Document:

EX-10.6

 Exhibit 10.6 

Expense Assumption and Reimbursement Agreement 

between Greenbacker Renewable Energy Company LLC, Greenbacker Renewable Energy Corporation 

and Greenbacker Capital Management, LLC 

AGREEMENT, made as of this 30th day of January 2014, between the Greenbacker Renewable Energy Company LLC (“GREC LLC”), Greenbacker
Renewable Energy Corporation (“GREC”) and Greenbacker Capital Management, LLC (“Investment Adviser”). 
 WHEREAS, the
parties have entered into an Advisory Agreement with respect to the Investment Adviser furnishing advisory and management services to GREC LLC dated as of August 7, 2013 (“Advisory Agreement”); 

WHEREAS, Investment Adviser desires to reimburse certain operating expenses for GREC LLC and/or GREC to maintain net expenses at specified
levels as set forth in Appendix A. 
 WHEREAS, Investment Adviser desires to assume any and all preoperational operating expenses of both
GREC LLC and GREC prior to GREC LLC meeting the minimum offering proceeds necessary to break escrow; and 
 NOW, THEREFORE, in consideration
of the premises and mutual covenants herein contained, GREC LLC and Investment Adviser agree as follows: 
 1. For the period commencing as
of the date of this Agreement through the date set forth in Schedule A hereto with respect to GREC LLC, Investment Adviser agrees to reimburse operating expenses for GREC LLC in an amount sufficient to keep the total annual operating expenses
(exclusive of interest, taxes, dividend expense, borrowing costs, organizational costs and extraordinary expenses) for each class of shares of GREC LLC at the levels set forth in Appendix A (“Maximum Permitted Rate”). 

2. GREC LLC, in turn, agrees, subject to the limitations set forth in this paragraph that GREC LLC shall be obligated to repay expense
reimbursement to Investment Adviser within 30 days of delivery by Investment Adviser to GREC LLC of a written request, including expense support documentation, setting forth each such expense amount to be reimbursed. All expense reimbursements shall
comply with the terms contained in agreements between the GREC LLC and its administrator. Repayments with respect to the Investment Adviser must be limited to amounts that do not cause the total annual operating expenses of GREC LLC attributable to
a share class during a year in which such repayment is made to exceed the applicable Maximum Permitted Rate. No repayments by GREC LLC to Investment Adviser shall be permitted after the earlier of (i) the date that he continuous public offering
of GREC LLC shares shall have expired or been terminated or (ii) December 31, 2016. GREC LLC agrees to furnish or otherwise make available to Investment Adviser such copies of its financial statements, reports, and other information
relating to its business and affairs as Investment Adviser may, at any time or from time to time, reasonably request in connection with this Agreement. 

3. Prior to GREC LLC “breaking escrow” pursuant to the terms of its offering documents, Investment Adviser shall assume any and all
preoperational operating expenses of GREC LLC and GREC since inception. At such time that GREC LLC “breaks escrow”, such assumed preoperational expenses shall become an obligation of GREC LLC (subject to the expense reimbursement
limitations set forth in the preceding paragraph). 
 4. Investment Adviser understands and intends that GREC LLC will rely on this
Agreement in preparing and filing any Prospectus updates filed subject to Rule 424(b) (3), and financial statements filed on Form 10Q or Form 10K and in accruing the expenses of GREC LLC for purposes of calculating net asset value and otherwise, and
expressly permits GREC LLC to do so. 
 5. Investment Adviser understands that it shall look only to the assets of GREC LLC or GREC for
performance of this Agreement and for payment of any claim Investment Adviser may have hereunder, and neither any of the GREC LLC’s directors, officers, employees, agents, or unit holders, whether past present or future, shall be personally
liable therefore. 
 6. This Agreement shall be governed by applicable federal laws, rules and regulations and the laws of the State of New
York without regard to the conflicts of law provisions thereof; provided, however that nothing herein shall be construed as being inconsistent with the Investment Advisers Act of 1940, as amended (the “IAA”), or other applicable federal
law. Where the effect of a requirement of the IAA or other applicable federal law reflected in any provision of this Agreement is altered by a new or changed rule, regulation or order of the United States Securities and Exchange Commission, whether
of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. Any amendment to this Agreement shall be in writing signed by the parties hereto. 

