Document:

EX-10.37

 Exhibit 10.37 
 *** 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 

Execution 
  

 
  

LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 Vivint Solar Rebecca Project Company, LLC 

dated as of February 13, 2014 
  

 
  

THE SECURITIES (MEMBERSHIP INTERESTS) REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR REGISTERED OR
QUALIFIED UNDER ANY SECURITIES OR BLUE SKY LAWS OF ANY STATE OR JURISDICTION. THEREFORE, THE SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNTIL A REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933 OR THE APPLICABLE STATE SECURITIES OR BLUE SKY LAWS SHALL HAVE BECOME EFFECTIVE WITH REGARD TO THE PROPOSED TRANSFER OR, IN THE OPINION OF LEGAL COUNSEL ACCEPTABLE TO THE COMPANY, REGISTRATION OR QUALIFICATION UNDER THE
SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES OR BLUE SKY LAWS IS NOT REQUIRED IN CONNECTION WITH THE PROPOSED TRANSFER. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.1.
	  	 Definitions
	  	 	1	 
	 Section 1.2.
	  	 Other Definitional Provisions
	  	 	22	 
		
	 ARTICLE II CONTINUATION; OFFICES; TERM
	  	 	23	 
			
	 Section 2.1.
	  	 Formation of the Company
	  	 	23	 
	 Section 2.2.
	  	 Name, Office and Registered Agent
	  	 	23	 
	 Section 2.3.
	  	 Purpose; No Partnership Intended
	  	 	23	 
	 Section 2.4.
	  	 Term
	  	 	24	 
	 Section 2.5.
	  	 Organizational and Fictitious Name Filings; Preservation of Limited Liability
	  	 	24	 
		
	 ARTICLE III RIGHTS AND OBLIGATIONS OF THE MEMBERS
	  	 	24	 
			
	 Section 3.1.
	  	 Members; Membership Interests
	  	 	24	 
	 Section 3.2.
	  	 Actions by the Members
	  	 	25	 
	 Section 3.3.
	  	 Management Rights
	  	 	26	 
	 Section 3.4.
	  	 Other Activities
	  	 	27	 
	 Section 3.5.
	  	 No Right to Withdraw
	  	 	27	 
	 Section 3.6.
	  	 Limitation of Liability of Members
	  	 	27	 
	 Section 3.7.
	  	 No Liability for Deficits
	  	 	28	 
	 Section 3.8.
	  	 Company Property
	  	 	28	 
	 Section 3.9.
	  	 Retirement, Resignation, Expulsion, Incompetency, Bankruptcy or Dissolution of a Member
	  	 	28	 
	 Section 3.10.
	  	 Withdrawal of Capital
	  	 	28	 
	 Section 3.11.
	  	 Representations and Warranties
	  	 	28	 
	 Section 3.12.
	  	 Other Covenants
	  	 	34	 
	 Section 3.13.
	  	 Removal of Managing Member
	  	 	34	 
		
	 ARTICLE IV CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; MEMBER LOANS
	  	 	35	 
			
	 Section 4.1.
	  	 Capital Contributions
	  	 	35	 
	 Section 4.2.
	  	 Capital Accounts
	  	 	36	 
	 Section 4.3.
	  	 Member Loans
	  	 	37	 
		
	 ARTICLE V ALLOCATIONS
	  	 	38	 
			
	 Section 5.1.
	  	 Allocations
	  	 	38	 
	 Section 5.2.
	  	 Adjustments
	  	 	38	 
	 Section 5.3.
	  	 Tax Allocations
	  	 	40	 
	 Section 5.4.
	  	 Transfer or Change in Membership Interest
	  	 	41	 

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
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	 ARTICLE VI DISTRIBUTIONS
	  	 	41	 
			
	 Section 6.1.
	  	 Distributions
	  	 	41	 
	 Section 6.2.
	  	 Withholding Taxes
	  	 	42	 
	 Section 6.3.
	  	 Limitations upon Distributions
	  	 	42	 
	 Section 6.4.
	  	 No Return of Distributions
	  	 	42	 
	 Section 6.5.
	  	 Calculation of Internal Rate of Return
	  	 	43	 
		
	 ARTICLE VII ACCOUNTING AND RECORDS
	  	 	45	 
			
	 Section 7.1.
	  	 Reports
	  	 	45	 
	 Section 7.2.
	  	 Books and Records and Inspection
	  	 	46	 
	 Section 7.3.
	  	 Bank Accounts, Notes and Drafts
	  	 	47	 
	 Section 7.4.
	  	 Financial Statements
	  	 	47	 
	 Section 7.5.
	  	 Partnership Status and Tax Elections
	  	 	48	 
	 Section 7.6.
	  	 Company Tax Returns
	  	 	49	 
	 Section 7.7.
	  	 Tax Audits
	  	 	49	 
	 Section 7.8.
	  	 Cooperation
	  	 	51	 
	 Section 7.9.
	  	 Fiscal Year
	  	 	51	 
		
	 ARTICLE VIII MANAGEMENT
	  	 	51	 
			
	 Section 8.1.
	  	 Management
	  	 	51	 
	 Section 8.2.
	  	 Managing Member
	  	 	51	 
	 Section 8.3.
	  	 Major Decisions
	  	 	54	 
	 Section 8.4.
	  	 Officers
	  	 	54	 
	 Section 8.5.
	  	 Costs & Expenses
	  	 	55	 
	 Section 8.6.
	  	 Separateness
	  	 	55	 
		
	 ARTICLE IX TRANSFERS AND INDEMNIFICATION
	  	 	57	 
			
	 Section 9.1.
	  	 Transfers
	  	 	57	 
	 Section 9.2.
	  	 Conditions Applicable to All Transfers
	  	 	57	 
	 Section 9.3.
	  	 Certain Permitted Transfers
	  	 	58	 
	 Section 9.4.
	  	 Purchase Option
	  	 	59	 
	 Section 9.5.
	  	 Regulatory and Other Authorizations and Consents
	  	 	60	 
	 Section 9.6.
	  	 Admission
	  	 	61	 
	 Section 9.7.
	  	 Security Interest Consent
	  	 	61	 
	 Section 9.8.
	  	 Indemnity
	  	 	62	 
	 Section 9.9.
	  	 No Duplication
	  	 	65	 
	 Section 9.10.
	  	 Survival
	  	 	65	 
	 Section 9.11.
	  	 Final Date for Assertion of Indemnity Claims
	  	 	65	 

  
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Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
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	 Section 9.12.
	  	 Reasonable Steps to Mitigate
	  	 	65	 
	 Section 9.13.
	  	 Net of Insurance Benefits
	  	 	65	 
	 Section 9.14.
	  	 No Consequential Damages
	  	 	66	 
	 Section 9.15.
	  	 Payment of Indemnification Claims
	  	 	66	 
		
	 ARTICLE X DISSOLUTION AND WINDING-UP
	  	 	66	 
			
	 Section 10.1.
	  	 Events of Dissolution
	  	 	66	 
	 Section 10.2.
	  	 Distribution of Assets
	  	 	67	 
	 Section 10.3.
	  	 Certificate of Cancellation
	  	 	68	 
	 Section 10.4.
	  	 In-Kind Distributions
	  	 	68	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	68	 
			
	 Section 11.1.
	  	 Notices
	  	 	68	 
	 Section 11.2.
	  	 Amendment
	  	 	68	 
	 Section 11.3.
	  	 Partition
	  	 	69	 
	 Section 11.4.
	  	 Waivers and Modifications
	  	 	69	 
	 Section 11.5.
	  	 Severability
	  	 	69	 
	 Section 11.6.
	  	 Successors; No Third-Party Beneficiaries
	  	 	69	 
	 Section 11.7.
	  	 Entire Agreement
	  	 	70	 
	 Section 11.8.
	  	 Governing Law
	  	 	70	 
	 Section 11.9.
	  	 Further Assurances
	  	 	70	 
	 Section 11.10.
	  	 Counterparts
	  	 	70	 
	 Section 11.11.
	  	 Dispute Resolution
	  	 	70	 
	 Section 11.12.
	  	 Confidentiality and Publicity
	  	 	71	 
	 Section 11.13.
	  	 Joint Efforts
	  	 	73	 
	 Section 11.14.
	  	 Specific Performance
	  	 	73	 
	 Section 11.15.
	  	 Survival
	  	 	73	 
	 Section 11.16.
	  	 Recourse Only to Member
	  	 	73	 
	 Section 11.17.
	  	 Costs, Expenses, Fees
	  	 	74	 

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
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	 ANNEX I
	  	 Members and Membership Interests

		
	 SCHEDULES
	  	
	 Schedule 4.2(d)
	  	 Initial Capital Accounts

	 Schedule 9
	  	 Transfer Representations and Warranties

		
	 EXHIBITS
	  	
	 Exhibit A
	  	 Form of Membership Interest Certificate

	 Exhibit B
	  	 Base Case Model

	 Exhibit C
	  	 Insurance Requirements

	 Exhibit D
	  	 Form of Note

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
 iv 

 LIMITED LIABILITY COMPANY AGREEMENT 

OF 

VIVINT SOLAR REBECCA PROJECT COMPANY, LLC 
 Limited Liability Company Agreement of Vivint Solar Rebecca Project Company, LLC, a Delaware limited liability company (the “Company”), dated as of February 13, 2014 (the
“Effective Date”), by and between Vivint Solar Rebecca Manager, LLC, a Delaware limited liability company (“Sponsor Sub”), and Blackstone Holdings I L.P., a Delaware limited partnership
(“Investor”). 
 RECITALS 
 1. The Company was formed by virtue of its Certificate of Formation filed with the Secretary of State of the State of Delaware on February 3, 2014 (the “Certificate of Formation”).

 2. The Company has been formed to own and operate photovoltaic systems. 

3. Sponsor Sub and Investor desire to describe their respective rights and obligations as members of the Company. 

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

DEFINITIONS 
 Section 1.1. Definitions. 
 Capitalized terms used but not defined in
this Agreement have the meanings assigned to them in the Master EPC Agreement. As used in this Agreement, the following terms have the respective meanings set forth below: 
 “Act” means the Delaware Limited Liability Company Act, Delaware Code Ann. 6, Sections 18-101, et seq. and any successor statute, as the same may be amended from time to time.

 “Adjusted Capital Account” means, with respect to any Member, the Capital Account of such Member
(a) increased by the amount of potential deficit that the Member is deemed obligated to restore, calculated as described in the next to last sentence of Treasury Regulations Section 1.704-2(g)(1) and the next to last sentence of
Treasury Regulations Section 1.704-2(i)(5) and (b) decreased by such Member’s share of the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

 “Affiliate” of a specified Person means any Person that directly or
indirectly through one or more intermediaries controls, is controlled by, or is under common control with such specified Person. As used in this definition of Affiliate, the term “control” of a specified Person, including, with
correlative meanings, the terms, “controlled by” and “under common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of such Person’s management or policies, whether
through the ownership of voting securities, by contract or otherwise; provided, however, that notwithstanding the foregoing, for purposes of this Agreement, the Company will not be treated as an Affiliate of any Member, and Investor
will not be treated as an Affiliate of Sponsor or Sponsor Sub. 
 “Agreement” means this Limited Liability
Company Agreement, together with all schedules and exhibits hereto, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Applicable Laws” means all applicable laws of any Governmental Authority, including, without limitation, laws relating to consumer leasing and protection and any ordinances, judgments,
decrees, injunctions, writs and orders or like actions of any Governmental Authority and rules and regulations of any federal, regional, state, county, municipal or other Governmental Authority. 

“Appraisal Method” means one appraiser shall be appointed by the Class A Member and one appraiser shall be
appointed by the Class B Member, in each case, within fifteen (15) calendar days of a Member invoking the procedure described in this definition and delivering notice thereof to the other Members, which appraisers shall attempt to agree
upon the fair market value of the Class A Membership Interests. If either the Class A Member or the Class B Member does not appoint its appraiser within the fifteen (15) calendar day period referenced in the immediately preceding
sentence, the Member that has appointed an appraiser may deliver written notice to the other Member regarding its failure to appoint an appraiser within the required time period, and if such other Member does not appoint an appraiser within five
(5) Business Days after receiving such notice, the determination of the appraiser that has been appointed shall be conclusive and binding on the Members. If the appraisers appointed by the Class A Member and the Class B Member are unable
to agree upon the fair market value of the Class A Membership Interests within thirty (30) calendar days after the appointment of the second of such appraisers, the two appraisers shall appoint a third appraiser. In such case, the average
of the determinations of the three appraisers shall be conclusive and binding on the Members, unless the determination of one independent appraiser is disparate from the middle determination by more than twice the amount by which the third
determination is disparate from the middle determination, in which case the determination of the most disparate appraiser shall be excluded, and the average of the remaining two determinations shall be conclusive and binding on the Members. Any
appraiser shall be qualified, and have at least three years of experience, in appraising PV Systems. The Class A Member and the Class B Member, respectively, shall bear their own costs in appointing their respective appraiser and shall evenly
split the costs of any third appraiser. 
 “Bankruptcy” of a Person means the occurrence of any of the
following events: (a) the filing by such Person of a voluntary case or the seeking of relief under any chapter of Title 11 of the United States Bankruptcy Code, as now constituted or hereafter amended (the

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
 2 

 
“Bankruptcy Code”), (b) the making by such Person of a general assignment for the benefit of its creditors, (c) the admission in writing by such Person of its inability
to pay its debts as they mature, (d) the filing by such Person of an application for, or consent to, the appointment of any receiver or a permanent or interim trustee of such Person or of all or any portion of its property, including the
appointment or authorization of a trustee, receiver or agent under Applicable Law or under a contract to take charge of its property for the purposes of enforcing a lien against such property or for the purpose of general administration of such
property for the benefit of its creditors, (e) the filing by such Person of a petition seeking a reorganization of its financial affairs or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or
liquidation law or statute, or an answer admitting the material allegations of a petition filed against it in any proceeding under any such law or statute, (f) an involuntary case is commenced against such Person by the filing of a petition
under any chapter of Title 11 of the Bankruptcy Code and within sixty (60) days after the filing thereof either the petition is not dismissed or the order for relief is not stayed or dismissed, (g) an order, judgment or decree is
entered appointing a receiver or a permanent or interim trustee of such Person or of all or any portion of its property, including the entry of an order, judgment or decree appointing or authorizing a trustee, receiver or agent to take charge of the
property of such Person for the purpose of enforcing a lien against such property or for the purpose of general administration of such property for the benefit of the creditors of such Person, and such order, judgment or decree shall continue
unstayed and in effect for a period of sixty (60) days, or (h) an order, judgment or decree is entered, without the approval or consent of such Person, approving or authorizing the reorganization, insolvency, readjustment of debt,
dissolution or liquidation of such Person under any such law or statute, and such order, judgment or decree shall continue unstayed and in effect for a period of sixty (60) days. The foregoing definition of “Bankruptcy” is intended to
replace and shall supersede the definition of “Bankruptcy” set forth in Sections 18-101(1) and 18-304 of the Act. 
 “Bankruptcy Code” is defined in the definition of the term “Bankruptcy”. 
 “Base Case Model” means a computer model agreed to by Sponsor and Investor showing the estimated economic results that the parties expect from ownership of Projects and the assumptions to
be used in projecting when Investor shall reach the Target Internal Rate of Return. The Base Case Model as of the date hereof is attached as Exhibit B and may be replaced from time to time with an updated computer model with each
Member’s prior written consent (executed by a duly-authorized officer of such Member), including to reflect adjustments made to the Base Case Model in accordance with the Master EPC Agreement (including the True-Up Base Case Model). 

“Business Day” means any day other than Saturday, Sunday and any other day on which banks in New York are authorized to
be closed. 
 “Calculation Date” means March 31, June 30, September 30 and December 31 of
each year (or if such day is not a Business Day, the next Business Day). 
 “Capital Account” is defined in
Section 4.2(a). 

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
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 “Capital Contribution” means, with respect to any Member, the amount of
money and the initial Gross Asset Value of any property contributed to the Company with respect to the Membership Interests in the Company held or purchased by such Member. 
 “Cash Difference” is defined in Section 6.5(d). 

“Cashflow Shortfall” is defined in Section 4.3(a). 

“Certificate of Formation” is defined in the recitals of this Agreement. 

“Change of Member Control” means with respect to any Class B Member, an event in which a Person or Persons who
prior to a transaction or series of transactions, individually or collectively possessed directly or indirectly, legally or beneficially: 
 (a) Fifty percent (50%) or more of the equity, capital or profits interests of such Class B Member; or 
 (b) control of such Class B Member through the ownership of voting securities with the power to direct the management or policies of such Class B Member or otherwise; 

and as a result of a consummation of any transaction or series of transactions (including any merger or consolidation), such Person or
Persons individually or collectively fail to maintain, whether directly or indirectly, legally or beneficially, either of the elements of control listed in clause (a) or clause (b) above. Notwithstanding the foregoing,
neither the direct nor indirect sale, transfer or other disposition of equity, capital or profits interests of, or of the ownership of voting securities with the power to direct the management or policies of, Sponsor shall constitute a Change of
Member Control. 
 “Class A Member” means a Member holding one or more Class A Membership Interests.
As of the Effective Date and for so long as Investor owns any Class A Membership Interests, Investor is a Class A Member. 
 “Class A Membership Interests” is defined in Section 3.1(b). 
 “Class B Member” means a Member holding one or more Class B Membership Interests. As of the Effective Date and for so long as Sponsor Sub owns any Class B Membership
Interests, Sponsor Sub is a Class B Member. 
 “Class B Membership Interests” is defined in
Section 3.1(b). 
 “Code” means the Internal Revenue Code of 1986, as amended, or any successor
federal tax statute. 
 “Company” is defined in the preamble to this Agreement. 

