Document:

EX-10.45

 Exhibit 10.45 

*** Text Omitted and Filed Separately with the Securities Exchange Commission 

Confidential Treatment Requested under 17 C.F.R. Sections 200.80(b)(4) and 230.406 

COLLATERAL AGENCY AND DEPOSITARY AGREEMENT 

dated as of September 12, 2014 

among 
 VIVINT SOLAR FINANCING
I, LLC, 
 as Borrower, 

VIVINT SOLAR LIBERTY MANAGER, LLC, 

VIVINT SOLAR MARGAUX MANAGER, LLC, 

VIVINT SOLAR FUND III MANAGER, LLC, 

VIVINT SOLAR MIA MANAGER, LLC, 

VIVINT SOLAR AALIYAH MANAGER, LLC, 

VIVINT SOLAR REBECCA MANAGER, LLC, 

VIVINT SOLAR HANNAH MANAGER, LLC, 

VIVINT SOLAR NICOLE MANAGER, LLC, 

VIVINT SOLAR ELYSE MANAGER, LLC, 

and 
 VIVINT SOLAR OWNER I, LLC,
as Subsidiary Parties 
 BANK OF AMERICA, N.A., 

as Administrative Agent, 
 BANK
OF AMERICA, N.A. 
 as Collateral Agent, 

BANK OF AMERICA, N.A., 
 as
Depositary and Securities Intermediary, 
 and 

EACH SECURED LENDER SIGNATORY HERETO 

(solely for purposes of Section 2.1, Section 6.2 and Article VII hereof) 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	 
	
	DEFINITIONS	 
			
	Section 1.1	  	Capitalized Terms	  	 	1	 
	Section 1.2	  	Definitions; Construction	  	 	4	 
	Section 1.3	  	Uniform Commercial Code	  	 	4	 
	
	ARTICLE II	  
	
	APPOINTMENT OF DEPOSITARY;	  
	ESTABLISHMENT OF ACCOUNTS; GRANT OF SECURITY INTEREST	 
			
	Section 2.1	  	Appointment of Depositary, Powers and Immunities	  	 	4	 
	Section 2.2	  	Acceptance of Appointment of Depositary	  	 	5	 
	Section 2.3	  	Establishment of Accounts	  	 	6	 
	Section 2.4	  	Account Security Interests	  	 	7	 
	Section 2.5	  	Accounts Maintained as UCC “Securities Accounts”	  	 	8	 
	Section 2.6	  	Jurisdiction of Depositary	  	 	9	 
	Section 2.7	  	Degree of Care; Liens	  	 	9	 
	Section 2.8	  	Subordination of Lien; Waiver of Set-Off	  	 	9	 
	Section 2.9	  	No Other Agreements	  	 	9	 
	Section 2.10	  	Notice of Adverse Claims	  	 	9	 
	Section 2.11	  	Rights and Powers of the Collateral Agent	  	 	10	 
	Section 2.12	  	Powers of Collateral Agents and Depositary	  	 	10	 
	Section 2.13	  	Termination	  	 	10	 
	Section 2.14	  	Interpleader	  	 	10	 
	Section 2.15	  	Additional Duties of Agent	  	 	11	 
	
	ARTICLE III	  
	
	THE ACCOUNTS	 
			
	Section 3.1	  	Deposits into and Withdrawals from Accounts	  	 	11	 
	Section 3.2	  	Prepayment Account	  	 	12	 
	Section 3.3	  	Revenue Account	  	 	12	 
	Section 3.4	  	Interest Reserve Account	  	 	14	 
	Section 3.5	  	Equity Cure Account	  	 	15	 
	
	ARTICLE IV	  
	
	INVESTMENTS, EVENTS OF DEFAULT & PAYMENTS	 
			
	Section 4.1	  	 Investment of Accounts
	  	 	15	 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

i 

							
	Section 4.2	  	Disposition of Accounts Upon Discharge Date	  	 	16	 
	Section 4.3	  	Notices of Suspension of Accounts	  	 	16	 
	Section 4.4	  	Payments	  	 	17	 
			
		  	ARTICLE V	  			
			
		  	DEPOSITARY	  			
			
	Section 5.1	  	Reliance by Depositary	  	 	17	 
	Section 5.2	  	Court Orders	  	 	18	 
	Section 5.3	  	Resignation or Removal	  	 	18	 
			
		  	ARTICLE VI	  			
			
		  	EXPENSES; INDEMNIFICATION; FEES	  			
			
	Section 6.1	  	Expenses	  	 	19	 
	Section 6.2	  	Indemnification	  	 	19	 
			
		  	ARTICLE VII	  			
			
		  	COLLATERAL AGENT	  			
			
	Section 7.1	  	Appointment of Collateral Agent	  	 	20	 
	Section 7.2	  	Undertaking of Collateral Agent	  	 	21	 
	Section 7.3	  	General Authority of the Collateral Agent over the Collateral	  	 	22	 
	Section 7.4	  	Enforcement of Liens	  	 	22	 
	Section 7.5	  	Rights, Duties, Etc.	  	 	23	 
	Section 7.6	  	Exculpatory Provisions	  	 	24	 
	Section 7.7	  	Expenses	  	 	24	 
	Section 7.8	  	Indemnification	  	 	25	 
	Section 7.9	  	Resignation or Removal	  	 	26	 
			
		  	ARTICLE VIII	  			
			
		  	MISCELLANEOUS	  			
			
	Section 8.1	  	Amendments; Etc.	  	 	26	 
	Section 8.2	  	Addresses for Notices	  	 	27	 
	Section 8.3	  	Governing Law	  	 	27	 
	Section 8.4	  	Headings	  	 	27	 
	Section 8.5	  	No Third Party Beneficiaries	  	 	28	 
	Section 8.6	  	No Waiver	  	 	28	 
	Section 8.7	  	Severability	  	 	28	 
	Section 8.8	  	Successors and Assigns	  	 	28	 
	Section 8.9	  	Execution in Counterparts	  	 	28	 
	Section 8.10	  	Directions to Depositary	  	 	28	 
	Section 8.11	  	Customer Identification Program Notice; Patriot Act Compliance	  	 	29	 
	Section 8.12	  	Provisions of the Loan Agreement	  	 	29	 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

ii 

							
	Section 8.13	  	Waiver of Jury Trial	  	 	29	 
	Section 8.14	  	Joinder of Additional Subsidiary Parties; Release of Subsidiary Parties	  	 	29	 
	
	SCHEDULES	  
	Schedule I:	  	PAYMENT INSTRUCTIONS	  			
		
	EXHIBITS	  			
			
	Exhibit A:	  	FORM OF WITHDRAWAL/TRANSFER CERTIFICATE	  			
	Exhibit B:	  	FORM OF TERMINATION AGREEMENT	  			
	Exhibit C:	  	FORM OF PENDING TRADE NOTICE	  			
	Exhibit D:	  	GENERAL ACCOUNT DEPOSITARY SETTLEMENT INFORMATION	  			
	Exhibit E:	  	DEPOSITARY ACCOUNT INVESTMENT SELECTION FORM	  			
	Exhibit F:	  	CERTIFICATE OF AUTHORIZED REPRESENTATIVE	  			
	Exhibit G:	  	FORM OF INTEREST RESERVE RELEASE CERTIFICATE	  			

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

iii 

 COLLATERAL AGENCY AND DEPOSITARY AGREEMENT 

This COLLATERAL AGENCY AND DEPOSITARY AGREEMENT (this “Agreement”) dated as of September 12, 2014 (the
“Effective Date”), is made by and among Vivint Solar Financing I, LLC, a Delaware limited liability company (“Borrower”), and Vivint Solar Liberty Manager, LLC, a Delaware limited liability company (“Liberty
Manager”), Vivint Solar Margaux Manager, LLC, a Delaware limited liability company (“Margaux Manager”), Vivint Solar Fund III Manager, LLC, a Delaware limited liability company (“Fund III Manager”), Vivint
Solar Mia Manager, LLC, a Delaware limited liability company (“Mia Manager”), Vivint Solar Aaliyah Manager, LLC, a Delaware limited liability company (“Aaliyah Manager”), Vivint Solar Rebecca Manager, LLC, a
Delaware limited liability company (“Rebecca Manager”), Vivint Solar Hannah Manager, LLC, a Delaware limited liability company (“Hannah Manager”), Vivint Solar Nicole Manager, LLC, a Delaware limited liability
company (“Nicole Manager”), Vivint Solar Elyse Manager, LLC, a Delaware limited liability company (“Elyse Manager”), and Vivint Solar Owner I, LLC (“Owner I,” and together with Liberty Manager,
Margaux Manager, Fund III Manager, Mia Manager, Aaliyah Manager, Rebecca Manager, Hannah Manager, Nicole Manager, Elyse Manager and each other Person that subsequently becomes a party hereto in accordance with Section 8.14 of this
Agreement, the “Subsidiary Parties”), Bank of America, N.A., as the administrative agent under the Loan Agreement (as defined below) for the Lenders (as defined below) (together with its successors and permitted assigns in such
capacity, the “Administrative Agent”), Bank of America, N.A., in its capacity as collateral agent for the Beneficiaries (as defined below) (together with its successors and permitted assigns in such capacity, the “Collateral
Agent”), Bank of America, N.A., in its capacity as depositary bank and as securities intermediary (together with its successors and permitted assigns in such capacity, the “Depositary”) and solely for purposes of
Section 2.1, Section 6.2 and Article VII, the Lenders (as defined below). 
 RECITALS 

A. Borrower has entered into that certain Loan Agreement dated as of the date hereof (the “Loan Agreement”), by and among
Borrower, the lenders from time to time party thereto (collectively, the “Lenders”) and the Administrative Agent (together with the Lenders and other Secured Parties (as defined in the Loan Agreement), collectively, the
“Secured Beneficiaries”). 
 B. It is a condition precedent to the extensions of credit by the Lenders under the Loan
Agreement that this Agreement shall have been executed and delivered by each of the parties hereto. 
 AGREEMENT 

In consideration of the premises and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties
hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Capitalized Terms. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in
the Loan Agreement. In addition to the 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 1 

 
terms defined in the Loan Agreement, the following terms used herein (including the introductory paragraph and the recitals hereto) shall have the following respective meanings: 

“Account Collateral” has the meaning set forth in Section 2.4(a). 

“Accounts” has the meaning set forth in Section 2.3(a). 

“Administrative Agent” has the meaning set forth in the preamble hereto. 

“Agreement” has the meaning set forth in the preamble hereto. 

“Authorized Signatory” has the meaning set forth in Section 8.10. 

“Borrower” has the meaning set forth in the preamble hereto. 

“Borrower Entity” means Borrower or any Subsidiary Party. 

“Cash Sweep” means, as of any Transfer Date, the amount of funds available at priority third of Section 3.3(d) of
this Agreement as of such Transfer Date such that, after giving effect to the application of such amount to the prepayment of Loans in accordance with Section 2.1(f) of the Loan Agreement, no Repayment Event is continuing; provided,
that, for the avoidance of doubt, if the amount of funds available at such priority is less than the amount required to eliminate any Repayment Event, the Cash Sweep shall be the full amount of funds available at such priority. 

“CIP” has the meaning set forth in Section 8.11. 

“Collateral Agent” has the meaning set forth in the preamble hereto. 

“Depositary” has the meaning set forth in the preamble hereto. 

“Discharge Date” means the date when all Obligations have been paid in full in cash, all Commitments under the Loan Agreement
have been terminated and each of the Financing Documents entered into by Borrower or its Affiliates in connection with the Loan Agreement have been terminated, or novated such that Borrower does not continue to have any obligations thereunder. 

“Draft Withdrawal/Transfer Certificate” means a certificate of Borrower in the form of Exhibit A that has been
submitted pursuant to Section 3.1(a) but not yet approved by the Collateral Agent. 
 “Effective Date” has the
meaning set forth in the preamble hereto. 
 “Equity Contribution” any monies contributed to Borrower by any Person
(a) for the purpose of prepaying principal and curing a default under Section 8.1(l) of the Loan Agreement or (b) pursuant to Section 8.4 of the Loan Agreement for the purpose of curing an Event of Default under Section 6.1
of the Loan Agreement. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 2 

 “Equity Cure Account” has the meaning set forth in Section 2.3(a)(iii).

 “Financial Assets” has the meaning set forth in Section 2.5. 

“Indemnified Collateral Agent Liabilities” has the meaning set forth in Section 7.8(a). 

“Indemnified Collateral Agent Parties” has the meaning set forth in Section 7.8(a). 

“Indemnified Depositary Liabilities” has the meaning set forth in Section 6.2(a). 

“Indemnified Depositary Parties” has the meaning set forth in Section 6.2(a). 

“Interest Reserve Account” has the meaning set forth in Section 2.3(a)(iii). 

“Interest Reserve Release Certificate” means a certificate in substantially the form of Exhibit G, duly executed by a
Responsible Officer of the Borrower and countersigned by the Administrative Agent, directing the transfer or withdrawal of funds from the Interest Reserve Account. 

“Interest Reserve Required Amount” means, as of any date, the amount equal to the aggregate amount of interest on all
then-outstanding Loans scheduled to become due and payable for the succeeding six (6) months. 
 “Lenders” has the
meaning set forth in the recitals hereto. 
 “Loan Agreement” has the meaning set forth in the recitals hereto. 

“New York UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York. 

“Notice of Suspension” has the meaning set forth in Section 4.3(a). 

“pdf” has the meaning set forth in Section 8.2. 

“Prepayment Account” has the meaning set forth in Section 2.3(a)(ii). 

“Revenue Account” has the meaning set forth in Section 2.3(a)(i). 

“Revenue Account Sub-Account” has the meaning set forth in Section 2.3(b). 

“Secured Beneficiaries” has the meaning set forth in the recitals hereto. 

“Secured Obligations” means the Obligations. 

“Securities” has the meaning set forth in Section 4.1. 

“Securities Intermediary” has the meaning set forth in Section 2.2(a). 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 3 

 “Subsidiary Party” has the meaning set forth in the recitals hereto. 

“Transfer Date” means the date the relevant withdrawal and/or transfer is to be made pursuant to a Withdrawal/Transfer
Certificate. 
 “Withdrawal/Transfer Certificate” means a certificate of the Borrower in the form of Exhibit A and
approved by the Administrative Agent in accordance with Section 3.1(b). 
 Section 1.2 Definitions; Construction.
For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) all terms
defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 (b) all
references in this Agreement to designated “Articles,” “Sections,” “Exhibits”, “Schedules” and other subdivisions are to the designated Articles, Sections, Exhibits, Schedules and other subdivisions of this
Agreement; 
 (c) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Agreement as a whole and not to any particular Article, Section or other subdivision; 
 (d) unless otherwise expressly specified, any
Financing Documents and any other agreement, contract or document defined or referred to herein shall mean such Loan Document, agreement, contract or document as in effect as of the date hereof, as the same may thereafter be amended, restated,
supplemented or otherwise modified from time to time in accordance with the terms thereof and of the other Financing Documents and including any agreement, contract or document in substitution or replacement of any of the foregoing; 

(e) unless the context clearly intends to the contrary, pronouns having a masculine or feminine gender shall be deemed to include the other;
and 
 (f) any reference to any Person shall include its successors and assigns. 

Section 1.3 Uniform Commercial Code. All terms defined in the New York UCC shall have the respective meanings given to those terms
in the New York UCC, except where the context otherwise requires. 
 ARTICLE II 

APPOINTMENT OF DEPOSITARY; 

ESTABLISHMENT OF ACCOUNTS; GRANT OF SECURITY INTEREST 

Section 2.1 Appointment of Depositary, Powers and Immunities. The Administrative Agent, the Collateral Agent, the Borrower, the
Subsidiary Paries, and the Lenders, hereby appoint the Depositary to act as the agent of the Collateral Agent, for the benefit of the Secured Beneficiaries hereunder, with such powers as are expressly delegated to the Depositary by the terms of this
Agreement, together with such other powers as are reasonably incidental thereto. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 4 

 
The Depositary shall not have any duties or responsibilities except those expressly set forth in this Agreement and no implied duties or covenants shall be read against the Depositary. The
Depositary shall not be a trustee or fiduciary to any Secured Beneficiary. Without limiting the generality of the foregoing, the Depositary shall take all actions as the applicable party shall direct it to perform in accordance with the express
provisions of this Agreement. Notwithstanding anything to the contrary contained herein, the Depositary shall not be required to take any action which is contrary to this Agreement or applicable law. Neither the Depositary nor any of its Affiliates
shall be responsible to the Secured Beneficiaries for any recitals, statements, representations or warranties made by Borrower or any Subsidiary Party contained in this Agreement or any other Financing Document or in any certificate or other
document referred to or provided for in, or received by any Secured Beneficiary under any Financing Document for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Financing Document or any
other document referred to or provided for herein or therein or for any failure by Borrower or any Subsidiary Party to perform its obligations hereunder or thereunder. The Depositary shall not be required to ascertain or inquire as to the
performance by Borrower or any Subsidiary Party of any of their obligations under any Financing Document or any other document or agreement contemplated hereby or thereby. Except as otherwise provided under this Agreement, the Depositary shall take
action under this Agreement only as it shall be directed in writing. Whenever in the administration of this Agreement the Depositary shall deem it necessary or desirable that a factual matter be proved or established in connection with the
Depositary taking, suffering to exist or omitting to take any action hereunder, such matter (unless other evidence in respect thereof is herein specifically prescribed) may be deemed to be conclusively proved or established by a certificate of an
Responsible Officer of Borrower or the Collateral Agent, if appropriate. The Depositary shall have the right at any time to seek instructions concerning the administration of this Agreement from the Administrative Agent, the Collateral Agent,
Borrower or any court of competent jurisdiction. The Depositary shall have no obligation to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder. The Depositary may execute any of
the powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, custodians or nominees appointed with due care. Neither the Depositary nor any of its officers, directors, employees or agents shall be liable
for any action taken or omitted under this Agreement or in connection therewith except to the extent caused by the Depositary’s or any of its officer’s, director’s, employee’s or agent’s bad faith, gross negligence or
willful misconduct. 
 Section 2.2 Acceptance of Appointment of Depositary . 

(a) The Depositary hereby accepts each of the foregoing appointments and agrees to act as the depositary for the Collateral Agent and as a
securities intermediary (within the meaning of Section 8-102(a)(14) of the New York UCC, the “Securities Intermediary”) with respect to the Accounts and to accept all cash, payments, other amounts and investments to be
delivered to or held by the Depositary pursuant to the terms of this Agreement and the other Financing Documents. The Depositary shall hold and maintain the Accounts during the term of this Agreement and shall treat the Accounts and the cash,
instruments and investments in the Accounts as monies, instruments and securities or securities entitlements, as applicable, pledged by Borrower or a Subsidiary Party to be held in the custody of the Depositary, as agent solely for the benefit of
the Secured Beneficiaries. In performing its functions and duties under this Agreement, the Depositary shall act solely as agent for the Collateral Agent for the benefit of the 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 5 

 
Secured Beneficiaries and, except in such capacity, does not assume and shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for Borrower or the
Subsidiary Parties. 
 (b) Neither Borrower nor any Subsidiary Party shall have any rights to withdraw or transfer funds from the Accounts
or rights against or to monies held in the Accounts, as third party beneficiaries or otherwise, except the Borrower’s rights to withdraw or transfer funds in the Accounts that are expressly provided in Section 3.1. 

Section 2.3 Establishment of Accounts. 

(a) The Depositary hereby agrees and confirms that it has established the following accounts (inclusive of any sub-accounts thereof (if any)
as well as any additional accounts that may be established pursuant to clause (c) of this Section 2.3, collectively, the “Accounts”) in the name of Borrower (as special, segregated accounts and sub-accounts thereof
(if any)), which shall be maintained at all times until the termination of this Agreement: 
 (i) an Account (account no.
***) entitled “Revenue Account” (the “Revenue Account”); 
 (ii) an Account (account no. ***)
entitled “Prepayment Account” (the “Prepayment Account”); 
 (iii) an Account (account no. ***),
entitled “Interest Reserve Account” (the “Interest Reserve Account”); and 
 (iv) an Account
(account no. ***), entitled “Equiry Cure Account” (the “Equity Cure Account”). 
 (b) For administrative
purposes, sub-accounts within the Accounts may be established and created by the Depositary from time to time in accordance with this Agreement, each of which shall be, and be treated as, an Account. In furtherance of the foregoing, the Depositary
hereby agrees and confirms that it has established the following accounts in the name of the respective Subsidiary Party (collectively, the “Revenue Account Sub-Accounts”), each of which shall be treated as a sub-account of the
Revenue Account and shall be maintained at all times until the termination of this Agreement: 
 (i) an Account (account no.
***) entitled Zero Bal Collection Vivint Solar Liberty Mgr in the name of Vivint Solar Liberty Manager, LLC; 
 (ii) an
Account (account no. ***) entitled Zero Bal Collection Vivint Solar Margaux Mgr in the name of Vivint Solar Margaux Manager, LLC; 

(iii) an Account (account no. ***) entitled Zero Bal Collection Vivint Solar Fund III Mgr in the name of Vivint Solar Fund III
Manager, LLC; 
 (iv) an Account (account no. ***) entitled Zero Bal Collection Vivint Solar Mia Mgr in the name of Vivint
Solar Mia Manager, LLC; 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 6 

 (v) an Account (account no. ***) entitled Zero Bal Collection Vivint Solar
Aaliyah Mgr in the name of Vivint Solar Aaliyah Manager, LLC; 
 (vi) an Account (account no. ***) entitled Zero Bal
Collection Vivint Solar Rebecca Mgr in the name of Vivint Solar Rebecca Manager, LLC; 
 (vii) an Account (account no. ***)
entitled Zero Bal Collection Vivint Solar Hannah Mgr in the name of Vivint Solar Hannah Manager, LLC; 
 (viii) an Account
(account no. ***) entitled Zero Bal Collection Vivint Solar Nicole Mgr in the name of Vivint Solar Nicole Manager, LLC; 

(ix) an Account (account no. ***) entitled Zero Bal Collection Vivint Solar Elyse Mgr in the name of Vivint Solar Elyse
Manager, LLC; and 
 (x) an Account (account no. ***) entitled Zero Bal Collection Vivint Solar Owner I, LLC in the name of
Vivint Solar Owner I, LLC. 
 (c) Borrower may from time to time with the prior written consent of the Collateral Agent and the
Administrative Agent, establish additional accounts that will be subject to the terms hereof, which shall constitute “Accounts” for all purposes hereunder. Borrower and the Subsidiary Parties shall not have any deposit accounts other than
the Accounts. 
 Section 2.4 Account Security Interests. 

(a) As collateral security for the prompt and complete payment and performance when due of all Obligations, Borrower and each Subsidiary Party
hereby pledges, assigns, hypothecates and transfers to and grants to the Collateral Agent for the benefit of the Secured Beneficiaries a first priority Lien on and security interest in and to all of their right, title and interest in, to and under
(the following described assets being the “Account Collateral”): whether now owned or hereafter acquired, (x) each Account held in its name and sub-account thereof (if any) and (y) all cash, instruments, investment
property, securities, “security entitlements” (within the meaning of Section 8-102(a)(17) of the New York UCC) and Financial Assets, other than Excluded Revenues, at any time on deposit in or credited to any Account held in its
name or sub-account thereof (if any), including all income, earnings and distributions thereon and all proceeds, products and accessions of and to any and all of the foregoing, including whatever is received or receivable upon any collection,
exchange, sale or other disposition of any of the foregoing and any property into which any of the foregoing is converted, whether cash or non-cash proceeds, and any and all other amounts paid or payable under or in connection with any of the
foregoing. 
 (b) The Depositary is the agent of the Collateral Agent, for the benefit of the Secured Beneficiaries for the purpose of
receiving payments contemplated hereunder and for the purpose of perfecting the Lien of the Collateral Agent, for the benefit of the Secured Beneficiaries in and to the Accounts and the other Account Collateral; provided that the Depositary
shall not be responsible to take any action to perfect such Liens except through the performance of its express obligations hereunder or upon the written direction of the Collateral Agent. Each of the Accounts and the sub-accounts (if any) shall at
all times be held in the sole 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 7 

 
custody and “control” (within the meaning of Section 8-106(d) or Section 9-104(a), as applicable, of the New York UCC) of the Collateral Agent for the purposes and on
the terms set forth in this Agreement and all such amounts shall constitute a part of the Collateral. This Agreement constitutes a “security agreement” (within the meaning of Section 9-102(a) of the New York UCC). 

