning of the UCC. 

(iv) The Issuer owns and has good and marketable title to the Depositor Conveyed Property free and clear of any Lien, claim or
encumbrance of any Person, other than Permitted Liens. 
 (v) The Issuer has caused or will have caused, within ten days of
the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the Lien on the Depositor Conveyed Property granted to the Indenture Trustee
hereunder. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 35 

 (vi) The Issuer has received a Closing Date Certification from the Custodian
that the Custodian is holding the Custodian Files that evidence the Solar Assets solely on behalf and for the benefit of the Indenture Trustee. 

(vii) Other than the Lien granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged, assigned,
sold, granted a Lien on, or otherwise conveyed any portion of the Trust Estate. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering any portion
of the Trust Estate other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that have been terminated. The Issuer is not aware of any judgment or tax lien filings against the Issuer. 

(viii) Except as permitted or required by the Transaction Documents, none of the Solar Service Agreements, PBI Documents,
Hedged SREC Agreements or title to PV Systems has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee, except for notations relating to Liens released prior to
the pledge of the Depositor Conveyed Property to the Indenture Trustee. 
 The foregoing representations and warranties in
Section 3.12(t)(i) – (viii) shall remain in full force and effect and shall not be waived or amended until the Notes are paid in full or otherwise released or discharged except in accordance with this Indenture. 

Section 3.13. Representations and Warranties of the Indenture Trustee. The Indenture Trustee hereby represents and
warrants to the Rating Agency and the Noteholders that as of the Closing Date: 
 (a) The Indenture Trustee has been duly organized and is
validly existing as a national banking association; 
 (b) The Indenture Trustee has full power and authority and legal right to execute,
deliver and perform its obligations under this Indenture and each other Transaction Document to which it is a party and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and each other
Transaction Document to which it is a party; 
 (c) This Indenture and each other Transaction Document to which it is a party have been duly
executed and delivered by the Indenture Trustee and constitute the legal, valid, and binding obligations of the Indenture Trustee, enforceable against the Indenture Trustee in accordance with their respective terms, except as such enforceability may
be limited by applicable bankruptcy, reorganization, insolvency, liquidation, moratorium, fraudulent conveyance, or similar laws affecting creditors’ or creditors of banks’ rights and/or remedies generally or by general principles of
equity (regardless of whether such enforcement is sought in a Proceeding in equity or at law); 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 36 

 (d) The execution, delivery and performance of this Indenture and each other Transaction
Document to which it is a party by the Indenture Trustee will not constitute a violation with respect to any order or decree of any court or any order, regulation or demand of any federal, State, municipal or governmental agency binding on the
Indenture Trustee or such of its property which is material to it, which violation might have consequences that would materially and adversely affect the performance of its duties under this Indenture; 

(e) The execution, delivery and performance of this Indenture and each other Transaction Document to which it is a party by the Indenture
Trustee do not require any approval or consent of any Person, do not conflict with the Articles of Association and Bylaws of the Indenture Trustee, and do not and will not conflict with or result in a breach which would constitute a material default
under any agreement applicable to it or such of its property which is material to it; and 
 (f) No Proceeding of any kind, including but not
limited to litigation, arbitration, judicial or administrative, is pending or, to the Indenture Trustee’s knowledge, threatened against or contemplated by the Indenture Trustee which would have a reasonable likelihood of having an adverse
effect on the execution, delivery, performance or enforceability of this Indenture or any other Transaction Document to which it is a party by or against the Indenture Trustee. 

Section 3.14. Knowledge. Any references herein to the knowledge, discovery or learning of the Issuer, Servicer, or
the Manager shall mean and refer to an Authorized Officer of the Issuer, Servicer or Manager, as applicable. 
 ARTICLE IV

 MANAGEMENT, ADMINISTRATION AND SERVICING OF
SOLAR ASSETS 
 Section 4.01. Management Agreement. (a) The Management
Agreement, duly executed counterparts of which have been received by the Indenture Trustee, sets forth the covenants and obligations of the Manager with respect to the Trust Estate and other matters addressed in the Management Agreement, and
reference is hereby made to the Management Agreement for a detailed statement of said covenants and obligations of the Manager thereunder. The Issuer agrees that the Indenture Trustee, in its name or (to the extent required by law) in the name of
the Issuer, may (but is not, unless so directed and indemnified by the Majority Noteholders, required to) enforce all rights of the Issuer under the Management Agreement for and on behalf of the Noteholders whether or not a Default has occurred and
has not been waived. 
  

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 37 

 (b) Promptly following a request from the Indenture Trustee (acting at the direction of the
Majority Noteholders) to do so, the Issuer shall take all such commercially reasonable lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Manager of each of its obligations to the Issuer and
with respect to the Trust Estate under or in connection with the Management Agreement, in accordance with the terms thereof, and in effecting such request shall exercise any and all rights, remedies, powers and privileges lawfully available to the
Issuer under or in connection with the Management Agreement to the extent and in the manner directed by the Indenture Trustee, including, without limitation, the transmission of notices of default on the part of the Manager thereunder and the
institution of Proceedings to compel or secure performance by the Manager of each of its obligations under the Management Agreement. 
 (c)
The Issuer shall not waive any default by the Manager under the Management Agreement without the written consent of the Indenture Trustee (which shall be given at the written direction of the Majority Noteholders). 

(d) The Indenture Trustee does not assume any duty or obligation of the Issuer under the Management Agreement, and the rights given to the
Indenture Trustee thereunder are subject to the provisions of Article VII. 
 (e) The Issuer has not and will not provide any payment
instructions to any Host Customer, PBI Obligor or Hedged SREC Counterparty that are inconsistent with the Management Agreement. 
 (f) With
respect to the Servicer’s obligations under Section 6.3 of the Servicing Agreement, the Indenture Trustee shall not have any responsibility to the Issuer, the Servicer or any party hereunder to make any inquiry or investigation as to, and
shall have no obligation in respect of, the terms of any engagement of Independent Accountant or any Qualified Service Provider by the Servicer; provided, however, that the Indenture Trustee shall be authorized, upon receipt of written
direction from the Servicer directing the Indenture Trustee, to execute any acknowledgment or other agreement with the Independent Accountant and any Qualified Service Provider required for the Indenture Trustee to receive any of the reports or
instructions provided for herein, which acknowledgment or agreement may include, among other things, (i) acknowledgement that the Servicer has agreed that the procedures to be performed by the Independent Accountant and any Qualified Service
Provider are sufficient for the Issuer’s purposes, (ii) acknowledgment that the Indenture Trustee has agreed that the procedures to be performed by the Independent Accountant and any Qualified Service Provider are sufficient for the
Indenture Trustee’s purposes and that the Indenture Trustee’s purposes is limited solely to receipt of the report, (iii) releases by the Indenture Trustee (on behalf of itself and the Noteholders) of claims against the Independent
Accountant and any Qualified Service Provider and acknowledgement of other limitations of liability in favor of the Independent Accountant and any Qualified Service Provider, and (iv) restrictions or prohibitions on the disclosure of
information or documents provided to it by the Independent Accountant or any Qualified Service Provider (including to the Noteholders). Notwithstanding the foregoing, in no event shall the Indenture Trustee be required to execute any agreement in
respect of the Independent Accountant or any Qualified Service Provider that the Indenture Trustee determines adversely affects it in its individual capacity or which is in a form that is not reasonably acceptable to the Indenture Trustee. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 38 

 (g) In the event such Independent Accountant or any Qualified Service Provider require the
Indenture Trustee, the Backup Servicer or the Transition Manager to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to Section 4.01(f), the Servicer shall direct the Indenture Trustee,
the Backup Servicer or the Transition Manager in writing to so agree; it being understood and agreed that the Indenture Trustee, the Backup Servicer or the Transition Manager will deliver such letter of agreement in conclusive reliance upon the
direction of the Servicer, and the Indenture Trustee, the Backup Servicer or the Transition Manager has not made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or
correctness of such procedures. The Indenture Trustee, the Backup Servicer or the Transition Manager shall not be liable for any claims, liabilities or expenses relating to such accountants’ engagement or any report issued in connection with
such engagement, and the dissemination of any such report is subject to the written consent of the accountants. 
 ARTICLE
V 
 ACCOUNTS, COLLECTIONS, PAYMENTS OF INTEREST
AND PRINCIPAL, RELEASES, AND STATEMENTS TO NOTEHOLDERS 

Section 5.01. Accounts. (a)(i) On or prior to the Closing Date, the Issuer shall cause the Indenture Trustee to
open and maintain in the name of the Indenture Trustee, for the benefit of the Noteholders, an Eligible Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the
benefit of the Noteholders. The Collection Account shall initially be established with the Indenture Trustee. 
 (ii) On or
prior to the Closing Date, the Issuer shall cause the Indenture Trustee to open and maintain in the name of the Indenture Trustee, for the benefit of the Noteholders, an Eligible Account (the “Inverter Replacement Reserve Account”),
bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders. The Inverter Replacement Reserve Account shall initially be established with the Indenture Trustee. 

(iii) On or prior to the Closing Date, the Issuer shall cause the Indenture Trustee to open and maintain in the name of the
Indenture Trustee, for the benefit of the Noteholders, an Eligible Account (the “Liquidity Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders. The
Liquidity Reserve Account shall initially be established with the Indenture Trustee. 
 (iv) Sunnova Energy has established
and maintains an Eligible Account (the “Host Customer Deposit Account”). 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 39 

 (b) Funds on deposit in the Collection Account, the Inverter Replacement Reserve Account and
the Liquidity Reserve Account shall be invested by the Indenture Trustee (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected in writing by the Servicer (pursuant to standing instructions or
otherwise). All such Eligible Investments shall be held by or on behalf of the Indenture Trustee for the benefit of the Noteholders. 
 (c)
All investment earnings of moneys pursuant to Section 5.01(b) deposited into the Collection Account, the Inverter Replacement Reserve Account and the Liquidity Reserve Account shall be deposited (or caused to be deposited) by the Indenture
Trustee into the Collection Account, and any loss resulting from such investments shall be charged to such Account. No investment of any amount held in any of the Collection Account, the Inverter Replacement Reserve Account and the Liquidity Reserve
Account shall mature later than the Business Day immediately preceding the Payment Date which is scheduled to occur immediately following the date of investment. The Servicer, on behalf of the Issuer, will not direct the Indenture Trustee to make
any investment of any funds held in any of the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment, in either case without any further action by any Person. 

(d) The Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Accounts resulting from any loss on
any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s negligence or bad faith or its failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity
as principal obligor and not as Indenture Trustee, in accordance with their terms. 
 (e) Funds on deposit in any Account shall remain
uninvested if (i) the Servicer shall have failed to give investment directions in writing for any funds on deposit in any Account (other than the Lockbox Account) to the Indenture Trustee by 1:00 p.m. Eastern time (or such other time as
may be agreed by the Servicer and Indenture Trustee) on the Business Day on which such investment is to be made; or (ii) based on the actual knowledge of, or receipt of written notice by, a Responsible Officer of the Indenture Trustee, a
Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an Event of Default, amounts
collected or receivable from the Trust Estate are being applied as if there had not been such a declaration. 
 (f) [Reserved]. 

(g) (i) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Accounts and in
all proceeds thereof (including, without limitation, all investment earnings on the Collection Account) and all such funds, investments, proceeds and income shall be part of the Trust Estate. Except as otherwise provided herein, the Accounts shall
be under the control (as defined in Section 9-104 of the UCC to the extent such account is a deposit account and Section 8-109 of the UCC to the extent such
account is a securities account) of the Indenture Trustee for the benefit of the Noteholders. If, at any time, any of the Accounts (other than the Lockbox Account) ceases to be an Eligible Account, the

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 40 

 
Indenture Trustee (or the Servicer on its behalf) shall within five Business Days (or such longer period as to which the Rating Agencies may consent) establish a new Account as an Eligible
Account and shall transfer any cash and/or any investments to such new Account. The Servicer agrees that, in the event that any of the Accounts or the Host Customer Deposit Account are not accounts with the Indenture Trustee, the Servicer shall
notify the Indenture Trustee in writing promptly upon any of such Accounts or the Host Customer Account ceasing to be an Eligible Account. 

(ii) With respect to the Account Property (other than with respect to the Lockbox Account), the Indenture Trustee agrees that:

 (A) any Account Property that is held in deposit accounts shall be held solely in Eligible Accounts; and, except as
otherwise provided herein, each such Eligible Account shall be subject to the exclusive custody and control of the Indenture Trustee, and the Indenture Trustee shall have sole signature authority with respect thereto; 

(B) any Account Property that constitutes physical property shall be delivered to the Indenture Trustee in accordance with
paragraph (i)(A) or (i)(B), as applicable, of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Indenture Trustee or a securities intermediary (as such term is defined in Section 8-102(a)(14) of the UCC) acting solely for the Indenture Trustee; 
 (C) any
Account Property that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations shall be delivered in accordance with paragraph (1)(c) or (1)(e), as applicable, of the definition of
“Delivery” and shall be maintained by the Indenture Trustee, pending maturity or disposition, through continued book-entry registration of such Account Property as described in such paragraph; 

(D) any Account Property that is an “uncertificated security” under Article 8 of the UCC and that is not governed by
clause (C) above shall be delivered to the Indenture Trustee in accordance with paragraph (i)(D) of the definition of “Delivery” and shall be maintained by the Indenture Trustee, pending maturity or disposition, through continued
registration of the Indenture Trustee’s (or its nominee’s) ownership of such security; 
 (E) the Servicer shall
have the power, revocable by the Indenture Trustee upon the occurrence of a Servicer Event of Default, to instruct the Indenture Trustee to make withdrawals and payments from the Accounts for the purpose of permitting the Servicer and the Indenture
Trustee to carry out their respective duties hereunder; and 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 41 

 (F) any Account held by it hereunder shall be maintained as a
“securities account” as defined in the Uniform Commercial Code as in effect in New York (the “New York UCC”), and that it shall be acting as a “securities intermediary” for the Indenture Trustee itself as the
“entitlement holder” (as defined in Section 8-102(a)(7) of the New York UCC) with respect to each such Account. The parties hereto agree that each Account shall be governed by the laws of the
State of New York, and regardless of any provision in any other agreement, the “securities intermediary’s jurisdiction” (within the meaning of Section 8-110 of the New York UCC) shall be
the State of New York. The Indenture Trustee acknowledges and agrees that (1) each item of property (whether investment property, financial asset, security, instrument or cash) credited to the Accounts shall be treated as a “financial
asset” within the meaning of Section 8-102(a)(9) of the New York UCC and (2) notwithstanding anything to the contrary, if at any time the Indenture Trustee shall receive any order from the
Indenture Trustee (in its capacity as securities intermediary) directing transfer or redemption of any financial asset relating to the Accounts, the Indenture Trustee shall comply with such entitlement order without further consent by the Issuer, or
any other person. In the event of any conflict of any provision of this Section 5.01(g)(ii)(F) with any other provision of this Indenture or any other agreement or document, the provisions of this Section 5.01(g)(ii)(F) shall prevail. 

Section 5.02. Inverter Replacement Reserve Account. (i) On each Payment Date, to the extent of Available Funds
and in accordance with and subject to the Priority of Payments, the Indenture Trustee shall, based on the Semi-Annual Servicer Report, deposit into the Inverter Replacement Reserve Account an amount equal to the Inverter Replacement Reserve Deposit.

 (ii) The Indenture Trustee shall, upon receipt of an Officer’s Certificate of the Manager (A) certifying that it
has replaced an Inverter that no longer has the benefit of a Manufacturer Warranty and (B) requesting reimbursement for the cost of such Inverter replacement, withdraw from funds on deposit in the Inverter Replacement Reserve Account and remit
to the Manager, an amount equal to the lesser of (i) the cost of the new Inverter paid by the Manager (inclusive of labor costs) and (ii) the amount on deposit in the Inverter Replacement Reserve Account. Upon such request, the Paying
Agent shall promptly withdraw such amount from the Inverter Replacement Reserve Account (to the extent it has been funded as of such date) and transfer such amount to the Manager’s account specified in the related Officer’s Certificate and
if no such funds are on deposit, then from the Collection Account in accordance with the Priority of Payments. 
 (iii) On
any date that the amount on deposit in the Inverter Replacement Reserve Account exceeds the Inverter Replacement Reserve Required Amount, such amount will be deposited into the Collection Account on the related Payment Date as set forth in the
related Semi-Annual Servicer Report and distributed according to the Priority of Payments. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 42 

 (iv) On each Payment Date, if the amount of Available Funds (after giving
effect to all amounts deposited into the Collection Account from the Liquidity Reserve Account) is less than the amount necessary to make the distributions described in clauses (i) through (vii) of the Priority of Payments, an amount equal to
the lesser of (A) the amount on deposit in the Inverter Replacement Reserve Account and (B) the amount of such insufficiency, shall be withdrawn from the Inverter Replacement Reserve Account and deposited into the Collection Account to be
used as Available Funds. 
 (v) All amounts on deposit in the Inverter Replacement Reserve Account shall be withdrawn and
deposited into the Collection Account on the Rated Final Maturity. 
 Section 5.03. Liquidity Reserve Account.
(a) On the Closing Date, the Issuer shall deposit or cause to be deposited an amount equal to the Liquidity Reserve Account Floor Amount into the Liquidity Reserve Account. 

(b) As described in the Priority of Payments, to the extent of Available Funds, the Indenture Trustee shall, on each Payment Date, deposit
Available Funds into the Liquidity Reserve Account until the amount on deposit therein shall equal the Liquidity Reserve Account Required Balance. 

(c) On each Payment Date, the Indenture Trustee shall, based on the Semi-Annual Servicer Report, transfer funds on deposit in the Liquidity
Reserve Account into the Collection Account to the extent the amount on deposit in the Collection Account as of such Payment Date is less than the amounts necessary to make the distributions described in clauses (i) through (vii) of the
Priority of Payments. If the amount on deposit in the Liquidity Reserve Account exceeds the Liquidity Reserve Account Required Balance on any Payment Date during a Non-Early Amortization Period, the amount of
such excess will be transferred into the Inverter Replacement Reserve Account. If the amount on deposit in the Liquidity Reserve Account exceeds the Liquidity Reserve Account Required Balance on any Payment Date during an Early Amortization Period,
the amount of such excess will be transferred into the Collection Account and will be part of the Available Funds distributed pursuant to the Priority of Payments. 

(d) Upon the acceleration of the Notes following an Event of Default, the Indenture Trustee shall withdraw any remaining funds on deposit in
the Liquidity Reserve Account (including investment earnings or income) and deposit such funds into the Collection Account. On the Termination Date, the Indenture Trustee shall withdraw any remaining funds on deposit in the Liquidity Reserve Account
(including investment earnings or income) and pay such amount to the Issuer. On the Rated Final Maturity, the Indenture Trustee shall withdraw any remaining funds on deposit in the Liquidity Reserve Account (including investment earnings or income)
and deposit such funds into the Collection Account. 
 Section 5.04. Collection Account. (a) On each Business
Day, the Issuer shall cause to be deposited into the Collection Account all amounts in the Lockbox Account (other than the Lockbox Account Retained Balance) from Host Customers or otherwise in respect of the Depositor Conveyed Property (other than
Host Customer Security Deposits received from the 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 43 

 
Host Customer, which will be deposited by the Servicer into the Host Customer Deposit Account). The Issuer shall cause all other amounts required to be deposited therein pursuant to the
Transaction Documents, to be deposited within one Business Day of receipt thereof. The Indenture Trustee shall provide or make available electronically (or upon written request, by first class mail or facsimile) monthly statements on all amounts
received in the Collection Account to the Issuer and the Servicer. 
 (b) On or prior to the Closing Date (in the case of the Initial Solar
Assets) or the related Transfer Date (in the case of the Qualified Substitute Solar Assets), the Servicer shall have instructed all PBI Obligors and Hedged SREC Counterparties to deposit into the Collection Account all PBI Payments, Rebates and
Hedged SREC Payments, as applicable. 
 (c) The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account
with respect to a Collection Period for (i) amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds and
(ii) to the extent the Issuer receives Insurance Proceeds related to the physical loss or damage to a PV System, any costs and expenses incurred by the Servicer in connection with the repair, restoration, replacement or rebuilding of such PV
System. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Payment Date upon certification by the Servicer of such amounts; provided, however, that the Servicer must provide such certification prior to the
Determination Date immediately following such mistaken deposit, posting or returned check or costs and expenses, as applicable. 
 (d) In
accordance with the Servicing Agreement, upon written direction from the Servicer, the Indenture Trustee shall, if such direction is received on or prior to each Determination Date, withdraw from the Collection Account and remit to the Servicer,
amounts specified by the Servicer as required to be paid by the Issuer before the next Payment Date in respect of sales, use and property taxes. 

(e) In accordance with the Account Control Agreement, to the extent that the balances on deposit in the Lockbox Account are insufficient to
reimburse the Lockbox Bank for any Returned Items or Settlement Items (each as defined in the Account Control Agreement), upon demand from the Lockbox Bank of the reimbursement amount (with confirmation from the Servicer), the Indenture Trustee
shall, upon written direction from the Servicer, withdraw from the Collection Account and remit to the Lockbox Bank the lesser of collected funds that are cleared funds on deposit in the Collection Account and such reimbursement amount. 

 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 44 

 Section 5.05. Distribution of Funds in the Collection Account. On
each Payment Date, Available Funds shall be distributed by the Indenture Trustee, based solely on the information set forth in the related Semi-Annual Servicer Report, in the following order and priority of payments (the “Priority of
Payments”): 
 (i) to the Servicer for payment to the appropriate taxing authorities, the amount of sales, use,
franchise and property taxes required to be paid by the Issuer prior to the next Payment Date for which funds have not previously been withdrawn from the Collection Account; 

(ii) (A) to the Indenture Trustee, (1) the Indenture Trustee Fee for such Payment Date and (b)(2)(x) any accrued and
unpaid Indenture Trustee Fees with respect to prior Payment Dates plus (y) out-of-pocket expenses and indemnities of the Indenture Trustee incurred and not
reimbursed in connection with its obligations and duties under this Indenture; (2) to the Backup Servicer and the Transition Manager, (B) the Backup Servicing and Transition Manager Fee for such Payment Date and (2)(x) any accrued and
unpaid Backup Servicing and Transition Manager Fees with respect to prior Payment Dates plus (y) Backup Servicer Expenses and Transition Manager Expenses; and (C) to the Backup Servicer and the Transition Manager, any accrued and unpaid
transition costs; provided that the aggregate payments to the Indenture Trustee, the Backup Servicer and the Transition Manager as reimbursement for clauses A(2)(y) and B(2)(y) will be limited to $50,000 per calendar year as long as no Event
of Default has occurred, and the Notes have not been accelerated, or the Trust Estate sold, pursuant to this Indenture; provided, further that the aggregate payments to the Backup Servicer and the Transition Manager as reimbursement for
clause (C) will be limited to $150,000 per transition occurrence and $300,000 in the aggregate; 
 (iii) on a pari
passu basis, (A) to the Manager, the Manager Fee for such Payment Date, plus any accrued and unpaid Manager Fees with respect to prior Payment Dates and (B) to the Servicer, the Servicer Fee for such Payment Date, plus any accrued and
unpaid Servicer Fees with respect to prior Payment Dates; 
 (iv) to the Custodian, the Custodian Fee, plus any accrued and
unpaid Custodian Fees with respect to prior Payment Dates plus certain extraordinary out-of-pocket expenses and indemnities of the Custodian incurred and not reimbursed
in connection with its obligations and duties under the Custodial Agreement, provided, that payments to the Custodian as reimbursement for any such expenses and indemnities will be limited to $25,000 per calendar year as long as no Event of
Default has occurred, and the Notes have not been accelerated, or the Trust Estate sold, pursuant to this Indenture; 
 (v)
to the Class A Noteholders, the Note Interest with respect to the Class A Notes for such Payment Date; 
 (vi) to
the Class B Noteholders, the Note Interest with respect to the Class B Notes for such Payment Date; 
 (vii) to the
Class C Noteholders, the Note Interest with respect to the Class C Notes for such Payment Date; 
 (viii) to the
Manager, an amount equal to the sum of (A) the cost of purchasing any replacement Inverters that do not have the benefit of a Manufacturer Warranty, to the extent such costs are incurred but not reimbursed from the Inverter Replacement Reserve
Account and (B) for payment to the related Host Customer, any amounts due to such Host Customer from Sunnova Energy or the Manager (but not paid by Sunnova Energy or the Manager) in respect of a Production Guaranty or a True-Up Obligation; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 45 

 (ix) to the Liquidity Reserve Account, any amount greater than zero equal to
(A) the Liquidity Reserve Account Floor Amount minus (B) the amount on deposit in the Liquidity Reserve Account on such Payment Date; 

(x) to the Inverter Replacement Reserve Account, the Inverter Replacement Reserve Deposit; 

(xi) to the Noteholders: 

(A) during a Regular Amortization Period, in the following order: (1) to the Class A Noteholders, the Scheduled Note
Principal Payment for such Class of Notes for such Payment Date, (2) to the Class B Noteholders, the Scheduled Note Principal Payment for such Class of Notes for such Payment Date, (3) to the Class C Noteholders, the
Scheduled Note Principal Payment for such Class of Notes for such Payment Date, (4) to the Class A Noteholders, the Unscheduled Note Principal Payment for such Payment Date until the Outstanding Note Balance of the Class A Notes
has been reduced to zero, (5) to the Class B Noteholders, any Unscheduled Note Principal Payment for such Payment Date remaining after payment to the Class A Noteholders until the Outstanding Note Balance of the Class B Notes has
been reduced to zero, (6) to the Class C Noteholders, any Unscheduled Note Principal Payment for such Payment Date remaining after payment to the Class A Noteholders and Class B Noteholders until the Outstanding Note Balance of
the Class C Notes has been reduced to zero, (7) to the Class B Noteholders, any unpaid Class B Deferred Interest and (8) to the Class C Noteholders, any unpaid Class C Deferred Interest; and; 

(B) during an Early Amortization Period or Sequential Interest Amortization Period, all remaining Available Funds will be paid
to the Class A Noteholders until the Outstanding Note Balance of the Class A Notes has been reduced to zero; then to the Class B Noteholders in the following order: (1) to reduce the Outstanding Note Balance of the Class B
Notes to zero and (2) to pay any unpaid Class B Deferred Interest; then to the Class C Noteholders in the following order: (x) to reduce the Outstanding Note Balance of the Class C Notes to zero and (y) to pay any
unpaid Class C Deferred Interest; 
 (xii) to the Class C Noteholders, the Additional Principal Amount, if any,
until the Outstanding Note Balance of the Class C Notes has been reduced to zero; 
 (xiii) to the Noteholders of the
Class(es) of Notes identified by the Issuer, any Voluntary Prepayment; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 46 

 (xiv) to the Liquidity Reserve Account, any amount greater than zero equal
to (A) the Liquidity Reserve Account Required Balance minus (B) the amount on deposit in the Liquidity Reserve Account on such Payment Date; 

(xv) to the Indenture Trustee, the Backup Servicer and the Transition Manager, pro rata, any incurred and not reimbursed out-of-pocket expenses and indemnities of the Indenture Trustee, the Backup Servicer Expenses and the Transition Manager Expenses not paid in accordance with clause
(ii) above; 
 (xvi) to the Custodian, any extraordinary
out-of-pocket expenses and indemnities of the Custodian incurred and not reimbursed in connection with the obligations and duties under the Custodial Agreement, to the
extent not paid in accordance with (iv) above; 
 (xvii) on a pari passu basis, (A) to the Manager, any
Manager Extraordinary Expenses not previously paid and (B) to the Servicer, any Servicer Extraordinary Expenses not previously paid; 

(xviii) first, to the Class A Noteholders, second to the Class B Noteholders and third to the Class C
Noteholders, their respective Make Whole Amount, if any; 
 (xix) first, to the Class A Noteholders, second to the
Class B Noteholders, and third to the Class C Noteholders, their respective Post-ARD Additional Note Interest and Deferred Post-ARD Additional Note Interest
due on such Payment Date, if any; and 
 (xx) to or at the direction of the Issuer, any remaining Available Funds on deposit
in the Collection Account. 
 Section 5.06. Early Amortization Period Payments. Any distributions of principal
made during an Early Amortization Period will be allocated in the following manner to determine any unpaid amounts on future Payment Dates: first, to the Scheduled Note Principal Payment amount calculated for such Payment Date and second, to the
Unscheduled Note Principal Payment calculated for such Payment Date. Any principal payments made in excess of the amounts allocated to Scheduled Note Principal Payment and Unscheduled Note Principal Payment for such Payment Date will be considered
an additional paydown of principal. 
 Section 5.07. Note Payments. (a) The Indenture Trustee shall pay from
amounts on deposit in the Collection Account in accordance with the Semi-Annual Servicer Report and the Priority of Payments to each Noteholder of record as of the related Record Date either (i) by wire transfer, in immediately available funds
to the account of such Noteholder at a bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Indenture Trustee appropriate written instructions at least five Business Days prior to the related
Payment Date (which instructions may remain in effect for subsequent Payment Dates unless revoked by such Noteholder), or (ii) if not, by check mailed to such Noteholder at the address of such Noteholder appearing in the Note Register, the
amounts to be paid to such Noteholder pursuant to such Noteholder’s Notes; provided, however, that so long as the Notes are registered in the name of the Securities Depository such payments shall be made to the nominee thereof in
immediately available funds. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 47 

 (b) In the event that any withholding Tax is imposed on the Issuer’s payment (or
allocations of income) to a Noteholder, such withholding Tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Indenture. The Indenture Trustee is hereby authorized and directed to retain from amounts
otherwise distributable to the Noteholders sufficient funds for the payment of any withholding Tax that is legally owed by the Issuer as instructed by the Servicer, in writing in a Semi-Annual Servicer Report (but such authorization shall not
prevent the Indenture Trustee from contesting at the expense of the applicable Noteholder any such withholding Tax in appropriate Proceedings, and withholding payment of such withholding Tax, if permitted by law, pending the outcome of such
Proceedings). The amount of any withholding Tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the Issuer or the Indenture Trustee (at the direction of the Servicer or the
Issuer) and remitted to the appropriate taxing authority. If there is a possibility that withholding Tax is payable with respect to a distribution (such as a distribution to a non-U.S. Noteholder), the
Indenture Trustee may in its sole discretion withhold such amounts in accordance with this clause (b). In the event that a Noteholder wishes to apply for a refund of any such withholding Tax, the Indenture Trustee shall reasonably cooperate with
such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Indenture Trustee for any out-of-pocket expenses incurred. 

(c) Each Noteholder and Note Owner, by its acceptance of a Note, will be deemed to have consented to the provisions of the Priority of
Payments. 
 (d) For purposes of U.S. federal, State and local income and franchise Taxes, each Noteholder and each Note Owner, by its
acceptance of a Note, will be deemed to have agreed to, and hereby instructs the Indenture Trustee to, treat the Notes as indebtedness. 

(e) Each Noteholder and each Note Owner by its acceptance of a Note or an interest in a Note, will be deemed to have agreed to provide the
Indenture Trustee or the Issuer, upon request, with the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder and each Note Owner will be
deemed to agree that the Indenture Trustee has the right to withhold from any amount of interest or other amounts (without any corresponding gross-up) payable to a Noteholder or Note Owner that fails to comply
with the foregoing requirements. The Issuer hereby covenants with the Indenture Trustee that the Issuer will cooperate with the Indenture Trustee in obtaining sufficient information so as to enable the Indenture Trustee to (i) determine whether
or not the Indenture Trustee is obliged to make any withholding, including FATCA Withholding Tax, in respect of any payments with respect to a Note and (ii) to effectuate any such withholding. The parties agree that the Indenture Trustee shall
be released of any liability arising from properly complying with this Section 5.07 and FATCA. The Issuer agrees to provide to the Indenture Trustee copies of any Noteholder Tax Identification Information and any Noteholder FATCA Information
received by the Issuer from any Noteholder or Note Owner. Upon reasonable request from the Indenture Trustee, the Issuer will provide such additional information that it may have to assist the Indenture Trustee in making any withholdings or
informational reports. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 48 

 Section 5.08. Statements to Noteholders; Tax Returns. Within the
time period required by Applicable Law after the end of each calendar year, the Issuer shall cause the Indenture Trustee to furnish to each Person who at any time during such calendar year was a Noteholder of record and received any payment thereon
any information required by the Code to enable such Noteholders to prepare their U.S. federal and state income tax returns. The obligation of the Indenture Trustee set forth in this paragraph shall be deemed to have been satisfied to the extent that
information shall be provided by the Indenture Trustee, in the form of Form 1099 or other comparable form, pursuant to any requirements of the Code. 

The Issuer shall cause Sunnova Management, at Sunnova Management’s expense, to cause a firm of Independent Accountants to prepare any tax
returns required to be filed by the Issuer. The Indenture Trustee, upon reasonable written request, shall furnish the Issuer with all such information in the possession of the Indenture Trustee as may be reasonably required in connection with the
preparation of any tax return of the Issuer. 
 Section 5.09. Reports by Indenture Trustee. Within five Business
Days after the end of each Collection Period, the Indenture Trustee shall provide or make available electronically (or upon written request, by first class mail or facsimile) to the Servicer a written report setting forth the amounts in the
Collection Account, the Liquidity Reserve Account and the Inverter Replacement Reserve Account and the identity of the investments included therein, as applicable. Without limiting the generality of the foregoing, the Indenture Trustee shall, upon
the written request of the Servicer, promptly transmit or make available electronically to the Servicer, copies of all accountings of, and information with respect to, the Collection Account, the Liquidity Reserve Account and the Inverter
Replacement Reserve Account, investments thereof, as applicable, and payments thereto and therefrom. 
 Section 5.10.
Final Balances. On the Termination Date, all moneys remaining in all Accounts (other than the Lockbox Account), shall be, subject to applicable escheatment laws, remitted to, or at the direction of, the Issuer. 

ARTICLE VI 

VOLUNTARY PREPAYMENT OF NOTES AND RELEASE
OF COLLATERAL 
 Section 6.01. Voluntary Prepayment. (a) Each Class of
Notes is subject to prepayment, in whole (such prepayment, a “Voluntary Prepayment”), prior to the Rated Final Maturity, at the option of the Issuer on any Business Day or in part on any Payment Date, upon (i) delivery to the
Indenture Trustee and the Manager, not less than twenty-five days prior to the date fixed for the proposed prepayment (the “Voluntary Prepayment Date”), of a Notice of Prepayment from the Issuer stating the Issuer’s election to
prepay such Class(es) of Notes or portion thereof in the form attached hereto as Exhibit C, and (ii) the deposit by the Issuer into the Collection Account, 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 49 

 
(A) in the case of any Voluntary Prepayment in whole, no later than 1:00 p.m. Eastern time on or prior to the related Voluntary Prepayment Date, of (1) the sum of (v) the Aggregate
Outstanding Note Balance, (w) all accrued and unpaid interest thereon, (y) the Make Whole Amount, if any, and (z) all amounts owed to the Indenture Trustee, the Manager, the Servicer, the Transition Manager, the Backup Servicer and
any other parties to the Transaction Documents minus (2) the sum of the amounts then on deposit in the Liquidity Reserve Account and in the Inverter Replacement Reserve Account; or (B) in the case of any Voluntary Prepayment in part, no
later than 1:00 p.m. Eastern time on or prior to the related Voluntary Prepayment Date, of (1) the amount of principal on the Notes to be prepaid and (2) the Make Whole Amount, if applicable (the “Prepayment
Amount”). On the specified Voluntary Prepayment Date, provided that the Indenture Trustee has received the Prepayment Amount, no later than 1:00 p.m. Eastern time on or prior to the related Voluntary Prepayment Date, the
Indenture Trustee shall (x) withdraw the Prepayment Amount from the Collection Account and disburse such amounts on the related Voluntary Prepayment Date in accordance with the Priority of Payments (without giving effect to clauses (ix), (x)
and (xiv) thereof) to the holders of Notes of the Class(es) identified by the Issuer in the Notice of Prepayment and (y) to the extent the Outstanding Note Balance is prepaid, release any remaining assets in the Trust Estate to, or at the
direction of, the Issuer. 
 (b) If a Voluntary Prepayment Date occurs prior to the Make Whole Determination Date, the Issuer, to the extent
applicable, will be required to pay the Noteholders the Make Whole Amount. No Make Whole Amount will be due to the Noteholders if a Voluntary Prepayment is made on or after the Make Whole Determination Date. Notwithstanding anything to the contrary,
no Make Whole Amount will be due to the Noteholders on prepayments of the Class C Notes. 
 (c) If the Issuer elects to rescind the
Voluntary Prepayment, it must give written notice of such determination at least two Business Days prior to the Voluntary Prepayment Date. If a redemption of the notes has been rescinded pursuant to this Section 6.01(c), the Indenture Trustee
shall provide notice of such rescission to the registered owner of each Note which had been subject to the rescinded redemption at the address shown on the Note Register maintained by the Note Registrar with copies to the Issuer, Sunnova Energy, the
Depositor and the Rating Agency. 
 Section 6.02. Notice of Voluntary Prepayment. Any Notice of Voluntary
Prepayment shall be given by the Indenture Trustee by mailing a copy of the Notice of Prepayment by first-class mail (postage prepaid) not less than twenty days and not more than thirty days prior to the date fixed for prepayment to the registered
owner of each Note to be prepaid at the address shown on the Note Register maintained by the Note Registrar with copies to the Issuer, Sunnova Energy, the Servicer and the Rating Agency. Failure to give or receive such Notice of Prepayment by
mailing to any Noteholder, or any defect therein, shall not affect the validity of any Proceedings for the prepayment of other Notes. If a Voluntary Prepayment has been rescinded pursuant to Section 6.01(c), and to the extent the Indenture
Trustee had provided notice of the Voluntary Prepayment, the Indenture Trustee shall provide notice of such rescission to the registered owner of each Note which had been subject to the rescinded Voluntary Prepayment at the address shown on the Note
Register maintained by the Note Registrar with copies to the Issuer, Sunnova Energy, the Servicer and the Rating Agency. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 50 

 Any notice mailed as provided in this Section shall be conclusively presumed to have been
duly given, whether or not the registered owner of such Notes receives the notice. 
 Section 6.03. Cancellation of
Notes. All Notes which have been paid in full or retired or received by the Indenture Trustee for exchange shall not be reissued but shall be canceled and destroyed in accordance with its customary procedures. 

Section 6.04. Release of Collateral. (a) The Indenture Trustee shall, on or promptly after the Termination
Date, release any remaining portion of the Trust Estate from the Lien created by this Indenture and shall deposit into the Collection Account any funds then on deposit in any other Account. The Indenture Trustee shall release property from the Lien
created by this Indenture pursuant to this Section 6.04(a) only upon receipt by the Indenture Trustee of an Issuer Order accompanied by an Officer’s Certificate and an Opinion of Counsel described in Section 314(c)(2) of the Trust
Indenture Act of 1939, as amended, and meeting the applicable requirements of Section 12.02. 
 (b) (i) The Lien created by this
Indenture on any (A) Defective Solar Asset shall automatically be released when the Depositor or the Parent Guarantor, as applicable repurchases such Defective Solar Asset pursuant to the Depositor Contribution Agreement or the Parent Guaranty,
as applicable, or (B) Defaulted Solar Asset shall automatically be released when the Depositor or the Parent Guarantor, as applicable, repurchases such Defaulted Solar Asset pursuant to the Depositor Contribution Agreement or the Parent
Guaranty, as applicable, in each case upon (I) a payment by the Depositor or the Parent Guarantor, as the case may be, of the Repurchase Price of such Solar Asset and the deposit of such payment into the Collection Account and (II) receipt
by the Indenture Trustee of an Officer’s Certificate of the Depositor or Parent Guarantor, as the case may be, certifying: (1) as to the identity of the Solar Asset to be released, (2) that the amount deposited into the Collection
Account with respect thereto equals the Repurchase Price of such Solar Asset and (3) that all conditions in the Transaction Documents with respect to the release of such Solar Asset from the Lien of this Indenture have been met. 

(ii) The Lien created by this Indenture on any Replaced Solar Asset shall automatically be released upon (A) a payment by
the Depositor of any Substitution Shortfall Amount due with respect to such Replaced Solar Asset and the deposit of such payment into the Collection Account and (B) receipt by the Indenture Trustee of an Officer’s Certificate of the
Depositor certifying: (1) as to the identity of the Replaced Solar Asset to be released, (2) that the amount, if any, deposited into the Collection Account with respect thereto equals the Substitution Shortfall Amount required to be
deposited and (3) that all conditions in the Transaction Documents with respect to the release of such Replaced Solar Asset from the Lien of this Indenture have been met. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 51 

 (iii) The Lien created by this Indenture on any Host Customer Purchased
Solar Asset shall automatically be released upon (A) deposit into the Collection Account of the purchase price paid by the related Host Customer for such Solar Asset, (B) receipt by the Indenture Trustee of an Officer’s Certificate of
the Manager certifying: (1) as to the identity of the Solar Asset to be released, (2) that the amount deposited in the Collection Account with respect thereto equals the purchase price of such Solar Asset under the related Solar Service
Agreement and (3) that all conditions in the Transaction Documents with respect to the release of such Solar Asset from the Lien of this Indenture have been met. 

(iv) The Lien created by this Indenture on any Terminated Host Customer Solar Asset shall automatically be released upon
(A) the deposit by the Manager or the Issuer of (x) the entire amount of Insurance Proceeds received or expected to be received with respect to such Terminated Solar Asset and deposit of such payment into the Collection Account or
(y) payment in full of the Unscheduled Note Principal Payment in respect of such Terminated Host Customer Solar Asset to the Noteholders and (B) receipt by the Indenture Trustee of an Officer’s Certificate of the Manager certifying:
(1) as to the identity of the Terminated Host Customer Solar Asset to be released, and (2) that (x) the amount deposited in the Collection Account with respect thereto equals the entire amount of Insurance Proceeds received or expected to
be received with respect to such Terminated Host Customer Solar Asset or (y) the Unscheduled Note Principal Payment in respect of such Terminated Host Customer Solar Asset has been paid in full to the Noteholder. Immediately upon such release
by the Indenture Trustee, the Issuer shall cause a distribution-in-kind of such Terminated Host Customer Solar Asset to the Depositor pursuant to the Depositor
Contribution Agreement. 
 (c) Upon release of the Lien created by this Indenture in accordance with subsection (b), the Indenture
Trustee shall release the applicable asset for all purposes and deliver to or upon the order of the Issuer (or to or upon the order of the Depositor if it has satisfied its respective obligations under Sections 7(a) or 7(b) of the Depositor
Contribution Agreement with respect to a Solar Asset) the applicable Solar Asset and the related Custodian File. Upon the order of the Issuer, the Indenture Trustee shall authorize a UCC financing statement prepared by the Manager evidencing such
release. The Manager shall file any such authorized UCC financing statements. 
 ARTICLE VII 

THE INDENTURE TRUSTEE 

Section 7.01. Duties of Indenture Trustee. (a) If a Responsible Officer of the Indenture Trustee has received
notice pursuant to Section 7.02(a), or a Responsible Officer of the Indenture Trustee shall otherwise have actual knowledge that an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of his own affairs. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 52 

 (b) Except during the occurrence and continuance of such an Event of Default: 

(i) The Indenture Trustee need perform only those duties that are specifically set forth in this Indenture and any other
Transaction Document to which it is a party and no others and no implied covenants or obligations of the Indenture Trustee shall be read into this Indenture or any other Transaction Document. 

(ii) In the absence of negligence or bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture or any other Transaction Document. The Indenture Trustee shall,
however, examine such certificates and opinions to determine whether they conform on their face to the requirements of this Indenture or any other Transaction Document but the Indenture Trustee shall not be required to determine, confirm or
recalculate information contained in such certificates or opinions. 
 (c) No provision of this Indenture shall be construed to relieve the
Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i) This paragraph does not limit the effect of subsection (b) of this Section 7.01. 

(ii) The Indenture Trustee shall not be liable in its individual capacity for any action taken, or error of judgment made, in
good faith by a Responsible Officer or other officers of the Indenture Trustee, unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts. 

(iii) The Indenture Trustee shall not be personally liable with respect to any action it takes, suffers or omits to take in
good faith in accordance with a direction received by it from the Noteholders in accordance with this Indenture or any other Transaction Document or for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Indenture or any other Transaction Document, in each case unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts. 

(iv) The Indenture Trustee shall have no responsibility for filing any financing or continuation statement in any public office
at any time or otherwise to perfect or to maintain the perfection of any Lien on the Trust Estate or in any item comprising the Depositor Conveyed Property. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 53 

 (d) No provision of this Indenture or any other Transaction Document shall require the
Indenture Trustee to expend or risk its own funds or otherwise incur any financial or other liability in the performance of any of its duties hereunder or thereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not assured to it. 
 (e) The
provisions of subsections (a), (b), (c) and (d) of this Section 7.01 shall apply to any co-trustee or separate trustee appointed by the Issuer and the Indenture Trustee pursuant to
Section 7.13. 
 (f) The Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any Account held by the
Indenture Trustee resulting from any loss experienced on any item comprising the Depositor Conveyed Property except as a result of the Indenture Trustee’s gross negligence or willful misconduct. 

(g) In no event shall the Indenture Trustee be required to take any action that conflicts with Applicable Law, any of the provisions of this
Indenture or any other Transaction Document or with the Indenture Trustee’s duties hereunder or that adversely affect its rights and immunities hereunder. 

(h) In no event shall the Indenture Trustee have any obligations or duties under or have any liabilities whatsoever to Noteholders under ERISA.

 (i) In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities; it being understood that the Indenture Trustee shall resume performance as soon as practicable under the circumstances. 

(j) With respect to all Solar Assets and any related part of the Trust Estate released from the Lien of this Indenture, the Indenture Trustee
shall assign, without recourse, representation or warranty, to the appropriate Person as directed by the Issuer in writing, prior to the Termination Date, all the Indenture Trustee’s right, title and interest in and to such assets, such
assignment being in the form as prepared by the Servicer or the Issuer and acceptable to the Indenture Trustee. Such Person will thereupon own such Solar Asset and related rights appurtenant thereto free of any further obligation to the Indenture
Trustee or the Noteholders with respect thereto. The Servicer or the Issuer will also prepare and the Indenture Trustee shall, upon written direction of the Issuer, also execute and deliver all such other instruments or documents as shall be
reasonably requested by any such Person to be required or appropriate to effect a valid transfer of title to a Solar Asset and the related assets. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 54 

 Section 7.02. Manager Termination Event, Servicer Termination Event,
or Event of Default. (a) The Indenture Trustee shall not be required to take notice of or be deemed to have notice or knowledge of any default, Default, Manager Termination Event, Servicer Termination Event, Event of Default, event or
information, or be required to act upon any default, Default, Manager Termination Event, Servicer Termination Event, Event of Default, event or information (including the sending of any notice) unless a Responsible Officer of the Indenture Trustee
is specifically notified in writing at the address set forth in Section 12.04 or until a Responsible Officer of the Indenture Trustee shall have acquired actual knowledge of a default, a Default, a Manager Termination Event, a Servicer
Termination Event, an Event of Default, an event or information and shall have no duty to take any action to determine whether any such default, Default, Manager Termination Event, Servicer Termination Event, Event of Default, or event has occurred.
In the absence of receipt of such notice or actual knowledge, the Indenture Trustee may conclusively assume that there is no such default, Default, Event of Default, Servicer Termination Event, Manager Termination Event or event. If written notice
of the existence of a default, a Default, an Event of Default, a Manager Termination Event, a Servicer Termination Event, an event or information has been delivered to a Responsible Officer of the Indenture Trustee or a Responsible Officer of the
Indenture Trustee has actual knowledge thereof, the Indenture Trustee shall promptly provide paper or electronic notice thereof to the Issuer, the Transition Manager, the Backup Servicer, the Rating Agency and each Noteholder, but in any event, no
later than five days after such knowledge or notice occurs. 
 (b) In the event the Servicer does not make available to the Rating Agency all
reports of the Servicer and all reports to the Noteholders, upon request of a Rating Agency, the Indenture Trustee shall make available promptly after such request, copies of such Servicer reports as are in the Indenture Trustee’s possession to
such Rating Agency and the Noteholders. 
 Section 7.03. Rights of Indenture Trustee. (a) The Indenture
Trustee may rely and shall be protected in acting or refraining from acting upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter
stated in any document. The Indenture Trustee need not investigate or re-calculate, evaluate, certify, verify or independently determine the accuracy of any numerical information, report, certificate,
information, statement, representation or warranty or any fact or matter stated in any such document and may conclusively rely as to the truth of the statements and the accuracy of the information therein. 

(b) Before the Indenture Trustee takes any action or refrains from taking any action under this Indenture or any other Transaction Document, it
may require an Officer’s Certificate or an Opinion of Counsel, the costs of which (including the Indenture Trustee’s reasonable and documented attorney’s fees and expenses) shall be paid by the party requesting that the Indenture
Trustee act or refrain from acting. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 

(c) The Indenture Trustee shall not be personally liable for any action it takes or omits to take or any action or inaction it believes in good
faith to be authorized or within its rights or powers other than as a result of gross negligence or willful misconduct. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 55 

 (d) The Indenture Trustee shall not be bound to make any investigation into the facts of
matters stated in any reports, certificates, payment instructions, opinion, notice, order or other paper or document unless requested in writing by 25% or more of the Noteholders, and such Noteholders have provided to the Indenture Trustee indemnity
satisfactory to it. 
 (e) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, attorney, custodian or nominee appointed by it hereunder with
due care. The Indenture Trustee may consult with counsel, accountants and other experts and the advice or opinion of counsel, accountants and other experts with respect to legal and other matters relating to any Transaction Document shall be full
and complete authorization and protection from liability with respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with such advice or opinion of counsel. 

(f) The Indenture Trustee shall not be required to give any bond or surety with respect to the execution of this Indenture or the powers
granted hereunder. 
 (g) The Indenture Trustee shall not be liable for any action or inaction of the Issuer, the Manager, the Servicer, the
Backup Servicer, the Transition Manager, the Custodian, or any other party (or agent thereof) to this Indenture or any Transaction Document and may assume compliance by such parties with their obligations under this Indenture or any other
Transaction Document, unless a Responsible Officer of the Indenture Trustee shall have received written notice to the contrary at the Corporate Trust Office of the Indenture Trustee. 

(h) The Indenture Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders, pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security
or indemnity satisfactory to the Indenture Trustee against the costs, expenses and liabilities (including the reasonable and documented fees and expenses of the Indenture Trustee’s counsel and agents) which may be incurred therein or thereby.

 (i) The Indenture Trustee shall have no duty (i) to maintain or monitor any insurance or (ii) to see to the payment or discharge
of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Trust Estate. 

(j) Delivery of any reports, information and documents to the Indenture Trustee provided for herein or any other Transaction Document is for
informational purposes only (unless otherwise expressly stated), and the Indenture Trustee’s receipt of such or otherwise publicly available information shall not constitute actual or constructive knowledge or notice of any information
contained therein or determinable from information contained therein, including the Servicer’s, the Manager’s or the Issuer’s compliance with any of its representations, warranties or covenants hereunder (as to which the Indenture
Trustee is entitled to rely exclusively on Officer’s Certificates). The Indenture Trustee shall not have actual notice of any default or any other matter unless a Responsible Officer of the Indenture Trustee receives actual written notice of
such default or other matter. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 56 

 (k) The Indenture Trustee does not have any obligation to investigate any matter or exercise
any powers vested under this Indenture unless requested in writing by 25% or more of the Noteholders, and such Noteholders have provided to the Indenture Trustee indemnity satisfactory to it. 

(l) Knowledge of the Indenture Trustee shall not be attributed or imputed to Wells Fargo’s other roles in the transaction and knowledge of
the Backup Servicer or the Transition Manager shall not be attributed or imputed to each other or to the Indenture Trustee (other than those where the roles are performed by the same group or division within Wells Fargo or otherwise share the same
Responsible Officers), or any affiliate, line of business, or other division of Wells Fargo (and vice versa). 
 (m) The right of the
Indenture Trustee to perform any permissive or discretionary act enumerated in this Indenture or any related document shall not be construed as a duty. 

Section 7.04. Not Responsible for Recitals, Issuance of Notes or Application of Moneys as Directed. The recitals
contained herein and in the Notes, except the certificates of authentication on the Notes, shall be taken as the statements of the Issuer, and the Indenture Trustee assumes no responsibility for their correctness. The Indenture Trustee makes no
representations with respect to the Trust Estate or as to the validity or sufficiency of the Trust Estate or this Indenture or any other Transaction Document or of the Notes. The Indenture Trustee shall not be accountable for the use or application
by the Issuer of the proceeds of the Notes. Subject to Section 7.01(b), the Indenture Trustee shall not be liable to any Person for any money paid to the Issuer upon an Issuer Order, Servicer instruction or order or direction provided in a
Semi-Annual Servicer Report contemplated by this Indenture or any other Transaction Document. 
 Section 7.05. May
Hold Notes. The Indenture Trustee or any agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer or Sunnova Energy or any Affiliate of the Issuer or Sunnova
Energy with the same rights it would have if it were not the Indenture Trustee or other agent. 
 Section 7.06. Money
Held in Trust. The Indenture Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Issuer and except to the extent of income or other gain on investments which are obligations
of the Indenture Trustee hereunder. 
 Section 7.07. Compensation and Reimbursement. (a) The Issuer agrees:

 (i) to pay the Indenture Trustee in accordance with and subject to the Priority of Payments, the Indenture Trustee Fee.
The Indenture Trustee’s compensation shall not be limited by any law with respect to compensation of a trustee of an express trust and the payments to the Indenture Trustee provided by Article V hereto shall constitute payments due with
respect to the applicable fee agreement or letter; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 57 

 (ii) in accordance with and subject to the Priority of Payments, to
reimburse the Indenture Trustee upon request for all reasonable and documented expenses, disbursements and advances incurred or made by the Indenture Trustee, the Backup Servicer and the Transition Manager in accordance with any provision of this
Indenture (including, but not limited to, the reasonable compensation, expenses and disbursements of its agents and counsel and allocable costs of in-house counsel); provided, however, in no event shall
the Issuer pay or reimburse the Indenture Trustee or the agents or counsel, including in-house counsel of either, for any expenses, disbursements and advances incurred or made by the Indenture Trustee in
connection with any negligent action or negligent inaction on the part of the Indenture Trustee; provided, further, that payments to the Indenture Trustee for reimbursement for any such expenses will be as set forth in
Section 5.05(a)(ii) hereof; 
 (iii) to indemnify the Indenture Trustee and its officers, directors, employees and
agents for, and to hold them harmless against, any fee, loss, liability, damage, cost or expense (including reasonable and documented attorneys’ fees, costs and expenses and court costs) incurred without negligence or bad faith on the part of
the Indenture Trustee, to the extent such matters have been determined by a court of competent jurisdiction, arising out of, or in connection with, the acceptance or administration of this trust, including, without limitation, the costs and expenses
of defending itself against any claim, action or suit in connection with the exercise or performance of any of its powers or duties hereunder and defending itself against any claim, action or suit (including a successful defense, in whole or in
part, of a breach of its standard of care) or bringing any claim, action or suit to enforce the indemnification or other obligations of the relevant transaction parties; provided, however, that: 

(A) with respect to any such claim the Indenture Trustee shall have given the Issuer, AP5, the Depositor, the Servicer and the
Manager written notice thereof promptly after the Indenture Trustee shall have actual knowledge thereof, provided, that failure to notify shall not relieve the parties of their obligations hereunder; 

(B) notwithstanding anything to the contrary in this Section 7.07(a)(iii), none of the Issuer, AP5, the Depositor, the
Servicer or the Manager shall be liable for settlement of any such claim by the Indenture Trustee entered into without the prior consent of the Issuer, AP5, the Depositor, the Servicer or the Manager, as the case may be, which consent shall not be
unreasonably withheld or delayed; and 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 58 

 (C) the Indenture Trustee, its officers, directors, employees and agents,
as a group, shall be entitled to counsel separate from the Issuer, AP5, the Depositor, the Servicer and the Manager; to the extent the Issuer’s, AP5’s, the Depositor’s, the Servicer’s and the Manager’s interests are not
adverse to the interests of the Indenture Trustee, its officers, directors, employees or agents, the Indenture Trustee may agree to be represented by the same counsel as the Issuer, AP5, the Depositor, the Servicer and the Manager. 

Such payment obligations and indemnification shall survive the resignation or removal of the Indenture Trustee as well as the discharge, termination or
assignment hereof. The Indenture Trustee’s expenses are intended as expenses of administration. 
 Anything in this Indenture to the
contrary notwithstanding, in no event shall the Indenture Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Indenture Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of action. 
 (b) The Indenture Trustee shall, on each Payment
Date, in accordance with the Priority of Payments, deduct payment of its fees and expenses hereunder from moneys in the Collection Account. 

(c) The Issuer agrees to assume and to pay, and to indemnify, defend and hold harmless the Indenture Trustee and the Noteholders from any Taxes
which may at any time be asserted with respect to, and as of the date of, the Grant of the Trust Estate to the Indenture Trustee, including, without limitation, any sales, gross receipts, general corporation, personal property, privilege or license
taxes (but with respect to the Noteholders only, not including Taxes arising out of the creation or the issuance of the Notes or payments with respect thereto) and costs, expenses and reasonable counsel fees in defending against the same. 

Section 7.08. Eligibility; Disqualification. The Indenture Trustee shall always have a combined capital and surplus
as stated in Section 7.09, and shall always be a bank or trust company with corporate trust powers organized under the laws of the United States or any State thereof which is a member of the Federal Reserve System and shall be rated at least “A-” by S&P. 
 Section 7.09. Indenture Trustee’s Capital and
Surplus. The Indenture Trustee and/or its parent shall at all times have a combined capital and surplus of at least $100,000,000. If the Indenture Trustee publishes annual reports of condition of the type described in Section 310(a)(2) of
the Trust Indenture Act of 1939, as amended, its combined capital and surplus for purposes of this Section 7.09 shall be as set forth in the latest such report. 

Section 7.10. Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Indenture
Trustee and no appointment of a successor Indenture Trustee pursuant to this Section 7.10 shall become effective until the acceptance of appointment by the successor Indenture Trustee under Section 7.11. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 59 

 (b) The Indenture Trustee may resign at any time by giving 30 days’ written notice
thereof to the Issuer and the Servicer. If an instrument of acceptance by a successor Indenture Trustee shall not have been delivered to the Indenture Trustee within 30 days after the giving of such notice of resignation, the resigning Indenture
Trustee may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
 (c) The Indenture Trustee
may be removed at any time by the Super-Majority Noteholders upon 30 days’ prior written notice, delivered to the Indenture Trustee, with copies to the Servicer and the Issuer. 