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
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 “Company Minimum Gain” means the amount of minimum gain there is in
connection with nonrecourse liabilities of the Company, calculated in the manner described in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d). 
 “Confidential Information” is defined in Section 11.12(a). 
 “Consultation” or “Consult” means to confer with and reasonably consider and take into account the reasonable suggestions, comments or opinions of another Person.

 “Corporate Tax Rate” means 35%. 
 “Curative Flip Allocation” is defined in Section 6.5(e). 
 “Customer Agreement” is defined in the Master EPC Agreement. 

“Depreciation” means for each Fiscal Year or part thereof, an amount equal to the depreciation, amortization or other
cost recovery deduction allowable for federal income tax purposes with respect to an asset for such Fiscal Year or part thereof, except that if the Gross Asset Value of an asset differs from its adjusted basis at the beginning of such Fiscal Year,
then the depreciation, amortization or other cost recovery deduction for such Fiscal Year or part thereof shall be (a) the amount described in Treasury Regulations Section 1.704-3(d)(2) if the remedial method referred to in Treasury
Regulations Section 1.704-3(d) is used, and (b) otherwise an amount that bears the same ratio to such Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for the period bears to the
adjusted tax basis. If the asset has a zero adjusted tax basis, then the depreciation, amortization or other cost recovery deduction under clause (b) above shall be determined under a method reasonably selected by the Managing Member and
agreed to by Members representing a Required Majority Vote. 
 “Designated Transfers” is defined in
Section 9.5(a). 
 “Developer” means Vivint Solar Developer, LLC, a Delaware limited liability
company. 
 “Development” means the acquisition, ownership, financing, leasing, occupation, design,
development, construction, equipping, testing, repair, operation, maintenance, use and interconnection of a Project, and the sale of electricity and/or any attributes therefrom. 

“Dispute” is defined in Section 11.11(a). 

“Disputing Member” is defined in Section 11.11(a). 

“Distributable Cash” means, as of any Distribution Date, all cash, cash equivalents and liquid investments held by the
Company as of such date less all operating and maintenance expenses and reserves that, in the reasonable judgment of the Managing Member, are necessary or appropriate for the operation of the Company or the Projects consistently with Prudent
Industry Standards. 

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
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 “Distribution Date” means March 31, June 30, September 30
and December 31 of each year (or if such day is not a Business Day, the next Business Day). 
 “Effective
Date” is defined in the preamble to this Agreement. 
 “Exercise Notice” is defined in
Section 9.4(a). 
 “Federal Power Act” means Chapter 12 of Title 16 of the United States
Code, as amended. 
 “Fiscal Year” is defined in Section 7.9. 

“Fixed Tax Assumptions” means the following assumptions: (a) the Company is a partnership for federal income tax
purposes; (b) the Class A Member is a partner in the Company for federal income tax purposes, (c) the Company is the owner of each Project for federal income tax purposes; (d) the allocations of each item of income, gain, loss,
deduction and credit set forth in this Agreement to the Members will be respected by the IRS either because they have “substantial economic effect” or are otherwise consistent with the Members’ interests in the Company within the
meaning of Section 704(b) of the Code; (e) the transactions described in the Transaction Documents have “economic substance” within the meaning of Section 7701(o) of the Code; (f) each Class A Member is and will
continue to be subject to federal income tax at the Corporate Tax Rate, (g) state, local, foreign or other non-United States federal income taxes are inapplicable and (h) each Class A Member will be able to fully utilize all regular
federal income tax benefits allocated to it from the Company. 
 “Flip Date” means the later of (a) the
date that is five (5) full years after the last date a Project owned by the Company is Placed in Service and (b) the last day of the calendar month in which the Class A Member achieves an Internal Rate of Return equal to or greater
than the Target Internal Rate of Return. 
 “GAAP” means (a) generally accepted accounting principles in
the United States of America as in effect from time to time, consistently applied; or (b) upon mutual agreement of the parties hereto, internationally recognized generally accepted accounting principles, consistently applied. 

“Governmental Approval” means any authorization, consent, approval, ruling, tariff, rate, certification, waiver,
exemption, filing, variance or order of, or any notice to or registration by or with, any Governmental Authority. 

“Governmental Authority” means any foreign, federal, state, local or other governmental, regulatory or administrative
agency, court, commission, department, board, or other governmental subdivision, legislature, rulemaking board, court, tribunal, arbitrating body or other governmental authority having jurisdiction or effective control over the Company or any
Project, or if the context requires, the Sponsor Sub or Investor. 

  
 Limited
Liability Company Agreement of 
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 “Gross Asset Value” means, with respect to any asset, the asset’s
adjusted tax basis for federal income tax purposes, except as follows: 
 (a) the initial Gross Asset Value of any asset
contributed by a Member to the Company shall be the Gross Fair Market Value of such asset as of the date of contribution; provided that the initial Gross Asset Values of the assets contributed to the Company pursuant to
Section 4.2(d) shall be as shown in Schedule 4.2(d); 
 (b) the Gross Asset Values of all
Company assets shall be adjusted to equal their respective Gross Fair Market Values at the times described in Section 4.2(c); 
 (c) the Gross Asset Value of any item of Company assets distributed to any Member shall be adjusted to equal the Gross Fair Market Value of such asset on the date of distribution; 

(d) the Gross Asset Values of all Company assets shall be adjusted to reflect any adjustments to the adjusted basis of
such assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are required to be taken into account in determining Capital Accounts pursuant to Treasury
Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent that the Managing Member determines that an adjustment
pursuant to subsection (b) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d); and 

(e) if the Gross Asset Value of an asset has been determined or adjusted pursuant to subsection (a),
(b) or (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset. 
 “Gross Fair Market Value” means, with respect to any asset, the fair market value of the asset as reasonably determined by the Managing Member and agreed to by Members representing a
Required Majority Vote. 
 “Guarantee” by any Person means any obligation, contingent or otherwise, of such
Person directly or indirectly guaranteeing any Indebtedness or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a) to
secure, purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or
services, to provide collateral security, to take-or-pay, or to maintain financial statement conditions or otherwise) or (b) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of
the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. The term
“Guarantee” used as a verb has a corresponding meaning. 
 “Guaranty Agreement” means the Guaranty
dated as of the date hereof, made by Sponsor in favor of the Investor and the Company. 
 “Host Customer” is
defined in the Master EPC Agreement. 

  
 Limited
Liability Company Agreement of 
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 “HSR Act” means the Hart Scott Rodino Antitrust Improvements Act of 1976,
as amended and the regulations adopted thereunder. 
 “Indebtedness” means, with respect to any Person at any
date of determination (without duplication), (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such
Person as an account party in respect of letters of credit or other similar instruments (including contingent reimbursement obligations with respect thereto), (d) all of the obligations of such Person to pay the deferred and unpaid purchase
price of property or services, which purchase price is due more than six (6) months after the date of purchasing such property or service or taking delivery and title thereto or the completion of such services, and payment deferrals arranged
primarily as a method of raising funds to acquire such property or service, (e) all monetary obligations of such Person and its Subsidiaries under any leasing or similar arrangement which have been (or, in accordance with GAAP, should be)
classified as capitalized leases, (f) all monetary obligations of such Person with respect to any interest rate hedge, cap, floor, swap, option or other interest rate hedge agreement entered into after the date hereof, (g) all Indebtedness
(as defined in clauses (a) through (f) of this definition) of other Persons secured by a lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person, and (h) all Indebtedness (as defined
in clauses (a) through (f) of this definition) of other Persons guaranteed by such Person. 

“Indemnified Costs” means Investor Indemnified Costs or Sponsor Indemnified Costs, as the context requires. 

“Indemnified Party” means an Investor Indemnified Party or Sponsor Indemnified Party, as the context requires.

 “Indemnifying Party” means Sponsor Sub or Investor, as the context requires. 

“Independent Accounting Firm” means Ernst & Young LLP or a nationally recognized third-party accounting firm
that (a) is not an Affiliate of either Member, and (b) is mutually agreed upon by the Members. 
 “Interested
Member” means a Member (or Affiliate of a Member) having a pecuniary interest in a transaction or claim other than a pecuniary interest resulting from such Member’s interest in the Company. 

“Internal Rate of Return” means the discount rate that causes “A” to equal “B” in present-value
terms where “A” is the sum of the present values as of the first Purchase Date for the first Tranche purchased under the Master EPC Agreement, calculated on a quarterly basis, of (a) the Tax Credits allocated to the Class A
Member, and (b) the tax savings from deductions and losses that the Class A Member is allocated, and (c) cash that is distributed to the Class A Member, and (d) any indemnity payments by the Class B
Member to the Class A Member that substitute for amounts in clauses (a), (b), and (c), and where “B” is the sum of the present values as of the first Purchase Date for the first Tranche purchased under the
Master EPC Agreement, calculated on a quarterly basis, of (e) the Capital Contributions that the Class A Member makes to the Company, and (f) the tax detriment from any taxable income or gain allocated to the Class

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
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A Member, and (g) any payment made by the Class A Member to any tax authority after and solely as a result of an audit with respect to any Project or the Company (other than in
connection with the incorrectness of a Fixed Tax Assumption, unless such Fixed Tax Assumption is incorrect due to breach of a representation or covenant by Sponsor, any Class B Member, Managing Member or any of their Affiliates in the Transaction
Documents). The tax savings and tax detriment will be calculated assuming the accuracy of the Fixed Tax Assumptions. 

“Investor” is defined in the preamble to this Agreement. 

“Investor Contribution Cap” means for all Projects purchased, $***. 

“Investor Indemnified Costs” means, with respect to any Investor Indemnified Party, subject to ARTICLE IX,
any and all damages, losses, claims, liabilities, demands, charges, suits, penalties, costs and reasonable expenses (including (i) court costs and reasonable attorneys’ fees and expenses of one law firm for all Investor Indemnified Parties
plus one law firm of local counsel where any relevant Project is located and (ii) any recapture or disallowance of, or inability to claim, the Tax Credits assumed in the Base Case Model) incurred by such Investor Indemnified Parties resulting
from or relating to (a) any breach or default by the Class B Member of any representation, warranty, covenant, indemnity or agreement under this Agreement or any other Transaction Document or (b) any claim for fraud, gross negligence
or willful misconduct on the part of the Class B Member relating to this Agreement or any other Transaction Document. 

“Investor Indemnified Parties” means Investor and any Person to whom Investor Transfers any portion of its Class A
Membership Interests in accordance with ARTICLE IX, and each of their respective Affiliates and each of their respective shareholders, partners, members, officers, directors, employees, agents and other representatives, and their
respective successors and assigns. 
 “IRR Report” is defined in Section 7.1(b). 

“IRS” means the Internal Revenue Service or any successor agency. 

“Knowledge of Investor” means the actual knowledge, after due inquiry, as of the Effective Date, of one or more of the
following persons holding the following titles at Investor: Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer, and General Counsel. 
 “Knowledge of Sponsor Sub” means the actual knowledge, after due inquiry, as of the Effective Date, of one or more of the following persons holding the following titles at Sponsor: Greg
Butterfield (Chief Executive Officer and President), Brendon Merkley (Chief Operating Officer), Paul Dickson (Vice President of Finance), and Dan Black (General Counsel); provided, however, that for matters relating to a Host Customer,
“Knowledge” will be limited to the representations and warranties made by such Host Customer in the applicable Customer Agreement without Sponsor Sub undertaking further inquiry or due diligence, unless any one of the persons described
above has actual knowledge that a representation or warranty is untrue. 

  

	***	Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. 

 

 Limited Liability Company Agreement of 

Vivint Solar Rebecca Project Company, LLC 

  
 9 

 “Lien” means any lien, security interest, mortgage, hypothecation,
encumbrance or other restriction on title or property interest. 
 “Maintenance Services Agreement” means that
certain Maintenance Services Agreement by and between the Company and MSA Provider, dated as of the date hereof and as amended from time to time. 
 “Major Decisions” means any of the following actions: 
 (a) Acquisition of any Project (including any Substituted Project) under the Master EPC Agreement, such approval not to be withheld if the conditions of Sections 2.3 and 2.5 of the Master EPC Agreement
with respect to that Project have been met in the reasonable determination of the Investor and such approval treated as automatically rejected unless Class A Member informs Managing Member that it approves the acquisition of such PV Systems
prior to the expiration of the applicable Review Period or Substituted Project Review Period, as the case may be; 
 (b) Sale, lease or disposition of any Company assets with a value in excess of $25,000, individually or in the aggregate in any calendar year, other than (i) following the Flip Date, (A) sales
of electric power, other than through a Customer Agreement, and (B) the transfer of any related RECs or other environmental credits, (ii) the transfer of an asset that is worn out, obsolete, or no longer necessary or useful for the
operation of the applicable Project, (iii) transfer of a Customer Agreement by a Host Customer in accordance with the provisions therein and the Maintenance Services Agreement, (iv) the sale of a PV System to a Host Customer pursuant to
such Host Customer’s Customer Agreement or (v) as otherwise set forth in this Agreement; 
 (c) Any
joint venture, merger, consolidation or other business combination of or involving the Company; 
 (d) Any
issuance by the Company of a Guarantee; 
 (e) Any issuance or redemption by the Company of any Membership
Interests or other equity interest of any kind in the Company, or any warrants, rights or options to acquire the same, or any security convertible into any of the foregoing; 

(f) Pursuing, initiating or settling any claim, litigation or arbitration with an amount in controversy that equals or
exceeds $25,000, individually or in the aggregate in any calendar year, or which includes consent to or award of an injunction, specific performance or other equitable relief; 

(g) Incurrence or voluntary prepayment of any Indebtedness on behalf of the Company in excess of $25,000 at any time
outstanding in the aggregate; provided, that this limitation shall not apply to any Member Loans incurred in accordance with Section 4.3; 
 (h) Any amendment or cancellation of the Certificate of Formation of the Company or any Transaction Document (other than the Maintenance Services Agreement, which is covered in clause (s)
below), if the amendment or termination, in the reasonable estimation of the Managing Member, without due inquiry, would have a Material Adverse Change, individually or collectively, on the Class A Members; 

  
 Limited
Liability Company Agreement of 
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 (i) The admission of any additional member in the Company, other than
pursuant to the terms of this Agreement; 
 (j) Making or committing to make any capital expenditures, other than
(i) as contemplated by the Customer Agreements or the Maintenance Services Agreement, (ii) expenditures required by law or necessary to prevent or mitigate an emergency situation or to preserve the value of the Project’s property or
assets, or (iii) capital expenditures not in excess of $25,000 individually or in the aggregate in any calendar year; 
 (k) Entering into any new contract on behalf of the Company with any Affiliate of a Member (not including any renewals of existing contracts on the same terms as the expiring agreement) or any extension
or replacement of a Transaction Document with the same or another Affiliate of any such Member; 
 (l) Execution
and delivery of instruments requested by MSA Provider under the Maintenance Services Agreement except for ministerial or administrative changes made in the Ordinary Course of Business; 

(m) Encumbering or granting any Liens on the assets or rights of the Company other than (in each case) Permitted Liens;

 (n) Hiring any employees, entering into or adopting any bonus, profit sharing, thrift, compensation, option,
pension, retirement, savings, welfare, deferred compensation, employment, termination, severance or other employee benefit plan, agreement, trust, fund, policy or arrangement for the benefit or welfare of any directors, officers or employees of the
Company; 
 (o) Causing the Company to elect under Treasury Regulations Section 301.7701-3 or any comparable
provision of state or local income tax law, to be classified as an association; 
 (p) Making any tax election
other than as provided herein or that is inconsistent with the assumptions contained in the Base Case Model; 

(q) Applying for or claiming any grant or Tax credit (including any Tax credit under Section 45 of the Code) that
would reduce the amount of the Tax Credits available under Section 48 of the Code; 
 (r) Entering into any
contract or taking any action that in the reasonable estimation of the Class A Member would threaten the availability of Tax Credits or tax depreciation with respect to any PV System assumed in the Base Case Model; 

(s) (i) Subject to the proviso in Section 8.2(a)(ii), (A) materially amending, (B) canceling,
suspending, renewing (unless in the case of the Maintenance Services Agreement such renewal is on substantially similar terms and conditions as the Maintenance 

  
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Liability Company Agreement of 
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Services Agreement that is being renewed), terminating or entering into replacement contracts (unless in the case of the Maintenance Services Agreement such replacement is on substantially
similar terms and conditions as the Maintenance Services Agreement that is being replaced) for, in each case of subclauses (A) and (B), the Maintenance Services Agreement or the Master EPC Agreement, (ii) assigning, releasing or
relinquishing the material rights or obligations of any party to the Maintenance Services Agreement or the Master EPC Agreement, or (iii) resolving any material dispute relating to the Maintenance Services Agreement or the Master EPC Agreement,
provided that the materiality qualifier in clause (i), (ii) or (iii) is solely with regard to the Company or all of the Projects taken as a whole; 

(t) Lending any funds of the Company to any Person; 

(u) Changing, amending or substituting the insurance required to be maintained by the Company pursuant to this Agreement
in a manner that would cause such insurance to be materially different from the insurance requirements attached hereto as Exhibit C; 
 (v) Changing the Company’s methods of accounting or accounting policies and procedures as in effect on the date hereof, except as required by GAAP, or changing the Independent Accounting Firm;

 (w) Hiring counsel to assist in a Tax audit or to represent the Company in a Tax controversy or consenting to
any Tax audit adjustment; 
 (x) Subject to clause (b), causing the Company to permit (A) possession
or control of property of the Company by any Member or (B) the assignment, transfer, sale, lease, pledge or other disposition of rights of the Company in specific property of the Company, for other than a Company purpose or other than for the
benefit of the Company; 
 (y) Changing the assumptions set forth in the Base Case Model or the Tracking Model
other than in accordance with the terms of this Agreement; 
 (z) Making, or causing the Company to make, any
advance payments of compensation or other consideration to the Managing Member or any of its Affiliates; 
 (aa)
Commingling the assets of the Company with the funds or other assets of any other Person; 
 (bb) Taking or
filing any action or instituting any proceedings in Bankruptcy on behalf of the Company; 
 (cc) Dissolving or
winding up of the Company; 
 (dd) Causing the Company to engage in any business or activity that is not within
the purpose of the Company, as set forth in its organizational documents, or to change such purpose; 

  
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Liability Company Agreement of 
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 (ee) Adding any new manufacturer to the approved vendors listed on Schedule
13 of the Master EPC Agreement; 
 (ff) Causing the Company to take any action that could reasonably be expected
by Managing Member to result in an event of default, or that would result in the acceleration of any material obligation or termination of any material right, under any Transaction Document; 

(gg) Entering into, amending, canceling, suspending, renewing (unless such renewal is on substantially similar terms and
conditions as the existing contract) or terminating contracts for goods and services requiring the Company to make expenditures in excess of $25,000 individually or in the aggregate in any calendar year; provided, that this limitation shall
not apply to the Company’s engagement agreement with the Independent Accounting Firm for services to be provided by the Independent Accounting Firm as contemplated by this Agreement; and 

(hh) Requesting Non-Included System Services under the Maintenance Services Agreement with a value of greater than $25,000
in any calendar year. 
 “Manager” is defined in Section 3.13(b). 