7. This Agreement shall run concurrently with the Advisory Agreement and may be extended from year-to-year subject to approval by the Board of
Directors of GREC LLC, including a majority of the Directors of GREC LLC who are not “interested persons” of GREC LLC within the meaning of Section 2(a) (19) of the Investment Company Act of 1940; provided, however, that in the
event that the Advisory Agreement is terminated or not otherwise renewed, GREC LLC shall no longer be obligated to repay expense reimbursement to Investment Adviser . 

 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their
officers designated below as of the day and year first written above. 
  

									
	Greenbacker Renewable Energy Company LLC	 		 	Greenbacker Capital Management , LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	
	Greenbacker Renewable Energy Corporation
					
	By:	 	  
	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	

 APPENDIX A 

EXPENSE CAPS 
 (Effective
as of January 30, 2014) 
  

									
	 Name of Fund
	  	Share Class	  	Maximum
Permitted
Rate1	 	 	Termination
Date
	 GREC LLC
	  	Class A Shares	  	 	6.00	%	 	December 31, 2014
	 GREC LLC
	  	Class C Shares	  	 	6.80	%	 	December 31, 2014
	 GREC LLC
	  	Class I Shares	  	 	6.00	%	 	December 31, 2014

 All applicable expense caps contained in the Advisory Agreement shall also apply. 

 

	1 	The Maximum Permitted Rate for each class of GREC LLC shares at any given time shall equal the total annual operating expenses (exclusive of interest, taxes, dividend expense, borrowing costs, organizational costs and
extraordinary expenses) for each class of shares of GREC LLC at such time divided by average net assets of such class of shares for the period, calculated in accordance GREC LLCs accounting policies and procedures, for such class of shares of GREC
LLC at such time. 

  
 -3-GSAT-2014.06.30-EX10.1

                                                                                                                                                  Exhibit 10.1    

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934. Such portions are marked “[*]” in this document; they have been filed separately with the Commission.

May 30, 2014    

Mr. Paul Monte
Vice President
Globalstar, Inc. 
300 Holiday Square Blvd. 
Covington, Louisiana 70433

		
	Ref:
	Contract Number GINC-C-08-0390 (“Contract”) between Globalstar, Inc. (“Globalstar”) and Hughes Network Systems, LLC (“Hughes”), as amended

Letter between Globalstar and Hughes covering equity payments, dated May 30, 2014

Dear Paul:

This letter memorializes the Parties’ understandings in respect of certain changes to the scope of work for the Radio Access Network (“RAN”) and User Terminal Subsystem (“UTS”) being supplied to Globalstar by Hughes under the Contract.   

In the interest of allowing Hughes to commence the work while the parties make certain conforming revisions to the Contract Exhibits, such updated exhibits to be added as part of a formal contract amendment, and in consideration of the mutual promises and covenants contained in this letter (“Letter Agreement”), Globalstar and Hughes (each a “Party” and collectively, the “Parties”) agree as follows:

1)     Scope of Work and Price

Hughes shall perform the work necessary to support the implementation of the design modifications and delivery of additional equipment listed in Table 1 below.  The total Firm Fixed-Price for such work shall be US$3,779,623 (the “Price”).  

Table 1. Scope of Work and Price

Mr. Paul Monte
May 30, 2014
Page 2

	
			
	Item No.
	Description
	Price (USD)

	1
	Design modification in the RAN [*]
	NSP

	2
	Build and deliver twenty (20) additional Evaluation Platforms (“EVP”) units. The new EVP units shall include the three (3) d.c. power supplies modification for connection of external antennae.
	NSP

	3
	EVP design modification adding three (3) d.c. power supplies and connections for connection of external antennae
	NSP

	4
	RTDM design modification for inclusion of twenty (20) additional features
	NSP

	5
	RAN design modification for Flexible Beam Boundary
	NSP

	6
	RAN design modification for Call Performance Data
	NSP

	 
	Firm Fixed-Price
	3,779,623

Note:  NSP means Not Specifically Priced.