Section 2.5 Accounts Maintained as UCC “Securities Accounts”. The Depositary, Borrower and each Subsidiary Party agrees
that (a) each Account is and will be maintained as a “securities account” (within the meaning of Section 8-501 of the New York UCC); (b) Borrower or the applicable Subsidiary Party is the “entitlement
holder” (within the meaning of Section 8-102(a)(7) of the New York UCC) in respect of the “financial assets” (within the meaning of Section 8-102(a)(9) of the New York UCC, the “Financial Assets”)
credited to such Accounts, as applicable; (c) each item of property (including a security, security entitlement, investment property, instrument or obligation, share, participation, interest or other property whatsoever) credited to any Account
shall be treated as a Financial Asset; and (d) to the extent practicable, all Financial Assets in registered form or payable to or to the order of and credited to any Account shall be registered in the name of, payable to or to the order of, or
specially endorsed to, the Depositary or in blank and in no case will any Financial Asset credited to any Account be registered in the name of, payable to or to the order of, or endorsed to, Borrower or a Subsidiary Party, as applicable, except to
the extent the foregoing have been subsequently endorsed by Borrower or a Subsidiary Party, as applicable, to the Depositary or in blank. The Collateral Agent shall have “control” (within the meaning of Section 8-106(d) or
Section 9-104(a) (as applicable) of the New York UCC) of the Accounts and the “security entitlements” (within the meaning of Section 8-102(a)(17) of the New York UCC) with respect to the Financial Assets credited to the
Accounts. All property delivered to the Depositary pursuant to this Agreement will be promptly credited to the Accounts. Borrower and each Subsidiary Party hereby irrevocably directs, and the Depositary hereby agrees, that the Depositary will comply
with all instructions and all “entitlement orders” (as defined in Section 8-102(a)(8) of the New York UCC) originated by the Collateral Agent in accordance with this Agreement regarding each Account and each sub-account (if
any) and any Financial Asset therein without the further consent of Borrower, a Subsidiary Party or any other Person. Until the Depositary has been notified in writing by the Collateral Agent that the Discharge Date has occurred, in the case of a
conflict between any instruction or order originated by the Collateral Agent and any instruction or order originated by Borrower, a Subsidiary Party or any other Person, the instruction or order originated by the Collateral Agent in accordance with
this Agreement shall prevail. The Depositary shall not change the name or account number of any Account without the prior written consent of the Collateral Agent and shall not change the entitlement holder in respect of any Financial Asset credited
thereto. To the extent that the Accounts are not considered “securities accounts” (within the meaning of Section 8-501(a) of the New York UCC), the Accounts shall be deemed to be “deposit accounts” (within the
meaning of Section 9-102(a)(29) of the New York UCC), which Borrower and each Subsidiary Party shall maintain with Depositary acting not as a securities intermediary but as a “bank” (within the meaning of
Section 9-102(a)(8) of the New York UCC). Depositary shall not have title to the funds on deposit in the Accounts, and shall credit the Accounts with all receipts of interest, dividends and other income received on the property held in the
Accounts. Depositary shall administer and manage the Accounts in strict compliance with all the terms applicable to the Accounts pursuant to this Agreement, and shall be subject to and comply with all the obligations that Depositary owes to
Collateral Agent with respect to the Accounts, including all subordination 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 8 

 
obligations, pursuant to the terms of this Agreement. Depositary hereby agrees to comply with any and all instructions originated by the Collateral Agent directing disposition of funds and all
other property in the Accounts without any further consent of Borrower, a Subsidiary Party or any other Person. 
 Section 2.6
Jurisdiction of Depositary. The parties hereto agree that, for purposes of the New York UCC, notwithstanding anything to the contrary contained in any other agreement relating to the establishment and operation of the Accounts, the
jurisdiction of the Depositary (in its capacity as the Securities Intermediary and as a bank) is the State of New York and the laws of the State of New York govern the establishment and operation of the Accounts. 

Section 2.7 Degree of Care; Liens. The Depositary shall exercise the same degree of care in administering the funds held in the
Accounts as the Depositary exercises in the ordinary course of its day-to-day business in administering other funds for its own account and as required by applicable law. Other than this Agreement, the Depositary is not party to and shall not
execute and deliver, or otherwise become bound by, any agreement under which the Depositary agrees with any Person other than the Collateral Agent to comply with entitlement orders or instructions originated by such Person relating to any of the
Accounts. The Depositary shall not grant any lien, pledge or security interest in any Financial Asset or any Account or funds therein that is the subject of any security entitlement that is the subject of this Agreement other than any Liens granted
to the Collateral Agent hereunder. 
 Section 2.8 Subordination of Lien; Waiver of Set-Off. In the event that the Depositary has
or subsequently obtains by agreement, operation of law or otherwise a Lien in any Account, any security entitlement carried therein or credited thereto or any Financial Asset or any Account or funds therein that is the subject of any such security
entitlement, the Depositary agrees that such Lien shall (except to the extent provided in the last sentence of this Section 2.8) be subordinate to the Liens of the Collateral Agent. The Financial Assets standing to the credit of the
Accounts or any Account or funds therein will not be subject to deduction, set-off, banker’s lien, or any other right in favor of any Person other than the Collateral Agent (except to the extent of returned items and chargebacks either for
uncollected checks or other items of payment and transfers previously credited to one or more of the Accounts, and Borrower, each Subsidiary Party and the Collateral Agent hereby authorize the Depositary to debit the relevant Account(s) for such
amounts). 
 Section 2.9 No Other Agreements. None of the Depositary, the Collateral Agent, Borrower or any Subsidiary Party has
entered or will enter into any agreement with respect to any Account or any security entitlements, or any Financial Assets or funds carried in or credited to any Account, other than this Agreement and the Financing Documents. 

Section 2.10 Notice of Adverse Claims. The Depositary hereby represents that, except for the claims and interests of the
Collateral Agent, Borrower and each Subsidiary Party in each of the Accounts, as applicable, the Depositary (a) as of the Effective Date, has no knowledge of, and has received no notice of, and (b) as of the Effective Date and as of each
date on which any Account is established pursuant to this Agreement, has received no notice of, any claim to, or interest in, any Account or in any security entitlement, or Financial Asset or funds carried therein or credited thereto. If any Person
asserts any Lien (including any writ, garnishment, judgment, 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 9 

 
warrant of attachment, execution or similar process) against any Account or in any security entitlement, or Financial Asset or funds carried therein or credited thereto, the Depositary will
promptly notify the Collateral Agent, Borrower and any applicable Subsidiary Party thereof. 
 Section 2.11 Rights and Powers of the
Collateral Agent. The rights and powers granted to the Collateral Agent by the Secured Beneficiaries have been granted in order to perfect their Lien in the Account Collateral, security entitlements and financial assets carried therein or
credited thereto and to otherwise act as their agent with respect to the matters contemplated hereby. 
 Section 2.12 Powers of
Collateral Agents and Depositary. The Collateral Agent and, where appropriate, the Depositary shall have the right (but not the obligation) to (a) refuse any item for credit to any Account except as required by the terms of this Agreement
and (b) refuse to honor any request for a disbursement of Account Collateral that is not consistent with the terms of this Agreement. The Collateral Agent shall not take any actions unless consented to by the Administrative Agent. If Borrower
or any Subsidiary Party fails to perform any of its obligations contained herein, the Collateral Agent may (but shall not be obligated to) itself perform, or cause the performance of, such agreement, and the expenses of the Collateral Agent incurred
in connection therewith shall be payable by Borrower or a Subsidiary Party upon demand and shall be part of the Obligations. The powers conferred on the Collateral Agent and the Depositary in this Agreement are solely to protect the Liens and
security interests granted to the Collateral Agent pursuant to Section 2.4(a) in the Account Collateral and shall not impose any duty on any of the Collateral Agent or the Depositary to exercise any of such powers. Except for the
reasonable care of any Account in its possession or under its control and the accounting of funds received by it pursuant hereto, neither the Collateral Agent nor the Depositary shall have any duty with respect to the Account Collateral, or with
respect to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to the Account Collateral. 

Section 2.13 Termination. The rights and powers granted herein to the Collateral Agent have been granted in order to, among other
things, perfect the Liens and security interests granted to the Collateral Agent pursuant to Section 2.4(a) in the Account Collateral, and such rights and powers are coupled with an interest, and will not be affected by any bankruptcy or
insolvency of Borrower, a Subsidiary Party or any other Person or by any lapse of time. Except as otherwise provided herein, the obligations of the Depositary hereunder shall continue in effect until the Collateral Agent has notified the Depositary
in writing of the occurrence of the Discharge Date. After the Collateral Agent has notified the Depositary in writing of the occurrence of the Discharge Date, all right, title and interest of the Collateral Agent and the Secured Beneficiaries in the
Account Collateral shall revert to Borrower. At such time, the Collateral Agent shall direct the Depositary to, and upon such direction the Depositary shall, pay any Account Collateral then remaining in the Accounts to Borrower. No termination of
any Secured Beneficiary’s interest hereunder shall affect the rights of any other Secured Beneficiary hereunder. The Collateral Agent will inform the Depositary of the occurrence of the Discharge Date promptly upon the occurrence thereof. 

Section 2.14 Interpleader . In the event that the Depositary should at any time be confronted with inconsistent claims or demands
by the parties hereto, the Depositary shall have the right, at its option, to interplead such parties in any court of competent jurisdiction and request that 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 10 

 
such court determine the respective rights of the parties with respect to this Agreement, and upon doing so, the Depositary automatically shall be released from any obligations or liability as a
consequence of any such claims or demands. The Depositary is authorized, at its option, to deposit with the court in which such action is filed, all documents and assets held in the Accounts, except all costs, expenses, charges and reasonable
attorney fees incurred by the Depositary due to the interpleader action which Borrower and Subsidiary Parties agree on a joint and several basis to pay. 

Section 2.15 Additional Duties of Agent. 

(a) The Depositary shall keep and maintain records of the Accounts in the normal course of business. Such records shall upon two
(2) Business Days prior written request be available for inspection by authorized officers, employees, and agents of the Secured Beneficiaries and the Borrower during the normal business hours of the Depositary. 

(b) Borrower and each Subsidiary Party will provide or caused to be provided to the Depositary appropriate W-9 forms for tax I.D., number
certifications, or W-8 forms for non-resident alien certifications and any other item reasonably requested in writing by the Depositary to facilitate compliance with withholding regulations for all payees under the Accounts. 

ARTICLE III 
 THE
ACCOUNTS 
 Section 3.1 Deposits into and Withdrawals from Accounts. 

(a) At least three (3) Business Days (but no more than five (5) Business Days) prior to each Transfer Date, Borrower shall deliver to
the Administrative Agent, the Collateral Agent and the Depositary a Draft Withdrawal/Transfer Certificate signed by an Responsible Officer of Borrower specifying, as applicable: 

(i) the relevant Account(s) or other account to which, and/or Person(s) to whom, each such transfer is to be made; 

(ii) the amount requested to be transferred from such Account; 

(iii) the proposed Transfer Date; 

(iv) the purpose(s) to which the amount(s) so transferred are to be applied; and 

(v) all of such other information required to be provided in such Draft Withdrawal/Transfer Certificate under the provisions
thereof or of this Article III. 
 (b) A Draft Withdrawal/Transfer Certificate submitted by Borrower in accordance with
Section 3.1(a) shall be deemed a “Withdrawal/Transfer Certificate” for purposes of this Agreement only if (A) submitted to the Administrative Agent, the Collateral Agent and the

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 11 

 
Depositary by Borrower no later than 12:00 p.m. (New York time) three (3) Business Days (but no more than five (5) Business Days) prior to the relevant Transfer Date (Depositary may
conclusively presume that any Withdrawal/Transfer Certificate delivered to it was simultaneously delivered to the Administrative Agent and the Collateral Agent) and (B) the Collateral Agent and the Administrative Agent, if such Draft
Withdrawal/Transfer Certificate complies with the Financing Documents, shall have acknowledged and approved such Draft Withdrawal/Transfer Certificate by delivery to Borrower and the Depositary of a countersigned version of such Draft
Withdrawal/Transfer Certificate no later than two (2) Business Days prior to such Transfer Date (provided, that any failure to deliver an acknowledgment by the Collateral Agent and the Administrative Agent shall not give rise to any
claim, right or cause of action on the part of Borrower). 
 (c) Notwithstanding any other provision of this Agreement to the contrary, if
at any time Borrower fails to submit a Draft Withdrawal/Transfer Certificate to the Administrative Agent, the Collateral Agent and the Depositary for the transfer of any amounts required to be paid to any Person from any Account in accordance with
this Agreement and the other Financing Documents, the Collateral Agent shall be authorized (and Borrower authorizes the Collateral Agent) to effect such transfer by directing the Depositary without any further action of Borrower. The Collateral
Agent will promptly notify Borrower if it instructs the Depositary to effect a transfer pursuant to this Section 3.1(c); provided that any failure or delay in doing so shall not diminish the rights of the Collateral Agent to take
such actions or give rise to any claim, right or cause of action on the part of Borrower. 
 Section 3.2 Prepayment Account.

 (a) The Borrower and each Subsidiary Party shall cause to be deposited into the Prepayment Account 100% of the net proceeds of
(A) any Debt incurred or issued by any Loan Party or any of its Subsidiaries after the Closing Date that is not otherwise permitted to be incurred pursuant to Section 6.3 of the Loan Agreement, and (B) any capital stock issued by any
Loan Party or any of its Subsidiaries. 
 (b) At any time, upon receipt by the Depositary of an instruction from the Collateral Agent
(countersigned by the Administrative Agent), the Depositary shall transfer funds in the Prepayment Account to the Administrative Agent (for the benefit and account of the Lenders), for application as a prepayment of Loans in accordance with
Section 2.1(f) of the Loan Agreement. 
 Section 3.3 Revenue Account. 

(a) Borrower and each Subsidiary Party shall cause the following amounts to be paid into the Revenue Account (or sub-account thereof): 

(1) all Revenues of Borrower and each Subsidiary Party, whether received by or on behalf of Borrower or Subsidiary Party; 

(2) if applicable, such funds in the other Accounts as are required to be transferred to the Revenue Account pursuant to this Agreement; and

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 12 

 (3) any other income or other amount that is received by or on behalf of the Borrower or any
Subsidiary Party that is not required to be deposited in or credited to another Account, or applied directly to the Obligations, in accordance with the Loan Agreement and this Agreement. 

(b) If any of the amounts described in Section 3.3(a) required to be deposited with the Depositary in accordance with the terms
of this Agreement are received by Borrower or any Subsidiary Party, such Borrower Entity shall hold such payments in trust for the Collateral Agent and shall remit such amounts to the Depositary within one (1) Business Day upon receiving
knowledge thereof for deposit in the Revenue Account, in the form received, with any necessary endorsements. 
 (c) In the event the
Depositary receives monies without adequate instruction with respect to the proper Account into which such monies are to be deposited, the Depositary shall deposit such monies into the Revenue Account. Borrower shall, within five (5) Business
Days after the receipt of notice from the Depositary of such receipt, deliver to the Collateral Agent a duly executed and completed Withdrawal/Transfer Certificate specifying the proper Account(s) into which such monies are to be deposited. Absent
receipt by the Depositary from the Collateral Agent of a duly executed and completed Withdrawal/Transfer Certificate instructing the Depositary as to the appropriate transfer of funds among Accounts to give effect thereto, such monies shall remain
in the Revenue Account and be otherwise subject to the provisions of this Section 3.3. Any funds on deposit in any Revenue Account Sub-Account shall be withdrawn and transferred into the Revenue Account immediately prior to each Transfer
Date. For the avoidance of doubt, funds on deposit in any Revenue Account Sub-Account shall not be withdrawn and transferred to any account other than the Revenue Account. 

(d) Unless a Notice of Suspension is in effect, upon receipt of a duly completed and executed Withdrawal/Transfer Certificate, and in
accordance with the directions set forth therein, Depositary shall cause funds held in the Revenue Account to be withdrawn or transferred in accordance with such Withdrawal/Transfer Certificate. The Borrower, the Administrative Agent and the
Collateral Agent hereby agree, solely as between such parties, that (i) no Withdrawal/Transfer Certificate will be issued to the Depositary if an Event of Default would occur after giving effect to any application of funds contemplated by this
Section 3.3(d) and (ii) that any such Withdrawal/Transfer Certificate will instruct disbursements to pay the following amounts on the dates and at the priorities indicated below: 

(1) first, on any Transfer Date, to the Administrative Agent (for the benefit of each Secured Beneficiary, as applicable), the amount
specified in the Withdrawal/Transfer Certificate as equal to all fees, costs, charges and any other amounts (except principal and interest) then due and payable to the Depositary and the Secured Beneficiaries pursuant to this Agreement, the Loan
Agreement and the other Financing Documents; 
 (2) second, on any Transfer Date, to the Administrative Agent (for the benefit and
account of the Lenders), the amount specified in the Withdrawal/Transfer Certificate as equal to the amount of all interest under or in respect of the Financing Documents then due and payable by Borrower; 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 13 

 (3) third, on any Transfer Date, to the Administrative Agent (for the benefit and account
of the Lenders), the amount specified in the Withdrawal/Transfer Certificate as equal to all principal under or in respect of the Financing Documents then due and payable by Borrower (including, to the extent that a Repayment Event has occurred and
is continuing, the Cash Sweep as of such Transfer Date), for application as a repayment or prepayment of Loans, as applicable, in accordance with Section 2.1 of the Loan Agreement; 

(4) fourth, on any Transfer Date, to the Interest Reserve Account, the amount specified in the Withdrawal/Transfer Certificate as
equal to the difference between (i) the Interest Reserve Required Amount, and (ii) the funds on deposit in the Interest Reserve Account on such Transfer Date, after giving effect to any transfers made on such Transfer Date; and 

(5) fifth, on each Scheduled Payment Date, subject to the satisfaction of all other conditions set forth in Section 6.6(e) of the
Loan Agreement, to the Borrower Member (or a direct or indirect owner thereof), the amount specified in the Withdrawal/Transfer Certificate as the balance of any monies remaining in the Revenue Account after giving effect to the withdrawals and
transfers specified in clauses (1) and (4) above on such date; provided, that in the event that any Borrowing has occurred since the immediately preceding Scheduled Payment Date, the foregoing transfer shall not occur
until the later of (x) three (3) Business Days after the applicable Scheduled Payment Date or (y) the date on which the Administrative Agent confirms in writing that any interest paid under priority (2) constitutes the full
amount of all interest under or in respect of the Financing Documents that was due as of Transfer Date, and, provided, further, in the event that the Administrative Agent determines that the transfer made pursuant to priority
(2) above on such Scheduled Payment Date was for less than full amount of all interest under or in respect of the Financing Documents that was due as of Transfer Date, an amount equal to such deficit shall be paid to the Administrative Agent
(for the benefit and account of the Lenders) prior to any transfers under this priority (5). 
 Section 3.4 Interest Reserve
Account. 
 (a) Funds shall be deposited into the Interest Reserve Account pursuant to Section 3.3(d)(4). 

(b) On any date when the amounts available at priorities first, second and third set forth in Section 3.3(d) are insufficient to
pay amounts then due and owing, the Depositary shall (upon written notification from the Borrower or the Administrative Agent, with a copy to the Administrative Agent or the Borrower, as applicable, setting forth the amount of such shortfall)
withdraw funds from the Interest Reserve Account to pay to the Administrative Agent, for the account of the Lenders, the amount of such shortfall then due and payable, which funds shall be applied by the Administrative Agent in the order of priority
set forth in priorities first, second, and third in Section 3.3(d). The Depositary shall promptly notify the Administrative Agent and the Collateral Agent if, at any time, there are insufficient funds on deposit in the Interest Reserve
Account to make the payments required under this Section 3.4(b). 
 (c) If, on any Scheduled Payment Date, the funds on deposit
in the Interest Reserve Account are in excess of the Interest Reserve Required Amount, unless a Notice of Suspension is in effect, the Borrower may direct, by delivery of an Interest Reserve Release 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 14 

 
Certificate to the Depositary, the transfer to the Revenue Account of an amount equal to the difference between (i) the aggregate total amount of all funds on deposit in the Interest Reserve
Account and (ii) the Interest Reserve Required Amount, as certified by the Borrower and confirmed by the Administrative Agent in such Interest Reserve Release Certificate. Borrower, Administative Agent and Collateral Agent hereby agree, solely
as between such parties, that Borrower will not issue such an Interest Reserve Release Certificate to the Depositary if an Event of Default would occur after giving effect to such transfer. 

Section 3.5 Equity Cure Account. 

(a) The Borrower and each Subsidiary Party shall cause all Equity Contributions to be deposited into the Equity Cure Account. 

(b) At any time, upon receipt by the Depositary of an instruction from the Borrower (countersigned by the Collateral Agent and the
Administrative Agent), the Depositary shall transfer funds in the Equity Cure Account to the Administrative Agent (for the benefit and account of the Lenders), for application as a prepayment of Loans in accordance with Section 2.1(f) of the
Loan Agreement. 
 (c) On any date when the amounts available at priorities first, second and third set forth in Section 3.3(d)
are insufficient to pay amounts then due and owing, after making the transfers from the Interest Reserve Account under Section 3.4(b) above, the Depositary shall (upon written notification from the Borrower or the Administrative Agent,
with a copy to the Administrative Agent or the Borrower, as applicable, setting forth the amount of such shortfall) withdraw funds from the Equity Cure Account to pay to the Administrative Agent, for the account of the Lenders, the amount of such
shortfall then due and payable, which funds shall be applied by the Administrative Agent in the order of priority set forth in priorities first, second, and third in Section 3.3(d). 

(d) At any time, upon receipt of a duly completed and executed Withdrawal/Transfer Certificate, so long as the Cash Flow Coverage Ratio is not
less than 1.40:1.00 after giving pro forma effect to such transfer, the Depositary shall transfer funds in the Equity Cure Account to the Revenue Account for subsequent application in accordance with the priorities set forth in
Section 3.3(d). 
 ARTICLE IV 

INVESTMENTS, EVENTS OF DEFAULT & PAYMENTS 

Section 4.1 Investment of Accounts. Unless a Notice of Suspension is in effect, the Depositary shall invest all funds on deposit
in all Accounts including earnings thereon, in either (a) as instructed in writing on Exhibit E by Borrower, in a specific money market fund or bank deposit investment vehicle or (b) as instructed in writing on Exhibit C by
Borrower in marketable obligations. It is understood and agreed Exhibit E represents money market funds which are currently available for investment of funds held in Bank of America, N.A. depositary accounts, which availability is subject to
change following the date of this Agreement. If Borrower chooses to invest in accordance with clause 4.1(a), the investment may be changed by 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 15 

 
delivery to the Depositary of a written request including a revised and re-executed Exhibit E. Upon receipt of such request the Depositary will reinvest the funds on deposit in all
Accounts in the indicated investment within two (2) Business Days or such additional time as may be required due to circumstances beyond the Depositary’s control. If Borrower chooses to invest in accordance with clause 4.1(b), each of the
parties hereto acknowledges that the Depositary does not have the ability to purchase or sell securities, certificates, debt or equity instruments, exchange traded funds or other investment vehicles (collectively, “Securities”) on
behalf of any other person or party. Therefore, to the extent that Borrower elects to invest in Securities, Borrower will be responsible for initiating any purchase or sale of such Securities on the open market by whatever means necessary and
available to it and the Depositary will settle such purchases or sales into and out of the applicable Account, as necessary. Specifically, (A) for any purchase of Securities directed by Borrower, Borrower shall place a buy order on the open
market for the Securities it wishes to purchase and shall indicate that such purchase is to be settled by the Depositary into the applicable Account and (B) for any sale of Securities directed by Borrower, Borrower shall place a sell order on
the open market for the Securities it wishes to sell and shall indicate that such sale is to be settled by the Depositary out of the holdings of such Securities in the applicable Account and that all funds received from the sale of such Securities
shall be paid to the Depositary for deposit into the applicable Account. In order to ensure the proper settlement of purchases and sales of Securities, Borrower shall give the Depositary written notice prior to the applicable settlement date in
accordance with Exhibit D to the Agreement. Settlement of any trades of Securities into the Accounts will be on an actual basis. Additionally, the Depositary shall not be required to comply with any settlement instructions requesting it to
purchase any Securities for any Account unless the then-current balance of such Account is sufficient to purchase such Securities. In the event that a money market fund is designated herein as the initial investment, the party or parties designating
the investment acknowledge receipt of the prospectus for such fund at the time of execution of this Agreement. The Depositary is hereby authorized to make early withdrawal or sale of securities if necessary to make a distribution from any of the
Accounts in accordance with this Agreement. The Depositary shall not be liable or responsible for any loss or any penalties which are imposed on any investments in any Account, including because of the early withdrawal or sale of the securities in
which any portion of the Accounts may be invested. 
 Section 4.2 Disposition of Accounts Upon Discharge Date. In the event that
the Depositary shall have received a certificate from the Collateral Agent stating that the Discharge Date shall have occurred, all amounts remaining in the Accounts shall, upon receipt of a certificate from the Collateral Agent authorizing such
payments from the Accounts, be remitted to or as otherwise directed by Borrower. 
 Section 4.3 Notices of Suspension of Accounts.
 