(d) (i) If at any time the Indenture Trustee shall cease to be eligible under Section 7.08 or 7.09 or shall become incapable of
acting or shall be adjudged bankrupt or insolvent, or a receiver of the Indenture Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Indenture Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then, in any such case, with 30 days’ prior written notice, the Issuer, with the prior written consent of the Super-Majority Noteholders of the Controlling Class, by an Issuer Order, may
remove the Indenture Trustee. 
 (ii) If the Indenture Trustee shall be removed pursuant to Sections 7.10(c) or
(d) and no successor Indenture Trustee shall have been appointed pursuant to Section 7.10(e) and accepted such appointment within 30 days of the date of removal, the removed Indenture Trustee may petition any court of competent
jurisdiction for appointment of a successor Indenture Trustee acceptable to the Issuer. 
 (e) If the Indenture Trustee shall resign, be
removed or become incapable of acting, or if a vacancy shall occur in the office of the Indenture Trustee for any cause, the Issuer, with the prior written consent of the Majority Noteholders of the Controlling Class, by an Issuer Order shall
promptly appoint a successor Indenture Trustee. 
 (f) The Issuer shall give to the Rating Agency and the Noteholders notice of each
resignation and each removal of the Indenture Trustee and each appointment of a successor Indenture Trustee. Each notice shall include the name of the successor Indenture Trustee and the address of its Corporate Trust Office. 

(g) The provisions of this Section 7.10 shall apply to any co-trustee or separate trustee
appointed by the Issuer and the Indenture Trustee pursuant to Section 7.13. 
 Section 7.11. Acceptance of
Appointment by Successor. (a) Every successor Indenture Trustee appointed hereunder shall execute, acknowledge and deliver to the Issuer and the retiring Indenture Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective and such successor Indenture Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Indenture Trustee. Notwithstanding the foregoing, on request of the Issuer or the successor Indenture Trustee, such retiring Indenture Trustee shall, upon payment of its fees, expenses and other charges, execute and deliver an instrument
transferring to such successor Indenture Trustee all the rights, powers and trusts of the retiring Indenture Trustee and shall duly assign, transfer and deliver to such successor Indenture Trustee all property and money held by such retiring
Indenture Trustee hereunder. Upon request of any such successor Indenture Trustee, the Issuer shall execute and deliver any and all instruments for more fully and certainly vesting in and confirming to such successor Indenture Trustee all such
rights, powers and trusts. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 60 

 (b) No successor Indenture Trustee shall accept its appointment unless at the time of such
acceptance such successor Indenture Trustee shall be qualified and eligible under Sections 7.08 and 7.09. 
 (c) Notwithstanding the
replacement of the Indenture Trustee, the obligations of the Issuer pursuant to Section 7.07(a)(iii) and (c) and the Indenture Trustee’s protections under this Article VII shall continue for the benefit of the retiring Indenture
Trustee. 
 Section 7.12. Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee. Any
corporation or national banking association into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any corporation, bank, trust company or national banking association resulting from any merger,
conversion or consolidation to which the Indenture Trustee shall be a party, or any corporation, bank, trust company or national banking association succeeding to all or substantially all of the corporate trust business of the Indenture Trustee,
shall be the successor of the Indenture Trustee hereunder if such corporation, bank, trust company or national banking association shall be otherwise qualified and eligible under Section 7.08 and 7.09, without the execution or filing of any
paper or any further act on the part of any of the parties hereto. The Indenture Trustee shall provide the Rating Agency written notice of any such transaction. In case any Notes have been authenticated, but not delivered, by the Indenture Trustee
then in office, any successor by merger, conversion or consolidation to such authenticating Indenture Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Indenture Trustee had
authenticated such Notes. 
 Section 7.13. Co-trustees and Separate Indenture
Trustees. (a) At any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, for enforcement actions, and where a conflict of interest exists,
the Indenture Trustee shall have power to appoint and, upon the written request of the Indenture Trustee, the Issuer shall for such purpose join with the Indenture Trustee in the execution, delivery and performance of all instruments and agreements
necessary or proper to appoint, one or more Persons that are approved by the Indenture Trustee either to act as co-trustee, jointly with the Indenture Trustee, of such part of the Trust Estate, or to act as
separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power of the Indenture Trustee
deemed necessary or desirable, in all respects subject to the other provisions of this Section 7.13. If the Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case an Event of Default
has occurred and is continuing, the Indenture Trustee alone shall have power to make such appointment. No notice to the Noteholders of the appointment of any co-trustee or separate trustee shall be required
under this Indenture. Notice of any such appointments shall be promptly given to the Rating Agency by the Indenture Trustee. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 61 

 (b) Should any written instrument from the Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right or power, any and all such instruments
shall, on request, be executed, acknowledged and delivered by the Issuer. 
 (c) Every co-trustee or
separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms: 

(i) The Notes shall be authenticated and delivered and all rights, powers, duties and obligations hereunder with respect to the
custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Indenture Trustee hereunder, shall be exercised solely by the Indenture Trustee. 

(ii) The rights, powers, duties and obligations hereby conferred or imposed upon the Indenture Trustee with respect to any
property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such co-trustee or separate trustee jointly, except to the extent that under any
law of any jurisdiction in which any particular act is to be performed, the Indenture Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed solely
by such co-trustee or separate trustee. 
 (iii) The Indenture Trustee at any time,
by an instrument in writing executed by it, may accept the resignation of, or remove, any co-trustee or separate trustee appointed under this Section 7.13. Upon the written request of the Indenture
Trustee, the Issuer shall join with the Indenture Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any
co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section 7.13. 

(iv) No co-trustee or separate trustee appointed in accordance with this
Section 7.13 hereunder shall be financially or otherwise liable by reason of any act or omission of the Indenture Trustee, or any other such trustee hereunder, and the Indenture Trustee shall not be financially or otherwise liable by reason of
any act or omission of any co-trustee or other such separate trustee hereunder. 

(v) Any notice, request or other writing delivered to the Indenture Trustee shall be deemed to have been delivered to each such
co-trustee and separate trustee. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 62 

 (vi) Any separate trustee or
co-trustee may, at any time, constitute the Indenture Trustee, its agent or attorney-in-fact, with full power and authority, to
the extent not prohibited by law, to do any lawful act under or with respect to this Indenture on its behalf and in its name. The Indenture Trustee shall not be responsible for any action or inaction of any such separate trustee or co-trustee appointed in accordance with this Section 7.13. The Indenture Trustee shall not have any responsibility or liability relating to the appointment of any separate or
co-trustee. Any such separate or co-trustee shall not be deemed to be an agent of the Indenture Trustee. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of its estate, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee. 
 Section 7.14. Books and Records. The
Indenture Trustee agrees to provide to the Noteholders the right during normal business hours upon two days’ prior notice in writing to inspect its books and records insofar as the books and records relate to the functions and duties of the
Indenture Trustee pursuant to this Indenture. 
 Section 7.15. Control. Upon the Indenture Trustee being
adequately indemnified in writing to its satisfaction, the Majority Noteholders of the Controlling Class shall have the right to direct the Indenture Trustee with respect to any action or inaction by the Indenture Trustee hereunder, the
exercise of any trust or power conferred on the Indenture Trustee, or the conduct of any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or the Trust Estate provided that: 

(a) such direction shall not be in conflict with any rule of law or with this Indenture or expose the Indenture Trustee to financial or other
liability (for which it has not been adequately indemnified) or be unduly prejudicial to the Noteholders not approving such direction including, but not limited to and without intending to narrow the scope of this limitation, direction to the
Indenture Trustee to act or omit to act, directly or indirectly, to amend, hypothecate, subordinate, terminate or discharge any Lien benefiting the Noteholders in the Trust Estate; 

(b) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee which is not inconsistent with such direction; and

 (c) except as expressly provided otherwise herein (but only with the prior written consent of or at the direction of the Majority
Noteholders of the Controlling Class), the Indenture Trustee shall have the authority to take any enforcement action which it reasonably deems to be necessary to enforce the provisions of this Indenture. 

Section 7.16. Suits for Enforcement. If an Event of Default of which a Responsible Officer of the Indenture Trustee
shall have actual knowledge, shall occur and be continuing, the Indenture Trustee may, in its discretion and shall, at the direction of the Majority Noteholders of the Controlling Class (provided that the Indenture Trustee is adequately indemnified
in writing to its satisfaction), proceed to protect and enforce its rights and the rights of any Noteholders under this Indenture by a Proceeding, whether for the specific performance of any covenant or agreement contained in this Indenture or in
aid of the execution of any power granted in this 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 63 

 
Indenture or for the enforcement of any other legal, equitable or other remedy as the Indenture Trustee, being advised by counsel, shall deem most effectual to protect and enforce any of the
rights of the Indenture Trustee or any Noteholders, but in no event shall the Indenture Trustee be liable for any failure to act in the absence of direction the Majority Noteholders of the Controlling Class. 

Section 7.17. Compliance with Applicable Anti-Terrorism and Anti-Money
Laundering Regulations. In order to comply with Applicable Laws, including those relating to the funding of terrorist activities and money laundering, the Indenture Trustee is required to obtain, verify and record certain information relating to
individuals and entities which maintain a business relationship with Indenture Trustee. Accordingly, each of the parties agrees to provide to Indenture Trustee upon its request from time to time such identifying information and documentation as may
be available to such party in order to enable Indenture Trustee to comply with Applicable Law. 
 Section 7.18.
Authorization. The Indenture Trustee is hereby authorized and directed to execute, deliver and perform its obligations under and make the representations contained in the Account Control Agreement on the Closing Date. Each Noteholder and each
Note Owner, by its acceptance of a Note, acknowledges and agrees that the Indenture Trustee shall execute, deliver and perform its obligations under the Account Control Agreement and shall do so solely in its capacity as Indenture Trustee and not in
its individual capacity. Furthermore, each Noteholder and each Note Owner, by its acceptance of a Note acknowledges and agrees that the Indenture Trustee shall have no obligation to take any action pursuant to the Account Control Agreement unless
directed to do so by the Majority Noteholders of the Controlling Class. 
 ARTICLE VIII 

[RESERVED] 

ARTICLE IX 

EVENT OF DEFAULT 

Section 9.01. Events of Default. The occurrence of any of the following events shall constitute an “Event of
Default” hereunder: 
 (a) a default in the payment of any Note Interest (which, for the avoidance of doubt, does not include
Class B Deferred Interest, Class C Deferred Interest or Post-ARD Additional Note Interest) on a Payment Date, which default shall not have been cured after three Business Days; 

(b) the failure to reduce the Aggregate Outstanding Note Balance to zero at the Rated Final Maturity; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 64 

 (c) an Insolvency Event shall have occurred with respect to the Issuer; 

(d) the failure of the Issuer to observe or perform any covenant or obligation of the Issuer set forth in this Indenture (other than the
failure to make any required payment with respect to the Notes), which has not been cured within 30 days from the date of receipt by the Issuer of written notice from the Indenture Trustee of such breach or default, or the failure of the Issuer to
deposit into the Collection Account all amounts required to be deposited therein by the required deposit date; 
 (e) any representation,
warranty or statement of the Issuer (other than representations and warranties as to whether a Solar Asset is an Eligible Solar Asset) contained in the Transaction Documents or any report, document or certificate delivered by the Issuer pursuant to
the foregoing agreements shall prove to have been incorrect in any material respect as of the time when the same shall have been made and, within 30 days after written notice thereof shall have been given to the Indenture Trustee and the Issuer by
the Servicer, the Indenture Trustee or by the Majority Noteholders of the Controlling Class, the circumstance or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured
or waived by the Indenture Trustee, acting at the direction of the Majority Noteholders of the Controlling Class; 
 (f) the failure for any
reason of the Indenture Trustee, on behalf of the Noteholders, to have a first priority perfected Lien on the Trust Estate in favor of the Indenture Trustee (subject to Permitted Liens) and such failure is not stayed, released or otherwise cured
within ten days of receipt of notice or the Servicer’s, the Manager’s or the Issuer’s knowledge thereof; 
 (g) the Issuer
becomes subject to registration as an “investment company” under the 1940 Act; 
 (h) the Issuer becomes classified as an
association (or publicly traded partnership taxable as a corporation) for U.S. federal or state income tax purposes; 
 (i) failure by AP5 or
the Depositor to cure, repurchase or replace a Defective Solar Asset in accordance with the related Contribution Agreement (except to the extent cured by the Parent Guarantor in accordance with the Parent Guaranty); 

(j) any default in the payment of any amount due by the Parent Guarantor under the Parent Guaranty or any failure of the Parent Guarantor to
observe or perform any other covenant or obligation of the Parent Guarantor in accordance with the Parent Guaranty, which in each case shall not have been cured within the applicable cure period; or 

(k) there shall remain in force, undischarged, unsatisfied, and unstayed for more than 30 consecutive days, any final non-appealable judgment in the amount of $100,000 or more against the Issuer not covered by insurance. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 65 

 In the case of any event described in the foregoing subparagraphs, after the applicable grace period set
forth in such subparagraphs, if any, the Indenture Trustee shall give written notice to the Noteholders, the Rating Agency, the Manager, the Servicer, the Backup Servicer, the Transition Manager and the Issuer that an Event of Default has occurred
as of the date of such notice. The Issuer is required to give the Indenture Trustee written notice of the occurrence of any Event of Default immediately after actual knowledge thereof. 

Section 9.02. Actions of Indenture Trustee. If an Event of Default shall have occurred and be continuing hereunder,
the Indenture Trustee shall, at the direction of the Super-Majority Noteholders of the Controlling Class, do one of the following: 
 (a)
declare the entire unpaid principal amount of the Notes, all interest accrued and unpaid thereon and all other amounts payable under this Indenture and the other Transaction Documents to become immediately due and payable; 

(b) either on its own or through an agent, take possession of and sell the Trust Estate, pursuant to Section 9.15, provided,
however, that neither the Indenture Trustee nor any collateral agent may sell or otherwise liquidate the Trust Estate unless either (i) the proceeds of such sale or liquidation are sufficient to discharge in full the amounts then due and
unpaid upon the Notes for principal and accrued interest and the fees and all other amounts required to be paid pursuant to the Priority of Payments or (ii) the Holders of 100% of the Aggregate Outstanding Note Balance consent thereto; 

(c) institute Proceedings for collection of amounts due on the Notes or under this Indenture by automatic acceleration or otherwise, or if no
such acceleration or collection efforts have been made, or if such acceleration or collection efforts have been made, but have been annulled or rescinded, the Indenture Trustee may elect to take possession of the Trust Estate and collect or cause
the collection of the proceeds thereof and apply such proceeds in accordance with the applicable provisions of this Indenture; 
 (d) enforce
any judgment obtained and collect any amounts adjudged from the Issuer; 
 (e) institute any Proceedings for the complete or partial
foreclosure of the Lien created by the Indenture with respect to the Trust Estate; and 
 (f) protect the rights of the Indenture Trustee and
the Noteholders by taking any appropriate action including exercising any remedy of a secured party under the UCC or any other Applicable Law. 

Notwithstanding the foregoing, upon the occurrence of an Event of Default of the type described in clause (c) of the definition thereof, the Aggregate
Outstanding Note Balance, all interest accrued and unpaid thereon and all other amounts payable under the Indenture and the other Transaction Documents shall automatically become immediately due and payable. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 66 

 Section 9.03. Indenture Trustee May File Proofs of Claim. In case
of the pendency of any Insolvency Proceeding relative to the Issuer or any other obligor upon the Notes or the property of the Issuer or of such other obligor or their creditors, the Indenture Trustee (irrespective of whether the Notes shall then be
due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand on the Issuer for the payment of overdue principal or any interest or other amounts) shall, at the
written direction of the Majority Noteholders of the Controlling Class, by intervention in such Insolvency Proceeding or otherwise, 
 (a)
file and prove a claim for the whole amount owing and unpaid with respect to the Notes issued hereunder and file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel) and of the Noteholders allowed in such Insolvency Proceeding; and 

(b) collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any receiver,
assignee, trustee, liquidator, or sequestrator (or other similar official) in any such Insolvency Proceeding is hereby authorized by each Noteholder to make such payments to the Indenture Trustee and, in the event that the Indenture Trustee shall,
upon written direction from the Noteholders, consent to the making of such payments directly to the Noteholders, to pay to the Indenture Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Indenture Trustee, its agents and counsel, and any other amounts due the Indenture Trustee under Section 7.07. 
 Nothing herein
contained shall be deemed to authorize the Indenture Trustee to authorize and consent to or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment, or composition affecting any of the Notes or the rights of
any Noteholder thereof, or to authorize the Indenture Trustee to vote with respect to the claim of any Noteholder in any such Insolvency Proceeding. 

Section 9.04. Indenture Trustee May Enforce Claim Without Possession of Notes. All rights of action and claims under
this Indenture or the Notes may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any Proceeding relating thereto, and any such Proceeding instituted by the Indenture Trustee
shall be brought in its own name as trustee for the benefit of the Noteholders, and any recovery of judgment shall be applied first, to the payment of the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its
agents and counsel and any other amounts due the Indenture Trustee under Section 7.07 (provided that, any indemnification by the Issuer under Section 7.07 shall be paid only in the priority set forth in Section 5.05) and second, for
the ratable benefit of the Noteholders for all amounts due to such Noteholders. 
 Section 9.05. Knowledge of
Indenture Trustee. Any references herein to the knowledge of the Indenture Trustee shall mean and refer to actual knowledge of a Responsible Officer of the Indenture Trustee. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 67 

 Section 9.06. Limitation on Suits. No Holder of any Note shall
have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder unless: 

(a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

(b) the Majority Noteholders of the Controlling Class shall have made written request to the Indenture Trustee to institute Proceedings
with respect to such Event of Default in its own name as Indenture Trustee hereunder; 
 (c) such Holder or Holders have offered to the
Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (d) the
Indenture Trustee for 30 days after its receipt of such notice, request and offer of security or indemnity has failed to institute any such Proceedings; and 

(e) no direction inconsistent with such written request has been given to the Indenture Trustee during such
30-day period by the Majority Noteholders of the Controlling Class; 
 it being understood and intended that no one
or more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes, or to obtain or to seek to obtain
priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided. 

Section 9.07. Unconditional Right of Noteholders to Receive Principal and Interest. The Holders of the Notes shall
have the right, which is absolute and unconditional, subject to the express terms of this Indenture, to receive payment of principal and interest on such Notes, subject to the respective relative priorities provided for in this Indenture, as such
principal and interest becomes due and payable from the Trust Estate and, subject to Section 9.06, to institute Proceedings for the enforcement of any such payment, and such right shall not be impaired except as expressly permitted herein
without the consent of such Holders. 
 Section 9.08. Restoration of Rights and Remedies. If the Indenture Trustee
or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Indenture Trustee or to such
Noteholder, then, and in every case, the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights
and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 68 

 Section 9.09. Rights and Remedies Cumulative. Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.09, no right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 9.10. Delay or Omission; Not Waiver. No delay or omission of the Indenture Trustee or of any Holder of any
Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or any acquiescence therein. Every right and remedy given by this Article IX or by
law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

Section 9.11. Control by Noteholders. Other than as set forth herein, the Majority Noteholders of the Controlling
Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee or exercising any trust or power conferred on the Indenture Trustee; provided that: 

(a) such direction shall not be in conflict with any rule of law or with this Indenture including, without limitation, any provision hereof
which expressly provides for approval by a greater percentage of the aggregate principal amount of all Outstanding Notes; 
 (b) the
Indenture Trustee may take any other action deemed proper by the Indenture Trustee which is not inconsistent with such direction; provided, however, that, subject to Section 7.01, the Indenture Trustee need not take any action which a
Responsible Officer or Officers of the Indenture Trustee in good faith determines might involve it in liability (unless the Indenture Trustee is furnished with the reasonable indemnity referred to in Section 9.11(c)); and 

(c) the Indenture Trustee has been furnished reasonable indemnity against costs, expenses and liabilities which it might incur in connection
therewith. 
 Section 9.12. Waiver of Certain Events by Less Than All Noteholders. The Super-Majority Noteholders
may, on behalf of the Holders of all the Notes, waive any past Default, Event of Default, Servicer Termination Event, or Manager Termination Event, and its consequences, except: 

(a) a Default in the payment of the principal of or interest on any Note, or a Default caused by the Issuer becoming subject to registration as
an “investment company” under the 1940 Act, or 
 (b) with respect to a covenant or provision hereof which under Article X cannot
be modified or amended without the consent of the Holder of each Outstanding Note affected. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 69 

 Upon any such waiver, such Default, Event of Default, Servicer Termination Event or Manager
Termination Event shall cease to exist, and any Default, Event of Default, Servicer Termination or Manager Termination Event or other consequence arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Default, Event of Default, Servicer Termination or Manager Termination Event or impair any right consequent thereon. 

Section 9.13. Undertaking for Costs. All parties to this Indenture agree, and each Noteholder and each Note Owner by
its acceptance of a Note shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken,
suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 9.13 shall not apply to any suit instituted by the Indenture
Trustee or to any suit instituted by any Noteholder for the enforcement of the payment of the principal of or interest on any Note on or after the Rated Final Maturity expressed in such Note. 

Section 9.14. Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that
it will not, at any time, insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 9.15. Sale of Trust Estate. (a) The power to effect any sale of any portion of the Trust Estate
pursuant to this Article IX shall not be exhausted by any one or more sales as to any portion of the Trust Estate remaining unsold, but shall continue unimpaired until the entire Trust Estate securing the Notes shall have been sold or all amounts
payable on the Notes and under this Indenture with respect thereto shall have been paid. The Indenture Trustee, acting on its own or through an agent, may from time to time postpone any sale by public announcement made at the time and place of such
sale. 
 (b) The Indenture Trustee shall not, in any private sale, sell to a third party the Trust Estate, or any portion thereof unless the
Super-Majority Noteholders of the Controlling Class direct the Indenture Trustee, in writing, to make such sale or unless either (i) the proceeds of such sale or liquidation are sufficient to discharge in full the amounts then due and
unpaid upon the Notes for principal and accrued interest and the fees and all other amounts required to be paid pursuant the Priority of Payments or (ii) the Holders of 100% of the principal amount of each Class of Notes then Outstanding
consent thereto. Notwithstanding the foregoing, prior to the consummation of any sale of the Trust Estate (either private or public), the Indenture Trustee 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 70 

 
shall first offer the Originator the opportunity to purchase the Trust Estate for a purchase price equal to the greater of (x) the fair market value of the Trust Estate and (y) the
aggregate outstanding note balance of the Notes, plus accrued interest thereon and fees owed thereto (such right, the “Right of First Refusal”). If the Originator does not exercise its Right of First Refusal within two Business Days
of receipt thereof, then the Indenture Trustee shall sell the Trust Estate as otherwise set forth in this Section 9.15; provided, further, that if the Originator does not exercise its Right of First Refusal and the Indenture
Trustee elects to sell the Trust Estate in a private sale to a third party, then prior to the sale thereof, the Indenture Trustee shall offer the Originator the opportunity to purchase the Trust Estate for the purchase price being offered by such
third party, and the Originator shall have two Business Days to accept such offer. 
 (c) The Indenture Trustee or any Noteholder may bid for
and acquire any portion of the Trust Estate in connection with a public or private sale thereof, and in lieu of paying cash therefor, any Noteholder may make settlement for the purchase price by crediting against amounts owing on the Notes of such
Holder or other amounts owing to such Holder secured by this Indenture, that portion of the net proceeds of such sale to which such Holder would be entitled, after deducting the reasonable costs, charges and expenses incurred by the Indenture
Trustee or the Noteholders in connection with such sale. The Notes need not be produced in order to complete any such sale, or in order for the net proceeds of such sale to be credited against the Notes. The Indenture Trustee or the Noteholders may
hold, lease, operate, manage or otherwise deal with any property so acquired in any manner permitted by law. 
 (d) The Indenture Trustee
shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Trust Estate in connection with a sale thereof. In addition, the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer to transfer and convey its interest in any portion of the Trust Estate in connection with a sale thereof, pursuant to this Section 9.15,
and to take all action necessary to effect such sale. No purchaser or transferee at such a sale shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application
of any monies. 
 (e) The method, manner, time, place and terms of any sale of all or any portion of the Trust Estate shall be commercially
reasonable. 
 Section 9.16. Action on Notes. The Indenture Trustee’s right to seek and recover judgment on
the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Indenture Trustee or
the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 71 

 ARTICLE X 

SUPPLEMENTAL INDENTURES 

Section 10.01. Supplemental Indentures Without Noteholder Approval. (a) Without the consent of the Noteholders,
provided that (x) the Issuer shall have provided written notice to the Rating Agency of such modification, (y) the Indenture Trustee shall have received an Opinion of Counsel that such modification is permitted under the terms of this
Indenture and that all conditions precedent to the execution of such modification have been satisfied and (z) the Indenture Trustee shall have received a Tax Opinion, the Issuer and the Indenture Trustee, when authorized and directed by an
Issuer Order, at any time and from time to time, may enter into one or more amendments or indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following purposes: 

(i) to correct, amplify or add to the description of any property at any time subject to the Lien of this Indenture, or better
to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture, or to subject to the Lien of this Indenture additional property; provided such action pursuant to this clause
(i) shall not adversely affect the interests of the Noteholders in any respect; 
 (ii) to evidence the succession of
another Person to either the Issuer or the Indenture Trustee in accordance with the terms hereof, and the assumption by any such successor of the covenants of the Issuer or the Indenture Trustee contained herein and in the Notes; 

(iii) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any
other provision herein or to conform the provisions herein to the descriptions set forth in the Offering Circular; 
 (iv) to
add to the covenants of the Issuer or the Indenture Trustee, for the benefit of the Noteholders or to surrender any right or power herein conferred upon the Issuer; or 

(v) to effect any matter specified in Section 10.06. 

(b) Promptly after the execution by the Issuer and the Indenture Trustee of any amendment or supplemental indenture pursuant to this
Section 10.01, the Indenture Trustee shall mail to the Noteholders and the Rating Agency a copy of such supplemental indenture. Any failure of the Indenture Trustee to mail such copy shall not, however, in any way impair or affect the validity
of any such amendment or supplemental indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 72 

 Section 10.02. Supplemental Indentures with Consent of
Noteholders. (a) With the prior written consent of each Noteholder affected thereby, prior written notice to the Rating Agency and receipt by the Indenture Trustee of a Tax Opinion, the Issuer and the Indenture Trustee, when authorized and
directed by an Issuer Order, at any time and from time to time, may enter into an amendment or a supplemental indenture for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or
of modifying in any manner the rights of the Noteholders under this Indenture for the following purposes: 
 (i) to change
the Rated Final Maturity of the principal of any Note, or the due date of any payment of interest on any Note, or reduce the principal amount thereof, or the interest rate thereon, change the place of payment where, or the coin or currency in which
any Note or any interest thereon is payable, or impair the right to institute suit for the enforcement of the payment of interest due on any Note on or after the due date thereof or for the enforcement of the payment of the entire remaining unpaid
principal amount of any Note on or after the Rated Final Maturity thereof or change any provision of Article VI regarding the amounts payable upon any Voluntary Prepayment; 

(ii) to reduce the percentage of the Outstanding Note Balance, the consent of the Noteholders of which is required to approve
any such supplemental indenture; or the consent of the Noteholders of which is required for any waiver of compliance with provisions of this Indenture, Events of Default, Manager Termination Events under the Indenture or under the Management
Agreement or Servicer Termination Events under this Indenture or under the Servicing Agreement and their consequences provided for in this Indenture or for any other purpose hereunder; 

(iii) to modify any of the provisions of this Section 10.02; 

(iv) to modify or alter the provisions of the proviso to the definition of the term “Outstanding”; or 

(v) to permit the creation of any other Lien with respect to any part of the Trust Estate or terminate the Lien of this
Indenture on any property at any time subject hereto or, except with respect to any action which would not have a material adverse effect on any Noteholder (as certified by the Issuer), deprive the Noteholder of the security afforded by the Lien of
this Indenture. 
 (b) With the prior written consent of the Majority Noteholders of the Controlling Class, and receipt by the Indenture
Trustee of a Tax Opinion, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more amendments or indentures supplemental hereto, in form and substance satisfactory to the
Indenture Trustee for the purpose of modifying, eliminating or adding to the provisions of this Indenture; provided, that such supplemental indentures shall not have any of the effects described in paragraphs (i) through (v) of
Section 10.02(a). 
 (c) Promptly after the execution by the Issuer and the Indenture Trustee of any amendment or supplemental indenture
pursuant to this Section 10.02, the Indenture Trustee shall mail to the Noteholders and the Rating Agency a copy of such supplemental indenture. Any failure of the Indenture Trustee to mail such copy shall not, however, in any way impair or
affect the validity of any such supplemental indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 73 

 (d) Whenever the Issuer or the Indenture Trustee solicits a consent to any amendment or
supplement to the Indenture, the Issuer shall fix a record date in advance of the solicitation of such consent for the purpose of determining the Noteholders entitled to consent to such amendment or supplement. Only those Noteholders at such record
date shall be entitled to consent to such amendment or supplement whether or not such Noteholders continue to be Holders after such record date. 

Section 10.03. Execution of Amendments and Supplemental Indentures. In executing, or accepting the additional trusts
created by, any amendment or supplemental indenture permitted by this Article X or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and (subject to Section 7.01) shall
be fully protected in relying upon, an Opinion of Counsel (i) stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and (ii) in accordance with Section 3.06(a) hereof. The Indenture
Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Indenture Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 10.04. Effect of Amendments and Supplemental Indentures. Upon the execution of any amendment or supplemental
indenture under this Article X, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Notes which have theretofore been or thereafter
are authenticated and delivered hereunder shall be bound thereby. 
 Section 10.05. Reference in Notes to Amendments
and Supplemental Indentures. Notes authenticated and delivered after the execution of any amendment or supplemental indenture pursuant to this Article X may, and if required by the Issuer shall, bear a notation as to any matter provided for
in such supplemental indenture. If the Issuer shall so determine, new Notes so modified as to conform to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange
for Outstanding Notes. 
 Section 10.06. Indenture Trustee to Act on Instructions. Notwithstanding any provision
herein to the contrary (other than Section 10.02), in the event the Indenture Trustee is uncertain as to the intention or application of any provision of this Indenture or any other agreement to which it is a party, or such intention or
application is ambiguous as to its purpose or application, or is, or appears to be, in conflict with any other applicable provision thereof, or if this Indenture or any other agreement to which it is a party permits or does not prohibit any
determination by the Indenture Trustee, or is silent or incomplete as to the course of action which the Indenture Trustee is required or is permitted or may be permitted to take with respect to a particular set of facts or circumstances, the
Indenture Trustee shall, at the expense of the Issuer, request and rely upon the following: (a) written instructions of the Issuer directing the Indenture Trustee to take certain actions or refrain from taking certain actions, which written
instructions shall contain a 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 74 

 
certification that the taking of such actions or refraining from taking certain actions is in the best interest of the Noteholders and (b) prior written consent of the Majority Noteholders
of the Controlling Class. In such case, the Indenture Trustee shall have no liability to the Issuer or the Noteholders for, and the Issuer shall hold harmless the Indenture Trustee from, any liability, costs or expenses arising from or relating to
any action taken by the Indenture Trustee acting upon such instructions, and the Indenture Trustee shall have no responsibility to the Noteholders with respect to any such liability, costs or expenses. The Issuer shall provide a copy of such written
instructions to the Rating Agency. 
 ARTICLE XI 

[RESERVED.] 

ARTICLE XII 

MISCELLANEOUS 

Section 12.01. Compliance Certificates and Opinions; Furnishing of Information. Upon any application or request by
the Issuer to the Indenture Trustee to take any action under any provision of this Indenture (except with respect to ordinary course actions under this Indenture), the Issuer at the request of the Indenture Trustee shall furnish to the Indenture
Trustee a certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions
precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of certificates and Opinions of Counsel are specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or Opinion of Counsel need be furnished. 

Section 12.02. Form of Documents Delivered to Indenture Trustee. (a) If several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

(b) Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by outside counsel, unless such Authorized Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate
or opinion is based are erroneous. Any such certificate or opinion or any Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Authorized Officer of any relevant
Person, stating that the information 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 75 

 
with respect to such factual matters is in the possession of such Person, unless such officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to such matters are erroneous. Any Opinion of Counsel may be based on the written opinion of other counsel, in which event such Opinion of Counsel shall be accompanied by a copy of such other counsel’s opinion
and shall include a statement to the effect that such counsel believes that such counsel and the Indenture Trustee may reasonably rely upon the opinion of such other counsel. 

(c) Where any Person is required to make, give or execute two or more applications, requests, consents, notices, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 (d) Wherever in this Indenture, in
connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer, the Servicer or the Manager shall deliver any document as a condition of the granting of such application, or as evidence of the
Issuer’s, the Servicer’s or the Manager’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such notice or report (as the case may
be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such notice or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Section 7.01(b)(ii). 

(e) Wherever in this Indenture it is provided that the absence of the occurrence and continuation of a Default, an Event of Default, a Servicer
Termination Event or a Manager Termination Event is a condition precedent to the taking of any action by the Indenture Trustee at the request or direction of the Issuer, then notwithstanding that the satisfaction of such condition is a condition
precedent to the Issuer’s or the Indenture Trustee’s right to make such request or direction, the Indenture Trustee shall be protected in acting in accordance with such request or direction if a Responsible Officer of the Indenture Trustee
does not have actual knowledge of the occurrence and continuation of such Default, Event of Default or Manager Termination Event. 

Section 12.03. Acts of Noteholders. (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 12.03. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 76 

 (b) The fact and date of the execution by any Person of any such instrument or writing may
be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged
to him the execution thereof. Whenever such execution is by an officer of a corporation or a member of a limited liability company or a partnership on behalf of such corporation, limited liability company or partnership, such certificate or
affidavit shall also constitute sufficient proof of his authority. 
 (c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of
every Note issued upon the registration or transfer thereof or in exchange therefor or in lieu thereof, with respect to anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation
of such action is made upon such Notes. 
 Section 12.04. Notices, Etc. Any request, demand, authorization,
direction, notice, consent, waiver or act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with: 

(a) the Indenture Trustee by any Noteholder or by the Issuer, shall be in writing and shall be delivered personally, mailed by first-class
registered or certified mail, postage prepaid, by facsimile transmission or electronic transmission in PDF format or overnight delivery service, postage prepaid, and received by, a Responsible Officer of the Indenture Trustee at its Corporate Trust
Office listed below, or 
 (b) any other Person shall be in writing and shall be delivered personally or by facsimile transmission,
electronic transmission in PDF format or and prepaid overnight delivery service at the address listed below or at any other address subsequently furnished in writing to the Indenture Trustee by the applicable Person. 

 

			
	To the Indenture Trustee:	  	Wells Fargo Bank, National Association
		  	600 S. 4th Street
		  	MAC N9300-061
		  	Minneapolis, MN 55479
		  	Attention: Corporate Trust Services – Asset-Backed Administration
		  	Phone: (612) 667-8058
		  	Fax: (612) 667-3464
		
	To the Issuer:	  	Helios Issuer, LLC
		  	20 East Greenway Plaza, Suite 475
		  	Houston, Texas 77046
		  	Attention: Chief Financial Officer
		  	Email: jordan.kozar@sunnova.com
		
		  	Phone: (281) 417-0916
		  	Fax: (281) 985-9907

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 77 

			
	with a copy to:	  	Sunnova Energy Corporation
		  	20 East Greenway Plaza, Suite 475
		  	Houston, Texas 77046
		  	Attention: Chief Financial Officer
		  	Email: jordan.kozar@sunnova.com
		  	Phone: (281) 417-0916
		  	Fax: (281) 985-9907
		
	To KBRA:	  	Kroll Bond Rating Agency, Inc.
		  	845 Third Avenue, 4th Floor
		  	New York, New York 10022
		  	Attention: ABS Surveillance
		  	Email: abssurveillance@kbra.com
		  	Phone: (212) 702-0707

 Notices delivered to the Rating Agencies shall be by electronic delivery to the email address set forth above
where information is available in electronic format. In addition, upon the written request of any beneficial owner of a Note, the Indenture Trustee shall provide to such beneficial owner copies of such notices, reports or other information
delivered, in one or more of the means requested, by the Indenture Trustee hereunder to other Persons as such beneficial owner may reasonably request. 

Section 12.05. Notices and Reports to Noteholders; Waiver of Notices. (a) Where this Indenture provides for
notice to Noteholders of any event or the mailing of any report to the Noteholders, such notice or report shall be written and shall be sufficiently given (unless otherwise herein expressly provided) if mailed, first-class, postage-prepaid, to each
Noteholder affected by such event or to whom such report is required to be mailed or sent via electronic mail, at the address or electronic mail address of such Noteholder as it appears on the Note Register, not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice or the mailing of such report. In any case where a notice or report to Noteholders is mailed in the manner provided above, neither the failure to mail such notice or report,
nor any defect in any notice or report so mailed, to any particular Noteholder shall affect the sufficiency of such notice or report with respect to other Noteholders, and any notice or report which is mailed in the manner herein provided shall be
conclusively presumed to have been duly given or provided. 
 (b) Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 78 

 (c) If, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event to the Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory
to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 (d) The Indenture Trustee shall promptly upon written
request furnish to each Noteholder each Semi-Annual Servicer Report and, unless directed to do so under any other provision of this Indenture or any other Transaction Document in which case no request shall be necessary), a copy of all reports,
financial statements and notices received by the Indenture Trustee pursuant to this Indenture and the other Transaction Documents, but only with the use of a password provided by the Indenture Trustee; provided, however, the Indenture Trustee
shall have no obligation to provide such information described in this Section 12.05 until it has received the requisite information from the Issuer or the Servicer. The Indenture Trustee will make no representation or
warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor. The Indenture Trustee’s internet website will initially be located at www.CTSLink.com or at such other address as the Indenture Trustee
shall notify the parties to the Indenture from time to time. In connection with providing access to the Indenture Trustee’s website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee shall
not be liable for the dissemination of information in accordance with this Indenture. 
 Section 12.06. Rules by
Indenture Trustee. The Indenture Trustee may make reasonable rules for any meeting of Noteholders. 

Section 12.07. Issuer Obligation. Each of the Indenture Trustee and each Noteholder accepts that the enforcement
against the Issuer under this Indenture and under the Notes shall be limited to the assets of the Issuer, whether tangible or intangible, real or person (including the Trust Estate) and the proceeds thereof. No recourse may be taken, directly or
indirectly, against (a) any member, manager, officer, employee, trustee, agent or director of the Issuer or of any predecessor of the Issuer, (b) any member, manager, beneficiary, officer, employee, trustee, agent, director or successor or
assign of a holder of a member or limited liability company interest in the Issuer, or (c) any incorporator, subscriber to capital stock, stockholder, officer, director, employee or agent of the Indenture Trustee or any predecessor or successor
thereof, with respect to the Issuer’s obligations with respect to the Notes or any of the statements, representations, covenants, warranties or obligations of the Issuer under this Indenture or any Note or other writing delivered in connection
herewith or therewith. 
 Section 12.08. Enforcement of Benefits. The Indenture Trustee and the Noteholders shall
be entitled to enforce and, at the direction and indemnification of the Super-Majority Noteholders of the Controlling Class, the Indenture Trustee shall enforce the covenants and agreements of the Manager contained in the Management Agreement, the
Servicer contained in the Servicing Agreement and AP5 and the Depositor contained in the applicable Contribution Agreement and each other Transaction Document. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 79 

 Section 12.09. Effect of Headings and Table of Contents. The
Section and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 12.10. Successors and Assigns. All covenants and agreements in this Indenture by the Issuer and the
Indenture Trustee shall bind their respective successors and assigns, whether so expressed or not. 
 Section 12.11.
Separability. If any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. Furthermore,
in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as part of this Indenture, a provision as similar in its terms and purpose to such illegal, invalid or unenforceable provision as may be possible and be
legal, valid and enforceable. 
 Section 12.12. Benefits of Indenture. Nothing in this Indenture or in the Notes,
expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any separate trustee or co-trustee appointed under Section 7.13 and the Noteholders, any
benefit or any legal or equitable right, remedy or claim under this Indenture. 
 Section 12.13. Legal Holidays.
If the date of any Payment Date or any other date on which principal of or interest on any Note is proposed to be paid or any date on which mailing of notices by the Indenture Trustee to any Person is required pursuant to any provision of this
Indenture, shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment or mailing of such notice need not be made on such date, but may be made or mailed on the next succeeding Business Day with the
same force and effect as if made or mailed on the nominal date of any such Payment Date or other date for the payment of principal of or interest on any Note, or as if mailed on the nominal date of such mailing, as the case may be, and in the case
of payments, no interest shall accrue for the period from and after any such nominal date, provided such payment is made in full on such next succeeding Business Day. 

Section 12.14. Governing Law; Jurisdiction; Waiver of Jury Trial. (a) This Indenture and each Note shall be
construed in accordance with and governed by the substantive laws of the State of New York (including New York General Obligations Laws §§ 5-1401 and 5-1402,
but otherwise without regard to conflicts of law provisions thereof, except with regard to the UCC) applicable to agreements made and to be performed therein. 
  

	 	(b)	 The parties hereto agree to the non-exclusive jurisdiction of the state
and federal courts in the borough of Manhattan in the City of New York in the State of New York. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 80 

	 	(c)	 TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO AND EACH NOTEHOLDER BY ACCEPTANCE OF A NOTE
IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION PROCEEDING OR COUNTERCLAIM BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH, THIS INDENTURE, ANY OTHER DOCUMENT IN CONNECTION HEREWITH OR ANY MATTER ARISING HEREUNDER OR THEREUNDER.

 Section 12.15. Counterparts. This Indenture may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same agreement. Delivery of an executed counterpart of this Indenture by facsimile or other electronic transmission
(i.e.,”pdf” or “tif”) shall be effective delivery of a manually executed counterpart hereof and deemed an original. 

Section 12.16. Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording
offices, the Issuer shall effect such recording at its expense in compliance with an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other person secured hereunder or for the
enforcement of any right or remedy granted to the Indenture Trustee under this Indenture or any other Transaction Document. 

Section 12.17. Further Assurances. The Issuer agrees 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 Indenture Trustee to effect more fully the purposes of this Indenture, including, without limitation, the execution of any financing statements or continuation
statements relating to the Trust Estate for filing under the provisions of the UCC of any applicable jurisdiction. 

Section 12.18. No Bankruptcy Petition Against the Issuer. The Indenture Trustee agrees (and each Noteholder and each
Note Owner by its acceptance of a Note shall be deemed to agree) that, prior to the date that is one year and one day after the payment in full of all amounts payable with respect to the Notes, it will not institute against the Issuer, or join any
other Person in instituting against the Issuer, any Insolvency Proceedings or other Proceedings under the laws of the United States or any State of the United States. This Section 12.18 shall survive the termination of this Indenture. 

Section 12.19. Rule 17g-5 Information. 

(a) The Issuer shall comply with its obligations under Rule 17g-5 promulgated under the Exchange Act
(“Rule 17g-5”), by its or its agent’s posting on the website required to be maintained under Rule 17g-5 (the “17g-5 Website”), no later than the time such information is provided to a Rating Agency, all information that the Issuer or other parties on its behalf, including the Indenture Trustee and the Servicer,
provide to a Rating Agency for the purposes of determining the initial credit rating of the Notes or undertaking credit rating surveillance of the Notes (the “17g-5 Information”); provided,
that following the Closing Date, no party other than the Issuer, the Indenture Trustee or the Servicer may provide information to a Rating Agency on the Issuer’s behalf without the prior written consent of the Servicer. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 81 

 (b) To the extent that any of the Issuer, the Indenture Trustee or the Servicer is required
to provide any information to, or communicate with, a Rating Agency in writing in accordance with its obligations under this Indenture or the Servicing Agreement, the Issuer, or the Servicer, as applicable (or their respective representatives or
advisers), shall promptly post, or cause to be posted, such information or communication to the 17g-5 Website. The Indenture Trustee will provide any information given to a Rating Agency to the Issuer and the
Servicer simultaneously with giving such information to such Rating Agency. 
 (c) To the extent any of the Issuer, the Indenture Trustee or
the Servicer are engaged in oral communications with a Rating Agency, for the purposes of determining the initial credit rating of the Notes or undertaking credit rating surveillance of the Notes, the party communicating with such Rating Agency
shall cause such oral communication to either be (x) recorded and an audio file containing the recording to be promptly posted to the 17g-5 Website or (y) summarized in writing and the summary to be
promptly posted to the 17g-5 Website (or with respect to the Indenture Trustee, in the case of either (x) or (y), delivered to the Issuer and the Servicer for posting on the
17g-5 Website). 
 (d) All information to be made available to a Rating Agency pursuant to
Section 12.04 shall be made available on the 17g-5 Website. In the event that any information is delivered or posted in error, the Issuer may remove it, or cause it be removed, from the 17g-5 Website, and shall so remove promptly when instructed to do so by the Person that delivered such information. None of the Indenture Trustee or the Servicer shall have obtained or shall be deemed to have
obtained actual knowledge of any information solely due to receipt and posting to the 17g-5 Website. Access will be provided to any NRSRO upon receipt by the Issuer of an NRSRO Certification from such NRSRO
(which may be submitted electronically via the 17g-5 Website). 
 (e) Notwithstanding the
requirements herein, the Indenture Trustee shall have no obligation to engage in or respond to any oral communications, for the purposes of determining the initial credit rating of the Notes or undertaking credit rating surveillance of the Notes,
with a Rating Agency or any of their respective officers, directors or employees. 
 (f) The Indenture Trustee shall not be responsible for
maintaining the 17g-5 Website, posting any 17g-5 Information to the 17g-5 Website or assuring that the 17g-5 Website complies with the requirements of this Indenture, Rule 17g-5, or any other law or regulation. In no event shall the Indenture Trustee be deemed to make any
representation in respect of the content of the 17g-5 Website or compliance of the 17g-5 Website with this Indenture, Rule 17g-5,
or any other law or regulation. 
 (g) The Indenture Trustee shall not be responsible or liable for the dissemination of any identification
numbers or passwords for the 17g-5 Website, including by the Issuer, a Rating Agency, any NRSRO, any of their agents or any other party. The Indenture Trustee shall not be liable for the use of any information
posted on the 17g-5 Website, whether by the Issuer, a Rating Agency, any NRSRO or any other third party that may gain access to the 17g-5 Website or the information
posted thereon. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 82 

 (h) Notwithstanding anything herein to the contrary, the maintenance by NetRoadshow, Inc. of
the 17g-5 Website shall not be deemed as compliance by or on behalf of the Issuer with Rule 17g-5 or any other law or regulation related thereto. 

(i) Notwithstanding anything to the contrary in this Indenture, a breach of this Section 12.19 shall not constitute a Default or an Event
of Default. 
 Section 12.20. Rule 15Ga-1 Compliance. 

(a) To the extent a Responsible Officer of the Indenture Trustee receives a demand for the repurchase of a Solar Asset based on a breach of a
representation or warranty made by AP5 or the Depositor of such Solar Asset (each, a “Demand”), the Indenture Trustee agrees (i) if such Demand is in writing, promptly to forward such Demand to AP5, the Depositor, the Manager
and the Issuer, and (ii) if such Demand is oral, to instruct the requesting party to submit such Demand in writing to the Indenture Trustee and the Issuer. 

(b) In connection with the repurchase of a Solar Asset pursuant to a Demand, any dispute with respect to a Demand, or the withdrawal or final
rejection of a Demand by AP5 or the Depositor of such Solar Asset, the Indenture Trustee agrees, to the extent a Responsible Officer of the Indenture Trustee has actual knowledge thereof, promptly to notify the Issuer in writing. 

(c) The Indenture Trustee will (i) notify the Issuer, as soon as practicable and in any event within three Business Days of the receipt
thereof and in the manner set forth in Exhibit D hereof, of all Demands and provide to the Issuer any other information reasonably requested to facilitate compliance by it with Rule 15Ga-1 under the Exchange
Act (“Rule 15Ga-1 Information”), and (ii) if requested in writing by the Issuer, provide a written certification no later than ten days following any calendar quarter or calendar year
that the Indenture Trustee has not received any Demands for such period, or if Demands have been received during such period, that the Indenture Trustee has provided all the information reasonably requested under clause (i) above with respect
to such Demands. For purposes of this Indenture, references to any calendar quarter shall mean the related preceding calendar quarter ending in March, June, September, or December, as applicable. The Indenture Trustee has no duty or obligation to
undertake any investigation or inquiry related to any repurchases of Solar Assets, or otherwise assume any additional duties or responsibilities, other than those express duties or responsibilities of the Indenture Trustee hereunder or under the
Transaction Documents, and no such additional obligations or duties are otherwise implied by the terms of this Indenture. The Issuer has full responsibility for compliance with all related reporting requirements associated with the transaction
completed by the Transaction Documents and for all interpretive issues regarding this information.  

Section 12.21. Multiple Roles. The parties expressly acknowledge and consent to Wells Fargo Bank, National
Association, acting in the multiple roles of Indenture Trustee, the Backup Servicer and the Transition Manager. Wells Fargo Bank, National Association may, in such capacities, discharge its separate functions fully, without hindrance or regard to
conflict of interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent that 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 83 

 
any such conflict or breach arises from the performance by Wells Fargo Bank, National Association of express duties set forth in this Indenture in any of such capacities, all of which defenses,
claims or assertions are hereby expressly waived by the other parties hereto except in the case of negligence (other than errors in judgment), bad faith or willful misconduct by Wells Fargo Bank, National Association. 

Section 12.22. PATRIOT Act. The parties hereto acknowledge that in accordance with the Customer Identification
Program (CIP) requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its
implementing regulations (collectively, USA PATRIOT Act), the Indenture Trustee in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity
that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information as the Indenture Trustee may request from time to time in order to comply with
any applicable requirements of the Patriot Act 
 ARTICLE XIII 

TERMINATION 

Section 13.01. Termination of Indenture. (a) This Indenture shall terminate on the Termination Date. The
Servicer shall promptly notify the Indenture Trustee in writing of any prospective termination pursuant to this Article XIII. Upon termination of the Indenture, the Indenture Trustee shall notify the Lockbox Bank of the same pursuant to the
Account Control Agreement, the Liens in favor of the Indenture Trustee on the Trust Estate shall automatically terminate and the Indenture Trustee shall convey and transfer of all right, title and interest in and to the Solar Assets and other
property and funds in the Trust Estate to the Issuer. 
 (b) Notice of any prospective termination (other than pursuant to
Section 6.01(a) with respect to Voluntary Prepayments in full), specifying the Payment Date for payment of the final payment and requesting the surrender of the Notes for cancellation, shall be given promptly by the Indenture Trustee by letter
to the Noteholders as of the applicable Record Date and the Rating Agency upon the Indenture Trustee receiving written notice of such event from the Issuer or the Servicer. The Issuer or the Servicer shall give such notice to the Indenture Trustee
not later than the 5th day of the month of the final Payment Date stating (i) the Payment Date upon which final payment of the Notes shall be made, (ii) the amount of any such final payment, and (iii) the location for presentation and
surrender of the Notes. Surrender of the Notes that are Definitive Notes shall be a condition of payment of such final payment. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 84 

 [SIGNATURE PAGE FOLLOWS] 

IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be duly
executed as of the day and year first above written. 
  

			
	HELIOS ISSUER, LLC, as Issuer
		
	By	 	/s/ Jordan D. Kozar
	Name: Jordan D. Kozar
	Title: Chief Financial Officer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee
		
	By	 	/s/ Adam Holzemer
	Name: Adam Holzemer
	Title: Vice President

  

			
	AGREED AND ACKNOWLEDGED:
	
	SUNNOVA MANAGEMENT, LLC as Manager
		
	By	 	/s/ Jordan D. Kozar
	Name: Jordan D. Kozar
	Title: Chief Financial Officer
	
	SUNNOVA MANAGEMENT, LLC as Servicer
		
	By	 	/s/ Jordan D. Kozar
	Name: Jordan D. Kozar
	Title: Chief Financial Officer

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 ANNEX A 

STANDARD DEFINITIONS 

[see attached] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Standard Definitions 

Rules of Construction. In these Standard Definitions and with respect to the Transaction Documents (as defined below), (a) the meanings of
defined terms are equally applicable to the singular and plural forms of the defined terms, (b) in any Transaction Document, the words “hereof,” “herein,” “hereunder” and similar words refer to such Transaction
Document as a whole and not to any particular provisions of such Transaction Document, (c) any subsection, Section, Article, Annex, Schedule and Exhibit references in any Transaction Document are to such Transaction Document unless otherwise
specified, (d) the term “documents” includes any and all documents, instruments, agreements, certificates, indentures, notices and other writings, however evidenced (including electronically), (e) the term “including” is not
limiting and (except to the extent specifically provided otherwise) shall mean “including (without limitation)”, (f) unless otherwise specified, in the computation of periods of time from a specified date to a later specified date, the
word “from” shall mean “from and including,” the words “to” and “until” each shall mean “to but excluding,” and the word “through” shall mean “to and including”, (g) the words
“may” and “might” and similar terms used with respect to the taking of an action by any Person shall reflect that such action is optional and not required to be taken by such Person, and (h) references to an agreement or
other document include references to such agreement or document as amended, restated, reformed, supplemented and/or otherwise modified in accordance with the terms thereof. 

“17g-5 Information” has the meaning set forth in
Section 12.19 of the Indenture. 
 “17g-5 Website” has
the meaning set forth in Section 12.19 of the Indenture. 
 “1940 Act” means the Investment
Company Act of 1940, as amended, including the rules and regulations thereunder. 
 “Account Control Agreement” means the
deposit account control agreement, dated as of the Closing Date, by and among the Issuer, the Manager, the Indenture Trustee and the Lockbox Bank with respect to the Lockbox Account. 

“Account Property” means the Accounts and all proceeds of the Accounts, including, without limitation, all amounts and
investments held from time to time in any Account (whether in the form of deposit accounts, book-entry securities, uncertificated securities, security entitlements (as defined in Section 8-102(a)(17) of
the UCC as enacted in the State of New York), financial assets (as defined in Section 8-102(a)(9) of the UCC), or any other investment property (as defined in
Section 9-102(a)(49) of the UCC). 
 “Accountant’s Report” has the
meaning set forth in Section 6.3(a) of the Servicing Agreement. 
 “Accounts” has the meaning
set forth in the Granting Clause of the Indenture. 
 “Acquisition Price” has the meaning set forth in the applicable
Contribution Agreement. 
  

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 “Act” has the meaning set forth in Section 12.03
of the Indenture. 
 “Additional Principal Amount” means, with respect to any Payment Date, the product of (i) 90% and
(ii) all Available Funds remaining after payment of clauses (i) through (xi) of the Priority of Payments. 

“Administrative Fee Base Rate” will be, on the Closing Date, $[***] and on each annual anniversary of the initial
Determination Date will be increased by [***]%. 
 “Affiliate” means, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, a Person shall be deemed to “control” another Person if the controlling Person owns 5% or more of any class of
voting securities of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agent
Member” has the meaning set forth in Section 2.02(a) of the Indenture. 
 “Aggregate Discounted
Solar Asset Balance” means, as of any date of determination, the sum of the Discounted Solar Asset Balances of all Solar Assets as of such date of determination. 

“Aggregate Outstanding Note Balance” means, as of any date of determination, the sum of the Outstanding Note Balances of all
Classes of Notes. 
 “Allocated Manager Fee” means, for a Host Customer Solar Asset, the amount equal to the product of
(i) the sum of (A) the Administrative Fee Base Rate and (B) the O&M Fee Base Rate, multiplied by (ii) the DC nameplate capacity (measured in kW) of the PV System related to such Host Customer Solar Asset. 

“Ancillary Solar Service Agreement” means, in respect of each Solar Asset, all agreements and documents ancillary to the
Solar Service Agreement associated with such Solar Asset, which are entered into with a Host Customer in connection therewith. 

“Anticipated Repayment Date” means the Payment Date occurring in March 2023. 

“AP5” means Sunnova Asset Portfolio 5, LLC, a Delaware Limited liability company. 

“AP5 Contribution Agreement” means the AP5 Sale and Contribution Agreement, dated as of the Closing Date, by and between AP5
and the Depositor. 
 “AP5 Conveyed Property” shall have the meaning set forth in Section 2(b)
of the AP5 Contribution Agreement. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 2 - 

 “AP5 Financing Statement” means a
UCC-1 financing statement naming the Depositor as the secured party and AP5 as the debtor. 

“Applicable Law” means all applicable laws of any Governmental Authority, including, without limitation, laws relating to
consumer leasing and protection and any ordinances, judgments, decrees, injunctions, writs and orders or like actions of any Governmental Authority and rules and regulations of any federal, regional, state, county, municipal or other Governmental
Authority. 
 “Applicable Procedures” has the meaning set forth in Section 2.08(a) of the
Indenture. 
 “Authorized Officer” means, with respect to any Person, the Chairman,
Co-Chairman or Vice Chairman of the Board of Directors, the President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer or any
other authorized officer of the Person who is authorized to act for the Person and whose name appears on a list of such authorized officers furnished by the Person to the Indenture Trustee (containing the specimen signature of such officers), as
such list may be amended or supplemented from time to time. 
 “Available Funds” means, with respect to any Payment Date,
(i) collections and payments received with respect to the Solar Assets and other items of the Trust Estate, including, without limitation, Host Customer Payments, PBI Payments and Hedged SREC Payments received as of the Cut-Off Date (net of, without duplication, Lockbox Bank Fees and Charges and the Lockbox Bank Retained Balance) and other than amounts already withdrawn from the Collection Account for payment of sales, use,
franchise and property taxes and proceeds from Rebates to be distributed to the Depositor, (ii) amounts deposited by AP5 or the Depositor pursuant to the related Contribution Agreements, (iii) amounts deposited by the Servicer pursuant to
the Servicing Agreement, (iv) amounts deposited by the Manager pursuant to the Management Agreement, (v) amounts deposited by the Parent Guarantor pursuant to the Parent Guaranty, (vi) earnings on Eligible Investments,
(vii) amounts transferred from the Inverter Replacement Reserve Account, Liquidity Reserve Account or the Host Customer Deposit Account, and (viii) if a Voluntary Prepayment Date is the same as a Payment Date, amounts received in
connection with a Voluntary Prepayment, in each case on deposit in the Collection Account. For the avoidance of doubt, Host Customer Security Deposits on deposit in the Host Customer Deposit Account are not Available Funds. 

“Backup Servicer” means Wells Fargo in its capacity as the Backup Servicer under the Servicing Agreement. 

“Backup Servicer Expenses” means (i) any reasonable and documented out-of-pocket expenses incurred in taking any actions required in its role as Backup Servicer and (ii) any indemnities owed to the Backup Servicer in accordance with the Servicing Agreement. 