“Managing Member” is defined in Section 8.2. 

“Master EPC Agreement” means that certain Development, EPC and Purchase Agreement, dated as of the date hereof (as may
be amended, restated, supplemented or otherwise modified from time to time), by and among the Company, Developer and Sponsor, and each Transfer Notice and Bill of Sale (as each term is defined in the Master EPC Agreement) thereunder. 

“Material Adverse Change” means, with respect to any Person, a fact, event or circumstance that, alone or when taken
with other events or conditions occurring or existing concurrently with such event or condition, (a) has or is reasonably expected to have a material adverse effect on the business, operations, condition (financial or otherwise), assets,
liabilities or properties of such Person, (b) has or is reasonably expected to have any material adverse effect on the validity or enforceability of the Transaction Documents, (c) materially impairs or is reasonably expected to materially
impair the ability of such Person to meet or perform its obligations under the Transaction Documents, or (d) has or is reasonably expected to have any material adverse effect on such Person’s rights under the Transaction Documents.

 “Maximum Liability” means, with respect to a party, $***. For the avoidance of doubt, (a) any
indemnification of Sponsor Sub by the Company or any indemnification of the Company by Sponsor Sub shall not be included in calculating whether the Maximum Liability applicable to Sponsor Sub has been or will be exceeded, and (b) any
indemnification of the Investor by the Company or any indemnification of the Company by Investor shall not be included in calculating whether the Maximum Liability applicable to Investor has been or will be exceeded. 

  

	***	Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. 

 

 Limited Liability Company Agreement of 

Vivint Solar Rebecca Project Company, LLC 

  
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 “Member” means any Person executing this Agreement as of the date of this
Agreement as a member of the Company or any Person admitted to the Company as a member as provided in this Agreement (each in the capacity of a member of the Company), but does not include any Person who has ceased to be a member of the Company.

 “Member Loan” means any loan or advance made by a Class A Member or Class B Member, pursuant to
Section 4.3. 
 “Member Nonrecourse Debt” means “partner nonrecourse debt” as defined in
Treasury Regulations Section 1.704-2(b)(4). 
 “Member Nonrecourse Deduction” means “partner
nonrecourse deduction” as defined in Treasury Regulations Section 1.704-2(i)(2). 
 “Membership
Interest” means the entire interest of a Member in the Company, including rights to distributions (liquidating or otherwise), allocations of profits and losses, and to vote, consent or approve or receive information, if any. 

“Minimum Gain Attributable to Member Nonrecourse Debt” means the amount of minimum gain there is in connection with a
Member Nonrecourse Debt, calculated in the manner described in Treasury Regulations Section 1.704-2(i)(3). 
 “MSA
Provider” means Vivint Solar Provider, LLC, a Delaware limited liability company, as provider under the Maintenance Services Agreement or any successor thereto. 
 “Net Income” and “Net Loss” mean, for each Fiscal Year or other period, an amount equal to the Company’s taxable income or loss for such Fiscal Year or other period,
determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or
loss) with the following adjustments: 
 (a) any income of the Company that is exempt from federal income tax, to
the extent not otherwise taken into account in computing Net Income or Net Loss pursuant to this paragraph, shall be added to such taxable income or loss; 
 (b) any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as expenditures under Section 705(a)(2)(B) pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(i), to the extent not otherwise taken into account in computing Net Income or Net Loss pursuant to this paragraph, shall be subtracted from such taxable income or loss; 

(c) in the event the Gross Asset Value of any Company asset is adjusted pursuant to subsections (b),
(c) or (d) of the definition of “Gross Asset Value” herein, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net
Loss; 
 (d) gain or loss resulting from any disposition of Company property with respect to which gain or loss
is recognized for federal income tax purposes shall be 

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
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computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

(e) any items that are specially allocated pursuant to the provisions of Section 5.2 and
Section 5.3 shall not be taken into account in computing Net Income or Net Loss; and 
 (f) in lieu
of depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation. 
 “Nonrecourse Deduction” means a deduction for spending that is funded out of nonrecourse borrowing by the Company or that is otherwise attributable to a “nonrecourse liability”
of the Company within the meaning of Treasury Regulations Section 1.704-2. 
 “Notice” is defined in
Section 11.1. 
 “Operations Report” is defined in Section 7.1(a). 

“Option Purchase Price” is defined in Section 9.4(b). 

“Ordinary Course of Business” means the ordinary conduct of business consistent with custom and practice for residential
solar energy electric generation businesses in the United States (including with respect to quantity and frequency). 

“Percentage Interest” means the percentage interest shown for a Member in Schedule 4.2(d) as updated from
time to time. 
 “Permits” means any license, consent, permit, authorization, requirement, environmental plan,
notice, filing, certification, exemption, waiver, tariff, franchise, variance, order, decision, registration, ruling and other approval or permission required under any Applicable Law for the Development of the Project, including as to zoning, road
crossing, environmental protection, pollution, sanitation, energy regulation, safety, siting or building, obtained or required to be obtained by or on behalf of the Company from any Governmental Authority. 

“Permitted Encumbrances” means Liens provided for under the Transaction Documents, liens for Taxes not yet due and
payable, to the extent adequate reserves have been made consistent with GAAP, and restrictions on transfer of the Membership Interests under any applicable federal, state or foreign securities law. 

“Permitted Investments” means any of the following having a maturity of not greater than one year from the date of
issuance thereof: (a) readily marketable direct obligations of the government of the United States of America or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of the government of
the United States of America, (b) insured certificates of deposit of or time deposits with any commercial bank that is a member of the Federal Reserve System, issues (or the parent of which

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
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issues) commercial paper rated as described in clause (c) below, is organized under the laws of the United States or any State thereof and has combined capital and surplus of at least
$1,000,000,000.00 or (c) commercial paper issued by any corporation organized under the laws of any State of the United States and rated at least “Prime-1” (or the then-equivalent grade) by Moody’s Investors Service, Inc. or
“A-1” (or the then-equivalent grade) by Standard & Poor’s Corporation. 
 “Permitted
Liens” means (a) liens for taxes not yet due or that are being contested in good faith by appropriate proceedings, to the extent adequate reserves have been made consistent with GAAP, (b) carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s, employees’, contractors’, operators’, vendors’ or other similar liens or charges securing the payment of expenses not yet due and payable that are incurred in the Ordinary
Course of Business, (c) liens securing obligations or duties (other than Indebtedness) to any Governmental Authority arising in the Ordinary Course of Business (including under licenses and permits held by the Investor and under all Applicable
Laws and orders of any Governmental Authority), (d) easements, rights-of-way, restrictions (including zoning restrictions), covenants, licenses, encroachments, protrusions and other similar charges or encumbrances on or with respect to real
property that do not secure Indebtedness or materially interfere with the ordinary conduct of the Company’s business, (e) liens incurred or deposits made in the Ordinary Course of Business in connection with workers’ compensation,
unemployment or other social security or to secure performance of statutory obligations, surety bonds, performance bonds and other similar obligations and (f) any other liens agreed to in writing by Sponsor Sub and Investor. 

“Permitted Transfers” is defined in Section 9.3. 

“Person” means any individual, partnership, limited liability company, joint venture, corporation, trust, unincorporated
organization, or governmental entity or any department or agency thereof. 
 “Placed in Service” means that all
of the following events have occurred with respect to a PV System: (a) the PV System has been installed, tested and shown capable of operating in a reliable and continuous manner for its intended purpose; (b) legal title to and control
over the PV System and all components thereof have been conveyed to the Company; and (c) all licenses and permits needed to operate the PV System (including authority from the local utility to commence parallel operation) and to put the PV
System to its intended use of using it to generate electricity for sale to a Host Customer have been obtained. 

“Post-Flip Date” means the later of (a) the Flip Date and (b) the last day of the calendar month in which the
Class A Member achieves a Post-Flip Internal Rate of Return equal to or greater than the Post-Flip Target Internal Rate of Return. 
 “Post-Flip Internal Rate of Return” means the discount rate that causes “A” to equal “B” in present-value terms where “A” is the sum of the present values as
of the first Purchase Date for the first Tranche purchased under the Master EPC Agreement, calculated on a quarterly basis, of (a) the Tax Credits allocated to the Class A Member, and (b) the tax savings from deductions and
losses that the Class A Member is allocated, and (c) cash that is distributed to the Class A Member, and (d) cash received by the Class A Member in connection with the

  
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Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
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Class B Member’s exercise of the Purchase Option, and (e) any indemnity payments by the Class B Member to the Class A Member that substitute for amounts in
clauses (a), (b), (c), and (d), and where “B” is the sum of the present values as of the first Purchase Date for the first Tranche purchased under the Master EPC Agreement, calculated on a quarterly basis,
of (f) the Capital Contributions that the Class A Member makes to the Company, and (g) the tax detriment from (i) any taxable income or gain allocated to the Class A Member, and (ii) the receipt by the
Class A Member of cash in connection with the exercise of the Purchase Option, and (h) any payment made by the Class A Member to any tax authority after and solely as a result of an audit with respect to any Project or the
Company (other than in connection with the incorrectness of a Fixed Tax Assumption, unless such Fixed Tax Assumption is incorrect due to breach of a representation or covenant by Sponsor, any Class B Member, Managing Member or any of their
Affiliates in the Transaction Documents). The tax savings and tax detriment will be calculated assuming the accuracy of the Fixed Tax Assumptions. 
 *** 
 “Post-Flip Target Internal Rate of Return” means an
after-tax Post-Flip Internal Rate of Return of ***%. 
 *** 

“Pre-Flip Period” means the period commencing on the Effective Date and ending on (and including) the Flip Date.

 *** 

“Prohibited Transferee” means any Person which is, or whose Affiliate is, (i) adverse in any pending or threatened
action involving any Member (or Affiliate thereof) or the Company (unless the Members, excluding the transferor, have consented to such transferee), (ii) a Person described or designated in the Specially Designated Nationals and Blocked Persons
List of the Office of Foreign Assets Control or (iii) during the Recapture Period, a Tax Exempt Entity. 

“Project” is defined in the Master EPC Agreement. 

“Projected Flip Date” means October 31, 2020. 
 “Prudent Industry Standards” means the practices, methods, equipment, specifications and standards of safety, as the same may change from time to time, as are used or

  

	***	Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. 

 

 Limited Liability Company Agreement of 

Vivint Solar Rebecca Project Company, LLC 

  
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approved by a significant portion of the residential rooftop distributed solar electric generation industry operating in the applicable Project States in residential rooftop distributed solar
electric generating systems or facilities of a type and size similar to the Projects as good, safe and prudent engineering practices in connection with the design, construction, operation, maintenance, repair and use of electrical and other
equipment, facilities and improvements of such residential rooftop distributed solar electric generating system or facility, with commensurate standards of safety, performance, dependability, efficiency and economy in each case in light of the facts
known and circumstances existing at the time any decision is made or action is taken, that would be expected to accomplish the desired result in a manner materially consistent with Applicable Law, permits, codes, and equipment manufacturer’s
recommendations. 
 “Purchase Date” means the date that a Tranche is purchased under the Master EPC Agreement.

 “Purchase Option” is defined in Section 9.4(a). 

“Purchased Systems” is defined in the Master EPC Agreement. 

“PV System” is defined in the Master EPC Agreement. 

“Quarter” means a fiscal quarter. 
 “REC” means a renewable energy credit or certificate representing any and all environmental credits, benefits, emissions reductions, offsets and allowances, howsoever entitled, that are
created or otherwise arise from a PV System’s generation of electricity, including but not limited to solar renewable energy certificates that may be used in connection with a state’s renewable portfolio standard and in each case resulting
from the avoidance of the emission of any gas, chemical or other substance attributable to the generation of solar energy by the PV System, but excluding any and all federal, state and local tax attributes (including Tax Credits). 

“Recapture Period” means the period commencing on the Effective Date and ending on the fifth anniversary of the last
date that a Project owned by the Company is Placed in Service. 
 “Reference Rate” means the rate of interest
published in The Wall Street Journal as the prime lending rate or “prime rate”, with adjustments in that varying rate to be made on the same date as any change in that rate is so published. 

“Removal Event” means the occurrence of any of the following events: 

(a) any representation or warranty made by the Class B Member or the Managing Member in this Agreement or any Transaction
Document shall have been false or misleading, and such breach or default has or could reasonably be expected to have a Material Adverse Change on the Company or the Class A Member as reasonably determined by the Class A Member; 

  
 Limited
Liability Company Agreement of 
 Vivint Solar Rebecca Project Company, LLC 

  
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 (b) any breach or default by the Class B Member, the Managing Member or the
Company under any covenant or obligation under a Transaction Document to which it is a party, and such breach or default has or could reasonably be expected to have a Material Adverse Change on the Company or the Class A Member as reasonably
determined by the Class A Member (unless the action or inaction that has led directly to such breach or default has been directed, accepted or approved by the Class A Member or Investor in writing); 

(c) the occurrence and continuance of any event of default as to the Class B Member, the Managing Member or the Company,
after any applicable notice and cure period has expired, under any Transaction Document to which such Person is a party, and such event of default has or could reasonably be expected to have a Material Adverse Change on the Company or the
Class A Member as reasonably determined by the Class A Member (unless the action or inaction that has led directly to such event of default has been directed, accepted or approved by the Class A Member in writing); 

(d) the Class B Member, the Managing Member, the Company or the Project violates any material Applicable Law (unless the
action or inaction that has led directly to such violation has been directed, accepted or approved by Class A Member or Investor in writing), and such violation has or could reasonably be expected to have a Material Adverse Change on the
Company; 
 (e) the Managing Member, Class B Member or the Company engages in fraud, willful misconduct or gross
negligence, or breaches a fiduciary duty; 
 (f) any Bankruptcy or insolvency of the Class B Member, the Managing
Member or the Company, whether voluntary or involuntary, and in the case of an involuntary Bankruptcy proceeding, not stayed or dismissed within sixty (60) days, or the foreclosure or involuntary transfer of Membership Interests held by the
Managing Member; 
 (g) the Managing Member ceases to be an Affiliate of the Class B Member; or 

(h) a failure by the Managing Member to enforce the rights of the Company under any Transaction Document. 

“Representatives” means, with respect to any Person, the managing member(s) and the officers, directors, employees,
representatives or agents (including investment bankers, financial advisors, attorneys, accountants, brokers and other advisors) of such Person, to the extent that such officer, director, employee, representative or agent of such Person is acting in
his or her capacity as an officer, director, employee, representative or agent of such Person. 
 “Required Majority
Vote” is defined in Section 8.3(b). 
 “Restricted Investor Transferee” means a Person who
is (a) a direct competitor of Sponsor or its Affiliates in the residential or commercial PV System design, installation, finance or operation and maintenance industry, or any other then-business segment of Sponsor or its Affiliates (including
but not limited to Sponsor’s home automation, security and wireless internet business segments) or (b) an Affiliate of any such direct competitor. 

  
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Liability Company Agreement of 
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 *** 
 “Restricted Transferee” means,                      ***
                    , and, with respect to a Transfer by Investor, a Restricted Investor Transferee. 

“Review Period” is defined in the Master EPC Agreement. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Sharing Percentage” is defined in Section 5.1. 

“Shortfall Funding Date” is defined in Section 4.3(a). 

“Shortfall Notice” is defined in Section 4.3(a). 