 (a) The Collateral Agent may, but shall not be required to, suspend the right of the Depositary and the Borrower to withdraw or
otherwise deal with any funds deposited in or credited to the Accounts at any time during the occurrence and continuance of either (i) an Event of Default or (ii) a Default under Section 8.1(a) of the Loan Agreement, by delivering a
notice to the Depositary (with a copy to the Borrower and the Administrative Agent) (a “Notice of Suspension”). 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 16 

 (b) Notwithstanding any other provision of the Loan Agreement or any other Financing Document,
after the issuance by the Collateral Agent of a Notice of Suspension and until such time as the Collateral Agent advises the Depositary and the Borrower in writing that it has withdrawn such Notice of Suspension, no amount may be withdrawn by the
Depositary from any Account, without the express prior written consent of the Collateral Agent, and the Depositary shall comply with any instruction given by the Collateral Agent as contemplated by Section 2.1, without reference to any
inconsistent request or instruction from the Borrower or otherwise. For the avoidance of doubt, the withdrawal of a Notice of Suspension by the Collateral Agent shall not affect any other Notice of Suspension that it may have issued. 

(c) Notwithstanding anything to the contrary in this Agreement, the Loan Agreement or any other Financing Document, the Borrower acknowledges
that if an Event of Default has occurred and is continuing, and following delivery of a Notice of Suspension that has not been withdrawn (provided, that any failure to deliver such notice shall not affect the validity of any actions taken under this
Agreement), the Collateral Agent, on behalf of the Secured Parties, is entitled to apply amounts deposited in or credited to any Account against all or any part of the Obligations in accordance with the Financing Documents. The Borrower shall remain
liable for any deficiency in accordance with the respective Financing Documents to which it is a party. 
 Section 4.4 Payments.
Borrower hereby instructs the Collateral Agent and the Depositary to make all payments to be made in respect of the Secured Obligations hereunder, or with respect to any other payment, directly to the Administrative Agent, for the benefit of the
Lenders and other Secured Beneficiaries, as applicable, in each case, in accordance with the instructions set forth in Schedule I, and the Collateral Agent and the Depositary hereby acknowledge receipt of such instruction. 

ARTICLE V 

DEPOSITARY 

Section 5.1 Reliance by Depositary. The Depositary shall be entitled to conclusively rely upon and shall not be bound to make any
investigation into the facts or matters stated in any certificate of an Responsible Officer of Borrower, any certificate of the Administrative Agent, the Collateral Agent or any other notice or other document (including any cable, telegram,
telecopy, telex, or facsimile, and any document delivered or furnished by electronic communication including e-mail and Internet or intranet websites, including the Platform) believed by it to be genuine and to have been signed or sent by or on
behalf of the proper Person or Persons, and upon advice and statement of legal counsel, independent accountants and other experts selected by the Depositary and shall have no liability for its actions taken thereupon, unless due to the
Depositary’s bad faith, willful misconduct or gross negligence. The Depositary is entitled to rely on, with no liability for such reliance, and shall not be obligated to monitor or verify, the accuracy of any certificate or other written
instruction provided to the Depositary by Borrower, any Subsidiary Party, the Administrative Agent or the Collateral Agent. The Depositary shall be fully justified in failing or refusing to take any action under this Agreement (i) if such
action would, in the reasonable opinion of the Depositary, be contrary to applicable law or the terms of this Agreement, (ii) if such action is not specifically provided for in this Agreement, it

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 17 

 
shall not have received any such advice or concurrence of the Collateral Agent as it deems appropriate or (iii) if, in connection with the taking of any such action that would constitute an
exercise of remedies under this Agreement (whether such action is or is intended to be an action of the Depositary or the Collateral Agent), it shall not first be indemnified to its satisfaction by the applicable Secured Beneficiaries (other than
the Collateral Agent (in its individual capacity), or any other agent or trustee under any of the documents for the Secured Obligations (in each case, in their respective individual capacities)) against any and all liability and expense which may be
incurred by it by reason of taking or continuing to take any such action. The Depositary shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of the Collateral Agent, and
such request and any action taken or failure to act pursuant thereto shall be binding upon all the Secured Beneficiaries. 

Section 5.2 Court Orders. The Depositary is hereby authorized, in its exclusive discretion, to obey and comply with all writs,
orders, judgments or decrees issued by any court or administrative agency affecting any money, documents or things held by the Depositary. The Depositary shall not be liable to any of the parties hereto or any of the Beneficiaries or their
successors, heirs or personal representatives by reason of the Depositary’s compliance with such writs, orders, judgments or decrees, notwithstanding such writ, order, judgment or decree is later reversed, modified, set aside or vacated. 

Section 5.3 Resignation or Removal. Subject to the appointment and acceptance of a successor Depositary as provided below, the
Depositary may resign at any time by giving thirty (30) days’ written notice thereof to each party hereof. The Depositary may be removed at any time with or without cause by the Administrative Agent with, so long as no Event of Default is
then continuing, the consent of the Borrower. Notwithstanding anything to the contrary, no resignation or removal of the Depositary shall be effective until: (i) a successor Depositary is appointed in accordance with this
Section 5.3, (ii) the resigning or removed Depositary has transferred to its successor all of its rights and obligations in its capacity as the Depositary under this Agreement, and (iii) the successor Depositary has executed
and delivered an agreement to be bound by the terms hereof and perform all duties required of the Depositary hereunder and a copy of such agreement has been delivered to the Administrative Agent, the Collateral Agent and Borrower. Within thirty
(30) days of receipt of a written notice of any resignation or removal of the Depositary, the Administrative Agent and, if no Default or Event of Default is then continuing, Borrower shall appoint a successor Depositary. If no successor
Depositary (x) shall have been appointed by the Administrative Agent and, if applicable, Borrower and (y) shall have accepted such appointment within thirty (30) days after the retiring Depositary’s giving of notice of
resignation or the removal of the retiring Depositary, then the retiring Depositary may apply to a court of competent jurisdiction to appoint a successor Depositary, which shall be a federally insured U.S.-domiciled bank or trust company that has a
combined capital surplus of at least $500,000,000. Upon the acceptance of any appointment as Depositary hereunder by the successor Depositary, (a) such successor Depositary shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Depositary, and the retiring Depositary shall be discharged from its duties and obligations hereunder and (b) the retiring Depositary shall promptly transfer all monies within its possession or
control to the possession or control of the successor Depositary and shall execute and deliver such notices, instructions and assignments as may be necessary or desirable to transfer the rights of the Depositary with respect to the monies to the
successor Depositary. After the retiring Depositary’s 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 18 

 
resignation or removal hereunder as Depositary, the provisions of this Article V and of Article VI shall continue in effect for its benefit in respect of any actions taken or
omitted to be taken by it while it was acting as Depositary. Any corporation into which the Depositary may be merged or converted or with which it may be consolidated or any corporation resulting from any merger, conversion or consolidation to which
the Depositary shall be a party, or any corporation succeeding to the business of the Depositary or its corporate trust operations shall be the successor of the Depositary hereunder without the execution or filing of any paper with any party hereto
or any further act on the part of any of the parties hereto except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding. 

ARTICLE VI 

EXPENSES; INDEMNIFICATION; FEES 

Section 6.1 Expenses. Borrower agrees to pay or reimburse all reasonable and documented out-of-pocket costs and expenses of the
Depositary (including reasonable fees and expenses for legal services of a single law firm) in respect of, or incident to, the administration or enforcement of any of the provisions of this Agreement or in connection with any amendment, waiver or
consent relating to this Agreement, except to the extent any costs or expenses of the Depositary result from the Depositary’s bad faith, gross negligence or willful misconduct. 

Section 6.2 Indemnification. 

(a) Borrower and each Subsidiary Party, jointly and severally, agrees to indemnify, protect, save and keep harmless the Depositary and its
officers, partners, members, directors, trustees, advisors, employees, agents, sub-agents and Affiliates and any of their successors, or permitted assigns (collectively, the “Indemnified Depositary Parties”) from and against, any
and all claims, liabilities, obligations, losses, damages, penalties, costs and reasonable expenses that may be imposed on, incurred by, or asserted against, at any time, the Depositary arising out of the execution, delivery and performance of this
Agreement, the establishment of the Accounts, the acceptance of deposits or the proceeds thereof and any payment, transfer or other application of cash by the Depositary in accordance with the provisions of this Agreement, or as may arise by reason
of any act, omission or error of the Depositary made in good faith in the conduct of its duties (collectively, the “Indemnified Depositary Liabilities”); except that Borrower shall not be required to indemnify, protect, save and
keep harmless any Indemnified Depositary Parties against the Indemnified Depositary Party’s own bad faith, gross negligence or willful misconduct as determined by the final judgment of a court of competent jurisdiction, no longer subject to
appeal or review. Without limiting the foregoing, Borrower and each Subsidiary Party, jointly and severally, agrees to pay, and to hold the Depositary harmless from, and to indemnify the Depositary against, any and all liabilities with respect to,
or resulting from any delay in paying, any and all stamp, excise, sales or other similar taxes which may be payable or determined to be payable with respect to any of the Account Collateral or in connection with any of the transactions contemplated
hereby unless such delay is caused by the Depositary’s own bad faith, gross negligence or willful misconduct. To the extent that the undertakings to indemnify, pay and hold harmless set forth in this Section 6.2 may be unenforceable
in whole or in part because they are volatile of any law or public policy, Borrower and each of the Subsidiary Parties shall contribute 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 19 

 
the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all of the Indemnified Liabilities incurred by the Indemnified Depositary
Parties or any of them. The Administrative Agent and the Collateral Agent each agrees to indemnify and hold harmless the Depositary against any and all claims, losses, damages, liabilities, judgments, costs and expenses (including reasonable
attorneys’ fees) incurred or sustained by the Depositary as a result of or in connection with the Depositary’s reliance upon and compliance with instructions or directions given by the Administrative Agent or the Collateral Agent, as
applicable, provided, however, that such losses have not arisen from the Depositary’s own bad faith, gross negligence or willful misconduct as determined by the final judgment of a court of competent jurisdiction, no longer subject to appeal or
review. 
 (b) To the extent permitted by applicable law, Administrative Agent, Collateral Agent, Borrower, each Lender, and each of the
Subsidiary Parties agrees not to assert, and Borrower and each of the Subsidiary Parties hereby waives, any claim against the Depositary and its Affiliates, directors, employees, attorneys, agents or subagents, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a
result of, or in any way related to, this Agreement or any agreement or instrument contemplated hereby or referred to herein or therein, the transactions contemplated hereby or thereby or any act or omission or event occurring in connection
therewith, and Administrative Agent, Collateral Agent, Borrower, each Lender, and each of the Subsidiary Parties hereby waives, releases and agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not known
or suspected to exist in its favor; provided that such claim is not for the bad faith, gross negligence or willful misconduct of any Indemnified Depositary Party. 

(c) The agreements in this Section 6.2 shall survive repayment of the Secured Obligations and all other amounts payable under the
Financing Documents and the removal or resignation of the Depositary. 
 ARTICLE VII 

COLLATERAL AGENT 

Section 7.1 Appointment of Collateral Agent. The Administrative Agent and the Lenders hereby irrevocably designate and appoint
Bank of America, N.A. as collateral agent under this Agreement and the other Collateral Documents, and Bank of America, N.A. hereby accepts such appointment, and the Administrative Agent and Lenders, irrevocably authorizes the Collateral Agent to
take such action on their behalf under the provisions of this Agreement and any other Collateral Documents, and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Agreement and the
other Collateral Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Collateral Agent shall not have any duties or responsibilities, except
those expressly set forth herein, or any fiduciary relationship with the Administrative Agent or any other Person, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any
other Loan Document or otherwise exist against the Collateral Agent. The 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 20 

 
Administrative Agent shall endeavor to provide to the Collateral Agent a copy of the Financing Documents (and any amendments thereto) and any notices received by the Administrative Agent from
Borrower (provided that the Administrative Agent shall have no liability in respect of such obligation and any failure to provide such documents to the Collateral Agent shall not give rise to any claim, right or cause of action on the part of
the Collateral Agent, Borrower, any Subsidiary Party or any other Person). 
 Section 7.2 Undertaking of Collateral Agent. 

(a) Subject to, and in accordance with, this Agreement and the other Collateral Documents, the Collateral Agent will, for the benefit solely
and exclusively of the present and future Secured Beneficiaries: 
 (i) accept, enter into, hold, maintain, administer and
enforce all Collateral Documents, including all Collateral subject thereto, and all Liens created thereunder, perform its obligations under the Collateral Documents and protect, exercise and enforce the interests, rights, powers and remedies granted
or available to it under, pursuant to or in connection with this Agreement and the other Collateral Documents; 
 (ii) take
all lawful and commercially reasonable actions permitted under the Collateral Documents that it may deem necessary or advisable to protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers and remedies;

 (iii) deliver and receive notices pursuant to the Collateral Documents; 

(iv) sell, assign, collect, assemble, foreclose on, institute legal proceedings with respect to, or otherwise exercise or
enforce the rights and remedies of a Secured Beneficiary (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under the Collateral Documents and its other interests, rights, powers
and remedies in accordance with Section 7.4; and 
 (v) remit all cash proceeds, cash equivalents and other
distributions of or in respect of Collateral received by it from the collection, foreclosure or enforcement of its interest in the Collateral under the Collateral Documents or any of its other interests, rights, powers or remedies. 

(b) Each party to this Agreement acknowledges and consents to the undertakings of the Collateral Agent set forth in
Section 7.2(a) and agrees thereto and to each of the other provisions of this Agreement applicable to the Collateral Agent. 

(c) Notwithstanding anything to the contrary contained in this Agreement, the Collateral Agent will not commence any exercise of remedies or
any foreclosure actions or otherwise take any action or proceeding against or in respect of any of the Collateral or take other actions hereunder, including the delivering of any notice required to be delivered or the giving of any instruction
required to be given by the Collateral Agent hereunder, unless and until it shall have been directed by written notice of the Administrative Agent on behalf of the Secured Beneficiaries and then only in accordance with the provisions of such notice,
this Agreement and the other Collateral Documents. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 21 

 (d) The Collateral Agent hereby acknowledges and agrees that any Liens and security interests
granted to the Collateral Agent pursuant to this Agreement, the Collateral Documents and the other Financing Documents are granted to the Collateral Agent not for its own benefit, but solely for the benefit of the Administrative Agent and the
Lenders. 
 Section 7.3 General Authority of the Collateral Agent over the Collateral. Borrower hereby irrevocably constitute
and appoint the Collateral Agent and any officer or agent thereof, with full power of substitution as among such officers and agents, as their true and lawful attorney-in-fact with full power and authority, if a Notice of Suspension has been
delivered to the Depositary and until such Notice of Suspension has been withdrawn, in the name of the Administrative Agent and the Lenders, or in its own name, from time to time to take any and all appropriate action and to execute any and all
documents and instruments which may be necessary or desirable to carry out or cause to be carried out the terms of this Agreement and/or the other Collateral Documents (but subject to the terms hereof and thereof) and to accomplish the purposes
hereof and thereof; and, without limiting the generality of the foregoing, Borrower hereby gives the Collateral Agent, during any Event of Default, the power and right on behalf of Borrower, without notice to or further assent by Borrower, to:
(i) ask for, demand, sue for, collect, receive and give acquittance for any and all moneys due or to become due upon, or in connection with, the Collateral; (ii) receive, take, endorse, assign and deliver any and all checks, notes, drafts,
acceptances, documents and other negotiable and non-negotiable instruments taken or received by the Collateral Agent as, or in connection with, the Collateral; (iii) commence, prosecute, defend, settle, compromise or adjust any claim, suit,
action or proceeding with respect to, or in connection with, the Collateral; (iv) sell, transfer, assign or otherwise deal in or with the Collateral or any part thereof as fully and effectively as if the Collateral Agent were the absolute owner
thereof; (v) exercise all remedies provided for by this Agreement or the other Collateral Documents; and (vi) do, at its option for the account of the Administrative Agent and the Lenders, at any time or from time to time, all acts and
things which the Collateral Agent reasonably deems necessary to cause perfection of the liens and security interests of the Collateral Agent in the Collateral, to protect or preserve the Collateral and to realize upon the Collateral in each case in
accordance with the Collateral Documents. To the maximum extent permitted by law, the Borrower hereby ratifies all that said attorneys-in-fact shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an
interest and shall, so long as the Secured Obligations are outstanding, be irrevocable and thereafter be deemed revoked. 
 Section 7.4
Enforcement of Liens. Following receipt of any notice that an Event of Default has occurred, the Collateral Agent shall await direction by the Administrative Agent on behalf of the Secured Beneficiaries and will act, or decline to act, as
directed by the Administrative Agent on behalf of the Secured Beneficiaries, in the exercise and enforcement of the Collateral Agent’s interests, rights, powers and remedies in respect of the Collateral or under the Collateral Documents or
applicable law and, following the initiation of such exercise of remedies, the Collateral Agent will act, or decline to act, with respect to the manner of such exercise of remedies as directed by the Administrative Agent on behalf of the Secured
Beneficiaries. Unless it has been directed to the contrary by the Administrative Agent on behalf of the Secured Beneficiaries, the Collateral Agent in any event may (but will not be obligated to) take all lawful and commercially reasonable actions
permitted under the Collateral Documents that it may deem necessary or advisable to protect or preserve its interest in the Collateral as the Collateral Agent subject thereto, and the interests, rights, powers and remedies granted or available to it
as the Collateral Agent for the Secured Beneficiaries under, pursuant to or in connection with the Collateral Documents. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 22 

 Section 7.5 Rights, Duties, Etc. The acceptance by the Collateral Agent of its
respective duties hereunder and under the other Collateral Documents is subject to the following terms and conditions which the parties to this Agreement hereby agree shall govern and control with respect to the rights, duties, liabilities,
privileges, protections and immunities of the Collateral Agent: 
 (a) it shall not be responsible or liable in any manner whatever for
soliciting any funds or for the sufficiency, correctness, genuineness or validity of any funds or securities deposited with or held by it; 

(b) it shall be protected in acting or refraining from acting upon any written notice, certificate, instruction, request, or other paper or
document, as to the due execution thereof and the validity and effectiveness of the provisions thereof and as to the truth of any information therein contained, which it in good faith believes to be genuine; 

(c) it shall not be liable for any error of judgment or for any act done or step taken or omitted, except in the case of its gross
negligence, willful misconduct or bad faith as determined pursuant to a final, non-appealable judgment of a court of competent jurisdiction; 

(d) it may consult with and obtain advice from counsel of its own choice in the event of any dispute or question as to the construction of
any provision hereof or of a Loan Document or in connection with any other matters arising hereunder or under any Loan Document and the advice or any opinion of counsel shall be full and complete authorization and protection in respect of any action
taken or omitted by it hereunder or under any Loan Document in good faith and in accordance with such advice or opinion of counsel; 
 (e)
it shall have no duties or obligations hereunder or under any other Collateral Document to which it is a party, except those which are expressly set forth herein or in such other Collateral Documents, and it undertakes to perform such duties and
only such duties as are specifically set forth herein or in such other Collateral Document; 
 (f) it may execute or perform any duties
hereunder or under the other Collateral Documents to which it is a party either directly or through agents, nominees, custodians or attorneys and shall not be responsible for any failure, breach or omission of (including if resulting from willful
misconduct or gross negligence on the part of) any agent, attorney, custodian or nominee so appointed with reasonable care; 
 (g) it may
engage or be interested in any financial or other transactions with any party hereto or to any Loan Document and may act on, or as depositary, collateral agent or agent for, any committee or body of holders of obligations of such Persons as freely
as if it were not Collateral Agent hereunder; and 
 (h) it shall not be obligated to take any action which in its reasonable judgment
would involve it in expense or liability unless it has been furnished with reasonable indemnity. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 23 

 Subject to Section 4.2, the Collateral Agent shall have no obligation to invest and reinvest any cash
held in the Accounts. In no event shall the Collateral Agent be liable for the selection of investments or for investment losses incurred thereon by reason of investment performance, liquidation prior to stated maturity or otherwise. The Collateral
Agent shall have no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity. 

Section 7.6 Exculpatory Provisions. Neither the Collateral Agent nor any of its officers, directors, employees, agents,
attorneys-in-fact or affiliates (nor their officers, directors, employees, agents, attorneys-in-fact) shall be (a) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or
any other Financing Document (except to the extent that any of the foregoing are found by a final and non-appealable judgment of a court of competent jurisdiction to have resulted from its or such Person’s own bad faith, gross negligence or
willful misconduct) or (b) responsible in any manner to the Administrative Agent or any other Person for any recitals, statements, representations or warranties made by Borrower or any Subsidiary Party or any of their affiliates or any
officer(s) thereof contained in this Agreement or any other Loan Document or in the certificate, report, statement or other document referred to or provided for in, or received by the Collateral Agent under or in connection with, this Agreement or
any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or of any Lien granted to it under any Loan Document or for any failure of Borrower or any
Subsidiary Party or any other party thereto to perform its obligations hereunder or thereunder. The Collateral Agent shall not be under any obligation to the Administrative Agent or to any other Person to ascertain or to inquire as to the observance
or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of Borrower, any Subsidiary Party or any other Person. None of the provisions of this
Agreement or any Loan Document shall require the Collateral Agent to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder or under the Financing Documents, 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 indemnity satisfactory to it against such risk or liability is not assured to it. The Collateral Agent shall have no
responsibility to insure or to see to the insurance of any property with respect to which it shall have been granted a Lien under any Collateral Document. Nothing herein shall require the Collateral Agent to file any financing statement,
continuation statement or amendment thereto in any public office at any time or times or to otherwise take any action to perfect or maintain the perfection of the Lien on any property granted to the Collateral Agent under any Collateral Document or
to give notice of any such Lien to any third party. In no event shall the Collateral Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral
Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. The Collateral Agent is hereby authorized to enter into or to accept delivery to it of each of the Collateral Documents to which it is intended to
be a party. 
 Section 7.7 Expenses. Borrower agrees to pay or reimburse all reasonable and documented out-of-pocket costs and
expenses of the Collateral Agent (including reasonable fees and expenses for legal services of a single law firm) in respect of, or incident to, the administration or enforcement of any of the provisions of this Agreement or in connection with any
amendment, waiver or consent relating to this Agreement, except to the extent any costs or expenses of the Collateral Agent result from the Collateral Agent’s bad faith, gross negligence or willful misconduct. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 24 

 Section 7.8 Indemnification. 