“Backup Servicing and Transition Manager Fee” means on each Payment Date (in accordance with and subject to the Priority of
Payments), the greater of (a) $[***] and (b) the product of one-half of [***]% and the Aggregate Outstanding Note Balance as of the prior Payment Date after giving effect to any payment made on such
Payment Date (for the avoidance of doubt, without giving effect to any reductions or voluntary prepayments made thereafter). 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 3 - 

 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C.
Section 101, et seq., as amended. 
 “Benefit Plan Investor” has the meaning set forth in
Section 2.07(c)(iv) of the Indenture. 
 “Book-Entry Notes” means a beneficial interest in the
Notes, ownership and transfers of which shall be made through book entries by a Securities Depository as described in Section 2.02 of the Indenture. 

“Business Day” means any day other than (i) a Saturday or Sunday, or (ii) a day on which banking institutions in
New York City, the cities in which the Servicer is located, the city in which the Custodian administers the Custodial Agreement or in the city in which the Corporate Trust Office of the Indenture Trustee is located are authorized or obligated by law
or executive order to be closed. 
 “Calculation Date” means, with respect to a Payment Date, unless the context requires
otherwise, the close of business on the last day of the related Collection Period. 
 “Certifications” has the meaning set
forth in Section 4(c) of the Custodial Agreement. 
 “Channel Partner” means a third party with
whom the Originator contracts to source potential customers and to design, install and service PV Systems. 
 “Channel Partner
Warranty” means a Channel Partner’s workmanship warranty under which the Channel Partner is obligated, at its sole cost and expense, to correct defects in its installation work for a period of at least ten years and provide a roof
warranty of at least five years, in each case, from the date of installation. 
 “Class A Notes” means
the 4.94% Class A Solar Asset Backed Notes issued pursuant to the Indenture. 
 “Class B Deferred
Interest” means an amount equal to the sum of (i) if such Payment Date occurs during a Sequential Interest Amortization Period, interest accrued during the related Interest Accrual Period at the related Note Rate on the Outstanding
Note Balance of the Class B Notes immediately prior to such Payment Date and (ii) the amount of unpaid Class B Deferred Interest from prior Payment Dates plus, to the extent permitted by law, interest thereon at the related Note Rate.

 “Class B Notes” means the 6.00% Class B Solar Asset Backed Notes issued pursuant to the
Indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 4 - 

 “Class C Deferred Interest” means an amount equal to
the sum of (i) if such Payment Date occurs during a Sequential Interest Amortization Period, interest accrued during the related Interest Accrual Period at the related Note Rate on the Outstanding Note Balance of the Class C Notes
immediately prior to such Payment Date and (ii) the amount of unpaid Class C Deferred Interest from prior Payment Dates plus, to the extent permitted by law, interest thereon at the related Note Rate. 

“Class C Notes” means the 8.00% Class C Solar Asset Backed Notes issued pursuant to the Indenture.

 “Clearstream” has the meaning set forth in Section 2.02(a) of the Indenture. 

“Closing Date” means the date on which the conditions set forth in Section 6 of the Note Purchase
Agreement are satisfied and the Notes are issued, which date shall be April 19, 2017. 
 “Closing Date Certification”
shall have the meaning set forth in Section 4(a) of the Custodial Agreement. 
 “Code” means
the Internal Revenue Code of 1986, as amended, including any successor or amendatory statutes and U.S. Department of the Treasury regulations promulgated thereunder. 

“Collection Account” means the segregated trust account with that name established with the Indenture Trustee (or such
successor bank, if applicable) in the name of the Indenture Trustee on behalf of the Noteholders and maintained pursuant to Section 5.01 of the Indenture. 

“Collection Period” means, with respect to a March Payment Date, the immediately preceding six month period beginning on
September 1 and ending on the last day of February and with respect to a September Payment Date, the immediately preceding six month period beginning on March 1 and ending on August 31, provided that the initial Collection Period will
be the period from, but not including, the Initial Cut-Off Date through, and including, August 31, 2017. 

“Consumer Protection Law” means all Applicable Laws and implementing regulations protecting the rights of consumers,
including but not limited to those Applicable Laws enforced or administered by the Consumer Financial Protection Bureau, the Federal Trade Commission, and any other federal or state Governmental Authority (such as, by way of example, the California
Department of Consumer Affairs) empowered with similar responsibilities. 
 “Contribution Agreement” means, as the context
shall require, either the AP5 Contribution Agreement or the Depositor Contribution Agreement. 
 “Controlling Class” means
the Class A Notes until the Outstanding Note Balance thereof has been reduced to zero, then the Class B Notes until the Outstanding Note Balance thereof has been reduced to zero, then the Class C Notes. 

“Conveyed Property” has the meaning set forth in the Contribution Agreements. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 5 - 

 “Corporate Trust Office” means the office of the Indenture Trustee at
which its corporate trust business shall be administered, which office on the Closing Date shall be for note transfer purposes and for purposes of presentment and surrender of the Notes for the final distributions thereon, as well as for all other
purposes, Wells Fargo Bank, National Association, 600 S. 4th Street, MAC N9300-061, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services – Asset-Backed Administration, or such other address
as shall be designated by the Indenture Trustee in a written notice to the Issuer and the Manager. 
 “Custodial Agreement”
means that certain custodial agreement, dated as of the Closing Date, among the Custodian, the Servicer, the Indenture Trustee and the Issuer. 

“Custodian” means U.S. Bank as custodian of the Custodian Files pursuant to the terms of the Custodial Agreement, and its
permitted successors and assigns. 
 “Custodian Fee” means, for each Payment Date (in accordance with and subject to the
Priority of Payments) an amount equal to $[***]. 
 “Custodian File” means (i) a copy of the related Solar Service
Agreement, including any amendments thereto, in each case, executed by Sunnova Energy and at least one Host Customer, (ii) to the extent not incorporated within the related Solar Service Agreement, an executed copy of the related Production
Guaranty and/or Customer Warranty Agreement, if any, (iii) an executed copy of the related PBI Documents, if any, or for any PBI Payments not evidenced by a signed written agreement, evidence of the application, reservation and procurement of
such PBI Payment, (iv) an executed electronic copy of the related Interconnection Agreement to which Parent is a party, if any, (v) an executed copy of the related Net Metering Agreement to which Parent is party, if separate from the
Interconnection Agreement, (vi) documents evidencing Permits to operate the related PV System, if any, (vii) documents evidencing related Hedged SREC Agreements, if any, (viii) an executed copy of the related Payment Facilitation
Agreement, if any, and (ix) any other documents the Manager routinely keeps on file, in accordance with its customary procedures, relating to such Solar Asset or the related Host Customer, which may include documents evidencing permission to
operate a PV System from the related utility or Governmental Authority, as applicable, or Rebates, if any. 
 “Customer Collections
Policy” means the Servicer’s internal collection policy attached as Exhibit G to the Servicing Agreement. 

“Customer Warranty Agreement” means any separate warranty agreement provided by Sunnova Energy to a Host Customer (which may
be an exhibit to a Solar Service Agreement) in connection with the performance and installation of the related PV System (which may include a Production Guaranty). 

“Cut-Off Date” means the Initial Cut-Off
Date or each Subsequent Cut-Off Date. 
 “Default” means any event which results,
or which with the giving of notice or the lapse of time or both would result, in an Event of Default, a Manager Termination Event or a Servicer Termination Event. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 6 - 

 “Defaulted Solar Asset” means (i) in the case of a Host Customer
Solar Asset, (A) the related Host Customer is more than 120 days past due on any portion of a contractual payment due under the related Solar Service Agreement and (B) the related Solar Service Agreement has not been brought current or the
related PV System has not been removed and/or the related Solar Service Agreement re-assigned (or a replacement Solar Service Agreement executed) within 240 days after the end of such 120 day period; provided
that, for the avoidance of doubt, any past due amounts owed by an original Host Customer after reassignment to or execution of a replacement Solar Service Agreement with a new Host Customer shall not cause the Host Customer Solar Asset to be deemed
to be a Defaulted Solar Asset; and (ii) in the case of a Hedged SREC Solar Asset, (A) the Hedged SREC Counterparty is more than 60 days past due on any portion of amounts due under such Hedged SREC Solar Asset, (B) the related Hedged
SREC Counterparty fails to satisfy the eligibility requirements set forth in such Hedged SREC Solar Asset, or (C) the related Hedged SREC Agreement is terminated for any reason. 

“Defective Solar Asset” means a Solar Asset with respect to which it is determined by the Indenture Trustee (acting at the
written direction of the Majority Noteholders) or the Manager, at any time, that AP5, the Depositor or the Issuer breached one or more of the applicable representations or warranties regarding eligibility of such Solar Asset contained in Schedule
I to the applicable Contribution Agreement at the time of (i) the assignment by AP5 to the Depositor or the Depositor to the Issuer pursuant to the applicable Contribution Agreement or (ii) the Grant by the Issuer to the Indenture
Trustee under the Indenture, which breach has a material adverse effect on the Noteholders, unless such breach has been waived, in writing, by the Indenture Trustee, acting at the direction of the Majority Noteholders. 

“Deferred Post-ARD Additional Note Interest” has the meaning set forth in
Section 2.03(c) of the Indenture. 
 “Definitive Notes” has the meaning set forth in
Section 2.02(c) of the Indenture. 
 “Delivery” when used with respect to Account Property
means: 
 (i) (A) WITH RESPECT TO BANKERS’
ACCEPTANCES, COMMERCIAL PAPER, NEGOTIABLE CERTIFICATES OF DEPOSIT AND OTHER OBLIGATIONS
THAT CONSTITUTE “INSTRUMENTS” WITHIN THE MEANING OF
SECTION 9-102(A)(47) OF THE UCC, TRANSFER THEREOF: 

(1) by physical delivery to the Indenture Trustee, indorsed to, or registered in the name of, the Indenture Trustee or its
nominee or indorsed in blank; 
 (2) by the Indenture Trustee continuously maintaining possession of such instrument; and

 (3) by the Indenture Trustee continuously indicating by book-entry that such instrument is credited to the related
Account; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 7 - 

 (B) with respect to a “certificated security” (as defined in Section 8-102(a)(4) of the UCC), transfer thereof: 
 (1) by physical delivery of
such certificated security to the Indenture Trustee, provided that if the certificated security is in registered form, it shall be indorsed to, or registered in the name of, the Indenture Trustee or indorsed in blank; 

(2) by the Indenture Trustee continuously maintaining possession of such certificated security; and 

(3) by the Indenture Trustee continuously indicating by book-entry that such certificated security is credited to the related
Account; 
 (C) with respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or the
Federal National Mortgage Association that is a book-entry security held through the Federal Reserve System pursuant to Federal book entry regulations, the following procedures, all in accordance with Applicable Law, including applicable federal
regulations and Articles 8 and 9 of the UCC, transfer thereof: 
 (1) by (x) book-entry registration of such property
to an appropriate book-entry account maintained with a Federal Reserve Bank by a securities intermediary which is also a “depositary” pursuant to applicable federal regulations and issuance by such securities intermediary of a deposit
advice or other written confirmation of such book-entry registration to the Indenture Trustee of the purchase by the securities intermediary on behalf of the Indenture Trustee of such book-entry security; the making by such securities intermediary
of entries in its books and records identifying such book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations as belonging to the Indenture Trustee and continuously indicating that such securities
intermediary holds such book-entry security solely as agent for the Indenture Trustee or (y) continuous book-entry registration of such property to a book-entry account maintained by the Indenture Trustee with a Federal Reserve Bank; and 

(2) by the Indenture Trustee continuously indicating by book-entry that property is credited to the related Account; 

(D) with respect to any asset in the Accounts that is an “uncertificated security” (as defined in Section 8-102(a)(18) of the UCC) and that is not governed by clause (C) above or clause (E) below: 

(1) transfer thereof: 

(a) by registration to the Indenture Trustee as the registered owner thereof, on the books and records of the issuer thereof;
or 
 (b) by another Person (not a securities intermediary) who either becomes the registered owner of the uncertificated
security on behalf of the Indenture Trustee, or having become the registered owner, acknowledges that it holds for the Indenture Trustee; or 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 8 - 

 (2) the issuer thereof has agreed that it will comply with instructions
originated by the Indenture Trustee with respect to such uncertificated security without further consent of the registered owner thereof; or 

(E) in the case of each security in the custody of or maintained on the books of a clearing corporation (as defined in Section 8-102(a)(5) of the UCC) or its nominee, by causing: 
 (1) the relevant
clearing corporation to credit such security to a securities account of the Indenture Trustee at such clearing corporation; and 

(2) the Indenture Trustee to continuously indicate by book-entry that such security is credited to the related Account; 

(F) with respect to a “security entitlement” (as defined in
Section 8-102(a)(17) of the UCC) to be transferred to or for the benefit of a collateral agent and not governed by clauses (C) or (E) above: if a securities intermediary (1) indicates by book
entry that the underlying “financial asset” (as defined in Section 8-102(a)(9) of the UCC) has been credited to be the Indenture Trustee’s “securities account” (as defined in Section 8-501(a) of the UCC), (2) receives a financial asset from the Indenture Trustee or acquires the underlying financial asset for the Indenture Trustee, and in either case, accepts it for credit to the
Indenture Trustee’s securities account or (3) becomes obligated under other law, regulation or rule to credit the underlying financial asset to the Indenture Trustee’s securities account, the making by the securities intermediary of
entries on its books and records continuously identifying such security entitlement as belonging to the Indenture Trustee; and continuously indicating by book-entry that such securities entitlement is credited to the Indenture Trustee’s
securities account; and by the Indenture Trustee continuously indicating by book-entry that such security entitlement (or all rights and property of the Indenture Trustee representing such securities entitlement) is credited to the related Account;
and/or 
 (ii) IN THE CASE OF ANY
SUCH ASSET, SUCH ADDITIONAL OR ALTERNATIVE PROCEDURES AS ARE NOW OR
MAY HEREAFTER BECOME APPROPRIATE TO EFFECT THE COMPLETE TRANSFER OF OWNERSHIP
OF, OR CONTROL OVER, ANY SUCH ASSETS IN THE ACCOUNTS TO THE
INDENTURE TRUSTEE FREE AND CLEAR OF ANY ADVERSE CLAIMS, CONSISTENT WITH
CHANGES IN APPLICABLE LAW OR THE INTERPRETATION THEREOF. 

In each case of Delivery contemplated by the Indenture, the Indenture Trustee shall make appropriate notations on its records, and shall
cause the same to be made on the records of its nominees, indicating that securities are held in trust pursuant to and as provided in the Indenture. 

“Depositor” means Helios Depositor, LLC, a Delaware limited liability company. 

“Depositor Contribution Agreement” means the Depositor Sale and Contribution Agreement, dated as of the Closing Date, by and
between the Depositor and the Issuer. 
 “Depositor Conveyed Property” has the meaning set forth in
Section 2(b) of the Depositor Contribution Agreement. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 9 - 

 “Depositor Financing Statement” means a
UCC-1 financing statement naming the Issuer as the secured party and the Depositor as debtor. 

“Determination Date” means, with respect to each Payment Date, the close of business on the third Business Day prior to such
Payment Date. 
 “Discount Rate” means 6.00%. 

“Discounted Solar Asset Balance” means, (i) with respect to a Host Customer Solar Asset, an amount equal to the present
value of the remaining and unpaid stream of Net Scheduled Payments for such Host Customer Solar Asset on or after such date of determination, based upon discounting such Net Scheduled Payments to such date of determination at an annual rate equal to
the Discount Rate; and (ii) with respect to a Hedged SREC Solar Asset, an amount equal to the present value of the remaining and unpaid stream of Scheduled Hedged SREC Payments for such Hedged SREC Solar Asset on or after such date of
determination, based upon discounting such Scheduled Hedged SREC Payments to such date of determination at an annual rate equal to the Discount Rate; provided, however, that in the case of either (i) or (ii), any Defective Solar Asset,
Defaulted Solar Asset or Terminated Host Customer Solar Asset, as applicable, will be deemed to have a Discounted Solar Asset Balance equal to [***]; provided, further, that in the case of a Host Customer Solar Asset which is a Qualified
Substitute Solar Asset, the Discounted Solar Asset Balance for such Qualified Substitute Solar Asset is equal to the present value of the remaining and unpaid stream of Net Scheduled Payments for such Host Customer Solar Asset for the period
beginning after such date of determination and ending on the earlier of (A) the Rated Final Maturity and (B) the date of the last Net Scheduled Payment for such Host Customer Solar Asset based upon discounting such Net Scheduled Payments
to such date of determination at an annual rate equal to the Discount Rate. 
 “DSCR” means for any Determination Date an
amount equal to: 
  

	 	(i)	 (A) the sum of (1) the aggregate Host Customer Payments received during the related Collection Period
(excluding any amounts paid by the related Host Customer associated with the prepayment or buyout of expected future cash flows for future Collection Periods and any amounts paid by the related Host Customer in respect of sales, use or property
taxes), (2) the aggregate PBI Payments received during the related Collection Period, (3) the aggregate Hedged SREC Payments received during the related Collection Period, and (4) the portion of Insurance Proceeds received during the
related Collection Period in respect of lost Host Customer Payments, PBI Payments and/or Hedged SREC Payments, minus (B) the sum of (1) the Manager Fee, (2) the Servicer Fee, (3) the Backup Servicing and Transition Manager Fee,
(4) the Custodian Fee and (5) the Indenture Trustee Fee, in each case for the related Payment Date, divided by 

  

	 	(ii)	 the Total Debt Service for the related Payment Date. 

“DSCR Sweep Period” means the period commencing on any Determination Date for which the DSCR is less than or equal to 1.25
and a Regular Amortization Period is in effect. A DSCR Sweep Period will continue until the DSCR is greater than 1.25 for two consecutive Determination Dates. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 10 - 

 “DTC” means The Depository Trust Company, a New York corporation and its
successors and assigns. 
 “Early Amortization Period” means the period commencing on any Determination Date where: 

 

	 	(i)	 (a) the DSCR is less than or equal to 1.15 for such Determination Date and the immediately preceding
Determination Date and (b) a Sequential Interest Amortization Period is not in effect; or 

  

	 	(ii)	 a DSCR Sweep Period has continued for three consecutive Determination Dates (including such Determination
Date); or 

  

	 	(iii)	 on any date after the Anticipated Repayment Date, the Aggregate Outstanding Note Balance is greater than zero.

 An Early Amortization Period of the type described in clause (i) shall continue until the DSCR is greater than
1.15 for two consecutive Determination Dates. An Early Amortization Period of the type described in clause (ii) shall continue until the next Determination Date on which the DSCR is greater than 1.25. An Early Amortization Period of the type
described in clause (iii) shall continue until the Aggregate Outstanding Note Balance has been reduced to zero. 
 “Eligible
Account” means either (i) a segregated account or accounts maintained with an institution whose deposits are insured by the Federal Deposit Insurance Corporation, the unsecured and uncollateralized long-term debt obligations of which
institution shall be rated investment grade or higher by S&P and the short-term debt obligations of which are at least investment grade by S&P, and which is (A) a federal savings and loan association duly organized, validly existing and
in good standing under the federal banking laws, (B) an institution duly organized, validly existing and in good standing under the applicable banking laws of any State, (C) a national banking association duly organized, validly existing
and in good standing under the federal banking laws or (D) a subsidiary of a bank holding company, and as to which the Rating Agency has indicated that the use of such account shall not cause the withdrawal of its rating on any Notes,
(ii) a segregated trust account or accounts maintained with the trust department of a federal or State chartered depository institution, having capital and surplus of not less than $[***], acting in its fiduciary capacity, and acceptable to the
Rating Agency or (iii) with respect to the Host Customer Deposit Accounts, Texas Capital Bank, National Association. 

“Eligible Institution” means (i) the corporate trust department of the Indenture Trustee or (ii) a depository
institution or trust company organized under the laws of the United States of America or any one of the States thereof, or the District of Columbia (or any domestic branch of a foreign bank), which at all times (A) has either (1) a
long-term unsecured debt rating of “[***]” or better by S&P, or such other rating that is acceptable to the Rating Agency, as evidenced by a letter from the Rating Agency to the Indenture Trustee or (2) a certificate of deposit
rating of “[***]” by S&P, or such other rating that is acceptable to the Rating Agency, as evidenced by a letter from the Rating Agency to the Indenture Trustee and (B) whose deposits are insured by the FDIC. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 11 - 

 “Eligible Investments” means any one or more of the following obligations
or securities: 
 (i) (A) direct interest-bearing obligations of, and interest-bearing obligations guaranteed as to payment
of principal and interest by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States; (B) direct interest-bearing obligations of, and
interest-bearing obligations guaranteed as to payment of principal and interest by, the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, but only if, at the time of investment, such obligations are assigned the
highest credit rating by S&P; and (C) evidence of ownership of a proportionate interest in specified obligations described in (A) and/or (B) above; 

(ii) demand, time deposits, money market deposit accounts, certificates of deposit of, and federal funds sold by, depository
institutions or trust companies (including the Indenture Trustee acting in its commercial capacity) incorporated under the laws of the United States of America or any State thereof (or domestic branches of foreign banks), subject to supervision and
examination by federal or state banking or depository institution authorities, and having, at the time of the Issuer’s investment or contractual commitment to invest therein, a short term unsecured debt rating of “[***]” by S&P,
or such lower rating as will not result in the downgrading, qualification or withdrawal of the rating on any Note by the Rating Agency; 

(iii) securities bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United
States of America or any State thereof which have a rating of no less than “[***]” by S&P and a maturity of no more than 365 days; 

(iv) commercial paper (including both non-interest bearing discount obligations and
interest-bearing obligations payable on demand or on a specified date not more than one year after the closing date thereof) of any corporation (other than the Issuer, but including the Indenture Trustee, acting in its commercial capacity),
incorporated under the laws of the United States of America or any State thereof, that, at the time of the investment or contractual commitment to invest therein, a rating of “[***]” by the S&P, or such lower rating as will not result
in the downgrading, qualification or withdrawal of the rating on any Note by the Rating Agency; 
 (v) money market mutual
funds, including, without limitation, those of the Indenture Trustee or any Affiliate thereof, or any other mutual funds registered under the 1940 Act which invest only in other Eligible Investments, having a rating, at the time of such investment,
in the highest rating category by S&P, including any fund for which Wells Fargo, the Indenture Trustee, or an Affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent, and/or custodian or subcustodian,
notwithstanding that (A) Wells Fargo, or an affiliate thereof, charges and collects fees and expenses from such funds for services rendered, (B) Wells Fargo, the Indenture Trustee or an affiliate thereof, charges and collects fees and
expenses for services rendered under the Transaction Documents and (C) services performed for such funds and pursuant to the Transaction Documents may converge at any time; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 12 - 

 (vi) money market deposit accounts, demand deposits, time deposits or
certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or any State thereof and subject to supervision and examination by federal or state banking or depository institution
authorities; provided, however, that at the time of the investment or contractual commitment to invest therein, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the
credit of a Person other than such depository institution or trust company) thereof shall be rated “[***]” by S&P; or 

(vii) any investment approved in writing by the Issuer, and with respect to which the Issuer provides written evidence that
such investment will not result in a downgrading, qualification or withdrawal of the rating on any Note by the Rating Agency. 
 With respect to clause
(v) immediately above, the Indenture Trustee, or an Affiliate thereof may charge and collect such fees from such funds as are collected customarily for services rendered to such funds (but not to exceed investments earnings thereon). 

The Indenture Trustee may purchase from or sell to itself or an Affiliate, as principal or agent, the Eligible Investments listed above. All
Eligible Investments in an Account shall be made in the name of the Indenture Trustee for the benefit of the Noteholders. 

“Eligible Solar Asset” means a Solar Asset meeting, as of the related Cut-Off Date
(or as of the Closing Date or related Transfer Date where so provided), all of the requirements set forth in Schedule I of each of the Contribution Agreements. 

“ERISA” has the meaning set forth in Section 2.07(c)(vi) of the Indenture. 

“Euroclear” has the meaning set forth in Section 2.02(a) of the Indenture. 

“Event of Default” has the meaning set forth in Section 9.01 of the Indenture. 

“Event of Loss” means a loss that is deemed to have occurred with respect to a PV System if such PV System is damaged or
destroyed by fire, theft or other casualty and such PV System has become inoperable because of such event. 
 “Excess SREC”
means any SREC of a particular jurisdiction and vintage in excess of the amount of SRECs required to satisfy the aggregate annual SREC delivery requirements of such jurisdiction and vintage under all Hedged SREC Agreements. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“FATCA” means Sections 1471 through 1474 of the Code, official interpretations thereof, any agreement entered into pursuant
to Section 1471(b)(1) of the Code, any intergovernmental agreements entered into in connection with any of the foregoing and any fiscal or regulatory legislation, rules or practices adopted pursuant to any such intergovernmental agreement, and
any amendments made to any of the foregoing after the date of this Indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 13 - 

 “FATCA Withholding Tax” means any withholding or deduction made pursuant
to FATCA in respect of any payment. 
 “Financing Statements” means, collectively, the AP5 Financing Statement, the
Depositor Financing Statement and the Issuer Financing Statement. 
 “Force Majeure Event” means any event or
circumstances beyond the reasonable control of and without the fault or negligence of the Person claiming Force Majeure. It shall include, without limitation, failure or interruption of the production, delivery or acceptance of electricity due to:
an act of god; war (declared or undeclared); sabotage; riot; insurrection; civil unrest or disturbance; military or guerilla action; terrorism; economic sanction or embargo; civil strike, work stoppage, slow-down, or
lock-out; explosion; fire; earthquake; abnormal weather condition or actions of the elements; hurricane; flood; lightning; wind; drought; the binding order of any Governmental Authority (provided that such
order has been resisted in good faith by all reasonable legal means); the failure to act on the part of any Governmental Authority (provided that such action has been timely requested and diligently pursued); unavailability of electricity from the
utility grid, equipment, supplies or products (but not to the extent that any such availability of any of the foregoing results from the failure of the Person claiming Force Majeure to have exercised reasonable diligence); and failure of equipment
not utilized by or under the control of the Person claiming Force Majeure. 
 “GAAP” means (i) generally accepted
accounting principles in the United States of America as in effect from time to time, consistently applied and (ii) upon mutual agreement of the parties, internationally recognized generally accepted accounting principles, consistently applied.

 “Global Notes” means, individually and collectively, the Regulation S Temporary Global Note, the Regulation S Permanent
Global Note and the Rule 144A Global Note. 
 “Governmental Authority” means any national, State or local
government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity, (including any zoning authority, the
Federal Regulatory Energy Commission, the relevant State commissions, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with
authority to bind a party at law. 
 “Grant” means to pledge, create and grant a Lien on and with regard to property. A
Grant of a Solar Asset or of any other instrument shall include all rights, powers and options of the granting party thereunder, including without limitation the immediate and continuing right to claim for, collect, receive and give receipts for
principal and interest payments in respect of such collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring
proceedings in the name of the granting party or otherwise, and generally to do and receive anything which the granting party is or may be entitled to do or receive thereunder or with respect thereto. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 14 - 

 “Hedged SREC” means an SREC that is held to satisfy the Issuer’s SREC
delivery obligations under a Hedged SREC Agreement. 
 “Hedged SREC Agreement” means the agreement pursuant to which a
Hedged SREC Counterparty is required to make payments to the Issuer in respect of SRECs generated by Issuer’s PV Systems in the state subject to such Hedged SREC Agreement, including any parent guaranties provided by a Hedged SREC Counterparty
or its affiliates associated with such agreement. 
 “Hedged SREC Counterparty” means the counterparty to the Issuer under
a Hedged SREC Agreement which on the Closing Date is one of the following (together with any of their affiliates so long as such initial counterparty remains liable for the full amount of its obligations under such Hedged SREC Agreement): BP Energy
Company, Connecticut Municipal Electric Energy Cooperative, Direct Energy Business Marketing, LLC, DTE Energy Trading Inc., EDF Trading North America, LLC, Noble Americas Gas & Power Corp., TransCanada Power Marketing Ltd and Exelon
Generation Company, LLC. 
 “Hedged SREC Payment” means with respect to a Hedged SREC Agreement, all payments due by the
related Hedged SREC Counterparty under or in respect of such Hedged SREC Agreement. 
 “Hedged SREC Solar Asset” means
(i) a Hedged SREC Agreement and all rights and remedies of the Issuer thereunder, including all Hedged SREC Payments due on and after the related Cut-Off Date and any related security therefor,
(ii) the related Hedged SRECs subject to such Hedged SREC Agreement, and (iii) all documentation in the Custodian File and other documents maintained by the Custodian related to such Hedged SREC Agreement and related Hedged SRECs. 

“Hedged SREC True-Up Amount” means, in respect of any Hedged SREC Solar Asset
subject to a SREC Production Event, an amount equal to the excess, if any, of (i) the Discounted Solar Asset Balance of such Hedged SREC Solar Asset immediately prior to such SREC Production Event, over (ii) the Discounted Solar Asset
Balance of such Hedged SREC Solar Asset immediately after such SREC Production Event. 
 “Highest Lawful Rate” has the
meaning set forth in the applicable Contribution Agreement. 
 “Holder” means a Noteholder. 

“Host Customer” means a customer under a Solar Service Agreement. 

“Host Customer Deposit Account” means the segregated trust account with that name established with Texas Capital Bank,
National Association (or such successor bank, if applicable) in the name of the Originator and maintained pursuant to Section 5.01 of the Indenture. 

“Host Customer Payments” means, with respect to a PV System and a Solar Service Agreement, all payments due under or in
respect of such Solar Service Agreement, including any amounts attributable to sales, use or property tax. For the avoidance of doubt, Host Customer Security Deposits will not constitute Host Customer Payments. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 15 - 

 “Host Customer Purchased Solar Asset” means a Solar Asset for which the
related Host Customer has exercised its option, if any, to purchase the related PV System prior to the expiration of the term of the related Solar Service Agreement. 

“Host Customer Security Deposit” means any security deposit that a Host Customer must provide in accordance with such Host
Customer’s Solar Service Agreement or the Originator’s credit and collections policy. 
 “Host Customer Solar Asset”
means (i) a PV System installed on a residential property, (ii) all related real property rights, Permits and Manufacturer Warranties (in each case, to the extent transferable), (iii) all rights and remedies of the lessor/seller under
the related Solar Service Agreement, including all Host Customer Payments on and after the related Cut-Off Date and any related security therefor (other than Host Customer Security Deposits), (iv) all rights
and remedies of the payee under any PBI Documents related to such PV System, including all PBI Payments on and after the related Cut-Off Date, and (v) all documentation in the Custodian File and other
documents maintained by the Custodian related to such PV System, the Solar Service Agreement and PBI Documents, if any. 

“Indenture” means the indenture between the Issuer and the Indenture Trustee, dated as of the Closing Date, as supplemented
or amended by one or more indentures supplemental thereto entered into pursuant to the applicable provisions thereof. 
 “Indenture
Trustee” means Wells Fargo, until a successor Person shall have become the Indenture Trustee pursuant to the applicable provisions of the Indenture, and thereafter “Indenture Trustee” means such successor Person in its
capacity as indenture trustee. 
 “Indenture Trustee Fee” means, for each Payment Date (in accordance with and subject to
the Priority of Payments) an amount equal to $[***]. 
 “Independent Accountant” means a nationally recognized firm of
public accountants selected by the Servicer; provided, that such firm is independent with respect to the Servicer within the meaning of the Securities Act. 

“Initial AP5 Conveyed Property” has the meaning set forth in Section 2(a) of the AP5 Contribution
Agreement. 
 “Initial Cut-Off Date” means February 28, 2017. 

“Initial Depositor Conveyed Property” has the meaning set forth in Section 2(a) of the Depositor
Contribution Agreement. 
 “Initial Outstanding Note Balance” means for the Class A Notes, the Class B Notes and
the Class C Notes, $191,750,000, $18,000,000, and $45,000,000, respectively. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 16 - 

 “Initial Purchasers” means Credit Suisse Securities (USA) LLC and KeyBanc
Capital Markets Inc. and their respective successors and assigns. 
 “Initial Solar Assets” means the Host Customer Solar
Assets and Hedged SREC Solar Assets identified on the Schedule of Solar Assets acquired by the Issuer on the Closing Date. 

“Insolvency Event” shall mean, with respect to any Person: 

(i) the commencement of: (a) a voluntary case by such Person under the Bankruptcy Code or (b) the seeking of relief by such Person
under other debtor relief laws in any jurisdiction outside of the United States; 
 (ii) the commencement of an involuntary case against such
Person under the Bankruptcy Code (or other debtor relief laws) and the petition is not controverted or dismissed within 60 days after commencement of the case; 

(iii) a custodian (as defined in the Bankruptcy Code) (or equal term under any other debtor relief law) is appointed for, or takes charge of,
all or substantially all of the property of such Person; 
 (iv) such Person commences (including by way of applying for or consenting to the
appointment of, or the taking of possession by, a rehabilitator, receiver, custodian, trustee, conservator or liquidator (or any equal term under any other debtor relief laws) (collectively, a “conservator”) of such Person or all or any
substantial portion of its property) any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, liquidation, rehabilitation, conservatorship or similar law of any jurisdiction whether
now or hereafter in effect relating to such Person; 
 (v) such Person is adjudicated by a court of competent jurisdiction to be insolvent or
bankrupt; 
 (vi) any order of relief or other order approving any such case or proceeding referred to in clauses (i) or (ii) above is
entered; 
 (vii) such Person suffers any appointment of any conservator or the like for it or any substantial part of its property that
continues undischarged or unstayed for a period of sixty (60) days; or 
 (viii) such Person makes a compromise, arrangement or
assignment for the benefit of creditors or generally does not pay its debts as such debts become due. 
 “Insurance Policy”
means, with respect to any PV System, any insurance policy benefiting the Manager or the owner of the PV System and providing coverage for loss or physical damage, credit life, credit disability, theft, mechanical breakdown, gap or similar
coverage with respect to the PV System or the Host Customer. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 17 - 

 “Insurance Proceeds” means any funds, moneys or other net proceeds
received by the Issuer as the payee in connection with the physical loss or damage to a PV System, including any incident that will be covered by the insurance coverage paid for and maintained by the Manager on the Issuer’s behalf. 

“Interconnection Agreement” means, with respect to a PV System, a contractual obligation between a utility and a Host
Customer (and, in some cases, the owner of the related PV System) that allows the Host Customer to interconnect such PV System to the utility electrical grid. 

“Interest Accrual Period” means for any Payment Date, the period from and including the immediately preceding Payment Date
to but excluding such Payment Date and in each case will be deemed to be a period of 180 days, except that the Interest Accrual Period for the initial Payment Date shall be the number of days (assuming twelve
30-day months) from and including the Closing Date to, but excluding, the initial Payment Date. For purposes of this calculation, all Payment Dates will be deemed to occur on the 20th calendar day of March or
September, as applicable. 
 “Inverter” means, with respect to a PV System, the necessary device(s) required to convert
the variable direct electrical current (DC) output from a Solar Photovoltaic Panel into a utility frequency alternating electrical current (AC) that can be used by a Host Customer’s home or property, or that can be fed back into a utility
electrical grid pursuant to an Interconnection Agreement. 
 “Inverter Replacement Reserve Account” means the segregated
trust account with that name established and maintained with the Indenture Trustee and in the name of the Indenture Trustee on behalf of the Noteholders and maintained pursuant to Section 5.01 of the Indenture. 

“Inverter Replacement Reserve Deposit” means an amount equal to the lesser of (a) the product of (i) one-half of $[***] and (ii) the aggregate DC nameplate capacity (measured in kW) of all the PV Systems owned by the Issuer (excluding Defaulted Solar Assets that are not operational and not in the
process of being removed) on the related Determination Date and (b) (1) the Inverter Replacement Reserve Required Amount as of the related Determination Date, minus (2) the amount on deposit in the Inverter Replacement Reserve Account as
of the related Determination Date. 
 “Inverter Replacement Reserve Required Amount” means the product of (i) $[***], and
(ii) the aggregate DC nameplate capacity (measured in kW) of all PV Systems owned by the Issuer on the related Determination Date that have related Solar Service Agreements with remaining terms that exceed the remaining terms of the
Manufacturer Warranty for the Inverter associated with such PV System. 
 “Issuer” means Helios Issuer, LLC, a Delaware
limited liability company. 
 “Issuer Financing Statement” means a UCC-1 financing
statement naming the Indenture Trustee as the secured party and the Issuer as the debtor. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 18 - 

 “Issuer Operating Agreement” means that certain Amended and Restated
Limited Liability Company Agreement of the Issuer dated April 19, 2017. 
 “Issuer Order” means a written order or
request signed in the name of the Issuer by an Authorized Officer and delivered to the Indenture Trustee. 
 “Issuer Secured
Obligations” means all amounts and obligations which the Issuer may at any time owe to or on behalf of the Indenture Trustee for the benefit of the Noteholders under the Indenture or the Notes. 

“KBRA” means Kroll Bond Rating Agency, Inc., and its successors and assigns. 

“Lease Agreement” means an agreement between the owner of the PV System and a Host Customer whereby the Host Customer leases
a PV System from such owner for fixed or escalating monthly payments. 
 “Lien” means, with respect to any asset, any
mortgage, deed of trust, lien, pledge, charge, security interest, easement or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected or effective under Applicable Law. 

“Liquidity Reserve Account” means the segregated trust account with that name established and maintained with the Indenture
Trustee and in the name of the Indenture Trustee on behalf of the Noteholders and maintained pursuant to Section 5.01 of the Indenture. 

“Liquidity Reserve Account Floor Amount” means, with respect to the Closing Date and each Payment Date, an amount equal to
the product of (i) one-half and (ii) the sum of (a) the Note Rate with respect to the Class A Notes multiplied by the Outstanding Note Balance of the Class A Notes (before giving effect to principal payments on such Payment
Date), (b) the Note Rate with respect to the Class B Notes multiplied by the Outstanding Note Balance of the Class B Notes (before giving effect to principal payments on such Payment Date) and (c) the Note Rate with respect to the
Class C Notes multiplied by the Outstanding Note Balance of the Class C Notes (before giving effect to principal payment on such Payment Date); provided, however, that with respect to the Closing Date, the Liquidity Reserve Account Floor
shall be calculated using the Initial Outstanding Note Balance of the Class A Notes, the Class B Notes and the Class C Notes, respectively. 

“Liquidity Reserve Account Required Balance” means an amount equal to (i) on any Payment Date during a DSCR Sweep
Period, the then Aggregate Outstanding Note Balance (after giving effect to principal payments on such Payment Date) and (ii) on any other Payment Date, the Liquidity Reserve Account Floor Amount. 

“Lockbox Account” means that certain account established at the Lockbox Bank and maintained in the name of the Issuer
(subject to an Account Control Agreement) and to which the Servicer has instructed all Host Customers to direct all Host Customer Payments. 

“Lockbox Bank” means Texas Capital Bank, National Association. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 19 - 

 “Lockbox Bank Fees and Charges” mean those debits from the Lockbox Account
expressly permitted under the Account Control Agreement. 
 “Lockbox Bank Retained Balance” means the amount as set forth
in the Account Control Agreement for the payment of Lockbox Bank Fees and Charges. 
 “Maintenance Log” has the meaning
set forth in Exhibit A of the Management Agreement. 
 “Majority Noteholders” means Noteholders representing
greater than 50% of the Outstanding Note Balance of, as the context shall require, a Class of Notes or all Classes of Notes then Outstanding. 

“Make Whole Amount” means, for a Class of Notes, an amount (not less than zero) equal to (i) using the
Reinvestment Yield, the sum of the discounted present values of the scheduled payments of principal and interest remaining until the Make Whole Determination Date for the portion of the Class of Notes being prepaid (assuming prepayment of the
remaining principal balance of such prepaid Notes on the Make Whole Determination Date and calculated prior to the application of the related Voluntary Prepayment and assuming a Regular Amortization Period is in effect), minus (ii) the amount
of principal that will be repaid by such Voluntary Prepayment made on such Class of Notes. The Make Whole Amount shall be calculated two Business Days before the related Voluntary Prepayment Date. 

“Make Whole Determination Date” means the Payment Date occurring in September 2022. 

“Management Agreement” means that certain management agreement, dated as of the Closing Date, between the Manager,
Transition Manager and the Issuer. 
 “Management Services” has the meaning set forth in Section 2.1(a) of the
Management Agreement. 
 “Management Standard” has the meaning set forth in Section 2.1(a) of
the Management Agreement. 
 “Manager” means Sunnova Management as the initial Manager or any other Replacement Manager
acting as Manager pursuant to the Management Agreement. Unless the context otherwise requires, “Manager” also refers to any successor Manager appointed pursuant to the Management Agreement. 

“Manager Extraordinary Expenses” means (a) extraordinary expenses incurred by the Manager in accordance with the
Management Standard in connection with (i) its performance of maintenance and operations services on a PV System on an emergency basis in order to prevent serious injury, loss or damage to persons or property (including any injury, loss or
damage to a PV System caused by Host Customer), (ii) any litigation, arbitration or enforcement proceedings pursued by the Manager in respect of Manufacturer Warranties or Channel Partner Warranties, (iii) any litigation, arbitration or
enforcement proceeding pursued by the Manager in respect of a Solar Service Agreement, Hedged SREC Agreement or PBI Document, (iv) the 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 20 - 

 
replacement of Inverters that do not have the benefit of a Manufacturer Warranty or Channel Partner Warranty, to the extent not reimbursed from the Inverter Replacement Reserve Account or
(v) any liquidated damages paid by the Manager to a PBI Obligor in respect of a Host Customer Solar Asset for which the Manager has determined to be a Terminated Host Customer Solar Asset or (vi) any payment by the Manager on behalf of the
Issuer to a Hedged SREC Counterparty (including fees, expenses, termination payments, indemnification payments, tax payments, collateral postings or other similar amounts) pursuant to the terms of the applicable Hedged SREC Agreement (net of amounts
due and payable by such Hedged SREC Counterparty to the Issuer pursuant to such terms of the applicable Hedged SREC Agreement), (b) to the extent (i) a PV System suffers an Event of Loss, (ii) Insurance Proceeds are reduced by any
applicable deductible and (iii) the Manager incurs costs related to the repair, restoration, replacement or rebuilding of such PV System in excess of the Insurance Proceeds that the Manager receives, an amount equal to the lesser of such excess
and the applicable deductible, and (c) all fees, expenses and other amounts that are paid by the Manager on behalf of the Issuer and incurred in connection with the operation or maintenance of the Solar Assets or the Transaction Documents,
including (i) fees, expenses and other amounts paid to attorneys, accountants and other consultants and experts retained by the Issuer and (ii) any sales, use, franchise or property taxes that the Manager pays on behalf of the Issuer. 

“Manager Fee” means for each Payment Date (in accordance with and subject to the Priority of Payments) an amount equal to
the product of (i) one-half of the O&M Fee Base Rate and (ii) the aggregate DC nameplate capacity (measured in kW) of all PV Systems owned by the Issuer as of the first day of the related
Collection Period (excluding PV Systems related to Defaulted Solar Assets that are not operational and not in the process of being removed, repaired or replaced). 

“Manager Termination Event” has the meaning set forth in Section 7.1 of the Management Agreement.

 “Manufacturer Warranty” means any warranty given by a manufacturer of a PV System relating to such PV System or any
part or component thereof. 
 “Material Adverse Effect” means, with respect to any Person, any event or circumstance,
individually or in the aggregate, having a material adverse effect on any of the following: (i) the business, property, operations or financial condition of such Person or the Trust Estate, (ii) the ability of such Person to perform its
respective obligations under the Transaction Documents (including the obligation to make any payments) or (iii) the priority or enforceability of any Lien in favor of the Indenture Trustee. 

“Net Metering Agreement” means, with respect to a PV System, as applicable, a contractual obligation between a utility and a
Host Customer (and, in some cases, the owner of the related PV System) that allows the Host Customer to offset its regular utility electricity purchases by receiving a bill credit at a specified rate for energy generated by such PV System that is
exported to the utility electrical grid and not consumed by the Host Customer on its property. A Net Metering Agreement may be embedded or acknowledged in an Interconnection Agreement. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 21 - 

 “Net Scheduled Payment” means, for any calendar month an amount equal to
(i) the sum of (A) the Scheduled Host Customer Payment for a Host Customer Solar Asset during such calendar month and (B) the Scheduled PBI Payment for such Host Customer Solar Asset during such calendar month, minus (ii) one-twelfth of the Allocated Manager Fee for such Host Customer Solar Asset during such calendar month. 

“Non-Sequential Interest Amortization Period” means any period in which a Sequential
Interest Amortization Period is not in effect. 
 “Note” or “Notes” means, collectively, the 4.94% Solar
Asset Backed Notes, Series 20171, the 6.00% Solar Asset Backed Notes, Series 2017-1 and the 8.00% Solar Asset Backed Notes, Series 2017-1 issued pursuant to the
Indenture. 
 “Note Depository Agreement” means the letter of representations dated the Closing Date, by the Issuer, to
DTC, as the initial Securities Depository, relating to the Book-Entry Notes. 
 “Note Interest” means, (i) with
respect to the Class A Notes and any Payment Date, an amount equal to the sum of (a) interest accrued during the related Interest Accrual Period at the related Note Rate on the Outstanding Note Balance of the Class A Notes immediately
prior to such Payment Date and (b) the amount of unpaid Note Interest for the Class A Notes from prior Payment Dates plus, to the extent permitted by law, interest thereon at the related Note Rate; and (ii) with respect to the
Class B Notes and the Class C Notes and (a) any Payment Date occurring during a Non-Sequential Interest Amortization Period, an amount equal to the sum of (1) interest accrued during the
related Interest Accrual Period at the related Note Rate on the Outstanding Note Balance of such Class of Notes immediately prior to such Payment Date and (2) the amount of unpaid Note Interest for such Class of Notes from prior
Payment Dates plus, to the extent permitted by law, interest thereon at the related Note Rate, and (b) any Payment Date occurring during a Sequential Interest Amortization Period, an amount equal to zero. For the avoidance of doubt, Note
Interest does not include Class B Deferred Interest, Class C Deferred Interest or Post-ARD Additional Note Interest. 

“Note Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as
reflected on the books of the Securities Depository or on the books of a Person maintaining an account with such Securities Depository (directly as a Securities Depository Participant or as an indirect participant, in each case in accordance with
the rules of such Securities Depository) or the Person who is the beneficial owner of such Book-Entry Note, as reflected in the Note Register in accordance with Section 2.07 of the Indenture. 

“Note Purchase Agreement” means that certain note purchase agreement dated April 11, 2017, among the Issuer, the
Depositor, Sunnova Energy and the Initial Purchasers. 
 “Note Rate” means for the Class A Notes, the Class B
Notes and the Class C Notes, an annual rate of 4.94%, 6.00%, and 8.00%, respectively. 
 “Note Register” and
“Note Registrar” have the meanings set forth in Section 2.07 of the Indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 22 - 

 “Noteholder” means the Person in whose name a Note is registered in the
Note Register. 
 “Noteholder FATCA Information” means information sufficient to eliminate the imposition of, or determine
the amount of FATCA Withholding Tax. 
 “Noteholder Tax Identification Information” means properly completed, duly
executed and valid tax certifications (generally, in the case of U.S. federal income tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States person” within
the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States person” within the meaning of
Section 7701(a)(30) of the Code). 
 “Notice of Prepayment” means the notice in the form of Exhibit C to the
Indenture. 
 “NRSRO” means a nationally recognized statistical rating organization. 

“NRSRO Certification” means a certification by a NRSRO that permits it to access a 17g5 Website. 

“O&M Fee Base Rate” means $[***] and on each annual anniversary of the initial Determination Date will be increased by
[***]%. 
 “Offering Circular” means that certain confidential offering circular dated April 11, 2017 related to the
Notes. 
 “Officer’s Certificate” means a certificate signed by an Authorized Officer or a Responsible Officer, as
the case may be. 
 “Opinion of Counsel” means a written opinion of counsel who may be outside counsel for the Issuer or
the Indenture Trustee or other counsel and who shall be reasonably satisfactory to the Indenture Trustee, which shall comply with any applicable requirements of Section 12.02 of the Indenture and which shall be in form and
substance satisfactory to the Indenture Trustee. 
 “Ordinary Course of Business” means the ordinary conduct of business
consistent with custom and practice for, as the context may require, the rooftop and ground mounted solar businesses (including with respect to quantity and frequency) of the Issuer and its Affiliates. 

“Originator” means Sunnova Energy in its capacity as Originator. 

“Outstanding” means, as of any date of determination, all Notes theretofore authenticated and delivered under the Indenture
except: 
 (i) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 23 - 

 (ii) Notes or portions thereof for whose payment money in the necessary
amount in payment thereof has been theretofore deposited with the Indenture Trustee in trust for the Holders of such Notes; 

(iii) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to the Indenture;
and 
 (iv) Notes alleged to have been destroyed, lost or stolen for which replacement Notes have been issued as provided for
in Section 2.09 of the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; 

provided, however, that in determining whether the Noteholders of the requisite percentage of the Outstanding Note Balance have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by Sunnova Energy, the Issuer or any Affiliate thereof shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture
Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, or waiver, only Notes which the Indenture Trustee actually knows to be so owned shall be so disregarded. Notes so owned which have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee, in its sole discretion, the pledgee’s right so to act with respect to such Notes and that the pledgee is not Sunnova
Energy, the Issuer or any Affiliate thereof. 
 “Outstanding Note Balance” means, with respect to any Class of Notes,
as of any date of determination, the Initial Outstanding Note Balance of such Class of Notes, less the sum of all scheduled and unscheduled note principal payments (including any portion of Voluntary Prepayments attributable to principal
payments) actually distributed to the Noteholders of such Class of Notes as of such date. 
 “Ownership Interest”
means, with respect to any Note, any ownership interest in such Note, including any interest in such Note as the Noteholder thereof and any other interest therein, whether direct or indirect, legal or beneficial. 

“Parent Guarantor” means Sunnova Energy in its capacity as Parent Guarantor under the Parent Guaranty. 

“Parent Guaranty” means the parent guaranty, dated as of the Closing Date, made by the Parent Guarantor in favor of the
Issuer and the Indenture Trustee. 
 “Parts” means components of a PV System. 

“Payment Date” means the 20th day of each March and September during which any of the Notes remain Outstanding, beginning in
September 2017; provided, however, if any such day is not a Business Day, then the payments due thereon shall be made on the next succeeding Business Day. 

“Payment Facilitation Agreement” means each modification, waiver or amendment agreement (including a replacement Solar
Service Agreement) entered into by the Servicer in accordance with the Servicing Standard and the Servicing Agreement on behalf of the Issuer relating to a Solar Service Agreement. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 24 - 

 “Payment Facilitation Agreement Standard” means a Payment Facilitation
Agreement which meets the following criteria: (i) it is entered into for a commercially reasonable purpose in an arm’s-length transaction on market terms and in accordance with the Servicing
Standard; (ii) in the reasonable judgment of the Servicer, it is in the best interest of the Issuer and the Noteholders and does not adversely impact the value of such Solar Asset relative to the value of such Solar Asset had such Payment
Facilitation Agreement not been completed; (iii) the Servicer has considered the obligation of the Issuer, if any, to make an Unscheduled Note Principal Payment in connection with it that results in a Payment Facilitation Amount and
(iv) if the Payment Facilitation Agreement will result in a Payment Facilitation Amount then either (A) the related Solar Asset is a Defaulted Solar Asset or (B) in the judgment of the Servicer, the Host Customer related to such Solar
Asset could reasonably be expected to stop making the Host Customer Payment due under the related Solar Service Agreement but for such Payment Facilitation Agreement. 

“Payment Facilitation Amount” means, with respect to any Host Customer Solar Asset for which a Payment Facilitation
Agreement has been completed, an amount equal to the excess, if any, of (i) the Discounted Solar Asset Balance of such Host Customer Solar Asset immediately prior to such Payment Facilitation Agreement being completed (which includes any past
due amounts), over (ii) the Discounted Solar Asset Balance of such Host Customer Solar Asset immediately after completion of such Payment Facilitation Agreement. For the avoidance of doubt, the Scheduled Host Customer Payments to be used in the
calculation of clause (ii) will be determined in accordance with the terms of the Payment Facilitation Agreement. 
 “PBI
Documents” means, with respect to a PV System, (i) all applications, forms and other filings required to be submitted to a PBI Obligor in connection with the performance based incentive program maintained by such PBI Obligor and the
procurement of PBI Payments, and (ii) all approvals, agreements and other writings evidencing (A) that all conditions to the payment of PBI Payments by the PBI Obligor have been met, (B) that the PBI Obligor is obligated to pay PBI
Payments, and (C) the rate and timing of such PBI Payments. 
 “PBI Liquidated Damages” means any liquidated damages
due and payable to a PBI Obligor in respect of a Solar Asset. 
 “PBI Obligor” means a utility or Governmental Authority
that maintains or administers a renewable energy program designed to incentivize the installation of PV Systems and use of solar generated electricity that has approved and is obligated to make PBI Payments to the owner of the related PV System.

 “PBI Payments” means, with respect to a PV System and the related PBI Documents, all payments due by the related PBI
Obligor under or in respect of such PBI Documents; provided that PBI Payments do not include Rebates, Hedged SRECs or SRECs or amounts received, if any, in respect of SRECs or Hedged SRECs. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 25 - 

 “Perfection UCCs” means, with respect to each Solar Asset and the property
related thereto, (i) the date-stamped original of the filed AP5 Financing Statement and Depositor Financing Statement covering such Solar Asset and the related Conveyed Property and (ii) the date-stamped original of the filed Issuer
Financing Statement covering the Trust Estate and (iii) the date-stamped original of the filed Termination Statements releasing the Liens held by creditors of Sunnova Energy, its Affiliates or any other Person (other than as expressly
contemplated by the Transaction Documents) covering such Solar Asset and the related Conveyed Property, or, in the case of (iii) above, a copy of search results performed and certified by a national search company indicating that such
Termination Statements have been filed in the UCC filing offices of the States in which the Financing Statements being terminated were originally filed. 

“Permits” means, with respect to any PV System, the applicable permits, franchises, leases, orders, licenses, notices,
certifications, approvals, exemptions, qualifications, rights or authorizations from or registration, notice or filing with any Governmental Authority required to operate such PV System. 

“Permitted Liens” means (i) any lien for taxes, assessments and governmental charges or levies not yet due and payable
or which are being contested in good faith by appropriate proceedings, (ii) any other lien or encumbrance arising under or permitted by the Transaction Documents, and (iii) to the extent a PV System constitutes a fixture, any conflicting
interest of an encumbrancer or owner of the real property that has or would have priority over the applicable UCC fixture filing. 

“Person” means any individual, corporation, partnership, joint venture, association, limited liability company, limited
liability partnership, joint stock company, trust (including any beneficiary thereof), unincorporated organization or Governmental Authority. 

“Post-ARD Additional Note Interest” has the meaning set forth in
Section 2.03(c) of the Indenture. 
 “Post-ARD Additional
Interest Rate” means, for each Class of Notes, an annual rate determined by the Servicer to be the greater of (i) 5.00%; and (ii) the amount, if any, by which the sum of the following exceeds the related Note Rate: (A) the
yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the Anticipated Repayment Date of the United States Treasury Security
having a term closest to ten (10) years, plus (B) 5.00%, plus (C) the related Post-ARD Spread. 

“Post-ARD Spread” means for the Class A Notes, the Class B Notes and the
Class C Notes, 2.93%, 5.98% and 9.19%, respectively. 
 “Post-Closing Date Certification” has the meaning set forth
in Section 4(b) of the Custodial Agreement. 
 “Power Purchase Agreement” means an agreement
between the owner of the PV System and a Host Customer whereby the Host Customer agrees to purchase electricity produced by such PV System for a fixed fee per kWh. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 26 - 

 “Predecessor Notes” means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.09 of the Indenture in lieu
of a lost, destroyed or stolen Note shall be deemed to evidence the same debt as the lost, destroyed or stolen Note. 
 “Prepayment
Amount” has the meaning set forth in Section 6.01(a) of the Indenture. 
 “Priority of
Payments” has the meaning set forth in Section 5.05(a) of the Indenture. 
 “Proceeding”
means any suit in equity, action at law or other judicial or administrative proceeding. 
 “Production Guaranty”
means, with respect to a PV System, an agreement in the form of a production warranty between the Host Customer and Sunnova Energy (or in some cases, between the Host Customer and the owner of the PV System), that specifies a minimum level of solar
energy production, as measured in kWh, for a specified time period. A Production Guaranty stipulates the terms and conditions under which the related Host Customer could be compensated or receive a production credit if the related PV System does not
meet the electricity production minimums. 
 “Project” means a PV System, the associated Real Property Rights, rights
under the applicable Solar Service Agreements and all other related rights to the extent applicable thereto including, without limitation, all Parts and manufacturers’ warranties and rights to access Host Customer data. 

“Prudent Industry Practices” means the practices, methods, acts and equipment (including but not limited to the practices,
methods, acts and equipment engaged in or approved by a prudent, experienced participant in the renewable energy electric generation industry operating in the United States) that, at a particular time, in the exercise of reasonable judgment in light
of the facts known or that reasonably should have been known at the time a decision was made, would have been expected to accomplish the desired result in a manner that complies with, and is otherwise consistent with, Applicable Law (including, for
the avoidance of doubt all Consumer Protection Laws), Permits, codes and standards, equipment manufacturer’s recommendations, reliability, safety and environmental protection. 

“PV System” means, a photovoltaic system, including Solar Photovoltaic Panels, Inverters, Racking Systems, wiring and other
electrical devices, as applicable, conduits, weatherproof housings, hardware, remote monitoring equipment, connectors, meters, disconnects and over current devices (including any replacement or additional parts included from time to time). 

“QIB” means qualified institutional buyer within the meaning of Rule 144A. 

“Qualified Service Provider” means an Independent Accountant or other service provider. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 27 - 

 “Qualified Service Provider Report” has the meaning set forth in
Section 6.3(b) of the Servicing Agreement. 
 “Qualified Substitute Solar Asset” means a Host
Customer Solar Asset that meets each of the following criteria as of the related Transfer Date: 
 (i) qualifies as an Eligible Solar Asset;

 (ii) the Host Customers related to the Qualified Substitute Solar Assets transferred to the Issuer on such Transfer Date have a weighted
average FICO score as of the date of origination of the Qualified Substitute Solar Assets greater than or equal to the weighted average FICO score of the related Host Customers related to the subject Replaced Solar Assets as of the date of
origination of the Replaced Solar Assets; 
 (iii) the annual estimated production of all PV Systems related to the Qualified Substitute
Solar Assets transferred to the Issuer on such Transfer Date is greater than or equal to the annual estimated production of all PV Systems related to the subject Replaced Solar Assets; 

(iv) the weighted average price per kWh of the Qualified Substitute Solar Assets transferred to the Issuer on such Transfer Date does not
deviate from the weighted average price per kWh of the subject Replaced Solar Assets by more than $[***] per kWh; 
 (v) (the weighted
average price per kWh fee escalator set forth in the Solar Service Agreements with respect to the Qualified Substitute Solar Assets transferred to the Issuer on such Transfer Date does not deviate from the weighted average price per kWh fee
escalator set forth in the Solar Service Agreements with respect to the subject Replaced Solar Assets by more than a nominal 1.0% per annum; 

(vi) the related utility is the same as the utility with respect to the subject Replaced Solar Asset; 

(vii) there are no Hedged SREC True-Up Amounts required in connection with the substitution; 

(viii) the weighted average PV System size (kW DC) of the Qualified Substitute Solar Assets transferred to the Issuer on such Transfer Date
does not deviate from the weighted average PV System size (kW DC) of the subject Replaced Solar Assets by more than 5.0%; and 
 (ix) the
Qualified Substitute Solar Assets transferred to the Issuer on such Transfer Date have monthly cash flows that are greater than or equal to the monthly cash flows related to the subject Replaced Solar Assets. 

