Document:

First Amendment to Revolving Credit Agreement

 Exhibit 10.7A 
 October 19, 2011 
 David White 
 Chief Financial Officer 
 SolarCity Corporation 

3055 Clearview Way 
 San Mateo, CA 94402

  

	 	Re:	Notice of Waiver and Amendment under the Term Loan Agreement dated January 24, 2011 and the Revolving Credit Agreement dated April 1, 2011

 Dear Mr. White: 
 We refer to (1) that certain Term Loan Agreement dated as of January 24, 2011 (as amended on May 1, 2011, the “Term Loan Agreement”) between U.S. Bank
National Association (the “Bank”) and SolarCity Corporation (the “Borrower”) and (2) that certain Revolving Credit Agreement dated as of April 1, 2011 (the
“Credit Agreement” and together with the Term Loan Agreement, the “Loan Agreements”). Capitalized terms used herein and not defined shall have their assigned meanings in the Loan
Agreements. 
 Section 9.2(c)(v) of each Loan Agreement requires the Borrower to submit to the Bank audited annual
financial statements of the Borrower, prepared by a certified public accounting firm acceptable to the Bank. As of the date of this notice of default, the Borrower has not provided the Bank with these financial statements for the fiscal year ended
December 31, 2010. 
 The Bank, with the consent of Bridge Bank as Required Lender under the Credit Agreement, hereby
waives any Event of Default that has occurred as a result of the Borrower’s failure to deliver such financials. Furthermore, the Bank, with the consent of Bridge Bank as Required Lender under the Credit Agreement, hereby amends
Section 9.2(c)(v) solely with respect to the financial statements for the fiscal year ended December 31, 2010 such that the Borrower is not required to deliver such financials until October 31,2011. If the Borrower does not deliver
such financials by October 31, 2011, an Event of Default shall be deemed to occur under Section 10.14 of the Term Loan Agreement and under Section 10.15 of the Credit Agreement. 

The Bank reserves the right to take such action as the Bank considers necessary or reasonable under the Loan Agreements, and reserves all
other rights and remedies available to it under applicable law. Except as explicitly stated herein, no failure or delay on the part of the Bank or any successor or assign of the Bank in exercising any power, right or remedy under the Loan Agreements
or related documents shall operate as a 

 
waiver thereof, and no single or partial exercise of any such power, right or remedy shall preclude an further exercise thereof or the exercise of any other power, right or remedy. 

 

	
	 Sincerely,

	
	 /s/ Cecilia Person

	Cecilia Person, Vice President for U.S. Bank National Association

  

			
	 Consented to by Bridge Bank

		
	 By:
	 	 /s/ Molly Hendry

	 Name:
	 	 Molly Hendry

	 Title:
	 	 AVP, Relationship Mgr.

	
	 Acknowledged by SolarCity Corporation

		
	 By:
	 	 /s/ DAVID WHITE

	 Name:
	 	 DAVID WHITE

	 Title:
	 	 CFO

  

	cc:	 Teveia Barnes, Esq.Second Amendment to Revolving Credit Agreement

 Exhibit 10.7B 
 SECOND AMENDMENT 
 TO 

REVOLVING CREDIT AGREEMENT 
 THIS SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Second Amendment”) dated as of March 6, 2012 is by and between SolarCity Corporation, a Delaware
corporation (the “Borrower”), U.S. Bank National Association, as Agent (the “Agent”) and the lenders signatory hereto (the “Lenders” or individually, a
“Lender”), as a Second Amendment to that certain Revolving Credit Agreement dated as of April 1. 2011 (as amended by a letter dated as of October 19, 2011, the “Credit
Agreement”) between the Agent, the Lenders signatory thereto and the Borrower. Capitalized terms that are not otherwise defined herein shall have their defined meaning under the Credit Agreement. 

