Document:

scty-ex1019s_722.htm

 

Exhibit 10.19s

CONFIDENTIAL TREATMENT REQUESTED

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

ADMINISTRATIVE AGENT ACTION NO. 20

This ADMINISTRATIVE AGENT ACTION NO. 20 (this “Action”), dated as of June 27, 2016 (the “Effective Date”), is entered into by and among Megalodon Solar, LLC, a Delaware limited liability company (“Borrower”), and Bank of America, N.A., as the Administrative Agent (“Administrative Agent”) under the Loan Agreement, dated as of May 4, 2015 (as amended, the “Loan Agreement”), by and among the Borrower, Administrative Agent, Collateral Agent, each of Bank of America, N.A. (“BA Agent”), Credit Suisse AG, New York Branch (“CS Agent”), Deutsche Bank AG, New York Branch (“DB Agent”), ING Capital LLC (“ING Agent”), KeyBank National Association (“KB Agent”) and National Bank of Arizona (“NBAZ Agent”, and collectively with BA Agent, CS Agent, DB Agent, ING Agent and KB Agent, the “Existing Group Agents”), as Group Agents, the Lenders and the other parties from time to time parties thereto, on the Effective Date immediately prior to the effectiveness of this Action, and [***], in its capacity as a Group Agent (“[***] Agent”) and as Committed Lender (“[***] Committed Lender”), and [***], in its capacity as a Group Agent (“[***] Agent” and together with [***] Agent, the “Additional Group Agents”) and as Committed Lender (“[***] Committed Lender” and together with [***] Committed Lender, the “Additional Committed Lenders”), from and after the Effective Date upon the effectiveness of this Action. As used in this Action, capitalized terms which are not defined herein shall have the meanings ascribed to such terms in the Loan Agreement.

A.Each Existing Group Agent has provided its consent to an Incremental Loan Commitment Increase of up to $350,000,000 and the accession of one or more Eligible Assignees as additional Committed Lenders, pursuant to and subject to the terms of Required Group Agent Action No. 13 dated March 23, 2016, by and among Borrower, Administrative Agent, Collateral Agent and Existing Group Agents (“GAA 13”);

B.[***], in its capacity as a Committed Lender (“[***] Committed Lender”), has provided an Incremental Loan Commitment Increase of $40,000,000 pursuant to Administrative Agent Action No. 18, dated May 24, 2016, by and among Borrower, Administrative Agent and [***] Committed Lender;

C.The Borrower has invited each of the Additional Committed Lenders as an Eligible Assignee, to become Committed Lenders under the Loan Agreement;

D.Each of the Additional Committed Lenders and Additional Group Agents desires to become a party to the Loan Agreement, and the Required Group Agents (determined before giving effect to the Commitment Increase (as defined below)) have agreed to the accession of [***] Committed Lender and [***] Committed Lender, each as a Committed Lender under the Loan Agreement, and the designation of [***] Agent and [***] Agent, respectively, as Group Agents; and

 

			
	
 
	
 
	
Administrative Agent Action No. 20

 

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

 

E.Upon the effectiveness of this Action and subject to the terms and conditions of the Loan Agreement and GAA 13, the Additional Committed Lenders agree to provide Commitments to the Borrower under the Loan Agreement in an aggregate principal amount equal to $70,000,000 and in the respective amounts set forth in Exhibit 1 attached hereto (the “Commitment Increase”). 

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

Section 1.Amendment. Subject to the prior satisfaction of the conditions precedent described in Section 3 hereof, Annex 3 to the Loan Agreement is hereby amended and restated in its entirety as set forth in Exhibit 1 attached hereto.

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

(a)The Administrative Agent and the Borrower acknowledge the Commitment Increase pursuant to GAA 13 and Section 2.9 of the Loan Agreement (and notwithstanding any requirements set forth in Section 2.9 of the Loan Agreement, but without limiting Section 3 hereof).

(b)The Administrative Agent and the Borrower acknowledge the accession to the Loan Agreement and the other Financing Documents of [***] Committed Lender and [***] Committed Lender as Committed Lenders thereunder pursuant to (i) Section 2.9(c) of the Loan Agreement (and notwithstanding any requirements set forth in Section 2.9(c) of the Loan Agreement, but without limiting Section 3 hereof) and Section 2(c) of GAA 13 and (ii) (A) the Accession Agreement, dated as of the date hereof, by and among [***] Committed Lender, [***] Agent, the Administrative Agent and the Borrower (the “[***] Accession Agreement”) and (B) the Accession Agreement, dated as of the date hereof, by and among [***] Committed Lender, [***] Agent, the Administrative Agent and the Borrower (the “[***] Accession Agreement”), each substantially in the form attached as Exhibit F-1 to the Loan Agreement.