“Quarterly Manager Report” has the meaning set forth in Section 6.4 of the Management Agreement.

 “Quarterly Servicer Report” has the meaning set forth in Section 6.4 of the Servicing
Agreement. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 28 - 

 “Racking System” means, with respect to a PV System, the hardware required
to mount and securely fasten a Solar Photovoltaic Panel onto the Host Customer site where the PV System is located. 
 “Rated Final
Maturity” means the Payment Date occurring in September 2049. “Rating Agency” means KBRA. 
 “Real
Property Rights” means all real property rights contained in the Solar Service Agreements, if any. 
 “Rebate”
means any rebate by a PBI Obligor, electric distribution company, or state, territorial or local governmental authority or quasi-governmental agency as an inducement to install or use a PV System, paid upon such PV System being placed in
service. 
 “Receivables” means any and all payments required to be made pursuant to a Solar Service Agreement, PBI
Document, Hedged SREC Agreement or in connection with a Solar Asset. 
 “Record Date” means, with respect to a Payment
Date or a Voluntary Prepayment Date, (i) for Notes in book-entry form, the close of business on the Business Day immediately preceding such Payment Date or Voluntary Prepayment Date, and (ii) for Definitive Notes the close of business on
the last Business Day of the calendar month immediately preceding the month in which such Payment Date or Voluntary Prepayment Date occurs. 

“Reinvestment Yield” means, with respect to a Class of Notes, the yield on United States Treasury securities having a
remaining term to maturity that is closest to the weighted average remaining life of such Class of Notes (calculated to the Make Whole Determination Date) plus 0.50%. Should more than one United States Treasury security have a term to maturity
that is closest to the weighted average life of such Class of Notes, then the yield of the United States Treasury security quoted closest to par will be used in the calculation. 

“Regular Amortization Period” means any period other than an Early Amortization Period or a Sequential Interest Amortization
Period. 
 “Regulation S” means Regulation S, as amended, promulgated under the Securities Act. 

“Regulation S Global Note” means the Regulation S Temporary Global Note or the Regulation S Permanent Global Note, as
appropriate. 
 “Regulation S Permanent Global Note” means the permanent global note, evidencing Notes, in the form of the
Note attached to the Indenture as Exhibit A, that is deposited with and registered in the name of the Securities Depository or its nominee, representing the Notes sold in reliance on Regulation S. 

“Regulation S Temporary Global Note” means a single temporary global note, evidencing Notes, in the form of the Note
attached to the Indenture as Exhibit A, that is deposited with and registered in the name of the Securities Depository or its nominee, representing the Notes sold in reliance on Regulation S. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 29 - 

 “Removal Policy” means the Manager’s internal removal policy attached
as Exhibit H to the Management Agreement. 
 “Replaced Solar Asset” means a Defective Solar Asset, a Defaulted Solar Asset
or a Terminated Host Customer Solar Asset for which the Depositor has substituted a Qualified Substitute Solar Asset pursuant to the Depositor Contribution Agreement. 

“Replacement Manager” means any Person appointed to replace the Manager and to assume the obligations of Manager under the
Management Agreement. 
 “Replacement Servicer” means any Person appointed to replace the Servicer and to assume the
obligations of Servicer under the Servicing Agreement. 
 “Repurchase Price” means, as of any date of determination, for a
Defective Solar Asset or Defaulted Solar Asset an amount equal to the Discounted Solar Asset Balance of such Solar Asset immediately prior to becoming a Defective Solar Asset or Defaulted Solar Asset. 

“Responsible Officer” means when used with respect to the Indenture Trustee, Transition Manager and Backup Servicer, any
President, Vice President, Assistant Vice President, Assistant Secretary, Assistant Treasurer or Corporate Trust Officer, or any other officer in the Corporate Trust Office customarily performing functions similar to those performed by any of the
above designated officers, in each case having direct responsibility for the administration of the Indenture. When used with respect to any Person other than the Indenture Trustee, Transition Manager or the Backup Servicer that is not an individual,
the President, Chief Executive Officer, Chief Financial Officer, Chief Marketing Officer, Chief Strategy Officer, Treasurer, any Vice-President, Assistant Vice-President or the Controller of such Person, or any other officer or employee having
similar functions. 
 “Rule 17g-5” means Rule
17g-5 under the Exchange Act. 
 “Rule 144A” means the rule designated as
“Rule 144A” promulgated by the Securities and Exchange Commission under the Securities Act. 
 “Rule 144A Global
Note” means the permanent global note, evidencing Notes, in the form of the Note attached to the Indenture as Exhibit A, that is deposited with and registered in the name of the Securities Depository or its nominee, representing the Notes
sold in reliance on Rule 144A. 
 “Schedule of Solar Assets” means, as the context may require, the schedule of Solar
Assets assigned by AP5 to the Depositor, assigned by the Depositor to the Issuer and pledged by the Issuer to the Indenture Trustee on the Closing Date, as such schedule may be amended from time to time (in accordance with the terms of the
Transaction Documents). 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 30 - 

 “Scheduled Host Customer Payments” means for each Host Customer Solar
Asset, the payments scheduled to be paid by a Host Customer during each calendar month in respect of the initial term of the related Solar Service Agreement, as set forth on Schedule II to the Indenture, as the same may be adjusted by the
Servicer to reflect that such Host Customer Solar Asset has become a Defaulted Solar Asset, a Terminated Host Customer Solar Asset, a Defective Solar Asset, a Replaced Solar Asset or if a Payment Facilitation Agreement has been executed in
connection with such Host Customer Solar Asset. The Scheduled Host Customer Payments exclude any amounts attributable to sales, use or property taxes to be collected from Host Customers. 

“Scheduled Hedged SREC Payments” means for each Hedged SREC Solar Asset, the payments scheduled to be paid by a Hedged SREC
Counterparty during each calendar month in respect of the initial term of the related Hedged SREC Agreement, as set forth on Schedule IV to the Indenture, as the same may be adjusted by the Servicer to reflect that such Hedged SREC Solar
Asset has become a Defaulted Solar Asset, a Terminated Host Customer Solar Asset, a Defective Solar Asset, a Replaced Solar Asset or if a Payment Facilitation Agreement has been executed in connection with such Hedged SREC Solar Asset or if any
Hedged SREC True-Up Amount is applied with respect to such Hedged SREC Solar Asset. 

“Scheduled Note Principal Payment” for a Class of Notes and a Payment Date means an amount equal to the sum of:
(i) any unpaid portion of the Scheduled Note Principal Payments of such Class from prior Payment Dates, and (ii) the product of (A) (1) the Scheduled Outstanding Note Balance of such Class of Notes for the prior Payment Date
minus (2) the Scheduled Outstanding Note Balance for such Class of Notes for such Payment Date; and (B) a fraction (1) the numerator of which is equal to the Outstanding Note Balance (without taking into account any distributions
to be made on such Payment Date) minus the unpaid portion of the Scheduled Note Principal Payments for such Class of Notes from prior Payment Dates and (2) the denominator of which is the Scheduled Outstanding Note Balance for such
Class of Notes for the prior Payment Date. 
 “Scheduled Outstanding Note Balance” means for each Payment Date and
each Class of Notes, the amount set forth as the Scheduled Outstanding Note Balance on Schedule V to the Indenture. 

“Scheduled PBI Payments” means for each Host Customer Solar Asset, the payments scheduled to be paid by a PBI Obligor during
each calendar month, if any, as set forth on Schedule III to the Indenture, as the same may be adjusted by the Servicer to reflect that such Host Customer Solar Asset has become a Defaulted Solar Asset, a Terminated Host Customer Solar Asset,
a Defective Solar Asset, a Replaced Solar Asset or if a Payment Facilitation Agreement has been executed in connection with such Host Customer Solar Asset. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Securities Depository” means an organization registered as a “Securities Depository” pursuant to Section 17A
of the Exchange Act. 
 “Securities Depository Participant” means a broker, dealer, bank, other financial institution or
other Person for whom from time to time a Securities Depository effects book-entry transfers and pledges of securities deposited with the Securities Depository. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 31 - 

 “Semi-Annual Manager Report” means a report substantially in the form set
forth in Exhibit D of the Management Agreement, delivered to the Servicer, the Backup Servicer and the Transition Manager by the Manager pursuant to the Management Agreement. 

“Semi-Annual Servicer Report” means a report substantially in the form set forth in Exhibit D of the Servicing Agreement,
delivered to the Issuer, the Indenture Trustee, the Backup Servicer, the Rating Agency and the Initial Purchasers by the Servicer pursuant to the Servicing Agreement. 

“Sequential Interest Amortization Period” means the period commencing on any Determination Date where: 

 

	 	(i)	 prior to the Anticipated Repayment Date, an Early Amortization Period has continued for four consecutive
Determination Dates (including such Determination Date); or 

  

	 	(ii)	 with respect to any Host Customer Solar Asset, Sunnova Energy or the Manager fails to make a payment to a Host
Customer as required by a Production Guaranty or a True-Up Obligation in respect of the related PV System failing to generate the minimum solar energy production specified in such Solar Service Agreement and
the Issuer makes a payment to the Manager in accordance with clause (viii)(b) of the Priority of Payments; or 

  

	 	(iii)	 as a condition to accepting its appointment as a Replacement Manager, such Replacement Manager requires an
increase to the existing O&M Fee Base Rate to perform the related duties; or 

  

	 	(iv)	 as a condition to accepting its appointment as a Replacement Servicer, such Replacement Servicer (other than
the Backup Servicer) requires an increase to the existing Administrative Fee Base Rate to perform the related duties; or 

  

	 	(v)	 on the Payment Date occurring in September 2026, the Aggregate Outstanding Note Balance is greater than zero;
or 

  

	 	(vi)	 an Event of Default shall have occurred. 

A Sequential Interest Amortization Period of the type described in clause (i) shall continue until the next Determination Date on which
the DSCR is greater than 1.25. A Sequential Interest Amortization Period of the type described in clauses (ii), (iii), (iv) and (v) shall continue until the Aggregate Outstanding Note Balance has been reduced to zero. A Sequential Interest
Amortization Period caused by an event described in clause (vi) above shall continue until all Events of Default have been cured or waived in accordance with the Indenture. 

“Servicer” means, initially, Sunnova Management in its capacity as the Servicer under the Servicing Agreement and any
Replacement Servicer. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 32 - 

 “Servicer Extraordinary Expenses” means (a) extraordinary expenses
incurred by the Servicer in accordance with the Servicing Standard in connection with any litigation, arbitration or enforcement proceeding pursued by the Servicer in respect of a Solar Service Agreement, and (b) all fees, expenses and other
amounts that are paid by the Servicer on behalf of the Issuer and incurred in connection with the financing or servicing of the Solar Assets or the Transaction Documents, including (i) fees, expenses and other amounts paid to attorneys,
accountants and other consultants and experts retained by the Issuer and (ii) any sales, use, franchise or property taxes that the Servicer pays on behalf of the Issuer. 

“Servicer Fee” means on each Payment Date (in accordance with and subject to the Priority of Payments) the amount equal to
the product of (i) one-half of the Administrative Fee Base Rate and (ii) the aggregate DC nameplate capacity (measured in kW) of all the PV Systems owned by the Issuer as of the first day of the
related Collection Period (excluding PV Systems related to Defaulted Solar Assets that are not operational and not in the process of being removed, repaired or replaced). 

“Servicing Agreement” means that certain servicing agreement, dated as of the Closing Date, among the Issuer, the Servicer
and the Backup Servicer. 
 “Servicing Services” has the meaning set forth in Section 2.1(a) of
the Servicing Agreement. 
 “Servicing Standard” has the meaning set forth in Section 2.1(a) of
the Servicing Agreement. 
 “Settlement Statement” has the meaning set forth in the applicable Contribution Agreement.

 “Similar Law” has the meaning set forth in Section 2.07(c)(vi) of the Indenture. 

“Solar Asset” means one of the Solar Assets identified on the Schedule of Solar Assets, each of which is a (i) Host
Customer Solar Asset or (ii) Hedged SREC Solar Asset. 
 “Solar Asset Management Files” means such files, documents,
and computer files (including those documents comprising the Custodian File) necessary for the Manager to perform the Management Services. 

“Solar Photovoltaic Panel” means, with respect to a PV System, the necessary hardware component that uses wafers made of
silicon, cadmium telluride, or any other suitable material, to generate a direct electrical current (DC) output using energy from the sun’s light. 

“Solar Service Agreement” means, in respect of a PV System, a Lease Agreement or a Power Purchase Agreement entered into
with a Host Customer and all ancillary agreements and documents related thereto, including any related Payment Facilitation Agreements, but excluding any Production Guaranty or Customer Warranty Agreement. 

“SREC” means a solar renewable energy certificate representing environmental credits, benefits, emissions reductions,
offsets and allowances, howsoever entitled, that are created or otherwise arise from a PV System’s generation of electricity, including, but not limited to, a solar renewable energy certificate issued to comply with a State’s renewable
portfolio standard. For the avoidance of doubt, SRECs do not include any renewable energy certificates that are the basis for PBI Payments or to which a PBI Obligor is given title to under a performance based incentive program. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 33 - 

 “SREC Production Event” means, in respect to any Hedged SREC Solar Asset,
the Issuer’s PV Systems in the related State subject to the such Hedged SREC Agreement are not capable of producing the minimum number of SRECs required by such Hedged SREC Agreement or any modification, waiver or amendment of a Hedged SREC
Agreement has been made that changes the amounts due or the timing of payments required to be made under such Hedged SREC Agreement. 

“State” means any one or more of the states comprising the United States and the District of Columbia. 

“Subcontractor” means any person to whom the Manager subcontracts any of its obligations under the Management Agreement, and
any person to whom such obligations are further subcontracted of any tier. 
 “Subsequent
Cut-Off Date” means, with respect to any Qualified Substitute Solar Asset, (i) the close of business on the last day of the calendar month immediately preceding the related Transfer Date or
(ii) such other date designated by the Servicer. 
 “Substitute AP5 Conveyed Property” has the meaning set forth in
Section 2(b) of the Depositor Contribution Agreement. 
 “Substitute Depositor Conveyed Property”
has the meaning set forth in Section 2(b) of the Depositor Contribution Agreement. 
 “Substitution
Shortfall Amount” means an amount in cash equal to the amount by which the Discounted Solar Asset Balance of the Replaced Solar Asset (measured as if such Solar Asset were not a Defective Solar Asset, Defaulted Solar Asset or Terminated
Host Customer Solar Asset, as applicable) exceeds the Discounted Solar Asset Balance of the Qualified Substitute Solar Asset as of the related Transfer Date. 

“Sunnova Energy” means Sunnova Energy Corporation, a Delaware corporation. 

“Sunnova Management” means Sunnova Management, LLC, a Delaware limited liability company. 

“Super-Majority Noteholders” means Noteholders representing not less than 66-2/3% of
the Outstanding Note Balance of, as the context shall require, a Class of Notes or all Classes of Notes then Outstanding. 

“Tax” (and, with correlative meaning, “Taxes” and “Taxable”) means: 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 34 - 

 (i) any taxes, customs, duties, charges, fees, levies, penalties or other assessments
imposed by any federal, state, local or foreign taxing authority, including, but not limited to, income, gross receipts, windfall profit, severance, property, production, sales, use, license, excise, franchise, net worth, employment, occupation,
payroll, withholding, social security, alternative or add-on minimum, ad valorem, transfer, stamp, unclaimed property or environmental tax, or any other tax, custom, duty, fee, levy or other like assessment or
charge of any kind whatsoever, together with any interest, penalty, addition to tax, or additional amount attributable thereto; and 
 (ii)
any liability for the payment of amounts with respect to payment of a type described in clause (i), including as a result of being a member of an affiliated, consolidated, combined or unitary group, as a result of succeeding to such liability
as a result of merger, conversion or asset transfer or as a result of any obligation under any tax sharing arrangement or tax indemnity agreement, but excluding any liability arising under any commercial agreement the primary purpose of which does
not relate to Taxes. 
 “Tax Opinion” means an Opinion of Counsel to the effect that an amendment or modification of the
Indenture will not materially adversely affect the federal income tax characterization of any Note, or adversely affect the federal tax classification status of the Issuer. 

“Tax Return” means any return, report or similar statement required to be filed with respect to any Taxes (including
attached schedules), including any information return, claim for refund, amended return or declaration of estimated Tax. 

“Terminated Host Customer Solar Asset” means a Host Customer Solar Asset for which the related PV System has experienced an
Event of Loss and (i) is not repaired, restored, replaced or rebuilt to substantially the same condition as it existed immediately prior to the Event of Loss within 120 days of such Event of Loss or (ii) is deemed to be a Terminated Host
Customer Solar Asset by the Manager in accordance with the Management Agreement. 
 “Termination Date” means the date on
which the Indenture Trustee shall have received payment and performance of all Issuer Secured Obligations. 
 “Termination
Statement” has the meaning set forth in Section 2.12(i) of the Indenture. 
 “Total Debt
Service” means for a Payment Date an amount equal to the sum of (i) the Note Interest with respect to the Class A Notes plus the Note Interest with respect to the Class B Notes plus the Note Interest with respect to the
Class C Notes (in all cases, assuming a Non-Sequential Interest Amortization Period for such Payment Date), and (ii) the aggregate Scheduled Note Principal Payment for the Class A Notes, the
Class B Notes and the Class C Notes, in each case for such Payment Date. 
 “Transaction Documents” means,
collectively, the Indenture, the Management Agreement, the AP5 Contribution Agreement, the Depositor Contribution Agreement, the Note Purchase Agreement, the Parent Guaranty, the Servicing Agreement, the Custodial Agreement, the Account Control
Agreement and the Note Depository Agreement. 
 “Transfer” means any direct or indirect transfer or sale of any Ownership
Interest in a Note. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 35 - 

 “Transfer Date” means, with respect to a Qualified Substitute Solar Asset,
the date upon which the Issuer acquires such Qualified Substitute Solar Asset from the Depositor. 
 “Transfer Date
Certification” shall have the meaning set forth in Section 4(c) of the Custodial Agreement. 

“Transferee” means any Person who is acquiring by Transfer any Ownership Interest in a Note. 

“Transition Manager” means Wells Fargo in its capacity as the Transition Manager under the Management Agreement. 

“Transition Manager Expenses” means (i) any reasonable and documented out-of-pocket expenses incurred in taking any actions required in its role as Transition Manager and (ii) any indemnities owed to the Transition Manager in accordance with the Transition Manager
Agreement. 
 “True-Up Obligation” means with respect to a PV System, a true-up obligation between the Host Customer and the owner of the PV System, that specifies a minimum level of solar energy production, as measured in kWh, for a specified time period. A True-Up Obligation stipulates the terms and conditions under which the related Host Customer could be compensated or receive a production credit if the related PV System does not meet the electricity production
estimates. 
 “Trust Estate” means all property and rights of the Issuer Granted to the Indenture Trustee pursuant to the
Granting Clause of the Indenture for the benefit of the Noteholders. 
 “U.S. Risk Retention Rules” means the final rules,
which require a “sponsor” of a securitization transaction (or a majority-owned affiliate of the sponsor) to retain a portion of the credit risk of the asset-backed securities transaction, adopted in October 2014 by the Federal Deposit
Insurance Company, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency of the Department of the Treasury, the SEC, the Board of Governors of the Federal Reserve System and the U.S. Department of Housing and Urban
Development to implement the credit risk retention requirements of Section 15G of the Exchange Act as added by Section 941 of the Dodd-Frank Act. 

“UCC” means the Uniform Commercial Code as adopted in the State of New York or in any other State having jurisdiction over
the assignment, transfer, pledge of the Solar Assets from the Originator to the Depositor, the Depositor to the Issuer or of the Trust Estate from the Issuer to the Indenture Trustee. 

“UCC Fixture Filing” means a “fixture filing” as defined in Section 2-A-309 of the UCC covering a PV System naming the initial Manager as secured party on behalf of the Issuer. 

“Underwriting and Reassignment Credit Policy” means the Manager’s internal reassignment policy attached as Exhibit
F to the Servicing Agreement. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 36 - 

 “Unscheduled Note Principal Payment” means for a Payment Date means an
amount equal to the sum of (without duplication): 
  

	 	(i)	 the sum of the Discounted Solar Asset Balances of all Solar Assets that became Defaulted Solar Assets during
the related Collection Period (the Discounted Solar Asset Balance of each Defaulted Solar Asset measured immediately prior to such Solar Asset becoming a Defaulted Solar Asset) other than any Defaulted Solar Assets that are replaced with Qualified
Substitute Solar Assets within the related Collection Period; 

  

	 	(ii)	 the sum of the Discounted Solar Asset Balances of all Host Customer Solar Assets that became Terminated Host
Customer Solar Assets during the related Collection Period (the Discounted Solar Asset Balance of each Terminated Host Customer Solar Asset measured immediately prior to such Host Customer Solar Asset becoming a Terminated Host Customer Solar Asset)
other than any Terminated Host Customer Solar Assets that are replaced with Qualified Substitute Solar Assets within the related Collection Period; 

  

	 	(iii)	 the sum of (a) all cash proceeds actually received during the related Collection Period in respect of each
Host Customer Purchased Solar Asset, (b) all cash proceeds actually received during the related Collection Period in respect of each Host Customer Solar Asset for which a prepayment of any remaining expected payments due under the related Solar
Service Agreement has occurred, and (c) all cash proceeds actually received during the related Collection Period in respect of Repurchase Prices or Substitution Shortfall Amounts paid for any Solar Assets during the related Collection Period;

  

	 	(iv)	 any Payment Facilitation Amounts with respect to the related Collection Period; 

 

	 	(v)	 any Hedged SREC True-Up Amounts with respect to the related Collection
Period; 

  

	 	(vi)	 any Substitution Shortfall Amounts with respect to the related Collection Period; and 

 

	 	(vii)	 any unpaid portion of Unscheduled Note Principal Payments from prior Payment Dates 

“U.S. Bank” means U.S. Bank National Association. 

“Vice President” means, with respect to Sunnova Energy, any vice president, whether or not designated by a number or a word
or words added before or after the title “vice president.” 
 “Voluntary Prepayment” has the meaning set forth
in Section 6.01(a) of the Indenture. 
 “Voluntary Prepayment Date” has the meaning set forth in
Section 6.01(a) of the Indenture. 
 “Wells Fargo” means Wells Fargo Bank, National Association.

  

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 37 - 

 Schedule I 

SCHEDULE OF SOLAR ASSETS 

 

									
	 Sunnova System ID
	 	 Utility
	 	 Contract Type
	 	 In Service Date
	 	 County

	[***]	 	[***]	 	[***]	 	[***]	 	[***]

  

							
	 Installation State
	 	 Installation Address Zip Code
	 	 System Size
	 	 Term (months)

	[***]	 	[***]	 	[***]	 	[***]

  

									
	 Recurring Payment
	 	 Payment Escalator
	 	 Solar Rate
	 	 FICO
	 	 Panel Manufacturer

	[***]	 	[***]	 	[***]	 	[***]	 	[***]

  

					
	 Inverter Manufacturer
	 	 Year I Performance Production
	 	 Year 1 Guaranteed Production

	[***]	 	[***]	 	[***]

  

							
	 PBI Term (Months)
	 	 PBI Rate ($ / kWh)
	 	 Remaining Contract Term
	 	 First Payment Date

	[***]	 	[***]	 	[***]	 	[***]

  

					
	 Last Payment Date
	 	 # of Payments Made
	 	 Payment Type

	[***]	 	[***]	 	[***]

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Schedule II 

SCHEDULED HOST CUSTOMER PAYMENTS 

[On file with the Indenture Trustee] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Schedule III 

SCHEDULED PBI PAYMENTS 

[On file with the Indenture Trustee] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Schedule IV 

SCHEDULED HEDGED SREC PAYMENTS 

 

							
	 Counterparty
	 	 State
	 	 Volume
	 	 Pricing

	 [***]
	 	 [***]
	 	 [***]
	 	 [***]

 

							
	Collection Period Cashflow	 		 		 	
	[***]	 		 		 	

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Schedule V 

SCHEDULED OUTSTANDING NOTE BALANCE 

 

							
	 Payment Date
	  	Class A Scheduled
Outstanding Note
Balance	 	Class B Scheduled
Outstanding Note
Balance	 	Class C Scheduled
Outstanding Note
Balance
	 Closing Date
	  	[***]	 	[***]	 	[***]
	 September 2017
	  	[***]	 	[***]	 	[***]
	 March 2018
	  	[***]	 	[***]	 	[***]
	 September 2018
	  	[***]	 	[***]	 	[***]
	 March 2019
	  	[***]	 	[***]	 	[***]
	 September 2019
	  	[***]	 	[***]	 	[***]
	 March 2020
	  	[***]	 	[***]	 	[***]
	 September 2020
	  	[***]	 	[***]	 	[***]
	 March 2021
	  	[***]	 	[***]	 	[***]
	 September 2021
	  	[***]	 	[***]	 	[***]
	 March 2022
	  	[***]	 	[***]	 	[***]
	 September 2022
	  	[***]	 	[***]	 	[***]
	 March 2023
	  	[***]	 	[***]	 	[***]
	 September 2023
	  	[***]	 	[***]	 	[***]
	 March 2024
	  	[***]	 	[***]	 	[***]

  

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Exhibit A-1 

Form of Class A Note 
 Note
Number: [     ] 
 UNLESS THIS GLOBAL NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN. 
 TRANSFERS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT
IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 

THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAW. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE OR ANY INTEREST HEREIN IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE OR INTEREST HEREIN MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 EACH PURCHASER AND TRANSFEREE BY ITS PURCHASE OF THIS NOTE OR INTEREST HEREIN IS DEEMED
TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT ACQUIRING THE NOTE OR INTEREST THEREIN FOR OR ON BEHALF OF OR WITH THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA OR ANY OTHER
“PLAN” AS DEFINED IN SECTION 4975(E)(1) OF THE CODE THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY
(EACH A “BENEFIT PLAN INVESTOR”), OR ANY “GOVERNMENTAL PLAN” WITHIN THE MEANING OF SECTION 3(32) OF ERISA THAT IS SUBJECT TO ANY SUBSTANTIALLY SIMILAR PROVISION OF STATE, TERRITORIAL OR LOCAL LAW (“SIMILAR LAW”), OR IF
THE PURCHASER OR TRANSFEREE IS A BENEFIT PLAN INVESTOR OR A GOVERNMENTAL PLAN SUBJECT TO SIMILAR LAW, THE PURCHASER AND TRANSFEREE AND THE FIDUCIARY OF SUCH BENEFIT PLAN INVESTOR OR GOVERNMENTAL PLAN BY ITS PURCHASE OF THIS NOTE OR INTEREST HEREIN
IS DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THE PURCHASE AND HOLDING OF THIS NOTE OR INTEREST HEREIN DOES NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR
SIMILAR LAW. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-1 

 THE HOLDER OF THIS GLOBAL NOTE OR ANY INTEREST HEREIN AGREES FOR THE BENEFIT OF THE ISSUER
THAT (A) THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN MINIMUM DENOMINATIONS OF $100,000 AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, AND ONLY (I) IN THE U.S. TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A (ACTING FOR ITS OWN ACCOUNT AND NOT FOR THE ACCOUNT OF OTHERS, OR AS A FIDUCIARY
OR AGENT FOR OTHER QIBS TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A), (II) OUTSIDE THE U.S. IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S, OR (III) PURSUANT TO ANOTHER EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE AND EVIDENCED BY AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE INDENTURE TRUSTEE), IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE U.S. AND ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS GLOBAL NOTE OR ANY INTEREST HEREIN FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.

 [FOR TEMPORARY REGULATION S GLOBAL NOTE, ADD THE FOLLOWING: 

THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE SECURITIES ACT WHICH IS EXCHANGEABLE FOR A PERMANENT
REGULATION S GLOBAL NOTE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH HEREIN AND IN THE INDENTURE REFERRED TO HEREIN.] 
 THE PURCHASER
UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN THE NOTES FROM THE SECURITIES DEPOSITORY. 

SECTIONS 2.07 AND 2.08 OF THE INDENTURE CONTAIN
FURTHER RESTRICTIONS ON THE TRANSFER AND RESALE OF THIS NOTE (OR
INTEREST THEREIN). EACH TRANSFEREE OF THIS NOTE, BY ACCEPTANCE HEREOF, IS
DEEMED TO HAVE ACCEPTED THIS NOTE SUBJECT TO THE FOREGOING RESTRICTIONS
ON TRANSFERABILITY. 
 EACH NOTEHOLDER OR NOTE
OWNER, BY ITS ACCEPTANCE OF THIS NOTE (OR INTEREST THEREIN), COVENANTS
AND AGREES THAT SUCH NOTEHOLDER OR NOTE OWNER, AS THE CASE MAY
BE, SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND
ONE DAY AFTER THE TERMINATION OF THE INDENTURE, ACQUIESCE, PETITION OR
OTHERWISE INVOKE OR CAUSE THE ISSUER TO INVOKE 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-2 

 
THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR
THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE ISSUER
UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW
OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, INDENTURE TRUSTEE, CUSTODIAN, SEQUESTRATOR
OR OTHER SIMILAR OFFICIAL OF THE ISSUER OR ANY SUBSTANTIAL PART OF
ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE
AFFAIRS OF THE ISSUER. 
 THE PRINCIPAL
OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY
PERSON ACQUIRING THIS SECURITY MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY
INQUIRY OF THE INDENTURE TRUSTEE. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-3 

 Helios Issuer, LLLC 

Solar Asset Backed Notes, Series 2017-1 

Class A Note 
 [RULE 144A
GLOBAL NOTE] 
 [TEMPORARY REGULATION S GLOBAL NOTE] 

[PERMANENT REGULATION S GLOBAL NOTE] 
  

 

					
	     ORIGINAL ISSUE
	 		 	
	DATE	 	RATED FINAL MATURITY	 	ISSUE PRICE
	[•], 2017	 	[•]	 	[•]%

 REGISTERED OWNER: CEDE & CO. 

INITIAL PRINCIPAL BALANCE: [•] 

CUSIP NO. [•] 
 ISIN
NO. [•] 
 THIS CERTIFIES THAT Helios Issuer, LLC, a Delaware limited liability
company (hereinafter called the “Issuer”), which term includes any successor entity under the Indenture, dated as of [•], 2017 (the “Indenture”), between the Issuer and Wells Fargo Bank, National Association,
as indenture trustee (together with any successor thereto, hereinafter called the “Indenture Trustee”), for value received, hereby promises to pay to the Registered Owner named above or registered assigns, subject to the provisions
hereof and of the Indenture, (A) the interest based on the Interest Accrual Period at the Note Rate defined in the Indenture, on each Payment Date beginning in September 2017 (or, if such day is not a Business Day, the next succeeding Business
Day), and (B) principal on each Payment Date in the manner and subject to the Priority of Payments as set forth in the Indenture; provided, however, that the Notes are subject to prepayment as set forth in the Indenture. This note (this
“Class A Note”) is one of a duly authorized series of Class A Notes of the Issuer designated as its Helios Issuer, LLC, [A]% Solar Asset Backed Notes, Series 2017-1,
Class A (the “Class A Notes”). The Indenture authorizes the issuance of up to $191,750,000 in Outstanding Note Balance of Class A Notes, up to $18,000,000 in Outstanding Note Balance of Helios Issuer,
LLC, [B]% Solar Asset Backed Notes, Series 2017-1, Class B (the “Class B Notes”), and up to $45,000,000 in Outstanding Note Balance of Helios Issuer, LLC, [C]% Solar
Asset Backed Notes, Series 2017-1, Class C (the “Class C Notes”, and together with the Class A Notes and the Class B Notes, the “Notes”). The
Indenture provides that the Notes will be entitled to receive payments in reduction of the Outstanding Note Balance, in the amounts, from the sources, and at the times more specifically as set forth in the Indenture. The Notes are secured by the
Trust Estate (as defined in the Indenture). 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-4 

 Reference is hereby made to the Indenture and all indentures supplemental thereto for a
statement of the respective rights thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes and the terms upon which the Notes are to be authenticated and delivered. All terms used in this Note which are not defined herein shall
have the meanings assigned to them in the Indenture. 
 THE OBLIGATION OF THE ISSUER TO REPAY THE NOTES IS A LIMITED, NONRECOURSE
OBLIGATION SECURED ONLY BY THE TRUST ESTATE. All payments of principal of and interest on the Class A Notes shall be made only from the Trust Estate, and Noteholder and each Note Owner, by its acceptance of this Class A Note, agrees that
it shall be entitled to payments solely from such Trust Estate pursuant to the terms of the Indenture. The actual Outstanding Note Balance on this Class A Note may be less than the principal balance indicated on the face hereof. The actual
Outstanding Note Balance on this Class A Note at any time may be obtained from the Indenture Trustee. 
 With respect to payment of
principal of and interest on the Class A Notes, the Indenture provides the following: 
 (a) Until fully paid, principal
payments on the Class A Notes will be made on each Payment Date in an amount, at the time, and in the manner provided in the Indenture. The Outstanding Note Balance of each Class A Note shall be payable no later than the Rated Final
Maturity thereof unless the Outstanding Note Balance of such Class A Note becomes due and payable at an earlier date pursuant to the Indenture, and in each case such payment shall be made in an amount and in the manner provided in the
Indenture. 
 (b) The Class A Notes shall bear interest on the Outstanding Note Balance of the Class A Notes and
accrued but unpaid interest thereon, at the applicable Note Rate. The Note Interest with respect to the Class A Notes shall be payable on each Payment Date to the extent that the Collection Account then contains sufficient amounts to pay such
Note Interest pursuant to Section 5.05 of the Indenture. The Note Interest will accrue on the basis of a 360 day year consisting of twelve 30 day months. 

All payments of interest and principal on the Class A Notes on the applicable Payment Date shall be paid to the Person in whose name
such Class A Note is registered at the close of business as of the Record Date for such Payment Date in the manner provided in the Indenture. All reductions in the Outstanding Note Balance of a Class A Note (or one or more Predecessor
Notes) effected by full or partial payments of installments of principal shall be binding upon all past, then current, and future Holders of such Class A Note and of any Class A Note issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof, whether or not such payment is noted on such Class A Note. 
 The Rated Final Maturity of the
Notes is the Payment Date in [• ] unless the Notes are earlier prepaid in whole or accelerated pursuant to the Indenture. The Indenture Trustee shall pay to each Class A Noteholder of record on the preceding Record Date either (i) by
wire transfer, in immediately available funds to the account of such Class A Noteholder at a bank or other entity having appropriate facilities therefor, if such Class A Noteholder shall have provided to the Indenture Trustee appropriate
written instructions at least five Business Days prior to the related Payment Date (which instructions may remain in effect for subsequent Payment Dates unless revoked by the Class A Noteholder), or (ii) if not, by check mailed to such
Class A Noteholder at the address of such Class A Noteholder appearing in the Note Register, the amounts to be paid to such Class A Noteholder pursuant to such Class A Noteholder’s Notes; provided, that so long as the
Class A Notes are registered in the name of the Securities Depository such payments shall be made to the nominee thereof in immediately available funds. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-5 

 THE CLASS A NOTES
SHALL BE SUBJECT TO VOLUNTARY PREPAYMENT AT THE OPTION OF THE ISSUER
IN THE MANNER AND SUBJECT TO THE PROVISIONS OF THE INDENTURE. Whenever by the terms
of the Indenture, the Indenture Trustee is required to prepay the Class A Notes, and subject to and in accordance with the terms of Article VI of the Indenture, the Indenture Trustee shall give notice of the prepayment in the manner prescribed
by the Indenture. 
 Subject to certain restrictions contained in the Indenture, (i) the Class A Notes are issuable in the
minimum denomination of $100,000 and integral multiples of $1,000 in excess thereof (provided, that one Class A Note may be issued in an additional amount equal to any remaining portion of the Initial Outstanding Note Balance) and (ii) the
Class A Notes may be exchanged for a like aggregate principal amount of Class A Notes of authorized denominations of the same maturity. 

The final payment on any Definitive Note shall be made only upon presentation and surrender of the Note at the Corporate Trust Office of the
Indenture Trustee. 
 The Class A Noteholders shall have no right to enforce the provisions of the Indenture or to institute action to
enforce the covenants therein, or to take any action with respect to any Event of Default, or to institute, appear in or defend any Proceedings with respect thereto, except as provided in the Indenture. 

The Class A Notes may be exchanged, and their transfer may be registered, by the Noteholders in person or by their attorneys duly
authorized in writing at the Corporate Trust Office of the Indenture Trustee only in the manner, subject to the limitations provided in the Indenture, and upon surrender and cancellation of the Class A Notes. Upon exchange or registration of
such transfer, a new registered Class A Note or Notes evidencing the same outstanding principal amount will be executed in exchange therefor. 

All amounts collected as payments on the Trust Estate or otherwise shall be applied in the order of priority specified in the Indenture. 

Each Person who has or who acquires any Ownership Interest in a Class A Note shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the provisions of the Indenture. A Noteholder may not sell, offer for sale, assign, pledge, hypothecate or otherwise transfer or encumber all or any part of its interest in the Class A Notes
except pursuant to an effective registration statement covering such transaction under the Securities Act of 1933, as amended, and effective qualification or registration under all applicable State securities laws and regulations or under an
exemption from registration under said Securities Act and said State securities laws and regulations. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-6 

 [Add the following for Rule 144A Global Notes: 

Interests in this Class A Note may be exchanged for an interest in the corresponding Temporary Regulation S Global Note or Regulation S
Global Note, in each case subject to the restrictions specified in the Indenture.] 
 [Add the following for Temporary Regulation S
Global Notes: 
 Interests in this Class A Note may be exchanged for an interest in the corresponding Rule 144A Global Note,
subject to the restrictions specified in the Indenture. 
 On or after the 40th day
after the later of the Closing Date and the commencement of the offering of the Notes, interests in this Temporary Regulation S Global Note may be exchanged (free of charge) for interests in a Permanent Regulation S Global Note. The Permanent
Regulation S Global Note shall be so issued and delivered in exchange for only that portion of this Temporary Regulation S Global Note in respect of which there shall have been presented to DTC by Euroclear or Clearstream a certification to the
effect that it has received from or in respect of a person entitled to an interest (as shown by its records) a certification that the beneficial interests in such Temporary Regulation S Global Note are owned by persons who are not U.S. persons (as
defined in Regulation S).] 
 [Add the following for Permanent Regulation S Global Notes: 

Interests in this Class A Note may be exchanged for an interest in the corresponding Rule 144A Global Note, subject to the restrictions
specified in the Indenture.] 
 Prior to the date that is one year and one day after the payment in full of all amounts payable with
respect to the Class A Notes, each Person who has or acquires an Ownership Interest in a Class A Note agrees that such Person will not institute against the Issuer, or join any other Person in instituting against the Issuer, any Insolvency
Proceedings or other Proceedings under the laws of the United States or any State. This covenant shall survive the termination of the Indenture. 

Before the due presentment for registration of transfer of this Class A Note, the Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee may treat the person in whose name this Class A Note is registered (i) on any Record Date for purposes of making 

payments, and (ii) on any other date for any other purpose, as the owner hereof, whether or not this Class A Note be overdue, and
neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits the
amendment thereof for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture or of modifying in any manner the rights of the Noteholders under the Indenture at any time by the Issuer
and the Indenture Trustee (and, in some cases, only with the consent of the Noteholder affected thereby) and compliance with certain other conditions. Any such consent by the Holder, at the time of the giving thereof, of this Class A Note (or
any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class A Note and of any Class A Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Class A Note. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-7 

 The Class A Notes and all obligations with respect thereto, including obligations
under the Indenture, will be limited recourse obligations of the Issuer payable solely from the Trust Estate. Neither the Issuer, AP5, the Parent Guarantor, the Depositor, the Manager, the Transition Manager, the Custodian, the Note Registrar, the
Indenture Trustee in its individual capacity or in its capacity as Indenture Trustee, nor any of their respective Affiliates, agents, partners, beneficiaries, officers, directors, stockholders, stockholders of partners, employees or successors or
assigns, shall be personally liable for any amounts payable, or performance due, under the Notes or the Indenture. Without limiting the foregoing, each Noteholder and each Note Owner of any Class A Note by its acceptance thereof, and the
Indenture Trustee, shall be deemed to have agreed (i) that it shall look only to the Trust Estate to satisfy the Issuer’s obligations under or with respect to a Class A Note or the Indenture, including but not limited to liabilities
under Article V of the Indenture and liabilities arising (whether at common law or equity) from breaches by the Issuer of any obligations, covenants and agreements herein or, to the extent enforceable, for any violation by the Issuer of applicable
State or federal law or regulation, provided that, the Issuer shall not be relieved of liability hereunder with respect to any misrepresentation in the Indenture or any Transaction Document, or fraud, of the Issuer and (ii) to waive any rights
it may have to obtain a deficiency or other monetary judgment against either the Issuer or any of its principals, directors, officers, beneficial owners, employees or agents (whether disclosed or undisclosed) or their respective assets (other than
the Trust Estate). The foregoing provisions of this paragraph shall not (i) prevent recourse to the Trust Estate or any Person (other than the Issuer) for the sums due or to become due under any security, instrument or agreement which is part
of the Trust Estate; (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Class A Notes or secured by the Indenture, but the same shall continue until paid or discharged; or (iii) prevent
the Indenture Trustee from exercising its rights with respect to the Grant, pursuant to the Indenture, of the Issuer’s rights under the Transaction Documents. It is further understood that the foregoing provisions of this paragraph shall not
limit the right of any Person to name the Indenture Trustee in its capacity as Indenture Trustee under the Indenture or the Issuer as a party defendant in any action or suit or in the exercise of any remedy under the Notes or the Indenture, so long
as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced. It is expressly understood that all such liability is hereby expressly waived and released to the extent provided
herein as a condition of, and as a consideration for, the execution of the Indenture and the issuance of the Notes. 
 The remedies of the
Holder of this Class A Note as provided herein, in the Indenture or in the other Transaction Documents, shall be cumulative and concurrent and may be pursued solely against the assets of the Trust Estate. No failure on the part of the
Noteholder in exercising any right or remedy hereunder shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right or remedy preclude any other further exercise thereof or the exercise of any other right
or remedy hereunder. 
 The Class A Notes are issuable only in registered form in denominations as provided in the Indenture and
subject to certain limitations therein set forth. At the option of the Class A Noteholder, Class A Notes may be exchanged for Class A Notes of like terms, in any authorized denominations and of like aggregate principal amount, upon
surrender of the Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee, subject to the terms and conditions of the Indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-8 

 Reference is hereby made to the Indenture, a copy of which is on file with the Indenture
Trustee, for the provisions, among others, with respect to (i) the nature and extent of the rights, duties and obligations of the Indenture Trustee, the Issuer and the Class A Noteholders; (ii) the terms upon which the Class A
Notes are executed and delivered; (iii) the collection and disposition of payments or proceeds in respect of the Depositor Conveyed Property; (iv) a description of the Trust Estate; (v) the modification or amendment of the Indenture;
(vi) other matters; and (vii) the definition of capitalized terms used in this Class A Note that are not defined herein; to all of which the Class A Noteholders and Note Owners assent by the acceptance of the Class A Notes.

 THIS CLASS A NOTE IS ISSUED
PURSUANT TO THE INDENTURE AND IT AND THE INDENTURE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS (INCLUDING, WITHOUT
LIMITATION, §5-1401 AND §5-1402 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT GIVING EFFECT
TO PRINCIPLES OF CONFLICTS OF LAWS). 

REFERENCE IS HEREBY MADE TO THE
PROVISIONS OF THE INDENTURE AND SUCH PROVISIONS ARE HEREBY INCORPORATED BY
REFERENCE AS IF FULLY SET FORTH HEREIN. 

Unless the certificate of authentication hereon has been executed by the Indenture Trustee by manual signature, this Class A Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-9 

 IN WITNESS WHEREOF, the Issuer has caused this
instrument to be duly executed as of the date set forth below. 
  

			
	Helios Issuer, as Issuer
	By	 	          

		 	Name:
		 	Title:

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-10 

 Indenture Trustee’s Certificate of Authentication 

This is one of the Class A Notes referred to in the within-mentioned Indenture. 

Dated: 
  

			
	Wells Fargo Bank, national association, as Indenture Trustee
	By	 	
                 

		 	Name:
		 	Title:

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-11 

 [Form of Assignment] 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

(PLEASE INSERT SOCIAL SECURITY OR 

TAXPAYER IDENTIFICATION NUMBER 

OF ASSIGNEE) 
  

 
  

 
  

 
 (Please Print or Typewrite Name and
Address of Assignee) 
  
  

the within Note, and all rights thereunder, and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer the within Note on the books kept for registration thereof, with full power of substitution in the premises. 

Date: 
  

	
	  

	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1-12 

 Exhibit a-2 

Form of Class B Note 
 Note
Number: [ ] 
 UNLESS THIS GLOBAL NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN. 
 TRANSFERS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT
IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 

THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAW. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE OR ANY INTEREST HEREIN IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE OR INTEREST HEREIN MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 EACH PURCHASER AND TRANSFEREE BY ITS PURCHASE OF THIS NOTE OR INTEREST HEREIN IS DEEMED
TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT ACQUIRING THE NOTE OR INTEREST THEREIN FOR OR ON BEHALF OF OR WITH THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA OR ANY OTHER
“PLAN” AS DEFINED IN SECTION 4975(E)(1) OF THE CODE THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY
(EACH A “BENEFIT PLAN INVESTOR”), OR ANY “GOVERNMENTAL PLAN” WITHIN THE MEANING OF SECTION 3(32) OF ERISA THAT IS SUBJECT TO ANY SUBSTANTIALLY SIMILAR PROVISION OF STATE, TERRITORIAL OR LOCAL LAW (“SIMILAR LAW”), OR IF
THE PURCHASER OR TRANSFEREE IS A BENEFIT PLAN INVESTOR OR A GOVERNMENTAL PLAN SUBJECT TO SIMILAR LAW, THE PURCHASER AND TRANSFEREE AND THE FIDUCIARY OF SUCH BENEFIT PLAN INVESTOR OR GOVERNMENTAL PLAN BY ITS PURCHASE OF THIS NOTE OR INTEREST HEREIN
IS DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THE PURCHASE AND HOLDING OF THIS NOTE OR INTEREST HEREIN DOES NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR
SIMILAR LAW. 
  

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-1 

 THE HOLDER OF THIS GLOBAL NOTE OR ANY INTEREST HEREIN AGREES FOR THE BENEFIT OF THE ISSUER
THAT (A) THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN MINIMUM DENOMINATIONS OF $100,000 AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, AND ONLY (I) IN THE U.S. TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A (ACTING FOR ITS OWN ACCOUNT AND NOT FOR THE ACCOUNT OF OTHERS, OR AS A FIDUCIARY
OR AGENT FOR OTHER QIBS TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A), (II) OUTSIDE THE U.S. IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S, OR (III) PURSUANT TO ANOTHER EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE AND EVIDENCED BY AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE INDENTURE TRUSTEE), IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE U.S. AND ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS GLOBAL NOTE OR ANY INTEREST HEREIN FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.

 [FOR TEMPORARY REGULATION S GLOBAL NOTE, ADD THE FOLLOWING: 

THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE SECURITIES ACT WHICH IS EXCHANGEABLE FOR A PERMANENT
REGULATION S GLOBAL NOTE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH HEREIN AND IN THE INDENTURE REFERRED TO HEREIN.] 
 THE PURCHASER
UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN THE NOTES FROM THE SECURITIES DEPOSITORY. 

SECTIONS 2.07 AND 2.08 OF THE INDENTURE CONTAIN
FURTHER RESTRICTIONS ON THE TRANSFER AND RESALE OF THIS NOTE (OR
INTEREST THEREIN). EACH TRANSFEREE OF THIS NOTE, BY ACCEPTANCE HEREOF, IS
DEEMED TO HAVE ACCEPTED THIS NOTE SUBJECT TO THE FOREGOING RESTRICTIONS
ON TRANSFERABILITY. 
 EACH NOTEHOLDER OR NOTE
OWNER, BY ITS ACCEPTANCE OF THIS NOTE (OR INTEREST THEREIN), COVENANTS
AND AGREES THAT SUCH NOTEHOLDER OR NOTE OWNER, AS THE CASE MAY
BE, SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND
ONE DAY AFTER THE TERMINATION OF THE INDENTURE, ACQUIESCE, PETITION OR
OTHERWISE INVOKE OR CAUSE THE 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-2 

 
ISSUER TO INVOKE THE PROCESS OF ANY COURT OR
GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE
AGAINST THE ISSUER UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION
OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, INDENTURE TRUSTEE,
CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE ISSUER OR ANY
SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR
LIQUIDATION OF THE AFFAIRS OF THE ISSUER. 

THE PRINCIPAL OF THIS NOTE IS
PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL
AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS SECURITY
MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE
TRUSTEE. 
 THIS NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL INCOME TAX
PURPOSES. THE ISSUE PRICE, AMOUNT OF OID, ISSUE DATE, ACCRUAL PERIODS, AND YIELD TO MATURITY OF THIS NOTE MAY BE OBTAINED BY WRITING TO THE ISSUER AT CHIEF FINANCIAL OFFICER, 20 EAST GREENWAY PLAZA, SUITE 475, HOUSTON, TEXAS 77046. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-3 

 Helios Issuer, LLC 

Solar Asset Backed Notes, Series 2017-1 

Class B Note 
 [RULE 144A
GLOBAL NOTE] 
 [TEMPORARY REGULATION S GLOBAL NOTE] 

[PERMANENT REGULATION S GLOBAL NOTE] 
  

 

					
	     ORIGINAL ISSUE
	 		 	
	DATE	 	RATED FINAL MATURITY	 	ISSUE PRICE
	[•], 2017	 	[•]	 	[•]%

 REGISTERED OWNER: CEDE & CO. 

INITIAL PRINCIPAL BALANCE: [•] 

CUSIP NO. [•] 
 ISIN
NO. [•] 
 THIS CERTIFIES THAT Helios Issuer, LLC, a Delaware limited liability
company (hereinafter called the “Issuer”), which term includes any successor entity under the Indenture, dated as of [•], 2017 (the “Indenture”), between the Issuer and Wells Fargo Bank, National Association,
as indenture trustee (together with any successor thereto, hereinafter called the “Indenture Trustee”), for value received, hereby promises to pay to the Registered Owner named above or registered assigns, subject to the provisions
hereof and of the Indenture, (A) the interest based on the Interest Accrual Period at the Note Rate defined in the Indenture, on each Payment Date beginning in [•] (or, if such day is not a Business Day, the next succeeding Business Day),
and (B) principal on each Payment Date in the manner and subject to the Priority of Payments as set forth in the Indenture; provided, however, that the Notes are subject to prepayment as set forth in the Indenture. This note (this
“Class B Note”) is one of a duly authorized series of Class B Notes of the Issuer designated as its Helios Issuer, LLC, [B]% Solar Asset Backed Notes, Series 2017-1,
Class B (the “Class B Notes”). The Indenture authorizes the issuance of up to $[•] in Outstanding Note Balance of Helios Issuer, LLC, [A]% Solar Asset Backed Notes, Series
2017-1, Class A (the “Class A Notes”), up to $[•] in Outstanding Note Balance of Class B Notes, and up to $[•] in Outstanding Note Balance of Helios
Issuer, LLC, [C]% Solar Asset Backed Notes, Series 2017-1, Class C (the “Class C Notes”, and together with the Class A Notes and the Class B Notes, the
“Notes”). The Indenture provides that the Notes will be entitled to receive payments in reduction of the Outstanding Note Balance, in the amounts, from the sources, and at the times more specifically as set forth in the Indenture.
The Notes are secured by the Trust Estate (as defined in the Indenture). 
 Reference is hereby made to the Indenture and all indentures
supplemental thereto for a statement of the respective rights thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes and the terms upon which the Notes are to be authenticated and delivered. All terms used in this Note which
are not defined herein shall have the meanings assigned to them in the Indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-4 

 THE OBLIGATION OF THE
ISSUER TO REPAY THE NOTES IS A LIMITED, NONRECOURSE OBLIGATION SECURED
ONLY BY THE TRUST ESTATE. All payments of principal of and interest on the Class B Notes shall be made only from the Trust Estate, and Noteholder and each Note Owner, by
its acceptance of this Class B Note, agrees that it shall be entitled to payments solely from such Trust Estate pursuant to the terms of the Indenture. The actual Outstanding Note Balance on this Class B Note may be less than the principal
balance indicated on the face hereof. The actual Outstanding Note Balance on this Class B Note at any time may be obtained from the Indenture Trustee. 

With respect to payment of principal of and interest on the Class B Notes, the Indenture provides the following: 

(a) Until fully paid, principal payments on the Class B Notes will be made on each Payment Date in an amount, at the time,
and in the manner provided in the Indenture. The Outstanding Note Balance of each Class B Note shall be payable no later than the Rated Final Maturity thereof unless the Outstanding Note Balance of such Class B Note becomes due and payable
at an earlier date pursuant to the Indenture, and in each case such payment shall be made in an amount and in the manner provided in the Indenture. 

(b) The Class B Notes shall bear interest on the Outstanding Note Balance of the Class B Notes and accrued but unpaid
interest thereon, at the applicable Note Rate. The Note Interest with respect to the Class B Notes shall be payable on each Payment Date to the extent that the Collection Account then contains sufficient amounts to pay such Note Interest
pursuant to Section 5.05 of the Indenture. The Note Interest will accrue on the basis of a 360 day year consisting of twelve 30 day months. 

All payments of interest and principal on the Class B Notes on the applicable Payment Date shall be paid to the Person in whose name
such Class B Note is registered at the close of business as of the Record Date for such Payment Date in the manner provided in the Indenture. All reductions in the Outstanding Note Balance of a Class B Note (or one or more Predecessor
Notes) effected by full or partial payments of installments of principal shall be binding upon all past, then current, and future Holders of such Class B Note and of any Class B Note issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof, whether or not such payment is noted on such Class B Note. 
 The Rated Final Maturity of the
Notes is the Payment Date in [• ] unless the Notes are earlier prepaid in whole or accelerated pursuant to the Indenture. The Indenture Trustee shall pay to each Class B Noteholder of record on the preceding Record Date either (i) by
wire transfer, in immediately available funds to the account of such Class B Noteholder at a bank or other entity having appropriate facilities therefor, if such Class B Noteholder shall have provided to the Indenture Trustee appropriate
written instructions at least five Business Days prior to the related Payment Date (which instructions may remain in effect for subsequent Payment Dates unless revoked by the Class B Noteholder), or (ii) if not, by check mailed to such
Class B Noteholder at the address of such Class B Noteholder appearing in the Note Register, the amounts to be paid to such Class B Noteholder pursuant to such Class B Noteholder’s Notes; provided, that so long as the
Class B Notes are registered in the name of the Securities Depository such payments shall be made to the nominee thereof in immediately available funds. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-5 

 THE CLASS B NOTES
SHALL BE SUBJECT TO VOLUNTARY PREPAYMENT AT THE OPTION OF THE ISSUER
IN THE MANNER AND SUBJECT TO THE PROVISIONS OF THE INDENTURE. Whenever by the terms
of the Indenture, the Indenture Trustee is required to prepay the Class B Notes, and subject to and in accordance with the terms of Article VI of the Indenture, the Indenture Trustee shall give notice of the prepayment in the manner prescribed
by the Indenture. 
 Subject to certain restrictions contained in the Indenture, (i) the Class B Notes are issuable in the
minimum denomination of $100,000 and integral multiples of $1,000 in excess thereof (provided, that one Class B Note may be issued in an additional amount equal to any remaining portion of the Initial Outstanding Note Balance) and (ii) the
Class B Notes may be exchanged for a like aggregate principal amount of Class B Notes of authorized denominations of the same maturity. 

The final payment on any Definitive Note shall be made only upon presentation and surrender of the Note at the Corporate Trust Office of the
Indenture Trustee. 
 The Class B Noteholders shall have no right to enforce the provisions of the Indenture or to institute action to
enforce the covenants therein, or to take any action with respect to any Event of Default, or to institute, appear in or defend any Proceedings with respect thereto, except as provided in the Indenture. 

The Class B Notes may be exchanged, and their transfer may be registered, by the Noteholders in person or by their attorneys duly
authorized in writing at the Corporate Trust Office of the Indenture Trustee only in the manner, subject to the limitations provided in the Indenture, and upon surrender and cancellation of the Class B Notes. Upon exchange or registration of
such transfer, a new registered Class B Note or Notes evidencing the same outstanding principal amount will be executed in exchange therefor. 

All amounts collected as payments on the Trust Estate or otherwise shall be applied in the order of priority specified in the Indenture. 

Each Person who has or who acquires any Ownership Interest in a Class B Note shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the provisions of the Indenture. A Noteholder may not sell, offer for sale, assign, pledge, hypothecate or otherwise transfer or encumber all or any part of its interest in the Class B Notes
except pursuant to an effective registration statement covering such transaction under the Securities Act of 1933, as amended, and effective qualification or registration under all applicable State securities laws and regulations or under an
exemption from registration under said Securities Act and said State securities laws and regulations. 
 [Add the following for Rule
144A Global Notes: 
 Interests in this Class B Note may be exchanged for an interest in the corresponding Temporary Regulation S
Global Note or Regulation S Global Note, in each case subject to the restrictions specified in the Indenture.] 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-6 

 [Add the following for Temporary Regulation S Global Notes: 

Interests in this Class B Note may be exchanged for an interest in the corresponding Rule 144A Global Note, subject to the restrictions
specified in the Indenture. 
 On or after the 40th day after the later of the Closing
Date and the commencement of the offering of the Notes, interests in this Temporary Regulation S Global Note may be exchanged (free of charge) for interests in a Permanent Regulation S Global Note. The Permanent Regulation S Global Note shall be so
issued and delivered in exchange for only that portion of this Temporary Regulation S Global Note in respect of which there shall have been presented to DTC by Euroclear or Clearstream a certification to the effect that it has received from or in
respect of a person entitled to an interest (as shown by its records) a certification that the beneficial interests in such Temporary Regulation S Global Note are owned by persons who are not U.S. persons (as defined in Regulation S).] 

