Document:

fcel-ex101_6.htm

EXHIBIT 10.1

 

SIXTH AMENDMENT TO LOAN AGREEMENT

 

This SIXTH AMENDMENT TO LOAN AGREEMENT (this “Amendment”), dated as of August 8, 2019, is made by and among FUELCELL ENERGY FINANCE, LLC, a Connecticut limited liability company having its principal office located at 3 Great Pasture Road, Danbury, Connecticut 06810 (hereinafter referred to as “Parent”), CENTRAL CA FUEL CELL 2, LLC, a Delaware limited liability company (hereinafter referred to as “Co-Borrower”, and, together with Parent, the “Credit Parties”), and NRG ENERGY, INC., a Delaware corporation having an office address located at 804  Carnegie Center Drive, Princeton, New Jersey 08540, its permitted successors and/or assigns (hereinafter referred to as “Lender”).  Each capitalized term used and not otherwise defined herein shall have the meaning assigned thereto in Article I of the Loan Agreement (as defined below).

WHEREAS, Parent and Lender entered into that certain Loan Agreement dated as of July 30, 2014, as amended by that certain First Amendment to Loan Agreement dated as of April 18, 2016, that certain Second Amendment to Loan Agreement dated as of December 13, 2018, that certain Third Amendment to Loan Agreement dated as of March 29, 2019, that certain Fourth Amendment to Loan Agreement dated as of June 13, 2019, and that certain Fifth Amendment to Loan Agreement dated as of July 11, 2019  (collectively, the “Loan Agreement”) pursuant to which Lender agreed to make certain Project Debt available to Co-Borrowers pursuant to the terms thereof; and 

WHEREAS, Co-Borrower became a party to the Loan Agreement pursuant to that certain Joinder Agreement dated December 13, 2018, by and between Co-Borrower and Lender; and

WHEREAS, the Credit Parties have requested that Lender agree to amend the Loan Agreement as more particularly set forth herein and to avoid the occurrence of an Event of Default; and

WHEREAS, Lender is willing to agree to certain amendments specified below, in each case subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

Section 1.Amendments to the Loan Agreement.  Subject to the terms and conditions of this Amendment, Lender agrees to amend the Loan Agreement as of the Effective Date as follows:  

	
(a)
	
The definition of “Maturity Date” is hereby deleted in its entirety and replaced with the following:

“Maturity Date” shall mean, with respect to each Note, the date that is the earlier of (a) September 30, 2019, (b) COD with respect to the Project owned by the Co-Borrower that executed such Note, (c) the repayment in full or the closing of a refinancing of Parent’s indebtedness with Hercules Capital; provided, however, in the event the Lender determines, in its sole discretion, that the Credit Parties are 

 

 

not making sufficient progress toward the completion of the Project, the Lender may accelerate the Maturity Date on the date of such determination.

 

Section 2.Acknowledgments.  To induce the Lender to enter into this Amendment, the Credit Parties acknowledge and agree that (i) the Loan Documents are legal, valid, and binding obligations of, and enforceable in accordance with their respective terms against, the Credit Parties who are parties thereto; (ii) the Liens on and security interests in the Collateral in favor of the Lender are valid, legal, binding, and properly perfected and are reaffirmed and ratified in all respects, and nothing contained herein is intended to alter the priority of, or terminate any, Lien on or security interest in any Collateral in favor of the Lender, for itself and the ratable benefit of the Lenders; (iii) the Credit Parties do not have any rights of offset, defenses, claims, or counterclaims under any Loan Document, at law, or in equity with respect to any of their obligations under the Loan Documents, all of which are valid and outstanding obligations of the Credit Parties; (iv) nothing contained herein extinguishes, discharges, or releases any of the obligations or any Loan Document or constitutes an accord, satisfaction, novation, or substitution of any of the obligations or any Loan Document; and (v) the Credit Parties have been represented (or had the opportunity to be represented) by the legal counsel of the Credit Parties’ choice, understand and are fully aware of the terms and conditions contained in this Amendment, and have voluntarily, without coercion or duress of any kind, entered into this Amendment.