“Sponsor” means Vivint Solar, Inc. 
 “Sponsor Indemnified Costs” means, with respect to any Sponsor Indemnified Party, subject to ARTICLE IX, any and all damages, claims, liabilities, demands, charges, suits,
penalties, costs, and reasonable expenses (including court costs and reasonable attorneys’ fees and expenses of one law firm for all Sponsor Indemnified Parties plus one law firm of local counsel for each Project State in which relevant
Projects are located) incurred by such Sponsor Indemnified Parties resulting from or relating to any Third Party Claim to the extent resulting from or relating to (a) any breach or default by Investor or Class A Member of any
representation, warranty, covenant, indemnity or agreement under this Agreement or any other Transaction Document or (b) any claim for fraud, gross negligence or willful misconduct on the part of Investor or Class A Member relating to this
Agreement or any other Transaction Document. 
 “Sponsor Indemnified Parties” means Sponsor Sub and any Person
to whom Sponsor Sub Transfers its Membership Interests in accordance with ARTICLE IX, and each of their respective Affiliates and each of their respective shareholders, partners, members, officers, directors, employees, agents and other
representatives, and their respective successors and assigns. 
 “Sponsor Sub” is defined in the preamble to
this Agreement. 
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited
liability company, joint venture or other entity of which such Person (either alone or through or together with any other Person pursuant to any agreement, arrangement, contract or other commitment) owns, directly or indirectly, 50% or more of the
stock or other equity interests the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation or other legal entity. 

  

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 “System Purchase Price” is defined in the Master EPC Agreement. 

“Target Internal Rate of Return” means an after-tax Internal Rate of Return of ***%. 

“Tax” or “Taxes” (and with correlative meaning, “Taxable” and
“Taxing”) means: 
 (a) any taxes, customs, duties, charges, fees, levies, penalties or other
assessments imposed by any federal, state, local or foreign taxing authority, including, but not limited to, income, gross receipts, windfall profit, severance, property, production, sales, use, license, excise, franchise, net worth, employment,
occupation, payroll, withholding, social security, alternative or add-on minimum, ad valorem, transfer, stamp, or environmental tax, or any other tax, custom, duty, fee, levy or other like assessment or charge of any kind whatsoever, together with
any interest, penalty, addition to tax, or additional amount attributable thereto; and 
 (b) any liability for
the payment of amounts with respect to payment of a type described in clause (a), including as a result of being a member of an affiliated, consolidated, combined or unitary group, as a result of succeeding to such liability as a result
of merger, conversion or asset transfer or as a result of any obligation under any tax sharing arrangement or tax indemnity agreement. 
 “Tax Credits” means energy credits under Section 48 of the Code or any successor to such section. 
 “Tax Exempt Entity” means (a) a “tax-exempt entity” or “tax-exempt controlled entity” as those terms are defined in Section 168(h) of the Code, (b) a
Person described in Section 50(b)(3) or (4) of the Code, (c) a Person whose ownership of a Membership Interest would result in a disallowance or reduction of Tax Credits pursuant to Section 50(d) of the Code or (d) any other
Person whose ownership of a Membership Interest would result in a recapture or disallowance of, or inability to claim, the Tax Credits or accelerated Depreciation deductions assumed in the Base Case Model. 

“Tax Loss Contest” is defined in Section 7.7(c). 

“Tax Matters Partner” is defined in Section 7.7(a). 

“Tax Return” means any return, report or similar statement required to be filed with respect to any Taxes (including any
attached schedules), including any IRS Form K-1 issued to Members by the Company, information return, claim for refund, amended return or declaration of estimated Tax. 

  

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 “Third Party Claim” means any claim, action or proceeding made or brought
by any Person who is not a Member or an Affiliate of a Member. 
 “Third Party Penalty Claim” is defined in
Section 9.8(c). 
 “Tracking Model” means a computer model in the form of the Base Case Model that
reflects actual results of the Company using the calculation conventions in Section 6.5, but with each of the Fixed Tax Assumptions remaining unchanged (except to the extent a Fixed Tax Assumption is incorrect due to a breach of a
representation or covenant by Sponsor, any Class B Member, Managing Member or any of their Affiliates in the Transaction Documents). 
 “Tranche” is defined in the Master EPC Agreement. 

“Transactions” means the transactions described in the Transaction Documents. 

“Transaction Documents” means this Agreement, the Guaranty Agreement, the Master EPC Agreement and the Maintenance
Services Agreement. 
 “Transfer” is defined in Section 9.1. 

“Treasury Regulations” means the federal income tax regulations (including temporary regulations) promulgated under the
Code by the United States Department of Treasury, as such regulations may be amended from time to time. All references herein to specific sections of the Treasury Regulations shall be deemed also to refer to any corresponding provisions of
succeeding regulations. 
 “True-Up Base Case Model” is defined in the Master EPC Agreement. 

“True-Up Report” is defined in the Master EPC Agreement. 

“UCC” means the Uniform Commercial Code of any applicable jurisdiction. 

Section 1.2. Other Definitional Provisions. 
 (a) As used in this Agreement and in any certificate or other documents made or delivered pursuant hereto or thereto, financial and accounting terms not defined in this Agreement or in any such
certificate or other document, and financial and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under GAAP. To the extent
that the definitions of financial and accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Agreement or in any such certificate
or other document shall control. 
 (b) The words “hereof”, “herein”, “hereunder”, and words of
similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Section references contained in this Agreement are references to Sections in this Agreement unless otherwise
specified. The term “including” shall mean “including without limitation”. 

  
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 (c) The definitions contained in this Agreement are applicable to the singular as well as
the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 (d) Any
agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, restated, supplemented or otherwise
modified and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein. 
 (e) Any references to a Person are also to its permitted successors and assigns. 

ARTICLE II 

CONTINUATION; OFFICES; TERM 
 Section 2.1. Formation of the Company. 
 The Members hereby
acknowledge the formation of the Company as a limited liability company pursuant to the Act, the Certificate of Formation and this Agreement. 
 Section 2.2. Name, Office and Registered Agent. 
 (a) The name of the
Company shall be “Vivint Solar Rebecca Project Company, LLC” or such other name or names as may be agreed to by the Members from time to time. The principal office of the Company shall be c/o Vivint Solar, Inc., 4931 N 300 W, Provo, UT
84604. The Members may at any time change the location of such office to another location; provided that the Managing Member gives prompt written notice of any such change to the registered agent of the Company. 

(b) The registered office of the Company in the State of Delaware is located at Corporation Trust Center, 1209 Orange Street, Wilmington,
Delaware 19801, County of New Castle. The registered agent of the Company for service of process at such address is The Corporation Trust Company. The registered office and registered agent may be changed by the Managing Member at any time in
accordance with the Act; provided that the Managing Member gives prompt written notice of any such change to all Members. The registered agent’s primary duty as such is to forward to the Company at its principal office and place of
business any notice that is served on it as registered agent. 
 Section 2.3. Purpose; No Partnership Intended.

 (a) The nature of the business or purpose to be conducted or promoted by the Company is: (i) to engage in the
transactions contemplated by the Transaction Documents and Customer Agreements; (ii) to engage in the acquisition, construction, installation, lease, ownership and sale, and the operation, management, maintenance and financing of the Projects
and all other rights and assets necessary for the ownership and operation of such Projects and (iii) to engage in any lawful act or activity, enter into any agreement and to exercise any powers permitted to limited liability companies formed
under the Act that are incidental to or necessary, suitable or convenient for the accomplishment of the purposes specified above. 

  
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 (b) The Company shall exist for the purposes and business specified in
Section 2.3(a) and, other than for purposes of determining the status of the Company under the Code and the applicable Treasury Regulations and under any applicable state, municipal or other income tax law or regulation, this Agreement
shall not be deemed to create a partnership under the Delaware Revised Uniform Partnership Act, company, joint venture or other arrangement among the Members with respect to any actions whatsoever other than the purposes and business specified
in Section 2.3(a) and the activities related thereto. 
 Section 2.4. Term. 

The term of the Company commenced on the Effective Date and shall continue indefinitely. 

Section 2.5. Organizational and Fictitious Name Filings; Preservation of Limited Liability. 

Prior to the Company’s conducting business in any jurisdiction other than Delaware, the Managing Member shall, on behalf of the
Company, register the Company as a foreign limited liability company and file such fictitious or trade names, statements or certificates in such jurisdictions and offices as necessary or appropriate for the conduct of the Company’s business.
The Managing Member shall take any and all other actions as may be reasonably necessary or appropriate to perfect and maintain the status of the Company as a limited liability company under the laws of Delaware and any other state or jurisdiction
other than Delaware in which the Company engages in business and continue the Company as a limited liability company and to protect the limited liability of the Members as contemplated by the Act. 

ARTICLE III 
 RIGHTS AND OBLIGATIONS OF THE MEMBERS 
 Section 3.1. Members;
Membership Interests. 
 (a) The names of the Members, their addresses, contact information and Membership Interests held
are listed on Annex I. Annex I shall be amended from time to time by the Managing Member without requiring the consent of any Member to reflect the change in a Member’s name, address or contact information, the
withdrawal of any Member, the admission of any additional Member, Transfers of Membership Interests or the issuance of additional Membership Interests, in each case pursuant to and in accordance with the terms and conditions of this Agreement. The
Managing Member shall, upon each amendment to Annex I, provide each Member, on a confidential basis for informational purposes, with a copy of such amended Annex I. 

(b) The Membership Interests comprise one hundred (100) Class A Membership Interests (the “Class A Membership
Interests”) and one hundred (100) Class B Membership Interests (the “Class B Membership Interests”). 

  
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 (c) The Class A Membership Interests and the Class B Membership Interests shall
(i) have the rights and obligations ascribed to such Membership Interests in this Agreement and the Act; (ii) be recorded in a register of Membership Interests, which register the Managing Member shall maintain; (iii) be transferable
only on recordation of such Transfer in the register of Membership Interests, which recordation the Managing Member shall make, upon compliance with the provisions of ARTICLE IX; and (iv) be personal property. The Members hereby
specify, acknowledge and agree that all Membership Interests are securities governed by Article 8 and all other provisions of the UCC, and pursuant to the terms of Section 8-103(c) of the UCC such interests shall be “securities”
for all purposes under such Article 8 and under all other provisions of the UCC. All Membership Interests shall be represented by certificates substantially in the form attached hereto as Exhibit A, shall be recorded in a register
thereof maintained by the Company, and shall be subject to such rules for the issuance thereof in compliance with this Agreement, as the Managing Member may from time to time determine. The Managing Member is expressly authorized to execute the
certificates on behalf of the Company. 
 (d) The Company shall be entitled to treat the registered holder of a Membership
Interest, as shown in the register of Membership Interests referred to in Section 3.1 of this Agreement, as a Member for all purposes of this Agreement, except that the Managing Member may record in the register of Membership Interests
any security interest of a secured party pursuant to any security interest permitted by this Agreement. 
 (e) If a Member
Transfers all of its Membership Interest to another Person pursuant to and in accordance with the terms set forth in ARTICLE IX, the transferor shall automatically cease to be a Member. 

Section 3.2. Actions by the Members. 
 (a) Except as otherwise permitted by this Agreement (including Section 3.2(e) below), all actions of the Members shall be taken at meetings of the Members which may be called by any Member for
any reason and shall be called by the Managing Member within ten (10) calendar days following the written request of a Member. The Members may conduct any Company business at any such meeting that is permitted under the Act or this Agreement.
Meetings shall be at a reasonable time and place. Accurate minutes of any meeting shall be taken and filed with the minute books of the Company. Following each meeting, the minutes of the meeting shall be sent promptly to each Member. 

(b) Members may participate in any meeting of the Members by means of conference telephone or other communications equipment so that all
persons participating in the meeting can hear each other or by any other means permitted by law. Such participation shall constitute presence in person at such meeting. 
 (c) The presence in person or by proxy of Members owning more than 50% of the aggregate Class A Membership Interests and more than 50% of the aggregate Class B Membership Interests shall
constitute a quorum for purposes of transacting business at any meeting of the Members. 

  
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 (d) Written notice stating the place, day and hour of the meeting of the Members, and
the purpose or purposes for which the meeting is called, shall be delivered by or at the direction of the Managing Member, to each Member of record entitled to vote at such meeting not less than five (5) Business Days nor more than thirty
(30) calendar days prior to the meeting. Notwithstanding the foregoing, meetings of the Members may be held without notice so long as all the Members are present in person or by proxy. 

(e) Any action may be taken by the Members without a meeting if such action is authorized or approved by the written consent of Members
representing sufficient Membership Interests to authorize or approve such action pursuant to this Agreement at a meeting of all of the Members. The Members may conduct any Company business or take any action required of Members under this Agreement
through written consent. Where action is authorized by written consent no prior notice is required, and no meeting of Members needs to be called or noticed. A copy of any action taken by written consent must be sent promptly to all Members, and all
actions by written consent shall be filed with the minute books of the Company. 
 (f) The Managing Member is hereby authorized
by the Members to take any and all actions on behalf of the Company subject, in the case of Major Decisions and any transaction with an Interested Member, to the approval requirements in Section 8.3. 

(g) The voting power of each Membership Interest for purposes of any vote, consent or approval of Members required under this Agreement
or the Act shall be as follows: 
 (i) each Class A Membership Interest shall entitle its holder to one
vote; 
 (ii) each Class B Membership Interest shall entitle its holder to one vote; and 

(iii) each Member shall cast all of its votes of a particular class as one block of votes. 

Section 3.3. Management Rights 
 Except as otherwise provided under Section 8.3(d), no Member, in its capacity as such, other than the Managing Member, shall have any right, power or authority to take part in the management
or control of the business of, or transact any business for, the Company, to sign for or on behalf of the Company or to bind the Company in any manner whatsoever. Except as otherwise provided herein, the Managing Member shall not hold out or
represent to any third party that any other Member has any such power or right or that any Member is anything other than a member in the Company. A Member shall not be deemed to be participating in the control of the business of the Company by
virtue of its possessing or exercising any rights set forth in this Agreement or the Act or any other agreement relating to the Company. No Member or its Affiliates shall have any duty, fiduciary or otherwise, to refrain from engaging in the same or
similar activities or lines of business as the Company, the Members or any Affiliates thereof, and no Member or any Affiliate thereof shall be liable to the Company, any Member or any Affiliate thereof by reason of any such activities. 

  
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 Section 3.4. Other Activities. 

Notwithstanding any duty otherwise existing at law or in equity, any Member may engage in or possess an interest in other business
ventures of every nature and description, independently or with others, even if such activities compete directly with the business of the Company, and neither the Company nor any of the Members will have any rights by virtue of this Agreement in and
to such independent ventures or any income, profits or property derived from them. 
 Section 3.5. No Right to
Withdraw. 
 Subject to Section 9.3 and Section 9.4, no Member will have any right to voluntarily
resign or otherwise withdraw from the Company without the prior written consent of all remaining Members of the Company which consent may be given or withheld in their sole and absolute discretion. 

Section 3.6. Limitation of Liability of Members. 
 (a) Notwithstanding anything to the contrary set forth in this Agreement or under Applicable Law, neither the Managing Member nor any other Member will be liable to the Company, any Member (including the
Managing Member), or any other equity holder in or creditor of the Company for any action taken by or on behalf of the Company, except (i) for such actions as constitute gross negligence, fraud or willful misconduct of such Member, and
(ii) as otherwise provided in ARTICLE IX. Without limiting or reducing the foregoing, each Member’s liability will be limited as set forth in the Act. Except as otherwise required by the Act, the debts, obligations and
liabilities of the Company, whether arising in contract, tort or otherwise, will be the debts, obligations and liabilities solely of the Company, and the Members of the Company will not be obligated personally for any of such debts, obligations or
liabilities solely by reason of being a Member of the Company. 
 (b) Each of the Members will be fully protected in relying in
good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the Company by any other Person who is a Member, or any officer or employee of the Company, or by any other individual as to matters
the Members reasonably believe are within such other individual’s professional or expert competence, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Company
or any other facts pertinent to the existence and amount of assets from which distribution to the Members might properly be paid. 
 (c) To the extent that, at law or in equity, a Member, in its capacity as a member or manager of the Company or otherwise, has duties (including fiduciary duties) or liabilities relating thereto to the
Company or to any Member or other Person bound by this Agreement more expansive than those set forth in Section 3.6(a), such duties and liabilities are hereby limited to the extent permitted under the Act to those set forth in
Section 3.6(a); provided that this Section 3.6(c) or Section 3.6(a) will not be construed to limit obligations or liabilities expressly provided for in this Agreement (including the obligations with respect
to Capital Contributions) or any other Transaction Document; provided, further, that these limitations shall 

  
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not apply to Removal Events or a breach by any Member of its respective representations or covenants set forth herein. The provisions of this Agreement, to the extent that they restrict the
duties and liabilities of a Member, in its capacity as a member or manager of the Company or otherwise, otherwise existing at law or in equity, are agreed by the Members to replace such other duties and liabilities of such Member. 

Section 3.7. No Liability for Deficits. 
 Except to the extent otherwise provided by law with respect to third-party creditors of the Company, none of the Members will be liable to the Company for any deficit in its Capital Account, nor will such
deficits be deemed assets of the Company. 
 Section 3.8. Company Property. 