[Add the following for Permanent Regulation S Global Notes: 

Interests in this Class B Note may be exchanged for an interest in the corresponding Rule 144A Global Note, subject to the restrictions
specified in the Indenture.] 
 Prior to the date that is one year and one day after the payment in full of all amounts payable with
respect to the Class B Notes, each Person who has or acquires an Ownership Interest in a Class B Note agrees that such Person will not institute against the Issuer, or join any other Person in instituting against the Issuer, any Insolvency
Proceedings or other Proceedings under the laws of the United States or any State. This covenant shall survive the termination of the Indenture. 

Before the due presentment for registration of transfer of this Class B Note, the Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee may treat the person in whose name this Class B Note is registered (i) on any Record Date for purposes of making 

payments, and (ii) on any other date for any other purpose, as the owner hereof, whether or not this Class B Note be overdue, and
neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits the
amendment thereof for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture or of modifying in any manner the rights of the Noteholders under the Indenture at any time by the Issuer
and the Indenture Trustee (and, in some cases, only with the consent of the Noteholder affected thereby) and compliance with certain other conditions. Any such consent by the Holder, at the time of the giving thereof, of this Class B Note (or
any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class B Note and of any Class B Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Class B Note. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-7 

 The Class B Notes and all obligations with respect thereto, including obligations
under the Indenture, will be limited recourse obligations of the Issuer payable solely from the Trust Estate. Neither the Issuer, AP5, the Parent Guarantor, the Depositor, the Manager, the Transition Manager, the Custodian, the Note Registrar, the
Indenture Trustee in its individual capacity or in its capacity as Indenture Trustee, nor any of their respective Affiliates, agents, partners, beneficiaries, officers, directors, stockholders, stockholders of partners, employees or successors or
assigns, shall be personally liable for any amounts payable, or performance due, under the Notes or the Indenture. Without limiting the foregoing, each Noteholder and each Note Owner of any Class B Note by its acceptance thereof, and the
Indenture Trustee, shall be deemed to have agreed (i) that it shall look only to the Trust Estate to satisfy the Issuer’s obligations under or with respect to a Class B Note or the Indenture, including but not limited to liabilities
under Article V of the Indenture and liabilities arising (whether at common law or equity) from breaches by the Issuer of any obligations, covenants and agreements herein or, to the extent enforceable, for any violation by the Issuer of applicable
State or federal law or regulation, provided that, the Issuer shall not be relieved of liability hereunder with respect to any misrepresentation in the Indenture or any Transaction Document, or fraud, of the Issuer and (ii) to waive any rights
it may have to obtain a deficiency or other monetary judgment against either the Issuer or any of its principals, directors, officers, beneficial owners, employees or agents (whether disclosed or undisclosed) or their respective assets (other than
the Trust Estate). The foregoing provisions of this paragraph shall not (i) prevent recourse to the Trust Estate or any Person (other than the Issuer) for the sums due or to become due under any security, instrument or agreement which is part
of the Trust Estate; (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Class B Notes or secured by the Indenture, but the same shall continue until paid or discharged; or (iii) prevent
the Indenture Trustee from exercising its rights with respect to the Grant, pursuant to the Indenture, of the Issuer’s rights under the Transaction Documents. It is further understood that the foregoing provisions of this paragraph shall not
limit the right of any Person to name the Indenture Trustee in its capacity as Indenture Trustee under the Indenture or the Issuer as a party defendant in any action or suit or in the exercise of any remedy under the Notes or the Indenture, so long
as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced. It is expressly understood that all such liability is hereby expressly waived and released to the extent provided
herein as a condition of, and as a consideration for, the execution of the Indenture and the issuance of the Notes. 
 The remedies of the
Holder of this Class B Note as provided herein, in the Indenture or in the other Transaction Documents, shall be cumulative and concurrent and may be pursued solely against the assets of the Trust Estate. No failure on the part of the
Noteholder in exercising any right or remedy hereunder shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right or remedy preclude any other further exercise thereof or the exercise of any other right
or remedy hereunder. 
 The Class B Notes are issuable only in registered form in denominations as provided in the Indenture and
subject to certain limitations therein set forth. At the option of the Class B Noteholder, Class B Notes may be exchanged for Class B Notes of like terms, in any authorized denominations and of like aggregate principal amount, upon
surrender of the Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee, subject to the terms and conditions of the Indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-8 

 Reference is hereby made to the Indenture, a copy of which is on file with the Indenture
Trustee, for the provisions, among others, with respect to (i) the nature and extent of the rights, duties and obligations of the Indenture Trustee, the Issuer and the Class B Noteholders; (ii) the terms upon which the Class B
Notes are executed and delivered; (iii) the collection and disposition of payments or proceeds in respect of the Depositor Conveyed Property; (iv) a description of the Trust Estate; (v) the modification or amendment of the Indenture;
(vi) other matters; and (vii) the definition of capitalized terms used in this Class B Note that are not defined herein; to all of which the Class B Noteholders and Note Owners assent by the acceptance of the Class B Notes.

 THIS CLASS B NOTE IS ISSUED
PURSUANT TO THE INDENTURE AND IT AND THE INDENTURE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS (INCLUDING, WITHOUT
LIMITATION, §5-1401 AND §5-1402 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT GIVING EFFECT
TO PRINCIPLES OF CONFLICTS OF LAWS). 

REFERENCE IS HEREBY MADE TO THE
PROVISIONS OF THE INDENTURE AND SUCH PROVISIONS ARE HEREBY INCORPORATED BY
REFERENCE AS IF FULLY SET FORTH HEREIN. 

Unless the certificate of authentication hereon has been executed by the Indenture Trustee by manual signature, this Class B Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-9 

 IN WITNESS WHEREOF, the Issuer has caused this
instrument to be duly executed as of the date set forth below. 
  

			
	Helios Issuer, as Issuer
	By	 	
                     

		 	Name:
		 	Title:

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-10 

 Indenture Trustee’s Certificate Of Authentication 

This is one of the Class A Notes referred to in the within-mentioned Indenture. 

Dated: 
  

			
	Wells Fargo Bank, national association, as Indenture Trustee
	By	 	
                 

		 	Name:
		 	Title:

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-11 

 [Form of Assignment] 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

(PLEASE INSERT SOCIAL SECURITY OR 

TAXPAYER IDENTIFICATION NUMBER 

OF ASSIGNEE) 
  

 
  

 
  

 
 (Please Print or Typewrite Name and
Address of Assignee) 
  
  

the within Note, and all rights thereunder, and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer the within Note on the books kept for registration thereof, with full power of substitution in the premises. 

 

	
	Date:

  

	
	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2-12 

 Exhibit A-3 

Form of Class C Note 
 Note
Number: [ ] 
 UNLESS THIS GLOBAL NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN. 
 TRANSFERS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT
IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 

THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAW. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE OR ANY INTEREST HEREIN IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE OR INTEREST HEREIN MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 EACH PURCHASER AND TRANSFEREE BY ITS PURCHASE OF THIS NOTE OR INTEREST HEREIN IS DEEMED
TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT ACQUIRING THE NOTE OR INTEREST THEREIN FOR OR ON BEHALF OF OR WITH THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA OR ANY OTHER
“PLAN” AS DEFINED IN SECTION 4975(E)(1) OF THE CODE THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY
(EACH A “BENEFIT PLAN INVESTOR”), OR ANY “GOVERNMENTAL PLAN” WITHIN THE MEANING OF SECTION 3(32) OF ERISA THAT IS SUBJECT TO ANY SUBSTANTIALLY SIMILAR PROVISION OF STATE, TERRITORIAL OR LOCAL LAW (“SIMILAR LAW”), OR IF
THE PURCHASER OR TRANSFEREE IS A BENEFIT PLAN INVESTOR OR A GOVERNMENTAL PLAN SUBJECT TO SIMILAR LAW, THE PURCHASER AND TRANSFEREE AND THE FIDUCIARY OF SUCH BENEFIT PLAN INVESTOR OR GOVERNMENTAL PLAN BY ITS PURCHASE OF THIS NOTE OR INTEREST HEREIN
IS DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THE PURCHASE AND HOLDING OF THIS NOTE OR INTEREST HEREIN DOES NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR
SIMILAR LAW. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-1 

 THE HOLDER OF THIS GLOBAL NOTE OR ANY INTEREST HEREIN AGREES FOR THE BENEFIT OF THE ISSUER
THAT (A) THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN MINIMUM DENOMINATIONS OF $500,000 AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, AND ONLY (I) IN THE U.S. TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A (ACTING FOR ITS OWN ACCOUNT AND NOT FOR THE ACCOUNT OF OTHERS, OR AS A FIDUCIARY
OR AGENT FOR OTHER QIBS TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A), (II) OUTSIDE THE U.S. IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S, OR (III) PURSUANT TO ANOTHER EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE AND EVIDENCED BY AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE INDENTURE TRUSTEE), IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE U.S. AND ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS GLOBAL NOTE OR ANY INTEREST HEREIN FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.

 [FOR TEMPORARY REGULATION S GLOBAL NOTE, ADD THE FOLLOWING: 

THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE SECURITIES ACT WHICH IS EXCHANGEABLE FOR A PERMANENT
REGULATION S GLOBAL NOTE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH HEREIN AND IN THE INDENTURE REFERRED TO HEREIN.] 
 THE PURCHASER
UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN THE NOTES FROM THE SECURITIES DEPOSITORY. 

SECTIONS 2.07 AND 2.08 OF THE INDENTURE CONTAIN
FURTHER RESTRICTIONS ON THE TRANSFER AND RESALE OF THIS NOTE (OR
INTEREST THEREIN). EACH TRANSFEREE OF THIS NOTE, BY ACCEPTANCE HEREOF, IS
DEEMED TO HAVE ACCEPTED THIS NOTE SUBJECT TO THE FOREGOING RESTRICTIONS
ON TRANSFERABILITY. 
 EACH NOTEHOLDER OR NOTE
OWNER, BY ITS ACCEPTANCE OF THIS NOTE (OR INTEREST THEREIN), COVENANTS
AND AGREES THAT SUCH NOTEHOLDER OR NOTE OWNER, AS THE CASE MAY
BE, SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND
ONE DAY AFTER THE TERMINATION OF THE INDENTURE, ACQUIESCE, PETITION OR
OTHERWISE INVOKE OR CAUSE THE 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-2 

 
ISSUER TO INVOKE THE PROCESS OF ANY COURT OR
GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE
AGAINST THE ISSUER UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION
OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, INDENTURE TRUSTEE,
CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE ISSUER OR ANY
SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR
LIQUIDATION OF THE AFFAIRS OF THE ISSUER. 

THE PRINCIPAL OF THIS NOTE IS
PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL
AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS SECURITY
MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE
TRUSTEE. 
 THIS NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL INCOME TAX
PURPOSES. THE ISSUE PRICE, AMOUNT OF OID, ISSUE DATE, ACCRUAL PERIODS, YIELD TO MATURITY, AND COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE OF THIS NOTE MAY BE OBTAINED BY WRITING TO THE ISSUER AT CHIEF FINANCIAL OFFICER, 20 EAST GREENWAY PLAZA,
SUITE 475, HOUSTON, TEXAS 77046. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-3 

 Helios Issuer, LLC 

Solar Asset Backed Notes, Series 2017-1 

Class C Note 
 [RULE 144A
GLOBAL NOTE] 
 [TEMPORARY REGULATION S GLOBAL NOTE] 

[PERMANENT REGULATION S GLOBAL NOTE] 
  

					
	 ORIGINAL ISSUE

DATE
	  	RATED FINAL MATURITY	  	ISSUE PRICE
	[•], 2017	  	[•]	  	[•]%

 REGISTERED OWNER: CEDE & CO. 

INITIAL PRINCIPAL BALANCE: [•] 

CUSIP NO. [•] 
 ISIN
NO. [•] 
 This certifies that Helios Issuer, LLC, a Delaware limited liability company (hereinafter called the
“Issuer”), which term includes any successor entity under the Indenture, dated as of [•], 2017 (the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as indenture trustee (together
with any successor thereto, hereinafter called the “Indenture Trustee”), for value received, hereby promises to pay to the Registered Owner named above or registered assigns, subject to the provisions hereof and of the Indenture,
(A) the interest based on the Interest Accrual Period at the Note Rate defined in the Indenture, on each Payment Date beginning in [•] (or, if such day is not a Business Day, the next succeeding Business Day), and (B) principal on
each Payment Date in the manner and subject to the Priority of Payments as set forth in the Indenture; provided, however, that the Notes are subject to prepayment as set forth in the Indenture. This note (this
“Class C Note”) is one of a duly authorized series of Class C Notes of the Issuer designated as its Helios Issuer, LLC, [A]% Solar Asset Backed Notes, Series 2017-1,
Class C (the “Class C Notes”). The Indenture authorizes the issuance of up to $[•] in Outstanding Note Balance of Helios Issuer, LLC, [A]% Solar Asset Backed Notes, Series
2017-1, Class A (the “Class A Notes”), up to $[•] in Outstanding Note Balance of Helios Issuer, LLC, [B]% Solar Asset Backed Notes, Series 2017-1, Class B (the “Class B Notes”), and up to $[•] in Outstanding Note Balance of Class C Notes (together, the Class A Notes, the Class B Notes and the
Class C Notes, the “Notes”). The Indenture provides that the Notes will be entitled to receive payments in reduction of the Outstanding Note Balance, in the amounts, from the sources, and at the times more specifically as set
forth in the Indenture. The Notes are secured by the Trust Estate (as defined in the Indenture). 
 Reference is hereby made to the
Indenture and all indentures supplemental thereto for a statement of the respective rights thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes and the terms upon which the Notes are to be authenticated and delivered. All
terms used in this Note which are not defined herein shall have the meanings assigned to them in the Indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-4 

 THE OBLIGATION OF THE
ISSUER TO REPAY THE NOTES IS A LIMITED, NONRECOURSE OBLIGATION SECURED
ONLY BY THE TRUST ESTATE. All payments of principal of and interest on the Class C Notes shall be made only from the Trust Estate, and Noteholder and each Note Owner, by
its acceptance of this Class C Note, agrees that it shall be entitled to payments solely from such Trust Estate pursuant to the terms of the Indenture. The actual Outstanding Note Balance on this Class C Note may be less than the principal
balance indicated on the face hereof. The actual Outstanding Note Balance on this Class C Note at any time may be obtained from the Indenture Trustee. 

With respect to payment of principal of and interest on the Class C Notes, the Indenture provides the following: 

(a) Until fully paid, principal payments on the Class C Notes will be made on each Payment Date in an amount, at the time,
and in the manner provided in the Indenture. The Outstanding Note Balance of each Class C Note shall be payable no later than the Rated Final Maturity thereof unless the Outstanding Note Balance of such Class C Note becomes due and payable
at an earlier date pursuant to the Indenture, and in each case such payment shall be made in an amount and in the manner provided in the Indenture. 

(b) The Class C Notes shall bear interest on the Outstanding Note Balance of the Class C Notes and accrued but unpaid
interest thereon, at the applicable Note Rate. The Note Interest with respect to the Class C Notes shall be payable on each Payment Date to the extent that the Collection Account then contains sufficient amounts to pay such Note Interest
pursuant to Section 5.05 of the Indenture. The Note Interest will accrue on the basis of a 360 day year consisting of twelve 30 day months. 

All payments of interest and principal on the Class C Notes on the applicable Payment Date shall be paid to the Person in whose name
such Class C Note is registered at the close of business as of the Record Date for such Payment Date in the manner provided in the Indenture. All reductions in the Outstanding Note Balance of a Class C Note (or one or more Predecessor
Notes) effected by full or partial payments of installments of principal shall be binding upon all past, then current, and future Holders of such Class C Note and of any Class C Note issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof, whether or not such payment is noted on such Class C Note. 
 The Rated Final Maturity of the
Notes is the Payment Date in [• ] unless the Notes are earlier prepaid in whole or accelerated pursuant to the Indenture. The Indenture Trustee shall pay to each Class C Noteholder of record on the preceding Record Date either (i) by
wire transfer, in immediately available funds to the account of such Class C Noteholder at a bank or other entity having appropriate facilities therefor, if such Class C Noteholder shall have provided to the Indenture Trustee appropriate
written instructions at least five Business Days prior to the related Payment Date (which instructions may remain in effect for subsequent Payment Dates unless revoked by the Class C Noteholder), or (ii) if not, by check mailed to such
Class C Noteholder at the address of such Class C Noteholder appearing in the Note Register, the amounts to be paid to such Class C Noteholder pursuant to such Class C Noteholder’s Notes; provided, that so long as the
Class C Notes are registered in the name of the Securities Depository such payments shall be made to the nominee thereof in immediately available funds. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-5 

 THE CLASS C NOTES
SHALL BE SUBJECT TO VOLUNTARY PREPAYMENT AT THE OPTION OF THE ISSUER
IN THE MANNER AND SUBJECT TO THE PROVISIONS OF THE INDENTURE. Whenever by the terms
of the Indenture, the Indenture Trustee is required to prepay the Class C Notes, and subject to and in accordance with the terms of Article VI of the Indenture, the Indenture Trustee shall give notice of the prepayment in the manner prescribed
by the Indenture. 
 Subject to certain restrictions contained in the Indenture, (i) the Class C Notes are issuable in the
minimum denomination of $500,000 and integral multiples of $1,000 in excess thereof (provided, that one Class C Note may be issued in an additional amount equal to any remaining portion of the Initial Outstanding Note Balance) and (ii) the
Class C Notes may be exchanged for a like aggregate principal amount of Class C Notes of authorized denominations of the same maturity. 

The final payment on any Definitive Note shall be made only upon presentation and surrender of the Note at the Corporate Trust Office of the
Indenture Trustee. 
 The Class C Noteholders shall have no right to enforce the provisions of the Indenture or to institute action to
enforce the covenants therein, or to take any action with respect to any Event of Default, or to institute, appear in or defend any Proceedings with respect thereto, except as provided in the Indenture. 

The Class C Notes may be exchanged, and their transfer may be registered, by the Noteholders in person or by their attorneys duly
authorized in writing at the Corporate Trust Office of the Indenture Trustee only in the manner, subject to the limitations provided in the Indenture, and upon surrender and cancellation of the Class C Notes. Upon exchange or registration of
such transfer, a new registered Class C Note or Notes evidencing the same outstanding principal amount will be executed in exchange therefor. 

All amounts collected as payments on the Trust Estate or otherwise shall be applied in the order of priority specified in the Indenture. 

Each Person who has or who acquires any Ownership Interest in a Class C Note shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the provisions of the Indenture. A Noteholder may not sell, offer for sale, assign, pledge, hypothecate or otherwise transfer or encumber all or any part of its interest in the Class C Notes
except pursuant to an effective registration statement covering such transaction under the Securities Act of 1933, as amended, and effective qualification or registration under all applicable State securities laws and regulations or under an
exemption from registration under said Securities Act and said State securities laws and regulations. 
 [Add the following for Rule
144A Global Notes: 
 Interests in this Class C Note may be exchanged for an interest in the corresponding Temporary Regulation S
Global Note or Regulation S Global Note, in each case subject to the restrictions specified in the Indenture.] 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-6 

 [Add the following for Temporary Regulation S Global Notes: 

Interests in this Class C Note may be exchanged for an interest in the corresponding Rule 144A Global Note, subject to the restrictions
specified in the Indenture. 
 On or after the 40th day after the later of the Closing
Date and the commencement of the offering of the Notes, interests in this Temporary Regulation S Global Note may be exchanged (free of charge) for interests in a Permanent Regulation S Global Note. The Permanent Regulation S Global Note shall be so
issued and delivered in exchange for only that portion of this Temporary Regulation S Global Note in respect of which there shall have been presented to DTC by Euroclear or Clearstream a certification to the effect that it has received from or in
respect of a person entitled to an interest (as shown by its records) a certification that the beneficial interests in such Temporary Regulation S Global Note are owned by persons who are not U.S. persons (as defined in Regulation S).] 

[Add the following for Permanent Regulation S Global Notes: 

Interests in this Class C Note may be exchanged for an interest in the corresponding Rule 144A Global Note, subject to the restrictions
specified in the Indenture.] 
 Prior to the date that is one year and one day after the payment in full of all amounts payable with
respect to the Class C Notes, each Person who has or acquires an Ownership Interest in a Class C Note agrees that such Person will not institute against the Issuer, or join any other Person in instituting against the Issuer, any Insolvency
Proceedings or other Proceedings under the laws of the United States or any State. This covenant shall survive the termination of the Indenture. 

Before the due presentment for registration of transfer of this Class C Note, the Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee may treat the person in whose name this Class C Note is registered (i) on any Record Date for purposes of making 

payments, and (ii) on any other date for any other purpose, as the owner hereof, whether or not this Class C Note be overdue, and
neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits the
amendment thereof for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture or of modifying in any manner the rights of the Noteholders under the Indenture at any time by the Issuer
and the Indenture Trustee (and, in some cases, only with the consent of the Noteholder affected thereby) and compliance with certain other conditions. Any such consent by the Holder, at the time of the giving thereof, of this Class C Note (or
any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class C Note and of any Class C Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Class C Note. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-7 

 The Class C Notes and all obligations with respect thereto, including obligations
under the Indenture, will be limited recourse obligations of the Issuer payable solely from the Trust Estate. Neither the Issuer, AP5, the Parent Guarantor, the Depositor, the Manager, the Transition Manager, the Custodian, the Note Registrar, the
Indenture Trustee in its individual capacity or in its capacity as Indenture Trustee, nor any of their respective Affiliates, agents, partners, beneficiaries, officers, directors, stockholders, stockholders of partners, employees or successors or
assigns, shall be personally liable for any amounts payable, or performance due, under the Notes or the Indenture. Without limiting the foregoing, each Noteholder and each Note Owner of any Class C Note by its acceptance thereof, and the
Indenture Trustee, shall be deemed to have agreed (i) that it shall look only to the Trust Estate to satisfy the Issuer’s obligations under or with respect to a Class C Note or the Indenture, including but not limited to liabilities
under Article V of the Indenture and liabilities arising (whether at common law or equity) from breaches by the Issuer of any obligations, covenants and agreements herein or, to the extent enforceable, for any violation by the Issuer of applicable
State or federal law or regulation, provided that, the Issuer shall not be relieved of liability hereunder with respect to any misrepresentation in the Indenture or any Transaction Document, or fraud, of the Issuer and (ii) to waive any rights
it may have to obtain a deficiency or other monetary judgment against either the Issuer or any of its principals, directors, officers, beneficial owners, employees or agents (whether disclosed or undisclosed) or their respective assets (other than
the Trust Estate). The foregoing provisions of this paragraph shall not (i) prevent recourse to the Trust Estate or any Person (other than the Issuer) for the sums due or to become due under any security, instrument or agreement which is part
of the Trust Estate; (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Class C Notes or secured by the Indenture, but the same shall continue until paid or discharged; or (iii) prevent
the Indenture Trustee from exercising its rights with respect to the Grant, pursuant to the Indenture, of the Issuer’s rights under the Transaction Documents. It is further understood that the foregoing provisions of this paragraph shall not
limit the right of any Person to name the Indenture Trustee in its capacity as Indenture Trustee under the Indenture or the Issuer as a party defendant in any action or suit or in the exercise of any remedy under the Notes or the Indenture, so long
as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced. It is expressly understood that all such liability is hereby expressly waived and released to the extent provided
herein as a condition of, and as a consideration for, the execution of the Indenture and the issuance of the Notes. 
 The remedies of the
Holder of this Class C Note as provided herein, in the Indenture or in the other Transaction Documents, shall be cumulative and concurrent and may be pursued solely against the assets of the Trust Estate. No failure on the part of the
Noteholder in exercising any right or remedy hereunder shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right or remedy preclude any other further exercise thereof or the exercise of any other right
or remedy hereunder. 
 The Class C Notes are issuable only in registered form in denominations as provided in the Indenture and
subject to certain limitations therein set forth. At the option of the Class C Noteholder, Class C Notes may be exchanged for Class C Notes of like terms, in any authorized denominations and of like aggregate principal amount, upon
surrender of the Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee, subject to the terms and conditions of the Indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-8 

 Reference is hereby made to the Indenture, a copy of which is on file with the Indenture
Trustee, for the provisions, among others, with respect to (i) the nature and extent of the rights, duties and obligations of the Indenture Trustee, the Issuer and the Class C Noteholders; (ii) the terms upon which the Class C
Notes are executed and delivered; (iii) the collection and disposition of payments or proceeds in respect of the Depositor Conveyed Property; (iv) a description of the Trust Estate; (v) the modification or amendment of the Indenture;
(vi) other matters; and (vii) the definition of capitalized terms used in this Class C Note that are not defined herein; to all of which the Class C Noteholders and Note Owners assent by the acceptance of the Class C Notes.

 THIS CLASS C NOTE IS ISSUED PURSUANT TO THE INDENTURE AND IT AND THE INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS (INCLUDING, WITHOUT LIMITATION, §5-1401 AND §5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS). 

REFERENCE IS HEREBY MADE TO THE PROVISIONS OF THE INDENTURE AND SUCH PROVISIONS ARE HEREBY INCORPORATED BY REFERENCE AS IF FULLY SET FORTH
HEREIN. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee by manual signature, this
Class C Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-9 

 IN WITNESS WHEREOF, the Issuer has caused this
instrument to be duly executed as of the date set forth below. 
  

					
	Helios issuer, as Issuer
		
	By	 	  

		 	Name:	 	  

		 	Title:	 	

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-10 

 Indenture Trustee’s Certificate of Authentication 

This is one of the Class A Notes referred to in the within-mentioned Indenture. 

Dated: 
  

					
	Wells Fargo Bank, National Association, as Indenture Trustee
		
	By	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-11 

 [Form of Assignment] 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

(PLEASE INSERT SOCIAL SECURITY OR 

TAXPAYER IDENTIFICATION NUMBER 

OF ASSIGNEE) 

 
  

 
  

                          
                                         
                                         
                                         
                                         
                               

(Please Print or Typewrite Name and Address of Assignee) 
  

                          
                                         
                                         
                                         
                                         
                               

the within Note, and all rights thereunder, and hereby does irrevocably constitute and appoint 

 

                          
                                         
                                         
                                         
                                         
                               

Attorney to transfer the within Note on the books kept for registration thereof, with full power of substitution in the premises. 

 

			
	Date:	 	
		
		 	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3-12 

 Exhibit B-1 

Form of Transfer Certificate for Exchange or Transfer From Rule 144A Global Note to Regulation S Global Note 

[DATE] 
 Wells Fargo Bank, National
Association 
 600 S. 4th Street 

MAC N9300-061 

Minneapolis, MN 55479 

	Attn:	 Corporate Trust Services – Asset-Backed 

Administration 
  

	 	Re:	 Helios Issuer, LLC  

Ladies and Gentlemen: 

Reference is hereby made to the Indenture, dated as of April 19, 2017 (the “Indenture”), by and among Helios
Issuer, LLC (the “Issuer”) and Wells Fargo Bank, National Association, as indenture trustee (in such capacity, the “Indenture Trustee”). Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture. 
 This letter relates to US $[ ] aggregate Outstanding Note Balance of Notes (the
“Notes”) which are held in the form of the Rule 144A Global Note (CUSIP No. ) with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a transfer of such
beneficial interest for an interest in the Regulation S Global Note (CUSIP No.                     ) to be held with [Euroclear] [Clearstream]
* (Common Code No.                    ) through the Depository. 

In connection with such request and in respect of such Notes, the Transferor does hereby certify that such transfer has been effected in
accordance with the transfer restrictions set forth in the Indenture and [(i) with respect to transfers made]† pursuant to
and in accordance with Rules 903 and 904 of Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby certify that: 

(1) the offer of the Notes was not made to a person in the United States, 

(2) [at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its
behalf reasonably believed that the transferee was outside the United States] [the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the transferor nor any person acting on its behalf
knows that the transaction was pre-arranged with a buyer in the United States],‡ 

 

	* 	 Select appropriate depository. 

	† 	 To be include only after the 40-day distribution compliance period. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 B-1-1 

 (3) [the transferee is not a U.S. Person within the meaning of Rule 902(k) of Regulation S
nor a Person acting for the account or benefit of a U.S. Person,]§ 

(4) no directed selling efforts have been made in contravention of the requirements of Rule 903 or Rule 904 of Regulation S, as applicable,

 (5) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act, and 

(6) upon completion of the transaction, the beneficial interest being transferred as described above will be held with the Depository through
[Euroclear] [Clearstream].** 
 [or (ii) with respect to transfers made in
reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Notes being transferred are eligible for resale by the Transferor pursuant to Rule 144(b)(1) under the Securities Act.]†† 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer, the Indenture Trustee and the
Manager. 
  

			
	[Insert Name of Transferor]
		
	By:	 	
		
	Name:	 	
	Title:	 	
		
	Dated:	 	

  

	‡ 	 Insert one of these two provisions, which come from the definition of “offshore transaction” in
Regulation S. 

	§ 	 To be included only during the 40-day distribution compliance period.

	** 	 Appropriate depository required for transfers prior to the end of the 40-day distribution compliance period.  

	††	 To be included only after the 40-day distribution compliance period. 

	

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 B-1-2 

 Exhibit B-2 

Form of Transfer Certificate For Exchange or Transfer 

From Regulation S Global Note 
 To
Rule 144a Global Note 
 Wells Fargo Bank, National Association 

600 S. 4th Street 

MAC N9300-061 

Minneapolis, MN 55479 
 Attn: Corporate Trust Services –
Asset-Backed 
 Administration 
  

	 	Re:	 Helios Issuer, LLC  

Ladies and Gentlemen: 

Reference is hereby made to the Indenture, dated as of April 19, 2017 (the “Indenture”), by and among Helios Issuer,
LLC (the “Issuer”) and Wells Fargo Bank, National Association, as indenture trustee (in such capacity, the “Indenture Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in
the Indenture. 
 This letter relates to US $[    ] aggregate Outstanding Note Balance of Notes (the
“Notes”) which are held in the form of the Regulation S Global Note (CUSIP No .        ) with [Euroclear] [Clearstream]* (Common Code
No.        ) through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a transfer of such beneficial interest in the Notes for
an interest in the Regulation 144A Global Note (CUSIP No. ). 
 In connection with such request, and in respect of such Notes, the
Transferor does hereby certify that such Notes are being transferred in accordance with (i) the transfer restrictions set forth in the Indenture, and (ii) (A) Rule 144A under the Securities Act to a transferee that the Transferor
reasonably believes is purchasing the Notes for its own account with respect to which the transferee exercises sole investment discretion and the transferee and any such account is a “QIB” (“QIB”) within the meaning of
Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any State or any other applicable jurisdiction or (B) to a QIB pursuant to another applicable exemption from
the registration requirements under the Securities Act; provided that an Opinion of Counsel confirming the applicability of the exemption claimed shall have been delivered to the Issuer and the Indenture Trustee in a form reasonably acceptable to
them. 
  
  

	* 	 Select appropriate depository. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 B-2-1 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuer, the Indenture Trustee and the Manager. 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

	Name:	 	
	Title:	 	
	Dated:	 	

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 B-2-2 

 Exhibit B-3 

Form of Transfer Certificate for Transfer 

From Definitive Note 
 To Definitive
Note 
 Wells Fargo Bank, National Association 
 600 S. 4th Street 
 MAC N9300-061 

Minneapolis, MN 55479 
 Attn: Corporate Trust Services –
Asset-Backed 
 Administration 

Re: Helios Issuer, LLC  

Ladies and Gentlemen: 

Reference is hereby made to the Indenture, dated as of April 19, 2017 (the “Indenture”), by and among Helios Issuer,
LLC (the “Issuer”) and Wells Fargo Bank, National Association, as indenture trustee (in such capacity, the “Indenture Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in
the Indenture. 
 This letter relates to US $[    ] aggregate Outstanding Note Balance of Notes (the
“Notes”) which are held as Definitive Notes (CUSIP No. ) in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a transfer of such beneficial interest in the Notes to
[insert name of transferee] (the “Transferee”). 
 In connection with such request, and in respect of such Notes, the
Transferor does hereby certify that such Notes are being transferred in accordance with (i) the transfer restrictions set forth in the Indenture, and (ii) (A) Rule 144A under the Securities Act to a transferee that the Transferor
reasonably believes is purchasing the Notes for its own account with respect to which the transferee exercises sole investment discretion and the transferee and any such account is a “QIB” (“QIB”) within the meaning of
Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any State or any other applicable jurisdiction, (B) pursuant to and in accordance with Rules 903 and 904 of
Regulation S under the Securities Act or (C) pursuant to another applicable exemption from the registration requirements under the Securities Act; provided that an Opinion of Counsel confirming the applicability of the exemption claimed shall
have been delivered to the Issuer and the Indenture Trustee in a form reasonably acceptable to them. 
 [If transfer is pursuant to
Regulation S, add the following:  
 The Transferor hereby certifies that: 

(1) the offer of the Notes was not made to a person in the United States, 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 B-3-1 

 (2) [at the time the buy order was originated, the transferee was outside the United States
or the Transferor and any person acting on its behalf reasonably believed that the transferee was outside the United States] [the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the
transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States]*, 

(3) the transferee is not a U.S. Person within the meaning of Rule 902(k) of Regulation S nor a Person acting for the account or benefit of a
U.S. Person, 
 (4) no directed selling efforts have been made in contravention of the requirements of Rule 903 or Rule 904 of Regulation S,
as applicable, 
 (5) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer, the Indenture Trustee and the
Manager. 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

	Name:	 	
	Title:	 	
	Dated:	 	

  
  

	* 	 Insert one of these two provisions, which come from the definition of “offshore transaction” in
Regulation S. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 B-3-2 

 Exhibit C 

Helios Issuer, LLC 
 Notice of
Voluntary Prepayment 
 [DATE] 
 Wells
Fargo Bank, National Association 
 600 S. 4th Street 

MAC N9300-061 

Minneapolis, MN 55479 
 Attn: Corporate Trust Services –
Asset-Backed 
 Administration 
 Sunnova Energy Corporation

 20 East Greenway Plaza, Suite 475 
 Houston, TX 77046 

Attention: Chief Financial Officer 
 Ladies and
Gentlemen: 
 Pursuant to Section 6.01 of the Indenture dated as of April 19, 2017 (the “Indenture”),
between Helios Issuer, LLC (the “Issuer”) and Wells Fargo Bank, National Association (the “Indenture Trustee”), the Indenture Trustee is hereby directed to prepay in [whole][part] the Issuer’s Solar Asset
Backed Notes, Series 2017-1 on [ __, 20    ] (the “Voluntary Prepayment Date”). 

[FOR PREPAYMENT IN WHOLE: On or prior to the Voluntary Prepayment Date, the Issuer shall deposit into the Collection Account (i) the
Outstanding Note Balance, (ii) all accrued and unpaid interest thereon, (iii) any accrued and unpaid Post-ARD Additional Note Interest, (iv) the Make Whole Amount, if applicable and (v) all
amounts owed to the Indenture Trustee, the Manager, Transition Manager and any other parties under the Transaction Document. 
 [FOR
PREPAYMENT IN PART: On or prior to the Voluntary Prepayment Date, the Issuer shall deposit into the Collection Account (i) the amount of principal of the Notes being prepaid, and (ii) the Make Whole Amount, if applicable (the
“Prepayment Amount”). 
 On the Voluntary Prepayment Date, provided that the Indenture Trustee has received the Prepayment
Amount, in the case of any Voluntary Prepayment in whole, no later than 1:00 p.m. Eastern time on or prior to such Voluntary Prepayment Date, or in the case of any Voluntary Prepayment in part, no later than 1:00 p.m. Eastern time on or prior to
such specified Voluntary Prepayment Date, the Indenture Trustee is directed to (x) withdraw the Prepayment Amount from the Collection Account and disburse such amounts in accordance with the Priority of Payments (without giving effect to
clauses (vii), (viii) and (xi) thereof) and (y) to the extent the Outstanding Note Balance is prepaid, release any remaining assets in the Trust Estate to, or at the direction of, the Issuer. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 C-1 

 You are hereby instructed to provide all notices of prepayment required by
Section 6.02 of the Indenture. All terms used but not defined herein have the meanings assigned to such terms in the Indenture. 

[signature page follows] 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 C-2 

 IN WITNESS WHEREOF, the undersigned has
executed this Notice of Voluntary Prepayment on the ___ day of ________, ____. 
  

					
	Helios issuer, as Issuer
		
	By	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 C-3 

 EXHIBIT D 

RULE 15GA-1 INFORMATION 

Reporting Period: ____ 
  

																													
	 Asset
Class
	  	 Shelf
	  	 Series
Name
	  	 CIK
	  	 Originator
	  	 [ ]
No.
	  	 Servicer
[ ] No.
	  	 Outstanding
Principal
Balance
	  	 Repurchase
Type
	  	 Indicate Repurchase Activity During the Reporting
Period by
 Checkmark or by Date Reference (as applicable)

		  		  		  		  		  		  		  		  		  	Subject to Demand	  	Repurchased or Replaced	  	Repurchased Pending	  	Demand in Dispute	  	Demand Withdrawn	  	 Demand
 Rejected

 Terms and Definitions: 

NOTE: Any date included on this report is subject to the descriptions below. Dates referenced on this report for this Transaction
where the Manager is not the Repurchase Enforcer (as defined below); availability of such information may be dependent upon information received from other parties. 

References to “Repurchaser” shall mean the party obligated under the Transaction Documents to repurchase a [ ]. References
to “Repurchase Enforcer” shall mean the party obligated under the Transaction Documents to enforce the obligations of any Repurchaser. 

Outstanding Principal Balance: For purposes of this report, the Outstanding Principal Balance of a [ ] in this Transaction
equals the remaining outstanding principal balance of the [ ] reflected on the distribution or payment reports at the end of the related reporting period, or if the [ ] has been liquidated prior to the end of the related reporting period, the final
outstanding principal balance of the [ ] reflected on the distribution or payment reports prior to liquidation. 
 Subject to
Demand: The date when a demand for repurchase is identified and coded by the Manager or Indenture Trustee as a repurchase related request. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 D-1 

 Repurchased or Replaced: The date when a [ ] is repurchased or replaced. To
the extent such date is unavailable, the date upon which the Manager or Trustee obtained actual knowledge a [ ] has been repurchased or replaced. 

Repurchase Pending: A [ ] is identified as “Repurchase Pending” when a demand notice is sent by the Indenture
Trustee, as Repurchase Enforcer, to the Repurchaser. A [ ] remains in this category until (i) a [ ] has been Repurchased, (ii) a request is determined to be a “Demand in Dispute,” (iii) a request is determined to be a
“Demand Withdrawn,” or (iv) a request is determined to be a “Demand Rejected.” 
 With respect to
the Manager only, a [ ] is identified as “Repurchase Pending” on the date (y) the Manager sends notice of any request for repurchase to the related Repurchase Enforcer, or (z) the Manager receives notice of a repurchase
request but determines it is not required to take further action regarding such request pursuant to its obligations under the applicable Transaction Documents. The [ ] will remain in this category until the Manager receives actual knowledge from the
related Repurchase Enforcer, Repurchaser, or other party, that the repurchase request should be changed to “Demand in Dispute”, “Demand Withdrawn”, “Demand Rejected”, or
“Repurchased.” 
 Demand in Dispute: Occurs (i) when a response is received from the Repurchaser which
refutes a repurchase request, or (ii) upon the expiration of any applicable cure period. 
 Demand Withdrawn: The date
when a previously submitted repurchase request is withdrawn by the original requesting party. To the extent such date is not available, the date when the Manager or the Indenture Trustee receives actual knowledge of any such withdrawal. 

Demand Rejected: The date when the Indenture Trustee, as Repurchase Enforcer, has determined that it will no longer pursue
enforcement of a previously submitted repurchase request. To the extent such date is not otherwise available, the date when the Manager receives actual knowledge from the Indenture Trustee, as Repurchase Enforcer, that it has determined not to
pursue a repurchase request. 
 In connection therewith, if Proceedings are commenced or threatened [in writing] in connection with which
this certificate is or would be relevant, we irrevocably authorize you to produce this certification to any interested party in such Proceedings. 

Date:                     ,
20        1 
  

	1 	 To be dated no later than three Business Days following the receipt of any Demands by the Indenture Trustee.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 D-2 

 
			
	Yours faithfully,
	
	[ ]
		
	By:	 	  

	Name:
	Title:

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 D-3 

 EXHIBIT E 

Form of Class C Transferee Certification 

Helios Issuer, LLC 
 20 East Greenway Plaza Suite 475 

Houston, Texas 77046 
 Wells Fargo Bank, National Association 

600 S. 4th Street 
 MAC
N9300-061 
 Minneapolis, MN 55479 

Attn: Corporate Trust Services – Asset-Backed Administration 

Ladies and Gentlemen: 
 This certification (this
“Certification”) is delivered by the undersigned (the “Purchaser”) in connection with its purchase of a beneficial interest in the Helios Issuer, LLC Solar Asset Backed Notes, Series
2017-A, Class C (the “Class C Notes”). The Class C Notes were issued pursuant to the Indenture dated as of April 19, 2017 (the “Indenture”)
by and between Helios Issuer, LLC, as issuer (the “Issuer”) and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee”). Capitalized terms used herein without definition will have the
meanings set forth in the Indenture. 
 The Purchaser hereby acknowledges, confirms, represents, warrants and agrees as follows: 

 

	1.	 It (A)(i) is a qualified institutional buyer, (ii) is aware that the sale to it is being made in reliance
on Rule 144A and (iii) is acquiring the Class C Notes or interests therein for its own account or for the account of a qualified institutional buyer or (B) is not a U.S. Person and is purchasing the Class C Notes or interests
therein in an offshore transaction pursuant to Regulation S. 

  

	2.	 It understands that the Class C Notes and interests therein are being offered in a transaction not
involving any public offering in the U.S. within the meaning of the Securities Act, that the Class C Notes have not been and will not be registered under the Securities Act and that (A) if in the future it decides to offer, resell, pledge
or otherwise transfer any of the Class C Notes or any interests therein, such Class C Notes (or the interests therein) may be offered, resold, pledged or otherwise transferred in minimum denominations of $500,000 and in integral multiples
of $1,000 in excess thereof, and only (i) in the U.S. to a person whom the seller reasonably believes is a qualified institutional buyer in a transaction meeting the requirements of Rule 144A, (ii) outside the U.S. in a transaction
complying with the provisions of Regulation S under the Securities Act, or (iii) pursuant to another exemption from registration under the Securities Act (if available and evidenced by an opinion of counsel acceptable to the Issuer and the
Indenture Trustee), in each of cases (i) through (iii) in accordance with any applicable securities laws of any state of the U.S. and any other applicable jurisdiction, and that (B) the purchaser will, and each subsequent holder is
required to, notify any subsequent purchaser of such Class C Notes or interests therein from it of the resale restrictions referred to above. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 E-1 

	3.	 It understands that the Class C Notes will, until the Class C Notes may be resold pursuant to Rule
144(b)(1) of the Securities Act, unless otherwise agreed by the Issuer and the holder thereof, bear a legend substantially to the following effect: 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS
NOTE OR ANY INTEREST HEREIN IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE OR INTEREST HEREIN MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 

THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE AND ANY INTEREST
HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN MINIMUM DENOMINATIONS OF $500,000 AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, AND ONLY (I) IN THE U.S. TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE U.S. IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S, OR (III) PURSUANT TO ANOTHER
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE AND EVIDENCED BY AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE INDENTURE TRUSTEE), IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE U.S. AND ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE OR ANY INTEREST HEREIN FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 E-2 

	4.	 It understands that any Class C Note offered in reliance on Regulation S will, during the 40-day period commencing on the day after the later of the commencement of the offering and the date of original issuance of any Class C Notes, bear a legend substantially to the following effect:

 THIS NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE SECURITIES ACT WHICH IS
EXCHANGEABLE FOR A PERMANENT REGULATION S GLOBAL NOTE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE INDENTURE. 

PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES,
THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE U.S. OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

Following the 40-day period, interests in a Temporary Regulation S Global Note will be exchanged for
interests in a Permanent Regulation S Global Note. 
  

	5.	 By its purchase of a Class C Note or interest therein will be deemed to have represented and warranted
that it is not acquiring a Class C Note or interest therein for or on behalf of or with the assets of any employee benefit plan as defined in Section 3(3) of ERISA that is subject to Title I of ERISA or any other “plan” as
defined in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code or any entity whose underlying assets include plan assets by reason of an employee benefit plan’s or plan’s investment in such entity (each a
“Benefit Plan Investor”), or any “governmental plan” within the meaning of Section 3(32) of ERISA that is subject to any substantially similar provision of state, territorial or local law (“Similar
Law”), or if the purchaser or transferee is a Benefit Plan Investor or a governmental plan subject to Similar Law, the purchaser and transferee and the fiduciary of such Benefit Plan Investor or governmental plan by its purchase of a
Class C Note or interest therein will be deemed to have represented and warranted that the purchase and holding of a Class C Note or interest therein will not result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code or Similar Law. 

  

	6.	 It understands that the Issuer may receive a list of participants holding positions in a Class C Notes
from the Securities Depository. 

  

	7.	 Either (a) it is not and will not become, for U.S. federal income tax purposes, a partnership, Subchapter
S corporation, or grantor trust (each such entity a “flow-through entity”) or (b) if it is or becomes a flow-through entity, then (1) none of the direct or indirect beneficial owners of any of the interests in such
flow-through entity has or ever will have 50% or more of the value of its interest in such flow-through entity attributable to the beneficial interest of such flow-through entity in the Class C Notes, other interest (direct or indirect) in the
Issuer, or any interest created under the Indenture and (2) it is not and will not be a principal purpose of the arrangement involving the flow-through entity’s beneficial interest in any Class C Note to permit any entity to satisfy
the 100-partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such entity not to be classified as a publicly traded partnership
for U.S. federal income tax purposes. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 E-3 

	8.	 It will not (a) acquire, sell, transfer, assign, participate, pledge or otherwise dispose of any of its
interests in a Class C Note (or any interest therein that is described in Section 1.7704-1(a)(2)(i)(B) of the Treasury Regulations), or attempt to do any of the foregoing, on or through an
“established securities market” within the meaning of Section 1.7704-1(b) of the Treasury Regulations (an “Exchange”), including, without limitation, any of the following:
(x) a U.S. national, regional or local securities exchange, (y) a foreign securities exchange or (z) an inter-dealer quotation system that regularly disseminates firm buy or sell quotations by identified brokers or dealers (including,
without limitation, the National Association of Securities Dealers Automated Quotation System) or (b) cause any of its interests in a Class C Note (or any interest therein that is described in
Section 1.7704-1(a)(2)(i)(B) of the Treasury Regulations) to be marketed on or through an Exchange. 

  

	9.	 It will not cause any beneficial interest in a Class C Note to be traded or otherwise marketed on or
through an “established securities market” or a “secondary market (or the substantial equivalent thereof),” each within the meaning of Section 7704(b) of the Code and the Treasury Regulations promulgated thereunder,
including, without limitation, an interdealer quotation system that regularly disseminates firm buy or sell quotations. 

  

	10.	 Its beneficial interest in a Class C Note is not and will not be in an amount that is less than the
minimum denomination for the Class C Notes set forth in the Indenture, and it does not and will not hold any beneficial interest in a Class C Note on behalf of any person whose beneficial interest in a Class C Note is in an amount
that is less than the minimum denomination for the Class C Notes set forth in the Indenture. It will not sell, transfer, assign, participate, pledge or otherwise dispose of any beneficial interest in a Class C Note or enter into any
financial instrument or contract the value of which is determined by reference in whole or in part to any Class C Note, in each case, if the effect of doing so would be that the beneficial interest of any person in a Class C Note would be
in an amount that is less than the minimum denomination for the Class C Notes set forth in the Indenture. 

  

	11.	 It will not transfer any beneficial interest in a Class C Note (directly, through a participation thereof,
or otherwise) unless, prior to the transfer, the transferee of such beneficial interest will have executed and delivered to the Issuer, the Indenture Trustee and the Note Registrar, and any of their respective successors or assigns, a transferee
certification as required in the Indenture. 

  

	12.	 It will not enter into any financial instrument the payment on which, or the value of which, is determined in
whole or in part by reference to an interest in a Class C Note (including the amount of payments on a Class C Note, the value of a Class C Note or any contract that otherwise is described in
Section 1.7704-1(a)(2)(i)(B) of the Treasury Regulations). 

  

	13.	 It will not use a Class C Note as collateral for the issuance of any securities that could cause the
Issuer to become subject to taxation as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 E-4 

	14.	 It will not take any action that could cause, and will not omit to take any action, which omission could cause,
the Issuer to become taxable as a corporation for U.S. federal income tax purposes. 

  

	15.	 It will treat a Class C Note as indebtedness and indicate on all federal, state and local income tax and
information returns and reports required to be filed with respect to a Class C Note, under any applicable federal, state or local tax statute or any rule or regulation under any of them, that a Class C Note is indebtedness unless otherwise
required by applicable law. 

  

	16.	 It acknowledges that the Issuer may prohibit any transfer of a Class C Note if it reasonably believes that
such transfer would violate any of these representations, warranties, and covenants. 

  

	17.	 It acknowledges that the Originator, the Indenture Trustee, the Note Registrar, the Issuer and others will rely
on the truth and accuracy of the foregoing representations, warranties and covenants and agrees that if it becomes aware that any of the foregoing are no longer accurate, it will notify the Issuer. 

 

					
	PURCHASER:	 	  

		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 E-5EX-4.5

 Exhibit 4.5 
  

 
  

SUNNOVA ENERGY CORPORATION 

as Issuer 
 12.00% Senior Secured
Notes due 2018 
  
  

INDENTURE 
 Dated as of
April 24, 2017 
  
  

and 
 Wilmington Trust, National
Association 
 as Trustee and Collateral Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 Section 1.01
	    	 Definitions
	  	 	1	 
	 Section 1.02
	    	 Other Definitions
	  	 	20	 
	 Section 1.03
	    	 Rules of Construction
	  	 	21	 
	 Section 1.04
	    	 No Incorporation by Reference of Trust Indenture Act
	  	 	21	 
		
	 ARTICLE II THE NOTES
	  	 	22	 
	 Section 2.01
	    	 Amount of Notes
	  	 	22	 
	 Section 2.02
	    	 Form and Dating
	  	 	22	 
	 Section 2.03
	    	 Execution and Authentication
	  	 	23	 
	 Section 2.04
	    	 Registrar and Paying Agent
	  	 	24	 
	 Section 2.05
	    	 Paying Agent to Hold Money and PIK Notes in Trust
	  	 	24	 
	 Section 2.06
	    	 Holder Lists
	  	 	25	 
	 Section 2.07
	    	 Transfer and Exchange
	  	 	25	 
	 Section 2.08
	    	 Replacement Notes
	  	 	26	 
	 Section 2.09
	    	 Outstanding Notes
	  	 	26	 
	 Section 2.10
	    	 Cancellation
	  	 	27	 
	 Section 2.11
	    	 Defaulted Interest
	  	 	27	 
	 Section 2.12
	    	 CUSIP Numbers, ISINs, Etc.
	  	 	27	 
	 Section 2.13
	    	 Calculation of Principal Amount of Notes
	  	 	28	 
	 Section 2.14
	    	 Temporary Notes
	  	 	28	 
	 Section 2.15
	    	 Payment Net of Taxes
	  	 	28	 
		
	 ARTICLE III REDEMPTION
	  	 	32	 
	 Section 3.01
	    	 Redemption
	  	 	32	 
	 Section 3.02
	    	 Applicability of Article
	  	 	32	 
	 Section 3.03
	    	 Notices to Trustee
	  	 	32	 
	 Section 3.04
	    	 Selection of Notes to Be Redeemed
	  	 	32	 
	 Section 3.05
	    	 Notice of Redemption
	  	 	33	 
	 Section 3.06
	    	 Effect of Notice of Redemption
	  	 	34	 
	 Section 3.07
	    	 Deposit of Redemption Price
	  	 	35	 
	 Section 3.08
	    	 Notes Redeemed in Part
	  	 	35	 
	 Section 3.09
	    	 Mandatory Redemption Upon IPO
	  	 	35	 
		
	 ARTICLE IV COVENANTS
	  	 	36	 
	 Section 4.01
	    	 Payment of Notes
	  	 	36	 
	 Section 4.02
	    	 Reports and Other Information
	  	 	36	 
	 Section 4.03
	    	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock
	  	 	38	 
	 Section 4.04
	    	 Limitation on Restricted Payments
	  	 	40	 
	 Section 4.05
	    	 Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	 	41	 
	 Section 4.06
	    	 Asset Sales
	  	 	43	 
	 Section 4.07
	    	 Transactions with Affiliates
	  	 	44	 
	 Section 4.08
	    	 Change of Control
	  	 	46	 

 TABLE OF CONTENTS 

(cont’d) 
  

							
	 Section 4.09
	    	 Pro Rata Payments
	  	 	48	 
	 Section 4.10
	    	 Liens
	  	 	48	 
	 Section 4.11
	    	 Maintenance of Office or Agency
	  	 	48	 
	 Section 4.12
	    	 Further Assurances; Impairment of Security Interest
	  	 	49	 
	 Section 4.13
	    	 Use of Proceeds
	  	 	49	 
	 Section 4.14
	    	 Existence; Business and Properties
	  	 	50	 
	 Section 4.15
	    	 Maintenance of Insurance
	  	 	50	 
	 Section 4.16
	    	 Payment of Taxes, etc.
	  	 	51	 
	 Section 4.17
	    	 Compliance with Laws
	  	 	51	 
	 Section 4.18
	    	 HoldCo Covenant
	  	 	51	 
	 Section 4.19
	    	 Accounting Firms
	  	 	51	 
	 Section 4.20
	    	 Stock Commitment
	  	 	51	 
	 Section 4.21
	    	 [Reserved]
	  	 	52	 
	 Section 4.22
	    	 Minimum Liquidity
	  	 	52	 
		
	 ARTICLE V SUCCESSOR COMPANY
	  	 	52	 
	 Section 5.01
	    	 When Issuer May Merge or Transfer Assets
	  	 	52	 
		
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	 	53	 
	 Section 6.01
	    	 Events of Default
	  	 	53	 
	 Section 6.02
	    	 Acceleration
	  	 	56	 
	 Section 6.03
	    	 Other Remedies
	  	 	56	 
	 Section 6.04
	    	 Waiver of Past Defaults
	  	 	57	 
	 Section 6.05
	    	 Control by Majority
	  	 	57	 
	 Section 6.06
	    	 Limitation on Suits
	  	 	57	 
	 Section 6.07
	    	 Contractual Rights of the Holders to Receive Payment
	  	 	58	 
	 Section 6.08
	    	 Collection Suit by Trustee
	  	 	58	 
	 Section 6.09
	    	 Trustee May File Proofs of Claim
	  	 	58	 
	 Section 6.10
	    	 Priorities
	  	 	59	 
	 Section 6.11
	    	 Undertaking for Costs
	  	 	59	 
	 Section 6.12
	    	 Waiver of Stay or Extension Laws
	  	 	59	 
		
	 ARTICLE VII TRUSTEE
	  	 	60	 
	 Section 7.01
	    	 Duties of Trustee
	  	 	60	 
	 Section 7.02
	    	 Rights of Trustee
	  	 	61	 
	 Section 7.03
	    	 Individual Rights of Trustee
	  	 	63	 
	 Section 7.04
	    	 Trustee’s Disclaimer
	  	 	63	 
	 Section 7.05
	    	 Notice of Defaults
	  	 	63	 
	 Section 7.06
	    	 [Reserved]
	  	 	64	 
	 Section 7.07
	    	 Compensation and Indemnity
	  	 	64	 
	 Section 7.08
	    	 Replacement of Trustee
	  	 	65	 
	 Section 7.09
	    	 Successor Trustee by Merger
	  	 	66	 
	 Section 7.10
	    	 Eligibility; Disqualification
	  	 	66	 

  
 ii 

 TABLE OF CONTENTS 

(cont’d) 
  

							
		
	 ARTICLE VIII DISCHARGE OF INDENTURE; DEFEASANCE
	  	 	66	 
	 Section 8.01
	    	 Discharge of Liability on Notes; Defeasance
	  	 	66	 
	 Section 8.02
	    	 Conditions to Defeasance
	  	 	67	 
	 Section 8.03
	    	 Application of Trust Money
	  	 	69	 
	 Section 8.04
	    	 Repayment to Issuer
	  	 	69	 
	 Section 8.05
	    	 Reserved
	  	 	69	 
	 Section 8.06
	    	 Reinstatement
	  	 	69	 
		
	 ARTICLE IX AMENDMENTS AND WAIVERS
	  	 	70	 
	 Section 9.01
	    	 Without Consent of the Holders
	  	 	70	 
	 Section 9.02
	    	 With Consent of the Holders
	  	 	71	 
	 Section 9.03
	    	 Revocation and Effect of Consents and Waivers
	  	 	72	 
	 Section 9.04
	    	 Notation on or Exchange of Notes
	  	 	73	 
	 Section 9.05
	    	 Trustee to Sign Amendments
	  	 	73	 
	 Section 9.06
	    	 Additional Voting Terms; Calculation of Principal Amount
	  	 	73	 
		
	 ARTICLE X [Intentionally Omitted]
	  	 	74	 
		
	 ARTICLE XI [Intentionally Omitted]
	  	 	74	 
		
	 ARTICLE XII [Intentionally Omitted]
	  	 	74	 
		
	 ARTICLE XIII COLLATERAL AND SECURITY
	  	 	74	 
	 Section 13.01
	    	 Security Interest
	  	 	74	 
	 Section 13.02
	    	 Concerning the Trustee
	  	 	75	 
	 Section 13.03
	    	 Authorization of Actions to be Taken
	  	 	75	 
	 Section 13.04
	    	 [Reserved]
	  	 	76	 
	 Section 13.05
	    	 [Reserved]
	  	 	76	 
	 Section 13.06
	    	 Collateral Trust Agreement
	  	 	76	 
	 Section 13.07
	    	 Release of Liens in Respect of Notes
	  	 	76	 
		
	 ARTICLE XIV MISCELLANEOUS
	  	 	77	 
	 Section 14.01
	    	 [Intentionally Omitted
	  	 	77	 
	 Section 14.02
	    	 Notices
	  	 	77	 
	 Section 14.03
	    	 [Intentionally Omitted]
	  	 	78	 
	 Section 14.04
	    	 Certificate and Opinion as to Conditions Precedent
	  	 	78	 
	 Section 14.05
	    	 Statements Required in Certificate or Opinion
	  	 	78	 
	 Section 14.06
	    	 When Notes Disregarded
	  	 	79	 
	 Section 14.07
	    	 Rules by Trustee, Paying Agent and Registrar
	  	 	79	 
	 Section 14.08
	    	 Legal Holidays
	  	 	79	 
	 Section 14.09
	    	 Governing Law
	  	 	79	 
	 Section 14.10
	    	 No Recourse Against Others
	  	 	79	 
	 Section 14.11
	    	 Successors
	  	 	79	 
	 Section 14.12
	    	 Multiple Originals
	  	 	79	 
	 Section 14.13
	    	 Table of Contents; Headings
	  	 	80	 
	 Section 14.14
	    	 Indenture Controls
	  	 	80	 
	 Section 14.15
	    	 Severability
	  	 	80	 
	 Section 14.16
	    	 Waiver of Jury Trial
	  	 	80	 

  
 iii 

 TABLE OF CONTENTS 

(cont’d) 
  

 Appendix A – Provisions Relating to Notes 

EXHIBIT INDEX 
 Exhibit A – Form of Note 

Exhibit B – Form of Transferee Letter of Representation 

SCHEDULES 
  

			
	Schedule 4.03 –	  	Liens and Intercompany Indebtedness Existing on the Closing Date
	Schedule 4.04 –	  	Investments Existing on the Closing Date
	Schedule 4.07 –	  	Affiliate Transactions in Effect on the Closing Date

  

  
 iv 

 INDENTURE, dated as of April 24, 2017, between Sunnova Energy Corporation, a Delaware
corporation (together with its successors and assigns, the “Issuer”), and Wilmington Trust, National Association, as trustee (the “Trustee”) and collateral trustee (the “Collateral Trustee”).