(a) Borrower agrees to indemnify, protect, save and keep harmless the Collateral Agent and its officers, partners, members, directors,
trustees, advisors, employees, agents, sub-agents and Affiliates and any of their successors, or permitted assigns (collectively, the “Indemnified Collateral Agent Parties”) from and against, any and all claims, liabilities,
obligations, losses, damages, penalties, costs and reasonable expenses that may be imposed on, incurred by, or asserted against, at any time, the Collateral Agent arising out of the execution, delivery and performance of this Agreement or any other
Loan Document, the establishment of the Accounts, or as may arise by reason of any act, omission or error of the Collateral Agent made in good faith in the conduct of its duties (collectively, the “Indemnified Collateral Agent
Liabilities”); except that Borrower shall not be required to indemnify, protect, save and keep harmless any Indemnified Collateral Agent Parties against the Indemnified Collateral Agent Party’s own bad faith, gross negligence or
willful misconduct as determined by the final judgment of a court of competent jurisdiction, no longer subject to appeal or review. Without limiting the foregoing, Borrower agrees to pay, and to hold the Collateral Agent harmless from, and to
indemnify the Collateral Agent against, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other similar taxes which may be payable or determined to be payable with respect to any of
the Account Collateral or in connection with any of the transactions contemplated hereby, unless such delay is caused by the Collateral Agent’s own bad faith, gross negligence or willful misconduct. To the extent that the undertakings to
indemnify, pay and hold harmless set forth in this Section 7.8 may be unenforceable in whole or in part because they are volatile of any law or public policy, Borrower shall contribute the maximum portion that it is permitted to pay and
satisfy under applicable law to the payment and satisfaction of all of the Indemnified Collateral Agent Liabilities incurred by the Indemnified Collateral Agent Parties or any of them. 

(b) To the extent permitted by applicable law, Borrower and each Subsidiary Party agrees not to assert, and Borrower and each Subsidiary
Party hereby waives, any claim against the Collateral Agent and its Affiliates, directors, employees, attorneys, agents or subagents, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related to, this Agreement or any other Collateral
Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby or any act or omission or event occurring in connection therewith, and Borrower and each
Subsidiary Party hereby waives, releases and agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor; provided that such claim is not for the bad faith,
gross negligence or willful misconduct of any Indemnified Collateral Agent Party. 
 (c) The agreements in this Section 7.8
shall survive repayment of the Secured Obligations and all other amounts payable under the Financing Documents and the removal or resignation of the Collateral Agent. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 25 

 Section 7.9 Resignation or Removal. Subject to the appointment and acceptance of a
successor Collateral Agent as provided below, the Collateral Agent may resign at any time by giving thirty (30) days’ written notice thereof to each party hereof. The Collateral Agent may be removed at any time with or without cause by the
Administrative Agent. Notwithstanding anything to the contrary, no resignation or removal of the Collateral Agent shall be effective until: (i) a successor Collateral Agent is appointed in accordance with this Section 7.9,
(ii) the resigning or removed Collateral Agent has transferred to its successor all of its rights and obligations in its capacity as the Collateral Agent under this Agreement, and (iii) the successor Collateral Agent has executed and
delivered an agreement to be bound by the terms hereof and perform all duties required of the Collateral Agent hereunder and a copy of such agreement has been delivered to the Administrative Agent, Collateral Agent and Borrower. Within thirty
(30) days of receipt of a written notice of any resignation or removal of the Collateral Agent, the Administrative Agent and, if no Default or Event of Default is then continuing, Borrower shall appoint a successor Collateral Agent. If no
successor Collateral Agent (x) shall have been appointed by the Administrative Agent and, if applicable, Borrower and (y) shall have accepted such appointment within thirty (30) days after the retiring Collateral Agent’s giving
of notice of resignation or the removal of the retiring Collateral Agent, then the retiring Collateral Agent may apply to a court of competent jurisdiction to appoint a successor Collateral Agent, which shall be a federally insured U.S.- domiciled
bank or trust company that has a combined capital surplus of at least $500,000,000. Upon the acceptance of any appointment as Collateral Agent hereunder by the successor Collateral Agent, (a) such successor Collateral Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations hereunder and (b) the retiring Collateral
Agent shall promptly transfer all monies and other property within its possession or control to the possession or control of the successor Collateral Agent and shall execute and deliver such notices, instructions and assignments as may be necessary
or desirable to transfer the rights of the Collateral Agent with respect to the monies to the successor Collateral Agent. After the retiring Collateral Agent’s resignation or removal hereunder as Collateral Agent, the provisions of this
Article VII shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Collateral Agent. Any corporation into which the Collateral Agent may be merged or converted or with
which it may be consolidated or any corporation resulting from any merger, conversion or consolidation to which the Collateral Agent shall be a party, or any corporation succeeding to the business of the Collateral Agent or its corporate trust
operations shall be the successor of the Collateral Agent hereunder without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto except where an instrument of transfer or assignment
is required by law to effect such succession, anything herein to the contrary notwithstanding. 
 ARTICLE VIII 

MISCELLANEOUS 

Section 8.1 Amendments; Etc. No amendment or waiver of any provision of this Agreement nor consent to any departure by Borrower or
any Subsidiary Party shall in any event be effective unless the same shall be in writing and signed by each of the parties hereto. Any such amendment, waiver or consent shall be effective only in the specific instance and for the specified purpose
for which given. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 26 

 Section 8.2 Addresses for Notices. 

(a) All notices, requests and other communications provided for hereunder shall be in writing and, except as otherwise required by the
provisions of this Agreement or by clause (b) below, shall be sufficiently given and shall be deemed given when personally delivered or, if mailed by registered or certified mail, postage prepaid, or sent by overnight delivery or
telecopy, upon receipt by the addressee, in each case addressed to the parties at their respective addresses pursuant to Section 10.1 of the Loan Agreement or, with respect to the Depositary or the Collateral Agent, as follows (or, in each
case, such other address as shall be designated by such party in a written notice to each other party): 
  

	Depositary:	Bank of America, N.A. 

 135 S La Salle Street 

Mail Code: IL4-135-05-07 

Chicago, IL 60603 
 Attention:
Alice M. Wolan 
 Telephone: (312) 992-9782 

Telecopy: (312) 904-9833 

Email: alice.m.wolan@baml.com 
  

	Collateral Agent:	Bank of America Plaza 

 101 S Tryon Street 

Mail Code: NC1-002-15-36 

Charlotte, NC 28255-0001 

Attention: Mollie S. Canup 

Telephone: (980) 387-5449 

Telecopy: (704) 409-0011 

Email: mollie.s.canup@baml.com 

(b) Unless the Depositary otherwise prescribes, notices and other communications may be delivered or furnished by e-mail. Such notices and
other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (by the “read receipt” request function, as available, return e-mail or other written
acknowledgment that such notice or other communication has been read by the intended recipient); provided that, if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication
shall be deemed to have been sent at the opening of business on the next Business Day for the recipient; provided further that, all such notices and other communications shall contain a portable document format (“pdf”)
attachment with a signature from an Authorized Signatory as required pursuant to Section 8.10. 
 Section 8.3 Governing
Law. This Agreement shall be governed by the laws of the State of New York. 
 Section 8.4 Headings. Headings used in this
Agreement are for convenience of reference only and do not constitute part of this Agreement for any purpose. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 27 

 Section 8.5 No Third Party Beneficiaries. The agreements of the parties hereto are
solely for the benefit of Borrower, the Subsidiary Parties and the Secured Beneficiaries and their respective successors and permitted assigns, and no Person (other than the parties hereto and such Secured Beneficiaries) shall have any rights
hereunder. 
 Section 8.6 No Waiver. No failure on the part of the Depositary, the Collateral Agent, or any of the Secured
Beneficiaries or any of their nominees or representatives to exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise by the Depositary, the Collateral Agent or any of the Secured Beneficiaries or any of their nominees or representatives of any right, power or remedy hereunder preclude any other or future exercise thereof or the exercise of any other
right, power or remedy, nor shall any waiver of any single Default or Event of Default or other breach or default be deemed a waiver of any other Default or Event of Default or other breach or default theretofore or thereafter occurring. All
remedies either under this Agreement or by law or otherwise afforded to any Secured Beneficiary shall be cumulative and not alternative. 

Section 8.7 Severability. If any provision of this Agreement or the application thereof shall be invalid or unenforceable to any
extent, (a) the remainder of this Agreement and the application of such remaining provisions shall not be affected thereby and (b) each such remaining provision shall be enforced to the greatest extent permitted by law. 

Section 8.8 Successors and Assigns. All covenants, agreements, representations and warranties in this Agreement by each party
hereto shall bind and, to the extent permitted hereby, shall inure to the benefit of and be enforceable by their respective successors and permitted assigns, whether so expressed or not; provided that neither Borrower nor any Subsidiary Party
may assign its rights or obligations hereunder without the consent of the Administrative Agent and Depositary. 
 Section 8.9
Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 8.10 Directions to Depositary. All written directions and instructions by any Person to the Depositary pursuant to this
Agreement shall be executed by an authorized signatory (each, an “Authorized Signatory”) of such Person designated on Exhibit F. All directions, orders and other instructions provided to the Depositary hereunder shall be in
writing. In its capacity as the Depositary, the Depositary will accept all instructions and documents complying with the above requirements under the indemnities provided in this Agreement, and reserves the right to refuse to accept any instructions
or documents which fail, or appear to fail, to comply with this Agreement. Further to this procedure, the Depositary reserves the right to telephone an Authorized Signatory (such person verifying the instruction shall be different than the person
initiating the instruction) to confirm the details of such instructions or documents if they are not already on file with the Depositary as standing instructions. The Depositary may require 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 28 

 
any party hereto which is entitled to direct the delivery of fund transfers to designate a phone number or numbers for purposes of confirming the requested transfer. The parties hereto aside from
the Depositary agree that the Depositary may delay the initiation of any fund transfer until all security measures its deems to be necessary and appropriate have been completed and shall incur no liability for such delay. 

Section 8.11 Customer Identification Program Notice; Patriot Act Compliance. Borrower hereby acknowledges that the Depositary is
subject to federal laws, including the Customer Identification Program (“CIP”) requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which the Depositary must obtain, verify and record information that
allows the Depositary to identify Borrower. Accordingly, prior to opening an Account hereunder the Depositary will ask Borrower to provide certain information including, but not limited to, Borrower’s name, physical address, tax identification
number and other information that will help the Depositary to identify and verify Borrower’s identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. Borrower
agrees that the Depositary cannot open an Account hereunder unless and until the Depositary verifies Borrower’s identity in accordance with its CIP. 

Section 8.12 Provisions of the Loan Agreement. The parties hereto acknowledge and agree that all of the provisions of the
Section 10.17 (Confidentiality) of the Loan Agreement constitute a part of the terms and conditions of the agreement between the parties with regard to the arrangements under this Agreement and should be read in conjunction with this Agreement
(regardless of whether incorporated in this Agreement by reference thereto). 
 Section 8.13 Waiver of Jury Trial. TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO WAIVES THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR DISPUTE OF ANY KIND RELATING IN ANY WAY TO THIS AGREEMENT OR THE ACCOUNT COLLATERAL. Each party hereto acknowledges that the
foregoing waivers are a material inducement to each other party’s entering into this Agreement and that it is relying upon the foregoing in its dealings with such party. Each party hereto has reviewed the foregoing waivers with its legal
counsel and has knowingly and voluntarily waived its jury trial and other rights following consultation with legal counsel. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 

Section 8.14 Joinder of Additional Subsidiary Parties; Release of Subsidiary Parties. 

(a) From time to time in connection with the addition of Subject Funds pursuant to Section 2.10(a) of the Loan Agreement, additional
Subsidiary Parties shall automatically be joined to, and become bound by, the terms of this Agreement. 
 (b) Upon the conditions set forth
in Section 2.10(b) of the Loan Agreement being met with respect to a Subject Fund, the related Subsidiary Party shall be released from the terms of this Agreement. In connection with such release, the Collateral Agent and Administrative Agent
shall execute a Termination Agreement in the form attached hereto as Exhibit B. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 29 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
 30 

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

			
	VIVINT SOLAR FINANCING I, LLC
		
	 By:
	 	 /s/ Thomas Plagemann

	 Name:
	 	Thomas Plagemann
	 Title:
	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	VIVINT SOLAR LIBERTY MANAGER, LLC
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	VIVINT SOLAR MARGAUX MANAGER, LLC
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	VIVINT SOLAR FUND III MANAGER, LLC
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	VIVINT SOLAR AALIYAH MANAGER, LLC,
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	VIVINT SOLAR REBECCA MANAGER, LLC,
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	VIVINT SOLAR HANNAH MANAGER, LLC,
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	VIVINT SOLAR NICOLE MANAGER, LLC,
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	VIVINT SOLAR ELYSE MANAGER, LLC,
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	VIVINT SOLAR OWNER I, LLC,
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	 /s/ Darleen R. Parmelee

	Name:	 	Darleen R. Parmelee
	Title:	 	Vice President

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	BANK OF AMERICA, N.A.,
	as Collateral Agent
		
	By:	 	 /s/ Darleen R. Parmelee

	Name:	 	Darleen R. Parmelee
	Title:	 	Vice President

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	solely for purposes of Section 2.1, Section 6.2 and Article VII
	
	 BANK OF AMERICA, N.A.,
 as
Secured Lender

		
	By:	 	 /s/ Sheikh Omer-Farooq

	Name:	 	Sheikh Omer-Farooq
	Title:	 	Director

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	solely for purposes of Section 2.1, Section 6.2 and Article VII
	
	 CIT FINANCE LLC
 as Secured
Lender

		
	By:	 	 /s/ Rhys Marsh

	Name:	 	Rhys Marsh
	Title:	 	Vice President

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	solely for purposes of Section 2.1, Section 6.2 and Article VII
	
	 DEUTSCHE BANK AG, NEW YORK BRANCH

as Secured Lender

		
	By:	 	 /s/ Vinod Mukani

	Name:	 	Vinod Mukani
	Title:	 	Director
		
	By:	 	 /s/ Sven Semmelmann

	Name:	 	Sven Semmelmann
	Title:	 	Vice President

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	solely for purposes of Section 2.1, Section 6.2 and Article VII
	
	 ING CAPITAL LLC
 as Secured
Lender

		
	By:	 	 /s/ Erwin Thomet

	Name:	 	Erwin Thomet
	Title:	 	Managing Director
	
	 ING CAPITAL LLC
 as Secured
Lender

		
	By:	 	 /s/ Thomas Cantello

	Name:	 	Thomas Cantello
	Title:	 	Director

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	solely for purposes of Section 2.1, Section 6.2 and Article VII
	
	 SILICON VALLEY BANK

as Secured Lender

		
	By:	 	 /s/ Mona Maitra

	Name:	 	Mona Maitra
	Title:	 	Vice President

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	solely for purposes of Section 2.1, Section 6.2 and Article VII
	
	 SOCIÉTÉ GÉNÉRALE

as Secured Lender

		
	By:	 	 /s/ Roberto Simon

	Name:	 	Roberto Simon
	Title:	 	Managing Director

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 
			
	BANK OF AMERICA, N.A,
	as Depositary and Securities Intermediary
		
	By:	 	 /s/ Wayne M. Evans

	Name:	 	Wayne M. Evans
	Title:	 	Vice President

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page of Collateral Agency and Depositary Agreement (Project Spotlight)] 

 Schedule I to 

Collateral Agency and 
 Depositary
Agreement 
 PAYMENT INSTRUCTIONS 

All payments to be paid to or on behalf of the Administrative Agent shall be paid to: 

 

			
	NAME OF BANK:	 	Bank of America, N.A.
		
	CITY, STATE:	 	New York, NY
		
	ABA NUMBER:	 	026009593
		
	ACCOUNT NUMBER:	 	1292000883
		
	ATTENTION:	 	Corporate Credit Services
		
	REF:	 	Vivint Solar Financing I, LLC

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

Exhibit A-1 

 Exhibit A 

FORM OF WITHDRAWAL/TRANSFER CERTIFICATE 
 Date:
                 ,          

[BANK OF AMERICA, N.A.], 
    as Depositary
and Securities Intermediary 
 [Insert notice and address information] 

with a copy to: 
 [Insert Collateral Agent’s and
Administrative Agent’s notice and address information] 
 Re: Withdrawal/Transfer Certificate 

Ladies and Gentlemen: 
 This Withdrawal/Transfer
Certificate is delivered pursuant to that certain Collateral Agency and Depositary Agreement, dated as of September 12, 2014 (as such agreement may be amended, restated or otherwise supplemented from time to time, the
“Agreement”), among Vivint Solar Financing I, LLC, a Delaware limited liability company (“Borrower”), and Vivint Solar Liberty Manager, LLC, a Delaware limited liability company (“Liberty Manager”),
Vivint Solar Margaux Manager, LLC, a Delaware limited liability company (“Margaux Manager”), Vivint Solar Fund III Manager, LLC, a Delaware limited liability company (“Fund III Manager”), Vivint Solar Mia Manager,
LLC, a Delaware limited liability company (“Mia Manager”), Vivint Solar Aaliyah Manager, LLC, a Delaware limited liability company (“Aaliyah Manager”), Vivint Solar Rebecca Manager, LLC, a Delaware limited liability
company (“Rebecca Manager”), Vivint Solar Hannah Manager, LLC, a Delaware limited liability company (“Hannah Manager”), Vivint Solar Nicole Manager, LLC, a Delaware limited liability company (“Nicole
Manager”), and Vivint Solar Elyse Manager, LLC, a Delaware limited liability company (“Elyse Manager”), and Vivint Solar Owner I, LLC (“Owner I,” and together with Liberty Manager, Margaux Manager, Fund III
Manager, Mia Manager, Aaliyah Manager, Rebecca Manager, Hannah Manager, Nicole Manager, Elyse Manager and each other Person that subsequently becomes a party hereto in accordance with Section 8.14 of this Agreement, the “Subsidiary
Parties”), Bank of America, N.A., as the administrative agent under the Loan Agreement (as defined below) for the Lenders (as defined below) (together with its successors and permitted assigns in such capacity, the “Administrative
Agent”), Bank of America, N.A., in its capacity as collateral agent for the Beneficiaries (as defined below) (together with its successors and permitted assigns in such capacity, the “Collateral Agent”), Bank of America,
N.A., in its capacity as depositary bank and as securities intermediary (together with its successors and permitted assigns in such capacity, the “Depositary”) and solely 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

Exhibit A-2 

 
for purposes of Section 2.1 and Article VII, the Lenders (as defined below). Unless otherwise defined herein or unless the context otherwise requires, terms used in this
Withdrawal/Transfer Certificate have the meanings provided in the Agreement. 
 The undersigned, in [his/her] capacity as an officer of
Borrower (and not in an individual capacity) is a Responsible Officer of Borrower and is delivering this Withdrawal/Transfer Certificate pursuant to Section(s) [        ] of the Agreement. 

1. Transfers from Revenue Account. 
 The
Borrower hereby directs the Depositary to withdraw and transfer, from the account entitled Revenue Account, No. *** (the “Revenue Account”), on [            ],
20[    ] (the “Transfer Date”), the following amounts:1 

(i) in accordance with priority first of Section 3.3(d) of the Agreement,
[        ] Dollars ($[        ]) to the Administrative Agent, for the benefit of the Secured Beneficiaries, for the payment of fees, costs, charges and other amounts
(except principal and interest) due and payable under the Financing Documents as of the Transfer Date; 
 (ii) in accordance with priority
second of Section 3.3(d) of the Agreement, [        ] Dollars ($[        ]) to the Administrative Agent, for the benefit and account of the Lenders,
on a pro rata basis, for payment of all interest due and payable under the Financing Documents as of the Transfer Date; 
 (iii) in
accordance with priority third of Section 3.3(d) of the Agreement, [        ] Dollars ($[        ]) to the Administrative Agent, for the benefit and
account of the Lenders, on a pro rata basis, for payment of all principal due and payable under the Financing Documents as of the Transfer Date; 

(iv) in accordance with priority fourth of Section 3.3(d) of the Agreement,
[        ] Dollars ($[        ]) to the Interest Reserve Account, representing an amount equal to the difference between (x) the Interest Reserve Required Amount,
and (y) the funds on deposit in the Interest Reserve Account as of the Transfer Date; and 
 (v) in accordance with priority
fifth of Section 3.3(d) of the Agreement, [        ] Dollars ($[        ]) to the Persons and the amounts set forth on Annex I attached hereto.

 2. Certifications. 
 In support of
such direction(s), the undersigned, on behalf of the Borrower, hereby represents and certifies, as of the date hereof and as of the Revenue Account Withdrawal Date, as follows: 

(a) All conditions set forth in the Loan Agreement and the Agreement for the withdrawals requested hereby have been satisfied. 

 
  

	1 	Each Revenue Account Withdrawal Certificate should only include those priorities relevant on the given Transfer Date. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

Exhibit A-3 

 (b) No Notice of Suspension is in effect, and no Event of Default has occurred and is continuing
or would be caused by the withdrawal and transfer otherwise contemplated by this Certificate. 
 (c) All of the statements contained in this
certificate are true and correct 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

Exhibit A-4 

	 ̈	REVENUE ACCOUNT 

 The Collateral Agent hereby directs the Depositary to withdraw from the
Revenue Account the following amounts and apply such amounts as follows: 
  

							
	 Date of Withdrawal

or Transfer:
	 	 Amount to be

withdrawn/transferred:
	 	 Account/Person to be

Transferred to:
	 	 Purpose:

		 		 		 	
		 		 		 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

Exhibit A-5 

	 ̈	PREPAYMENT ACCOUNT 

 The Collateral Agent hereby directs the Depositary to withdraw from
the Prepayment Account and transfer such funds as follows: 
  

							
	 Date of Withdrawal

or Transfer:
	 	 Amount to be

withdrawn/transferred:
	 	 Account/Person to be

Transferred to:
	 	 Purpose:

		 		 		 	
		 		 		 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

Exhibit A-6 

 IN WITNESS WHEREOF, this Withdrawal/Transfer Certificate is duly executed and delivered by a duly
authorized representative of Borrower as of the date first above written. 
  

			
	VIVINT SOLAR FINANCING I, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Acknowledged by:
	
	 BANK OF AMERICA, N.A.,
 as
Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

Exhibit A-7 

 Exhibit B 

FORM OF TERMINATION AGREEMENT 

THIS TERMINATION AGREEMENT (the “Termination Agreement”), dated as of
[                    ], is entered into by and between
[                    ], a [                    ]
(the “Released Subsidiary Party”), and [BANK OF AMERICA, N.A.], a [national banking association] (the “Collateral Agent”), as Administrative Agent, Collateral Agent and Depositary and Securities Intermediary under
the Collateral Agency Agreement (as such term is defined below). 
 RECITALS 

WHEREAS, the Released Subsidiary Party is a party to that certain Collateral Agency and Depositary Agreement, dated as of September 12,
2014 (as such agreement may be amended, restated or otherwise supplemented from time to time, the “CADA”), among Vivint Solar Financing I, LLC, a Delaware limited liability company (“Borrower”), and Vivint Solar
Liberty Manager, LLC, a Delaware limited liability company (“Liberty Manager”), Vivint Solar Margaux Manager, LLC, a Delaware limited liability company (“Margaux Manager”), Vivint Solar Fund III Manager, LLC, a
Delaware limited liability company (“Fund III Manager”), Vivint Solar Mia Manager, LLC, a Delaware limited liability company (“Mia Manager”), Vivint Solar Aaliyah Manager, LLC, a Delaware limited liability company
(“Aaliyah Manager”), Vivint Solar Rebecca Manager, LLC, a Delaware limited liability company (“Rebecca Manager”), Vivint Solar Hannah Manager, LLC, a Delaware limited liability company (“Hannah
Manager”), Vivint Solar Nicole Manager, LLC, a Delaware limited liability company (“Nicole Manager”), Vivint Solar Elyse Manager, LLC, a Delaware limited liability company (“Elyse Manager”), Vivint Solar
Owner I, LLC (“Owner I,” and together with Liberty Manager, Margaux Manager, Fund III Manager, Mia Manager, Aaliyah Manager, Rebecca Manager, Hannah Manager, Nicole Manager, Elyse Manager and each other Person that subsequently
becomes a party hereto in accordance with Section 8.14 of this Agreement, the “Subsidiary Parties”), Bank of America, N.A., as the administrative agent under the Loan Agreement (as defined in the CADA) for the Lenders (as
defined below) (together with its successors and permitted assigns in such capacity, the “Administrative Agent”), Bank of America, N.A., in its capacity as collateral agent for the Beneficiaries (as defined below) (together with its
successors and permitted assigns in such capacity, the “Collateral Agent”), Bank of America, N.A., in its capacity as depositary bank and as securities intermediary (together with its successors and permitted assigns in such
capacity, the “Depositary”) and solely for purposes of Section 2.1 and Article VII, the Lenders (as defined in the CADA); and 

WHEREAS, the Subject Fund related to the Released Subsidiary Party is no longer subject to the Loan Agreement pursuant to Section 2.10(b)
of the Loan Agreement, and pursuant to Section 8.15 of the CADA, the parties wish to release the Released Subsidiary Party from the terms of the CADA and for the Released Subsidiary Party to no longer be a party to the CADA. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT 

(a) Termination of CADA. The CADA shall be terminated as to the Released Subsidiary Party, and the Released Subsidiary Party shall no
longer be a party to the CADA, as of the date of this Termination Agreement. 
 (b) Certain Definitions. Capitalized terms used but
not defined herein shall have the respective meanings ascribed to them in the CADA. 
 (c) Reliance. The parties to the CADA shall
be entitled to rely on this Termination Agreement as evidence that the Released Subsidiary Party has been released as a party to the CADA. 