All property owned by the Company, whether real or personal, tangible or intangible and wherever located, will be deemed to be owned by
the Company, and no Member, individually, will have any ownership of such property. 
 Section 3.9. Retirement,
Resignation, Expulsion, Incompetency, Bankruptcy or Dissolution of a Member. 
 The retirement, resignation, expulsion,
Bankruptcy or dissolution of a Member will not, in and of itself, dissolve the Company. The successors in interest to the bankrupt Member shall, for the purpose of settling the estate, have all of the rights of such Member, including the same rights
and subject to the same limitations that such Member would have had under the provisions of this Agreement to Transfer its Membership Interest. A successor in interest to a Member will not become a substituted Member except as provided in this
Agreement. 
 Section 3.10. Withdrawal of Capital. 

No Member will have the right to withdraw capital from the Company or to receive or demand distributions (except as contemplated under
Section 4.1(b) and except as to distributions to which it is entitled under ARTICLE VI) or return of its Capital Contributions until the Company is dissolved in accordance with this Agreement and applicable provisions of the
Act. No Member will be entitled to demand or receive any interest on its Capital Contributions. 
 Section 3.11.
Representations and Warranties. 
 (a) The Sponsor Sub, in its capacity as Class B Member and Managing Member,
represents and warrants to the Company and each other Member, that all of the statements in this Section 3.11 shall be true and correct as of the Effective Date: 

(i) Organization, Good Standing, Etc. Sponsor Sub is a limited liability company duly organized, validly
existing and in good standing under the laws of the jurisdiction of its formation. Sponsor Sub has the limited liability company power and authority to own, lease and operate its properties and to carry on its business as now

  
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being conducted. Sponsor Sub is duly qualified to do business and is in good standing under the laws of each jurisdiction that its business requires it to be so qualified, except where the
failure to be so qualified would not adversely affect in a material manner all of the Projects owned by the Company taken as a whole, Sponsor Sub or the Company. 

(ii) Authority. Sponsor Sub has the limited liability company power and authority to enter into the Transaction
Documents to which it is a party, to perform its obligations under such Transaction Documents and to consummate the transactions contemplated thereby. The execution and delivery by Sponsor Sub of the Transaction Documents to which it is a party and
the consummation by Sponsor Sub of the transactions contemplated thereby have been duly and validly authorized by all necessary action required on the part of Sponsor Sub, and such Transaction Documents have been duly and validly executed and
delivered by Sponsor Sub. Each of the Transaction Documents to which Sponsor Sub is a party constitutes the legal, valid and binding obligation of Sponsor Sub, enforceable against it in accordance with the terms, subject to the effects of
Bankruptcy, insolvency, reorganization, moratorium and similar laws affecting enforcement of creditors’ rights and remedies generally and to general principles of equity. 

(iii) No Conflicts. The execution and delivery by Sponsor Sub of the Transaction Documents to which it is a party
and the performance by Sponsor Sub of its obligations under such Transaction Documents will not (A) violate any constitution, statute, law, ordinance, judgment, settlement, writ, regulation, rule, injunction, order, decree, ruling, charge or
other restriction of any Governmental Authority having jurisdiction, (B) conflict with or cause a breach of any provision in the organizational documents of Sponsor Sub, or (C) cause a breach of, constitute a default under, cause the
acceleration of, create in any party the right to accelerate, terminate, modify or cancel, or require any authorization, consent, waiver or approval under any contract, note, bond, mortgage, indenture, agreement, license, intellectual property
license or right, instrument, decree, judgment or other arrangement to which Sponsor Sub is a party or under which any of them is bound or to which any of their assets is subject (or result in the imposition of a security interest or encumbrance
upon any such assets), except (in the case of clauses (A) and (C)) for any that would not adversely affect in a material manner all of the Projects owned by the Company taken as a whole, Sponsor Sub or the Company.

 (iv) No Consent. All consents, approvals and filings then required to be obtained or made by Sponsor
Sub to execute, deliver and perform the Transaction Documents to which it is a party shall have been obtained or made and shall be in full force and effect. 
 (v) Absence of Litigation. There are no pending or, to the Knowledge of Sponsor Sub, threatened claims, disputes, governmental investigations, suits, actions (including, without limitation,
non-judicial real or personal property foreclosure actions), arbitrations, legal, administrative or other proceedings of any nature, domestic or foreign, criminal or civil, at law or in equity, of, in, or before any Governmental Authority or before
any arbitrator, and Sponsor Sub is not subject to any outstanding injunction, judgment, order, decree, ruling or charge, other than in each case any such instance that would not reasonably be expected to adversely affect in a material manner all of
the Projects owned by the Company taken as a whole, Sponsor Sub or the Company. 

  
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 (vi) Acknowledgment. Sponsor Sub acknowledges that, except with
respect to the representations and warranties expressly made by Investor and the Company in the Transaction Documents, neither Investor nor the Company has made any representation or warranty, either express or implied, under the Transaction
Documents. Without limiting the foregoing, Sponsor Sub acknowledges that neither Investor nor the Company has made any representation or warranty with respect to Sponsor Sub’s, or the Company’s, eligibility to claim investment tax credits
or the availability of other tax benefits or savings except as expressly set forth herein. 
 (vii) Accredited
Investor. Sponsor Sub is an “Accredited Investor” as such term is defined in Regulation D under the Securities Act. It has had a reasonable opportunity to ask questions of and receive answers from Investor concerning
(A) Investor, (B) the Company, and (C) the Class B Membership Interests, and all such questions have been answered to the full satisfaction of Sponsor Sub. Sponsor Sub understands that the Class B Membership Interests have not been
registered under the Securities Act in reliance on an exemption therefrom, and that the Class B Membership Interests must be held indefinitely unless the sale thereof is registered under the Securities Act, or an exemption from registration is
available thereunder, and that Investor is under no obligation to register the Membership Interests. Sponsor Sub is acquiring the Class B Membership Interests for its own account and not for the account of any other person and not with a view to
distribution or resale to others. 
 (viii) Taxes. 

(A) Sponsor Sub is an entity disregarded as separate from its owner for U.S. federal tax purposes, and such owner
(I) is a “United States person” within the meaning of Section 7701(a)(30) of the Code, and (II) is not subject to withholding under Section 1445 or Section 1446 of the Code. 

(B) No Taxes shall be imposed on the Company as a result of any obligation under any tax sharing arrangement, tax
indemnity agreement or other similar contract entered into by the Sponsor Sub, the Company or any of their Affiliates prior to the Effective Date. 
 (C) The Company is a newly-formed entity that has not yet filed and has not yet been required to file any Tax Returns. 

(D) No Person has extended or waived the application of any statute of limitations of any jurisdiction regarding the
assessment or collection of any Tax of or with respect to the Company and no power of attorney has been granted by or with respect to the Company with regard to any matters relating to Taxes. 

  
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 (E) No Taxes of or with respect to the Company are being contested, and
there are no audits, claims, assessments, levies, administrative or judicial proceedings pending, threatened, proposed (tentatively or definitely) or contemplated against, or regarding Taxes of or with respect to, the Company. 

(F) Immediately prior to the Effective Date the Company was a “disregarded entity” for federal income tax
purposes and had been such an entity since it was formed. No election has been filed to treat the Company as a corporation for federal, state or local income tax purposes. 

(G) The Company has no subsidiaries. 

(H) The participation of Sponsor Sub as a Member will not cause any part of the assets of the Company to be characterized
as “tax exempt use property” within the meaning of Section 168(h) of the Code and will not cause the Company to be an entity to which the provisions of Section 46(f) of the Code, as in effect on the day before the date of the
enactment of the Revenue Reconciliation Act of 1990, applies. 
 (b) The Managing Member makes the following additional
representations and warranties as to the Company to each other Member as of the Effective Date: 
 (i) Assets
and Liabilities. The Company is not a party to any contracts or agreements other than as contemplated herein. Prior to the Company’s execution and delivery of the Transaction Documents to which the Company is a party, it had no liabilities.
It has no debts or other liabilities other than as contemplated in the Transaction Documents or the Customer Agreements. 
 (ii) Employee Matters. The Company has no employees and has not maintained, sponsored, administered or participated in any employee benefit plan or arrangement. 

(c) Investor makes the following representations and warranties to the Company and each other Member as of the Effective Date:

 (i) Organization, Good Standing, Etc. Investor is a limited partnership duly organized, validly
existing and in good standing under the laws of the jurisdiction of its formation. Investor has the partnership power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Investor is duly
qualified to do business and is in good standing under the laws of each jurisdiction that its business requires it to be so qualified, except where the failure to be so qualified would not adversely affect in a material manner all of the Projects
owned by the Company taken as a whole, Investor or the Company. 

  
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 (ii) Authority. Investor has the partnership power and authority to
enter into the Transaction Documents to which it is a party, to perform its obligations under such Transaction Documents and to consummate the transactions contemplated thereby. The execution and delivery by Investor of the Transaction Documents to
which it is a party and the consummation by Investor of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary action required on the part of Investor, and such Transaction Documents have been duly
and validly executed and delivered by Investor. Each of the Transaction Documents to which Investor is a party constitutes the legal, valid and binding obligation of Investor, enforceable against it in accordance with the terms, subject to the
effects of Bankruptcy, insolvency, reorganization, moratorium and similar laws affecting enforcement of creditors’ rights and remedies generally and to general principles of equity. 

(iii) No Conflicts. The execution and delivery by Investor of the Transaction Documents to which it is a party and
the performance by Investor of its obligations under such Transaction Documents will not (A) violate any constitution, statute, law, ordinance, judgment, settlement, writ, regulation, rule, injunction, order, decree, ruling, charge or other
restriction of any Governmental Authority having jurisdiction, (B) conflict with or cause a breach of any provision in the organizational documents of Investor, or (C) cause a breach of, constitute a default under, cause the acceleration
of, create in any party the right to accelerate, terminate, modify or cancel, or require any authorization, consent, waiver or approval under any contract, note, bond, mortgage, indenture, agreement, license, intellectual property license or right,
instrument, decree, judgment or other arrangement to which Investor is a party or under which it is bound or to which any of its assets is subject (or result in the imposition of a security interest or encumbrance upon any such assets), except (in
the case of clauses (A) and (C)) for any that would not reasonably be expected to adversely affect in a material manner all of the Projects owned by the Company taken as a whole, Investor or the Company. 

(iv) No Consent. All consents, approvals and filings then required to be obtained or made by Investor to execute,
deliver and perform the Transaction Documents to which it is a party shall have been obtained or made and shall be in full force and effect. 
 (v) Absence of Litigation. There are no pending or, to the Knowledge of Investor, threatened claims, disputes, governmental investigations, suits, actions (including, without limitation,
non-judicial real or personal property foreclosure actions), arbitrations, legal, administrative or other proceedings of any nature, domestic or foreign, criminal or civil, at law or in equity, of, in, or before any Governmental Authority or before
any arbitrator, and Investor is not subject to any outstanding injunction, judgment, order, decree, ruling or charge, other than in each case any such instance that would not reasonably be expected to adversely affect in a material manner all of the
Projects owned by the Company taken as a whole, Investor or the Company. 

  
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 (vi) Accredited Investor. Investor is an “Accredited
Investor” as such term is defined in Regulation D under the Securities Act. It has had a reasonable opportunity to ask questions of and receive answers from Sponsor Sub concerning (A) the Company, and (B) the Class A Membership
Interests, and all such questions have been answered to the full satisfaction of Investor. Investor understands that the Class A Membership Interests have not been registered under the Securities Act in reliance on an exemption therefrom, and
that the Class A Membership Interests must be held indefinitely unless the sale thereof is registered under the Securities Act, or an exemption from registration is available thereunder, and that Investor is under no obligation to register the
Membership Interests. Investor is acquiring the Class A Membership Interests for its own account and not for the account of any other person and not with a view to distribution or resale to others. 

(vii) Information and Investment Intent. Investor recognizes that investment in the Membership Interests involves
substantial risks. It acknowledges that any financial projections that may have been provided to it are based on assumptions of future operating results developed by Sponsor Sub and Sponsor Sub’s advisers and, therefore, represent their best
good faith estimate of future results based on assumptions about certain events (some of which are beyond the control of Sponsor Sub and the Company). It understands that no assurances or representations can be given that the actual results of the
operations of the Company will conform to the projected results for any period. It has relied solely on its own legal, tax and financial advisers for its evaluation of an investment in the Membership Interests and not on the advice of Sponsor Sub or
Company or any of their respective legal, tax or financial advisers (with the exception of Sponsor Sub’s representations, on which Investor has relied and will rely). 

(viii) Acknowledgment. Investor acknowledges that, except with respect to the representations and warranties
expressly made by Sponsor Sub and the Company in the Transaction Documents, neither Sponsor Sub nor the Company has made any representation or warranty, either express or implied, under the Transaction Documents. Without limiting the foregoing,
Investor acknowledges that neither Sponsor Sub nor the Company has made any representation or warranty with respect to Investor’s or the Company’s eligibility to claim investment tax credits or the availability of other tax benefits or
savings, except as specifically provided herein. 
 (ix) Government Regulation. Investor is not subject to
regulation under the Federal Power Act and is not subject to regulation as an “electric utility,” under applicable state law. No governmental approvals are required for Investor to acquire the Class A Membership Interests. 

(x) Domestic Status. Investor (A) is a partnership for U.S. federal tax purposes, (B) is a “United
States person” within the meaning of Section 7701(a)(30) of the Code and (C) is not subject to withholding under Section 1445 or Section 1446 of the Code. 

(xi) Tax Character. The participation of Investor as a Member will not cause any part of the assets of the Company
to be characterized as “tax-exempt use 

  
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property” within the meaning of Section 168(h) of the Code and will not cause the Company to be an entity to which the provisions of Section 46(f) of the Code, as in effect on the
day before the date of the enactment of the Revenue Reconciliation Act of 1990, applies. 
 Section 3.12. Other
Covenants. 
 (a) United States Person. Each Member covenants to the Company and each other Member that it (or, if it
is an entity disregarded as separate from its owner for U.S. federal tax purposes, its owner for such purposes) will remain a “United States person” within the meaning of Section 7701(a)(30) of the Code and will not be subject to
withholding under Section 1446 of the Code. 
 (b) Tax Character. Each Member covenants to the Company and each
other Member that it is and will remain for federal income tax purposes a corporation (and not an “S-corporation”) that is not a Tax Exempt Entity, a partnership or a disregarded entity; provided, however, if, for
federal income tax purposes, a Class B Member is a partnership or a disregarded entity, then each beneficial owner of such Class B Member (or if such beneficial owner is a partnership or disregarded entity, then each beneficial owner of such
partnership or disregarded entity) is and will remain an individual or corporation (and not a “S-corporation”, partnership or disregarded entity) that is not a Tax Exempt Entity. The participation of such Member as a Member will not cause
any part of the assets of the Company to be characterized as “tax-exempt use property” within the meaning of Section 168(h) of the Code and will not cause the Company to be an entity to which the provisions of Section 46(f) of
the Code, as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990, applies. 
 (c)
Sources of Funding for Purchase of Projects. The sole sources of funding for the purchase of the Projects by the Company shall be the Capital Contributions of the Members. 

Section 3.13. Removal of Managing Member. 
 (a) Within ten (10) Business Days after the occurrence of a Removal Event, the Managing Member shall give the Class A Member written notice thereof. If a Removal Event occurs, the Class A
Member is entitled to remove the Managing Member by giving sixty (60) days’ written notice to the Managing Member of such removal, which shall take effect upon the expiration of such sixty (60)-day period unless the Managing Member cures
such Removal Event within such sixty (60)-day period (and as a result of such cure such Removal Event shall be deemed not to have occurred and the Managing Member will not be subject to removal as Managing Member as a result of such Removal Event).

 (b) If the Managing Member is so removed pursuant to Section 3.13(a), the Class A Member shall elect a
Person to succeed to all the rights, and to perform all of the obligations set forth for the Managing Member hereunder (the “Manager”), subject to the Company and/or the Manager obtaining any necessary prior governmental approvals.
The Person selected as the Manager shall (A) be either (i) an entity that, within the preceding six (6) years has owned or operated for a continuous period of at least three (3) years solar photovoltaic

  
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systems with an aggregate electricity output of at least 20 megawatts, or (ii) such other entity which is approved by the Class A Member (such approval not to be unreasonably withheld
or delayed) and (B) not be a direct competitor of the Managing Member (or any of its Affiliates). The entity chosen as Manager shall execute a counterpart to this Agreement. 

ARTICLE IV 

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; MEMBER LOANS 
 Section 4.1. Capital Contributions. 
 (a) The Members shall make
Capital Contributions to the Company on the Effective Date in the amounts shown in Schedule 4.2(d). In the case of Capital Contributions to fund payments required to be made on a Purchase Date under the Master EPC Agreement for a
particular Tranche, the Class A Member shall contribute, subject to Section 4.1(c), that amount, as determined pursuant to the Base Case Model for such Tranche, that will allow the Class A Member to reach the applicable Target
Internal Rate of Return by the Projected Flip Date. Notwithstanding the foregoing, in no event shall the Class A Members contribute more than ***% of a payment required to be made under the Master EPC Agreement for a particular Tranche. The
Class B Member shall make a Capital Contribution for the remainder of such payments required to pay the Net Purchase Price payable on that Purchase Date. 
 (b) If the True-Up Report delivered under the Master EPC Agreement indicates that the System Purchase Price for all Purchased Systems has left a balance owed to Developer, then, subject to
Section 4.1(c), the Class A Member shall contribute the amount the True-Up Base Case Model projects will allow the Class A Member to reach its Target Internal Rate of Return by the Projected Flip Date (but in no event more than
***% of the amount owed to Developer), and the Class B Member shall make a Capital Contribution for the remainder. If the True-Up Report indicates that the System Purchase Price for all Purchased Systems has left a credit owed to the Company, then
upon receipt of the refund from Developer, the Company shall distribute the refund, as a return of capital, to the Class A Member up to the amount the True-Up Base Case Model projects will allow the Class A Member to reach its Target
Internal Rate of Return by the Projected Flip Date, and the Company shall distribute the remainder of the refund to the Class B Member as a return of capital. For the avoidance of doubt, distributions made to Members under this
Section 4.1(b) shall not reduce or have any effect on the Members’ Capital Contributions. 
 (c)
Notwithstanding anything to the contrary in this Agreement, the total amount of capital contributed by the Class A Member under Section 4.1(a), Section 4.1(b) and any other provision in this Agreement will not exceed the
Investor Contribution Cap. 
 (d) The Members will have no obligation to make any Capital Contributions other than as described
in this Section 4.1. All Capital Contributions required to be made under Section 4.1(a) and Section 4.1(b) will be made no later than when the Company is required to make payments under the Master EPC Agreement.