Section 3.Release by the Co-Borrowers and the Corporate Guarantor.  The Co-Borrower and the Parent, on behalf of themselves, and any person or entity claiming by or through them (hereinafter collectively referred to as the “Releasors”), hereby unconditionally remise, release and forever discharge the Lender, its past and present officers, directors, shareholders, agents, parent corporations, subsidiaries, affiliates, trustees, administrators, attorneys, predecessors, successors and assigns and the heirs, executors, administrators, successors and assigns of any such person or entity, as releasees (hereinafter collectively referred to as the “Releasees”), of and from any and all manner of actions, causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, agreements, promises, warranties, guaranties, representations, liens, mechanics’ liens, judgments, claims, counterclaims, crossclaims, defenses, claims for damages (whether direct or indirect, consequential, special, exemplary, or punitive) and/or demands whatsoever, including claims for contribution and/or indemnity, whether now known or unknown, past or present, asserted or unasserted, contingent or liquidated, at law or in equity, or resulting from any assignment, if any (hereinafter collectively referred to as the “Claims”), which any of the Releasors ever had or now have against any of the Releasees, for or by reason of any cause, matter or thing whatsoever, arising from the beginning of time to the date hereof.  The Co-Borrower and the Parent hereby warrant and represent that they have not assigned, pledged, hypothecated, and/or otherwise divested themselves and/or encumbered all or any part of the Claims being released hereby and that they hereby agree to indemnify and hold harmless any and all of Releasees against whom any Claim so assigned, pledged, hypothecated, divested and/or encumbered is asserted.

Section 4.Reservation of Rights.  Lender reserves any and all rights which it has, or may now or in the future have, to exercise any and all powers, rights, remedies and privileges under the Loan Agreement and any other Loan Documents with no impairment or prejudice of 

 

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such power, right, remedy or privilege.  No single or partial exercise of any such power, right, remedy or privilege shall preclude any other or further exercise thereof or of any other right, power, remedy or privilege, and all of such rights, powers, remedies and privileges are and shall continue to be cumulative.  No failure of Lender to immediately exercise any such power, right, remedy or privilege shall constitute or be deemed to constitute a waiver thereof or the acquiescence by Lender with respect to any Default or Event of Default.

Section 5.No Course of Dealing or Performance.  Each Credit Party acknowledges and agrees that the execution, delivery and performance of this Amendment by it does not and shall not create (nor shall either Credit Party rely upon the existence of or claim or assert that there exists) any obligation of Lender to consider or agree to any other amendment of or waiver or consent with respect to the Loan Agreement or any other Loan Document, or any other instrument or agreement to which Lender is a party (collectively, an “Amendment or Consent”), and in the event that Lender subsequently agrees to consider any requested Amendment or Consent, neither the existence of this Amendment nor any other conduct of Lender related hereto, shall be of any force or effect on Lender’s consideration or decision with respect to any such requested Amendment or Consent, and Lender shall not have any obligation whatsoever to consider or agree to any such Amendment or Consent.

Section 6.Representations and Warranties.  To induce Lender to enter into this Amendment, each Credit Party does hereby represent and warrant that as of the Effective Date, after giving effect to the amendments contained herein:

	
(a)
	
each representation and warranty of each Credit Party under the Loan Agreement and the other Loan Documents is true and correct in all material respects on and as of the Effective Date as if made on and as of such date, except to the extent such representation or warranty relates to an earlier date in which case it was true and correct as of such earlier date;

	
(b)
	
Each Credit Party has the power and authority, and has taken all the necessary actions, to authorize the execution, delivery and performance of this Amendment;

	
(c)
	
this Amendment has been duly executed and delivered by a duly authorized officer of each Credit Party, and this Amendment, the Loan Agreement as amended hereby (the “Amended Agreement”) and the other Loan Documents, are the legal, valid and binding obligation of each Credit Party enforceable against it in accordance with their terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally and by principles of equity relating to enforceability; and

	
(d)
	
the execution and delivery of this Amendment and performance of this Amendment and the Amended Agreement in accordance with their respective terms do not and will not, with the passage of time, the giving of notice or otherwise: (A) require any consent, approval, authorization, permit or license, governmental or otherwise that has not already been obtained or is not in full force and effect or violate any applicable law relating to each Credit Party; (B) conflict with, result in a breach of or constitute a default under (1) the articles or certificate of incorporation or formation or bylaws, operating agreement or the 

 

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partnership agreement, as the case may be, of each Credit Party, or (2) any material agreements of each Credit Party or by which any of its properties may be bound; or (C) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by each Credit Party other than Permitted Liens.

Section 7.Fees and Expenses.  

	
(a)
	
Parent agrees to pay all reasonable attorneys’ fees of Lender related to the preparation and finalization of this Amendment, such payment to be made no later than ten (5) business days after the Effective Date.

	
(b)
	
In addition, this Amendment shall not become effective until the date on which the Lender receives a payment of $318,692, which shall be applied to accrued and unpaid interest on the Loan.  