(d) Counterparts. This Termination Agreement may be executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
 (e)
Governing Law. This Termination Agreement shall be governed by the laws of the State of New York. 
 [Remainder of Page
Intentionally Left Blank] 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 IN WITNESS WHEREOF, this Termination Agreement is duly executed and delivered by a duly
authorized representative of Collateral Agent and the Administrative Agent as of the date first above written. 
  

			
	 BANK OF AMERICA, N.A.,

	 as Collateral Agent

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 
			
	
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 Acknowledged by:

	
	 VIVINT SOLAR FINANCING I, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 [RELEASED SUBSIDIARY PARTY]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 EXHIBIT C 

FORM OF PENDING TRADE NOTICE 
  

			
	 Date:
	 	
	 To:
	 	
	 From:
	 	

	
	
	 Borrower

	Vivint Solar Financing I, LLC

			
		
	 Signature:
	 	
	 Name:
	 	
	 Title:
	 	

 Trade Details: 
  

									
	 Trade Type: (check one)
	  	 Form (check one)
	  	 
					
	  ̈
	  	Receive Free	 	 ̈	  	Book Entry	  	
					
	  ̈
	  	Deliver Free (See Note Below)	 	 ̈	  	Physical	  	
					
	  ̈
	  	DVP (Sell)	 		  		  	
					
	  ̈
	  	RVP (Buy)	 		  		  	

 Security
Description:                                       
                                         
                                         
                                

 

					
	 Cusip:
	 	 	  	 Special Instructions

	 Class Name:
	 		  	
	 Trade Date:
	 		  
	 Settlement Date:
	 		  
	 Original Face Value:
	 		  
	 Principal:
	 		  
	 Accrued Interest:
	 		  
	 Commission:
	 		  
	 Net Amount:
	 		  
	 Broker Number:
	 		  
	 Broker Name:
	 		  
	Broker Contact & Phone Number:	 		  

 Note: Depositary will verify any free delivery instruction by a call to an authorized person other than the
authorized person signing the instruction. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 EXHIBIT D 

GENERAL DEPOSITARY ACCOUNT SETTLEMENT INFORMATION 

Domestic Delivery Instructions 
 All trade confirmations should
be created using the Bank of America Security Trade Delivery Instructions for the Depository Trust Clearing Corporation (DTCC). All ID confirms must include your DTCC institution number, our DTCC Participant number, our Agent ID number, and the
Client’s account number. 
 To facilitate timely settlement of all trades, please include the decimal in the account number (for example, 123456.1).
Please fax the trade instructions, Exhibit C, to: 
 Bank of America, N.A. 

Attention: [Insert Account Manager Name] 
 135 S. LaSalle Street

 Mail Code: IL4-135-14-01 
 Chicago, IL 60603 

Facsimile: 312-904-0990 
 For next day or T+2 trades,
instructions must be received on trade date (T). For trades on a T+3 settlement, please remit instructions by 3:30 p.m. Central Time the day after trade date (T+1). Any trade received after these times will be processed on a best-effort basis. 

Depository Trust Company (DTC) 
 The Depository Trust Clearing
Corp. (DTCC) 
 Participant #2251 
 Agent ID #26320 

Ref Trust A/C #: (Insert Your Account Number Here) 
 Fed
Settlement Instructions 
 ABA #: 0530-0019-6 
 Account Name:
TRUST/SVC 
 Account/Third Party Number: 2E21 
 Ref Trust A/C #:
(Insert Your Account Number Here) 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 EXHIBIT E 

DEPOSITARY ACCOUNT INVESTMENT SELECTION FORM 

Institutional Deposit Account (U.S and non U.S. Corporate and Institutional Investor Use Only): 

The Institutional Deposit Account is a Money Market Deposit Account held at Bank of America, N.A. For more complete information about IDA, please refer to the
terms and conditions and fact sheet. You should read and review this information carefully before investing. Past performance is no guarantee of future results. Funds deposited in IDA are insured to the maximum extent permitted by law and regulation
by the Federal Deposit Insurance Corporation. IDA has a normal cutoff time of 4:00PM (central time) and any cash received after that time will not be invested until the next business day. 

Repurchase Agreement Account (U.S Corporate and Institutional Investor Use Only): 

The Repurchase Agreement Account (“RAA”) is a Repurchase Agreement with Bank of America, National Association (“Bank”) and is available
with the establishment of an account with Global Custody and Agency Services, a division of Bank acting on your behalf (“GCAS”). For more complete information about RAA, please refer to the terms and conditions and fact sheet. You should
read and review this information carefully before investing. Past performance is no guarantee of future results. Repurchase Agreements are not deposits within the meaning of the Federal Deposit Insurance Act (12 U.S.C. 1813(l)), are not insured or
guaranteed by the U.S. Government, the FDIC or any other government agency, and involve investment risk, including possible loss of principal. If a receiver were appointed for Bank of America, the client would have an ownership interest in the
securities sold to the client that are described in the applicable trade confirmation received by GCAS on behalf of all clients investing in RAA or, if the transaction were deemed to be a loan, the client would be a secured creditor and have a
perfected interest in such securities. RAA has a normal cutoff time of 1:00PM (central time) and any cash received after that time will not be invested until the next business day. 

Money Market Funds (U.S Corporate and Institutional Investor Use Only): 

For more complete information about a money market fund listed in this form, including expenses, investment objectives, and past performance, please refer to
the prospectus. You should read and review this information carefully before investing. Past performance is no guarantee of future results. Investments in money market mutual funds are neither insured nor guaranteed by Bank of America, N.A. and its
affiliates, or by any Government Agency. There can be no assurance that the funds can maintain a stable net asset value of $1.00 per share. Bank of America, N. A. typically has a normal cut-off time of one hour prior to the money market mutual
fund’s stated cut off time and any cash received after that time will not be invested until the next Business Day. 
 The parties to the agreement
understand and agree that the Depositary may receive certain revenue associated with money market fund investments. These revenues take one of two forms: 

Shareholder Servicing Payments: The Depositary may receive shareholder servicing payments commensurate with the shareholder services provided for the
money market fund company. Shareholder services typically provided by Bank of America, N.A. include the maintenance of shareholder ownership records, distributing prospectuses and other shareholder information materials to investors and handling
proxy-voting materials. Typically shareholder servicing payments are paid under a money market fund’s 12b-1 distribution plan and impact the investment performance of the fund by the amount of the fee. The shareholder servicing fee payable from
any money market fund is detailed in the fund’s prospectus provided to you. 
 Revenue Sharing Payments: The Depositary may receive revenue
sharing payments from a money market fund company. These payments represent a reallocation to the Depositary of a portion of the compensation payable to the fund company in connection with a money market fund investment. Revenue sharing payments
constitute a form of fee sharing between the fund company and the Depositary and do not, as a general rule, result in any additional charge or expense in connection with a money market fund investment, are not paid under a 12b-1 plan, and do not
impact the investment performance of the fund. The amount of any revenue share, if any, payable to the Depositary with respect to your account’s investments is available upon request. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 In the event that a money market fund has been designated as the investment, the parties hereto acknowledge
delivery of the prospectus for such fund. The Parties hereto acknowledge that money market funds and other non-deposit investments are not deposits in or obligations of, or guaranteed by, Bank of America Corporation or any of its affiliates and are
not insured by the FDIC or any government agency. Investments in money market funds involve investment risks, including possible loss of principal. 

Acknowledged and agreed to this             day of
                            , 20        : 

 

					
		 	Bank of America, N.A.	 	
			
		 	 By:
	 	
		 	 Name:
	 	
	        	 	 Title:
	 	

  

									
	DEPOSITARY ACCOUNT INVESTMENT SELECTION FORM
					
	x	 		  	CUSIP	  	TICKER	  	INTERNAL
	
	Money Market Deposit Account (“MMDA”) held at Bank of America, N.A.
					
		 	 Bank of America Institutional Deposit Account (IDA) (a Money Market Deposit Account

at Bank of America, N.A.)
	  	N/A	  	N/A	  	999100845
	
	Repurchase Agreement Account (“RAA”) is a Repurchase Agreement with Bank of America, N.A.
					
		 	Repurchase Agreement Account (“RAA”) (a Repurchase Agreement with Bank of America, N.A.)	  	N/A	  	N/A	  	9998SF748
	
	Prime Money Market Funds
					
		 	BofA Cash Reserves - Daily Share	  	19765K605	  	NSHXX	  	999301229
	
	US Government & Agency Money Market Funds
					
		 	BofA Government Reserves - Daily Share	  	19765K761	  	NRDXX	  	999301195
	
	Treasury Money Market Funds
					
		 	BofA Treasury Reserves - Daily Share	  	19765K282	  	NDLXX	  	999301138
	
	Tax-Exempt Money Market Funds
					
		 	BofA Municipal Reserves Daily	  	097100416	  	NMDXX	  	999301161
					
		 	BOFA Tax Exempt Reserves - Daily Share	  	097100192	  	NEDXX	  	999301153

  

					
	 Please indicate a selection by placing an “X” to the left of the investment
name.

	
	[                         ], LLC

			
	
	 By:

	       Name:

	       Title:

	
	 Date:

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 EXHIBIT F 

Certificate of Authorized Representatives 
  

									
					
	Name:	 	  
	  		  	Name:	  	  

					
	Title:	 	  
	  		  	Title:	  	  

					
	Phone:	 	  
	  		  	Phone:	  	  

					
	Facsimile:	 	  
	  		  	Facsimile:	  	  

					
	E-mail:	 	  
	  		  	E-mail:	  	  

					
	Signature:	 	  
	  		  	Signature:	  	  

	
	 Fund Transfer / Disbursement Authority Level:
                                    Fund Transfer / Disbursement
Authority Level:

	
	       ̈
        Initiate                               
                                         
                                    
 ̈  Initiate
	       ̈         Verify transactions initiated by
others                                     ̈  Verify transactions initiated by others

  

									
					
	Name:	 	  
	  		  	Name:	  	  

					
	Title:	 	  
	  		  	Title:	  	  

					
	Phone:	 	  
	  		  	Phone:	  	  

					
	Facsimile:	 	  
	  		  	Facsimile:	  	  

					
	E-mail:	 	  
	  		  	E-mail:	  	  

					
	Signature:	 	  
	  		  	Signature:	  	  

  

							
	 Fund Transfer / Disbursement Authority Level:
                                    Fund Transfer / Disbursement
Authority Level:

	
	       ̈
        Initiate                               
                                         
                             ̈  
Initiate
	       ̈         Verify transactions initiated by
others                                
 ̈  Verify transactions initiated by others

                          
                           

The Depositary Bank is authorized to comply with and rely upon any notices, instructions or other communications believed by it to have been sent or given by
the person or persons identified above including without limitation, to initiate and verify funds transfers as indicated. 
  

			
	[                     ], LLC:
	
	 By:

	        Name:	 	
	        Title:	 	
	
	 Date:

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Exhibit G 

FORM OF INTEREST RESERVE RELEASE CERTIFICATE 

Date:                      ,
         
 [BANK OF AMERICA, N.A.], 

   as Depositary and Securities Intermediary 

[Insert notice and address information] 
 with a
copy to: 
 [Insert Collateral Agent’s and Administrative Agent’s notice and address information] 

Re: Interest Reserve Release Certificate 

Ladies and Gentlemen: 
 This Interest Reserve
Release Certificate is delivered pursuant to that certain Collateral Agency and Depositary Agreement, dated as of September 12, 2014 (as such agreement may be amended, restated or otherwise supplemented from time to time, the
“Agreement”), among Vivint Solar Financing I, LLC, a Delaware limited liability company (“Borrower”), and Vivint Solar Liberty Manager, LLC, a Delaware limited liability company (“Liberty Manager”),
Vivint Solar Margaux Manager, LLC, a Delaware limited liability company (“Margaux Manager”), Vivint Solar Fund III Manager, LLC, a Delaware limited liability company (“Fund III Manager”), Vivint Solar Mia Manager,
LLC, a Delaware limited liability company (“Mia Manager”), Vivint Solar Aaliyah Manager, LLC, a Delaware limited liability company (“Aaliyah Manager”), Vivint Solar Rebecca Manager, LLC, a Delaware limited liability
company (“Rebecca Manager”), Vivint Solar Hannah Manager, LLC, a Delaware limited liability company (“Hannah Manager”), Vivint Solar Nicole Manager, LLC, a Delaware limited liability company (“Nicole
Manager”), Vivint Solar Elyse Manager, LLC, a Delaware limited liability company (“Elyse Manager”), and Vivint Solar Owner I, LLC (“Owner I,” and together with Liberty Manager, Margaux Manager, Fund III
Manager, Mia Manager, Aaliyah Manager, Rebecca Manager, Hannah Manager, Nicole Manager, Elyse Manager and each other Person that subsequently becomes a party hereto in accordance with Section 8.14 of this Agreement, the “Subsidiary
Parties”), Bank of America, N.A., as the administrative agent under the Loan Agreement (as defined below) for the Lenders (as defined below) (together with its successors and permitted assigns in such capacity, the “Administrative
Agent”), Bank of America, N.A., in its capacity as collateral agent for the Beneficiaries (as defined below) (together with its successors and permitted assigns in such capacity, the 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
“Collateral Agent”), Bank of America, N.A., in its capacity as depositary bank and as securities intermediary (together with its successors and permitted assigns in such
capacity, the “Depositary”) and solely for purposes of Section 2.1 and Article VII, the Lenders (as defined below). Unless otherwise defined herein or unless the context otherwise requires, terms used in this
Interest Reserve Release Certificate have the meanings provided in the Agreement. 
 The undersigned, in [his/her] capacity as an officer of
Borrower (and not in an individual capacity) is a Responsible Officer of Borrower and is delivering this Interest Reserve Release Certificate pursuant to Section 3.4(c) of the Agreement. 

1. Transfers from Interest Reserve Account. 

The Borrower hereby directs the Depositary to withdraw and transfer, from the account entitled Interest Reserve Account, No. *** (the
“Interest Reserve Account”), on [            ], 20[        ] (the “Transfer Date”),
[        ] Dollars ($[        ]) to the Revenue Account, representing an amount equal to the difference between (x) the funds on deposit in the Interest Reserve
Account as of the Transfer Date (after giving effect to the transfers requested hereby) and (y) the Interest Reserve Required Amount. 
 2.
Certifications. 
 In support of such direction(s), the undersigned, on behalf of the Borrower, hereby represents and certifies, as of
the date hereof and as of the Transfer Date, as follows: 
 (a) All conditions set forth in the Loan Agreement and the Agreement for the
withdrawals requested hereby have been satisfied. 
 (b) No Notice of Suspension is in effect, and no Event of Default has occurred and is
continuing or would be caused by the withdrawal and transfer otherwise contemplated by this Certificate. 
 (c) All of the statements
contained in this certificate are true and correct. 
 [Remainder of page blank. The next page is the signature page.] 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 IN WITNESS WHEREOF, this Interest Reserve Release Certificate is duly executed and delivered by a
duly authorized representative of Borrower as of the date first above written. 
  

			
	VIVINT SOLAR FINANCING I, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Acknowledged by:
	
	 BANK OF AMERICA, N.A.,
 as
Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the CommissionEX-10.46

 Exhibit 10.46 

*** Text Omitted and Filed Separately with the Securities Exchange Commission 

Confidential Treatment Requested under 17 C.F.R. Sections 200.80(b)(4) and 230.406 

 
  

PLEDGE AND SECURITY AGREEMENT 

dated as of 
 September 12,
2014 
 among 
 THE GRANTORS
IDENTIFIED HEREIN 
 and 
 BANK
OF AMERICA, N.A., 
 as Collateral Agent 
  

 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
		
	DEFINITIONS	  	 	1	 
			
	 Section 1.01
	 	Loan Agreement	  	 	1	 
	 Section 1.02
	 	Other Defined Terms	  	 	1	 
	
	ARTICLE II	  
		
	PLEDGE OF SECURITIES	  	 	4	 
			
	 Section 2.01
	 	Pledge	  	 	4	 
	 Section 2.02
	 	Delivery of the Pledged Securities	  	 	6	 
	 Section 2.03
	 	Representations, Warranties and Covenants	  	 	7	 
	 Section 2.04
	 	Certification of Limited Liability Company and Limited Partnership Interests	  	 	8	 
	 Section 2.05
	 	Registration in Nominee Name; Denominations	  	 	9	 
	 Section 2.06
	 	Voting Rights; Dividends and Interest	  	 	9	 
	
	ARTICLE III	  
		
	SECURITY INTERESTS IN PERSONAL PROPERTY	  	 	11	 
			
	 Section 3.01
	 	Security Interest	  	 	11	 
	 Section 3.02
	 	Representations and Warranties	  	 	14	 
	 Section 3.03
	 	Covenants	  	 	15	 
	
	ARTICLE IV	  
		
	REMEDIES	  	 	18	 
			
	 Section 4.01
	 	Remedies Upon Default	  	 	18	 
	 Section 4.02
	 	Application of Proceeds	  	 	21	 
	 Section 4.03
	 	Grant of License to Use Intellectual Property	  	 	21	 
	
	ARTICLE V	  
		
	SUBORDINATION	  	 	22	 
			
	 Section 5.01
	 	Subordination	  	 	22	 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

-i- 

							
	ARTICLE VI	  
		
	MISCELLANEOUS	  	 	23	 
			
	 Section 6.01
	 	Notices	  	 	23	 
	 Section 6.02
	 	Waivers; Amendment	  	 	23	 
	 Section 6.03
	 	Collateral Agent’s Fees and Expenses; Indemnification	  	 	23	 
	 Section 6.04
	 	Successors and Assigns	  	 	24	 
	 Section 6.05
	 	Survival of Agreement	  	 	24	 
	 Section 6.06
	 	Counterparts; Effectiveness; Several Agreement	  	 	24	 
	 Section 6.07
	 	Severability	  	 	24	 
	 Section 6.08
	 	Right of Set-Off	  	 	24	 
	 Section 6.09
	 	Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process	  	 	25	 
	 Section 6.10
	 	Headings	  	 	26	 
	 Section 6.11
	 	Security Interest Absolute	  	 	26	 
	 Section 6.12
	 	Termination or Release	  	 	26	 
	 Section 6.13
	 	Additional Grantors	  	 	27	 
	 Section 6.14
	 	Collateral Agent Appointed Attorney-in-Fact	  	 	27	 
	 Section 6.15
	 	General Authority of the Collateral Agent	  	 	28	 
	 Section 6.16
	 	Reasonable Care	  	 	29	 
	 Section 6.17
	 	Delegation; Limitation	  	 	29	 
	 Section 6.18
	 	Reinstatement	  	 	29	 
	 Section 6.19
	 	Miscellaneous	  	 	29	 
		
	 Schedules
	  			
			
	 Schedule I
	 	Pledged Equity	  			
	 Schedule II
	 	Commercial Tort Claims	  			
	 Schedule III
	 	LLC Agreements	  			
		
	 Exhibits
	  			
			
	 Exhibit I
	 	Form of Security Agreement Supplement	  			
	 Exhibit II
	 	Form of Perfection Certificate	  			
	 Exhibit III
	 	Form of Patent Security Agreement	  			
	 Exhibit IV
	 	Form of Trademark Security Agreement	  			
	 Exhibit V
	 	Form of Copyright Security Agreement	  			
	 Exhibit VI
	 	UCC Financing Statements	  			

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

-ii- 

 This PLEDGE AND SECURITY AGREEMENT dated as of September 12, 2014, is made by and among the
Grantors (as defined below) and Bank of America, N.A., as Collateral Agent for the Secured Parties (in such capacity, the “Collateral Agent”). 

Reference is made to the Loan Agreement dated as of September 12, 2014 (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Loan Agreement”), among Vivint Solar Financing I, LLC, a Delaware limited liability company (the “Borrower”), Vivint Solar Holdings, Inc., a Delaware corporation, each of the other
Subsidiary Guarantors from time to time party thereto, Bank of America, N.A., as Administrative Agent and Collateral Agent, and each lender from time to time party thereto (collectively, the “Lenders” and individually, a
“Lender”). The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Loan Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things,
the execution and delivery of this Agreement. The parties hereto are affiliates of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Loan Agreement, and are willing to execute and deliver
this Agreement in order to induce the Lenders to extend such credit. Accordingly, the parties hereto agree as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.01 Loan Agreement. 

(a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Loan Agreement. All terms
defined in the UCC (as defined herein) and not defined in this Agreement have the meanings specified therein; the term “instrument” shall have the meaning specified in Article 9 of the UCC. 

(b) The rules of construction specified in Section 1.2 of the Loan Agreement also apply to this Agreement. 

Section 1.02 Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“Account Debtor” means any Person who is or who may become obligated to any Grantor under, with respect to or on account of
an Account. 
 “Accounts” has the meaning specified in Article 9 of the UCC. 

“Agreement” means this Pledge and Security Agreement. 

“Article 9 Collateral” has the meaning assigned to such term in Section 3.01(a). 

“Assigned Agreement” has the meaning set forth in Section 3.01(a)(xvii). 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 1 - 

 “Borrower” has the meaning assigned to such term in the recitals of this
Agreement. 
 “Collateral” means the Article 9 Collateral and the Pledged Collateral. 

“Collateral Agent” has the meaning assigned to such term in the recitals of the Agreement. 

“Collateral Documents” has the meaning assigned to such term in the Loan Agreement. 

“Commercial Tort Claims” has the meaning specified in Article 9 of the UCC. 

“Copyright License” means any written agreement, now or hereafter in effect, granting any right to any third party under any
Copyright now owned or hereafter acquired by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any Copyright now owned or hereafter acquired by any third party, and all rights of such
Grantor under any such agreement. 
 “Copyrights” means all of the following now owned or hereafter acquired by any Person:
(a) all copyright rights in any work subject to the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United
States, including registrations and pending applications for registration in the USCO. 
 “Loan Agreement” has the meaning
assigned to such term in the recitals of this Agreement. 
 “Discharge Date” has the meaning assigned to such term in
Section 6.12. 
 “Equity Interests” in or of a Person, means, with respect to any Person, any membership interests,
shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of membership interests, shares of capital stock of (or other ownership
or profit interests in) such Person, any securities convertible into or exchangeable for membership interests, shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or
acquisition from such Person of such membership interests, shares (or such other interests), and any other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and
whether or not such membership interests, shares, warrants, options, rights or other interests are outstanding on any date of determination, in each such case including all voting rights and economic rights related thereto. 

“General Intangibles” has the meaning specified in Article 9 of the UCC. 

“Grantor” means the Borrower, each Subsidiary Guarantor, and each other Person that subsequently becomes a party hereto in
accordance with Section 6.13. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 2 - 

 “Intellectual Property” means all intellectual property now owned or hereafter
acquired by any Person, including inventions, designs, Patents, Copyrights, Trademarks, trade secrets, the intellectual property rights in software and databases and related documentation, and all additions and improvements to the foregoing. 

“Intellectual Property Security Agreements” means the short-form Patent Security Agreement, short-form Trademark Security
Agreement, and short-form Copyright Security Agreement, each substantially in the form attached hereto as Exhibits III, IV and V, respectively. 

“LLC Agreements” means each of the Limited Liability Company Agreements of each Subsidiary Guarantor, as listed on
Schedule III hereto. 
 “License” means any Patent License, Trademark License, Copyright License or other
Intellectual Property license or sublicense agreement to which any Grantor is a party, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments
now and hereafter due and/or payable thereunder or with respect thereto including damages and payments for past, present or future infringements or violations thereof, and (iii) rights to sue for past, present and future violations thereof.

 “Patent License” means any written agreement, now or hereafter in effect, granting to any third party any right to make,
use or sell any invention on which a Patent, now owned or hereafter acquired by any Grantor or that any Grantor otherwise has the right to license, is in existence, or granting to any Grantor any right to make, use or sell any invention on which a
Patent, now owned or hereafter acquired by any third party, is in existence, and all rights of any Grantor under any such agreement. 