 WHEREAS, on the date hereof, the Issuer has entered into a Purchase Agreement by and among the Issuer and the investors (the
“Investors”) listed on the signature pages thereto (the “Purchase Agreement”) providing for the purchase of Notes (as defined below) pursuant to this Indenture. 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of the Issuer’s
12.00% Senior Secured Notes due 2018 issued as of the date hereof (the “Initial Notes,” and together with the PIK Notes and the Additional Notes, each as defined herein, the “Notes”): 

ARTICLE I 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 

“Additional Notes” means any additional Notes (other than any PIK Notes) that may be issued after the Closing Date. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control
with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise; provided, that, ECP shall be an Affiliate of the Issuer for all purposes under this Agreement until the time such Person owns less than 5% of the outstanding Voting Stock of the Issuer. 

“AP5 Term Loan” means that certain Loan Agreement, dated as of November 14, 2014, by and among Sunnova Asset Portfolio 5
Holdings, LLC, the Issuer, Wilmington Trust, National Association, as administrative agent, and the lenders party thereto, as amended or restated from time to time. 

“AP6 Facility” means the facility, entered into on April 22, 2016, by and among Sunnova AP 6 Warehouse II, LLC, as
Borrower, Sunnova Management, LLC as Manager and Servicer, Sunnova Asset Portfolio 6, LLC, as Seller, Goldman Sachs Bank USA, as Agent, the Lenders from time to time party thereto, GreatAmerica Portfolio Services Group LLC, as Back-Up Servicer,
Wilmington Trust, National Association, as Paying Agent, and U.S. Bank National Association, as Custodian, as may be amended from time to time. 

“Asset Sale” means the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of
related transactions) of property or assets (including by way of Sale/Leaseback Transactions) of the Issuer (each referred to in this definition as a “disposition”), whether in a single transaction or a series of related transactions;
provided, that, any such sale or other disposition to any Subsidiary of the Issuer of any assets acquired from any other Subsidiary and contributed to the Issuer shall not be deemed to be an Asset Sale. 

 Notwithstanding the foregoing, none of the following items will be deemed to be an Asset Sale: 

(a) the issuance or sale of Equity Interests of any Subsidiary of the Issuer; 

(b) a disposition of Cash Equivalents or Investment Grade Securities in the ordinary course of business (whether now owned or hereafter
acquired); 
 (c) the disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to
Section 5.01 or any disposition that constitutes a Change of Control provided that the Issuer has complied with its obligations with respect to a Change of Control Offer under this Indenture; 

(d) any disposition arising from foreclosure, casualty, condemnation or any similar action or transfers by reason of eminent domain with
respect to any property or other asset of the Issuer or the exercise of termination rights under any lease, sublease, license, sublicense, concession or other agreement of the Issuer; 

(e) the lease, license, assignment or sublease of any real or personal property in the ordinary course of business; 

(f) the sale, disposition or consignment of (i) energy, inventory and other goods held for sale, obsolete, worn out, used or surplus
property, equipment, vehicles and other assets (other than accounts receivable) in the ordinary course of business (including any asset) that is no longer necessary, used or useful for the business of the Issuer or is replaced by equipment of at
least comparable value and use, (ii) assets no longer economically practicable or commercially reasonable to maintain (as determined in good faith by the management of the Issuer), and (iii) dispositions to landlords of improvements made
to leased real property pursuant to customary terms of leases entered into in the ordinary course of business; 
 (g) any grant in the
ordinary course of business of any license of patents, trademarks, know-how or any other intellectual property, including but not limited to, grants of franchises or licenses, franchise or license master
agreements and/or area development agreements; 
 (h) the making of any payment or Investment that is permitted to be made, and is made,
under Section 4.04 or the making of any Permitted Investment; and 
 (i) dispositions in connection with the
granting of a Lien that is permitted under Section 4.10 and the exercise by any Person in whose favor a Permitted Lien is granted of any of such Person’s rights in respect of such Permitted Lien. 

“Annual Budget” means the annual budget prepared in accordance with Section 6.8(e) of the Investors Agreement. 

  
 2 

 “Board of Directors” means, as to any Person, the board of directors or
managers, as applicable, of such Person or any direct or indirect parent of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee
thereof. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are
authorized or required by law to close in New York City or the place of payment. 
 “Capital Stock” means: 

(1) in the case of a corporation, corporate stock or shares, including Preferred Stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities
include any right of participation with Capital Stock. 
 “Capitalized Lease Obligation” means, at the time any
determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in
accordance with GAAP. 
 “Cash Equivalents” means: 

(1) U.S. dollars, pounds sterling, euros, the national currency of any member state in the European Union or such local
currencies held by an entity from time to time in the ordinary course of business; 
 (2) securities issued or directly and
fully guaranteed or insured by the U.S. government or any country that is a member of the European Union or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition; 

(3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250 million and whose long-term debt is
rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency); 

  
 3 

 (4) repurchase obligations for underlying securities of the types described
in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) readily marketable direct obligations issued by any state or commonwealth of the United States of America or any political
subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two
years from the date of acquisition; 
 (6) Indebtedness or Preferred Stock issued by Persons with a rating of “A”
or higher from S&P, “A2” or higher from Moody’s or “Baa1” or higher from Fitch (or reasonably equivalent ratings of another internationally recognized ratings agency) with maturities of 24 months or less from the date of
acquisition and in each case in a currency permitted under clause (1) or (2) above; 
 (7) Investments
with average maturities of 12 months or less from the date of acquisition in money market funds rating of “A” or higher from S&P, “A2” or higher from Moody’s or “Baa1” or higher from Fitch (or reasonably
equivalent ratings of another internationally recognized ratings agency) with maturities of 24 months or less from the date of acquisition and in each case in a currency permitted under clause (1) or (2) above; 

(8) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing
within one year after the date of acquisition; and 
 (9) investment funds investing at least 95% of their assets in
securities of the types described in clauses (1) through (8) above. 
 “Change of Control” means the occurrence of any
of the following: 
 (1) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all
of the assets of the Issuer and its Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders; 

(2) the Issuer becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy,
vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of
acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any of the Permitted Holders, in a single transaction or in a related series of
transactions, by way of merger, consolidation, amalgamation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision), of more than 50% of the total voting power of the Voting Stock of the Issuer or HoldCo; 
 (3) any sale of any
Equity Interests of the Issuer or HoldCo owned directly or indirectly by the Sponsor which causes the Sponsor to beneficially own (within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision) less than 90% of the Voting Sock of the Issuer owned by the Sponsor on the Closing Date. 

  
 4 

 (4) in the event that any HoldCo is created, HoldCo ceases to beneficially
own 100% of the Capital Stock of the Issuer; 
 (5) the first day on which a majority of the members of the Board of
Directors of the Issuer are not Continuing Directors; or 
 (6) the adoption or approval of a plan for the liquidation or
dissolution of the Issuer. 
 Notwithstanding the provisions of clauses (1), (2), (4), (5) and (6) above, a Change
of Control shall not occur as a result of any internal reorganization in connection with an IPO which complies with the provisions of clause (3) above. 

“Closing Date” means April 24, 2017, the date on which the Initial Notes are originally issued. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means all property of any kind which is subject to a Lien in favor of the Collateral Trustee for the benefit of
itself, the Trustee and the holders or which under the terms of any Security Document, is purported to be subject to such a Lien for purposes of securing the Obligations under the Note Documents. 

“Collateral Trust Agreement” means the Collateral Trust Agreement, dated as of the Closing Date, among the Issuer, the
Collateral Trustee and the Trustee, as representative for the Notes, as the same may be amended, supplemented, replaced (whether upon or after termination or otherwise) or otherwise modified from time to time. 

“Collateral Trustee” means Wilmington Trust, National Association, a national banking association, in its capacity as
Collateral Trustee under the Collateral Trust Agreement, until a successor replaces it in accordance with the terms of the Collateral Trust Agreement and, thereafter, means the successor. 

“Consent to Collateral Assignment” means that certain Consent to Collateral Assignment, dated the date hereof, among Energy
Capital Partners III, LP, Energy Capital Partners III-A, LP, Energy Capital Partners III-B, LP, Energy Capital Partners III-C,
LP, And Energy Capital Partners III-D, LP, as Consenting Parties, the Collateral Trustee and the Issuer. 

“Consolidated Subsidiaries” means, for any Person, any Subsidiary or other entity the accounts of which would be consolidated
with those of such Person in its consolidated financial statements in accordance with GAAP. 
 “Contingent Obligations”
means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent: 

  
 5 

 (1) to purchase any such primary obligation or any property constituting
direct or indirect security therefor; 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; 

(b) or to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency
of the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Continuing Director” means, as of any date of determination, any member of the Board of Directors of the Issuer:
(1) who was a member of such Board of Directors on the date of this Indenture; or (2) whose election to such Board of Directors or whose nomination for election was approved or consented to by a majority of the Continuing Directors who
were members of such Board of Directors at the time of such nomination or election or who were appointed by the Sponsor in accordance with the terms of the Investors Agreement. 

“Corporate Trust Office” means the designated office of the Trustee in the United States of America at which at any time its
corporate trust business relating to this Indenture shall be administered, which office at the date of this Indenture is located at 15950 North Dallas Parkway, Suite 550, Dallas, Texas 75248, Attention: Sunnova Energy Corporation Administrator, or
such other address as the Trustee may designate from time to time by notice to the holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to
time by notice to the holders and the Issuer). 
 “Default” means any event which is, or after notice or passage of time or
both would be, or would give rise to, an Event of Default. 
 “Disqualified Stock” means, with respect to any Person, any
Capital Stock of such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event: 

(1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a
change of control or asset sale); 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock of such Person
or any of its Subsidiaries; or 
 (3) is redeemable at the option of the holder thereof, in whole or in part (other than
solely as a result of a change of control or asset sale); 

  
 6 

 in each case prior to 91 days after the earlier of the maturity date of the Notes or the date the Notes are
no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be
deemed to be Disqualified Stock; provided, further however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such
employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by such Person in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified
Stock shall not be deemed to be Disqualified Stock. 
 “ECP” means Energy Capital Partners III LP, Energy Capital Partners III-A, LP, Energy Capital Partners III-B, LP, Energy Capital Partners III-C, LP, and Energy Capital Partners III-D, LP, and any other investment vehicles managed or controlled by Energy Capital Partners (including portfolio companies), and any Affiliates thereof. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Excluded Taxes”
means any of the following Taxes imposed on or with respect to a holder or required to be withheld or deducted from a payment to a holder: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (i) imposed as a result of a holder being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) withholding Taxes imposed on amounts payable to or for the account of a holder with respect to an applicable interest in a Note pursuant to a law in effect on the date on which (i) such holder
acquires such interest in the Note or (ii) such holder changes its lending office, except in each case to the extent that, pursuant to Section 2.15, amounts with respect to such Taxes were payable either to such
holder’s assignor immediately before such holder acquired such interest in the Note or to such holder immediately before it changed its lending office, (c) Taxes attributable to a holder’s failure to comply with
Section 2.15(f) and (d) any Taxes imposed under FATCA. 
 “Fair Market Value” means, with
respect to any asset or property, the price which could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue
pressure or compulsion to complete the transaction as determined by the Issuer in good faith or, with respect to valuations in excess of $10 million, by the Chief Financial Officer or the Board of Directors of the Issuer in good faith. 

  
 7 

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of
this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to
Section 1471(b)(1) of the Code, and any intergovernmental agreement entered into in connection with the implementation of such sections of the Code and any fiscal or regulatory legislation, rules or practices adopted thereunder. 

“Foreign Holder” means a holder that is not a “United States Person” within the meaning of section 7701(a)(30) of
the code. 
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (“FASB”) or in such other statements by such
other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Closing Date. For the purposes of this Indenture, the term “consolidated” with respect to any Person shall mean
such Person consolidated with its Subsidiaries. 
 “Governmental Authority” means any nation, sovereign or government, any
state, province, territory or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including a central bank or stock
exchange. 
 “guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the
ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. The amount of any
guarantee shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by such person in good faith. 
 “Hedging Obligations” means, with respect to any Person, the obligations of
such Person under: 
 (1) currency exchange, interest rate or commodity swap agreements (including commodity swaps, commodity
options, forward commodity contracts, basis differential swaps, spot contracts, fixed-price physical delivery contracts or other similar agreements or arrangements), currency exchange, interest rate or commodity cap agreements and currency exchange,
interest rate or commodity collar agreements; and 
 (2) other agreements or arrangements designed to protect such Person
against fluctuations in currency exchange, interest rates, SREC prices or retail electricity prices. 
 “HoldCo” has the
meaning set forth in Section 4.18 hereto. 
 “holder” or “noteholder” means the
Person in whose name a Note is registered on the Registrar’s books. 
 “Incur” means issue, assume, guarantee, incur
or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise)
shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary. 

  
 8 

 “Indebtedness” means, with respect to any Person: 

(1) the principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money,
(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price
of any property (except any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course of business, (ii) any earn-out obligations
until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP, (iii) any such obligations under ERISA or liabilities associated with customer prepayments, (iv) liabilities accrued in the ordinary
course of business), which purchase price is due more than twelve months after the date of placing the property in service or taking delivery and title thereto, and (v) any such balance or unpaid purchase price to the extent that it is either
required to be or at the option of such Person may be satisfied solely through the issuance of Equity Interests of the Issuer that are not Disqualified Stock), (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging
Obligations, other than Hedging Obligations that are incurred in the normal course of business and not for speculative purposes, and that do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations
in interest rates, commodity prices or foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder, if and to the extent that any of the foregoing indebtedness (other than Hedging Obligations) would appear
as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 
 (2)
to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise, the Indebtedness referred to in clause (1) of another Person (other than by endorsement of negotiable
instruments for collection in the ordinary course of business); and 
 (3) to the extent not otherwise included, Indebtedness
of the type referred to in clause (1) of another Person secured by a Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will
be the lesser of: (a) the Fair Market Value of such asset at such date of determination; and (b) the amount of such Indebtedness of such other Person; 

provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) accrued expenses and Contingent
Obligations, in each case, Incurred in the ordinary course of business and not in respect of borrowed money, (2) deferred or prepaid revenues, (3) purchase price holdbacks in respect of a portion of the purchase price of an asset to
satisfy warranty or other unperformed obligations of the respective seller, (4) obligations in respect of surety and bonding requirements of the Issuer and its Subsidiaries, (5) trade and other ordinary course payables, accrued expenses
and intercompany liabilities arising in the ordinary course of business, (6) in the case of the Issuer and its Subsidiaries, intercompany liabilities in connection 

  
 9 

 
with cash management, tax and accounting operations of the Issuer and its Subsidiaries, (7) asset retirement obligations, (8) obligations in respect of environmental reclamation or site
rehabilitation and (9) workers’ compensation obligations (including superannuation, pensions and retiree medical care) that are not delinquent by more than 90 days. 

Notwithstanding anything in this Indenture to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to,
the effects of FASB Accounting Standards Codification (ASC) 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for
any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an Incurrence of Indebtedness under
this Indenture. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by or on account of any obligation of Issuer under any Note Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Initial Notes” means each series of Notes issued on the Closing Date. 

“Interest Payment Date” has the meaning set forth in Exhibit A hereto. 

“Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality
thereof (other than Cash Equivalents); 
 (2) securities that have a rating equal to or higher than Baa3 (or equivalent) by
Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among the Issuer and its Subsidiaries; 

(3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which
fund may also hold immaterial amounts of cash pending investment and/or distribution; and 
 (4) corresponding instruments in
countries other than the United States customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition. 

“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in
the form of loans (including guarantees of loans), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees and consultants made in
the ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any prepayments
and other credits to suppliers made in the ordinary course of business), purchases or other acquisitions for consideration of 

  
 10 

 
Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet of such Person in the same manner as
the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. 

“IPO” means a primary offer and sale of Equity Interests of the Issuer or HoldCo in an underwritten public offering for cash
pursuant to a registration statement that has been declared effective by the Commission pursuant to the Securities Act (other than a registration statement on Form S-4 or Form
S-8 or otherwise relating to Equity Interests of the Issuer or HoldCo issuable under any employee benefit plan), by a reputable nationally recognized investment bank pursuant to which the Equity Interests will
be listed on the Nasdaq National Market, the Nasdaq Global Select Market or the New York Stock Exchange and excluding any secondary offering unless the IPO Proceeds (as defined herein) from the primary component of such offering are sufficient to
redeem in full the entire outstanding aggregate principal amount of the Notes and to pay all accrued and unpaid interest in accordance with Section 3.09 hereof. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code, PPSA or equivalent statutes of any jurisdiction); provided, that, in no event shall an operating lease or an
agreement to sell be deemed to constitute a Lien. 
 “Liquidity” shall mean the aggregate amount of Unrestricted Cash of
the Issuer and its Subsidiaries at such date. 
 “Management Group” means the Management Investors, as such term is defined
in the Investors Agreement. 
 “Material Adverse Effect” means a material adverse change in, or material adverse effect on
(a) the business, operations, Property or financial condition of the Issuer and its Subsidiaries, taken as a whole, excluding the effect of events, developments and circumstances affecting the electric utility industry generally or (b) the
ability of the Issuer to perform any of its material obligations under the Note Documents. 
 “Moody’s” means
Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
 “Net Proceeds” means the
aggregate cash proceeds received by the Issuer in respect of any Asset Sale (including, without limitation, any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and
when received, but excluding the assumption by the acquiring person of Indebtedness relating to the disposed assets or other consideration received in any other non-cash form), net of the direct costs relating
to such Asset Sale (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), and any relocation expenses Incurred as a result thereof, taxes paid or payable as a result thereof (after taking
into account any available tax 

  
 11 

 
credits or deductions and any tax sharing arrangements related solely to such disposition), amounts required to be applied to the repayment of principal, premium, if any, and interest on
Indebtedness required (other than pursuant to Section 4.06(b)) to be paid as a result of such transaction, amounts paid in connection with the termination of Hedging Obligations related to Indebtedness repaid with such
proceeds, and any deduction of appropriate amounts to be provided by the Issuer as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Issuer after such sale or
other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 

“Note Documents” means this Indenture, the Notes, the Collateral Trust Agreement, the Security Documents and the HoldCo
Guaranty, if any. 
 “Note Liens” means the Liens securing the Obligations under the Notes pursuant to the Security
Documents. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements (including,
without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness (including interest, fees, expenses, indemnity
claims and other monetary obligations accrued during the pendency of an insolvency proceeding, whether or not constituting an allowed claim in such proceeding); provided, that, Obligations with respect to the Notes shall not include fees or
indemnifications in favor of third parties other than the Trustee, Collateral Trustee and the holders of the Notes. 

“Officer” means the chairman of the Board of Directors, chief executive officer, chief financial officer, president, any
executive vice president, senior vice president or vice president, the treasurer or the secretary of the Issuer. 
 “Officers’
Certificate” means a certificate signed on behalf of the Issuer by two Officers of the Issuer that meets the requirements set forth in this Indenture. 

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Issuer. 
 “Other Connection Taxes” means Taxes imposed as a result of a present or former
connection between a holder and the jurisdiction imposing such Tax (other than connections arising from such holder having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Note Document, or sold or assigned an interest in, a Note or any Note Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Note Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment. 

  
 12 

 “Permitted Holder” means, at any time, each of (i) the Sponsor and
(ii) the Management Group. 
 “Permitted Investments” means: 

(1) any Investment in Cash Equivalents or Investment Grade Securities; 

(2) loans and advances in the ordinary course of business to officers, directors, employees or consultants of the Issuer or any
of its Subsidiaries in an aggregate outstanding amount, taken together with all other advances made pursuant to this clause (2), not to exceed $2.5 million; 

(3) any Investment acquired by the Issuer (a) in exchange for any other Investment or accounts receivable held by the
Issuer or any Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of or settlement of delinquent accounts and disputes with or judgments against the Issuer of such other Investment or accounts
receivable, (b) as a result of a foreclosure by the Issuer or any Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; (c) as a result of the settlement, compromise
or resolution of litigation, arbitration or other disputes; or (d) in settlement of debts created in the ordinary course of business; 

(4) any Investments in the Issuer or by the Issuer in a Subsidiary of the Issuer; 

(5) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements
with other Persons; 
 (6) (x) guarantees issued in accordance with Section 4.03 and
(y) guarantees of performance or other obligations (other than Indebtedness) arising in the ordinary course of business; 

(7) Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment
or purchases of contract rights or licenses or leases of intellectual property; 
 (8) any Investment by the Issuer or any of
its Subsidiaries in a Person (including in the Equity Interests of such Person) if as a result of such Investment (a) such Person becomes a Subsidiary or (b) such Person, in one transaction or a series of related transactions, is merged,
amalgamated or consolidated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Issuer or a Subsidiary, and, in each case, any Investment held by such Person; provided, that, such Investment
was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer; 
 (9) any
Investment in securities or other assets not constituting cash, Cash Equivalents or Investment Grade Securities and received in connection with an Asset Sale made pursuant to Section 4.06; 

(10) Investments existing on the Closing Date set forth on Schedule 4.04; 

  
 13 

 (11) Investments consisting of prepaid expenses, negotiable instruments held
for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by the Issuer or any Subsidiary; 

(12) Investments represented by Hedging Obligations, in each case as permitted under Section 4.03(b);

 (13) Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary
trade arrangements with customers which are not past due by more than 30 days; 
 (14) receivables owing to the Issuer or any
Subsidiary created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms which do not extend for more than 30 days; 

(15) any Investments received in compromise or resolution of obligations of trade creditors or customers that were incurred in
the ordinary course of business of the Issuer or any of its Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; and 

(16) other Investments having an aggregate Fair Market Value when taken together with all other Investments made pursuant to
this clause (16) that are at that time outstanding, not to exceed $2 million. 
 “Permitted Liens” means, with
respect to any Person: 
 (1) pledges or deposits and other Liens granted by such Person under workmen’s compensation
laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits of cash or U.S.
government bonds to secure surety or appeal bonds, performance and return of money bonds, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business and not
securing Indebtedness; 
 (2) Liens imposed by law, such as landlord’s, carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s, construction or other like Liens securing obligations that are not overdue by more than 30 days or that are being contested in good faith by appropriate proceedings or other Liens arising out of
judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review; 

(3) Liens for taxes, assessments or other governmental charges not yet overdue by more than 30 days or that are being contested
in good faith by appropriate proceedings and, in each case, for which adequate reserves have been established in accordance with GAAP; 

  
 14 

 (4) Liens (a) in favor of issuers of performance and surety bonds or
bid bonds or with respect to other regulatory requirements or letters of credit, bankers’ acceptances or similar obligations issued pursuant to the request of and for the account of such Person in the ordinary course of its business and
(b) securing other obligations in respect of surety and bonding requirements; provided, however, that such obligations do not constitute Indebtedness for borrowed money; 

(5) the Note Liens securing the Notes, any increase in principal amount as the result of a PIK Payment and any PIK Notes in
respect thereof (including any Additional Notes issued in compliance with the provisions of this Indenture); 
 (6) Liens
existing on the Closing Date set forth on Schedule 4.03; 
 (7) Liens on assets or property at the time the Issuer
acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer; provided, however, that such Liens are not created or Incurred in connection with, or in
contemplation of, such acquisition; provided, further, however, that the Liens may not extend to any other property owned by the Issuer; 

(8) Liens on inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
documentary letters of credit, bank guarantees or bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(9) Liens in favor of the Issuer or a Subsidiary; 

(10) pledges and deposits and other Liens made in the ordinary course of business to secure liability to insurance carriers;

 (11) leases or subleases, and licenses or sublicenses (including with respect to intellectual property) granted to others
in the ordinary course of business; 
 (12) Liens in favor of a client’s creditors on equipment, inventory or fixtures
of the Issuer or any of its Subsidiaries leased in the ordinary course of business to such client; 
 (13) judgment and
attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(14) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of
goods entered into in the ordinary course of business; 
 (15) Liens (i) arising by virtue of any statutory or common
law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution, (ii) attaching
to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business or (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts
incurred in the ordinary course of business and not for speculative purposes; 

  
 15 

 (16) Liens on securities that are the subject of repurchase agreements
constituting Cash Equivalents under clause (4) of the definition thereof; 
 (17) Liens securing insurance premium
financing arrangements, deposits made or other security provided to secure liabilities to insurance brokers, insurance carriers under insurance or self-insurance arrangements in the ordinary course of business; 

(18) Liens securing Hedging Obligations so long as the related Indebtedness is permitted to be incurred under this Indenture;

 (19) Liens arising from Uniform Commercial Code (or equivalent statutes) financing statement filings regarding operating
leases or accounts in connection with any transactions otherwise permitted under this Indenture; 
 (20) Liens on cash, Cash
Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness; and 
 (21)
Liens incurred with respect to Indebtedness that does not exceed in aggregate principal amount, at any one time outstanding, $2 million, determined as of the date of such incurrence or issuance; provided, that, such Liens incurred
pursuant to this clause (21) do not secure any Indebtedness for borrowed money other than such Indebtedness issued pursuant to subordination arrangements reasonably satisfactory to the holders. 

“Permitted Tax Distributions” means, with respect to any year in which the Issuer is a member of a consolidated, combined,
unitary or similar group for U.S. federal or other applicable Tax purposes that includes a HoldCo, payments to HoldCo in an aggregate amount with respect to such year that does not exceed the sum of (i) any franchise, capital stock, minimum or
other similar Taxes that are required to be paid by HoldCo to maintain its corporate existence and (ii) the lesser of (A) the income, franchise or similar Taxes that the Issuer and its Subsidiaries would have been required to pay for such
year if they paid such Taxes on a separate return basis and (B) the net amount of such Taxes that such HoldCo actually owes to the appropriate taxing authority, in each case, taking into account any carryovers and carrybacks of tax attributes
(such as net operating losses) of the Issuer and its Subsidiaries applied from other taxable years in accordance with applicable law. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “PIK
Interest” means interest payable by increasing the principal amount of the Notes or by issuing PIK Notes. 
 “Pledge
Agreement” means that certain Pledge and Security Agreement, dated as of the date hereof, by and between the Issuer and the Collateral Trustee. 

“Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution,
or winding up. 

  
 16 

 “Preferred Stock Commitment” means the funding commitment from certain
existing stockholders of the Issuer to fund $40 million of additional Preferred Stock subscriptions. 
 “Property”
means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without limitation, cash, securities, accounts and contract rights. 

“S&P” means S&P Global Ratings or any successor to the rating agency business thereof. 

“Sale/Leaseback Transaction” means an arrangement providing for the leasing by the Issuer of any real or tangible personal
property, which property has been or is to be sold or transferred by the Issuer to a third Person in contemplation of such leasing. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Securitization Transaction” means the issuance of approximately $254,750,000 aggregate principal amount of
its Series 2017-1 solar asset backed notes due 2049 by Helios Issuer, LLC, a wholly-owned subsidiary of the Issuer. 

“Security Agreement” means that certain Security Agreement, dated as of the date hereof, by and between the Issuer and the
Collateral Trustee. 
 “Security Documents” means the Collateral Trust Agreement, each joinder agreement required by the
Collateral Trust Agreement, the Security Agreement, the Pledge Agreement, the Trademark Security Agreement, the Consent to Collateral Assignment and all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust,
collateral agency agreements, control agreements or other grants or transfers for security executed and delivered by the Issuer or HoldCo, if applicable, creating (or purporting to create) a perfected first-priority Note Lien upon Collateral in
favor of the Collateral Trustee, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the provisions of the Collateral Trust Agreement. 

“Similar Business” means any business, the majority of whose revenues are derived from (i) the business or activities of
the Issuer and its Subsidiaries as of the Closing Date and (ii) any business that is a natural outgrowth or a reasonable extension, development or expansion of any such business or any business similar, reasonably related, incidental,
complementary or ancillary to any of the foregoing. 
 “Sponsor” means one or more investment funds affiliated with ECP and
any of their respective Affiliates other than any portfolio companies. 
 “SRECs” means solar renewable energy
certificates. 

  
 17 

 “Stated Maturity” means, with respect to any Note, the date specified in
such Note as the fixed date on which the final payment of principal of such Note is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such Note at the option of the
holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred). 

“Subordinated Indebtedness” means any Indebtedness of the Issuer which is by its terms subordinated in right of payment to
the Notes. 
 “Subsidiary” means, with respect to any Person, (1) any corporation, association or other business
entity (other than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and (2) any partnership, joint
venture or limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any
Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 
 “Taxes” means any and all
present or future taxes, duties, levies, imposts, assessments, deductions, withholdings or other similar charges imposed by any Governmental Authority whether computed on a separate, consolidated, unitary, combined or other basis and any interest,
fines, penalties or additions to tax with respect to the foregoing. 
 “Tax Equity Transaction” means the transaction
involving the entrance of Sunnova TEP I, LLC, Sunnova TEP I Holdings, LLC, Sunnova TEP I Developer, LLC, Sunnova TE Management I, LLC, Sunnova TEP I Manager, LLC and Firstar Development, LLC, into certain agreements, including the Master
Development, Purchase and Sale Agreement dated March 2, 2017, and Sunnova TEP I, LLC’s Amended and Restated Limited Liability Company Agreement dated March 2, 2017, relating to a tax equity financing with a commitment of approximately
$80 million, and any similar future tax equity financings involving any Subsidiary and a third-party investor (including pursuant to which the Issuer provides a performance guarantee). 

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Indenture.

 “Trademark Security Agreement” means the Trademark Security Agreement, dated as of the date hereof, between the Issuer
and the Collateral Trustee. 
 “Trust Officer” means: 

(1) any officer within the corporate trust department of the Trustee or the Collateral Trustee, as the case may be, including
any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee or the Collateral Trustee, as the case may be, who customarily performs functions similar to those performed by
the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject; and 

  
 18 

 (2) who shall have direct responsibility for the administration of this
Indenture or Collateral Trust Agreement, as the case may be. 
 “Trustee” means the party named as such in this Indenture
until a successor replaces it and, thereafter, means the successor. 
 “Uniform Commercial Code” or “UCC”
means the New York Uniform Commercial Code as in effect from time to time. 
 “Unrestricted Cash” shall mean cash or cash
equivalents (including Permitted Investments) of the Issuer and any of its Subsidiaries that would not appear as “restricted” on a consolidated balance sheet of the Issuer; provided that, such Unrestricted Cash shall exclude any cash and
cash equivalents of the Issuer or any of its Subsidiaries that are (a) set aside in a segregated cash collateral or escrow account for the benefit of a party other than the Issuer or any of its Subsidiaries, the Trustee or the Collateral
Trustee, (b) subject to an account control or securities account control agreement in favor of a third party other than the Collateral Trustee, or (c) any amounts held at the Issuer’s Subsidiaries that are not payable to the Issuer as
a result of any cash sweep or any other mandatory prepayment provisions at such Subsidiary. 
 “U.S. Government
Obligations” means securities that are: 
 (1) direct obligations of the United States of America for the timely
payment of which its full faith and credit is pledged; or 
 (2) obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States of America, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in each case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific
payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt; provided, that, (except as required by law) such custodian is not authorized to make
any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government
Obligations evidenced by such depository receipt. 
 “USA Patriot Act” means the USA PATRIOT ACT, Title III of Pub. L. 107-56 (signed into law October 26, 2001). 
 “Voting Stock” of any Person as of any
date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

  
 19 

 “Warehouse Financings” means, collectively, the warehouse facility, entered
into by Sunnova LAP Holdings, LLC, Sunnova LAP I, LLC and Sunnova LAP II, LLC, each wholly-owned Subsidiaries of the Issuer, with an initial borrowing capacity of $260,000,000 and the warehouse facility, entered into by EZ-Own Portfolio, LLC, a wholly-owned Subsidiary of the Issuer, with an initial borrowing capacity of $100 million. 

Section 1.02 Other Definitions. 

 

			
	 Term
	  	Section
	$	  	1.03
	Alternate Offer	  	4.08(f)
	Affiliate Transaction	  	4.07(a)
	Agent Members	  	2.1(b)
	Authentication Order	  	2.03
	Bankruptcy Law	  	6.01
	Change of Control Offer	  	4.08(b)
	Change of Control Payment	  	4.08(a)
	covenant defeasance option	  	8.01(b)
	Custodian	  	6.01
	Definitive Note	  	Appendix A
	Depository	  	Appendix A
	Event of Default	  	6.01
	Global Notes	  	Appendix A
	Global Notes Legend	  	Appendix A
	HoldCo	  	4.18
	HoldCo Guaranty	  	4.18
	IAI	  	Appendix A
	Issuer	  	Preamble
	legal defeasance option	  	8.01(b)
	Notes	  	Preamble
	Notes Custodian	  	Appendix A
	Notice of Default	  	6.01
	Paying Agent	  	2.04(a)
	Permitted Indebtedness	  	4.03(b)
	protected purchaser	  	2.08
	QIB	  	Appendix A
	Registrar	  	2.04(a)
	Regulation S	  	Appendix A
	Regulation S Global Notes	  	Appendix A
	Regulation S Notes	  	Appendix A
	Restricted Notes Legend	  	Appendix A
	Rule 144A	  	Appendix A
	Rule 144A Global Notes	  	Appendix A
	Rule 144A Notes	  	Appendix A
	Rule 501	  	Appendix A
	Successor Company	  	5.01(a)(i)
	Transfer Restricted Definitive Notes	  	Appendix A    
	Transfer Restricted Global Notes	  	Appendix A
	Transfer Restricted Notes	  	Appendix A
	U.S. dollars	  	1.03(j)
	Unrestricted Definitive Notes	  	Appendix A
	Unrestricted Global Notes	  	Appendix A

  
 20 

 Section 1.03 Rules of Construction.
Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) “including” means including without limitation; 

(e) words in the singular include the plural and words in the plural include the singular; 

(f) unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured
Indebtedness; 
 (g) the principal amount of any non-interest bearing or other discount security at
any date shall be the principal amount thereof that would be shown on a balance sheet of the Issuer dated such date prepared in accordance with GAAP; 

(h) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the
maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 
 (i) unless
otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP; and

 (j) “$” and “U.S. dollars” each refer to United States dollars, or such other money of the United States of
America that at the time of payment is legal tender for payment of public and private debts. 

Section 1.04 No Incorporation by Reference of Trust Indenture Act. This Indenture is
not qualified under the TIA, and the TIA shall not apply to or in any way govern the terms of this Indenture. As a result, no provisions of the TIA are incorporated into this Indenture. 

  
 21 

 ARTICLE II 

THE NOTES 

Section 2.01 Amount of Notes. The aggregate maximum principal amount of Notes which
may be authenticated and delivered under this Indenture is $80,000,000 and any increases thereof as the result of payment of PIK Interest. 

The Issuer may from time to time on or after the Closing Date issue (i) up to $1,800,000 in principal amount of Additional Notes (and any
increases thereof as a result of payment of PIK Interest) in connection with the exercise by one or more stockholders of the Issuer of preemptive rights under the Investors Agreement and (ii) any other Additional Notes with the consent of a
majority in aggregate principal amount of the holders. With respect to any such Notes issued after the Closing Date, there shall be (a) established in or pursuant to a resolution of the Board of Directors and (b) set forth or determined in
the manner provided in an Officers’ Certificate: 
 (1) the aggregate principal amount of such Notes; 

(2) the issue price and issuance date of such Notes, including the date from which interest on such Notes shall accrue, which
Notes may be issued in one or more series as designated by the Issuer; and 
 (3) if applicable, that such Notes shall be
issuable in whole or in part in the form of one or more Global Notes and, in such case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in addition to or in lieu of those
set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of Appendix A in which any such Global Note may be exchanged in whole or in part for Notes registered, or any transfer of such
Global Note in whole or in part may be registered, in the name or names of Persons other than the depository for such Global Note or a nominee thereof. 

If any of the terms of any Notes are established by action taken pursuant to a resolution of the Board of Directors, a copy of an appropriate
record of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or an indenture supplemental hereto setting forth the terms
of the Notes. 
 The Initial Notes, the PIK Notes and each series of Additional Notes, except as otherwise set forth herein with respect to
redemptions, will be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments and offers to purchase; provided, that, if any PIK Notes or Additional Notes are not fungible with the
Initial Notes for U.S. federal income tax, securities law or other purposes, the PIK Notes or Additional Notes, as applicable, will have a separate CUSIP number, if applicable. 

Section 2.02 Form and Dating. Provisions relating to the Notes are set forth in
Appendix A, which is hereby incorporated in and expressly made a part of this Indenture. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto, which is hereby incorporated in and
expressly made a part of this 

  
 22 

 
Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer is subject, if any, or usage (provided that any such
notation, legend or endorsement is in a form acceptable to the Issuer). Each Note shall be dated the date of its authentication. The Notes shall be issuable only in registered form without interest coupons and in minimum denominations of $2,000 and
any integral multiples of $1,000 in excess thereof; provided, that, Notes may be issued in denominations of less than $2,000 solely to accommodate book-entry positions that have been created by the Depository in denominations of less than
$2,000 (or if any PIK Interest has been paid, in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof). For the avoidance of doubt, the Initial Notes and any PIK Notes issued prior to obtaining DTC eligibility in
accordance with Section 4.21 shall be issued in the form of Definitive Notes. 
 Section 2.03
Execution and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the Issuer signed by one Officer of the Issuer (an “Authentication Order”), subject to the terms
of this Indenture, Notes in an aggregate principal amount to be determined at the time of issuance and specified therein. Such Authentication Order shall specify the amount of separate Note certificates to be authenticated, the principal amount of
each of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, the registered holder of each of the Notes and delivery instructions. 

One Officer shall sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless. 
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on
the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee will, upon
receipt of an Authentication Order, authenticate Notes for original issue that may be validly issued under this Indenture, including any PIK Notes and Additional Notes. The aggregate principal amount of Notes outstanding at any time may not exceed
the aggregate principal amount of Notes authorized for issuance by the Issuer pursuant to one or more Authentication Orders, except as provided in Section 2.05 hereof. 

The Trustee may appoint one or more authenticating agents reasonably acceptable to the Issuer to authenticate the Notes. Any such appointment
shall be evidenced by an instrument signed by an Officer of the Issuer, a copy of which shall be furnished to the Trustee. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do
so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 

  
 23 

 Section 2.04 Registrar and Paying
Agent. 
 (a) The Issuer shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for
exchange (the “Registrar”) and (ii) an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes (including the name and address of each
holder, and such holder’s right to the principal of, and stated interest on, the Notes) and of their transfer and exchange that complies with the requirements of Sections 163(f), 871(h) and 881(c)(2) of the Code and the Treasury regulations
issued thereunder. The Issuer may have one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrars. The term “Paying Agent” includes the Paying Agent and any additional paying agents. The Issuer initially appoints the Trustee as Registrar, Paying Agent and the Notes Custodian
with respect to the Global Notes and DTC as Depository with respect to the Global Notes. 
 (b) The Issuer may enter into an appropriate
agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee in writing of the name and address of
any such agent not party to this Indenture. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The
Issuer may act as Paying Agent or Registrar. 
 (c) The Issuer may remove any Registrar or Paying Agent upon written notice to such Registrar
or Paying Agent and to the Trustee and the holders; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor Registrar or Paying Agent, as the case may be,
as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or
Paying Agent until the appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Issuer and the Trustee. 

Section 2.05 Paying Agent to Hold Money and PIK Notes in Trust. On or prior to 10:00
am, New York City time on each due date of the principal of, premium (if any) and interest on any Note, the Issuer shall deposit with each Paying Agent (or if the Issuer is acting as Paying Agent, segregate and hold in trust for the benefit of the
Persons entitled thereto) a sum sufficient to pay such principal and cash interest, and increase the principal amount of the Notes or issue PIK Notes to pay PIK Interest pursuant to an Authentication Order delivered to the Trustee specifying the PIK
Note amount to be issued on the applicable interest payment date, when so becoming due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for the benefit of holders or the
Trustee all money held by a Paying Agent for the payment of principal of, premium (if any) and interest on the Notes, and shall notify the Trustee of any default by the Issuer in making any such payment. If the Issuer acts as Paying Agent, it shall
segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed
by such Paying Agent. Upon complying with this Section 2.05, a Paying Agent shall have no further liability for the money delivered to the Trustee. While any default continues, the

  
 24 

 
Trustee may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer) will have no further liability for the
money. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes. 

Section 2.06 Holder Lists. The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of holders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business
Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of holders. 

Section 2.07 Transfer and Exchange. The Notes shall be issued in registered form and
shall be transferable only upon the surrender of a Note for registration of transfer and in compliance with Appendix A. When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as
requested if its requirements therefor are met. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same
requirements are met. To permit registration of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate, upon receipt of an Authentication Order, Notes at the Registrar’s request. The Issuer may require payment of a
sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.07 (other than any such transfer taxes, assessments or similar governmental
charge payable upon exchanges pursuant to Sections 2.14, 3.08, 3.09, 0 and 9.04 of this Indenture). The Issuer shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes
selected for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or transfers or exchanges of any Notes for a period of 15 days before a selection of Notes to be redeemed or between a record date
and the interest payment date. Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner
of such Note for the purpose of receiving payment of principal of, premium (if any) and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent
or the Registrar shall be affected by notice to the contrary. 
 Any holder of a beneficial interest in a Global Note shall, by acceptance
of such beneficial interest, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a
beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry. 

All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to
the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

  
 25 

 The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants, members or beneficial
owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof. 
 None of the Trustee, Registrar or Paying
Agent shall have any responsibility for any actions taken or not taken by the Depository. 

Section 2.08 Replacement Notes. If a mutilated Note is surrendered to the Registrar or
if the holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the holder (a) satisfies the Issuer and the Trustee within a reasonable time after such holder has notice of such loss, destruction or
wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer and the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Issuer and the Trustee. If required by the Trustee or the Issuer,
such holder shall furnish an indemnity bond or security sufficient in the judgment of the Trustee, with respect to the Trustee, and the Issuer, with respect to the Issuer, to protect the Issuer, the Trustee, the Paying Agent and the Registrar from
any loss or liability that any of them may suffer if a Note is replaced and subsequently presented or claimed for payment. The Issuer and the Trustee may charge the holder for their expenses in replacing a Note (including without limitation,
attorneys’ fees and disbursements in replacing such Note). In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may pay such Note instead of
issuing a new Note in replacement thereof. 
 Every replacement Note is an additional obligation of the Issuer. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 

Section 2.09 Outstanding Notes. Notes outstanding at any time are all Notes
authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding. Subject to Section 14.06, a
Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 

  
 26 

 If a Note is replaced pursuant to Section 2.08 (other than a
mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon
surrender of such Note and replacement thereof pursuant to Section 2.08. 
 If a Paying Agent segregates and holds
in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal, premium (if any) and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing,
as the case may be, and no Paying Agent is prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on
them ceases to accrue. 
 Section 2.10 Cancellation. The Issuer at any time may
deliver Notes to the Trustee for cancellation. The Registrar and each Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes
surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of canceled Notes in accordance with its customary procedures. The Issuer may not issue new Notes to replace Notes they have redeemed, paid or
delivered to the Trustee for cancellation. Certification of the cancellation of all canceled Notes shall be delivered to the Issuer upon request. The Trustee shall not authenticate Notes in place of canceled Notes other than pursuant to the terms of
this Indenture. 
 Section 2.11 Defaulted Interest. If the Issuer defaults in a
payment of interest on the Notes, the Issuer shall pay the defaulted interest then borne by the Notes (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Issuer shall pay the defaulted interest to the
Persons who are holders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment date, which specified record date shall not be less than ten (10) days prior to the payment date for
such defaulted interest and shall promptly mail or cause to be mailed to each affected holder, at least fifteen (15) days before the special record date, a notice that states the special record date, the payment date and the amount of defaulted
interest to be paid. The Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on the Notes and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount
of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest, or make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when so deposited to be held in
trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.11. 

Section 2.12 CUSIP Numbers, ISINs, Etc. The Issuer in issuing the Notes may use CUSIP
numbers, ISINs and “Common Code” numbers (if then generally in use), and the Trustee shall use any such CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to holders; provided,
however, that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption that reliance may be placed only on the other
identification numbers printed on the Notes and that any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly advise the Trustee in writing of any change in any such CUSIP numbers, ISINs and
“Common Code” numbers applicable to the Notes. 

  
 27 

 Section 2.13 Calculation of Principal Amount
of Notes. The aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of
the holders of a specified percentage of the principal amount of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the
holders of which have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence,
Section 2.09 and Section 14.06 of this Indenture. 

Section 2.14 Temporary Notes. In the event that Definitive Notes are to be issued under
the terms of this Indenture, until such Definitive Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form
of Definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate Definitive Notes
and deliver them in exchange for temporary Notes upon surrender of such temporary Notes at the office or agency of the Issuer, without charge to the Holder. 

Section 2.15 Payment Net of Taxes. 

(a) For purposes of this Section 2.15, the term “applicable law” includes FATCA. 

(b) Any and all payments by or on account of any obligation of the Issuer under any Note Document shall be made without deduction or
withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of the Issuer) requires the deduction or withholding of any Tax from any such payment by the Issuer, then the Issuer
shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable
by Issuer shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.15), each holder
receives an amount equal to the sum it would have received had no such deduction or withholding been made. 
 (c) Without duplication of any
obligation under Section 2.15(b), Issuer shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of each holder timely reimburse it for the payment of, any Other Taxes.

  
 28 

 (d) Without duplication of any obligation under Section 2.15(b) or
(c), Issuer shall indemnify each holder, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section 2.15) payable or paid by such holder or required to be withheld or deducted from a payment to such holder and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Issuer by a holder shall be conclusive absent manifest error. 

(e) As soon as practicable after any payment of Taxes by Issuer to a Governmental Authority pursuant to this
Section 2.15, Issuer shall deliver to the applicable holder the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to such holder. 
 (f) Status of Holders. 

(i) If a holder is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Note
Document, it shall deliver to Issuer, at the time or times reasonably requested by Issuer, such properly completed and executed documentation reasonably requested by Issuer as will permit such payments to be made without withholding or at a reduced
rate of withholding. In addition, each holder, if reasonably requested by Issuer, shall deliver such other documentation prescribed by applicable law or reasonably requested by Issuer as will enable Issuer to determine whether or not such holder is
subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation other than such documentation set forth in
Section 2.15(f)(ii)(A), (ii)(B) and (ii)(D) below shall not be required if in a holder’s reasonable judgment such completion, execution or submission would subject such holder to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such holder. 
 (ii) Without limiting the
generality of the foregoing: 
 (A) any holder that is a U.S. Person shall deliver to Issuer on or prior to the date on
which such holder becomes a holder under this Indenture (and from time to time thereafter upon the reasonable request of Issuer), executed originals of IRS Form W-9 certifying that such holder is exempt from
United States federal backup withholding tax; 
 (B) any Foreign Holder shall, to the extent it is legally entitled to do
so, deliver to Issuer (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Holder becomes a holder under this Agreement (and from time to time thereafter upon the reasonable request of
Issuer), whichever of the following is applicable: 

  
 29 

 (1) in the case of a Foreign Holder claiming the benefits of an income tax
treaty to which the United States is a party (x) with respect to payments of interest under any Note Document, executed originals of IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, United States federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other
applicable payments under any Note Document, IRS Form W- 8BEN or W-8BEN-E establishing an exemption from, or reduction of, United
States federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(2) executed originals of IRS Form W-8ECI; 

(3) in the case of a Foreign Holder claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate to the effect that such Foreign Holder is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Issuer within the meaning of
Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E; or 

(4) to the extent a Foreign Holder is not the beneficial owner, executed originals of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or
W-8BEN-E, a U.S. Tax Compliance Certificate (with appropriate modifications so that the certifications apply to such Foreign Holder and/or to each beneficial owner, as
applicable) and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Holder is a partnership and one or more direct or indirect partners of such Foreign Holder are claiming the portfolio
interest exemption, such Foreign Holder may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; 

(C) any Foreign Holder shall, to the extent it is legally entitled to do so, deliver to Issuer (in such number of copies as
shall be requested by the recipient) on or prior to the date on which such Foreign Holder becomes holder under this Agreement (and from time to time thereafter upon the reasonable request of Issuer), executed originals of any other form prescribed
by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Issuer to determine the
withholding or deduction required to be made; and 

  
 30 

 (D) if a payment made to any holder under any Note Document would be
subject to United States federal withholding Tax imposed by FATCA if such holder were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable),
such holder shall deliver to Issuer at the time or times prescribed by law and at such time or times reasonably requested by Issuer such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the
Code) and such additional documentation reasonably requested by Issuer as may be necessary for Issuer to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to
determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

Each holder agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify Issuer in writing of its legal inability to do so. 
 (g) If any party determines,
in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.15 (including by the payment of additional amounts pursuant to this
Section 2.15), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.15 with respect to the Taxes giving rise
to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will
the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax
position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to
such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to apply for a refund or make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the
indemnifying party or any other Person. 
 (h) Each party’s obligations under this Section 2.15 shall survive
the assignment of rights by, or the replacement of, each holder, and the repayment, satisfaction or discharge of all of the Notes. 
 (i) The
Issuer shall, at its own cost and expense, be permitted to replace any holder that requests reimbursement for amounts owing pursuant to this Section 2.15 with a replacement holder; provided, that (i) prior to
any such replacement, such holder shall not have 

  
 31 

 
withdrawn such request for payment of such amounts, (ii) the replacement holder shall purchase, at par, all Notes and other amounts owing to such replaced holder on or prior to the date of
replacement, (iii) such replacement will thereafter result in a reduction of amounts owing by the Issuer pursuant to this Section 2.15 and (iv) the replacement shall not conflict with applicable law. 

ARTICLE III 
 REDEMPTION

 Section 3.01 Redemption. The Notes, or any series of Notes, may be redeemed,
in whole or from time to time in part, subject to the conditions and at the redemption prices set forth in Paragraph 5 of the form of Note set forth in Exhibit A hereto, which is hereby incorporated by reference and made a part of this
Indenture, together with accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, that, any such redemption shall be for an aggregate principal amount of Notes not less than $5,000,000 or such lesser amount that
represents the aggregate outstanding principal amount of the Notes at such time. 
 Section 3.02
Applicability of Article. Redemption of Notes at the election of the Issuer or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with Paragraph 5 of the form of Note set forth in
Exhibit A hereto and this Article III. 
 Section 3.03 Notices to Trustee. If
the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Paragraph 5 of the Note or the Issuer is required to redeem the Notes in accordance with Section 3.09 hereof, the Issuer shall notify the Trustee in an
Officers’ Certificate of (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount and applicable series of Notes to be redeemed and (iv) the
redemption price. The Issuer shall give notice to the Trustee provided for in this paragraph at least 30 days but not more than 60 days before a redemption date if the redemption is an optional redemption pursuant to Paragraph 5 of the Note;
provided, notice may be given more than 60 days prior to a redemption date if issued in accordance with Section 8.01. The Issuer, subject to Section 3.05(b), may also include a request in
such Officers’ Certificate that the Trustee gives the notice of redemption in the Issuer’s name and at its expense and setting forth the information to be stated in such notice as provided in Section 3.05. Any
such notice may be canceled at any time prior to notice of such redemption being mailed to any holder or otherwise delivered in accordance with the applicable procedures of the Depository and shall thereby be void and of no effect. The Issuer shall
deliver to the Trustee such documentation and records as shall enable the Trustee to select the Notes to be redeemed pursuant to Section 3.04. 

Section 3.04 Selection of Notes to Be Redeemed. In the case of any partial redemption,
selection of the Notes for redemption will be made (a) by the Trustee on a pro rata basis or as otherwise required in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed (and the
Issuer shall notify the Trustee of any such listing), or if the Notes are not so listed, on a pro rata basis to the extent practicable or by lot or by such other method as the Trustee shall deem fair

  
 32 

 
and appropriate (and, in such manner that complies with the requirements of the Depository, if applicable with respect to each applicable series of Notes to be redeemed) and (b) coupons and
in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof; provided, that, Notes may be issued in denominations of less than $2,000 solely to accommodate book-entry positions that have been created by the
Depository in denominations of less than $2,000 (or if any PIK Interest has been paid, in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof). For the avoidance of doubt, the Initial Notes and any PIK Notes issued
prior to obtaining DTC eligibility in accordance with Section 4.21 shall be issued in the form of Definitive Notes. 

Section 3.05 Notice of Redemption. 

(a) At least fifteen (15) but not more than sixty (60) days before a redemption date pursuant to either
Section 3.09 or Paragraph 5 of the Note, the Issuer will send to the Depository in accordance with Applicable Procedures or shall mail or cause to be mailed by first-class mail, or otherwise deliver in accordance with the
procedures of the Depository, a notice of redemption to each holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee), except that redemption notices may be mailed or otherwise delivered more than sixty
(60) days prior to the redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article VIII. 

Any such notice shall identify the Notes to be redeemed and shall state: 

(i) the redemption date; 

(ii) the redemption price and the amount of accrued and unpaid interest to, but excluding, the redemption date; 

(iii) the name and address of the Paying Agent; 

(iv) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note shall be issued (or transferred by book entry) in the name of the holder thereof upon cancellation of the
original Note; 
 (v) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price, plus accrued and unpaid interest, if any; 
 (vi) if fewer than all the outstanding Notes of such series are to
be redeemed, the certificate numbers and principal amounts of the particular Notes to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of such series of Notes to be outstanding after such partial
redemption; 
 (vii) that, unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited
from making such payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

  
 33 

 (viii) the CUSIP number, ISIN and/or “Common Code” number, if any,
printed on the Notes being redeemed; 
 (ix) that no representation is made as to the correctness or accuracy of the CUSIP
number or ISIN and/or “Common Code” number, if any, listed in such notice or printed on the Notes; and 
 (x) any
condition precedent applicable to the redemption. 
 (b) At the Issuer’s request, the Trustee shall deliver the notice of redemption in
the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall notify the Trustee of such request at least five (5) Business Days prior to the date such notice is to be provided to holders. If any of the Notes are in
the form of a Global Note, then the Issuer, or the Trustee at the Issuer’s request, shall modify the notice to be given pursuant to this Section 3.04 and the method of delivery of such notice to the extent necessary to
accord with the Applicable Procedures that apply to the redemption of Global Notes and beneficial interests in Global Notes. 
 (c) Notice of
any optional redemption of the Notes in connection with a corporate transaction may, at the Issuer’s discretion be given prior to the completion of such corporate transaction, and any such redemption or notice may, at the Issuer’s
discretion, be subject to one or more conditions precedent, including, but not limited to, the completion of the related corporate transaction. In addition, if such redemption or purchase is subject to satisfaction of one or more conditions
precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be extended until such time as any or all such conditions shall be satisfied or waived, or such
redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so extended. The Issuer shall provide written
notice to the Trustee prior to the close of business two Business Days prior to the redemption date if any such redemption has been rescinded or delayed, and upon receipt the Trustee shall provide such notice to each holder of the Notes in the same
manner in which the notice of redemption was given. 
 Section 3.06 Effect of Notice of
Redemption. Once notice of redemption is mailed or otherwise delivered in accordance with Section 3.05, Notes called for redemption become due and payable on the redemption date and at the redemption price stated in
the notice, unless any conditions precedent have not been satisfied or waived. Upon surrender to the Paying Agent, such Notes shall be paid on the redemption date at the redemption price stated in the notice, plus accrued and unpaid interest,
if any, to, but not including, the redemption date and such Notes shall be cancelled by the Trustee; provided, however, that if the redemption date is after a regular Record Date and on or prior to the Interest Payment Date, the
accrued interest shall be payable to the holder of the redeemed Notes registered on the relevant Record Date. Failure to give notice or any defect in the notice to any holder shall not affect the validity of the notice to any other holder. 

  
 34 

 Section 3.07 Deposit of Redemption
Price. With respect to any Notes called for redemption, prior to 10:00 a.m., New York City time, on the redemption date, the Issuer shall deposit with the Paying Agent (or, if the Issuer is the Paying Agent, shall segregate and hold in
trust) money sufficient to pay the redemption price of and accrued and unpaid interest (including accrued and unpaid PIK Interest which for the avoidance of doubt shall be paid in cash), if any, to, but not including, the redemption date on all
Notes or portions thereof to be redeemed on that date (including any PIK Notes or any increased principal amount of Notes sufficient to pay PIK Interest) other than Notes or portions of Notes called for redemption that have been previously delivered
by the Issuer to the Trustee for cancellation. On and after the redemption date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the
redemption price of, plus accrued and unpaid interest (including accrued and unpaid PIK Interest which for the avoidance of doubt shall be paid in cash), if any, on, the Notes to be redeemed, unless the Paying Agent is prohibited from making
such payment pursuant to the terms of this Indenture. The Paying Agent shall promptly return to the Issuer any money deposited with the Paying Agent in excess of the amounts necessary to pay such amounts. 

Section 3.08 Notes Redeemed in Part. If any Note of any series is to be redeemed in
part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be redeemed. Upon surrender and cancellation of a Note that is redeemed in part, the Issuer shall execute and the Trustee shall,
upon receipt of an Authentication Order, authenticate for the holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered and cancelled. 

Section 3.09 Mandatory Redemption Upon IPO. 