Section 8.Loan Agreement; Other Loan Documents.  The Amended Agreement and the other Loan Documents remain in full force and effect in accordance with their respective terms and are hereby ratified and affirmed in all respects.  Except for the amendments set forth in Section 1, nothing herein shall be construed to limit, affect, modify or alter each Credit Party’s obligations under the Loan Agreement or elsewhere under the Loan Documents.  This Amendment shall not be construed to: (i) impair the validity, perfection or priority of any lien or security interests securing the Obligations; (ii) waive or impair any rights, powers or remedies of Lender under the Loan Agreement and the other Loan Documents; (iii) constitute an agreement by Lender or require Lender to extend the time for payment of any of the Obligations; or (iv) constitute a waiver of any right of Lender to insist on strict compliance by each Credit Party with each and every term, condition and covenant of this Amendment, the Amended Agreement and the other Loan Documents to which it is a party in accordance therewith.

Section 9.General.   This Amendment (a) shall be deemed to be a Loan Document and (b) embodies the entire understanding and agreement among the parties hereto and thereto with respect to the subject matter hereof and thereof and supersedes all prior agreements, understandings and inducements, whether express or implied, oral or written.

Section 10.Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto.

Section 11.Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart by facsimile shall be equally effective as delivery of a manually executed counterpart to this Amendment.

Section 12.GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

[signatures appear on the following pages]

 

 

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

	
FUELCELL ENERGY FINANCE, LLC

	
 
	
	
By:
	
 
	
FuelCell Energy, Inc.
	
	
Its:
	
 
	
Sole Member
	
	
 
	
 
	
 
	
	
By:
	
 
	
/s/ Michael S. Bishop
	
	
 
	
 
	
Name:
	
 
	
Michael S. Bishop
	
	
 
	
 
	
Title:
	
 
	
Executive Vice President & Chief
	
	
 
	
 
	
 
	
 
	
Financial Officer
	

 

	
CENTRAL CA FUEL CELL 2, LLC

	
 
	
	
By:
	
 
	
FuelCell Energy, Inc., sole member of
	
	
 
	
 
	
FuelCell Energy Finance, LLC
	
	
Its:
	
 
	
Sole Member
	
	
 
	
 
	
 
	
	
By:
	
 
	
/s/ Michael S. Bishop
	
	
 
	
 
	
Name:
	
 
	
Michael S. Bishop
	
	
 
	
 
	
Title:
	
 
	
Executive Vice President & Chief
	
	
 
	
 
	
 
	
 
	
Financial Officer
	

 

	
NRG ENERGY, INC.

	
 
	
 
	
 
	
	
By:
	
 
	
/s/ Bruce Chung
	
	
 
	
 
	
Name:
	
 
	
Bruce Chung
	
	
 
	
 
	
Title:
	
 
	
SVPfcel-ex102_83.htm

 

EXHIBIT 10.2

 

SECOND AMENDMENT TO CONSTRUCTION LOAN AGREEMENT 

 

THIS SECOND AMENDMENT TO CONSTRUCTION LOAN AGREEMENT (this “Amendment”) is dated as of August 13, 2019, by and among FUELCELL ENERGY FINANCE II, LLC, a Connecticut limited liability company (“Borrower”), BAKERSFIELD FUEL CELL 1, LLC, a Delaware limited liability company (“Bakersfield”), BRT Fuel Cell, LLC, a New York limited liability company (“BRT”), CR FUEL CELL, LLC, a New York limited liability company (“CR”), Yaphank Fuel Cell Park, LLC, a New York limited liability company (“Yaphank”), Homestead Fuel Cell 1, LLC, a Connecticut limited liability company (“Homestead”), DERBY FUEL CELL, LLC, a Connecticut limited liability company (“Derby”, and collectively with Bakersfield, BRT, CR, Yaphank and Homestead, each, an “Initial Project Company Guarantor”, and together, the “Initial Project Company Guarantors”), and GENERATE LENDING, LLC, a Delaware limited liability company (the “Lender”).

 

WHEREAS, the Borrower, the Initial Project Company Guarantors and the Lender are parties to a Construction Loan Agreement dated as of December 21, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), pursuant to which the Lender has made a construction loan facility available to the Borrower; and

 

WHEREAS, the Borrower and the Lender have agreed to modify certain provisions of the Loan Agreement as more particularly set forth in this Amendment.

 

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

 

	
1.
	
Capitalized Terms; Effective Date.  Capitalized terms used in this Amendment which are not otherwise defined herein shall have the meanings assigned thereto in the Loan Agreement, as modified by this Amendment.  Except as expressly provided to the contrary herein, all modifications to the Loan Agreement set forth herein shall be effective as of the date of this Amendment.