“Patents” means all of the following now owned or hereafter acquired by any Person: (a) all letters Patent of the United
States in or to which any Grantor now or hereafter has any right, title or interest therein, all registrations thereof, and all applications for letters Patent of the United States, including registrations and pending applications in the USPTO, and
(b) all reissues, continuations, divisions, continuations-in-part, renewals or extensions thereof, and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 

“Perfection Certificate” means a certificate substantially in the form of Exhibit II, completed and supplemented with the
schedules and attachments contemplated thereby, and duly executed by a Responsible Officer of the Borrower and each Guarantor. 

“Pledged Collateral” has the meaning assigned to such term in Section 2.01(b). 

“Pledged Equity” has the meaning assigned to such term in Section 2.01(a). 

“Released Subsidiary Guarantor” has the meaning assigned to such term in Section 6.12. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 3 - 

 “Released Subsidiary Guarantor Collateral” has the meaning assigned to such term
in Section 6.12. 
 “Secured Obligations” means the “Obligations” (as defined in the Loan Agreement). 

“Security Agreement Supplement” means an instrument substantially in the form of Exhibit I hereto. 

“Security Interest” has the meaning assigned to such term in Section 3.01(a). 

“Trademark License” means any written agreement, now or hereafter in effect, granting to any third party any right to use any
trademark now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any trademark now or hereafter owned by any third party, and all rights of any Grantor under any such
agreement. 
 “Trademarks” means all of the following now owned or hereafter acquired by any Person: (a) all
trademarks, service marks, trade names, corporate names, trade dress, logos, designs, fictitious business names other source or business identifiers, now owned or hereafter acquired, all registrations and recordings thereof, and all registration and
recording applications filed in connection therewith, including registrations and registration applications in the USPTO or any similar offices in any State of the United States or any jurisdiction thereof, and all extensions or renewals thereof,
and (b) all goodwill associated therewith. 
 “UCC” means the Uniform Commercial Code as from time to time in effect
in the State of New York; provided that, if perfection or the effect of perfection or non-perfection or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other
than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection
or priority. 
 “USCO” means the United States Copyright Office. 

“USPTO” means the United States Patent and Trademark Office. 

ARTICLE II 
 PLEDGE
OF EQUITY 
 Section 2.01 Pledge. To secure the timely payment and performance of the Secured Obligations when due,
whether at stated maturity, by acceleration or otherwise, each Grantor hereby collaterally assigns and pledges to Collateral Agent, for the benefit of the Secured Parties, and grants to Collateral Agent, for the benefit of the Secured Parties, a
continuing first priority lien on and security interest in all the estate, right, title and interest of such Grantor in, to and under any and all of the following properties, assets and rights of Grantor, wherever located, whether now owned or
existing or hereafter acquired or arising: 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 4 - 

 (a) any and all of the Grantors’ right(s), title(s) and interest(s), whether now owned or
hereafter existing or acquired, in each Subsidiary Guarantor and the Subject Funds, as applicable, and all of the Equity Interests of each Subsidiary Guarantor and the Subject Funds related thereto, whether or not evidenced or represented by any
certificated security or other instrument (the “Pledged Equity”), including, without, limitation: 
 (i)
with respect to Borrower, all of the Equity Interests in each Subsidiary Guarantor, and with respect to each Subsidiary Guarantor, all of the Equity Interests in any Subject Fund owned by such Subsidiary Guarantor; 

(ii) with respect to Borrower, all of Borrower’s rights under the LLC Agreements, and with respect to each Subsidiary
Guarantor, all of such Subsidiary Guarantor’s rights under the Organizational Documents of any Subject Fund owned by such Subsidiary Guarantor; 

(iii) all present and future rights of the Grantors to receive any payment of money or other distribution or payment arising
out of or in connection with the Pledged Equity (including, with respect to Borrower, all of the Equity Interests in each Subsidiary Guarantor and its rights under each of the LLC Agreements, and with respect to each Subsidiary Guarantor, all of the
Equity Interests in any Subject Fund owned by such Subsidiary Guarantor and its rights under the Organizational Documents of such Subject Fund); 

(iv) all of the Grantors’ capital or ownership interest or other Equity Interest, including capital accounts, in the
Subject Funds; 
 (v) all of the Grantors’ voting rights in or rights to control or direct the affairs of the Subject
Funds; 
 (vi) all other rights, title and interest in or to the Subject Funds, as applicable, derived from the Pledged
Equity; 
 (vii) any other claim which any Grantor now has or may in the future acquire in its capacity as a member or owner
of each Subsidiary Guarantor or Subject Fund, as applicable, against the applicable Subsidiary Guarantor or Subject Fund and its property; and 

(viii) all securities, certificates and other instruments representing or evidencing any of the foregoing rights and interests
or the ownership thereof; and 
 (b) to the extent not otherwise included in clause (a), all Proceeds, products and accessions of any and
all of the foregoing, including, without limitation, whatever is received upon any collection, exchange, sale or other disposition of any of the Collateral, and 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 5 - 

 
any property into which any of the Collateral is converted, whether cash or noncash proceeds, and any and all other amounts paid or payable under or in connection with any of the Collateral (the
items referred to in clauses (a) through (b) above being collectively referred to as the “Pledged Collateral”); 

TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or
incidental thereto, unto the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, forever, subject, however, to the terms, covenants and conditions hereinafter set forth. 

Section 2.02 Delivery of the Pledged Securities; Further Assurances. 

(a) Each Grantor agrees that concurrently with the execution and delivery of this Agreement, each Grantor shall deliver to Collateral Agent in
New York each original certificate evidencing the Pledged Equity (which certificates shall constitute “security certificates” (as defined in the UCC)) and, in the case of any limited liability company interest that is included in the
Pledged Equity, together with an undated limited liability company interest power, covering each such certificate, and such other instruments and documents as the Collateral Agent may reasonably request. 

(b) Each delivery of Pledged Equity shall be accompanied by a schedule describing the securities and listing the relevant Organizational
Documents, which schedule shall be deemed to supplement Schedules I and III and made a part hereof; provided, that failure to supplement Schedule I or III shall not affect the validity of such pledge of such Pledged
Equity. Each schedule so delivered shall supplement any prior schedules so delivered. 
 (c) Each Grantor agrees that from time to time, at
the joint and several expense of the Grantors, it will promptly execute and deliver all further instruments and documents, and take all further action, that may be reasonably necessary or desirable, or that Collateral Agent may reasonably request,
in order to perfect and protect the assignment and security interest granted or intended to be granted hereby or to enable Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to the Pledged Collateral. Without
limiting the generality of the foregoing, each Grantor shall authorize the Collateral Agent to execute and file such financing or continuation statements, or amendments thereto, and such other instruments, endorsements or notices, as may be
reasonably necessary or desirable or as Collateral Agent may reasonably request, in order to perfect and preserve the assignments and security interests granted or purported to be granted hereby. 

(d) Notwithstanding anything to the contrary contained herein, Borrower shall remain liable under the LLC Agreements, and each Subsidiary
Guarantor shall remain liable under the Organizational Documents for each Subject Fund, to perform all of its obligations thereunder, and Collateral Agent shall have no obligation or liability under the LLC Agreements or such other Organizational
Documents, as applicable, by reason of or arising out of this Agreement, nor shall Collateral Agent be required or obligated in any manner to perform or fulfill any obligations of any Grantor thereunder or to make any payment, or to make any inquiry
as to the nature or sufficiency of any payment received by it, or present or file any claim, or take any action to collect or enforce the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 6 - 

 Section 2.03 Representations, Warranties and Covenants. Each Grantor represents,
warrants and covenants to and with the Collateral Agent, for the benefit of the Secured Parties, that: 
 (a) As of the date hereof,
Schedule I includes all Equity Interests required to be pledged by each Grantor, and each Grantor has delivered to the Collateral Agent all certificates or instruments representing or evidencing such Equity Interests; 

(b) the Pledged Equity has been duly and validly authorized and issued by the issuers thereof and are fully paid and nonassessable; 

(c) except for the security interests granted hereunder, such Grantor (i) is the direct owner, beneficially and of record, of the Pledged
Equity indicated on Schedule I, (ii) holds the same free and clear of all Liens, other than Liens created by the Collateral Documents or otherwise permitted under Section 6.2 of the Loan Agreement, and (iii) if requested by the
Collateral Agent, will defend its title or interest thereto or therein against any and all Liens (other than the Liens created by the Collateral Documents), however arising, of all Persons whomsoever; 

(d) except for restrictions and limitations imposed or permitted by the Financing Documents or securities laws generally, the Pledged
Collateral is and will continue to be freely transferable and assignable, and none of the Pledged Collateral is or will be subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction
of any nature that might prohibit, impair, delay or otherwise affect in any manner material and adverse to the Secured Parties the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the
Collateral Agent of rights and remedies hereunder; 
 (e) the execution and performance by the Grantors of this Agreement are within each
Grantor’s corporate, limited liability or limited partnership powers and have been duly authorized by all necessary corporate, limited liability or limited partnership action or other organizational action; 

(f) no consent or approval of any Governmental Authority, any securities exchange or any other Person was or is necessary to the validity of
the pledge effected hereby, except for (i) filings and registrations necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties and (ii) the approvals, consents, exemptions, authorizations,
actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given, or made or to be in full force and effect pursuant to the Collateral
and Guarantee Requirement); 
 (g) by virtue of the execution and delivery by each Grantor of this Agreement, and delivery of all
certificates or instruments representing or evidencing the Pledged Equity 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 7 - 

 
(including duly executed undated blank stock powers) to and continued possession by the Collateral Agent in the State of New York, the Collateral Agent for the benefit of the Secured Parties has
a legal, valid and perfected lien upon and security interest in such Pledged Equity as security for the payment and performance of the Secured Obligations to the extent such perfection is governed by the UCC, and no further filings or other actions
are necessary to perfect such security interest; 
 (h) the pledge effected hereby is effective to vest in the Collateral Agent, for the
benefit of the Secured Parties, the rights of the Collateral Agent in the Pledged Collateral to the extent intended hereby; 
 (i) all
interests in any limited liability company or limited partnership controlled by such Grantor that constitute Pledged Equity (i) are “securities” within the meaning of Sections 8-102(a)(15) and 8-103 of the Code, (ii) are
“financial assets” (within the meaning of Section 8-102(a)(9) of the Code), (iii) are not credited to a “securities account” (within the meaning of Section 8-501(a) of the Code), (iv) are not dealt in or
traded on a securities exchange or in a securities market, and (v) are not “investment company securities” (within the meaning of Section 8-103 of the Code); and 

(j) it has not and shall not issue any options, warrants, calls or commitments of any character whatsoever obligating it to issue any Equity
Interests. 
 Subject to the terms of this Agreement and to the extent permitted by Applicable Law, each Grantor hereby agrees that upon the
occurrence and during the continuance of an Event of Default, it will comply with instructions of the Collateral Agent with respect to any Equity Interests in such Grantor that constitute Pledged Equity hereunder that are not certificated, if any,
without further consent by the applicable owner or holder of such Equity Interests. 
 Section 2.04 Certification of Limited
Liability Company and Limited Partnership Interests. Each Grantor shall cause all interests in any limited liability company or limited partnership controlled by such Grantor that constitute Pledged Equity to at all times (i) continue to be
“securities” within the meaning of Sections 8-102(a)(15) and 8-103 of the Code, (ii) continue to be “financial assets” (within the meaning of Section 8-102(a)(9) of the Code) and (iii) not credit such
interests to a “securities account” (within the meaning of Section 8-501(a) of the Code), (iv) not be dealt in or traded on a securities exchange or in a securities market, and (v) not be “investment company
securities” (within the meaning of Section 8-103 of the Code). The related limited liability company agreement or limited partnership agreement and the certificates evidencing the applicable interests each shall at all times state that
such interests are “securities” as such term is defined in Article 8 of the Uniform Commercial Code, as from time to time amended and in effect, in the jurisdiction in which the issuer of such interests is organized. Subject in all
respects to the foregoing provisions of this Section 2.04 and without limitation thereof, (x) to the extent an interest in any limited liability company or limited partnership controlled by any Grantor and pledged under Section 2.01
is certificated or becomes certificated, (1) each such certificate shall be delivered to the Collateral Agent, pursuant to Section 2.02(a) and (2) such Grantor shall fulfill all other requirements under

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 8 - 

 
Section 2.02 applicable in respect thereof and (y) each Grantor hereby agrees that if any of the Pledged Collateral are at any time not evidenced by certificates of ownership, then each
applicable Grantor shall, to the extent permitted by applicable law, cause such pledge to be recorded on the equity holder register or the books of the issuer, execute any customary pledge forms or other documents necessary or appropriate to
complete the pledge and give the Collateral Agent the right to transfer such Pledged Collateral under the terms hereof. 
 Section 2.05
Registration in Nominee Name; Denominations. If an Event of Default shall have occurred and be continuing, (a) the Collateral Agent, on behalf of the Secured Parties, shall have the right to hold the Pledged Equity in its own name as
pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Collateral Agent and each Grantor will promptly give to the Collateral Agent copies of any notices
or other communications received by it with respect to Pledged Equity registered in the name of such Grantor and (b) the Collateral Agent shall have the right to exchange the certificates representing Pledged Equity for certificates of smaller
or larger denominations for any purpose consistent with this Agreement, to the extent permitted by the documentation governing such Pledged Equity. 

Section 2.06 Voting Rights; Dividends and Interest. 

(a) Unless and until an Event of Default shall have occurred and be continuing: 

(i) Each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner
of Pledged Equity or any part thereof, and each Grantor agrees that it shall exercise such rights for purposes consistent with the terms of this Agreement, the Loan Agreement and the other Financing Documents; 

(ii) The Collateral Agent shall promptly (after reasonable advance notice) execute and deliver to each Grantor, or cause to be
executed and delivered to such Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and/or consensual rights and powers it is
entitled to exercise pursuant to subparagraph (i) above; and 
 (iii) Each Grantor shall be entitled to receive and
retain any and all dividends and other distributions paid on or distributed in respect of the Pledged Equity to the extent and only to the extent that such dividends and other distributions are permitted by, and otherwise paid or distributed in
accordance with, the terms and conditions of the Loan Agreement, the other Financing Documents and applicable Laws; provided that any noncash dividends or other distributions that would constitute Pledged Equity, whether resulting from a
subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Equity or received in exchange for Pledged Equity or any part thereof, or in redemption thereof, or as a result of any merger,
consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor, shall 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 9 - 

 
not be commingled by such Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent and the
Secured Parties and shall be promptly (and in any event within 10 Business Days) delivered to the Collateral Agent in the same form as so received (with any necessary endorsement reasonably requested by the Collateral Agent). 

(b) Upon the occurrence and during the continuance of an Event of Default, all rights of any Grantor to dividends or other distributions that
such Grantor is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to
receive and retain such dividends or other distributions. All dividends or other distributions received by any Grantor contrary to the provisions of this Section 2.06 shall be held in trust for the benefit of the Collateral Agent, shall be
segregated from other property or funds of such Grantor and shall be promptly (and in any event within 10 days) delivered to the Collateral Agent upon demand in the same form as so received (with any necessary endorsement reasonably requested by the
Collateral Agent). Any and all money and other property paid over to or received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the Collateral Agent in an account to be established by the
Collateral Agent upon receipt of such money or other property and shall be applied in accordance with the provisions of Section 4.02. After all Events of Default have been cured or waived, the Collateral Agent shall promptly repay to each
Grantor (without interest) all dividends or other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 2.06 to the extent such proceeds remain in such account. 

(c) Upon the occurrence and during the continuance of an Event of Default, all rights of any Grantor to exercise the voting and consensual
rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 2.06, shall cease, and all such rights shall thereupon
become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Collateral
Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived, each Grantor shall have the exclusive
right to exercise the voting and/or consensual rights and powers that such Grantor would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above, and the obligations of the Collateral Agent under paragraph (a)(ii) of this
Section 2.06 shall be reinstated. 
 (d) Any notice given by the Collateral Agent to the Borrower under Section 2.05 or
Section 2.06 (i) shall be given in writing, (ii) may be given with respect to one or more Grantors at the same or different times and (iii) may suspend the rights of the Grantors under paragraph (a)(i) or paragraph (a)(iii) of
this Section 2.06 in part without suspending all such rights (as specified by the Collateral Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Collateral Agent’s rights to give additional notices
from time to time suspending other rights so long as an Event of Default has occurred and is continuing. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 10 - 

 (e) Irrevocable Proxy. Each Grantor hereby irrevocably grants and appoints Collateral
Agent, from the date of this Agreement until the termination of this Agreement in accordance with its terms, as such Grantor’s true and lawful proxy, for and in such Grantor’s name, place and stead to vote, during the continuance of an
Event of Default, the Pledged Equity owned by such Grantor, whether directly or indirectly, beneficially or of record, now owned or hereafter acquired. The proxy granted and appointed in this Section 2.06(e) shall include the right,
during the continuance of an Event of Default, to sign such Grantor’s name (as owner of the related Pledged Equity) to any consent, certificate or other document relating to the Pledged Equity owned by such Grantor that applicable law may
permit or require, and to cause such Pledged Equity to be voted in accordance with the preceding sentence. Each Grantor hereby represents and warrants that there are no other proxies and powers of attorney with respect to the Pledged Equity that
such Grantor may have granted or appointed. Until the Obligations have been paid and performed in full, each Grantor shall not give a subsequent proxy or power of attorney or enter into any other voting agreement with respect to the Pledged Equity
owned by such Grantor and any attempt to do so will be void and of no effect. The proxies and powers granted by each Grantor pursuant to this Agreement are coupled with an interest and are given to secure the performance of such Grantor’s
obligations. 
 ARTICLE III 

SECURITY INTERESTS IN PERSONAL PROPERTY 

Section 3.01 Security Interest. 

(a) As security for the payment or performance, as the case may be, in full of the Secured Obligations, including the Guaranteed Obligations,
each Grantor hereby collaterally assigns and pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured
Parties, a security interest (the “Security Interest”) in, all right, title or interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by such Grantor or in which such Grantor
now has or at any time in the future may acquire any right, title or interest (collectively, the “Article 9 Collateral”): 

(i) all Accounts; 

(ii) all Chattel Paper; 

(iii) all Documents; 

(iv) all Equipment; 

(v) all General Intangibles; 

(vi) all Goods; 

(vii) all Instruments; 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 11 - 

 (viii) all Inventory; 

(ix) all Investment Property; 

(x) all books and records pertaining to the Article 9 Collateral; 

(xi) all Fixtures; 

(xii) all Letters of Credit and Letter-of-Credit Rights; 

(xiii) all Intellectual Property; 

(xiv) all Commercial Tort Claims listed on Schedule II and on any supplement thereto received by the Collateral Agent pursuant
to Section 3.03(g); 
 (xv) all cash and Cash Equivalents; 

(xvi) all Deposit Accounts, Securities Accounts and Commodities Accounts; 

(xvii) all agreements, including, without limitation, each and all of the Tax Equity Transaction Documents and all agreements
or documents now existing or hereafter entered into by such Grantor relating to the acquisition, development, construction, supply, operation, maintenance or use and occupancy of any Project, including without limitation, all other instruments,
agreements and documents executed and delivered with respect to such agreements, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof (the agreements described in this clause (xvii),
collectively, the “Assigned Agreements”), including, without limitation, all rights of such Grantor (x) to receive moneys due and to become due under or pursuant to the Assigned Agreements, to compel performance and otherwise
to exercise all remedies thereunder, including, without limitation, all rights to make determinations, to exercise any election or option contained in such agreements (including, but not limited to, termination thereof), to give or receive any
notice or consent, to demand and receive any property which is the subject of any of the Assigned Agreements, to file any claims and generally to take any action which (in the opinion of the Collateral Agent) may be necessary or advisable in
connection with any of the foregoing; (y) to receive the proceeds of any claim for damages arising out of or for breach of any Assigned Agreement and proceeds of any insurance, indemnity, warranty or guaranty with respect to the Assigned
Agreements; and (z) to all of such Grantor’s right, title and interest in, to and under the Assigned Agreements; and 

(xviii) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all supporting
obligations, collateral security and guarantees given by any Person with respect to any of the foregoing; 
 provided, however, that
notwithstanding any of the other provisions set forth in this Section 3.01, in no event shall the security interest granted under this Section 3.01 attach to any lease, license, contract, property rights or agreement to which
any Grantor is a party or any 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 12 - 

 
of its rights or interests thereunder if and for so long as the grant of such security interest shall constitute or result in (i) the abandonment, invalidation or unenforceability of any
right, title or interest of any Grantor therein or (ii) in a breach or termination pursuant to the terms of, or a default under, any such lease, license, contract property rights or agreement (other than to the extent that any such term would
be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law or principles of equity), provided however that such security
interest shall attach immediately at such time as the condition causing such abandonment, invalidation or unenforceability shall be remedied and to the extent severable, shall attach immediately to any portion of such lease, license, contract,
property rights or agreement that does not result in any of the consequences specified in (i) or (ii) above. 
 (b) Each Grantor
hereby irrevocably authorizes the Collateral Agent for the benefit of the Secured Parties at any time and from time to time to file in any relevant jurisdiction any initial financing statements with respect to the Article 9 Collateral or any part
thereof and amendments thereto that (i) indicate the Article 9 Collateral as “all assets” or “all personal property” of such Grantor or words of similar effect as being of an equal or lesser scope or with greater detail and
(ii) contain the information required by Article 9 of the UCC or the analogous legislation of each applicable jurisdiction for the filing of any financing statement or amendment, including whether such Grantor is an organization, the type of
organization and, if required, any organizational identification number issued to such Grantor. Each Grantor agrees to provide such information to the Collateral Agent promptly upon any reasonable request. 

(c) The Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or in any way
alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Article 9 Collateral. 
 (d) The
Collateral Agent is authorized to file with the USPTO or the USCO (or any successor office) such documents executed by any Grantor as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the
Security Interest in United States registered and applied for Intellectual Property of each Grantor in which a security interest has been granted by each Grantor and naming any Grantor or the Grantor as debtors and the Collateral Agent as secured
party. 
 (e) Each Grantor shall (i) promptly from time to time enter into such control agreements, each in form and substance
reasonably acceptable to the Collateral Agent, as may be required to perfect the security interest created hereby in any and all Deposit Accounts, Securities Accounts, Commodities Accounts, Investment Property, Electronic Chattel Paper and
Letter-of-Credit Rights, and, in the case of any such Investment Property, Electronic Chattel Paper and Letter-of-Credit Rights, will promptly following receipt furnish to the Collateral Agent true copies thereof and (ii) take such other action
as the Collateral Agent may reasonably deem necessary or appropriate to duly record or otherwise perfect the Security Interest in the Collateral referenced in clause (i). 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 13 - 

 Section 3.02 Representations and Warranties. Each Grantor represents and warrants to
the Collateral Agent and the Secured Parties that: 
 (a) Subject to Liens permitted by Section 6.2 of the Loan Agreement, each Grantor
has good and valid rights in and title to the Article 9 Collateral with respect to which it has purported to grant a Security Interest hereunder and has full power and authority to grant to the Collateral Agent the Security Interest in such Article
9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other Person other than any consent or approval that has been obtained. 

(b) The Perfection Certificate has been duly prepared, completed and executed and the information set forth therein is correct and complete in
all material respects (except the information therein with respect to the exact legal name of each Grantor shall be correct and complete in all respects) as of the Closing Date. The UCC financing statements prepared by the Collateral Agent and
attached hereto as Exhibit VI based upon the information provided to the Collateral Agent in the Perfection Certificate for filing in the applicable filing office (or specified by notice from the Borrower to the Collateral Agent after the
Closing Date in the case of filings, recordings or registrations (other than filings required to be made in the USPTO and the USCO in order to perfect the Security Interest in Article 9 Collateral consisting of United States registered and applied
for Patents, Trademarks and Copyrights), are all the filings, recordings and registrations that are necessary to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in
respect of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform
Commercial Code, and no further or subsequent filing, re-filing, recording, rerecording, registration or re-registration is necessary in any such jurisdiction, except as provided under applicable Law with respect to the filing of continuation
statements. 
 (c) Each Grantor represents and warrants that short-form Intellectual Property Security Agreements substantially in the form
attached hereto as Exhibits II, IV and V and containing a description of all Article 9 Collateral consisting of material United States registered and applied for Patents, United States registered Trademarks (and Trademarks for which United States
registration applications are pending) and United States registered Copyrights, respectively, have been delivered to the Collateral Agent for recording by the USPTO and the USCO pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C.
§ 205 and the regulations thereunder, as applicable, (for the benefit of the Secured Parties) in respect of all Article 9 Collateral consisting of registrations and applications for United States Patents, Trademarks and Copyrights. To the
extent a security interest may be perfected by filing, recording or registration in USPTO or USCO under the Federal intellectual property laws, then no further or subsequent filing, re-filing, recording, rerecording, registration or re-registration
is necessary (other than (i) such filings and actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of United States registered and applied for Patents, Trademarks and Copyrights acquired
or developed by any Grantor after the date hereof and (ii) the UCC financing and continuation statements contemplated in Section 3.02(b)). 