(c)The Administrative Agent consents to the amendments as set forth in Section 1 hereof pursuant to Section 9.14(b) of the Loan Agreement. 

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

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

(b)The Administrative Agent shall have received counterparts of each of the [***] Accession Agreement, executed and delivered by each of the parties thereto and the [***] Accession Agreement, executed and delivered by each of the parties thereto.

(c)The Administrative Agent shall have received an Administrative Questionnaire and any tax forms it has requested from each of the Additional Committed Lenders.

 

			
	
 
	
2
	
Administrative Agent Action No. 20

 

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

 

(d)The Administrative Agent shall have received a certificate of the Borrower dated as of the Effective Date signed by a Responsible Officer of the Borrower (i) certifying and attaching the resolutions adopted by the Borrower approving or consenting to the increase in the Commitments provided for in this Action and (ii) certifying that each of the conditions set forth in Section 2.9(e) (except clause (x) thereof) of the Loan Agreement has been met as of the Effective Date. 

(e)Each of [***] Committed Lender and the Borrower shall have received executed counterparts of the Commitment Fee Letter, dated as of the date hereof, between [***] Committed Lender and the Borrower (the “[***] Fee Letter”) and each of [***] Committed Lender and the Borrower shall have received executed counterparts of the Commitment Fee Letter, dated as of the date hereof, between [***] Committed Lender and the Borrower (the “[***] Fee Letter”).

(f)(i) Each Additional Committed Lender shall have received for its own account all fees due and payable as of the Effective Date pursuant to the [***] Fee Letter and [***] Fee Letter, as applicable, and (ii) the Administrative Agent shall have received for its own account all costs and expenses described in Section 6 of this Action, for which invoices have been presented in connection herewith.

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

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

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

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

[Signature Pages Follow]

 

 

 

			
	
 
	
3
	
Administrative Agent Action No. 20

 

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

 

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

 

	
MEGALODON SOLAR, LLC,

	
as Borrower

	
 

	
By:
	
/s/ Lyndon Rive

	
Name:
	
Lyndon Rive

	
Title:
	
President

 

	
[***],

	
as a Group Agent

	
 

	
By:
	
[***] 

	
Name:
	
[***] 

	
Title:
	
[***] 

	
 

	
[***],

	
as a Group Agent

	
 

	
By:
	
[***] 

	
Name:
	
[***] 

	
Title:
	
[***] 

	
 

	
BANK OF AMERICA, N.A.

	
as the Administrative Agent and the Collateral Agent

	
 

	
By:
	
/s/ Darleen R. DiGrazia

	
Name:
	
Darleen R. DiGrazia

	
Title:
	
Vice President

 

[Signature Page to Administrative Agent Action No. 20]

 

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

 

EXHIBIT 1

ANNEX 3

SCHEDULE OF LENDER COMMITMENTS

 

	
Lender
	
Commitment

	
Bank of America, N.A.
	
$[***]

	
Credit Suisse AG, Cayman Islands Branch
	
$[***]

	
ING Capital LLC
	
$[***]

	
Deutsche Bank AG, 
New York Branch
	
$[***]

	
KeyBank National Association
	
$[***]

	
National Bank of Arizona
	
$[***]

	
[***]
	
$[***]

	
[***]
	
$[***]

 

Exhibit 1

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.scty-ex1021b_1458.htm

Exhibit 10.21b

CONFIDENTIAL TREATMENT REQUESTED

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

AMENDMENT No. 2 to CREDIT AGREEMENT

This AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”) is entered into as of April 22, 2016, by and among MAKO SOLAR, LLC, a Delaware limited liability company (the “Borrower”), MAKO SOLAR HOLDINGS, LLC, a Delaware limited liability company (the “Member”), [***], a Delaware limited liability company (“Fund I Manager”), [***], a Delaware limited liability company (“Fund II Manager”), [***], a Delaware limited liability company (“Fund III Manager”), SOLARCITY CORPORATION, a Delaware corporation solely in its capacity as a limited guarantor (the “Limited Guarantor”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as the administrative agent for the Lenders (in such capacity, together with its successors and assigns, the “Administrative Agent”), as the collateral agent for the Secured Parties (in such capacity, together with its successors and assigns, the “Collateral Agent” and together with the Administrative Agent, the “Agents”), and as a Lender. Capitalized terms used herein but undefined shall have the meanings set forth in the Credit Agreement. 