 

	
2.
	
Amendments to Loan Agreement.  Each of the parties hereto hereby agrees that, on and as of the date of this Amendment: 

 

	
(a)
	
Clause (i) of Section 2.3 of the Loan Agreement is hereby amended by deleting such clause in its entirety and substituting in lieu thereof the following new clause (i) to read in its entirety as follows:

 

“(i) The Lender may, in its sole discretion, issue a notice to Borrower that Lender is terminating the Commitment, and that all Working Capital Loans shall be due and payable on September 30, 2019; provided that such notice shall be issued by the Lender if at all, during the period beginning on September 1, 2019 and ending on (and including) September 30, 2019, which period may be further extended by mutual agreement of the parties, and such notice may be in the form of an e-mail message or other memorandum.  If the Lender delivers such notice, all of the Working Capital Loans, together with all accrued and unpaid interest thereon, shall be due and payable in its entirety, without penalty or premium, on September 30, 2019.  If the Lender delivers such notice, the Borrower may prepay all then outstanding Working Capital Loans at any time prior to September 30, 2019, without penalty or premium.  The obligation of the Borrower to repay the Working Capital Loans and all accrued and unpaid interest thereon as contemplated by this Section 2.3(i) shall be guaranteed by the Parent pursuant to the Parent Guaranty.  In the event that Lender issues the foregoing notice, from and after such date, Lender shall not be entitled to any Disposition Fee under 

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Section 2.3 (c) or have any rights under Section 2.3(d) with respect to any Disposition or Refinancing that occurs after such date; provided, however, the Lender shall be entitled to a Disposition Fee on any Disposition of the Bakersfield Project, regardless of when such Disposition occurs.”

 

	
(b)
	
Clause (j) of Section 2.3 of the Loan Agreement is hereby amended by deleting such clause in its entirety and substituting in lieu thereof the following new clause (j) to read in its entirety as follows:

 

“(j)At any time after September 30, 2019, and so long as no Project Event of Default or Facility Event of Default then exists, if an Initial Project is determined in accordance to Section 2.1(b) to not constitute an Approved Project, at any time thereafter upon Borrower’s written notice to Lender, and at Borrower’s sole cost and expense, the Initial Project Company Guarantor that owns such Initial Project shall be released from all of its obligations as a Loan Party under this Agreement and the other Loan Documents, including without limitation its guaranty of the Obligations pursuant to Section 10 of this Agreement, and the Lender shall release its security interest in the assets and Equity Interests of such Initial Project Company Guarantor.  Thereafter, Borrower shall promptly transfer the Equity Interests of such Initial Project Company Guarantor to an Affiliate so that such Initial Project Company Guarantor is no longer a Subsidiary of Borrower.  Notwithstanding the foregoing, if the Lender delivers to the Borrower a notice that it is exercising its rights to cause the Loans to become due and payable on September 30, 2019 as specified in Section 2.1(i), then regardless of whether any Initial Project is determined in accordance with Section 2.1(b) to constitute an Approved Project, in no event shall such Initial Project Company Guarantor be released from any of its obligations as a Loan Party under this Agreement and the other Loan Documents, including without limitation its guaranty of the Obligations pursuant to Section 10 of this Agreement.”

 

	
3.  
	
Conditions to Effectiveness.  This Amendment shall become effective the subject to the fulfillment of the condition precedent that the Lender shall have received the following documents, each duly executed by the parties thereto and delivered to the Lender:

 

	

	
(i)this Amendment;

	

	
(ii)the Acknowledgement and Agreement of the Parent; and

	

	
(iii)the Second Amendment to Right to Finance Agreement, executed by the Borrower, the Parent and the Lender.

	
4.
	
Withdrawal of Prior Notice Pursuant to Section 2.3(i) of the Loan Agreement.  On August 7, 2019, the Lender delivered notice to the Borrower pursuant to Section 2.3(i) of the Loan Agreement, exercising Lender’s right to cause the Loans to become due and payable on September 30, 2019.  Effective upon the satisfaction of the conditions set forth in paragraph 3 above, the Lender hereby withdraws such notice.

 

	
5.
	