  

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 (e) Notwithstanding the above, the obligation of the Class A Members to make Capital
Contributions to fund any payments required under the Master EPC Agreement for a particular Tranche shall be subject to the Class B Member’s making its Capital Contribution for its portion of the respective payment and Developer’s
satisfaction of the conditions precedent in Section 2.3 of the Master EPC Agreement. 
 Section 4.2. Capital
Accounts. 
 (a) A capital account (a “Capital Account”) shall be established and maintained for each
Member in the manner required by the Treasury Regulations under Section 704(b) of the Code. 
 (b) A Member’s Capital
Account shall be increased by (i) the amount of money the Member contributes to the Company, (ii) the net value of any other property the Member contributes to the Company (i.e., the fair market value of the property net of
liabilities secured by the property that the Company is considered to assume or take subject to under Section 752 of the Code), (iii) the Net Income and items thereof allocated to the Member under Section 5.1, and (iv) any
items of income and gain allocated to the Member, including any income or gain that is exempted from tax. A Member’s Capital Account shall be decreased by (A) the amount of money distributed to the Member by the Company, (B) the net
value of any other property distributed to the Member by the Company (i.e. the fair market value of the property net of liabilities secured by the property that the Member is considered to assume or take subject to under Section 752 of the
Code), (C) the Net Loss and items thereof allocated to the Member under Section 5.1, and (D) any items of loss or deduction allocated to the Member. The Members’ Capital Accounts shall be maintained and adjusted as
required by the provisions of Treasury Regulations Sections 1.704-1(b)(2)(iv) and 1.704-1(b)(4), including adjustments to reflect the allocations to the Members of depreciation, depletion, amortization and gain or loss as computed for
book purposes rather than the allocation of the corresponding items as computed for tax purposes, as required by Treasury Regulations Section 1.704-1(b)(2)(iv)(g). 
 (c) The Company’s property shall be revalued, and the Capital Accounts of the Members shall be reset to reflect a revaluation as directed by Treasury
Regulations Section 1.704-1(b)(2)(iv)(f), immediately prior to the following events: (i) if any new or existing Member makes a more than de minimis Capital Contribution in exchange for new or additional Membership Interests,
(ii) if more than a de minimis amount of money or other property is distributed by the Company to a Member to redeem all or any portion of its Membership Interest, or (iii) if the Company is liquidated within the meaning of Treasury
Regulations Section 1.704-1(b)(2)(ii)(g). 
 (d) For federal income tax purposes, each of the initial Members will be
treated as acquiring an interest in a new partnership in exchange for its initial Capital Contribution on the Effective Date and as each Member makes additional Capital Contributions its Capital Account will increase. The Company will be a
disregarded subsidiary of Sponsor for federal income tax purposes prior to receiving the initial Capital Contributions. The initial Capital Account balances and Percentage Interest of each Member on the Effective Date are shown in
Schedule 4.2(d). 

  
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 (e) The Capital Account balances and Percentage Interest of each Member are shown in
Schedule 4.2(d). The Managing Member shall update Schedule 4.2(d) from time to time as necessary to keep the information current. Any such updating will be consistent with the manner in which this ARTICLE IV
requires that the Capital Accounts be maintained. Any reference in this Agreement to Schedule 4.2(d) will be treated as a reference to Schedule 4.2(d) as amended and in effect from time to time. 

(f) If all or a portion of a Membership Interest in the Company is transferred in accordance with the terms of this Agreement, then the
transferee shall succeed to the Capital Account of the transferor to the extent it relates to the Membership Interest so transferred. 
 (g) The provisions of this Agreement relating to maintenance of Capital Accounts are intended to comply with Treasury Regulations Sections 1.704-1 and 1-704-2, and will be interpreted and
applied in a manner consistent with such Treasury Regulations or any successor provision. 
 Section 4.3. Member
Loans. 
 (a) If the Company does not have sufficient cash to pay its obligations (a “Cashflow Shortfall”)
and the Managing Member determines in its reasonable discretion to request a Member Loan under this Section 4.3, the Managing Member shall give each Member notice (a “Shortfall Notice”) of such Cashflow Shortfall not
later than thirty (30) days prior to the date such funds are needed (the “Shortfall Funding Date”). Each Member shall have twenty (20) days after receipt of a Shortfall Notice to notify the Manager that it wishes to
participate in loans to the Company in connection with any Cashflow Shortfall, and each such notice from a Member shall include the amount such Member wishes to provide. In the event that more than one Member elects to participate in loans to the
Company under this Section 4.3, such Members shall be allowed to participate ratably in proportion to the Sharing Percentage of all such participating Members. Member Loans by Members described in this Section 4.3 shall be
repaid on each Distribution Date solely out of Distributable Cash that would otherwise be distributed to Members after any distributions required to be made pursuant to Section 4.1(b) or Section 6.1(a)(i)(A) are made, on a
pro rata basis in accordance with the amount each such Member participates in such Member Loans. Each Member Loan shall be pari passu with all other Member Loans pursuant to this Section 4.3, and no Member shall have the
right to accelerate the repayment of such loan.
 (b) Any Member Loan made by any Member pursuant to this
Section 4.3 shall bear interest at a rate equal to the lesser of (i) the Target Internal Rate of Return or (ii) the Reference Rate plus two percent (2%), unless a lower rate of interest is otherwise agreed to by any such Member
in its sole discretion. Interest on each Member Loan pursuant to this Section 4.3 shall accrue and, if not paid in accordance with this Section 4.3, be compounded to the principal amount thereof on each Distribution Date.

 (c) A Member Loan made by any Member pursuant to this Section 4.3 shall be evidenced by a note substantially in
the form of Exhibit D. The Company shall, and the Managing Member shall cause the Company to, apply in accordance with the provisions of this Section 4.3 all amounts of Distributable Cash to the payment of principal of all
outstanding 

  
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Member Loans (together with accrued interest thereon and all other amounts due in respect thereof) made pursuant to this Section 4.3 and, unless and until the outstanding principal
amount of all such Member Loans together with all interest thereon and all other amounts due in respect thereof is repaid in full, there shall be no distributions to the Members under this Agreement pursuant to ARTICLE VI or otherwise,
except in each case distributions required to be made pursuant to Section 4.1(b) or Section 6.1(a)(i)(A). 
 (f) Each Member Loan by any Member pursuant to this Section 4.3 constitutes a loan from such Member to the Company and is not a Capital Contribution. 

ARTICLE V 

ALLOCATIONS 
 Section 5.1. Allocations. 
 Except as provided in
Section 5.2 or Section 10.2, Net Income and Net Loss, and each item of income, gain, loss, deduction and credit of the Company for each Fiscal Year or any other period, shall be allocated among the Members as follows:

 (a) During the Pre-Flip Period, ***% to the Class A Members and ***% to the Class B Members; and 

(b) for the period beginning after the Flip Date, 

(i) first, to the Class A Members, Net Income or items of income or gain in an amount equal to the amount
distributed, or to be distributed, to such Members pursuant to Section 6.1(a)(ii)(A) for such Fiscal Year or other period; and 
 (ii) second, of the remaining Net Income, Net Loss, and items of income, gain, loss, deduction and credit, ***% to the Class A Members and ***% to the Class B Members. 

If there is more than one Class A Member or Class B Member, allocations to the Class A Members or the Class B Members, as
applicable, pursuant to this Section 5.1 shall be shared among the Class A Members or the Class B Members, as the case may be, in proportion to their respective Percentage Interests. Each Member’s Percentage Interest multiplied
by its percentage allocation applicable to such Member under subparagraphs (a) and (b)(ii) of this Section 5.1 as in effect at any time and from time to time shall be referred to as that Member’s “Sharing
Percentage.” 
 Section 5.2. Adjustments. 

The following adjustments shall be made in the allocations in Section 5.1 to comply with Treasury Regulations
Section 1.704-1(b) and Section 1.704-2: 
 (a) In any Fiscal Year in which there is a net decrease in Company Minimum
Gain, income and gain in the amount of the net decrease shall be allocated to Members in the ratio required by Treasury Regulations Section 1.704-2 or any successor provision. This clause is intended to constitute a “minimum gain
chargeback” as provided by Treasury Regulations Section 1.704-2(f) and this clause will be construed accordingly. 

  

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 (b) In any Fiscal Year in which there is a net decrease in Minimum Gain Attributable to
Member Nonrecourse Debt, then income or gain in the amount of the net decrease shall be allocated to each Member who was considered to have had a share of such Minimum Gain Attributable to Member Nonrecourse Debt at the beginning of the Fiscal Year
in the ratio required by Treasury Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii) or any successor provisions. This clause is intended to constitute a “chargeback of partner nonrecourse debt minimum gain” as provided by
Treasury Regulations Section 1.704-2(i)(4) and this clause will be construed accordingly. 
 (c) Each Member’s
Adjusted Capital Account balance for purposes of making other allocations under this ARTICLE V will be the balance after taking into account the allocations under Sections 5.2(a) and (b). 

(d) No losses or deductions may be allocated to a Member to the extent the allocation would lead or add to a deficit in the Member’s
Adjusted Capital Account. Losses or deductions that cannot be allocated to a Member by reason of this Section 5.2(d) shall be allocated to the other Members in proportion to their Sharing Percentages, subject to the limitation in the
preceding sentence. 
 (e) In the event any Member unexpectedly receives any adjustments, allocations or distributions described
in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of gross income and gain shall be specially allocated to the Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury
Regulations, any deficit in the Member’s Adjusted Capital Account as quickly as possible. However, an allocation shall be made under this Section 5.2(e) only if and to the extent that the Member would have a deficit in its Adjusted
Capital Account after all other allocations provided for in Section 5.1 and Section 5.2 have been tentatively made as if this Section 5.2(e) were not in this Agreement. This clause is intended to constitute a
“qualified income offset” as provided by Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and this clause will be construed accordingly. 
 (f) In the event that any Member has a deficit in its Adjusted Capital Account at the end of any Fiscal Year or other period after all the other allocations in Section 5.1 and
Section 5.2 (other than Section 5.2(e)) have been taken into account, then the Member shall be specially allocated items of Company income and gain as quickly as possible to eliminate the deficit to the extent permitted under
Section 471 of the Code. 
 (g) Member Nonrecourse Deductions will be allocated in the manner specified in Treasury
Regulations Section 1.704-2(i)(1). Nonrecourse Deductions for any Fiscal Year shall be allocated to the Members in the same ratio as other partnership items under Section 5.1 or Section 10.2(c) and
Section 10.2(d), as applicable. 

  
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 (h) If the Company distributes property to a Member in liquidation of the Membership
Interest of the Member and there is an adjustment in the adjusted tax basis of Company property under Section 734(b) of the Code, there shall be a corresponding adjustment to the Capital Account of the Member receiving the distribution. If the
Company distributes cash to a Member in excess of its outside basis in its Membership Interest, leading to an adjustment in the inside basis of the Company property under Section 743(b) of the Code, solely for purposes of adjusting Capital
Accounts of the Members, the adjustment in the inside basis shall be treated as gain or loss and be allocated among the Members in the same ratio as other gain or loss for the Fiscal Year in which the adjustment occurs. This provision is intended to
comply with Treasury Regulations Sections 1.704-1(b)(2)(iv)(m)(2) and (4) and shall be interpreted consistently therewith. 
 (i) The allocations in this Section 5.2 are intended to comply with the Treasury Regulations. To the extent the Company can do so consistently with the Treasury Regulations, such allocations
(including those likely to occur in the future) shall be taken into account in allocating other items of income, gain, loss and deduction among the Members so that, to the extent possible, the net amount of such allocation of other items and the
allocations pursuant to this Section 5.2 shall be equal to the net amount of the allocations under this ARTICLE V and Section 10.2 to each Member that would have been made if this Agreement did not have clauses
(a) through (i) of this Section 5.2. 
 Section 5.3. Tax Allocations. 

(a) All tax items of Company income, gain, deduction, loss and credit for each Fiscal Year or other period shall be allocated in the same
proportions as Net Income and Net Loss for such Fiscal Year were allocated under Section 5.1 and Section 5.2. 
 (b) Notwithstanding Section 5.3(a), if, as a result of contributions of property by a Member to the Company or an adjustment to the Gross Asset Value of Company assets pursuant to this
Agreement, there is a difference between the adjusted basis of an item of Company property for federal income tax purposes and as determined under the definition of Gross Asset Value, allocations of income, gain, loss and deduction shall be made
among the Members so as to take into account the difference using the traditional method described in Treasury Regulations Section 1.704-3(b). 
 (c) Allocations pursuant to this Section 5.3 are solely for purposes of federal, state and local income taxes and shall not affect, or in any way be taken into account in computing, any
Member’s Capital Account. 
 (d) To the extent that an adjustment to the adjusted tax basis of any Company asset is made
pursuant to Section 743(b) of the Code as the result of a purchase of a Membership Interest in the Company, any adjustment to the depreciation, amortization, gain or loss resulting from such adjustment shall affect the transferee only and shall
not affect the Capital Account of the transferor or transferee. In such case, the transferee shall be required to provide to the Company (i) information about the allocation of any step-up or step-down in basis to the Company’s assets and
(ii) the depreciation or amortization method for any step-up in basis to the Company’s assets. 
 (e) The Members are
aware of the tax consequences of the allocations made by this Section 5.3 and agree to be bound by the provisions of this Section 5.3 in reporting their shares of items of Company income, gain, loss, deduction and credit.

  
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 Section 5.4. Transfer or Change in Membership Interest. 

If the respective Membership Interests or allocation ratios described in this ARTICLE V of the existing Members in the
Company change or if a Membership Interest is Transferred in compliance with this Agreement to any other Person, then, for the Fiscal Year or other period in which the change or Transfer occurs, Net Income and Net Loss shall be allocated, as between
the Members for the Fiscal Year in which the change occurs or between the transferor and transferee, by taking into account their varying interests using any method permitted by Section 706 of the Code and the Treasury Regulations (such as an
interim-closing-of-the-books or a proration method) as agreed to by the Members. 
 ARTICLE VI 

DISTRIBUTIONS 
 Section 6.1. Distributions. 
 (a) Except as otherwise provided in
Section 4.1(b), this ARTICLE VI or Section 10.2, Distributable Cash shall be distributed to the Members as follows: 
 (i) for each Distribution Date during the Pre-Flip Period, 
 (A)
First, *** immediately preceding such Distribution Date, plus any *** for any prior Distribution Date; and 

(B) Second, ***% of the remainder to the Class A Members, and ***% of the remainder to the Class B Members; and

 (ii) for each Distribution Date thereafter, 

(A) First, *** immediately preceding such Distribution Date, plus any *** for any prior Distribution Date; and

 (B) Second, ***% of the remainder to Class A Members, and ***% of the remainder to Class B Members.

 (b) Distributions pursuant to this Section 6.1 shall be made by the Managing Member on each Distribution Date,
unless otherwise indicated. 
 (c) Notwithstanding anything to the contrary set forth in Section 6.1(a), any
indemnity or similar payments for a Tax Loss paid to the Company pursuant to the Master EPC 

  

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Agreement or otherwise received by the Company that compensate the Company for (or otherwise substitute for) Tax Credits, deductions or losses that would have been allocated pursuant to
Section 5.1(a) shall be distributed ***% to the Class A Members and ***% to the Class B Members within five (5) Business Days after the receipt of such payments by the Company. 

Section 6.2. Withholding Taxes. 
 (a) If the Company is required to withhold Taxes with respect to any allocation or distribution to any Member pursuant to any applicable federal, state or local Tax laws, the Company may, after first
notifying the Member and permitting the Member, if legally permitted, to contest the applicability of such Taxes, withhold such amounts and make such payments to Taxing authorities as are necessary to ensure compliance with such Tax laws. Any funds
withheld by reason of this Section 6.2 will nonetheless be deemed distributed to the Member in question for all purposes under this Agreement. If the Company did not withhold from actual distributions any amounts it was required to
withhold, the Company may, at its option, (i) require the Member to which the withholding was credited to reimburse the Company for such withholding, or (ii) reduce any subsequent distributions to that Member by the amount of such
withholding. This obligation of a Member to reimburse the Company for Taxes that were required to be withheld shall continue after such Member Transfers its Membership Interests in the Company. Each Member agrees to furnish the Company with any
representations and forms as will reasonably be requested by the Company to assist it in determining the extent of, and in fulfilling, any withholding obligations it may have. 
 Section 6.3. Limitations upon Distributions. 
 No distribution shall
be made if such distribution would violate any contract or agreement to which the Company is then a party or any Applicable Law then applicable to the Company. 
 Section 6.4. No Return of Distributions. 
 Any distribution of cash or
property pursuant to this Agreement shall be treated as a compromise within the meaning of Section 18-502(b) of the Act (subject to the adjustments provided in Section 6.5(d) and Section 6.5(e)) and, to the full extent
permitted by law, any Member receiving the payment of any such money or distribution of any such property will not be required to return any such money or property to any Person, the Company or any creditor of the Company. However, if any court of
competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to return such money or property, then such obligation will be the obligation of such Member and not of the other Members. Without limiting
the generality of the foregoing, a deficit Capital Account of a Member will not be deemed to be a liability of such Member nor an asset or property of the Company. 