(a) Upon an IPO, HoldCo shall contribute the proceeds to the Issuer, if applicable, and the Issuer shall be required to apply the net cash
proceeds received from any such IPO after deduction of all discounts, underwriters’ commissions and other reasonable expenses directly related to the IPO (the “IPO Proceeds”) to, upon 10 days’ prior written notice to the
Trustee and the holders given within 5 days upon the closing of such IPO, redeem the maximum principal amount of Notes that is at least $2,000 and an integral multiple of $1,000 in excess thereof (or if a PIK Payment has been made, in the amount of
$1.00 or any integral multiple of $1.00 in excess thereof) that may be purchased out of the IPO Proceeds (the “IPO Redemption”) at a redemption price in cash (the “IPO Redemption Price”) in an amount equal to 100%
of the principal amount thereof, plus accrued and unpaid interest, together with an amount of cash equal to all accrued and unpaid PIK Interest, to, but excluding, the mandatory redemption date, and will be payable in cash, to the date fixed for the
mandatory redemption, in accordance with the procedures set forth in this Section 3.09. 
 (b) An IPO Redemption
shall be conducted in compliance with this Article III, including Section 3.03 through Section 3.08 hereof. 

  
 35 

 ARTICLE IV 

COVENANTS 

Section 4.01 Payment of Notes. The Issuer shall promptly pay the principal of and cash
interest and increase the principal amount of the Notes or issue PIK Notes to pay the PIK Interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. An installment of principal of, cash interest and any PIK
Notes or any increased principal amount of Notes sufficient to pay all PIK Interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds as of 10:00 a.m., New York City time, money sufficient to pay
all principal and cash interest then due, and upon delivery of an Authentication Order to the Trustee on or prior to the date the payment is due of any PIK Notes to be authenticated and delivered or any increased principal amount of the applicable
Global Notes sufficient to pay all PIK Interest then due, and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture. Any payment of principal
or interest shall be applied ratably among all series of Notes for which principal or interest is due and owing on such date. 
 The Issuer
shall pay interest (including, to the extent legally allowed, post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate specified therefor in the Notes, and it shall pay interest (including, to the extent
legally allowed, post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate borne by the Notes to the extent lawful. 

The Issuer shall provide the Trustee, Paying Agent (if other than the Trustee) and the holders of Notes, written notice of its calculation of
cash interest and PIK Interest pursuant to paragraph 1 of the Notes, no less than 10 Business Days prior to the relevant Interest Payment Date, which notice shall specify the amount to be paid as cash interest and the amount to be paid as PIK
Interest, if any. 
 Section 4.02 Reports and Other Information. 

(a) So long as any Notes are outstanding, the Issuer will provide to the Trustee and, upon request for so long as any Notes are outstanding,
the Issuer will provide to the beneficial owners of Notes, a copy of all of the information and reports referred to below: 

(i) within one hundred and twenty (120) days after the end of each fiscal year of the Issuer, the audited consolidated
balance sheet and related consolidated statements of operations, stockholders’ equity and cash flows of the Issuer and its Consolidated Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the figures
for the previous fiscal year, all reported on by a firm of independent public accountants registered with the PCAOB (without qualification and without any qualification or exception as to the scope of such audit) to the effect that such consolidated
financial statements present fairly in all material respects the financial condition and results of operations of the Issuer and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 

  
 36 

 (ii) within five (5) Business Days of delivery (if any) to
Issuer’s stockholders pursuant to the Investors Agreement, a draft Annual Budget for the succeeding calendar year and any modifications thereto; 

(iii) within sixty (60) days after the end of the first three fiscal quarters of each fiscal year of the Issuer, the
consolidated balance sheet and related consolidated statements of operations and cash flows of the Issuer and its Consolidated Subsidiaries as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth
in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified pursuant to an Officers’ Certificate as presenting fairly
in all material respects the financial condition and results of operations of the Issuer and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes; 
 (iv) concurrently with
any delivery of financial statements under clause (i) or (iii) above, an Officers’ Certificate certifying, to such Officer’s knowledge, as to whether a Default has occurred and, if a Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto; and 
 (v) within ten (10) Business Days
after the occurrence of such an event, a current report that contains a brief summary of the material terms, facts and/or circumstances involved to the extent not otherwise publicly disclosed: (A) completion of a merger of the Issuer with or
into another Person or a material acquisition or disposition of assets by the Issuer outside the ordinary course of business or (B) the institution of, or material development under, bankruptcy proceedings under the U.S. Bankruptcy Code or
similar proceedings under state or federal law with respect to the Issuer. 
 (b) Notwithstanding the foregoing, (i) the Issuer will not
be required to deliver any information, certificates or reports that would otherwise be required by (A) Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 or 308 of Regulation S-K, or (B) Item 10(e) of Regulation S-K promulgated by the SEC with respect to any non-generally accepted accounting principles
financial measures contained therein, and (ii) such information will not be required to contain financial information required by Rule 3-09, Rule 3-10 or Rule 3-16 of Regulation S-X. 
 (c) The Issuer shall, for so long as any
Notes remain outstanding during any period when neither it nor another Reporting Person is subject to Section 13 or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of the Exchange Act, furnish to the holders of the Notes and to prospective investors, upon their request in writing, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act. 

  
 37 

 (d) Notwithstanding the foregoing, the Issuer will be deemed to have delivered such
information referred to in this Section 4.02 to the holders, prospective investors, market makers, securities analysts and the Trustee for all purposes of this Indenture if the Issuer has filed reports containing such
information with the SEC via the EDGAR filing system (or any successor system) and such reports are publicly available. In addition, the requirements of this Section 4.02 shall be deemed satisfied and the Issuer will be
deemed to have delivered such information referred to this Section 4.02 to the Trustee for all purposes of this Indenture by the posting of reports that would be required to be provided on the Issuer’s website (or that
of any of the Issuer’s parent companies). The Trustee shall have no obligation to monitor, on a continuing basis or otherwise, whether the Issuer (or any of the Issuer’s parent companies) complies with such covenants with respect to any
such reports, document or information or whether the Issuer posts such reports, information and documents on its website or the SEC’s EDGAR service, or to collect any such information from the Issuer’s (or any of the Issuer’s parent
companies) website or the SEC’s EDGAR service. 
 (e) Delivery of reports, information and documents to the Trustee pursuant to this
Section 4.02 is for informational purposes only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely conclusively on the Officers’ Certificates). The Trustee shall have no liability or responsibility for the content, filing
or timeliness of any report delivered or filed under or in connection with this Indenture or the transactions contemplated hereunder. 

Section 4.03 Limitation on Incurrence of Indebtedness and Issuance of Disqualified
Stock. 
 (a) The Issuer shall not directly or indirectly, including, but not limited to, through the provision of a guarantee or
other credit support by the Issuer, Incur any Indebtedness or issue any shares of Disqualified Stock. 
 (b) The limitations set forth in
Section 4.03(a) shall not apply to the following (“Permitted Indebtedness”): 

(i) the Incurrence by the Issuer of Indebtedness represented by the Notes (including PIK Interest); 

(ii) Indebtedness Incurred by the Issuer constituting reimbursement obligations with respect to letters of credit and bank
guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits to employees or former employees or their families or
property, casualty or liability insurance or self-insurance, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 

  
 38 

 (iii) obligations pursuant to any unsecured guarantee of the obligations of
any Subsidiary, including any guarantee made in connection with the Securitization Transaction, Tax Equity Transaction and the Warehouse Financings; provided, that, this clause shall not permit any guarantee or incurrence of Indebtedness for
borrowed money; 
 (iv) Hedging Obligations of the Issuer that are not Incurred for speculative purposes; 

(v) obligations (including reimbursement obligations with respect to letters of credit, bank guarantees warehouse receipts and
similar instruments) in respect of tenders, statutory obligations, leases, governmental contracts, trade contracts, stay, performance, bid, appeal and surety bonds, completion guarantees and similar obligations provided by the Issuer in the ordinary
course of business or consistent with past practice or industry practice; 
 (vi) Indebtedness arising from the honoring by a
bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, that, such Indebtedness is extinguished within five (5) Business Days of its
Incurrence; 
 (vii) Indebtedness in respect of Obligations of the Issuer to pay the deferred purchase price of goods or
services or progress payments in connection with such goods and services; provided, that, such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms in the ordinary course of business and not
in connection with the borrowing of money or any Hedging Obligations; 
 (viii) (A) the intercompany Indebtedness set
forth on Schedule 4.03 and (B) the incurrence by the Issuer of intercompany Indebtedness owed to any Subsidiary; provided, that, any Indebtedness incurred under this clause (viii) shall be expressly subordinated to the
Notes and pledged as part of the Collateral; and 
 (ix) to the extent constituting Disqualified Stock, (A) the issuance
of Capital Stock of the Issuer to any employee, director, officer, manager or consultant, and (B) the exchange for or the conversion of any Capital Stock of the Issuer into another form of Capital Stock of the Issuer; provided, that, the
aggregate Indebtedness incurred under this clause (ix) shall not exceed $1,000,000 annually. 
 (c) This covenant shall not
restrict (i) the ability of any Subsidiary of the Issuer to refinance or Incur any Indebtedness, and (ii) the incurrence by the Issuer of Indebtedness contemporaneously with, and for purposes of, the discharge in whole of the Notes and
other Obligations outstanding under the Note Documents, provided, that, the Issuer shall have issued a notice of redemption pursuant to the provisions of Article III hereof, and the only condition set forth therein shall be the receipt
of proceeds sufficient to redeem the Notes and to pay all other Obligations outstanding under the Note Documents. 

  
 39 

 Section 4.04 Limitation on Restricted
Payments. 
 (a) The Issuer shall not directly or indirectly: 

(i) declare or pay any dividend or make any distribution on account of any of the Issuer’s Equity Interests, including any
payment made in connection with any merger, amalgamation or consolidation involving the Issuer or any cash payment made to the holders of any shares of Preferred Stock of the Issuer; 

(ii) purchase or otherwise acquire or retire for value any Equity Interests of the Issuer or HoldCo; 

(iii) apply any Net Proceeds from Asset Sales for any purposes other than as permitted under this Indenture; or 

(iv) make any Investment other than a Permitted Investment. 

(b) The provisions of Section 4.04(a) shall not prohibit: 

(i) a Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests of the Issuer
or HoldCo held by any future, present or former holder, including any employee, director, officer, manager or consultant of the Issuer or HoldCo or any Subsidiary of the Issuer pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or other agreement or arrangement, including in connection with the withholding portion granted or awarded for payable taxes; provided, however, that the aggregate Restricted Payments made under this
clause (i) do not exceed $1 million in any calendar year, with unused amounts in any calendar year being permitted to be carried over to succeeding calendar years subject to a maximum of $2 million in any calendar year;
provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed the cash proceeds of key man life insurance policies received by the Issuer or HoldCo (to the extent contributed to
the Issuer) after the Closing Date; 
 (ii) the payment, defeasance, repurchase, redemption or other acquisition or
retirement for value of any Subordinated Indebtedness pursuant to provisions similar to those described in Section 4.06 and Section 4.08; provided, that, all Notes tendered by holders
of the Notes in connection with a Change of Control Offer or required to be redeemed or purchased pursuant to Section 4.06(b) have been repurchased, redeemed or acquired for value; 

(iii) issuance of any Capital Stock of the Issuer to HoldCo; 

 
 (iv) the repayment of intercompany debt among the Issuer
and any Subsidiaries that was permitted to be incurred under this Indenture; 

  
 40 

 (v) redemptions, repurchases, retirements or other acquisitions of Equity
Interests deemed to occur upon exercise or conversion of stock appreciation rights, restricted stock, unit options, restricted units, phantom units, warrants, incentives, rights to acquire Equity Interests or other derivative securities, stock
options or warrants or other securities convertible into or exchangeable for Equity Interests if such Equity Interests represent all or a portion of the exercise price of such options or warrants or other securities convertible into or exchangeable
for Equity Interests; provided, however, that it shall be a Restricted Payment if any portion of such exercise or conversion price is payable in cash; 

(vi) cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exchangeable for Capital Stock of the Issuer, any of its Subsidiaries or any direct or indirect parent companies; provided, however, that the aggregate Restricted Payments made under this clause
(vi) do not exceed $50,000; 
 (vii) Permitted Tax Distributions; and 

(viii) so long as no Default or Event of Default has occurred and is continuing or would occur as a consequence thereof, other
Restricted Payments in an aggregate amount not to exceed $3 million since the Closing Date. 
 (c) Subject to the last paragraph of
Section 4.07, this covenant shall not restrict the ability of any Subsidiary of the Issuer to make any of the payments described in Section 4.04(a). 

Section 4.05 Dividend and Other Payment Restrictions Affecting Subsidiaries. The Issuer
shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of the Issuer or such Subsidiary
of the Issuer to: 
 (a) (i) pay dividends or make any other distributions to the Issuer or any Subsidiary of the Issuer (1) on its
Capital Stock; or (2) with respect to any other interest or participation in, or measured by, its profits or (ii) pay any Indebtedness owed to the Issuer or any Subsidiary of the Issuer; 

(b) make loans or advances to the Issuer or any Subsidiary of the Issuer; or 

(c) sell, lease or transfer any of its properties or assets to the Issuer or any Subsidiary of the Issuer, except in each case for such
encumbrances or restrictions existing under or by reason of: 
 (i) (A) contractual encumbrances or restrictions in
effect on the Closing Date (including the AP5 Term Loan, provided that the Issuer shall repay and extinguish such Indebtedness no later the next succeeding Business Day following the Closing Date) and (B) contractual encumbrances or
restrictions pursuant to the Securitization Transaction, Tax Equity Transaction and the Warehouse Financing and any contractual encumbrances or restrictions that are similar to the foregoing, contractual encumbrances or restrictions under other
financing transactions that are similar to the foregoing, or any amendments, modifications, restatements, renewals, supplements, refundings, replacements or refinancings of such agreements or instruments similar to any of the foregoing; including in
each case, for the avoidance of doubt, any scheduled or mandatory amortizations, restrictions on dividends or cash sweep provisions thereunder; 

  
 41 

 (ii) this Indenture, the Notes or the other Note Documents; 

(iii) applicable law or any applicable rule, regulation or order or the terms of any license, authorization, concession or
permit provided by any Governmental Authority; 
 (iv) any agreement or other instrument of a Person acquired (or assumed in
connection with the acquisition of property) by the Issuer or any Subsidiary of the Issuer which was in existence at the time of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit
support utilized to consummate such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and
its Subsidiaries, so acquired; 
 (v) contracts or agreements for the sale of assets, including any restriction with respect
to a Subsidiary of the Issuer imposed pursuant to an agreement entered into for the sale or disposition of the Capital Stock or assets of such Subsidiary of the Issuer; 

(vi) Secured Indebtedness otherwise permitted to be Incurred pursuant to Section 4.03 and
Section 4.04. that limit the right of the debtor to dispose of the assets securing such Indebtedness; 

(vii) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (viii) purchase money obligations for property acquired and Capitalized Lease Obligations in the
ordinary course of business that impose restrictions of the nature discussed in clause (c) above on the property so acquired; 

(ix) customary provisions contained in leases, subleases, licenses, sublicenses and other similar agreements entered into in
the ordinary course of business or consistent with past practice or industry norm; 
 (x) in the case of clause
(c) above, any encumbrance or restriction that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract, or the assignment or transfer of any
such lease, license (including, without limitation, licenses of intellectual property) or other contracts; 

  
 42 

 (xi) Disqualified Stock or Preferred Stock of such Subsidiaries of the
Issuer issued prior to or following the Closing Date in compliance with this Indenture; 
 (xii) customary restrictions and
conditions contained in the document relating to any Lien so long as such Lien is a Permitted Lien and such restrictions or conditions relate only to the specific asset subject to such Lien; 

(xiii) agreements governing Hedging Obligations incurred in the ordinary course of business; and 

(xiv) any encumbrances or restrictions of the type referred to in Section 4.05(a), (b) or
(c) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through
(xiii) above; provided, that, such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, not materially more restrictive with
respect to such dividend and other payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

For purposes of determining compliance with this Section 4.05, (i) the priority of any Preferred Stock in receiving
dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or
advances made to the Issuer or a Subsidiary to other Indebtedness Incurred by the Issuer or any such Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

Section 4.06 Asset Sales. 

(a) The Issuer shall not make an Asset Sale, unless (x) the Issuer receives consideration at the time of such Asset Sale at least equal to
the Fair Market Value of the assets sold or otherwise disposed of, and (y) at least 75% of the consideration therefor received by the Issuer is in the form of Cash Equivalents; provided, that, the amount of: 

(i) any liabilities (as shown on the Issuer’s most recent balance sheet or in the notes thereto, or if incurred or accrued
subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Issuer’s balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet,
as determined in good faith) of the Issuer (other than liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee of any such assets or that are otherwise cancelled or terminated in connection with the
transaction with such transferee; 
 (ii) any securities, notes or other obligations or other securities or assets received
by the Issuer from such transferee that are converted by the Issuer into cash within 180 days of the receipt thereof (to the extent of the cash received); and 

  
 43 

 (iii) Indebtedness of any Subsidiary of the Issuer that is no longer a
Subsidiary of the Issuer as a result of such Asset Sale, to the extent that the Issuer and each other Subsidiary of the Issuer is released from any guarantee of payment of such Indebtedness in connection with the Asset Sale; shall be deemed to be
Cash Equivalents for the purposes of this Section 4.06(a). 
 (b) With respect to any Asset Sale by the Issuer,
(A) no Permitted Holder shall purchase or acquire any asset which is the subject of such Asset Sale without the consent of the holders of a majority in aggregate principal amount of the Notes and (B) immediately after the Issuer’s
receipt of the Net Proceeds of any Asset Sale, the Issuer shall use all of the Net Proceeds to redeem the maximum principal amount of Notes that may be redeemed out of the Net Proceeds in accordance with the provisions of this Indenture or via open
market purchases at or above par. 
 (c) The Issuer will comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to Section 4.06(b). To the extent that the
provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this
Indenture by virtue thereof. 
 (d) Any redemption pursuant to Section 4.06(b) shall be conducted in compliance
with Article III of the Indenture, including Section 3.03 through Section 3.08 thereof at the price specified in paragraph 5 of the Notes. 

Section 4.07 Transactions with Affiliates. 

(a) The Issuer shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, make any payment to, or sell, lease,
transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee
with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) unless: 

(i) such Affiliate Transaction is on terms, taken as a whole, that are not materially less favorable to the Issuer or the
relevant Subsidiary of the Issuer than those that could have been obtained in a comparable transaction by the Issuer or such Subsidiary with an unrelated Person; 

(ii) such Affiliate Transaction is consented to by the holders of a majority in aggregate principal amount of the then
outstanding Notes (including Additional Notes, if any) voting as a single class; and 
 (iii) the Issuer delivers to the
Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Issuer, approving such Affiliate Transaction and set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with clause
(i) and (ii) above and that all conditions precedent have been met. 

  
 44 

 (b) The provisions of Section 4.07(a) shall not apply to the
following: 
 (i) transactions between or among the Issuer and/or any of its Subsidiaries (or an entity that becomes a
Subsidiary of the Issuer as a result of such transaction); 
 (ii) the Preferred Stock Commitment, issuances of Equity
Interests to fund the equity contribution required under Section 4.20 hereof and any issuance of Equity Interests in the Issuer which otherwise complies with the provisions of this Indenture (but excluding, for the
avoidance of doubt, any issuance of Equity Interests in a Subsidiary to any Affiliate), and those Affiliate Transactions in effect on the Closing Date set forth on Schedule 4.07 and any amendment or replacement of any of such agreements so
long as such amendment or replacement agreement is no less advantageous to the Issuer or a Subsidiary, taken as a whole, in any material respect than the agreement so amended or replaced. 

(iii) Restricted Payments permitted by Section 4.04 and Permitted Investments; 

(iv) the payment of customary fees,
out-of-pocket costs and reimbursement of expenses paid to, and indemnity provided on behalf of, officers, directors, managers, employees or consultants of the Issuer,
any Subsidiary of the Issuer, or HoldCo; 
 (v) transactions with customers, clients, suppliers or purchasers or sellers of
goods or services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Issuer and the
Subsidiaries in the reasonable determination of the Board of Directors or the senior management of the Issuer, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 

(vi) the issuances of securities or other payments, awards or grants in cash, securities or otherwise, in each case pursuant to
or in connection with the funding of employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Issuer or any direct or indirect parent of the Issuer or of a
Subsidiary, as appropriate, in good faith; 
 (vii) any contribution to the capital of the Issuer; 

(viii) transactions permitted by, and complying with, Section 5.01; 

(ix) any employment agreements entered into by the Issuer or any Subsidiary in the ordinary course of business, and advances to
or reimbursements of expenses incurred by employees for moving, entertainment and travel expenses and similar expenditures in the ordinary course of business; and 

  
 45 

 (x) licenses of, or other grants of rights to use, intellectual property
granted by the Issuer or any Subsidiary in the ordinary course of business or consistent with industry practice. 
 Notwithstanding anything to the contrary
contained in this Section 4.07, the Issuer shall not enter into any agreement (including without limitation, the acquisition of any Equity Interests of any Subsidiary or any purchase or other acquisition of assets which are
the subject of any Asset Sale) with the Sponsor or any portfolio company of the Sponsor without the consent of the holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a
single class. 
 Section 4.08 Change of Control. 

(a) Subject to Section 4.08(i), upon the occurrence of a Change of Control, each holder shall have the right to
require the Issuer to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 100% of the principal amount thereof, including any PIK Notes or any increased principal amount of Notes as payment for PIK Interest,
plus accrued and unpaid cash interest together with an amount of cash equal to all accrued and unpaid PIK Interest, if any, to, but excluding, the date of repurchase (the “Change of Control Payment”) (subject to the right of
the holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), in accordance with the terms contemplated in this Section 4.08. 

(b) Within three (3) days, or as soon as practical, after the Issuer gains knowledge of the Change of Control, except to the extent that
the Issuer has exercised its right to redeem the Notes in accordance with Article III of this Indenture, the Issuer shall mail (or with respect to Global Notes, to the extent permitted or required by Applicable Procedures, send
electronically) a notice (a “Change of Control Offer”) to each holder with a copy to the Trustee (or deliver a notice pursuant to the procedures of the Depository) stating: 

(i) that a Change of Control has occurred and that such holder has the right to require the Issuer to repurchase such
holder’s Notes for the Change of Control Payment (subject to the right of the holders of record on the relevant Record Date to receive interest on the relevant Interest Payment Date); 

(ii) the circumstances regarding such Change of Control; 

(iii) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is sent);

 (iv) the instructions determined by the Issuer, consistent with this Section 4.08, that a holder
must follow in order to have its Notes purchased; and 
 (v) that all Notes accepted for payment pursuant to the Change of
Control Offer will cease to accrue interest after the payment date. 
 (c) Holders electing to have a Note purchased shall be required to
surrender the Note, with an appropriate form duly completed, to the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. The holders shall be entitled to withdraw

  
 46 

 
their election if the Trustee or the Issuer receives not later than two Business Days prior to the purchase date a facsimile or electronic transmission or letter setting forth the name of the
holder, the principal amount of the Note which was delivered for purchase by the holder and a statement that such holder is withdrawing his election to have such Note purchased. Holders whose Notes are purchased only in part shall be issued new
Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 
 (d) On the purchase date, all Notes purchased by the
Issuer under this Section 4.08 shall be delivered to the Trustee for cancellation, and the Issuer shall pay the purchase price plus accrued and unpaid interest to the holders entitled thereto. 

(e) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 
 (f) Notwithstanding the foregoing
provisions of this Section 4.08, the Issuer shall not be required to make a Change of Control Offer upon a Change of Control if: (i) a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Section 4.08 applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control
Offer; (ii) a notice of redemption of all outstanding Notes has been given pursuant to Section 3.05, unless and until there is a default in payment of the applicable redemption price; or (iii) in connection with
or in contemplation of any Change of Control, the Issuer has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price equal to or higher than the Change of Control Payment and have
purchased all Notes properly tendered in accordance with the terms of the Alternate Offer. 
 (g) Notes repurchased by the Issuer pursuant to
a Change of Control Offer will have the status of Notes issued but not outstanding or will be retired and canceled at the option of the Issuer. Notes purchased by a third party pursuant to the preceding clause (f) will have the status of Notes
issued and outstanding. 
 (h) If holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do
not withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as set forth in this Section 4.08, purchase all of the Notes validly tendered
and not withdrawn by such holders, the Issuer or such third party will have the right, upon not less than thirty (30) nor more than sixty (60) days’ prior notice, given not more than thirty (30) days following such purchase
pursuant to the Change of Control Offer as set forth in this Section 4.08, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to the Change of Control Payment. 

(i) A Note shall be deemed to have been accepted for purchase at the time the Trustee, directly or through an agent, mails or delivers payment
therefor to the surrendering holder. 
 (j) The Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of
the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.08. To the extent that the provisions of any securities laws or regulations conflict with
provisions of this Section 4.08, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by
virtue of such compliance. 

  
 47 

 Section 4.09 Pro Rata Payments. The
Issuer will not, and will not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid, any consideration to or for the benefit of any holder of Notes for, or as an inducement to, any consent, waiver or amendment of any of
the terms or provisions of this Indenture, the Notes or the Security Documents unless such consideration is offered to be paid and is paid to all holders of the Notes that consent, waive or agree to amend in the time frame set forth in the
solicitation documents relating to such consent, waiver or agreement. The Issuer will not, and will not permit any of its Affiliates, to pay any interest, principal or premium, if any, purchase price of any Note when due at its Stated Maturity, upon
optional redemption, upon optional repurchase (in the open market or otherwise), upon required repurchase, upon declaration or otherwise unless such interest, principal or premium, if any, or purchase price is offered to be paid and is paid pro rata
to all holders of the Notes. 
 Section 4.10 Liens. 

(a) The Issuer shall not directly or indirectly, create or Incur any Lien (except Permitted Liens) on any asset or property of the Issuer
securing Indebtedness of the Issuer unless the Notes are equally and ratably secured with (or on a senior basis to, in the case of obligations subordinated in right of payment to the Notes) the obligations so secured until such time as such
obligations are no longer secured by a Lien. 
 (b) Any Lien that is granted to secure the Notes under
Section 4.10(a) shall be automatically released and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Notes under such Section 4.10(a). 

Section 4.11 Maintenance of Office or Agency. 

(a) The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where
Notes may be surrendered for registration of transfer or for exchange. The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the Corporate Trust Office of the Trustee as set forth in
Section 14.02. 
 (b) The Issuer may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its
obligation to maintain an office or agency for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

(c) The Issuer hereby designates the Corporate Trust Office of the Trustee or its agent as such office or agency of the Issuer in accordance
with Section 2.04. 

  
 48 

 Section 4.12 Further Assurances; Impairment
of Security Interest. 
 (a) The Issuer will not take any action, or omit to take any action, which action or omission would have the
result of materially impairing the security interest with respect to the Collateral for the benefit of the Collateral Trustee, the Trustee and the holders except as expressly set forth in this Indenture or the Security Documents. 

(b) The Issuer shall at its sole cost and expense, execute and deliver all such agreements and instruments and take all further action as
necessary or as the Collateral Trustee or the Trustee shall reasonably request to assure and confirm that the Collateral Trustee holds, for the benefit of itself, the Trustee, and the holders of Notes Obligations, duly created and enforceable and
perfected Note Liens upon the Collateral (including any acquired Property or other Property required by any Security Document to become, Collateral after the Closing Date), in each case, as contemplated by, and with the Lien priority required under,
the Security Documents, and in connection with any merger, consolidation or sale of assets of the Issuer, the property and assets of the Person which is consolidated or merged with or into the Issuer, to the extent that they are property or assets
of the types which would constitute Collateral under the Security Documents, shall be treated as after-acquired property and the Issuer shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the
Note Liens, in the manner and to the extent required under the Security Documents. 
 (c) At any time and from time to time, in each case at
the direction of the holders in accordance with this Indenture and the Security Documents, the Issuer shall promptly execute, acknowledge and deliver such Security Documents, instruments, certificates, financing statements, notices and other
documents, and take such other actions as shall be reasonably required, or that the Collateral Trustee may reasonably request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case as
contemplated by the Note Documents for the benefit of the holders. 
 (d) In addition to the Collateral, from and after the Closing Date, if
the Issuer acquires any Property that constitutes Collateral requiring any supplemental security document for such collateral or other actions to achieve a perfected Lien on such collateral, the Issuer shall promptly (but not in any event no later
than the date that is twenty (20) Business Days (or, in the case of real property, thirty (30) days) after which such Property is acquired), to the extent permitted by applicable law, execute and deliver to the Collateral Trustee
appropriate Security Documents (or amendments thereto) in such form as shall be necessary to grant the Collateral Trustee a valid and enforceable perfected Lien on such Collateral or take such other actions in favor of the Collateral Trustee as
shall be reasonably necessary to grant a valid and enforceable perfected Lien on such Collateral to the Collateral Trustee, for the benefit of itself, the Trustee and holders of the Notes, subject to the terms of this Indenture and the other Note
Documents. 
 Section 4.13 Use of Proceeds. The Issuer will use the proceeds of any
Notes Issued on or after the Closing Date to fund capital expenditures, repay all of the obligations outstanding under the AP5 Term Loan existing on the Closing Date or the next succeeding Business Day, and for other general corporate purposes of
the Issuer. 

  
 49 

 Section 4.14 Existence; Business and
Properties. 
 (a) The Issuer will do, and will cause each Subsidiary of the Issuer to do, or cause to be done, all things necessary
to preserve and keep in full force and effect its existence, corporate rights and authority, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect and except as otherwise permitted under
this Indenture. 
 (b) The Issuer will not and will cause each of its Subsidiaries not to, engage in any business activity or undertake any
other activity, except any activity (i) relating to the business it is currently conducting, and any Similar Business, (ii) relating to the offering, sale or issuance of the Notes, the incurrence of Indebtedness represented by the Notes or
permitted by the terms of any Note Document, (iii) undertaken with the purpose of fulfilling any obligations under the Notes or any security documents or other agreements relating to the Notes, (iv) directly related to the establishment
and/or maintenance of the Issuer’s corporate existence, (v) performing any act incidental to or necessary in connection with any of the above or (vi) other activities that are not specified in (i) through (v) above that are de
minimis in nature. 
 Section 4.15 Maintenance of Insurance. The Issuer will, and
will cause each of its Subsidiaries to, at all times maintain in full force and effect, pursuant to self-insurance arrangements or with insurance companies that the Issuer believes (in the good faith judgment of the management of the Issuer) are
financially sound and reputable at the time the relevant coverage is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance which the Issuer believes (in the good faith judgment of management of the Issuer)
is reasonable and prudent in light of the size and nature of its business) and against at least such risks (and with such risk retentions) as the Issuer believes (in the good faith judgment of management of the Issuer) is reasonable and prudent in
light of the size and nature of its business; and will furnish to the Trustee, upon written request from the Trustee, information presented in reasonable detail as to the insurance so carried. The Issuer shall use commercially reasonable efforts
(taking into consideration any limitations contained in such policies or applicable to the Issuer or any of its Subsidiaries, including in any Material Contracts (as such term is defined in the Purchase Agreement)) to cause the Collateral Trustee to
be listed as an additional insured on any such liability insurance held by the Issuer with respect to the assets of the Issuer as their interests may appear and, if property insurance is obtained, the Collateral Trustee to be listed as a co-loss payee under any such property insurance held by the Issuer with respect to the assets of the Issuer; provided, that, so long as no Event of Default has occurred and is then continuing, the Collateral
Trustee will provide any proceeds of such property insurance to the Issuer to the extent that the Issuer undertakes to apply such proceeds to the reconstruction, replacement or repair of the property insured thereby or are otherwise applied in a
manner permitted hereunder. The Issuer shall deliver to the Trustee within 20 Business Days following the Closing Date (or such later date as the Trustee may reasonably agree), copies of insurance certificates evidencing the insurance required to be
maintained by the Issuer and the Subsidiaries pursuant to this Section 4.15. 

  
 50 

 Section 4.16 Payment of Taxes, etc.
The Issuer shall, and shall cause each of its Subsidiaries to, pay its obligations in respect of all Tax liabilities, assessments and governmental charges, before the same shall become delinquent or in default, except where (i) the amount or
validity thereof is being contested in good faith by appropriate proceedings and the Issuer or a Subsidiary thereof has set aside on its books adequate reserves therefor in accordance with GAAP or (ii) the failure to make such payment could not
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

Section 4.17 Compliance with Laws. The Issuer shall, and shall cause each of its
Subsidiaries to, comply with all laws, rules, regulations and judgments, writs, injunctions, decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted, applicable to it or its property (including without limitation
the USA Patriot Act), except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect; provided, that, this Section 4.17 shall not apply to laws related to Taxes, which are
the subject of 0. 
 Section 4.18 HoldCo Covenant. In the event that a holding
company is established for the sole purpose of holding the Equity Interests in the Issuer (any such company, “HoldCo”), such HoldCo shall provide a guarantee of the Issuer’s obligations under the Notes and this Indenture (the
“HoldCo Guaranty”) and shall pledge the Equity Interests in the Issuer to secure the Notes Obligations. HoldCo shall not Incur any Indebtedness or Liens, or engage in any business activities or own any property other than
(i) the execution and delivery of the Note Documents and the consummation of the transactions contemplated thereby, (ii) the ownership of Capital Stock of the Issuer and, indirectly, any other subsidiary of the Issuer,
(iii) activities and contractual rights incidental to maintenance of its corporate existence and its ownership of the Issuer, and (iv) performance of its obligations under the Note Documents to which it is a party and all documents and
agreements related thereto and any obligations incidental thereto. 
 Section 4.19 Accounting
Firms. The Issuer shall not appoint or change the Issuer’s independent auditor to an independent registered public accounting firm other than Deloitte & Touche LLP, Ernst & Young LLP, KPMG LLP or PricewaterhouseCoopers
LLP, or their respective successors. 
 Section 4.20 Stock Commitment. 

(a) On or Prior to December 1, 2017, the Issuer shall deliver evidence to the Trustee of the funding of the Preferred Stock Commitment,
subject to Section 4.20(c). 
 (b) On or prior to the first anniversary of the Closing Date, the Issuer shall
deliver evidence to the Trustee of the funding of an additional subscription by any or all of the Issuer’s existing or new stockholders for Equity Interests of the Issuer (other than Disqualified Stock) resulting in net proceeds to the Issuer
(taken together with the amount funded in respect of the Preferred Stock Commitment) of at least $80,000,000, subject to Section 4.20(c). 

(c) Notwithstanding the foregoing, the Issuer shall not be in breach of its obligations under this Section 4.20 to
the extent that failure to satisfy any such obligations results solely from (i) with respect to Section 4.20(a), any holder of the Notes not funding its pro rata 

  
 51 

 
portion of the Preferred Stock Commitment, or (ii) with respect to Section 4.20(b), any holder of the Notes not funding its pro rata portion of the Preferred Stock
Commitment; provided however, that the amounts required to be funded under Section 4.20(a) and Section 4.20(b) shall only be reduced by the amounts not funded by holders of the Notes
based on such holder of Notes’ pro rata portion of the Preferred Stock Commitment. 
 Section 4.21
[Reserved]. 
 Section 4.22 Minimum Liquidity. The Issuer will not,
as of the last Business Day of each calendar month prior to the date that ECP has funded its pro rata portion of the Preferred Stock Commitment, permit the Liquidity of the Issuer and its Subsidiaries to be less than $8,000,000, calculated
(x) as of the last Business Day of each calendar month as well as (y) on a 30-day average for the preceding 30 days prior to the last Business Day of such calendar month, in each case, certified
pursuant to an Officers’ Certificate to be delivered to the Trustee, and if requested by beneficial holders, to such beneficial holders, by the 15th of the immediately following month to which such Officers’ Certificate relates;
provided that, if the Issuer shall fail to maintain compliance with this Section 4.22 on any date, then, on or prior to the date that is five (5) Business Days after the earlier of (i) the date the Issuer
obtains knowledge of such non-compliance and (ii) the date of receipt by the Issuer of notice from the Trustee of such non-compliance, the Issuer’s equity
holders, any of their Affiliates or any other Person shall have the right to make any equity investment to the Issuer during such five (5) Business Day period (such right, the “Equity Cure Right”), and upon receipt by the
Issuer of such equity investment, this Section 4.22 shall be recalculated giving effect to such equity investment and such equity investment, if so designated by the Issuer, shall be included as unrestricted cash for
purposes of calculating Unencumbered Cash; provided further, that the Equity Cure Right shall not be exercised more than two times during the term of this Indenture. 

ARTICLE V 
 SUCCESSOR
COMPANY 
 Section 5.01 When Issuer May Merge or Transfer Assets. 

(a) The Issuer may not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not the
Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless: 

(i) the Issuer is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger,
winding up or conversion (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership, limited liability company or similar entity organized or
existing under the laws of the United States, any state thereof, the District of Columbia (the Issuer or such Person, as the case may be, being herein called the “Successor Company”); 

  
 52 

 (ii) the Successor Company (if other than the Issuer) expressly assumes all
the obligations of the Issuer under this Indenture and the other Note Documents, pursuant to supplemental indentures, amendments, joinders or other documents or instruments, as applicable; 

(iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the
Successor Company, or any Subsidiary as a result of such transaction as having been Incurred by the Successor Company, or the Issuer or such Subsidiary at the time of such transaction) no Default shall have occurred and be continuing; 

(iv) the Successor Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures, amendments, joinders or other documents or instruments, as applicable (if any) comply with this Indenture and the other Note Documents; and 

(v) any Collateral owned by or transferred to the Person formed by or surviving any such consolidation or merger (if other than
the Issuer) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made continues to constitute Collateral under the Note Documents, subject to the Note Liens, except as permitted by this Indenture or the
other Note Documents. 
 Except in the case of a lease, the Successor Company (if other than the Issuer) will succeed to, and be substituted
for, the Issuer under this Indenture and the Notes, and in such event the Issuer will automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the foregoing clause (iii) of this
Section 5.01, the Issuer may merge, consolidate or amalgamate with an Affiliate solely for the purpose of reincorporating the Issuer in another state of the United States, the District of Columbia, any territory of the
United States or any province or territory thereof or any subdivision thereof or may convert into a corporation, partnership, limited liability company or similar entity, so long as the amount of Indebtedness of the Issuer is not increased thereby.
Notwithstanding the foregoing, this Section 5.01 shall not apply to an IPO, including with respect to any merger or amalgamation of some or all of the Issuer and its Subsidiaries undertaken in connection with such IPO;
provided, that, the effectiveness of such reorganization shall be conditioned upon the completion of such IPO. 
 ARTICLE VI

 DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. An “Event of Default” occurs with
respect to Notes if: 
 (a) there is a default in any payment of interest on any Note when the same becomes due and payable, and such default
continues for a period of seven (7) days; 

  
 53 

 (b) there is a default in the payment of principal or premium, if any, of any Note when due
at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration of acceleration or otherwise; 
 (c) there is a
failure of the Issuer (i) to meet its obligations under Section 4.20(a), after taking into account Section 4.20(c); (ii) to meet its obligations under
Section 4.20(b), after taking into account Section 4.20(c), or (iii) to meet its obligations under Section 4.22 for five (5) days after receipt of written notice
given by the Trustee or the holders of not less than 33% in principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with such obligations; 

(d) there is a failure by the Issuer or any Subsidiary of the Issuer for sixty (60) days after receipt of written notice given by the
Trustee or the holders of not less than 33% in principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with its 
 other
obligations, covenants or agreements (other than a default referred to in clauses (a), (b) and (c) above) contained in the Note Documents; 

(e) there is a failure by the Issuer or any Subsidiary to pay any Indebtedness, in each case within any applicable grace period after final
maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $5 million or its foreign currency equivalent; 

(f) the Issuer, or any Subsidiary of the Issuer with more than $5.0 million in liabilities outstanding at such time, pursuant to or within
the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case; 

(ii) consents to the entry of an order for relief against it in an involuntary case; 

(iii) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

(iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating
to insolvency; 
 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Issuer, or any Subsidiary of the Issuer with more than $5.0 million in liabilities
outstanding at such time, in an involuntary case; 
 (ii) appoints a Custodian of the Issuer, or any Subsidiary of the Issuer
with more than $5.0 million in liabilities outstanding at such time, or for any substantial part of its property; or 

  
 54 

 (iii) orders the winding up or liquidation of the Issuer, or any Subsidiary
of the Issuer with more than $5.0 million in liabilities outstanding at such time, or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for sixty (60) days; 

(h) there is a failure by the Issuer or any Subsidiary of the Issuer to pay final and non-appealable
judgments aggregating in excess of $5.0 million or (net of any amounts which are covered by enforceable insurance policies issued by a carrier who has not disclaimed coverage, or self-insurance or reinsurance agreements), which judgments are
not discharged, waived or stayed for a period of sixty (60) days, 
 (i) the occurrence of any of the following: 

(ii) except as permitted by the Note Documents, any Security Document establishing the Note Liens ceases for any reason to be
enforceable; provided, that, 
 it will not be an Event of Default under this clause (i)(a) if the sole result of the failure
of one or more Security Documents to be fully enforceable is that any Note Lien purported to be granted under such Security Documents on Collateral, individually or in the aggregate, having a Fair Market Value of not more than $5.0 million,
ceases to be enforceable; provided further that if such failure is susceptible to cure, no Event of Default shall arise with respect thereto until 30 days after any officer of the Issuer becomes aware of such failure, which failure has
not been cured during such time period; 
 (iii) except as permitted by the Note Documents, any Note Lien purported to be
granted under any Security Document on Collateral, individually or in the aggregate, having a Fair Market Value in excess of $5.0 million, ceases to be an enforceable and perfected Lien, subject only to Permitted Liens; provided, that,
if such failure is susceptible to cure, no Event of Default shall arise with respect thereto until 30 days after any officer of the Issuer becomes aware of such failure, which failure has not been cured during such time period; 

(iv) if a HoldCo is formed after the Closing Date, any guarantee of the Obligations of the Issuer by HoldCo ceases to be in
full force and effect, is declared null and void in a judicial proceeding or HoldCo denies or disaffirms its obligations under this Indenture or its guarantee; 

(v) the Issuer, or any Person acting on behalf of the Issuer, denies or disaffirms in writing any obligation of the Issuer set
forth in or arising under any Security Document establishing Note Lien; or 
 (vi) any of the representations and warranties
set forth in Article IV of the Purchase Agreement shall prove to have been incorrect in any material respect when made or deemed made (or if already qualified by materiality or Material Adverse Effect (as that term is defined in the Purchase
Agreement), incorrect in any respect when made or deemed made). 

  
 55 

 The foregoing shall constitute Events of Default whatever the reason for any such Event of
Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

However, a default under clause (c) or (d) above shall not constitute an Event of Default until the Trustee or the holders of at least
33% in principal amount of outstanding Notes notify the Issuer, with a copy to the Trustee, of the default and the Issuer does not cure such default within the time specified in clauses (c) or (d) hereof after receipt of such notice. Such
notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” The Issuer shall deliver to the Trustee, within five (5) Business Days after the occurrence thereof,
written notice in the form of an Officers’ Certificate of any event which is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the Issuer is taking or proposes to take with
respect thereto. 
 The term “Bankruptcy Law” means Title 11, United States Code or any similar U.S. Federal, provincial,
territorial or state bankruptcy, insolvency or reorganization law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

Section 6.02 Acceleration. If an Event of Default (other than an Event of Default
specified in Section 6.01 (f) or (g) with respect to the Issuer) occurs with respect to the Notes and is continuing, the Trustee by notice to the Issuer or the holders of at least 33% in principal amount of all
outstanding Notes under this Indenture (with a copy to the Trustee) by notice to the Issuer may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. Upon such a declaration, such
principal, interest and premium, if any, shall be due and payable immediately. If an Event of Default specified in Section 6.01(f) or (g) with respect to the Issuer occurs, the principal of, premium, if
any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. 

In the event of any Event of Default specified in Section 6.01(e), but provided that there has been no declaration
of acceleration with respect to such Event of Default, such Event of Default and all consequences thereof (excluding, however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the
Trustee or the holders of the Notes, if within twenty (20) days after such Event of Default arose the Issuer delivers an Officers’ Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such
Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of
Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes as described above be annulled, waived or rescinded upon the happening of any such events. For the avoidance of doubt, an
acceleration of the Notes hereunder may not be annulled without the consent of a majority of the holders. 

Section 6.03 Other Remedies. If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy at law or in equity to collect the payment of principal of, premium (if any) or interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture. 

  
 56 

 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does
not produce any of them in the proceeding. A delay or omission by the Trustee or any holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. No remedy is exclusive of any other remedy. To the extent required by law, all available remedies are cumulative. 

Section 6.04 Waiver of Past Defaults. Provided the Notes are not then due and payable
by reason of a declaration of acceleration, the holders of a majority in principal amount of all outstanding Notes under the Indenture by written notice to the Trustee, on behalf of all holders, may waive an existing Event of Default and its
consequences except (a) an Event of Default in the payment of the principal of or interest on a Note, (b) an Event of Default arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or
(c) an Event of Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each holder affected. When an Event of Default is waived, it is deemed cured and the Issuer, the
Trustee and the holders will be restored to their former positions and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 

Section 6.05 Control by Majority. The holders of a majority in principal amount of all
outstanding Notes under the Indenture may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow
any direction that conflicts with law or this Indenture, any other Note Document, or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other holder or that would involve the
Trustee in personal liability. Prior to taking any action under this Indenture, the Trustee shall be entitled to security or indemnification satisfactory to it against all losses and expenses caused by taking or not taking such action or following
such direction. 
 Section 6.06 Limitation on Suits. 

(a) No holder may pursue any remedy with respect to this Indenture unless: 

(i) such holder has previously given the Trustee written notice that an Event of Default is continuing; 

(ii) holders of at least 33% in principal amount of all the outstanding Notes under the Indenture have requested the Trustee in
writing to pursue the remedy; 
 (iii) such holders have offered the Trustee security or indemnity satisfactory to it against
any loss, liability or expense; 

  
 57 

 (iv) the Trustee has not complied with such request within sixty
(60) days after the receipt of the request and the offer of security or indemnity; and 
 (v) the holders of a majority
in principal amount of all the outstanding Notes under the Indenture have not given the Trustee a direction inconsistent with such request within such 60-day period; and 

(b) A holder may not use this Indenture to prejudice the rights of another holder or to obtain a preference or priority over another holder (it
being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such holders). 

Section 6.07 Contractual Rights of the Holders to Receive Payment. Notwithstanding any
other provision of this Indenture, the contractual right of any holder to receive payment of principal of, premium (if any) and interest on the Notes held by such holder, on or after the respective due dates expressed or provided for in the Notes,
or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such holder. 

Section 6.08 Collection Suit by Trustee. If an Event of Default specified in
Section 6.01(a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount of
principal of, premium (if any), and interest then due and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest at the rate provided for in the Notes) and the amounts provided for in
Section 7.07. 
 Section 6.09 Trustee May File Proofs of
Claim. The Trustee may file such proofs of claim, statements of interest and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses
disbursements and advances of the Trustee (including counsel, agents, accountants, experts or such other professionals as the Trustee deems necessary, advisable or appropriate)) and the holders allowed in any judicial proceedings relative to the
Issuer, its creditors or its property, shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and to participate as a member, voting or otherwise, of any official
committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in
any such judicial proceeding is hereby authorized by each holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation,
expenses, disbursement and advances of the Trustee, its agents, its counsel and any other amounts due to the Trustee under Section 7.07 hereof out of the estate in any such proceeding shall be denied for any reason, payment
of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that 

  
 58 

 
the holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or agreement or otherwise. Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any holder, or to authorize the Trustee to vote in
respect of the claim of any holder in any such proceeding. 
 Section 6.10
Priorities. Any money or property collected by the Trustee pursuant to this Article VI and any other money or property distributable in respect of the Issuer’s obligations under this Indenture after an Event of Default
shall be applied in the following order: 
 FIRST: to the Trustee, the Collateral Trustee, and the agents and attorneys of the Trustee and
Collateral Trustee for amounts due hereunder, including but not limited to payment of all compensation, expenses and liabilities incurred and all advances made by the Trustee or Collateral Trustee and the costs and expenses of collection; 

SECOND: to the holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 
 THIRD: to the
Issuer. 
 The Trustee may fix a record date and payment date for any payment to the holders pursuant to this
Section 6.10. At least fifteen (15) days before such record date, the Trustee shall send to each holder and the Issuer a notice that states the record date, the payment date and the amount to be paid. 

Section 6.11 Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court of competent jurisdiction in its discretion may require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Article VI does not apply to a suit by the Trustee, a suit by a holder pursuant to Section 6.07 or a suit by holders of more than 10% in principal amount of the Notes. 

Section 6.12 Waiver of Stay or Extension Laws. The Issuer (to the extent it may
lawfully do so) shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or
the performance of this Indenture; and the Issuer (to the extent that they may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the
Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

  
 59 

 ARTICLE VII 

TRUSTEE 

Section 7.01 Duties of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default with respect to the Notes and after the curing or waiving of all Events of
Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested
in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and Trustee undertakes to
perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do
things enumerated in this Indenture shall not be construed as a duty); and 
 (ii) in the absence of bad faith on its part,
the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee
shall be under no duty to make any investigation as to any statement contained in any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in the case
of certificates or opinions required by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this
Indenture (but shall not be required to verify and need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this
Section 7.01; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith
by a Trust Officer unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05; and 

  
 60 

 (iv) no provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise Incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section 7.01. 
 (e) The Trustee shall not be liable for interest on any money or U.S. Government Obligations
received by it except as the Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the Trustee need not be segregated
from other funds except to the extent required by law. 
 (g) Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01. 

Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.
The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may
require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care. 
 (d) The Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it believes
to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel of its own selection and the advice or opinion of such counsel or any Opinion of Counsel with respect
to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or
opinion of such counsel. 
 (f) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the
Issuer shall be sufficient if signed by an Officer of the Issuer. 
 (g) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the holders of not
less than a majority in principal amount of the Notes at the time outstanding and indemnified in accordance with Section 6.05, but the Trustee, in its 

  
 61 

 
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it
shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall Incur no liability of any kind by reason of such inquiry or investigation. 

(h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the holders pursuant to this Indenture, unless such holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be Incurred by it in compliance with
such request or direction. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to
be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) The Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the holders of not
less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this Indenture. 

(k) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent
of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders of Notes and upon Notes executed and delivered in exchange therefor or in place
thereof. 
 (l) The Trustee shall not be deemed to have notice of any Default, Event of Default or failure to fund a Draw Down Request Amount
unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or failure to fund is received by a Trust Officer of the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Notes and this Indenture. 
 (m) The Trustee may request that the Issuer deliver an Officers’ Certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’
Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 
 (n) The
Trustee shall not be responsible or liable for punitive, special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of actions. 
 (o) The Trustee shall not be required to give any bond or surety in respect
of the execution of the trusts and powers under this Indenture. 

  
 62 

 (p) The Trustee shall not be responsible or liable for any failure or delay in the
performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other
military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts of civil or military authorities and governmental
action; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

(q) The Trustee shall have no duty to monitor or provide notice to the holders of the Notes of any failure to fund a Draw Down Request Amount.

 Section 7.03 Individual Rights of Trustee. The Trustee in its individual or any
other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as
defined in the TIA) after a Default has occurred and is continuing, it must eliminate such conflict with 90 days or resign. Any Paying Agent or Registrar may do the same with like rights. However, the Trustee must comply with
Section 7.10. 
 Section 7.04
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the
Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s
certificate of authentication. The Trustee shall not be charged with knowledge of any Default or Event of Default under Sections 6.01 (c), (d), (e), (f), (g), (h) or (i) or of the identity of any
Subsidiary of the Issuer unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee shall have received written notice thereof in accordance with Section 14.02 hereof from the Issuer
or any holder. In accepting the trust hereby created, the Trustee acts solely as Trustee under this Indenture and not in its individual capacity and all persons, including without limitation the holders of Notes and the Issuer having any claim
against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein. 

Section 7.05 Notice of Defaults. If a Default or Event of Default occurs and is
continuing and is actually known to a Trust Officer or the Trustee, the Trustee shall send, or deliver electronically if held by the Depository, to each holder of the Notes notice of the Default or Event of Default within the later of ninety
(90) days after it occurs or thirty (30) days after it is actually known to a Trust Officer or written notice if it is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on
any Note, the Trustee may withhold notice if and so long as the Trustee in good faith determines that withholding notice is in the interests of the noteholders. The Issuer shall deliver to the Trustee, annually, a certificate indicating whether the
signers thereof know of any Default or Event of Default that occurred during the previous year. The Issuer also shall deliver to the Trustee, within thirty (30) days after the occurrence thereof, written notice of any event which would
constitute certain Defaults or Events of Default, their status and what action the Issuer is taking or proposes to take in respect thereof. 

  
 63 

 Section 7.06 [Reserved]. 

Section 7.07 Compensation and Indemnity. The Issuer shall pay to the Trustee from time
to time compensation for the Trustee’s acceptance of this Indenture and its services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances Incurred or made by it, including costs of collection, in addition to the
compensation for its services, except any such disbursements, advances or expenses as may be attributable to its negligence, willful misconduct or bad faith as determined by a court of competent jurisdiction. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuer shall indemnify the Trustee or any predecessor Trustee and their directors, officers, employees and agents
against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees, disbursements, expenses and Taxes (other than Taxes based upon, measured by or determined by the income of the Trustee)) Incurred by or in
connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture against any Issuer (including this Section 7.07) and
defending itself against or investigating any claim (whether asserted by any Issuer, any holder or any other Person). The obligation to pay such amounts shall survive the payment in full or defeasance of the Notes or the removal or resignation of
the Trustee. The Trustee shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Issuer shall not relieve the Issuer of
its indemnity obligations hereunder. The Issuer shall defend the claim and the indemnified party shall provide reasonable cooperation at the Issuer’s expense in the defense. Such indemnified parties may have separate counsel and the Issuer
shall pay the fees, disbursements and expenses of such counsel; provided, however, that the Issuer shall not be required to pay such fees, disbursements and expenses if it assumes such indemnified parties’ defense and, in such
indemnified parties’ reasonable judgment, there is no actual or potential conflict of interest between the Issuer and such parties in connection with such defense. The Issuer need not reimburse any expense or indemnify against any loss,
liability or expense Incurred by an indemnified party through such party’s own willful misconduct, negligence or bad faith. 
 To
secure the Issuer’s payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay
principal of and interest on particular Notes. 
 The Issuer’s payment obligations pursuant to this
Section 7.07 shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any Bankruptcy Law or the resignation or removal of the Trustee. Without prejudice to any
other rights available to the Trustee under applicable law, when the Trustee Incurs expenses after the occurrence of a Default specified in Section 6.01(f) or (g) with respect to the Issuer, the expenses
(including the charges and expenses of the Trustee’s agents and counsel) are intended to constitute expenses of administration under the Bankruptcy Law. 

  
 64 

 Section 7.08 Replacement of Trustee.

 (a) The Trustee may resign at any time with respect to one or all series of Notes by so notifying the Issuer. The holders of a majority in
principal amount of the Notes may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuer shall remove the Trustee if: 

(i) the Trustee fails to comply with Section 7.10; 

(ii) the Trustee is adjudged bankrupt or insolvent, or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee otherwise becomes incapable of acting. 

(b) If the Trustee resigns, is removed by the Issuer or by the holders of a majority in principal amount of the Notes and such holders do not
reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee. 

(c) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to the holders. The retiring Trustee
shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 

(d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
holders of 10% in principal amount of the Notes may petition at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided
in Section 310(b) of the TIA, any holder who has been a bona fide holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

  
 65 

 (f) Notwithstanding the replacement of the Trustee pursuant to this
Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

Section 7.09 Successor Trustee by Merger. If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act
shall be the successor Trustee. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee
shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes
so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee;
and in all such cases such certificates of authentication shall have the full force which it is anywhere in the Notes or in this Indenture. 

Section 7.10 Eligibility; Disqualification. There will at all times be a Trustee
hereunder that is a corporation or association organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate Trustee power, that is subject to supervision
or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. 

ARTICLE VIII 
 DISCHARGE
OF INDENTURE; DEFEASANCE 
 Section 8.01 Discharge of Liability on Notes;
Defeasance. 
 (a) This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights and
immunities of the Trustee and rights of registration or of transfer or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when: 

(i) either (A) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have
been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for
cancellation or (B) all of the Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable, (2) will become due and payable at their Stated Maturity within one year or (3) if redeemable at the
option of the Issuer, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer has irrevocably
deposited or caused to be deposited with the Trustee funds in U.S. dollars in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation,

  
 66 

 
for principal of, premium, if any, and interest (including PIK interest which for the avoidance of doubt shall be paid in cash) on the Notes to the date of maturity or redemption, as the case may
be, together with irrevocable written instructions from the Issuer directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 

(ii) the Issuer has paid all other sums payable under this Indenture; and 

(iii) the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all
conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 (b)
Subject to Section 8.01(c) and Section 8.02, the Issuer at any time may terminate (i) all of its obligations under the Notes and this Indenture with respect to the holders of the Notes
(“legal defeasance option”), and (ii) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, (c), 4.08 and 4.10 and the operation of
Section 5.01 for the benefit of the holders of the Notes, and Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g) (in the case of Sections 6.01(f) and 6.01(g) with respect
to Subsidiaries of the Issuer only), 6.01(h) and 6.01(i) (“covenant defeasance option”). The Issuer may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.

 If the Issuer exercises its legal defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of
Default. If the Issuer exercises its covenant defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default specified in Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f),
6.01(g) (with respect to Subsidiaries of the Issuer only), 6.01(h) and 6.01(i). 
 Upon satisfaction of the conditions
set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer terminates. 

(c) Notwithstanding clauses (a) and (b) above, the Issuer’s obligations in Sections 2.04, 2.05, 2.06,
2.07, 2.08 and 2.09 and Article VII, including, without limitation, Sections 7.07, 7.08 and 7.09, and in this Article VIII and the rights and immunities of the Trustee under this Indenture
shall survive until the Notes have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07, 7.08 and 8.06 and the rights and immunities of the Trustee under this Indenture shall survive such satisfaction
and discharge. 
 Section 8.02 Conditions to Defeasance. 

(a) The Issuer may exercise its legal defeasance option or its covenant defeasance option only if: 

(i) the Issuer irrevocably deposits in trust with the Trustee cash in U.S. Dollars, U.S. Government Obligations or a
combination thereof sufficient, or a combination thereof sufficient, to pay the principal of and premium (if any) and interest on the Notes (including an amount of cash equal to all accrued and unpaid PIK Interest to the applicable date) when due at
maturity or redemption, as the case may be; 

  
 67 

 (ii) the Issuer delivers to the Trustee a certificate from a nationally
recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide
cash at such times and in such amounts as will be sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 

(iii) no Default (other than resulting from borrowing funds to be applied to make such deposit and the granting of Liens in
connection therewith) shall have occurred or is continuing on the date of such deposit; 
 (iv) the deposit does not
constitute a default under any other material agreement or instrument binding on the Issuer; 
 (v) in the case of the legal
defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating, subject to customary assumptions and qualifications, that (A) the Issuer has received from, or there has been published by, the Internal Revenue
Service a ruling, or (B) since the date of this Indenture there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the holders will
not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such deposit and defeasance had not occurred; 
 (vi) such exercise does not impair the right of any holder to
receive payment of principal of, premium, if any, and interest on such holder’s Notes on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes; 

(vii) in the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel to
the effect, subject to customary assumptions and qualifications, that the holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax
on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 

(viii) the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article VIII have been complied with. 