Covenants of Borrower and Initial Project Company Guarantors.  To induce the Lender to enter into this Amendment and agree to the terms hereof, the Borrower and the Initial Project Guarantors hereby agree:

 

	
(a)
	
to use all commercially reasonable efforts to provide to the Lender a consent to assignment with respect to the Yaphank Project off taker contract, executed and delivered by LIPA and Yaphank, by September 1st, 2019;

 

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(b)
	
to provide daily reports to Lender in form and substance reasonably satisfactory to Lender;

 

	
(c)
	
to use all commercially reasonable efforts to provide information to Lender within three (3) Business Days of Lender’s request therefor; and

 

	
(d)
	
at Borrower’s cost, (i) to move all Collateral currently held at Parent’s Danbury, Connecticut facility, Parent’s Torrington, Connecticut facility, or at any other location owned or leased by Parent, to a mutually agreeable separate location which can only be accessed with the consent of Lender, with such move to be completed by September 1st, 2019, or alternatively and in lieu thereof, at Lender’s sole option and request to be made no later than September 1st, 2019, to promptly obtain an acknowledgment from Borrower (as bailee), in form and substance satisfactory to Lender, that Borrower holds such Collateral (as bailee) for the benefit of Lender, and that Borrower (as bailee) agrees to comply, without further consent of Borrower, with instructions from Lender as to such Collateral.

 

The Borrower and the Initial Project Guarantors acknowledge and agree that the failure to timely comply with the foregoing covenants shall constitute a Facility Event of Default under the Loan Agreement; provided, however, that it shall not be a Facility Event of Default under the Loan Agreement if the failure to timely comply with paragraph 5(a) above results from any delay, inaction, or refusal attributable solely to LIPA.

 

	
6.
	
Loan Party Representations and Warranties.  

 

	
(a)
	
Borrower and each Initial Project Company Guarantor hereby (i) confirms that all of the representations and warranties set forth in the Loan Agreement and the other Loan Documents are true and correct with respect to Borrower and each Initial Project Company Guarantor as of the date hereof (except insofar as such representations and warranties relate expressly to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date), (ii) covenants to perform its obligations under the Loan Agreement and other Loan Documents (including, but not limited to, this Amendment), (iii) specifically represents and warrants to Lender that it has good and marketable title to all of its respective Collateral, free and clear of any lien or security interest in favor of any other person or entity, other than Permitted Encumbrances, (iv) represents and warrants that the execution, delivery and performance of this Amendment have been authorized by all requisite limited liability company action on the part of each of Borrower and each Initial Project Company Guarantor and will not violate the certificate of formation, operating agreement, or other applicable organization or governing documents of Borrower or such Initial Project Company Guarantor, as applicable, and (v) represents and warrants that this Amendment constitutes the legal, valid and binding obligation of Borrower and each Initial Project Company Guarantor, enforceable against Borrower and each Initial Project Company Guarantor in accordance with its terms except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditor’s rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

	
(b)
	
The Borrower and each Initial Project Company Guarantors hereby represent and warrant that no Facility Event of Default, Facility Default, Project Company Event of Default or Project Company Default has occurred and is continuing under the Loan Agreement.

 

	
(c) 
	
The Borrower and each Initial Project Company Guarantor hereby represent and warrant that attached hereto as Schedule 1 is a true, correct and complete list of the assets owned as of the date hereof by (i) Borrower and (ii) each Initial Project Company Guarantor.

 

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7.
	
Acknowledgement of Outstanding Obligations.  Borrower acknowledges and agrees that, as of the date of this Amendment, the aggregate principal amount of all Working Capital Loans is $10,000,000.00.  Borrower acknowledges and agrees that all such principal and accrued interest thereon is due and payable without offset or defense of any kind or nature.

 

	
8.
	
Loan Party Assets.  Each of the Borrower and the Initial Project Company Guarantors represents and warrants that (i) attached hereto as Schedule 1 is a true, correct and complete list of the assets of each of the Borrower and the Initial Project Company Guarantors, including the estimated value thereof, as of the date hereof, and (ii) the applicable Borrower or Initial Project Company Guarantor has good and valid title to such assets, free and clear of claims of any other Person, other than the Lender.

 

	
9.
	
No Other Modifications; Reaffirmation by the Borrower and Initial Project Company Guarantors.  Except as expressly modified hereby, the terms of the Loan Agreement and each other Loan Document (and all covenants, conditions and agreements therein) shall remain in full force and effect in all respects, and are hereby ratified and confirmed in all respects by Borrower and each Initial Project Company Guarantor.  Each of the Borrower and each Initial Project Company Guarantor hereby covenants and agrees to comply with all of the terms, covenants and conditions of the Loan Agreement (as amended hereby) and the Loan Documents to which it is a party, notwithstanding any prior course of conduct, waivers, releases or other actions or inactions on Lender’s part which might otherwise constitute or be construed as a waiver of or agreement to such terms, covenants and conditions, or otherwise.

 

	
10.
	