WHEREAS, pursuant to the Credit Agreement, the Lenders made available to the Borrower a revolving
commitment; and 
 WHEREAS, the Borrower, the Lenders and the Agent desire to amend the Credit
Agreement as provided herein. 
 NOW THEREFORE, in consideration of the premises and mutual
covenants contained herein, the undersigned hereby agree as follows: 
 1. AMENDMENTS. 

A. Article 1. The definition of “Termination Date” is amended so that such
definition is restated to read in its entirety as follows: 
 “
‘Termination Date’ shall mean July 1, 2012 or the earlier termination in full of the Revolving Commitment in accordance with this Agreement.” 

B. Article 1. A new subsection (b) is hereby added to the definition of
“‘Funded Debt” so that such definition is restated to read in its entirety as follows: 
 “
‘Funded Debt’ means total interest-bearing Indebtedness, including the unused Revolving Commitments of the Lenders but excluding (a) any Indebtedness that is non-recourse to the
Borrower, and (b) Indebtedness in an aggregate amount outstanding of up to Sixty Five Million Dollars ($65,000,000) pursuant to an inventory financing facility between the Borrower and Bank of America, as Administrative Agent, and the lenders
party thereto and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger and sole book manager, on terms disclosed to and approved by the Agent and the Lenders in writing.” 

C. Article 1. A new subsection (h) is added to the definition of “Permitted
Indebtedness” so that such definition is restated to read in its entirety as follows 
 “
‘Permitted Indebtedness’ means (a) all Indebtedness to the Lenders, (b) Indebtedness to parties other than the Lenders (including as a guaranty or

 
surety or pursuant to a contingent liability) in an aggregate amount not to exceed Five Hundred Thousand Dollars ($500,000.00) at any one time outstanding, (c) all other Indebtedness of the
Borrower in existence as of the date of this Agreement and disclosed on Schedule 1 attached hereto, (d) Indebtedness incurred solely for the purpose of financing the acquisition of equipment (and any accessions, attachments, replacements or
improvements thereon), (e) Indebtedness incurred with respect to equipment leased to customers in the ordinary course of business, which Indebtedness is contemplated to be serviced by the related lease payment, (f) guaranties of obligations of
Borrower’s subsidiaries, (g) extensions, refinancing, modifications, amendments and restatements of any item of Permitted Indebtedness described in (a) through (f) above, and (h) Indebtedness incurred under an inventory
financing facility between the Borrower and Bank of America, as administrative agent, and the lenders party thereto and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger and sole book manager, in an aggregate amount
not to exceed Sixty Five Million Dollars ($65,000,000.00) at any one time outstanding, with maturities no longer than eighteen (18) months (the “BofA Facility”).” 

D. Section 9.6. A new subsection (m) is added to Section 9.6 of the Credit
Agreement so that such Section is restated to read in its entirety as follows: 

“Other Liens. 

The Borrower shall not create, incur, assume or permit to exist any mortgage, pledge, encumbrance or other lien or levy
upon or security interest (“Liens”) in any of the Borrower’s property or assets, except (a) Liens arising under the Security Agreement or the other Loan Documents, (b) Liens securing Permitted
Indebtedness, (c) Liens for taxes, fees, assessments or other government charges or levies, either not delinquent or being contested in good faith and for which Borrower maintains adequate reserves on its Books, (d) Leases or subleases and
non-exclusive licenses or sublicenses granted in the ordinary course of Borrower’s business, (e) Liens existing on the date hereof and disclosed in writing to Agent, (f) Liens of carriers, warehousemen, mechanics, materialmen, vendors, and
landlords incurred in the ordinary course of business for sums not overdue or being contested in good faith, provided provision is made for the eventual payment thereof if subsequently found payable, (g) Liens to secure payment of workers’
compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business, (h) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of
Default, (i) Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of customs duties in connection with the importation of goods, (j) Liens on insurance proceeds in favor of insurance companies
granted solely as security for financed premiums, (k) Liens on the equity 