  
 68 

 All of the Collateral will be released from the Lien securing the Notes, as provided under
Section 13.07 hereof, upon the exercise of the Issuer’s legal defeasance option or covenant defeasance option in accordance with the provisions described above. 

(b) Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Notes at a future date
in accordance with Article III. 
 Section 8.03 Application of Trust Money.
The Trustee shall hold in trust money or U.S. Government Obligations (including proceeds thereof) deposited with it pursuant to this Article VIII. The Trustee shall apply the deposited money and the money from U.S. Government Obligations
through each Paying Agent and in accordance with this Indenture to the payment of principal of and cash interest (together with an amount of cash equal to accrued and unpaid PIK Interest) on the Notes so discharged or defeased. 

Section 8.04 Repayment to Issuer. Each of the Trustee and each Paying Agent shall
promptly turn over to the Issuer upon request any money or U.S. Government Obligations held by it as provided in this Article VIII that, in the written opinion of a nationally recognized firm of independent public accountants delivered to the
Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with
this Article VIII. 
 Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Issuer
upon written request any money held by them for the payment of principal or interest that remains unclaimed for two (2) years, and, thereafter, holders entitled to the money must look to the Issuer for payment as general creditors, and the
Trustee and each Paying Agent shall have no further liability with respect to such monies. 

Section 8.05 Reserved. 

Section 8.06 Reinstatement. If the Trustee or any Paying Agent is unable to apply any
money or U.S. Government Obligations in accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Issuer’s obligations under this Indenture and the Notes so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or any
Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if the Issuer has made any payment of principal of, or interest on, any such Notes
because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying Agent. 

  
 69 

 ARTICLE IX 

AMENDMENTS AND WAIVERS 

Section 9.01 Without Consent of the Holders. 

(a) The Issuer, the Trustee and the Collateral Trustee (if applicable with respect to the Security Documents) may amend this Indenture and the
Notes without notice to or consent of any holder: 
 (i) to cure any ambiguity, omission, mistake, defect or inconsistency;

 (ii) to provide for the assumption by a Successor Company (with respect to the Issuer) of the obligations of the Issuer
under this Indenture and the Notes; 
 (iii) to provide for uncertificated Notes in addition to or in place of certificated
Notes, provided, however, that the uncertificated Notes are issued in registered form for purposes of Sections 163(f), 871(h) and 881(c)(2) of the Code, or in a manner such that the uncertificated Notes are described in
Section 163(f)(2)(B) of the Code; 
 (iv) to add a guarantee or other obligor with respect to the Notes; 

(v) to add to the covenants of the Issuer for the benefit of the holders or to surrender any right or power herein conferred
upon the Issuer; 
 (vi) to make any change that would provide any additional rights or benefits to the holders or does not
adversely affect the rights of any holder; 
 (vii) to provide for the issuance of Additional Notes subject to the
limitations set forth in this Indenture, which shall have terms substantially identical in all material respects to the Initial Notes, and which shall be treated, together with any outstanding Initial Notes, as a single issue of securities; 

(viii) to provide for the issuance of PIK Notes or the increase of the principal amount of the Notes to pay PIK Interest in
accordance with the terms of this Indenture; 
 (ix) in the event that any PIK Notes are issued as Definitive Notes, to make
appropriate amendments to this Indenture to reflect an appropriate minimum denomination of certificated PIK Notes and establish minimum redemption amounts for certificated PIK Notes; 

(x) to clarify the procedures for adjustment of any series of Notes in accordance with the terms thereof upon the occurrence of
any Draw Down Request Amount not being funded in accordance with the terms of the Purchase Agreement; 
 (xi) to release or
subordinate Liens on Collateral in accordance with the Note Documents; 

  
 70 

 (xii) to confirm and evidence the release, termination or discharge of any
Lien with respect to or securing the Notes when such release, termination or discharge is provided for in accordance with this Indenture and the other Note Documents; 

(xiii) to add any Collateral, to secure the payments due to the holders or to evidence the release, termination or discharge of
any Liens, in each case as provided in this Indenture or the other Note Documents, as applicable; 
 (xiv) to make, complete
or confirm any grant of Collateral permitted or required by this Indenture or any of the Security Documents establishing Note Liens; or 

(xv) to evidence or provide for the acceptance of appointment under this Indenture of a successor Trustee; or 

(xvi) to comply with the rules of any applicable depositary. 

After an amendment under this Section 9.01 becomes effective, the Issuer shall mail, or otherwise deliver in accordance with the
procedures of the Depository, to the holders a notice briefly describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this
Section 9.01. 
 Section 9.02 With Consent of the Holders.
Except as set forth in the next sentence and in the last paragraph of this Section 9.02, the Issuer, the Trustee and the Collateral Trustee (if applicable with respect to the Security Documents) may amend this Indenture,
the Notes and the Security Documents with the consent of the Issuer and the holders of at least a majority in principal amount of all the Notes then outstanding under the Indenture voting as a single class (including consents obtained in connection
with a tender offer or exchange for the Notes), and any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes, or the Security Documents or may be waived with the consent of the holders of a majority in
aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class. Sections 2.09 and 14.06 hereof shall determine which Securities are considered to be “outstanding” for
purposes of this Section 9.02. However, without the consent of each holder of an outstanding Note affected, an amendment may not: 

(a) reduce the principal amount of Notes whose holders must consent to an amendment; 

(b) reduce the rate of or extend the time for payment of interest on any Note (other than in accordance with the explicit terms of any series
of Notes), or reduce the portion of the accrued interest on any payment date that is required to be paid in cash; 
 (c) reduce the principal
of or change the Stated Maturity of any Note; 

  
 71 

 (d) reduce the price payable upon the redemption of any Note or change the time at which any
Note may be redeemed in accordance with Article III and Sections 5 and 9 of the Notes; 
 (e) make any Note payable in money other
than that stated in such Note; 
 (f) expressly subordinate the Notes or the Note Liens to any other Indebtedness of the Issuer; 

(g) impair the contractual right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s Notes on
or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes; or 

(h) make any change in Section 9.01 or Section 9.02. 

It shall not be necessary for the consent of the holders under this Section 9.02 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this
Section 9.02 becomes effective, the Issuer shall mail, or otherwise deliver in accordance with the procedures of the Depository, to the holders a notice briefly describing such amendment. The failure to give such notice to
all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02. 

In addition, the following amendments, supplements to or waivers of the provisions of this Indenture or any Note Documents, will require the
consent of the holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding: 
 (i) the release of all or
substantially all of the Collateral from the Liens securing the Notes; 
 (j) any changes to Section 4.03 and any
definitions related thereto; 
 (k) any changes to Section 4.04 and any definitions related thereto; 

(l) any changes to Section 4.09 and any definitions related thereto; and 

(m) any changes to the definition of “Change of Control” and the provisions of Section 4.08. 

Section 9.03 Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment or a waiver by a holder of a Note shall bind the holder and every subsequent holder of that Note or portion of
the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such holder or subsequent holder may revoke the consent or waiver as to such holder’s
Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officers’ Certificate from the Issuer certifying that the 

  
 72 

 
requisite principal amount of Notes have consented. After an amendment or waiver becomes effective, it shall bind every holder. An amendment or waiver becomes effective upon the (i) receipt
by the Issuer or the Trustee of consents by the holders of the requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such
amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the Issuer and the Trustee. 
 (b)
The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a
record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any
consent previously given or to take any such action, whether or not such Persons continue to be holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. The Issuer shall inform the
Trustee in writing of the fixed record date if applicable. 
 Section 9.04 Notation on or
Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Issuer may require the holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed
terms and return it to the holder. Alternatively, if the Issuer or the Trustee so determine, the Issuer in exchange for the Note shall issue and, upon receipt of an Authentication Order signed by an Officer, the Trustee shall authenticate a new Note
that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment, supplement or waiver. 

Section 9.05 Trustee to Sign Amendments. The Trustee shall sign any amendment,
supplement or waiver authorized pursuant to this Article IX if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment,
the Trustee shall be entitled to receive indemnity satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, (i) an Officers’ Certificate stating that
such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer, enforceable against it in accordance with its terms, subject to
customary exceptions, and complies with the provisions hereof, (ii) an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal,
valid and binding obligation of the Issuer, enforceable against it in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof, and (iii) if such amendment, supplement or waiver is executed pursuant to
Section 9.02, evidence reasonably satisfactory to the Trustee of the consent of the holders required to consent thereto. 

Section 9.06 Additional Voting Terms; Calculation of Principal Amount. All Notes issued
under this Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate class on any matter. Determinations as to whether holders of
the requisite aggregate principal amount of Notes have concurred in any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.13 and
Section 14.06. 

  
 73 

 ARTICLE X 

[Intentionally Omitted] 

ARTICLE XI 

[Intentionally Omitted] 

ARTICLE XII 

[Intentionally Omitted] 

ARTICLE XIII 
 COLLATERAL
AND SECURITY 
 Section 13.01 Security Interest. 

(a) The due and punctual payment of the Obligations on the Notes, when and as the same shall be due and payable, whether on an Interest Payment
Date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest (to the extent permitted by law) on the Notes and performance and payment of all other obligations of
the Issuer to the holders of the Notes or the Trustee and/or the Collateral Trustee under the Note Documents, according to the terms hereunder or thereunder (collectively, the “Notes Obligations”), are secured, as provided in the
Security Documents. The Issuer consents and agrees to be bound by the terms of the Security Documents to which it is a party, as the same may be in effect from time to time, and agrees to perform its obligations thereunder in accordance therewith.
The Issuer hereby agrees that the Collateral Trustee shall hold the Collateral on behalf of and for the benefit of itself, the Trustee and all of the holders. The Issuer shall deliver to the Trustee copies of all Security Documents and all notices
and other documents delivered to the Collateral Trustee pursuant to this Indenture and the Security Documents. 
 (b) Each holder of the
Notes, by its acceptance thereof, consents and agrees to the terms of the Security Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral and amendments to the Security Documents) as the same may
be in effect or may be amended from time to time in accordance with their terms and authorizes and appoints the Collateral Trustee to enter into the Collateral Trust Agreement and authorizes and appoints (and directs the Trustee to authorize and
appoint) Wilmington Trust, National Association, as the Collateral Trustee. Each holder of the Notes further directs the Collateral Trustee (and authorizes the Trustee to direct the Collateral Trustee) to enter into the Security Documents (including
any amendments thereto) and to perform its obligations and exercise its rights thereunder in accordance therewith, subject to the terms and conditions thereof, including, without limitation, the limitations on duties of the Collateral Trustee
provided in the Collateral Trust Agreement. The Trustee, the Collateral Trustee and each holder of the Notes, by accepting the Notes and the benefits of the Note Documents, acknowledges that, as more fully set forth in the Security Documents, the
Collateral as now or hereafter constituted shall be held for the benefit of all the holders of Note Obligations, the Collateral Trustee and the Trustee. 

  
 74 

 Section 13.02 Concerning the
Trustee. 
 (a) The Trustee shall not be obligated to take any action (or to direct the Collateral Trustee to take any action) under
the Collateral Trust Agreement or any other Security Document without the written direction of the holders in accordance with this Indenture. 

(b) Neither the Trustee nor any of its officers, directors, employees, attorneys or agents shall be responsible or liable (i) for the
legality, enforceability, effectiveness or sufficiency of the Security Documents, for the creation, perfection, priority, sufficiency, maintenance, renewal or protection of any Lien, or for any defect or deficiency as to any such matters, or
(ii) for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the Liens or Security Documents or any delay in doing so, or (iii) for the validity or sufficiency of the Collateral or any agreement or
assignment contained therein, for the validity of the title, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 

(c) The rights, privileges, protections, immunities and benefits given to the Trustee under this Indenture, including, without limitation, its
right to be indemnified and compensated and all other rights, privileges, protections, immunities and benefits set forth in this Indenture are extended to the Trustee when acting under the Collateral Trust Agreement and the other Note Documents and
to the Collateral Trustee when acting under the Collateral Trust Agreement and the other Note Documents. 
 (d) Neither the Trustee nor the
Collateral Trustee will not be responsible for filing any financing or continuation statements or recording any documents or instruments at any time or times or otherwise perfecting or maintaining the perfection of any Liens on the Collateral. 

Section 13.03 Authorization of Actions to be Taken. 

(a) Subject to the provisions of Section 7.01 and Section 7.02 hereof and the Security
Documents, the Trustee, upon the written direction of the holders holding a majority of the aggregate outstanding principal amount of the Notes shall direct, on behalf of the holders, the Collateral Trustee to take all actions it deems necessary or
appropriate in order to: 
 (i) foreclose upon or otherwise enforce any or all of the Liens on the Collateral; 

(ii) enforce any of the terms of the Security Documents to which the Collateral Trustee is a party; or 

(iii) collect and receive payment of any and all Obligations. 

(b) At the Issuer’s sole cost and expense and subject to the Trustee and the Collateral Trustee having been indemnified by the holders
and/or the Issuer, the Trustee is authorized and empowered (but is not obligated) to direct the Collateral Trustee to institute and maintain, such suits and proceedings as may be reasonably expedient to preserve or protect its interests and the
interests of the holders of Notes in the Collateral, including the power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be
unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of holders or the Trustee. 

  
 75 

 Section 13.04 [Reserved]. 

Section 13.05 [Reserved]. 

Section 13.06 Collateral Trust Agreement. This Article XIII and the provisions
of each Security Document are subject to the terms, conditions and benefits set forth in the Collateral Trust Agreement. The Issuer consents to, and agrees to be bound by, the terms of the Collateral Trust Agreement, as the same may be in effect
from time to time, and to perform its obligations thereunder in accordance with the terms therewith. Each holder of Notes, by its acceptance of the Notes (a) agrees that it will be bound by, and will take no actions contrary to, the provisions
of the Collateral Trust Agreement and (b) authorizes and instructs the Trustee, on behalf of each holder of Notes Obligations, to execute and deliver the Collateral Trust Agreement (and to direct the Collateral Trustee to execute and deliver
the Collateral Trust Agreement) subjecting such holders of Notes Obligations to the terms of the Collateral Trust Agreement and to perform its obligations thereunder. 

Section 13.07 Release of Liens in Respect of Notes. The Collateral Trustee’s Note
Liens upon the Collateral will no longer secure the Notes outstanding under this Indenture or any other Notes Obligations, and the right of the holders to the benefits and proceeds of the Collateral Trustee’s Liens on the Collateral will
terminate and be discharged: 
 (i) in whole, upon satisfaction and discharge of this Indenture in accordance with Article
VIII hereof; 
 (ii) in whole, upon the exercise of a legal defeasance option or a covenant defeasance option of the
Notes in accordance with Article XIII hereof; 
 (iii) in whole, upon payment in full in cash and discharge of all
Notes outstanding under this Indenture and all other Notes Obligations that are outstanding, due and payable under this Indenture and the other Note Documents at the time the Notes are paid in full in cash and discharged (other than contingent
indemnity obligations for which no claim has been made); 
 (iv) as to any Collateral of the Issuer that is sold, transferred
or otherwise disposed of by the Issuer to a Person that is not (either before or after such sale, transfer or disposition) the Issuer or a Subsidiary of the Issuer in a transaction or other circumstance that complies with
Section 4.06 and is permitted by all of the other Note Documents, at the time of such sale, transfer or other disposition or to the extent of the interest sold, transferred or otherwise disposed of; or 

(v) in whole or in part, with the consent of the holders of the requisite aggregate principal amount of Notes in accordance
with Article IX hereof. 

  
 76 

 In addition, the Collateral Trustee’s Liens on the Collateral will be released upon the terms and
subject to the conditions set forth in Section 3.2 of the Collateral Trust Agreement. 
 ARTICLE XIV 

MISCELLANEOUS 

Section 14.01 [Intentionally Omitted.] 

Section 14.02 Notices. 

(a) Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by
first-class mail addressed as follows: 
 if to the Issuer: 

Sunnova Energy Corporation 
 20
Greenway Plaza, Suite 475 
 Houston, Texas 77046 

Attention: George H. Fidde 

with a copy to: 

Latham & Watkins LLP 

885 Third Avenue 
 New York, NY
10022-4834 
 Attention: Matthew Henegar 

if to the Collateral Trustee or the Trustee: 

Wilmington Trust, National Association 

15950 North Dallas Parkway, Suite 550 

Dallas, Texas 75248 
 Attention:
Sunnova Energy Corporation Administrator 
 Fax: (888) 316-6238 

Notwithstanding the foregoing, any notice or communication delivered to the Trustee or Collateral Trustee shall be deemed effective only upon actual receipt
thereof. The Issuer, the Collateral Trustee or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

(b) Any notice or communication mailed to a holder shall be mailed, first class mail, to the holder at the holder’s address as it appears
on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 (c) Failure to mail a
notice or communication to a holder or any defect in it shall not affect its sufficiency with respect to other holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it,
except that notices to the Trustee are effective only if received. 

  
 77 

 (d) If the Issuer mails or otherwise delivers a notice or communication to the holders, it
shall also mail or otherwise deliver a copy to the Trustee at the same time. 
 The Trustee may, in its sole discretion,
agree to accept and act upon instructions or directions pursuant to this Indenture sent by e-mail, facsimile transmission or other similar electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall
be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 Notwithstanding
anything to the contrary contained herein, as long as the Notes are in the form of a Global Note, notice to the holders shall be made electronically in accordance with procedures of the Depository and shall be sufficiently given if so made in
accordance with such procedures. 
 Section 14.03 [Intentionally Omitted] 

Section 14.04 Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee: 

(a) an Officers’ Certificate in form reasonably satisfactory to the Trustee, Paying Agent, or Collateral Trustee, as applicable, (which
shall include the statements set forth in Section 14.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been
complied with; and, 
 (b) an Opinion of Counsel in form reasonably satisfactory to the Trustee, Paying Agent, or Collateral Trustee, as
applicable, (which shall include the statements set forth in Section 14.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with; provided, however, that such
Opinion of Counsel shall not be required to be furnished in connection with the issuance of the Initial Notes on the Closing Date. 

Section 14.05 Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (a) a statement that the
individual making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

  
 78 

 (c) a statement that, in the opinion of such individual, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with; provided,
however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 

Section 14.06 When Notes Disregarded. In determining whether the holders of the
required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, or by any Affiliate of the Issuer shall be disregarded and deemed not to be outstanding, except that, for the purpose of
determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which the Trustee actually knows are so owned or has received written notice thereof are so owned shall be so disregarded. Subject to
the foregoing, only Notes outstanding at the time shall be considered in any such determination. 

Section 14.07 Rules by Trustee, Paying Agent and Registrar. The Trustee may make
reasonable rules for action by or a meeting of the holders. The Registrar and a Paying Agent may make reasonable rules and set reasonable requirements for their functions. 

Section 14.08 Legal Holidays. If a payment date is not a Business Day, payment shall be
made on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the intervening period. If a regular Record Date is not a
Business Day, the Record Date shall not be affected. 
 Section 14.09 Governing Law.
THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 

Section 14.10 No Recourse Against Others. No director, officer, employee, manager,
incorporator or holder of any Equity Interests (except, if applicable, HoldCo) in the Issuer or any direct or indirect parent companies, as such, shall have any liability for any obligations of the Issuer under the Notes or this Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

Section 14.11 Successors. All agreements of the Issuer in this Indenture and the Notes
shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 14.12 Multiple Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or email
(in PDF format or 

  
 79 

 
otherwise) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or email (in PDF format or otherwise) shall be deemed to be their original signatures for all purposes. 

Section 14.13 Table of Contents; Headings. The table of contents, cross-reference sheet
and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 14.14 Indenture Controls. If and to the extent that any provision of the Notes
limits, qualifies or conflicts with a provision of this Indenture, such provision of this Indenture shall control. 

Section 14.15 Severability. In case any provision in this Indenture shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or
unenforceability. 
 Section 14.16 Waiver of Jury Trial. EACH OF THE ISSUER AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

[Remainder of page intentionally left blank.] 

  
 80 

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

			
	SUNNOVA ENERGY CORPORATION, as Issuer
		
	By:	 	/s/ Jordan Kozar
		 	 Name: Jordan Kozar
 Title: Chief Financial
Officer

 [Signature Page to Indenture] 

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

			
	 WILMINGTON TRUST, NATIONAL

ASSOCIATION, not in its individual capacity, but solely as Trustee and Collateral Trustee

		
	By:	 	/s/ Shawn P. Goffinet
		 	 Name: Shawn P. Goffinet
 Title: Assistant
Vice President

 [Signature Page to Indenture] 

 Schedule 4.03 

Liens and Intercompany Indebtedness Existing on the Closing Date 

Liens Existing on the Closing Date 
 1. Liens granted
under that certain Pledge Agreement, dated August 27, 2013, by and between Sunnova Energy Corporation and Texas Capital Bank, National Association, as administrative agent. 

2. Liens granted under that certain Pledge Agreement, dated July 31, 2014, by and between Sunnova Energy Corporation and Texas Capital Bank, National
Association, as administrative agent. 
 3. Liens granted under that certain Transfer and Contribution Agreement, dated April 22, 2016, by and between
Sunnova Energy Corporation and Sunnova Asset Portfolio 6 Holdings, LLC, as supplemented from time to time prior to the date hereof. 
 Intercompany
Indebtedness Existing on the Closing Date 
 Sunnova TEP I Developer, LLC borrowed $3,500,000 from Sunnova Energy Corporation in April 2017. 

  
 83 

 Schedule 4.04 

Investments Existing on the Closing Date 

The Tax Equity Transaction. 

 Schedule 4.07 

Affiliate Transactions 
 John Berger, the
CEO of Sunnova Energy Corporation has entered into or will enter into an EZ Own Loan with Sunnova Energy Corporation. The terms of the EZ Own Loan will be for 25 years at an interest rate of 5.99%. The EZ Own Loan will finance the purchase of a
solar power system for John’s personal home. See attached. 

 APPENDIX A 

PROVISIONS RELATING TO NOTES 

1. Definitions. 
 1.1
Definitions. 
 Capitalized terms used but not otherwise defined in this Appendix A shall have the meanings assigned to them in the
Indenture. For the purposes of this Appendix A the following terms shall have the meanings indicated below: 
 “Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depository, Euroclear and Clearstream that apply to such transfer or exchange. 

“Clearstream” means Clearstream Banking, S.A. 

“Definitive Note” means a certificated Initial Note, PIK Note or Additional Note (bearing the Restricted Notes Legend if the
transfer of such Note is restricted by applicable law) that does not include the Global Notes Legend. 
 “Depository” means
The Depository Trust Company, its nominees and their respective successors. 
 “Euroclear” means Euroclear Bank, S.A./N.V.,
as operator of the Euroclear system. 
 “Global Notes Legend” means the legend set forth under that caption in Exhibit A to
this Indenture. 
 “IAI” means an institutional “accredited investor” as described in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act. 
 “Notes Custodian” means the custodian with respect to a Global Note (as appointed by
the Depository) or any successor person thereto, who shall initially be the Trustee. 
 “Purchase Agreement” means the
Purchase Agreement dated as of April 24, 2017, among the Issuer and the purchaser(s) party thereto. 
 “QIB” means a
“qualified institutional buyer” as defined in Rule 144A. 
 “Regulation S” means Regulation S under the
Securities Act. 
 “Regulation S Notes” means all Notes offered and sold outside the United States in reliance on
Regulation S. 
 “Restricted Notes Legend” means the legend set forth in Section 2.2(g)(i) herein. 

  
 Appendix A-1 

 “Restricted Period” means, with respect to any Notes, the period of 40
consecutive days beginning on and including the later of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day
shall be promptly given by the Issuer to the Trustee, and (b) the Closing Date, and with respect to any Notes that are Transfer Restricted Notes, it means the comparable period of 40 consecutive days. 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Notes” means all Notes offered and sold to QIBs in reliance on Rule 144A. 

“Transfer Restricted Definitive Notes” means Definitive Notes that bear or are required to bear or are subject to the
Restricted Notes Legend. 
 “Transfer Restricted Global Notes” means Global Notes that bear or are required to bear or are
subject to the Restricted Notes Legend. 
 “Transfer Restricted Notes” means the Transfer Restricted Definitive Notes and
Transfer Restricted Global Notes. 
 “Unrestricted Definitive Notes” means Definitive Notes that are not required to bear,
or are not subject to, the Restricted Notes Legend. 
 “Unrestricted Global Notes” means Global Notes that are not required
to bear, or are not subject to, the Restricted Notes Legend. 
 1.2 Other Definitions. 

 

					
	Term:	  	Defined in Section:	 
	 Agent Members
	  	 	2.1	(b) 
	 Global Notes
	  	 	2.1	(b) 
	 Regulation S Global Notes
	  	 	2.1	(b) 
	 Rule 144A Global Notes
	  	 	2.1	(b) 

 2. The Notes. 

2.1 Form and Dating; Global Notes. 

(a) The Notes will be (i) privately placed by the Issuer pursuant to the Purchase Agreement and (ii) sold, initially only to
(1) QIBs and (2) IAIs. Such Notes may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. 

  
 Appendix A-2 

 (b) Rule 144A Notes initially shall be represented by one or more Notes in definitive, fully
registered, global form without interest coupons (collectively, the “Rule 144A Global Notes”). 
 Regulation S Notes
initially shall be represented by one or more Notes in fully registered, global form without interest coupons (collectively, the “Regulation S Global Notes”), which shall be registered in the name of the Depository or the nominee of
the Depository for the accounts of designated agents holding on behalf of Euroclear or Clearstream. 
 The term “Global
Notes” means the Rule 144A Global Notes and the Regulation S Global Notes. The Global Notes shall bear the Global Note Legend. The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such
Depository, in each case for credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear the Restricted Notes Legend. 

Members of, or direct or indirect participants in, the Depository (collectively, the “Agent Members”) shall have no rights
under this Indenture with respect to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Notes. The Depository may be treated by the Issuer, the Trustee and any agent of the Issuer or the
Trustee as the absolute owner of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depository, or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a holder of any Note. 

(ii) Transfers of Global Notes shall be limited to transfer in whole, but not in part, to the Depository, its successors or
their respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the applicable rules and procedures of the Depository and the provisions of Section 2.2.
In addition, a Global Note shall be exchangeable for Definitive Notes if (x) the Depository (1) notifies the Issuer that it is unwilling or unable to continue as depository for such Global Note and the Issuer thereupon fail to appoint a
successor Depository within 90 days or (2) has ceased to be a clearing agency registered under the Exchange Act or (y) there shall have occurred and be continuing an Event of Default with respect to such Global Note and a request has been
made for such exchange; provided, that, in no event shall the Regulation S Global Note be exchanged by the Issuer for Definitive Notes prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any
certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein shall be registered in the names, and issued in any approved
denominations, requested by or on behalf of the Depository in accordance with its customary procedures. 
 (iii) In
connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to subsection (i) of this Section 2.1(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall
execute, and, upon receipt of an Authentication Order signed by an Officer, the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in
such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. 

  
 Appendix A-3 

 (iv) Any Transfer Restricted Note delivered in exchange for an interest in a
Global Note pursuant to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Notes Legend. 

(v) Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in a Regulation S Global Note may be
held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2. 

(vi) The holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons
that may hold interests through Agent Members, to take any action which a holder is entitled to take under this Indenture or the Notes. 

2.2 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set forth in Section 2.1(b).
Global Notes will not be exchanged by the Issuer for Definitive Notes except under the circumstances described in Section 2.1(b)(ii). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.08
of this Indenture. Beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b). 
 (b)
Transfer and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depository, in accordance with the provisions of this Indenture and the
applicable rules and procedures of the Depository. Beneficial interests in Transfer Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial
interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes. Transfers and exchanges of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (i) Transfer of
Beneficial Interests in the Same Global Note. Beneficial interests in any Transfer Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Note in
accordance with the transfer restrictions set forth in the Restricted Notes Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be
made to a U.S. Person or for the account or benefit of a U.S. Person. A beneficial interest in an Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.
No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.2(b)(i). 

  
 Appendix A-4 

 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global
Notes. In connection with all transfers and exchanges of beneficial interests in any Global Note that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Registrar (1) a written order
from an Agent Member given to the Depository in accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited with such increase.
Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount
of the relevant Global Note pursuant to Section 2.2(i). 
 (iii) Transfer of Beneficial Interests to Another
Restricted Global Note. A beneficial interest in a Transfer Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Note if the transfer complies
with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following: 
 (A) if the transferee
will take delivery in the form of a beneficial interest in a Rule 144A Global Note, then the transferor must deliver a certificate in the form attached to the applicable Note; and 

(B) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the
transferor must deliver a certificate in the form attached to the applicable Note. 
 (iv) Transfer and Exchange of
Beneficial Interests in a Transfer Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in a Transfer Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an
Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the
Registrar receives the following: 
 (A) if the holder of such beneficial interest in a Transfer Restricted Global Note
proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B) if the holder of such beneficial interest in a Transfer Restricted Global Note proposes to transfer such beneficial
interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

and, in each such case, if the Issuer or the Registrar so requests or if the applicable rules and procedures of the Depository so require, an
Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein

  
 Appendix A-5 

 
and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph
(iv) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order of the Issuer in the form of an Officers’ Certificate in accordance with
Section 2.01, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this
subparagraph (iv). 
 (v) Transfer and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial
Interests in a Transfer Restricted Global Note. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Transfer Restricted
Global Note. 
 (c) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. A beneficial interest in a
Global Note may not be exchanged for a Definitive Note except under the circumstances described in Section 2.1(b)(ii). A beneficial interest in a Global Note may not be transferred to a Person who takes delivery thereof in the form of a
Definitive Note except under the circumstances described in Section 2.1(b)(ii). In any case, beneficial interests in Global Notes shall be transferred or exchanged only for Definitive Notes. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. Transfers and exchanges of Definitive Notes for
beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii), (iii) or (iv) below, as applicable and, in all circumstances, in accordance with the procedures of the applicable depository: 

(i) Transfer Restricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes. If any holder of a
Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in a Transfer Restricted Global Note or to transfer such Transfer Restricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in a Transfer Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Note for a
beneficial interest in a Transfer Restricted Global Note, a certificate from such holder in the form attached to the applicable Note; 

(B) if such Transfer Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities
Act, a certificate from such holder in the form attached to the applicable Note; 
 (C) if such Transfer Restricted
Definitive Note is being transferred to a Non U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

  
 Appendix A-6 

 (D) if such Transfer Restricted Definitive Note is being transferred
pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(E) if such Transfer Restricted Definitive Note is being transferred to an IAI in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such holder in the form attached to the applicable Note, including the certifications, certificates and Opinion
of Counsel, if applicable; or 
 (F) if such Transfer Restricted Definitive Note is being transferred to the Issuer or a
Subsidiary thereof, a certificate from such holder in the form attached to the applicable Note, 
 the Trustee shall cancel the Transfer
Restricted Definitive Note, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Note. If any such transfer or exchange is effected pursuant to this subparagraph (i) at a time when
an Restricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order of the Issuer in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Restricted Global Notes in
an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Notes transferred or exchanged pursuant to this subparagraph (i). 

(ii) Transfer Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of a Transfer
Restricted Definitive Note may exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Transfer Restricted Definitive Note to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 
 (A) if the holder of such
Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B) if the holder of such Transfer Restricted Definitive Notes proposes to transfer such Transfer Restricted Definitive Note to
a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

and, in each such case, if the Issuer or the Registrar so requests or if the applicable rules and procedures of the Depository so require, an
Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes
Legend are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the 

  
 Appendix A-7 

 
Trustee shall cancel the Transfer Restricted Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. If any such transfer or
exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order of the Issuer in the form of an Officers’
Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Notes transferred or exchanged pursuant to this subparagraph (ii). 

(iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of an Unrestricted
Definitive Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the
Unrestricted Global Notes. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order
of the Issuer in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Unrestricted Definitive Notes transferred or
exchanged pursuant to this subparagraph (iii). 
 (iv) Unrestricted Definitive Notes to Beneficial Interests in Transfer
Restricted Global Notes. An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Note. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a holder of Definitive Notes and such holder’s
compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting holder shall present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such holder or by its attorney, duly authorized in writing. In addition, the requesting holder
shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(e). 

(i) Transfer Restricted Definitive Notes to Transfer Restricted Definitive Notes. A Transfer Restricted Note may be
transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate
in the form attached to the applicable Note; 

  
 Appendix A-8 

 (B) if the transfer will be made pursuant to Rule 903 or Rule 904 under the
Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Note; 
 (C) if the
transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note; 

(D) if the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act
other than those listed in subparagraphs (A) through (C) above, a certificate in the form attached to the applicable Note; and 

(E) if such transfer will be made to the Issuer or a Subsidiary thereof, a certificate in the form attached to the applicable
Note. 
 (ii) Transfer Restricted Definitive Notes to Unrestricted Definitive Notes. Any Transfer Restricted
Definitive Note may be exchanged by the holder thereof for an Unrestricted Definitive Note or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A) if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for
an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note; or 
 (B) if the
holder of such Transfer Restricted Definitive Note proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable
Note, 
 and, in each such case, if the Issuer or the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the
Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain
compliance with the Securities Act. 
 (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A holder
of an Unrestricted Definitive Note may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note at any time. Upon receipt of a request to register such a transfer, the
Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the holder thereof. 
 (iv)
Unrestricted Definitive Notes to Transfer Restricted Definitive Notes. An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Note. 

  
 Appendix A-9 

 At such time as all beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with
Section 2.10 of the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the
direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note
shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 

(g) Legends. 

(i) Except as permitted by the following paragraph (ii) or (iii), each Note certificate evidencing the Global Notes and
any Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only): 

“THIS SECURITY IS SUBJECT TO THAT CERTAIN PURCHASE AGREEMENT DATED AS OF APRIL 24, 2017 (THE “PURCHASE
AGREEMENT”) WHICH CONTAINS ADDITIONAL RESTRICTIONS ON TRANSFER. THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE PURCHASE AGREEMENT. THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW.
BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT WITHIN [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL CLOSING
DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) RESELL OR OTHERWISE TRANSFER THIS SECURITY 

  
 Appendix A-10 

 
EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
(C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN
ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
(3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S.
PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.” 
 Each Definitive Note shall bear the following additional
legend: 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

(ii) Upon any sale or transfer of a Transfer Restricted Definitive Note, the Registrar shall permit the holder thereof to
exchange such Transfer Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Definitive Note if the holder certifies in writing to the Registrar
that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Note). 

(iii) Upon a sale or transfer after the expiration of the Restricted Period of any Initial Note acquired pursuant to Regulation
S, all requirements that such Initial Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Initial Note be issued in global form shall continue to apply. 

(iv) In addition to the foregoing, each Note certificate evidencing the Global Notes and any Definitive Notes (and all Notes
issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form: 

  
 Appendix A-11 

 “THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT WITHIN THE MEANING
OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. YOU MAY CONTACT JORDAN D. KOZAR AT 281.417.0916, WHO WILL PROVIDE YOU WITH ANY REQUIRED INFORMATION REGARDING THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE
DATE AND YIELD TO MATURITY OF THIS NOTE.” 
 (h) Cancellation or Adjustment of Global Note. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by
the Trustee in accordance with Section 2.10 of this Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof
in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by
the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note,
such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 

(i) Obligations with Respect to Transfers and Exchanges of Notes. 

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall, upon receipt of an
Authentication Order, authenticate, Definitive Notes and Global Notes at the Registrar’s request. 
 (ii) No service
charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such
transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 2.14, 3.08, 3.09, 4.08 and 9.04 of this Indenture). 

(iii Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, a Paying Agent or the
Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such
Note is overdue, and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

(iv) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and
shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

  
 Appendix A-12 

 (j) No Obligation of the Trustee. 

(i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a
participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the
delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the holders and all payments to be made to the holders under the Notes shall be given or made only to the registered holders (which shall be the Depository or its nominee in the case of a Global Note). The rights of
beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the
Depository with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no obligation
or duty to monitor, determine or inquire as to compliance with any securities laws or restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

  
 Appendix A-13 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 

[Global Notes Legend] 
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

[Restricted Notes Legend for Notes Offered in Reliance on Regulation S] 

BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON,
AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 
 [Restricted Notes
Legend] 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER
(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT WITHIN [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL CLOSING DATE HEREOF AND THE LAST DATE ON WHICH THE
ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) RESELL OR OTHERWISE 

  
 Exhibit A-1 

 TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED
STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO
REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED
HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 

[Definitive Notes Legend] 

“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS
SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 
 [Original Issue
Discount Legend] 
 “THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT WITHIN THE MEANING OF SECTIONS 1272, 1273 AND 1275 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED. YOU MAY CONTACT JORDAN D. KOZAR AT 281.417.0916, WHO WILL PROVIDE YOU WITH ANY REQUIRED INFORMATION REGARDING THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY OF THIS
NOTE.” 

  
 Exhibit A-2 

 [FORM OF NOTE] 

SUNNOVA ENERGY CORPORATION 
 No. [ ] 

CUSIP No. 

ISIN No. _ 

$[     ] 

12.00% Senior Secured Note due 2018 
 SUNNOVA
ENERGY CORPORATION, a Delaware corporation, promises to pay to [            ] or its registered assigns, the principal sum of
$                 [or such other amount as is set forth on the Schedule of Increases or Decreases in Global Note attached hereto]1 on [October 24], 2018. 
 Interest Payment Dates: [March 30], [June 30], [September
30] and [December 30], 
 Record Dates: [March 15], [June 15], [September 15] and [December 15] 

Additional provisions of this Note are set forth on the other side of this Note. 

 

	1 	 [Use the Schedule of Increases or Decreases language if Note is in Global Form.] 

  
 Exhibit A-3 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed manually or
in facsimile by its duly authorized officers. 
  

			
	SUNNOVA ENERGY CORPORATION,
		
	By:	 	 
		 	 Name:
 Title:

 Dated: [insert applicable date of issuance] 

  
 Exhibit A-4 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION 
 as Trustee, certifies that this is 

one of the Notes 
 referred to in
the Indenture. 
 By:
                                        
                     
 Authorized
Signatory 
 Dated: [insert applicable date of issuance] 
  

 

	*/	 If the Note is to be issued in global form, add the Global Notes Legend and the attachment from Exhibit
A captioned “TO BE ATTACHED TO GLOBAL NOTES - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE.” 

  
 Exhibit A-5 

 [FORM OF REVERSE SIDE OF NOTE] 

12.00% Senior Secured Note Due 2018 
  

	1.	 Interest 

SUNNOVA ENERGY CORPORATION, a Delaware corporation (together with its successors and assigns, the “Issuer”), promises to pay
interest on the principal amount of this Note (including any PIK Notes and increase in principal as a result of the payment of PIK Interest) at the annual rate of 6.00% payable in cash (“cash interest”) plus (2) 6.00% (the
“PIK Interest”), payable by increasing the principal amount of the outstanding Notes represented by one or more Global Notes or, with respect to Definitive Notes represented by individual certificates, if any, by issuing additional
“PIK Notes” in certificated form, in each case by rounding up to the nearest $1.00. The Issuer shall pay interest quarterly on [March 30], [June 30], [September 30] and [December 30] of each year (each an “Interest Payment
Date”), commencing [June 30, 2017]. Any PIK Notes issued in certificated form will be dated as of the applicable interest payment date and will bear interest from and after such date. Following an increase in the principal amount of the
outstanding Notes as a result of a PIK Payment, the Notes will accrue interest on such increased principal amount from and after the related interest payment date of such PIK Payment. References herein and in the Indenture to the “principal
amount” of the Notes include any increase in the principal amount of the outstanding Notes as a result of a PIK Payment. On any interest payment date on which the Issuers pay PIK Interest with respect to a Global Note, the principal amount of
such Global Note will increase by an amount equal to the interest payable, rounded up to the nearest $1.00, to be allocated for the credit of the holders pro rata in accordance with their interests and rounded to the nearest $1.00 in accordance with
the procedures of The Depository Trust Company (“DTC”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from
the date of initial issuance, until the principal hereof is due; provided, that, if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest (including, to
the extent legally allowed, post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate borne by the Notes, and it shall pay interest (including, to the extent legally allowed, post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
  

	2.	 Method of Payment 

The Issuer shall pay interest on the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on
[March 15], [June 15], [September 15] and [December 15] (each a “Record Date”) immediately preceding the Interest Payment Date even if Notes are canceled after the Record Date and on or before the Interest Payment Date (whether or
not a Business Day). Holders must surrender Notes to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender
for payment of public and private debts. Payments in respect of the Notes represented by a Global Note (including principal, 

  
 Exhibit A-6 

 
premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by DTC or any successor depository. The Issuer shall make all payments in
respect of a Definitive Note (including principal, premium, if any, and interest) at the office of the Paying Agent, except that, at the option of the Issuer, payment of interest may be made by mailing a check to the registered address of each
holder thereof; provided, however, that payments on the Notes may also be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by wire transfer by giving
written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

At all times, PIK Interest on the Notes will be payable: (i) with respect to Notes represented by one or more Global Notes registered in
the name of, or held by, DTC (or any successor depositary) or its nominee on the relevant record date, by increasing the principal amount of the outstanding Global Notes, effective as of the applicable interest payment date, by an amount equal to
the amount of PIK Interest for the applicable interest period (rounded up to the nearest whole dollar) (“PIK Payment”) at the request of the Issuers to authenticate or increase the Global Note and (ii) with respect to
Definitive Notes, if any, by issuing PIK Notes in certificated form, dated as of the applicable interest payment date, in an aggregate principal amount equal to the amount of PIK Interest for the applicable interest period (rounded up to the nearest
whole dollar), and the Trustee will, at the request of the Issuers, authenticate and deliver such PIK Notes in certificated form for original issuance to the holders on the relevant Record Date, as shown by the records of the register of holders.

  

	3.	 Paying Agent and Registrar 

Initially, Wilmington Trust, National Association, as trustee under the Indenture (the “Trustee”), will act as Paying Agent
and Registrar. The Issuer may appoint and change any Paying Agent or Registrar without notice. The Issuer may act as Paying Agent or Registrar. 
  

	4.	 Indenture and Security Documents 

The Issuer issued the Notes under an Indenture dated as of April 24, 2017 (the “Indenture”), between the Issuer, the
Trustee and the Collateral Trustee. Capitalized terms used herein are used as defined in the Indenture, unless otherwise indicated. The terms of the Notes include those stated in the Indenture. The Notes are subject to all terms and provisions of
the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture for a statement of such terms and provisions. If and to the extent that any provision of the Notes limits, qualifies or conflicts with a provision of the
Indenture, such provision of the Indenture shall control. 
 The Notes are senior secured obligations of the Issuer. The Initial Notes, the
PIK Notes and any Additional Notes are treated as a single class of securities under the Indenture except as otherwise set forth therein. The Indenture imposes certain limitations on the ability of the Issuer and its Subsidiaries to, among other
things, make certain Investments and other Restricted Payments, pay dividends and other distributions, Incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Subsidiaries, issue or sell
shares of capital stock of the Issuer and such Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Issuer to consolidate or
merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 

  
 Exhibit A-7 

 The Notes are secured by Note Liens on the Collateral pursuant to the Security Documents.
The rights of the holders in the Collateral are subject to the terms of the Collateral Trust Agreement. 
  

	5.	 Redemption 

At any time following the Closing Date the Issuer may redeem the Notes at its option, in whole at any time or in part from time to time, upon
not less than 15 nor more than 60 days’ prior notice mailed by first-class mail, or otherwise delivered in accordance with the procedures of DTC to each holder’s registered address (with a copy to the Trustee), at a redemption price equal
to 100% of the aggregate principal amount of the notes redeemed, plus accrued and unpaid cash interest, together with an amount of cash equal to all accrued and unpaid PIK Interest, on the Notes, to, but excluding, the redemption date
(subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date occurring on or prior to the redemption date); provided, that, any such redemption shall be for an aggregate
principal amount of Notes not less than $5,000,000 or such lesser amount that represents the aggregate outstanding principal amount of the Notes. 
  

	6.	 Mandatory Redemption 

Except for the IPO Redemption pursuant to Paragraph 9 below and the required redemption upon certain asset sales, the Issuer will not be
required to make any mandatory redemption payments or sinking fund payments with respect to the Notes. 
  

	7.	 Notice of Redemption 

Notices of redemption will be mailed by first class mail at least 15 but not more than 60 days before the redemption date, to each holder of
Notes to be redeemed at its registered address (with a copy to the Trustee) or otherwise in accordance with the procedures of DTC except that redemption notices may be mailed more than 60 days prior to the redemption date if the notice is issued in
connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Article VIII thereof. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be
redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on such Notes (or such portions thereof) called for
redemption. 
 Notice of any optional redemption of the Notes in connection with a corporate transaction may, at the Issuer’s
discretion be given prior to the completion of such corporate transaction, and any such redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, the completion of the
related corporate transaction. In addition, if such redemption or purchase is subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s
discretion, the redemption date may be extended until such time as any or all 

  
 Exhibit A-8 

 
such conditions shall be satisfied or waived, or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been
satisfied by the redemption date, or by the redemption date as so extended. The Issuer shall provide written notice to the Trustee prior to the close of business two Business Days prior to the redemption date if any such redemption has been
rescinded or delayed, and upon receipt the Trustee shall provide such notice to each holder of the Notes in the same manner in which the notice of redemption was given. 
  

	8.	 Repurchase of Notes at the Option of the Holders upon Change of Control; Mandatory Redemption upon Asset
Sales 

 Upon the occurrence of a Change of Control, each holder shall have the right to require the Issuer to
repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 100% of the principal amount thereof, including any PIK Notes or any increased principal amount of Notes as payment for PIK Interest, plus accrued and unpaid
cash interest, together with an amount of cash equal to all accrued and unpaid PIK Interest, on the Notes, to, but excluding, the date of repurchase (subject to the right of the holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date), in accordance with the terms contemplated in Section 4.08 if the Indenture. 
 In accordance
with Section 4.06 of the Indenture, the Issuer will be required to redeem or purchase Notes upon the occurrence of certain asset sales. Any such redemption shall be conducted in compliance with Article III of the Indenture, including
Section 3.03 through Section 3.08 thereof. 
  

	9.	 Mandatory Redemption Upon IPO 

Upon an IPO, HoldCo shall contribute the proceeds to the Issuer, if applicable, and the Issuer shall be required to apply the net cash proceeds
received from any such IPO after deduction of all discounts, underwriters’ commissions and other reasonable expenses directly related to the IPO (the “IPO Proceeds”) to, upon 10 days’ prior written notice to the Trustee
and the holders given within 5 days upon the closing of such IPO, redeem the maximum principal amount of Notes that is at least $2,000 and an integral multiple of $1,000 in excess thereof (or if a PIK Payment has been made, in the amount of $1.00 or
any integral multiple of $1.00 in excess thereof) that may be purchased out of the IPO Proceeds (the “IPO Redemption”) at a redemption price in cash (the “IPO Redemption Price”) in an amount equal to 100% of the
principal amount thereof, plus accrued and unpaid interest, together with an amount of cash equal to all accrued and unpaid PIK Interest, to, but excluding, the mandatory redemption date, and will be payable in cash, to the date fixed for the
mandatory redemption, in accordance with the procedures set forth in Section 3.09 of the Indenture. 
 An IPO Redemption shall be
conducted in compliance with Article III of the Indenture, including Section 3.03 through Section 3.08 thereof. 
  

	10.	 Denominations; Transfer; Exchange 

The Notes are in registered form, without coupons, in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in
excess thereof (or if a PIK Payment 

  
 Exhibit A-9 

 
has been made, in the amount of $1.00 or any integral multiple of $1.00 in excess thereof). A holder shall register the transfer of or exchange of the Notes in accordance with the Indenture. Upon
any registration of transfer or exchange, the Registrar and the Trustee may require a holder, among other things, to furnish appropriate endorsements or transfer documents and the Issuer may require a holder to pay any taxes required by law or
permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange
any Notes for a period of 15 days prior to a selection of Notes to be redeemed or between a Record Date and the related Interest Payment Date 
  

	11.	 Persons Deemed Owners 

The registered holder of this Note shall be treated as the owner of it for all purposes. 

 

	12.	 Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or the Paying Agent shall pay the money back to
the Issuer at its written request unless an abandoned property law designates another Person. After any such payment, the holders entitled to the money must look to the Issuer for payment as general creditors and the Trustee and a Paying Agent shall
have no further liability with respect to such monies. 
  

	13.	 Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuer at any time may terminate some of or all of its obligations under the
Notes and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 

 

	14.	 Amendment; Waiver 

Subject to certain exceptions set forth in the Indenture, (a) the Indenture or the Notes may be amended with the written consent of the
holders of at least a majority in aggregate principal amount of all the outstanding Notes under the Indenture and (b) any past default or compliance with any provisions may be waived with the written consent of the holders of at least a
majority in principal amount of all the outstanding Notes under the Indenture. Subject to certain exceptions set forth in the Indenture, without the consent of any holder, the Issuer and the Trustee may amend the Indenture or the Notes (i) to
cure any ambiguity, omission, defect or inconsistency; (ii) to provide for the assumption by a Successor (with respect to the Issuer) of the obligations of the Issuer under the Indenture and the Notes; (iii) to provide for uncertificated
Notes in addition to or in place of certificated Notes, provided, however, that the uncertificated Notes are issued in registered form for purposes of Sections 163(f), 871(h) and 881(c)(2) of the Code, or in a manner such that the
uncertificated Notes are described in Section 163(f)(2)(B) of the Code; (iv) to add a guarantee or obligor with respect to the Notes; (v) to add to the covenants of the Issuer for the benefit of the holders or to surrender any right
or power herein conferred upon the Issuer; (vi) to make any change that would provide any additional rights or benefits to the holders or does not adversely affect the rights of any holder; (vii) to provide for the issuance of Additional
Notes, which shall have terms substantially identical in all material respects to the Initial Notes, and which 

  
 Exhibit A-10 

 
shall be treated, together with any outstanding Initial Notes, as a single issue of securities; (viii) to provide for the issuance of PIK Notes or the increase of the principal amount of the
Notes to pay PIK Interest in accordance with the terms of this Indenture; (ix) in the event that any PIK Notes are issued as Definitive Notes, to make appropriate amendments to this Indenture to reflect an appropriate minimum denomination of
certificated PIK Notes and establish minimum redemption amounts for certificated PIK Notes; (x) to clarify the procedures for adjustment of any series of Notes in accordance with the terms thereof upon the occurrence of any Draw Down Request
Amount not being funded in accordance with the terms of the Purchase Agreement; (xi) to release or subordinate Liens on Collateral in accordance with the Note Documents; (xii) to confirm and evidence the release, termination or discharge
of any Lien with respect to or securing the Notes when such release, termination or discharge is provided for in accordance with this Indenture and the other Note Documents; (xiii) to add any Collateral, to secure the payments due to the
holders or to evidence the release, termination or discharge of any Liens, in each case as provided in this Indenture or the other Note Documents, as applicable; (xiv) to make, complete or confirm any grant of Collateral permitted or required
by this Indenture or any of the Security Documents establishing Note Liens; or (xv) to evidence or provide for the acceptance of appointment under the Indenture of a successor Trustee. The following amendments, supplements to or waivers of the
provisions of the Indenture or any Note Documents will require the written consent of the holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding: (i) the release of all or substantially all of the Collateral
from the Liens securing the Notes; (ii) any changes to Section 4.03 of the Indenture and any definitions related thereto; (iii) any changes to Section 4.04 of the Indenture and any definitions related thereto; (iv) any
changes to Section 4.09 of the Indenture and any definitions related thereto; and (v) any changes to the definition of “Change of Control” and the provisions of Section 4.08 of the Indenture. 

 

	15.	 Defaults and Remedies 

If an Event of Default (other than a Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer) occurs and
is continuing, the Trustee or the holders of at least 33% in principal amount of all outstanding Notes under the Indenture by notice to the Issuer (with a copy to the Trustee) m ay declare the principal of, premium, if any, and accrued but unpaid
interest on all the Notes under the Indenture to be due and payable. Upon such a declaration, such principal and interest will be due and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or
reorganization of the Issuer occurs, the principal of, premium, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. The holders of a majority
in principal amount of all outstanding Notes under the Indenture may rescind any such acceleration with respect to the Notes and its consequences. 

If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under the
Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense and certain other conditions are complied with. No
holder may pursue any remedy with respect to the Indenture unless (i) such holder has previously given the Trustee notice that an Event of Default is continuing, (ii) holders of at least 33% in principal amount of all the outstanding Notes
under the Indenture have requested the Trustee to pursue the remedy, (iii) such holders have offered the Trustee security or indemnity 

  
 Exhibit A-11 

 
satisfactory to it against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or
indemnity, and (v) the holders of a majority in principal amount of all the outstanding Notes under the Indenture have not given the Trustee a direction inconsistent with such request within such 60-day
period. Subject to certain restrictions, the holders of a majority in principal amount of all outstanding Notes under the Indenture are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other
holder or that would involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification reasonably satisfactory to it against all losses and expenses caused by taking or not
taking such action. 
  

	16.	 Trustee Dealings with the Issuer 

The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. 

 

	17.	 No Recourse Against Others 

No director, officer, employee, manager, incorporator or holder of any Equity Interests (except, if applicable, HoldCo) in the Issuer or any
direct or indirect parent companies, as such, will have any liability for any obligations of the Issuer under the Notes or the Indenture, as applicable, or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  

	18.	 Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Note. 
  

	19.	 Abbreviations 

Customary abbreviations may be used in the name of a holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  

	20.	 Governing Law 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW. 

  
 Exhibit A-12 

	21.	 CUSIP Numbers; ISINs 

The Issuer has caused CUSIP numbers and ISINs to be printed on the Notes and have directed the Trustee to use CUSIP numbers and ISINs in
notices of redemption as a convenience to the holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon. 
 The Issuer will furnish to any holder of Notes upon written request and without charge to the
holder a copy of the Indenture which has in it the text of this Note. 

  
 Exhibit A-13 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to: 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint                  agent to transfer
this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

			
	Date:
                                         
               	  	Your Signature:
                                         
           

  
  

Sign exactly as your name appears on the other side of this Note. 

Signature Guarantee: 
  

			
	Date:
                                         
   	  	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	  	Signature of Signature Guarantee

  
 Exhibit A-14 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED NOTES 
 This
certificate relates to $             principal amount of Notes held in (check applicable space)             book-entry or
            definitive form by the undersigned. 
 The undersigned (check one box below): 

 

	☐	 has requested the Registrar by written order to deliver in exchange for its beneficial interest in the Global
Note held by the Depository a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above);

  

	☐	 has requested the Registrar by written order to exchange or register the transfer of a Note or Notes.

 In connection with any transfer of any of the Notes evidenced by this certificate occurring while this Note is still a Transfer
Restricted Definitive Note or a Transfer Restricted Global Note, the undersigned confirms that such Notes are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

					
	(1)	  	☐	  	to the Issuer; or
			
	(2)	  	☐	  	to the Registrar for registration in the name of the holder, without transfer; or
			
	(3)	  	☐	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(4)	  	☐	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom
notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	(5)	  	☐	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Note shall be held immediately after the transfer
through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
			
	(6)	  	☐	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations and
agreements; or
			
	(7)	  	☐	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

  
 Exhibit A-15 

 Unless one of the boxes is checked, the Registrar will refuse to register any of the Notes
evidenced by this certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuer or the Registrar may require, prior to registering any such
transfer of the Notes, such legal opinions, certifications and other information as the Issuer or the Registrar have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act of 1933. 
  

			
	Date:
                                         
               	  	Your Signature:
                                         
           

 Sign exactly as your name appears on the other side of this Note. 

Signature Guarantee: 
  

			
	Date:
                                         
   	  	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	  	Signature of Signature Guarantee

  
 Exhibit A-16 

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule
144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
	Date:
                                         
               	  	  

		  	NOTICE: To be executed by an executive officer

  
 Exhibit A-17 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $ . The following increases or decreases in this Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal amount of
this Global Note
following such
decrease or
increase	  	Signature of
authorized signatory
of Trustee or Notes
Custodian

 

  
 Exhibit A-18 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.08 (Change of Control) of the Indenture, check the
box: 
 Change of Control ☐ 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.08 (Change of Control) of the
Indenture, state the amount ($2,000 or any integral multiple of $1,000 in excess thereof) (or if a PIK Payment has been made, in the amount of $1.00 or an integral multiple of $1.00 in excess thereof): 

$ 
  

									
	Date:	 	  
	  	                    	  	Your Signature:	 	  

		 		  		  		 	(Sign exactly as your name appears on the other side of this Note)

  

			
	Signature Guarantee:  	  	  

Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable
to the Trustee

  

  
 Exhibit A-19 

 EXHIBIT B 

[FORM OF TRANSFEREE LETTER OF REPRESENTATION] 

TRANSFEREE LETTER OF REPRESENTATION 

Sunnova Energy Corporation 
 20 Greenway Plaza, Suite 475 

Houston, Texas 77046 
 Attention: George H. Fidde Fax: [•]

 Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[ ] principal amount of the 12.00% Senior Secured Notes due 2018 (the “Notes”) of Sunnova Energy Corporation (collectively with its successors and assigns, the “Issuer”). 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

Name: _________________________ 
 Address:
_________________________ 
 Taxpayer ID Number: _________________________ 

The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act
of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $100,000 principal amount of the Notes, and we are acquiring the
Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment. 

2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as
permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of
original issue and the last date on which the Issuer or any affiliate of the Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) in the United States to a person
whom we reasonably believe is a qualified institutional buyer (as defined in Rule 144A under the Securities Act) in a transaction meeting the requirements of Rule 144A, (b) outside the United States in an offshore transaction in accordance with
Rule 904 of Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the 

  
 Exhibit B-1 

 
Securities Act provided by Rule 144 thereunder (if applicable) or (d) pursuant to an effective registration statement under the Securities Act, in each of cases (a) through (d) in
accordance with any applicable securities laws of any state of the United States. In addition, we will, and each subsequent holder is required to, notify any purchaser of the Note evidenced hereby of the resale restrictions set forth above. The
foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made to an institutional “accredited investor” prior to the Resale
Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional
“accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each
purchaser acknowledges that the Issuer and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause 2(b), 2(c) or 2(d) above to require the delivery of
an opinion of counsel, certifications or other information satisfactory to the Issuer and the Trustee. 
 Dated: ________________________ 

 

							
		 	 TRANSFEREE:
	 	  
	 	,

							
				
		 	 By
	 	  
	 	

  
 Exhibit B-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]