Release.  BORROWER AND EACH INITIAL PROJECT COMPANY GUARANTOR HEREBY ACKNOWLEDGES THAT BORROWER’S PAYMENT OBLIGATIONS UNDER THE LOAN DOCUMENTS ARE ABSOLUTE AND UNCONDITIONAL WITHOUT ANY RIGHT OF RESCISSION, SETOFF, COUNTERCLAIM, DEFENSE, OFFSET, RECOUPMENT, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDER. BASED UPON THE FACTS KNOWN TO BORROWER AND EACH INITIAL PROJECT COMPANY GUARANTOR AS OF THE EFFECTIVE DATE, BORROWER AND EACH INITIAL PROJECT COMPANY GUARANTOR HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES LENDER AND ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE “RELEASED PARTIES”), FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, WHICH BORROWER OR ANY INITIAL PROJECT COMPANY GUARANTOR MAY NOW OR HEREAFTER HAVE AGAINST ANY OF THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM THE LOAN OR ANY OTHER OBLIGATIONS OWING TO LENDER, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER LOAN DOCUMENTS, AND THE NEGOTIATION AND EXECUTION OF THIS AMENDMENT.

 

	
11.
	
References.  All references in the Loan Agreement to “this Agreement,” “herein,” “hereunder” or other words of similar import, and all references to the Loan Agreement in the other Loan Documents, or any other document or instrument that refers to the Loan Agreement, shall be deemed to be references to the Loan Agreement as amended by this Amendment.

 

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12.
	
Applicable Law.  THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS.

 

	
13.
	
Counterparts; Electronic Delivery.  This Amendment may be executed in one or more counterparts (all counterparts together reflecting the signature of all parties) each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.  Delivery by any party to this Amendment of its signatures hereon through facsimile or other electronic image file (including .pdf) (i) may be relied upon as if this Amendment were physically delivered with an original hand-written signature of such party, and (ii) shall be binding on such party for all purposes.

 

	
14.
	
Successors.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

	
15.
	
Final Agreements.  This Amendment represents the final agreement of the Borrower, the Initial Project Company Guarantors and the Lender with respect to the subject matter hereof, and may not be contradicted, modified or supplemented in any way by evidence of any prior or contemporaneous written or oral agreements of the Borrower, the Initial Project Company Guarantors and the Lender.

 

	
16.
	
Costs and Expenses.  The Borrower and the Initial Project Company Guarantors agree to reimburse the Lender for all of its costs and expenses, including the fees and expenses of its counsel, relating to this Amendment.  

 

 

 

[Remainder of page intentionally blank; signature pages follow.]

 

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IN WITNESS WHEREOF, the Borrower, the Initial Project Company Guarantors and the Lender have caused this Amendment to be duly executed by their duly authorized officers, under seal, all as of the date first above written.

 

BORROWER:

 

FUELCELL ENERGY FINANCE II, LLC

 

By:  FuelCell Energy Finance, LLC

Its:   Sole Member

 

By:  FuelCell Energy, Inc.

Its:   Sole Member

 

 

By:/s/ Michael S. Bishop

Name:  Michael S. Bishop 

Title:    Executive Vice President & Chief Financial Officer

 

[Signatures continue on following page.]

 

 

 

	

	
INITIAL PROJECT COMPANY GUARANTORS:

 

	

	
BAKERSFIELD FUEL CELL 1, LLC

 

By:  FuelCell Energy Finance II, LLC

Its:   Sole Member

 

By:  FuelCell Energy, Inc.

Its:   Sole Member

 

 

By:/s/ Michael S. Bishop

Name:  Michael S. Bishop 

Title:    Executive Vice President & Chief 

Financial Officer 

 

	

	
BRT Fuel Cell, LLC

	

	
 

By:  FuelCell Energy Finance II, LLC

Its:   Sole Member

 

By:  FuelCell Energy, Inc.

Its:   Sole Member

 

 

By:/s/ Michael S. Bishop

Name:  Michael S. Bishop 

Title:    Executive Vice President & Chief 

Financial Officer 

 

	

	
CR FUEL CELL, LLC

	

	
 

By:  FuelCell Energy Finance II, LLC

Its:   Sole Member

 

By:  FuelCell Energy, Inc.

Its:   Sole Member

 

 

By:/s/ Michael S. Bishop

Name:  Michael S. Bishop 

Title:    Executive Vice President & Chief 

Financial Officer 

 

[Signatures continue on following page.]