  

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 Section 6.5. Calculation of Internal Rate of Return. 

(a) Tracking Progress. The Managing Member shall track the progress of the Class A Member in reaching the Target Internal
Rate of Return and make reports to the Members as contemplated in ARTICLE VII. 
 (b) Notice of Date. The
Managing Member shall notify the Members in writing on or before the earlier of (i) fifteen (15) calendar days before the Calculation Date upon which the Managing Member expects the Class A Member to achieve the Target Internal Rate
of Return and (ii) thirty (30) calendar days before making any liquidating distributions in connection with a liquidation of the Company under Section 10.1. The notice shall include the Tracking Model showing the Managing
Member’s calculations and, in the case of a notice delivered in connection with a liquidation, the allocations and distributions that the Managing Member proposes to make to the Class A Member under Section 10.2 in light of the
calculations. 
 (c) Calculation Conventions. The Managing Member shall use the following assumptions and conventions to
calculate the Internal Rate of Return: 
 (i) It will assume that each of the Fixed Tax Assumptions is correct,
except to the extent a Fixed Tax Assumption is incorrect due to breach of a representation or covenant by Sponsor, any Class B Member, Managing Member or any of their Affiliates in the Transaction Documents. In all other respects, Tax Credits and
taxable income and loss of the Company for any taxable period will be calculated based on the amounts actually allocated in accordance with the federal income tax accounting methods and tax elections actually used with respect to such period by the
Company in the preparation of its federal income tax reports and returns, or as adjusted on any amended return or as a result of a federal income tax audit of the Company or the Class A Member; provided however, any adverse tax
results (including any recapture, loss or disallowance of all or a portion of a Tax Credit) will be ignored for purposes of such calculation if caused by (A) the breach of a representation or covenant by the Class A Member in this
Agreement, (B) the Class A Member taking a position on any Tax Return that is inconsistent with the Company Tax Returns unless in the opinion of nationally recognized tax counsel selected by the Class A Member and reasonably
acceptable to the Class B Member the position taken by the Class A Member is more likely than not correct, or (C) a Transfer by the Class A Member of all or a portion of its Membership Interest. Notwithstanding anything in this
Agreement to the contrary, the calculation of Tax Credits and taxable income and loss will not take into account Section 199 of the Code. 
 (ii) Each Class A Member will be assumed to have owned its Membership Interest since the Effective Date. 
 (iii) The taxable income and loss of the Company will be treated as earned ratably during the Fiscal Year or other period with the result that the Taxes on such income, gain or benefit from the losses
allocated to the Class A Members will be treated as having been paid or received in four equal installments on the respective estimated tax payment dates for a December 31 corporate taxpayer during the Fiscal Year or other period, except
that Tax Credits for placing in service any Projects during a Fiscal Year or other period will be treated as earned on the last day of the Quarter in which Tax 

  
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Credit is actually earned and except that, in the Fiscal Year or other period in which the Flip Date occurs, the taxable income or loss allocated to the Class A Member for the Pre-Flip
Period will be allocated ratably to each of the four estimated tax payment dates during the Fiscal Year or other period, and the post-Flip Date amounts will be treated similarly. 

(d) End-of-Year True Up. If the federal income Tax Return that the Company files for the Fiscal Year in which the Target Internal
Rate of Return is treated as having been achieved suggests that the Target Internal Rate of Return was not achieved in the month the Company assumed for reasons other than inaccuracy of the Fixed Tax Assumptions (unless they are incorrect due to
breach of a representation or covenant by Sponsor, any Class B Member, Managing Member or any of their Affiliates in the Transaction Documents) or the calculation assumptions and conventions in Section 6.5(c), then the Managing Member
will recalculate when the Target Internal Rate of Return was achieved and send a new notice to the Members that will be subject to the same dispute resolution procedures in Section 11.11(b) as the original notice; provided that a
disagreeing Member must notify the Managing Member of its disagreement with the revised calculation within sixty (60) calendar days after receipt. The Managing Member shall also calculate the shortfall in or excess Distributable Cash, in
present-value terms using the Target Internal Rate of Return as the discount rate, that the Class A Member received as a consequence of the earlier miscalculation. The shortfall or excess will be grossed up (without duplication for any tax
detriment taken into account in calculating when the Target Internal Rate of Return was reached) for income taxes payable thereon assuming an income tax rate equal to the Corporate Tax Rate, calculated by dividing such shortfall or excess by 100%
minus such income tax rate (such shortfall or excess increased by the tax gross up, the “Cash Difference”). Once the revised calculation becomes final, the percentages in Section 6.1 will be adjusted to the maximum
extent necessary to correct, on a present-value basis calculated at the Target Internal Rate of Return, the Cash Difference. The revised percentages will remain in effect until the Cash Difference has been eliminated. 

(e) Curative Flip Allocations. If, after filing the federal income Tax Return for the year in which the Company treated the Target
Internal Rate of Return as having been achieved, there is a change in the taxable income or loss or Tax Credits the Company reported for the period through the end of the month in which the Target Internal Rate of Return was assumed to have been
achieved for reasons other than inaccuracy of the Fixed Tax Assumptions (unless they are incorrect due to breach of a representation or covenant by Sponsor, any Class B Member, Managing Member or any of their Affiliates in the Transaction Documents)
or the calculation assumptions and conventions in Section 6.5(c) and the Company has not yet made liquidating distributions under Section 10.2, then there will be a “Curative Flip Allocation.” The Managing
Member will determine the difference between the Target Internal Rate of Return and the Internal Rate of Return the Class A Members actually achieved through the last Distribution Date the Company distributed cash under
Section 6.1(a)(i). The sharing percentages in Section 6.1 will be adjusted for subsequent distributions to the maximum extent necessary to increase or decrease (as appropriate) the Class A Members’ Internal Rate of
Return to the Target Internal Rate of Return as of such date. Such change in sharing percentages will remain in effect until, and to the extent necessary so that, the difference between the Target Internal Rate of Return and the actual Internal Rate
of Return is eliminated. The Internal Rate of Return the Class A Members actually achieved will be calculated using the Fixed Tax Assumptions (unless 

  
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they are incorrect due to breach of a representation or covenant by Sponsor, any Class B Member, Managing Member or any of their Affiliates in the Transaction Documents) and the calculation
assumptions and conventions in Section 6.5(c). If an event occurs that would have triggered a Curative Flip Allocation but for the fact that the Class B Members have already purchased the Membership Interests of the Class A Members
under Section 9.4 of this Agreement or but for the fact that the Company has liquidated, then, as appropriate, the Class B Members will pay in cash, within thirty (30) calendar days after such event, the economic equivalent of the
Curative Flip Allocation as additional purchase price for the Class A Membership Interests, or the Class A Members will pay in cash, within thirty (30) calendar days after such event, the economic equivalent of the Curative Flip
Allocation as a reduction in purchase price for the Class A Membership Interests. 
 ARTICLE VII 

ACCOUNTING AND RECORDS 
 Section 7.1. Reports. 
 (a) The Managing Member will prepare and
deliver to each Member (i) after the end of each month written reports regarding the performance of the Host Customers under the Customer Agreements (an “Operations Report”) and the status of PV System milestones, it being
understood that delivery to the Company of reports in the form of Exhibit E and Exhibit G, respectively, to the Maintenance Services Agreement shall satisfy this obligation; (ii) at least two calendar days prior to each distribution made
under ARTICLE VI, a written report calculating the distributions for the relevant Distribution Date; and (iii) after the end of each Quarter a written report regarding (A) electricity generated by and (B) RECs and
Government Incentives arising from the Projects owned by the Company, it being understood that delivery to the Company of a report in the form of Exhibit F to the Maintenance Services Agreement shall satisfy this obligation. Simultaneously with the
delivery of each such report, the Managing Member shall electronically transmit to the Members all of the data set forth in such reports in Excel format. 
 (b) At least once every Fiscal Year during the Recapture Period and thereafter at least once every Quarter, the Managing Member will (i) run the Tracking Model and calculate whether the Class A
Member has reached the Target Internal Rate of Return, and (ii) not later than sixty (60) days after the end of each Fiscal Year during the Recapture Period and thereafter after the end of each Quarter, send the Class A Member a
report showing where it believes the Class A Member is in relation to the Target Internal Rate of Return (the “IRR Report”). Simultaneously with the delivery of the IRR Report, the Managing Member shall electronically transmit
to the Members all of the data set forth in such reports in Excel format. 
 (c) The Managing Member will, at least once every
Quarter from the Effective Date through the end of the first complete Quarter following the end of the Recapture Period, notify each Member in writing of each event during any prior Quarter that resulted in any recapture or disallowance of, or
inability to claim, any Tax Credits. 

  
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 (d) The Managing Member will submit to each Member (i) any notice of a breach, default
or event of default received by the Managing Member under any Customer Agreement or Transaction Document within five (5) Business Days after the Managing Member’s receipt thereof and (ii) notice of any default by a counterparty under
any Customer Agreement or Transaction Document within five (5) Business Days after Managing Member’s knowledge thereof, which (in the case of clause (ii)) in the Managing Member’s determination, would reasonably be expected to
adversely affect in a material manner all of the Projects owned by the Company taken as a whole, the Company or any Member. 

Section 7.2. Books and Records and Inspection. 
 (a) The Managing Member will, on behalf of the Company, maintain full and accurate books of account, financial records and supporting documents, which will in all material respects reflect, completely,
accurately and in reasonable detail, each transaction of the Company, and such other matters as are customarily entered into the records or maintained by Persons engaged in a business of like character or as are required by law. The books of
account, financial records, and supporting documents and the other documents and writings of the Company will be kept and maintained by the Managing Member at the principal office of the Company. The financial records and reports of the Company will
be kept in accordance with GAAP and kept on an accrual basis. 
 (b) In addition to and without limiting the generality of
Section 7.2(a), the Managing Member will, on behalf of the Company, maintain at the Company’s principal office: 
 (i) true and full information regarding the status of the financial condition of the Company, including any financial statements for the three (3) most recent years; 

(ii) promptly after becoming available, a copy of the Company’s federal, state and local income Tax Returns for each
year; 
 (iii) minutes of the proceedings of the Members and the Managing Member; 

(iv) a current list of the name and last known business, residence or mailing address of each Member; 

(v) a copy of this Agreement, the Company’s Certificate of Formation, and all amendments thereto, together with
executed copies of any written powers of attorney pursuant to which such agreements and Certificates of Formation and all amendments thereto have been executed and copies of written consents of Members; 

(vi) true and full information regarding the amount of cash and a description and statement of the agreed value of any
other property and services contributed by each Member, and the date upon which each became a Member; and 

(vii) copies of records that would enable a Member to determine the Member’s relative shares of the Company’s
distributions and the Member’s relative voting rights. 

  
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 (c) Upon at least five (5) Business Days’ prior notice to the Managing Member, all
books and records of the Company will be open to inspection and copying by any of the Members or their Representatives during business hours and at such Member’s expense, for any purpose reasonably related to such Member’s interest in the
Company; provided that any such inspection or copying is conducted in a manner which does not unreasonably interfere with the Company’s business. 
 Section 7.3. Bank Accounts, Notes and Drafts. 
 (a) All funds not
reasonably required for the near-term working capital needs of the Company or to fund distributions on the next Distribution Date will be placed in Permitted Investments, which investments will have a maturity appropriate for the anticipated cash
flow needs of the Company. All Company funds will be deposited and held in accounts that are separate from all other accounts maintained by the Members, and the Company’s funds will not be commingled with any other funds of any other Person,
including the Managing Member, any Member or any Affiliate (other than the Company itself as applicable) of the Managing Member or a Member. 
 (b) The Members acknowledge that the Managing Member may maintain Company funds in accounts, money market funds, certificates of deposit, other liquid assets in excess of the insurance provided by the
Federal Deposit Insurance Corporation, or other depository insurance institutions and that the Managing Member shall not be accountable or liable for any loss of such funds resulting from failure or insolvency of the depository institution, so long
as any such maintenance of funds is in compliance with Section 7.3(a). 
 (c) Checks, notes, drafts and other orders
for the payment of money shall be signed by such Persons as the Managing Member from time to time may authorize. When the Managing Member so authorizes, the signature of any such Person may be a facsimile. 

Section 7.4. Financial Statements. 
 (a) Within sixty (60) calendar days after the end of each Quarter (excluding the Quarter ending on the last day of each Fiscal Year), the Managing Member shall furnish to each Member unaudited
financial statements prepared in accordance with GAAP with respect to such Quarter for the Company consisting of (A) a balance sheet showing the Company’s financial position as of the end of such Quarter, (B) profit and loss
statements for the Company for such Quarter, and (C) a statement of cash flows for the Company for such Quarter. 
 (b) As
soon as practical after the end of each Fiscal Year, but in any event within one hundred twenty (120) calendar days after the end of the Fiscal Year, the Managing Member shall furnish to each Member financial statements with respect to such
Fiscal Year for the Company, prepared in accordance with GAAP, that are audited and certified by the Independent Accounting Firm, consisting of (A) a balance sheet showing the Company’s financial position as of the end of such Fiscal Year,
(B) profit and loss statements for the Company for such Fiscal Year, (C) a statement of cash flows for the Company for such Fiscal Year and (D) related footnotes. 

  
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 Section 7.5. Partnership Status and Tax Elections. 

(a) The Members intend that the Company will be taxed as a partnership for United States federal, state and local income tax purposes.
The Members agree not to elect to be excluded from the application of Subchapter K of Chapter 1 of Subtitle A of the Code or any similar state statute with respect to their Membership Interests and agree not to elect for the Company
to be treated as a corporation, or an association taxable as a corporation, under the Code or any similar state statute. 
 (b)
The Company shall make the following elections on the appropriate Tax Returns: 
 (i) to the extent permitted
under Section 706 of the Code, to adopt as the Company’s taxable year a year that ends on December 31 as long as such taxable year remains the Company’s “majority interest taxable year,” as defined in Treasury
Regulations Section 1.706-1(b)(2); 
 (ii) to adopt the accrual method of accounting; 

(iii) if a distribution of the Company’s property as described in Section 734 of the Code occurs or a transfer
of Membership Interest as described in Section 743 of the Code occurs, on request in writing from any Member, to elect, pursuant to Section 754 of the Code to adjust the basis of the Company’s properties; 

(iv) to elect to amortize the organizational expenses of the Company ratably over a period of one hundred eighty
(180) months as permitted by Section 709(b) of the Code; 
 (v) to elect out of any “bonus
depreciation” otherwise available under Section 168(k) of the Code; and 
 (vi) if approved in writing
by Members representing a Required Majority Vote, any other election the Managing Member may deem appropriate. 
 (c) The
Company shall file an election under Section 6231(a)(1)(B)(ii) of the Code and the Treasury Regulations thereunder to treat the Company as a partnership to which the provisions of Sections 6221 through 6234 of the Code, inclusive, apply.

 (d) At the request of the Class A Member, the Managing Member shall engage the Independent Accounting Firm to perform a
cost segregation report in respect of any PV Systems identified by the Class A Member. 

  
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 Section 7.6. Company Tax Returns. 

The Managing Member shall prepare all Tax Returns of the Company, in Consultation with the Members. The Managing Member, in Consultation
with the other Members, may extend the time for filing any such Tax Returns as provided for under applicable statutes. The Managing Member shall, on behalf of the Company, retain the Independent Accounting Firm to prepare or review Tax Returns and
information returns for the Company. Each Member shall provide such information, if any, as may be reasonably needed by the Company for purposes of preparing such Tax Returns; provided that such information is readily available from regularly
maintained accounting records. At least thirty (30) calendar days prior to filing Tax Returns and information returns, the Managing Member shall deliver to the other Members for their review a copy of the Tax Returns and information returns in
the form proposed to be filed, and shall incorporate all reasonable changes or comments to such proposed Tax Returns and information returns requested by the other Members at least ten (10) calendar days prior to the filing date for such
returns. After taking into account any such requested changes, the Managing Member shall, on behalf of the Company, file such Tax Returns in a timely manner, taking into account any applicable extensions. Within one hundred twenty
(120) calendar days after the end of each calendar year, the Managing Member shall, on behalf of the Company, deliver to each Member a copy of the Tax Returns and information returns as filed, together with any additional tax-related
information in the possession of the Managing Member or the Company that such Member may reasonably and timely request in order to prepare its own income Tax Returns. The Company shall bear the costs of the preparation and filing of the Tax Returns,
including the fees of the Independent Accounting Firm. 
 Section 7.7. Tax Audits. 