(d) The Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the payment and
performance of the Secured Obligations and (ii) subject to the filings described in Section 3.02(b), a perfected security interest in all Article 9 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 14 - 

 
Collateral in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision
thereof) and its territories and possessions pursuant to the Uniform Commercial Code in the relevant jurisdiction. The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than (i) any statutory or
similar Lien that has priority as a matter of Law and (ii) any Liens expressly permitted pursuant to Section 6.2 of the Loan Agreement. 

(e) The Article 9 Collateral is owned by the Grantors free and clear of any Lien, except for Liens expressly permitted pursuant to
Section 6.2 of the Loan Agreement. None of the Grantors has filed or consented to the filing of (i) any financing statement or analogous document under the Uniform Commercial Code or any other applicable Laws covering any Article 9
Collateral, (ii) any assignment in which any Grantor assigns any Article 9 Collateral owned by any Grantor or any security agreement or similar instrument covering any Article 9 Collateral owned by any Grantor with the USPTO or the USCO, or
(iii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or
analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to Section 6.2 of the Loan Agreement and assignments permitted by the Loan Agreement. 

(f) As of the date hereof, no Grantor has any Commercial Tort Claim in excess of $1,000,000, other than the Commercial Tort Claims listed on
Schedule II. 
 Section 3.03 Covenants. 

(a) Without at least five (5) Business Days’ prior written notice to the Collateral Agent, no Grantor shall change (i) the legal
name of any Grantor, (ii) the identity or type of organization or corporate structure of any Grantor or (iii) the jurisdiction of organization of any Grantor. 

(b) Each Grantor shall, at its own expense, upon the reasonable request of the Collateral Agent, take any and all actions necessary to defend
title to the Article 9 Collateral against all Persons and to defend the Security Interest of the Collateral Agent in the Article 9 Collateral and the priority thereof against any Lien not expressly permitted pursuant to Section 6.2 of the Loan
Agreement; provided that, nothing in this Agreement shall prevent any Grantor (other than a Project Guarantor) from discontinuing the operation or maintenance of any of its assets or properties if such discontinuance is (x) determined by
such Grantor to be desirable in the conduct of its business and (y) permitted by the Loan Agreement. 
 (c) Each Grantor agrees, at its
own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Collateral Agent may from time to time reasonably request to better assure, preserve, protect and
perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the filing of
any financing statements or other documents in connection herewith or therewith. If any amount payable under or in 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 15 - 

 
connection with any of the Article 9 Collateral that is in excess of $50,000 shall be or become evidenced by any promissory note, other instrument or debt security, such note, instrument or debt
security shall be promptly (and in any event within 30 days of its acquisition) pledged and delivered to the Collateral Agent, for the benefit of the Secured Parties, duly endorsed in a manner reasonably satisfactory to the Collateral Agent. 

(d) At its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other
encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 6.2 of the Loan Agreement, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Grantor fails
to do so as required by the Loan Agreement or any other Financing Document and within a reasonable period of time after the Collateral Agent has requested that it do so, and each Grantor jointly and severally agrees to reimburse the Collateral Agent
within 10 Business Days after demand for any payment made or any reasonable expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided, however, the Grantors shall not be obligated to reimburse the
Collateral Agent with respect to any Intellectual Property that any Grantor has failed to maintain or pursue, or otherwise allowed to lapse, terminate or be put into the public domain in accordance with Section 3.03(f)(iv). Nothing in this
paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes,
assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Financing Documents. 

(e) If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person, the value of which is
in excess of $50,000 to secure payment and performance of an Account, such Grantor shall promptly assign such security interest to the Collateral Agent for the benefit of the Secured Parties. Such assignment need not be filed of public record unless
necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other Person granting the security interest. 

(f) Intellectual Property Covenants. 

(i) Other than to the extent not prohibited herein or in the Loan Agreement or with respect to registrations and applications
no longer used or useful, except to the extent failure to act would not, as deemed by the applicable Grantor in its reasonable business judgment, reasonably be expected to have a Material Adverse Effect, with respect to registration or pending
application of each item of its Intellectual Property for which such Grantor has standing to do so, each Grantor agrees to take, at its expense, all reasonable steps, including, without limitation, in the USPTO, the USCO and any other governmental
authority located in the United States, to pursue the registration and maintenance of each Patent, Trademark, or Copyright registration or application, now or hereafter included in the Intellectual Property of such Grantor. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 16 - 

 (ii) Other than to the extent not prohibited herein or in the Loan Agreement, or
with respect to registrations and applications no longer used or useful, or except as would not, as deemed by the applicable Grantor in its reasonable business judgment, reasonably be expected to have a Material Adverse Effect, no Grantor shall do
or permit any act or knowingly omit to do any act whereby any of its Intellectual Property may prematurely lapse, be terminated, or become invalid or unenforceable or placed in the public domain (or in the case of a trade secret, become publicly
known). 
 (iii) Other than as excluded or as not prohibited herein or in the Loan Agreement, or with respect to Patents,
Copyrights or Trademarks which are no longer used or useful in the applicable Grantor’s business operations or except where failure to do so would not, as deemed by the applicable Grantor in its reasonable business judgment, reasonably be
expected to have a Material Adverse Effect, each Grantor shall take all reasonable steps to preserve and enforce each item of its Intellectual Property, including, without limitation, maintaining the quality of any and all products or services used
or provided in connection with any of the Trademarks, consistent with the quality of the products and services as of the date hereof, and taking reasonable steps necessary to ensure that all licensed users of any of the material Trademarks abide by
the applicable license’s terms with respect to standards of quality. 
 (iv) Notwithstanding any other provision of this
Agreement, nothing in this Agreement prevents or shall be deemed to prevent any Grantor from disposing of, discontinuing the use or maintenance of, failing to pursue, or otherwise allowing to lapse, expire, terminate or be put into the public
domain, any of its Intellectual Property to the extent any such action or inaction is permitted by the Loan Agreement if such Grantor determines in its reasonable business judgment that such discontinuance is desirable in the conduct of its
business. 
 (v) Within 30 days after each March 31 and September 30, the Borrower shall provide a list of any
additional registrations of Intellectual Property of all Grantors with the USPTO and USCO not previously disclosed to the Collateral Agent including such information as is necessary for such Grantor to make appropriate filings in the USPTO and USCO.

 (g) Commercial Tort Claims. If any Grantor shall at any time hold or acquire a Commercial Tort Claim in an amount reasonably
estimated by such Grantor to exceed $1,000,000 for which this clause has not been satisfied and for which a complaint in a court of competent jurisdiction has been filed, such Grantor shall within 30 days after the end of the fiscal quarter in which
such complaint was filed notify the Collateral Agent thereof in a writing signed by such Grantor including a summary description of such claim and grant to the Collateral Agent, for the benefit of the Secured Parties, in such writing a security
interest therein and in the proceeds thereof, all upon the terms of this Agreement. 
 (h) Each Grantor shall not cause or permit any Person
other than the Collateral Agent to have “control” (within the meaning of Sections 9-104, 9-105, 9-106 or 9-107 of the UCC) of any Deposit Account, Securities Account, Commodities Account, Electronic Chattel Paper, Investment Property or Letter-of-Credit Right constituting part of the Collateral. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 17 - 

 (i) Assigned Agreements. 

(i) Anything herein to the contrary notwithstanding, (A) each Grantor shall (until acquisition of such Grantor’s
rights by a third party other than an Affiliate as a consequence of foreclosure, assumption or transfer of the Assigned Agreements), remain liable under the Assigned Agreements to the extent set forth therein to perform all of its duties and
obligations thereunder to the same extent as if this Agreement had not been executed; (B) the exercise by the Collateral Agent of any of the rights hereunder (other than following an acquisition of such Grantor’s rights by a third party
other than an Affiliate as a consequence of foreclosure, assumption or transfer of the Assigned Agreements) shall not release such Grantor from any of its duties or obligations under the Assigned Agreements; and (C) until assumed or transferred
as aforesaid, the Collateral Agent shall have no obligation or liability under the Assigned Agreements by reason of this Agreement, nor shall the Collateral Agent be obligated to perform any of the obligations or duties of such Grantor thereunder or
to take any action to collect or enforce any claim for payment assigned hereunder. 
 (ii) Except as otherwise provided in
this clause (ii), each Grantor shall continue to collect, at its own expense, all amounts due or to become due to such Grantor under the Assigned Agreements. In connection with such collections, such Grantor may take (and during an Event of
Default, at the Collateral Agent’s direction shall take) such action as such Grantor or the Collateral Agent, as applicable, may deem necessary or advisable to enforce collection of the amounts due under the Assigned Agreements. Such Grantor
agrees and confirms that, if requested by the Collateral Agent, it shall notify each party to the Assigned Agreements of the grant of the security interest therein and collateral assignment thereof to the Collateral Agent. No Grantor shall, except
as specifically required or permitted by the Tax Equity Transaction Documents, take any action in connection with any Assigned Agreement which would impair the security interest of the Collateral Agent in the Collateral. 

ARTICLE IV 
 REMEDIES

 Section 4.01 Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, it is
agreed that the Collateral Agent shall have the right to exercise any and all rights afforded to a secured party with respect to the Secured Obligations under the Uniform Commercial Code or other applicable Law and also may (i) require each
Grantor to, and each Grantor agrees that it will at its expense and upon request of the Collateral Agent promptly, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place
and time to be designated by the Collateral Agent that is reasonably convenient to both parties; (ii) occupy any premises owned or, to the extent lawful and permitted, leased by any of the Grantors where the Collateral or any part thereof is
assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under Law, without obligation to such Grantor in respect of such occupation; provided that the Collateral Agent shall provide the
applicable Grantor with notice 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 18 - 

 
thereof prior to such occupancy; (iii) exercise any and all rights and remedies of any of the Grantors under or in connection with the Collateral, or otherwise in respect of the Collateral;
(iv) in its name or in the name of such Grantor or otherwise, demand, sue for, collect or receive any money or other property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no
obligation to do so; (v) make any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify the terms of, any of the
Collateral; (vi) require such Grantor to notify (and such Grantor hereby authorizes the Collateral Agent to so notify) each account debtor in respect of any Account, Chattel Paper or General Intangible, and each obligor on any Instrument,
constituting part of the Collateral and on any Assigned Agreement that such Collateral has been assigned to the Collateral Agent hereunder, and to instruct that any payments due or to become due in respect of such Collateral shall be made directly
to the Collateral Agent or as it may direct (and if any such payments, or any other Proceeds of the Collateral, are received by such Grantor they shall be held in trust by such Grantor for the benefit of the Administrative Agent and as promptly as
possible remitted or delivered to the Collateral Agent for application as provided herein); (vii) in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any checks, drafts, notes, acceptances or
other instruments for the payment of moneys due under any Assigned Agreement and execute, in connection with any sale provided for in this Section 4.01, any endorsements, assignments or other instruments or documents of conveyance or
transfer with respect to the Collateral; and (viii) subject to the mandatory requirements of applicable Law and the notice requirements described below, sell or otherwise dispose of all or any part of the Collateral securing the Secured
Obligations at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized at any such
sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the
distribution or sale thereof, and upon consummation of any such sale the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of
Collateral shall hold the property sold absolutely, free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by Law) all rights of redemption, stay and appraisal which such Grantor now has or
may at any time in the future have under any Law now existing or hereafter enacted. 
 Notwithstanding anything herein to the contrary, the
Collateral Agent acknowledges and agrees that, in connection with the foreclosure or sale of any Equity Interests of Vivint Solar Hannah Manager, LLC, the assignee of such Equity Interests (i) cannot be a person who is (A) a Tax Exempt
Person, (B) restricted under OFAC, or (C) a Competitor, (ii) must otherwise comply with the requirements of Section 3.03(b)(iii) of the Limited Liability Company Agreement of Vivint Solar Hannah Manager, LLC, and (iii) to
the extent involving more than forty-nine percent (49%) of the Class B Units, must be to a Qualified Transferee; provided, however, the assignee can satisfy the operator standard requirements set forth in clause (i) of the definition of
Qualified Transferee by appointing (i) a third party who meets such operator standard requirements to perform the Managing Member’s duties or (ii) the Provider under the Maintenance Services Agreement. For purposes of this paragraph,
all terms are as defined in the Limited Liability Company Agreement of Vivint Solar Hannah Project Company, LLC, dated as of February 14, 2014. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 19 - 

 The Collateral Agent shall give the applicable Grantors 10 days’ written notice (which each
Grantor agrees is reasonable notice within the meaning of Section 9-611 of the UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale,
shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof,
will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral Agent may fix and state in the notice (if any) of such
sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be
obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any public or
private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case any sale of
all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur
any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by Law,
private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by Law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby
waived and released to the extent permitted by Law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Party from any Grantor as a credit against the
purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral
or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto,
notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Secured Obligations paid in full. As an alternative to exercising the power of sale herein
conferred upon it, the Collateral Agent may proceed by a suit or suits at Law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent
jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the UCC
or its equivalent in other jurisdictions. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 20 - 

 The Collateral Agent shall incur no liability as a result of the sale of the Collateral, or any
part thereof, at any private sale pursuant to this Section 4.01 conducted in a commercially reasonable manner. Each Grantor hereby waives any claims against the Collateral Agent arising by reason of the fact that the price at which the
Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale or was less than the aggregate amount of the Secured Obligations, even if the Collateral Agent accepts the first offer
received and does not offer the Collateral to more than one offeree. 
 Upon the occurrence and during the continuance of an Event of
Default, it is agreed that the Collateral Agent shall have the right to exercise dominion and control over and refuse to permit further withdrawals from any Deposit Account, Securities Account or Commodities Account and provide instructions
directing the disposition of funds in any Deposit Account, Securities Account or Commodities Account and provide entitlement orders with respect to Security Entitlements and other Investment Property constituting a part of the Collateral and,
without notice to such Grantor, transfer to or register in the name of the Collateral Agent or any of its nominees any or all security Collateral. 

Section 4.02 Application of Proceeds. The Collateral Agent shall apply the proceeds of any collection or sale of Collateral,
including any Collateral consisting of cash in accordance with the terms of the Loan Agreement and the other Financing Documents to which it is a party. 

The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with
this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a
sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be
answerable in any way for the misapplication thereof. 
 The Collateral Agent shall have no liability to any of the Secured Parties for
actions taken in reliance on information supplied to it as to the amounts of unpaid principal and interest and other amounts outstanding with respect to the Secured Obligations, provided that nothing in this sentence shall prevent any Grantor from
contesting any amounts claimed by any Secured Party in any information so supplied. All distributions made by the Collateral Agent pursuant to this Section 4.02 shall be (subject to any decree of any court of competent jurisdiction) final
(absent manifest error), and the Collateral Agent shall have no duty to inquire as to the application by the Administrative Agent of any amounts distributed to it. 

Section 4.03 Grant of License to Use Intellectual Property. For the exclusive purpose of enabling the Collateral Agent to exercise
rights and remedies under this Agreement at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies at any time after and during the continuance of an Event of Default, each Grantor hereby grants to the
Collateral Agent a non-exclusive, royalty-free, limited license to use, license or, solely to the extent necessary to exercise those rights and remedies, sublicense any of the Intellectual 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 21 - 

 
Property now owned or hereafter acquired by such Grantor, and wherever the same are located, and including in such license necessary access to media in which such licensed items are recorded or
stored and to computer software and programs used for the compilation or printout thereof; provided, however, that all of the foregoing rights of the Collateral Agent to use such licenses, sublicenses and other rights, and (to the
extent permitted by the terms of such licenses and sublicenses) all licenses and sublicenses granted thereunder, shall be exercised by the Collateral Agent solely during the continuance of an Event of Default and upon 10 Business Days’ prior
written notice to the applicable Grantor; provided, further, that nothing in this Section 4.03 shall require Grantors to grant any license that is prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes
a breach or default under or results in the termination of or gives rise to any right of cancellation under any contract, license, agreement, instrument or other document evidencing, giving rise to or theretofore granted, to the extent permitted by
the Loan Agreement, with respect to such property or otherwise prejudices the value thereof to the relevant Grantor; provided, further, that such licenses granted hereunder with respect to Trademarks material to the business of such
Grantor shall be subject to restrictions, including, without limitation restrictions as to goods or services associated with such Trademarks and the maintenance of quality standards with respect to the goods and services on which such Trademarks are
used, sufficient to preserve the validity and value of such Trademarks. For the avoidance of doubt, the use of such license by the Collateral Agent may be exercised, at the option of the Collateral Agent, only during the continuation of an Event of
Default and upon 10 Business Days’ prior written notice to the applicable Grantor. Upon the occurrence and during the continuance of an Event of Default and upon 10 Business Days’ prior written notice to the applicable Grantor, the
Collateral Agent may also exercise the rights afforded under Section 4.01 of this Agreement with respect to Intellectual Property contained in the Article 9 Collateral. 

ARTICLE V 

SUBORDINATION 

Section 5.01 Subordination. 

(a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Grantors of indemnity, contribution or subrogation under
applicable law or otherwise shall be fully subordinated to the payment in full in cash of the Secured Obligations. No failure on the part of the Borrower or any Grantor to make the payments required under applicable law or otherwise shall in any
respect limit the obligations and liabilities of any Grantor with respect to its obligations hereunder, and each Grantor shall remain liable for the full amount of the obligations of such Grantor hereunder. 

(b) Each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default, all Indebtedness owed to it by any
other Grantor shall be fully subordinated to the payment in full in cash of the Secured Obligations. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 22 - 

 ARTICLE VI 

MISCELLANEOUS 

Section 6.01 Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in
writing and given as provided in Section 10.1 of the Loan Agreement. All communications and notices hereunder to the Borrower or any other Grantor shall be given to it in care of the Borrower as provided in Section 10.1 of the Loan
Agreement. 
 Section 6.02 Waivers; Amendment. 

(a) No failure or delay by any Secured Party in exercising any right, remedy, power or privilege hereunder or under any other Financing
Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges of the Secured Parties herein provided, and provided under each other Financing Document, are cumulative and are not exclusive of any rights, remedies, powers and privileges provided by Law. No
waiver of any provision of this Agreement or consent to any departure by any Grantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 6.02, and then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or the provision of services under Cash Management Obligations or Secured Hedge Agreements shall
not be construed as a waiver of any Default, regardless of whether any Secured Party may have had notice or knowledge of such Default at the time. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Collateral Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 9.12 of the Loan Agreement. 

Section 6.03 Collateral Agent’s Fees and Expenses; Indemnification. 

(a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its reasonable out-of-pocket expenses incurred
hereunder and indemnity for its actions in connection herewith, in each case, as provided in Section 10.4 of the Loan Agreement. 
 (b)
Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Collateral Documents. The provisions of this Section 6.03 shall remain operative and in full force and effect regardless of
the termination of this Agreement or any other Financing Document, the consummation of the transactions contemplated hereby, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this
Agreement or any other Financing Document, or any investigation made by or on behalf of the Collateral Agent or any other Secured Party. All amounts due under this Section 6.03 shall be payable within 10 days of written demand therefor. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 23 - 

 Section 6.04 Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 Section 6.05 Survival of
Agreement. All covenants, agreements, representations and warranties made by the Grantors hereunder and in the other Financing Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this
Agreement shall be considered to have been relied upon by the Secured Parties and shall survive the execution and delivery of the Financing Documents, the making of any Loans and the provision of services under Cash Management Obligations or Secured
Hedge Agreements, regardless of any investigation made by any Secured Party or on its behalf and notwithstanding that any Secured Party may have had notice or knowledge of any Default at the time any credit is extended under the Loan Agreement, and
shall continue in full force and effect as long as this Agreement has not been terminated or released pursuant to Section 6.12 below. 

Section 6.06 Counterparts; Effectiveness; Several Agreement. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic communication of an executed counterpart of a signature page to this Agreement shall be effective as
delivery of an original executed counterpart of this Agreement. This Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered to the Collateral Agent and a counterpart
hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such Grantor and the Collateral Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Grantor, the
Collateral Agent and the other Secured Parties and their respective permitted successors and assigns, except that no Grantor shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral
(and any such assignment or transfer shall be void) except as expressly contemplated by the Loan Agreement. This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended, modified, supplemented, waived or
released with respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

Section 6.07 Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality,
validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 Section 6.08 Right of Set-Off. In addition to any rights and remedies of the Secured Parties provided by Law,
upon the occurrence and during the continuance of any Event of Default, each Secured Party and its Affiliates is authorized at any time and from time to time, without prior notice to any Grantor, any such notice being waived by each Grantor to the
fullest 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 24 - 

 
extent permitted by applicable Law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other Indebtedness at any time
owing by, such Secured Party and its Affiliates to or for the credit or the account of the respective Grantors against any and all Obligations owing to such Secured Party and its Affiliates under the Financing Documents, now or hereafter existing,
irrespective of whether or not such Secured Party or Affiliate shall have made demand under this Agreement and although such Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or
Indebtedness. Each Secured Party agrees promptly to notify the applicable Grantor and the Collateral Agent after any such set-off and application made by such Secured Party; provided, that the failure to give such notice shall not affect the
validity of such set-off and application. The rights of each Secured Party under this Section 6.08 are in addition to other rights and remedies (including other rights of set-off) that such Secured Party may have at Law. 

Section 6.09 Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process. 

(a) THIS AGREEMENT AND EACH OTHER FINANCING DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY FINANCING DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY FINANCING DOCUMENT, OR THE TRANSACTIONS RELATED
THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH LOAN PARTY, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH LOAN PARTY, EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING
ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY FINANCING DOCUMENT OR OTHER DOCUMENT
RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY FINANCING DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELECOPIER) IN SECTION 4.01. NOTHING IN
THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

(b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY FINANCING DOCUMENT OR IN ANY WAY CONNECTED WITH OR 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 25 - 

 
RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY FINANCING DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.09 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

Section 6.10 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

Section 6.11 Security Interest Absolute. To the extent permitted by Law, all rights of the Collateral Agent hereunder, the
Security Interest, the grant of a security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Loan Agreement,
any other Financing Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term
of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Loan Agreement, any other Financing Document or any other agreement or instrument, (c) any exchange, release or
non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance that might
otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or this Agreement. 