2)     Payment Schedule

Globalstar shall pay the Price of US$3,779,623 to Hughes in accordance with the following payment schedule: 
Table 2. Payment Schedule
	
				
	Payment No.
	Payment Event
	Amount (US$)
	Invoice Date

	1
	Effective Date
	1,511,849  
(40% of the Price)
	Effective Date

	2
	Completion of the Design Review (est. Effective Date + 3 months)
	1,133,887  
(30% of the Price)
	Upon completion of Design Review

	3
	Completion of Packet FAT (ref. Ex. C Payment Milestone 15a) [*]
	377,962 
(10% of the Price)
	Upon completion of Packet FAT

	4
	Completion of IMS FAT (ref. Ex. C Payment Milestone 15b) [*]
	377,962 
(10% of the Price)
	Upon completion of IMS FAT

	5
	Completion of RAN 3 in service date (ref. Ex. C Payment Milestone 17) [*]
	377,963 
(10% of the Price)
	Upon completion of RAN 3 in service date

	 
	Total
	3,779,623
	 

Hughes shall be entitled to submit an invoice to Globalstar on the Invoice Date corresponding to the Payment Event referenced in Table 2.  Payment No. 1 shall be paid in accordance with the letter covering equity payments between Globalstar and Hughes, dated May 30, 2014, except that in the event of a termination of such letter, Payment No. 1 will be paid within 5 business days of the termination of such letter.  For Payment Nos. 2-5, Globalstar shall pay any such invoices within 30 days of the date of receipt of the invoice.  Payment shall be made by wire transfer to the bank account listed in Article 7.C of the Contract.

3)    Delivery Schedule

Mr. Paul Monte
May 30, 2014
Page 3

Globalstar and Contractor agree that the new features for the RAN and UTS shall be delivered in accordance with the following delivery schedule: 

Table 3. Delivery Schedule
	
			
	Item No.
	Description
	Delivery Date

	1
	Design modification in the RAN [*]
	[*]

	2
	Build and deliver twenty (20) additional Evaluation Platforms (“EVP”) units.  The new EVP units shall include the three (3) d.c. power supplies modification for connection of the external antenna
	[*]

	3
	EVP design modification adding three (3) d.c. power supplies and connections for connection of external antenna
	[*]

	4
	RTDM design modification for inclusion of twenty (20) additional features
	[*]

	5
	RAN design modification for Flexible Beam Boundary
	[*]

	6
	RAN design modification for Call Performance Data
	[*]

Until such time as Exhibits A, B1, B2 and B3 have been formally updated pursuant to Section 4 of this Letter Agreement, Hughes will work in a diligent manner toward the completion of the work by the corresponding delivery date set forth in Table 3.

4)    Resultant Contract Amendment

The parties shall endeavor to execute an amendment to the Contract to incorporate the scope of work, Price, payment schedule and delivery schedule described in this Letter Agreement, including revisions to relevant Exhibits, within thirty (30) days of the Effective Date of this Letter Agreement.  

6)    Effectiveness

The effective date of this Letter Agreement (the “Effective Date”) shall be the date this Letter Agreement is signed by Globalstar.

7)    Terms and Conditions

This Letter Agreement shall be interpreted, construed and governed, in all respects, according to the Contract. 

8)    General

Except as amended herein, all terms and conditions of the Contract shall remain in full force and effect.  In the event of a discrepancy between the terms and conditions contained in this Letter Agreement, as amended, and those contained in the Contract, the terms and conditions contained in this Letter Agreement shall prevail.  The terms of this Letter Agreement may be modified only by an agreement in writing signed by the parties.  This Letter Agreement may be signed in counterparts and each original counterpart shall be deemed binding on each Party collectively and individually. This Letter Agreement shall be governed by and interpreted according to the laws of the State of New York.

Mr. Paul Monte
May 30, 2014
Page 4

We would appreciate Globalstar acknowledging its agreement with the terms of this Letter Agreement by having a duly authorized representative sign in the signature block below.

Sincerely, 

/s/ Sean P. Fleming

Sean P. Fleming
Vice President and Associate General Counsel

AGREED AND ACCEPTED BY:

GLOBALSTAR, INC.            

Signature /s/ David Milla                                     

Name David Milla                                                
                
Title  Director - Contracts                                     

Date June 6, 2014

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