 

 

 

 

 

 

SECOND AMENDMENT TO LOAN AGREEMENT 

SIGNATURE PAGE

 

 

	

	
Yaphank Fuel Cell Park, LLC

	

	
 

By:  FuelCell Energy Finance II , LLC

Its:   Sole Member

 

By:  FuelCell Energy, Inc.

Its:   Sole Member

 

 

By:/s/ Michael S. Bishop

Name:  Michael S. Bishop 

Title:    Executive Vice President & Chief 

Financial Officer 

 

	

	
Homestead Fuel Cell 1, LLC

	

	
  

By:  FuelCell Energy Finance II, LLC

Its:   Sole Member

 

By:  FuelCell Energy, Inc.

Its:   Sole Member

 

 

By:/s/ Michael S. Bishop

Name:  Michael S. Bishop 

Title:    Executive Vice President & Chief 

Financial Officer 

 

	

	
DERBY FUEL CELL, LLC 

 

By:  FuelCell Energy Finance II, LLC

Its:   Sole Member

 

By:  FuelCell Energy, Inc.

Its:   Sole Member

 

 

By:/s/ Michael S. Bishop

Name:  Michael S. Bishop 

Title:    Executive Vice President & Chief 

Financial Officer 

 

[Signatures continue on following page.]

 

 

 

 

 

 

 

 

SECOND AMENDMENT TO LOAN AGREEMENT

SIGNATURE PAGE

 

LENDER:

 

GENERATE LENDING, LLC,

a Delaware limited liability company

 

 

By:  __/s/ Matan Friedman___________________

Name:  Matan Friedman

Title:Manager

 

 

 

SECOND AMENDMENT TO LOAN AGREEMENT

SIGNATURE PAGE

 

ACKNOWLEDGMENT AND AGREEMENT

OF

PARENT

 

August 13, 2019

 

Reference is made to (i) that certain Second Amendment to Construction Loan Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Amendment”), by and among FUELCELL ENERGY FINANCE II, LLC, a Connecticut limited liability company (“Borrower”), BAKERSFIELD FUEL CELL 1, LLC, a Delaware limited liability company (“Bakersfield”), BRT Fuel Cell, LLC, a New York limited liability company (“BRT”), CR FUEL CELL, LLC, a New York limited liability company (“CR”), Yaphank Fuel Cell Park, LLC, a New York limited liability company (“Yaphank”), Homestead Fuel Cell 1, LLC, a Connecticut limited liability company (“Homestead”), DERBY FUEL CELL, LLC, a Connecticut limited liability company (“Derby”, and collectively with Bakersfield, BRT, CR, Yaphank and Homestead, each, an “Initial Project Company Guarantor”, and together, the “Initial Project Company Guarantors”), and GENERATE LENDING, LLC, a Delaware limited liability company (the “Lender”); (ii) that certain Construction Loan Agreement, dated as of December 21, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), by and among the Borrower, the Initial Project Company Guarantors and the Lender; and (iii) that certain Guaranty Agreement, dated as of December 21, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Parent Guaranty”), by FUELCELL ENERGY, INC., a Delaware corporation (the “Parent”).   Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to such terms in the Loan Agreement. 

 

The Parent, a guarantor of the full and prompt payment of all of the indebtedness, obligations and liabilities of the Borrower to the Lender to pursuant the Parent Guaranty, hereby:

 

(a)acknowledges receipt of a copy of the Amendment, which amends the Loan Agreement to, among other things, provide for a new period during which the Lender may exercise its option to terminate its Commitment under the Loan Agreement and cause all Working Capital Loans to become due and payable on September 30, 2019;

 

(b)acknowledges and agrees that all obligations of the Borrower to the Lender under the Loan Agreement, as amended by the Amendment, and the other Loan Documents, are in each case guaranteed by the Parent pursuant to the Parent Guaranty, and reaffirms all of its obligations under the Parent Guaranty; 

 

(c)acknowledges and agrees that the Parent Guaranty, and the Parent’s obligations thereunder, remain in full force and effect, without release, diminution or impairment, notwithstanding the execution and delivery of the Amendment or the modifications to the Loan Agreement set forth therein; and

 

(d)represents, warrants, acknowledges and agrees to and with Lender that (i) the Parent does not hold or claim any right of action, claim, cause of action or damages, either at law or in equity, against Lender which arises from, may arise from, allegedly arise from, are based upon or are related in any manner whatsoever to the Loan Agreement, the Amendment, any other Loan Document or any other related agreement, document or instrument, which are based upon acts or omissions of Lender in connection therewith and (ii) the indebtedness, obligations and liabilities owing by the Parent Guarantor pursuant to the Parent Guaranty are absolutely owed to Lender, without offset, deduction or counterclaim.