Section 6.12 Termination or Release. This Agreement shall create a continuing pledge and assignment of and security interest in
the Collateral and shall (a) remain in full force and effect until the date all Secured Obligations (other than contingent obligations not yet accrued and payable) have been paid in full, all Commitments have terminated or expired and each
Agent, upon request of the Grantors, has taken such actions as shall be required to release the security interest created under this Agreement in the Collateral (the “Discharge Date”); (b) be binding upon each Grantor and its
respective successors and permitted assigns; and (c) inure, together with the rights and remedies of Collateral Agent, to the benefit of Collateral Agent, the other Secured Parties and their respective successors, transferees and permitted
assigns; provided, however, that upon the conditions set forth in Section 2.10(c) of the Loan Agreement being met with respect to a Subsidiary Guarantor (a “Released Subsidiary Guarantor”), the security interest granted herein
with respect to the Pledged Equity (and any other rights as specified in Section 4 hereof) of the applicable Released Subsidiary Guarantor and the Pledged Equity of any Subject Fund owned by the Released Subsidiary Guarantor (together, the
“Released Subsidiary Guarantor Collateral”) shall be automatically released, the security interest granted hereby in the Released Subsidiary Guarantor Collateral shall terminate and all

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 26 - 

 
rights to the Released Subsidiary Guarantor Collateral shall revert to Borrower or Released Subsidiary Guarantor, as applicable, and any certificated securities and irrevocable proxies and/or
power relating to the Released Subsidiary Guarantor Collateral shall be returned to the Borrower or Released Subsidiary Guarantor, as applicable. Collateral Agent or any of the other Secured Parties may assign or otherwise transfer all or any part
of or interest in the Financing Documents or other evidence of indebtedness held by them to any other Person to the extent permitted by and in accordance with the Loan Agreement and the CADA, and such other Person shall thereupon become vested with
all or an appropriate part of the benefits in respect thereof granted to the Secured Parties herein or otherwise. The release of the security interest in any or all of the Collateral, the taking or acceptance of additional security, or the resort by
Collateral Agent to any security it may have in any order it may deem appropriate, shall not affect the liability of any Person on the indebtedness secured hereby. Upon the Discharge Date, the security interest granted hereby shall terminate and all
rights to the Collateral shall revert to the Grantors. Upon the Discharge Date, Collateral Agent will, at the Grantors’ expense, execute and deliver to each Grantor such documents as any Grantor shall reasonably request to evidence the
termination of this Agreement. If this Agreement shall be terminated or revoked by operation of Law, each Grantor shall indemnify and hold Collateral Agent and the other Secured Parties harmless from any cost or expense which may be suffered or
incurred by Collateral Agent and the other Secured Parties in acting hereunder in accordance with the indemnification provisions set forth in the Loan Agreement, prior to the receipt by Collateral Agent, its successors, transferees or assigns of
notice of such termination or revocation. 
 Section 6.13 Additional Grantors. Pursuant to Section 2.10(b) of the Loan
Agreement, certain additional Subsidiaries of the Borrower may be required to enter into this Agreement as Grantors. Upon execution and delivery by the Collateral Agent and a Subsidiary of a Security Agreement Supplement, such Subsidiary shall
become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instrument shall not require the consent of any other Grantor hereunder. The rights and obligations of each
Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 

Section 6.14 Collateral Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints the Collateral Agent (and all officers,
employees or agents designated by the Collateral Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) of such Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any
instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of an Event of Default, which appointment is irrevocable and coupled with an interest. Without
limiting the generality of the foregoing, the Collateral Agent shall have the right, upon the occurrence and during the continuance of an Event of Default, with full power of substitution either in the Collateral Agent’s name or in the name of
such Grantor (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment
of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor on any invoice or bill of lading relating to any of the Collateral; (d) to send

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 27 - 

 
verifications of Accounts Receivable to any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at Law or in equity in any court of competent jurisdiction
to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the
Collateral; (g) to notify, or to require any Grantor to notify, Account Debtors to make payment directly to the Collateral Agent; (h) to make, settle and adjust claims in respect of Article 9 Collateral under policies of insurance,
endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance; (i) to make all determinations and decisions with respect thereto; (j) to obtain or maintain the
policies of insurance required by Section 5.17 of the Loan Agreement or paying any premium in whole or in part relating thereto; and (k) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all
or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes; provided that
nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to present or file any
claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured Parties shall be accountable
only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder,
except for their own gross negligence, bad faith, or willful misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or attorneys-in-fact, in each case, as determined by a final non-appealable judgment of a
court of competent jurisdiction. All sums disbursed by the Collateral Agent in connection with this paragraph, including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, within 10 days of
demand, by the Grantors to the Collateral Agent and shall be additional Secured Obligations secured hereby. 
 Section 6.15 General
Authority of the Collateral Agent. By acceptance of the benefits of this Agreement and any other Collateral Documents, each Secured Party (whether or not a signatory hereto) shall be deemed irrevocably (a) to consent to the appointment of
the Collateral Agent as its agent hereunder and under such other Collateral Documents, (b) to confirm that the Collateral Agent shall have the authority to act as the exclusive agent of such Secured Party for the enforcement of any provisions
of this Agreement and such other Collateral Documents against any Grantor, the exercise of remedies hereunder or thereunder and the giving or withholding of any consent or approval hereunder or thereunder relating to any Collateral or any
Grantor’s obligations with respect thereto, (c) to agree that it shall not take any action to enforce any provisions of this Agreement or any other Collateral Document against any Grantor, to exercise any remedy hereunder or thereunder or
to give any consents or approvals hereunder or thereunder except as expressly provided in this Agreement or any other Collateral Document and (d) to agree to be bound by the terms of this Agreement and any other Collateral Documents. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 28 - 

 Section 6.16 Reasonable Care. The Collateral Agent is required to use reasonable care
in the custody and preservation of any of the Collateral in its possession; provided, that the Collateral Agent shall be deemed to have used reasonable care in the custody and preservation of any of the Collateral, if such Collateral is accorded
treatment substantially similar to that which the Collateral Agent accords its own property. 
 Section 6.17 Delegation;
Limitation. The Collateral Agent may execute any of the powers granted under this Agreement and perform any duty hereunder either directly or by or through agents or attorneys-in-fact, and shall not be responsible for the gross negligence or
willful misconduct of any agents or attorneys-in-fact selected by it with reasonable care and without gross negligence or willful misconduct. 

Section 6.18 Reinstatement. The obligations of the Grantors under this Security Agreement shall be automatically reinstated if and
to the extent that for any reason any payment by or on behalf of the Borrower or other Loan Party in respect of the Secured Obligations is rescinded or must be otherwise restored by any holder of any of the Secured Obligations, whether as a result
of any proceedings in bankruptcy or reorganization or otherwise. 
 Section 6.19 Miscellaneous. The Collateral Agent shall not
be deemed to have actual, constructive, direct or indirect notice or knowledge of the occurrence of any Event of Default unless and until the Collateral Agent shall have received a notice of Event of Default or a notice from the Grantor or the
Secured Parties to the Collateral Agent in its capacity as Collateral Agent indicating that an Event of Default has occurred. 

[Signature Pages Follow] 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

- 29 - 

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

			
	VIVINT SOLAR FINANCING I, LLC, a
	Delaware limited liability company
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets
	
	VIVINT SOLAR LIBERTY MANAGER,
	LLC, a Delaware limited liability company
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets
	
	VIVINT SOLAR MARGAUX
	MANAGER, LLC, a Delaware limited
	liability company
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets
	
	VIVINT SOLAR FUND III MANAGER,
	LLC, a Delaware limited liability company
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets
	
	VIVINT SOLAR MIA MANAGER, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page to Pledge and Security Agreement] 

 
			
	VIVINT SOLAR AALIYAH
	MANAGER, LLC, a Delaware limited
	liability company
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets
	
	VIVINT SOLAR REBECCA
	MANAGER, LLC, a Delaware limited
	liability company
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets
	
	VIVINT SOLAR HANNAH MANAGER,
	LLC, a Delaware limited liability company
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets
	
	VIVINT SOLAR NICOLE MANAGER,
	LLC, a Delaware limited liability company
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets
	
	VIVINT SOLAR ELYSE MANAGER,
	LLC, a Delaware limited liability company
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page to Pledge and Security Agreement] 

 
			
	VIVINT SOLAR OWNER I, LLC, a
	Delaware limited liability company
		
	By:	 	 /s/ Thomas Plagemann

	Name:	 	Thomas Plagemann
	Title:	 	Executive Vice President, Capital Markets

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page to Pledge and Security Agreement] 

			
	BANK OF AMERICA, N.A., as Collateral
	Agent	 	
		
	By:	 	 /s/ Darleen R. Parmelee

	Name:	 	Darleen R. Parmelee
	Title:	 	Vice President

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

[Signature Page to Pledge and Security Agreement] 

 Schedule I to 

the Security Agreement 
 [Intentionally omitted.]

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Schedule I to 

the Security Agreement 
 PLEDGED
EQUITY 
 Pledged Stock: 
 None. 

Pledged LLC Interests: 
  

									
	 Issuer
	  	 Record Owner
	 	 Certificate

No.
	 	 No. of Shares
	 	 Percentage Ownership

	 Vivint Solar Financing I, LLC
	  	 Vivint Solar

Holdings, Inc.
	 	1	 	(n/a)/100%	 	100%
	 Vivint Solar Liberty Manager, LLC
	  	Vivint Solar Financing I, LLC	 	3	 	(n/a)/100%	 	100%
	 Vivint Solar Margaux Manager, LLC
	  	 Vivint Solar

Financing I, LLC
	 	3	 	(n/a)/100%	 	100%
	 Vivint Solar Fund III Manager, LLC
	  	 Vivint Solar

Financing I, LLC
	 	3	 	(n/a)/100%	 	100%
	 Vivint Solar Mia

Manager, LLC
	  	 Vivint Solar

Financing I, LLC
	 	3	 	(n/a)/100%	 	100%
	 Vivint Solar Aaliyah Manager, LLC
	  	 Vivint Solar

Financing I, LLC
	 	3	 	(n/a)/100%	 	100%
	 Vivint Solar Rebecca Manager, LLC
	  	 Vivint Solar

Financing I, LLC
	 	3	 	(n/a)/100%	 	100%
	 Vivint Solar Hannah Manager, LLC
	  	 Vivint Solar

Financing I, LLC
	 	3	 	(n/a)/100%	 	100%
	 Vivint Solar Nicole

Manager, LLC
	  	 Vivint Solar

Financing I, LLC
	 	2	 	(n/a)/100%	 	100%

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

									
	 Vivint Solar Elyse Manager, LLC
	  	Vivint Solar Financing I, LLC	 	2	 	(n/a)/100%	 	100%
	 Vivint Solar Owner I, LLC
	  	Vivint Solar Financing I, LLC	 	1	 	(n/a)/100%	 	100%
	 Vivint Solar Liberty Master Tenant, LLC
	  	Vivint Solar Liberty Manager, LLC	 	1	 	(n/a)	 	***% (pre-flip), ***% (post-flip)
	 Vivint Solar Liberty Owner, LLC
	  	Vivint Solar Liberty Manager, LLC	 	1	 	(n/a)	 	***%
	 Vivint Solar Margaux Master Tenant, LLC
	  	Vivint Solar Margaux Manager, LLC	 	1	 	(n/a)	 	***% (pre-flip), ***% (post-flip)
	 Vivint Solar Margaux Owner, LLC
	  	Vivint Solar Margaux Manager, LLC	 	1	 	(n/a)	 	***%
	 Vivint Solar Fund III Master Tenant, LLC
	  	Vivint Solar Fund III Manager, LLC	 	1	 	(n/a)	 	***% (pre-flip), ***% (post-flip)
	 Vivint Solar Fund III Owner, LLC
	  	Vivint Solar Fund III Manager, LLC	 	1	 	(n/a)	 	***%
	 Vivint Solar Mia Project Company, LLC
	  	Vivint Solar Mia Project Company, LLC	 	B-1	 	100 Class B Membership Interests	 	100% of Class B Equity Interests (***% of Mia Project Co. Equity Interests)
	 Vivint Solar Aaliyah Project Company, LLC
	  	Vivint Solar Aaliyah Manager, LLC	 	B-2	 	100 Class B Membership Interests	 	100% of Class B Equity Interests (***% of Aaliyah Project Co. Equity Interests)
	 Vivint Solar Rebecca Project Company, LLC
	  	Vivint Solar Rebecca Manager, LLC	 	B-1	 	100 Class B Membership Interests	 	100% of Class B Equity Interests (***% of Rebecca Project Co. Equity Interests)
	 Vivint Solar Hannah Project Company, LLC
	  	Vivint Solar Hannah Manager, LLC	 	B-1	 	1,000 Class B Units	 	***%

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

									
	 Vivint Solar Nicole Master Tenant, LLC
	  	Vivint Solar Nicole Manager, LLC	 	1	 	(n/a)	 	***% (pre-flip), ***% (post-flip)
	 Vivint Solar Nicole Owner, LLC
	  	Vivint Solar Nicole Manager, LLC	 	1	 	(n/a)	 	***%
	 Vivint Solar Elyse Project Company, LLC
	  	Vivint Solar Elyse Manager, LLC	 	B-1	 	100 Class B Units	 	***%

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Schedule II to 

the Security Agreement 

COMMERCIAL TORT CLAIMS 
 None. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Schedule III to 

the Security Agreement 
 LLC
AGREEMENTS 
  

	1.	Amended and Restated Limited Liability Company Agreement of Vivint Solar Liberty Manager, LLC, dated September 12, 2014 

  

	2.	Amended and Restated Limited Liability Company Agreement of Vivint Solar Margaux Manager, LLC, dated September 12, 2014 

  

	3.	Amended and Restated Limited Liability Company Agreement of Vivint Solar Fund III Manager, LLC, dated September 12, 2014 

  

	4.	Amended and Restated Limited Liability Company Agreement of Vivint Solar Mia Manager, LLC, dated September 12, 2014 

  

	5.	Amended and Restated Limited Liability Company Agreement of Vivint Solar Aaliyah Manager, LLC, dated September 12, 2014 

  

	6.	Amended and Restated Limited Liability Company Agreement of Vivint Solar Rebecca Manager, LLC, dated September 12, 2014 

  

	7.	Amended and Restated Limited Liability Company Agreement of Vivint Solar Hannah Manager, LLC, dated September 12, 2014 

  

	8.	Amended and Restated Limited Liability Company Agreement of Vivint Solar Nicole Manager, LLC, dated September 12, 2014 

  

	9.	Amended and Restated Limited Liability Company Agreement of Vivint Solar Elyse Manager, LLC, dated September 12, 2014 

  

	10.	Limited Liability Company Agreement of Vivint Solar Owner I, LLC, dated September 12, 2014 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Exhibit I to the 

Security Agreement 
 SUPPLEMENT NO.
    dated as of [—], to the Security Agreement (the “Security Agreement”), dated as of September 12, 2014, among the Grantors identified therein and Bank
of America, N.A., as Collateral Agent. 
 A. Reference is made to the Loan Agreement dated as of September 12, 2014 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), among Vivint Solar Holdings, Inc., a Delaware corporation (the “Borrower”), certain Guarantors from time to time
party thereto, Bank of America, N.A., as Administrative Agent and Collateral Agent, and each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”). 

B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement and the
Security Agreement. 
 C. The Grantors have entered into the Security Agreement in order to induce the Lenders to make Loans.
Section 6.13 of the Security Agreement provides that additional Subsidiaries of the Borrower may become Grantors under the Security Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned (the
“New Grantor”) is executing this Supplement in accordance with the requirements of the Loan Agreement to become a Grantor under the Security Agreement as consideration for Loans previously made. 

Accordingly, the Collateral Agent and the New Grantor agree as follows: 

SECTION 1. In accordance with Section 6.13 of the Security Agreement, the New Grantor by its signature below becomes a Grantor under the
Security Agreement with the same force and effect as if originally named therein as a Grantor and the New Grantor hereby (a) agrees to all the terms and provisions of the Security Agreement applicable to it as a Grantor thereunder and
(b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct on and as of the date hereof. In furtherance of the foregoing, the New Grantor, as security for the payment and
performance in full of the Secured Obligations, does hereby create and grant to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, their successors and assigns, a security interest in and lien on all of the New
Grantor’s right, title and interest in and to the Collateral (as defined in the Security Agreement) of the New Grantor. Each reference to a “Grantor” in the Security Agreement shall be deemed to include the New Grantor. The Security
Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Grantor represents and warrants to the Collateral Agent and the
other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be
limited by Debtor Relief Laws and by general principles of equity. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Collateral Agent shall have received a counterpart of this
Supplement that bears the signature of the New Grantor and the Collateral Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic communication shall be as
effective as delivery of a manually signed counterpart of this Supplement. 
 SECTION 4. The New Grantor hereby represents and warrants that
(a) set forth on Schedule I attached hereto is a true and correct schedule of the information required by Schedules II and III to the Security Agreement applicable to it and its and its’ subsidiaries legal name, jurisdiction of formation
and location of Chief Executive Office and (b) set forth under its signature hereto is the true and correct legal name of the New Grantor, its jurisdiction of formation and the location of its chief executive office. 

SECTION 5. Except as expressly supplemented hereby, the Security Agreement shall remain in full force and effect. 

SECTION 6. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

SECTION 7. If any provision of this Supplement is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of
the remaining provisions of this Supplement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 8. All communications and notices hereunder shall be in writing and given as provided in Section 6.01 of the Security Agreement.

 SECTION 9. The New Grantor agrees to reimburse the Collateral Agent for its reasonable out-of-pocket expenses in connection with the
execution and delivery of this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Collateral Agent. 

[Signature pages follow] 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 IN WITNESS WHEREOF, the New Grantor and the Collateral Agent have duly executed this Supplement
to the Security Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW GRANTOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Legal Name:
	Jurisdiction of Formation:
	Location of Chief Executive office:

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
			
	 BANK OF AMERICA, N.A.,
 as
Collateral Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Schedule I 

to the Supplement No_ to the 

Security Agreement 
  

									
	EQUITY INTERESTS
					
	 Issuer
	 	 Number of

Certificate
	 	 Registered

Owner
	 	 Number and

Class of

Equity Interest
	 	 Percentage

of Equity

Interests

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 INSTRUMENTS AND DEBT SECURITIES 
  

							
	 Issuer
	 	 Principal

Amount
	 	 Date of Note
	 	 Maturity Date

		 		 		 	
		 		 		 	
		 		 		 	

 COMMERCIAL TORT CLAIMS 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Exhibit II to the 

Security Agreement 
 FORM OF
PERFECTION CERTIFICATE 
 See attached. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Exhibit III to the 

Security Agreement 
 FORM OF

 PATENT SECURITY AGREEMENT (SHORT FORM) 

PATENT SECURITY AGREEMENT 

Patent Security Agreement, dated as of [    ], by [    ] and
[                ] (the “Grantor”), in favor of BANK OF AMERICA, N.A., in its capacity as Collateral Agent pursuant to the Loan Agreement (in such
capacity, the “Collateral Agent”). 

W I T N E S S E T H: 

WHEREAS, the Grantor is party to a Security Agreement dated as of September 12, 2014 (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Grantor is required to execute and deliver this Patent Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Loan Agreement, the Grantor hereby agrees with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise defined
herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION 2.
Grant of Security Interest in Patent Collateral. The Grantor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and
under all the following Pledged Collateral of the Grantor: 
 (a) Patents of the Grantor listed on Schedule I attached hereto. 

SECTION 3. The Security Agreement. The security interest granted pursuant to this Patent Security Agreement is granted in conjunction
with the security interest granted to the Collateral Agent pursuant to the Security Agreement and the Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security interest in the Patents
made and granted hereby are more fully set forth in the Security Agreement. In the event that any provision of this Patent Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control
unless the Collateral Agent shall otherwise determine. 
 SECTION 4. Termination. Upon the termination of the Security Agreement in
accordance with Section 6.12 thereof, the Collateral Agent shall, at the expense of the Grantor, execute, acknowledge, and deliver to the Grantor an instrument in writing in recordable form 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
releasing the lien on and security interest in the Patents under this Patent Security Agreement and any other documents required to evidence the termination of the Collateral Agent’s
interest in the Patents. 
 SECTION 5. Counterparts. This Patent Security Agreement may be executed in any number of counterparts,
all of which shall constitute one and the same instrument, and any party hereto may execute this Patent Security Agreement by signing and delivering one or more counterparts. 

[Signature pages follow.] 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
			
	[GRANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
			
	 BANK OF AMERICA, N.A.,
 as
Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Schedule I 

to 
 PATENT SECURITY
AGREEMENT 
 UNITED STATES PATENTS AND PATENT APPLICATIONS 

Patents: 
  

					
	 OWNER
	  	PATENT
NUMBER	  	TITLE
		  		  	

 Patent Applications: 
  

					
	 OWNER
	  	APPLICATION
NUMBER	  	TITLE
		  		  	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Exhibit IV to the 

Security Agreement 
 FORM OF

 TRADEMARK SECURITY AGREEMENT (SHORT FORM) 

TRADEMARK SECURITY AGREEMENT 

Trademark Security Agreement, dated as of [    ], by [    ] and
[                ] (the “Grantor”), in favor of BANK OF AMERICA, N.A., in its capacity as Collateral Agent pursuant to the Loan Agreement (in such
capacity, the “Collateral Agent”). 
 W I T N E S S E T
H: 
 WHEREAS, the Grantor is party to a Security Agreement dated as of September 12, 2014 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Grantor is required to execute and deliver this Trademark Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Loan Agreement, the Grantor hereby agrees with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise defined
herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION 2.
Grant of Security Interest in Trademark Collateral. The Grantor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and
under all the following Pledged Collateral of the Grantor: 
 (a) registered Trademarks of the Grantor listed on Schedule I attached hereto.

 SECTION 3. The Security Agreement. The security interest granted pursuant to this Trademark Security Agreement is granted in
conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security interest in the
Trademarks made and granted hereby are more fully set forth in the Security Agreement. In the event that any provision of this Trademark Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement
shall control unless the Collateral Agent shall otherwise determine. 
 SECTION 4. Termination. Upon the termination of the Security
Agreement in accordance with Section 6.12 thereof, the Collateral Agent shall, at the expense of the Grantor, execute, acknowledge, and deliver to the Grantor an instrument in writing in recordable form releasing the lien on and security
interest in the Trademarks under this Trademark Security Agreement and any other documents required to evidence the termination of the Collateral Agent’s interest in the Trademarks. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 SECTION 5. Counterparts. This Trademark Security Agreement may be executed in any number
of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts. 

[Signature pages follow] 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
			
	[GRANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
			
	 BANK OF AMERICA, N.A.,
 as
Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Schedule I 

to 
 TRADEMARK SECURITY
AGREEMENT 
 UNITED STATES TRADEMARK REGISTRATIONS AND APPLICATIONS 

Trademark Registrations: 
  

					
	 OWNER
	 	 REGISTRATION

NUMBER
	 	 TRADEMARK

		 		 	
		 		 	
		 		 	

 Trademark Applications: 
  

					
	 OWNER
	 	 APPLICATION

NUMBER
	 	 TRADEMARK

		 		 	
		 		 	
		 		 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Exhibit V to the 

Security Agreement 
 FORM OF

 COPYRIGHT SECURITY AGREEMENT (SHORT FORM) 

COPYRIGHT SECURITY AGREEMENT 

Copyright Security Agreement, dated as of [    ], by [    ] and
[                ] (the “Grantor”), in favor of BANK OF AMERICA, N.A., in its capacity as Collateral Agent pursuant to the Loan Agreement (in such
capacity, the “Collateral Agent”). 
 W I T N E S S E T
H: 
 WHEREAS, the Grantor is party to a Security Agreement dated as of September 12, 2014 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Grantor is required to execute and deliver this Copyright Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Loan Agreement, the Grantor hereby agrees with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise defined
herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION 2.
Grant of Security Interest in Copyright Collateral. The Grantor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and
under all the following Pledged Collateral of the Grantor: 
 (a) registered Copyrights of the Grantor listed on Schedule I attached hereto.

 SECTION 3. The Security Agreement. The security interest granted pursuant to this Copyright Security Agreement is granted in
conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and the Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security interest in
the Copyrights made and granted hereby are more fully set forth in the Security Agreement. In the event that any provision of this Copyright Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security
Agreement shall control unless the Collateral Agent shall otherwise determine. 
 SECTION 4. Termination. Upon termination of the
Security Agreement in accordance with Section 6.12 thereof, the Collateral Agent shall, at the expense of the Grantor, execute, acknowledge, and deliver to the Grantor an instrument in writing in recordable form releasing the lien on and
security interest in the Copyrights under this Copyright Security Agreement and any other documents required to evidence the termination of the Collateral Agent’s interest in the Copyrights. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 SECTION 5. Counterparts. This Copyright Security Agreement may be executed in any number
of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Copyright Security Agreement by signing and delivering one or more counterparts. 

[Signature pages follow.] 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
			
	[GRANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 
			
	BANK OF AMERICA, N.A., as Collateral Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Schedule I 

to 
 COPYRIGHT SECURITY
AGREEMENT 
 UNITED STATES COPYRIGHT REGISTRATIONS 
  

					
	 OWNER
	 	 REGISTRATION

NUMBER
	 	 COPYRIGHT TITLE

		 		 	
		 		 	
		 		 	

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission 

 Exhibit VI to the 

Security Agreement 
 UCC
FINANCING STATEMENTS 
 To be attached. 

  

	***	Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}]]