  
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interests of the Borrower’s subsidiaries granted in connection with financing provided to such subsidiary, (l) Liens incurred in the extension, renewal or refinancing of the
Indebtedness secured by Liens, and (m) Liens on inventory securing Permitted Indebtedness, but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the
Indebtedness may not increase (“Permitted Encumbrances”). The Borrower shall not create, incur, assume or permit to exist any mortgage, pledge, encumbrance or other lien or levy upon or security
interest in any of the Borrower’s intellectual property, except Permitted Encumbrances, and the Borrower will not agree to grant a negative pledge on any of the Borrower’s intellectual property in favor of any Person other than the
Agent.” 
 2. TERMINATION AND RELEASE OF LIEN. The Agent and the Lenders hereby acknowledge and
agree that the BofA Facility will be secured by the Inventory identified on the UCC-3 (the “UCC-3”) attached as Exhibit A hereto (the “BofA Collateral”). The Agent and the Lenders hereby terminate and
release any Lien they may now have in the BofA Collateral and authorize Bank of America, N.A. and its counsel to record the UCC-3 in the appropriate jurisdictions necessary to give effect to such release. 

3. REPRESENTATIONS AND WARRANTIES. The Borrower hereby certifies and confirms that as of the effective date
of this Second Amendment (a) no material adverse change in the business, assets, liabilities (actual or contingent), operations, financial condition of the Borrower that would affect Borrower’s ability to meet it obligations under the
Credit Agreement or to conduct its business has occurred, (b) subject to the modifications in Section 1 hereof, its representations and warranties contained in Section 8 of the Credit Agreement are true and correct as of the date of
this Second Amendment, and (c) no Event of Default has occurred or is continuing under the Credit Agreement. 
 4. COUNTERPARTS. The execution and delivery of this Second Amendment by the Borrower, the Lenders and the Agent shall constitute a contract between them for the uses and purposes set forth in the
Credit Agreement, as amended by this Second Amendment, and this Second Amendment may be executed in any number of counterparts, with each executed counterpart constituting an original and all counterparts together constituting one agreement.

 5. EFFECTIVENESS. This Second Amendment shall become effective as of the date hereof upon (a) the
execution by the Borrower, the Lenders and the Agent of this Second Amendment with written or telephonic notification of such execution and authorization of delivery hereof, (b) the payment of an amendment fee to the Agent in the amount of Five
Thousand Dollars ($5,000) and (c) payment of all legal fees and expenses of the Agent in connection with the preparation, execution and delivery of this Second Amendment. Except as amended by this Second Amendment, all terms and provisions of
the Credit Agreement shall remain unchanged and in full force and effect. 
 6. SEVERABILITY OF
PROVISIONS. Any provision of this Second Amendment that is prohibited or unenforceable shall be ineffective to the extent of such portion without invalidating the remaining provisions of this Second Amendment, or any other

  
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agreement executed between the Agent, the Lenders and the Borrower or affecting the validity or enforceability of such provisions. 

7. SUCCESSORS AND ASSIGNS. This Second Amendment is binding upon the parties and their respective
successors, assigns, heirs and personal representatives, except that the Borrower may not assign or transfer its rights or obligations hereunder without the prior written consent of the Agent and the Lenders. 

8. GOVERNING LAW. This Second Amendment shall be governed by and construed in accordance with the internal
laws of the State of California, without giving effect to California choice of law principles that would result in the application of laws of another jurisdiction. 
 [signature page follows] 

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

			
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Cecilia Person

		 	 Cecilia Person

		 	 Vice President

	
	 BRIDGE BANK

		
	 By:
	 	 /s/ Dan Pistone

		 	 Name: Dan Pistone

		 	 Title: Senior Vice President

	
	 SOLARCITY CORPORATION

		
	 By:
	 	 /s/ B. Kelly

		 	 Bob Kelly

		 	 Chief Financial Officer

  

SIGNATURE PAGE TO 
 SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT

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