RECITALS

WHEREAS, the parties entered into that certain Credit Agreement, dated as of January 15, 2016 (as amended, supplemented or modified from time to time, the “Credit Agreement”), by and among the Borrower, the Member, Fund I Manager, Fund II Manager, Fund III Manager, the Limited Guarantor and each lender party thereto;

WHEREAS, the parties desire to amend Schedule 2.01(c) of the Credit Agreement to provide for a revised amortization schedule;

WHEREAS, Bank of America, N.A., its successors and assigns, as lender, and the lenders party hereto constitute the Required Lenders pursuant to Section 10.01(a) of the Credit Agreement.

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

Section 1.02Amendment to the Credit Agreement. Schedule 2.01(c) of the Credit Agreement is amended by deleting it entirely and replacing it with the attached Annex A. 

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

Section 1.03.References in all Transaction Documents. To the extent any Operative Document contains a provision that conflicts with the intent of this Amendment, the parties agree that the provisions herein shall govern. 

Section 1.04.Counterparts. This Amendment may be executed (by facsimile, electronic mail or otherwise) in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.

Section 1.05.Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE TRANSACTION PARTIES SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 1.06.Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Amendment shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Amendment and shall in no way affect the validity or enforceability of the other provisions of this Amendment. 

Section 1.07.Continuing Effect. Except as expressly amended hereby, each Operative Document shall continue in full force and effect in accordance with the provisions thereof and each Operative Document is in all respects hereby ratified, confirmed and preserved.  

Section 1.08.Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of each party to the Operative Documents, their respective successors and permitted assigns. 

 

[Signature pages follow]

 

2

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

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

		
	
 
	
MAKO SOLAR, LLC,
a Delaware limited liability company,
as the Borrower

 

By: /s/ Lyndon Rive

Name: Lyndon Rive

Title: President

	
 
	
 

	
 
	
Agreed solely with respect to Section 10.01

 

SOLARCITY CORPORATION, as Limited Guarantor

 

By: /s/ Lyndon Rive

Name: Lyndon Rive

Title: Chief Executive Officer

	
 
	
 

	
 
	
bank of america, n.a., 
as Administrative Agent

 

By: /s/ Mollie S. Canup

Name: Mollie S. Canup

Title: Vice President

	
 
	
 

	
 
	
bank of america, n.a., 
as Collateral Agent

 

By: /s/ Mollie S. Canup

Name: Mollie S. Canup

Title: Vice President

	
 
	
 

	
 
	
bank of america, n.a., 
as a Lender

 

By: /s/ Sheikh Omer-Farooq

Name: Sheikh Omer-Farooq

Title: Managing Director

	
 
	
 

	
 
	
keybank National Association, 
as a Lender

 

By: /s/ Benjamin C. Cooper

Name: Benjamin C. Cooper

Title: Vice President

	
 
	
 

Amendment No. 2 to Credit Agreement

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

		
	
 
	
Silicon Valley Bank 
as a Lender

 

By: /s/ Bret Turner

Name: Bret Turner

Title: Managing Director

	
 
	
 

	
 
	
MAKO SOLAR HOLDINGS, LLC,
a Delaware limited liability company,
as the Member and a Guarantor,

 

By: /s/ Lyndon Rive

Name: Lyndon Rive

Title: President

	
 
	
 

	
 
	
[***],
a Delaware limited liability company,
as a Borrower Subsidiary Party and a Guarantor,

 

By: /s/ Lyndon Rive

Name: Lyndon Rive

Title: President & CEO

	
 
	
 

	
 
	
[***],
a Delaware limited liability company,
as a Borrower Subsidiary Party and a Guarantor,

 

By: /s/ Lyndon Rive

Name: Lyndon Rive

Title: President 

	
 
	
 

	
 
	
[***],
a Delaware limited liability company,
as a Borrower Subsidiary Party and a Guarantor,

 

By: /s/ Lyndon Rive

Name: Lyndon Rive

Title: President

	
 
	
 

 

Amendment No. 2 to Credit Agreement

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

Annex A

SCHEDULE 2.01(c)

			
	
Date
	
Scheduled Principal Payment
	
Scheduled Bullet Payments

	
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ANNEX A

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

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