 

[Remainder of page intentionally blank; signature page follows.]

 

 

 

IN WITNESS WHEREOF, the undersigned has executed this Acknowledgment and Agreement under seal as of the date first written above.

 

PARENT

 

FUELCELL ENERGY, INC.

 

 

By: /s/ Michael S. Bishop(SEAL)

  Name:  Michael S. Bishop

  Title:  Executive Vice President and Chief Financial Officer

 

 

 

 

 

SECOND AMENDMENT TO LOAN AGREEMENT

 (ACKNOWLEDGEMENT AND AGREEMENT OF PARENT)

 

 

SCHEDULE 1

 

List of Assets of Borrower and Each Project Company Guarantor

 

CURRENT INFORMATION

1.Tangible Personal Property 

Inventory and Equipment.  Set forth below are all the locations where Holdco and each Loan Party currently maintains inventory and equipment of Holdco or such Loan Party, as applicable (whether or not in the possession of Holdco or such Loan Party):  

 

			
	
Name of 

Holdco/Loan Party 
	
Address/City/State/Province/Zip Code/Postal Code 
	
Estimated Value of Inventory and Equipment 

	
Bakersfield Fuel Cell 1, LLC
	ModulesLocationCxxxx-136260 N. Smith Ave Corona, CA 92880 Cxxxx-137260 N. Smith Ave Corona, CA 92880 Cxxxx-138264 Chase River Rd., Waterbury, CT 06704 Cxxxx-139264 Chase River Rd., Waterbury, CT 06704 BOPLocationMxxxQ: Skid #1 260 N. Smith Ave, Corona, CA 82880MxxxQ: Skid #21881 Route 461881 Route 46 Ledgewood, NJ 07852MxxxQ: Skid #2a1881 Route 461881 Route 46 Ledgewood, NJ 07852MxxxQ: Skid #3/Crates1881 Route 461881 Route 46 Ledgewood, NJ 07852Desulferizer Vessels6900 McHard Road (FM 2234)Houston, TX 77053EBOP Leader300 Chase River Rd, Waterbury, CT 06704EBOP  Follower264 Chase River Rd, Waterbury, CT 06704MxxxQ: Skid #1 260 N. Smith Ave., Corona, CA 92880MxxxQ: Skid #21881 Route 461881 Route 46 Ledgewood, NJ 07852MxxxQ: Skid #2a1881 Route 461881 Route 46 Ledgewood, NJ 07852MxxxQ: Skid #3/Crates1881 Route 461881 Route 46 Ledgewood, NJ 07852Desulferizer VesselsHouston, TX (Ward Tank)EBOP Leader6900 McHard Road (FM 2234)Waterbury, CT  77053EBOP  Follower6900 McHard Road (FM 2234)Waterbury, CT 77053
 
	
$14.1M 

	
BRT Fuel Cell, 

LLC
	
N/A 
	
N/A 

	
Yaphank Fuel Cell Park, LLC
	
Module – Cxxxx-148

3 Great Pasture Road,

Danbury, CT 06810

 

Module – Cxxxx-144

539 Technology Park Dr.

Torrington, CT 06790 
	
$4.3M

	
CR Fuel Cell, LLC 
	BOPMxxxQ: Skid 2 & 2a  OnlyMxxxQ: Skid #1 MxxxQ: Skid #2MxxxQ: Skid #2aMxxxQ: Skid #3/CratesMxxxQ: Skid #1 MxxxQ: Skid #2MxxxQ: Skid #2aMxxxQ: Skid #3/Crates
 

1578 Sussex Turnpike,  

Randolph, NJ 0768
	
$4.0M 

 

** On June 7, 2019, Lender received an e-mail attaching a PDF, which included the project asset information identified above, along with pictures of such collateral. In addition, the information on collateral identified above was provided to Lender identifying project values.

 

 

2.Real Estate Related UCC Collateral – Owned or Leased Real Property.  

Set forth below are all the locations where Holdco or any Loan Party owns or leases any real property or otherwise conducts business: 

 

			
	
Name of Holdco/Loan Party
	
Address/City/State/Province/Zip Code/Postal Code
	
Owned or Leased

	
Bakersfield Fuel Cell, I LLC. 
	
7200 East Brundage Lane, Bakersfield, CA 
	
License 

	
Derby Fuel Cell, LLC
	
200 Roosevelt Drive

Derby, CT 06418
	
Ground Lease

	
Yaphank Fuel Cell Park, LLC
	
350 Horseblock Road

Yaphank, NY 11980
	
Ground Lease

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