(a) The Managing Member is hereby designated as the “tax matters partner,” as that term is defined in Section 6231(a)(7)
of the Code (the “Tax Matters Partner”), of the Company, with all of the rights, duties and powers provided for in Sections 6221 through 6234 of the Code, inclusive, provided however that in the case of a removal
of the Managing Member after the occurrence of any Removal Event, the Investor shall have the right to assume the rights and duties of the Tax Matters Partner and to be designated as such. The Managing Member is hereby directed and authorized to
take whatever steps it, in its reasonable discretion, deems necessary or desirable to perfect such designation, including filing any forms or documents with the IRS and taking such other action as may from time to time be required under the Treasury
Regulations. The Managing Member shall remain as the Tax Matters Partner so long as it retains any ownership interests in the Company unless the Investor assumes the rights and duties of the Tax Matters Partner under the proviso to the first
sentence of this paragraph. 
 (b) The Tax Matters Partner, in Consultation with the other Members, shall use reasonable
commercial efforts to direct the defense of any claims made by any tax authority to the extent that such claims relate to the adjustment of Company items at the Company level and, in connection therewith, shall cause the Company to retain and to pay
the fees and expenses of counsel and other advisors chosen by the Tax Matters Partner in Consultation with the other Members. The Tax Matters Partner shall promptly deliver to each Member a copy of all notices, communications, reports and writings
received from the IRS by the Company or the Tax Matters Partner relating to or potentially resulting in an adjustment of Company items, shall promptly advise each Member of the substance of any conversations with the tax authorities in connection
therewith and shall keep the Members advised of all developments with respect to any proposed 

  
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adjustments that come to its attention. In addition, the Tax Matters Partner shall (i) provide each Member with a draft copy of any correspondence or filing to be submitted by the Company in
connection with any administrative or judicial proceedings relating to the determination of Company items at the Company level reasonably in advance of such submission, (ii) consider in good faith incorporating all changes or comments to such
correspondence or filing requested by any Member and (iii) provide each Member with a final copy of such correspondence or filing. The Tax Matters Partner will provide each Member with notice reasonably in advance of any meetings or conferences
with respect to any administrative or judicial proceedings relating to the determination of Company items at the Company level (including any meetings or conferences with counsel or advisors to the Company with respect to such proceedings) and each
Member shall have the right to participate, at its sole cost and expense, in any such meetings or conferences. 
 (c) The Tax
Matters Partner shall not, without a Required Majority Vote, (i) except in the case of any claim by the IRS that could give rise to an indemnity claim under this Agreement or any other Transaction Document in respect of federal income taxes or
the loss of federal income tax benefits (a “Tax Loss Contest”), commence a judicial action (including filing a petition as contemplated in Section 6226(a) or Section 6228 of the Code) with respect to a federal income tax
matter or appeal any adverse determination of a judicial tribunal; (ii) enter into a settlement agreement with the IRS which purports to bind the Members; (iii) intervene in any action as contemplated by Section 6226(b) of the Code;
(iv) file any request contemplated in Section 6227(c) of the Code; or (v) except in the case of a Tax Loss Contest, enter into an agreement extending the period of limitations as contemplated in Section 6229(b)(1)(B) of the Code.
Any cost or expense incurred by the Tax Matters Partner in connection with its duties as Tax Matters Partner shall be paid by the Company. 
 (d) If for any reason the IRS disregards the election made by the Company pursuant to Section 7.5(c) and commences any audit or proceeding in which it makes a claim, or proposes to make a
claim, against any Member that could reasonably be expected to result in the disallowance or adjustment of any items of income, gain, loss, deduction or credit (including Tax Credits) allocated to such Member by the Company, then such Member shall
promptly advise the other Members of the same, and such Member, in Consultation with the other Members, shall at the expense of the Company use best efforts to convert the portion of such audit or proceeding that relates to such items into a
proceeding at the level of the Company consistent with the election of the Company pursuant to Section 7.5(c). In the case of any such audit or proceeding involving the Investor for a tax period prior to or including the Flip Date, if
the Investor is not successful in converting the portion of such audit or proceeding that relates to such items into a proceeding at the level of the Company, the Company shall reimburse the Investor for all reasonable costs and expenses, including
reasonable attorneys’ fees, in contesting such claim. 
 (e) If any Member intends to file, pursuant to Section 6227
of the Code, a request for an administrative adjustment of any such partnership item of the Company, or to file a petition under Sections 6226, 6228 or other Sections of the Code with respect to any such partnership item or any other tax matter
involving the Company, such Member shall, at least thirty (30) calendar days prior to any such filing, notify the other Members of such intent, which notification must include a reasonable description of the contemplated action and the reasons
for such action; provided, however, that this Section 7.7(e) shall not relieve such Member’s obligation to use all commercially reasonable efforts to convert a Member level proceeding into a Company level proceeding as
provided in Section 7.7(d). 

  
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 Section 7.8. Cooperation. 

Subject to the provisions of this ARTICLE VII, each Member shall provide the other Members with such assistance as may
reasonably be requested by such other Members in connection with the preparation of any Tax Return, any audit or other examination by any taxing authority, or any judicial or administrative proceedings relating to the liability for any Taxes with
respect to the operations of the Company or the allowance or disallowance or recapture of any Tax Credits relating to the PV Systems. 
 Section 7.9. Fiscal Year. 
 The fiscal year of the Company (the
“Fiscal Year”) shall be a year that ends on December 31. 
 ARTICLE VIII 

MANAGEMENT 
 Section 8.1. Management. 
 Each of the Members acknowledges and agrees
that the Managing Member shall have the authority, powers and responsibilities set forth herein. Except (a) for Major Decisions, (b) matters subject to approval pursuant to Section 8.4, and (c) as otherwise required by
Applicable Laws, the powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed under the direction of, the Managing Member, who shall take all actions for and on behalf of the
Company not otherwise provided for in this Agreement. In addition, the Members may, with the consent of the Managing Member, vest in the Managing Member the authority to take actions for and on behalf of the Company not otherwise provided for in
this Agreement. Any such action shall require a Required Majority Vote. 
 Section 8.2. Managing Member. 

(a) The Managing Member shall be the Member designated to act as such hereunder from time to time in accordance with the provisions of
this Section 8.2 or, if such Member is removed as Managing Member pursuant to Section 3.13, the Manager (except for any references in this Agreement to the Managing Member in its capacity as a Member and not as a manager of
the Company if such Manager is not a Member) (the “Managing Member”). The initial Managing Member shall be Sponsor Sub. Subject to the requirements for Major Decisions and the limits of the Managing Member’s authority under
this Agreement, the obligations of the Managing Member, in addition to those set forth in this Agreement, shall include: 
 (i) Enforcing the Maintenance Services Agreement and the Master EPC Agreement on behalf of the Company; 

  
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 (ii) Subject to the requirements for Major Decisions, upon the termination
of the Maintenance Services Agreement, causing the Company to replace such Maintenance Services Agreement in accordance with Section 8.3 and Section 3.2(f) and, to the extent such replacement Maintenance Services Agreement is
not with an Affiliate of Sponsor Sub, the operator (or an Affiliate thereof, if the operator’s obligations thereunder are being guaranteed by such Affiliate) under such replacement Maintenance Services Agreement shall have at least three years
of experience operating and maintaining photovoltaic panels; 
 (iii) Delivering to each other Member all reports
and notices delivered by MSA Provider under the Maintenance Services Agreement and by Developer under the Master EPC Agreement; 
 (iv) Causing the Company or the MSA Provider on the Company’s behalf to prepare and submit all filings of any nature which are required to be made by the Company under any Applicable Laws;

 (v) Causing the Company or the MSA Provider on the Company’s behalf (as contemplated by the Maintenance
Services Agreement) to procure and maintain, or cause to be procured and maintained by the Company, all material Governmental Approvals and Permits (if any) required for the Company and the Projects, to the extent applicable; 

(vi) Causing the Company or the MSA Provider on the Company’s behalf (as contemplated by the Maintenance Services
Agreement) to comply with the terms and conditions of the Customer Agreements, the Transaction Documents, and all material Governmental Approvals, Permits and Applicable Laws; 

(vii) Causing the Company, whether at the request of the Class A Member or otherwise, to enforce compliance by their
counterparties with the terms and conditions of all contracts under which the Company has any rights, including, without limitation, the Transaction Documents and the Customer Agreements, as contemplated by the Maintenance Services Agreement;

 (viii) Managing the Company’s cash balances according to investment guidelines set forth in
Section 7.3 and making distributions out of Distributable Cash as provided under the relevant provisions of this Agreement; 
 (ix) Causing the Company or the MSA Provider on the Company’s behalf to manage local public relations and government relations, Host Customer contacts and other similar activities with respect to
each Project; provided, however, that the Managing Member may not undertake any public relations activity on behalf of or in the name of any Member absent that Member’s express prior written consent, which such Member may freely
withhold; 
 (x) Entering into an agreement with Sponsor, as agent on behalf of the Company, whereby Sponsor
agrees to (i) complete and submit all applications and other filings required to be submitted in connection with the registration and procurement of 

  
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RECs, (ii) with respect to each REC, use commercially reasonable efforts to sell such REC generated by the Projects on behalf of the Company to third parties, and (iii) take such other
action as may be reasonably necessary to effectuate the foregoing in accordance with Applicable Laws; and 
 (xi)
To the extent commercially reasonable, causing the Company to complete and submit applications and other filings required for the Company to receive the Government Incentives related to the Projects. 

(b) In addition to the actions permitted pursuant to Section 8.2(a), and in no event in limitation thereof, the Manager shall
provide the following services to the Company: 
 (i) Insurance. The Managing Member shall cause the
Company or the MSA Provider on the Company’s behalf to procure insurance coverage for, and in the name of, the Company at the Company’s expense, as required under this Agreement and any of the Transaction Documents and Customer Agreements
and enforce the Company’s rights to insurance coverage, defense and indemnification; provided, however, that in the event (but only for so long as) the required property insurance is not available to the Company on commercially
reasonable terms as determined in accordance with Exhibit C, Managing Member’s sole obligation under this clause (i) shall be to cause the Company or the MSA Provider on the Company’s behalf to procure such property
insurance coverage as is then available to the Company on commercially reasonable terms. 
 (ii) Insurance
Claims. The Managing Member shall cause the Company or the MSA Provider on the Company’s behalf to adjust insurance claims with insurance carriers to ensure equitable recovery for property damage and business interruption claims. Adjustment
of such a claim shall include: (A) filing proof of loss with all applicable supporting documentation, (B) site inspection, (C) negotiations with insurance carriers, and (D) ensuring that insurance proceeds be deposited and
distributed in accordance with the terms and conditions of this Agreement, the Transaction Documents and the Customer Agreements. In the event of a liability claim, the Managing Member shall oversee the defense of the claim. 

(iii) *** 
 (c) In the event of a failure by the Managing Member to make timely payments of amounts due under the Maintenance Services Agreement at any time when the Company has adequate and available funds for such
payment, any such late fee or interest charge in connection therewith shall be paid directly out of funds otherwise intended to be distributed to the Class B Member pursuant to Section 6.1, which shall be deemed to have been distributed
to the Class B Member upon such payment. 

  

	***	Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. 

 

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 Section 8.3. Major Decisions. 

(a) In addition to any other approval required by Applicable Laws or this Agreement, Major Decisions are reserved to the Members, and
none of the Company, the Managing Member, or any officer thereof shall do or take or make or approve any Major Decisions without the vote required pursuant to Section 8.3(b) below. 

(b) Other than the Major Decisions referred to in clause (bb) of the definition of the term “Major
Decisions” which shall require the approval of all Members, (i) in the Pre-Flip Period the affirmative vote, consent or approval of a majority of the holders of the Class A Membership Interests and a majority of the holders of the
Class B Membership Interests shall be required to authorize or approve a Major Decision, (ii) after the Flip Date and until the Post-Flip Date, consent or approval of holders of a majority of the voting rights related to all outstanding
Membership Interests shall be required to authorize or approve such Major Decision and (iii) after the Post-Flip Date, consent or approval of holders of a majority of the voting rights related to all outstanding Membership Interests based on
Sharing Percentages shall be required to authorize or approve such Major Decision (the percentage applicable at the time a Major Decision will be made is referred to herein as a “Required Majority Vote”). Except as otherwise
expressly provided in this Agreement, no separate vote, consent or approval of either Class A Member, acting as a class, or Class B Members, acting as a class, shall be required to authorize or approve any matter for which a vote, consent
or approval of Members is required under this Agreement. 
 (c) The decision of each Member as to whether or not to consent to
any Major Decision shall be in the sole discretion of such Member. A request for consent shall be sent by the Managing Member to each Member as provided in Section 11.1. 

(d) Notwithstanding anything to the contrary in this Agreement, if and to the extent the Managing Member fails to enforce the rights of
the Company under any agreement between the Company, on the one hand, and MSA Provider, Developer, Sponsor, Managing Member, or any of their Affiliates (the “Sponsor Related Parties”), on the other hand, each Class A Member
shall have the right to enforce such rights (but only such rights) on behalf and in the name of the Company, if the Managing Member has not commenced and thereafter continued proper enforcement actions within fifteen (15) Business Days (or
earlier to the extent required to preserve the rights and remedies of the Company under any such agreement) after written notice from a Class A Member specifying such failure. 

Section 8.4. Officers. 
 (a) The Managing Member may, from time to time, designate one or more officers with such titles as may be designated by the Managing Member to act in the name of the Company with such authority as may be
delegated to such officer(s) by the Managing Member. Without limiting the foregoing, any such officer shall act pursuant to such delegated authority until such officer is removed by the Managing Member. The Managing Member shall be liable for
actions of the officer(s) granted authority hereunder, arising under the Transaction Documents. Any action taken by an officer designated by the Managing Member shall constitute the act of and serve to bind the Company. In dealing with the officers
acting on behalf of the Company, no person or entity shall be required to inquire into the authority of the officers to bind the Company. Persons and entities dealing with the Company are entitled to rely conclusively on the power and authority of
any officer set forth in this Agreement and any instrument designating such officer and the authority delegated to him or her. 

  
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 (b) Initially, the officers of the Company shall be as follows: 

 

			
	 Name
	  	 Title

		
	Greg Butterfield	  	Chief Executive Officer; President
		
	Dana Russell	  	Chief Financial Officer
		
	Greg Steinkopf	  	Controller
		
	Thomas Plagemann	  	Executive Vice President of Capital Markets
		
	Paul Dickson	  	Vice President of Operations
		
	Dan Black	  	General Counsel; Secretary

 (c) Each officer may sub-delegate the authority granted by the Managing Member to any other officer or
employee of the Company. 
 Section 8.5. Costs & Expenses. 

All reasonable costs and expenses incurred on behalf of the Company by the Managing Member to the extent approved by the Members shall be
borne by the Company and shall be reimbursed to the Managing Member by the Company; provided, however, that Managing Member shall not be permitted to pass through any out-of-pocket expense that (a) Managing Member has expressly
agreed in this Agreement to pay or (b) that are customary items of overhead (including, without limitation, office supplies, office expenses, office space, employee salaries, utilities, internet access, cellular phone service, computers,
software and tools of the trade used by Managing Member to perform its management duties). 
 Section 8.6.
Separateness. Each of the Members and the Managing Member acknowledges that the Company is to be formed and operated as a special purpose entity, distinct and separate from any Member or its Affiliates. Accordingly, the Managing Member shall
cause the Company to maintain its existence separate and distinct from any other Person, including taking the following actions: 
 (a) maintaining in full effect its existence, rights and franchises as a limited liability company under the laws of the State of Delaware and obtaining and preserving its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement and each other instrument or agreement necessary or appropriate to properly administer this Agreement and permit and
effectuate the transactions contemplated hereby and thereby; 

  
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 (b) maintaining its own deposit accounts, separate from those of each Member and any of
their respective officers and Affiliates; 
 (c) conducting all material transactions between the Company and any of its
Affiliates on an arm’s length basis and on commercially reasonable terms; 
 (d) allocating fairly and reasonably the cost
of any shared overhead expenses, including office space, with the Managing Member and the Class B Members and any of their respective officers and Affiliates; 
 (e) conducting its affairs separately from those of each Member and its officers and Affiliates, and maintaining accurate and separate books, records and accounts and financial statements; 

(f) acting solely in its own limited liability company name and not that of any other Person; 

(g) not holding itself out as having agreed to pay or Guarantee, or as otherwise being liable for, the obligations of any Member and any
of such Member’s respective officers and Affiliates; 
 (h) not making any loans or extending any Indebtedness to, or
acquiring any Indebtedness of, the Members or their respective Affiliates; 
 (i) not creating, granting or suffering to exist
any Liens (other than Permitted Liens) on property of the Company (except as contemplated by the Customer Agreements and the Transaction Documents); 
 (j) not acquiring any asset other than any asset conveyed to the Company pursuant to any of the Customer Agreements or Transaction Documents or purchased by the Company in accordance with the Customer
Agreements or Transaction Documents; 
 (k) maintaining all of its assets in its own name and not commingling its assets with
those of any other Person; 
 (l) paying its own operating expenses and other liabilities out of its own funds; 

(m) observing all limited liability company formalities, including maintaining meeting minutes or record meeting and acting on behalf of
itself only pursuant to due authorization, required hereby and by the Certificate of Formation; 
 (n) maintaining adequate
capital for the normal obligations reasonably foreseeable in light of its contemplated business operations; 
 (o) not acquiring
obligations or the securities of any Member or any of such Member’s officers and Affiliates, except as required under the Customer Agreements or Transaction Documents; 

  
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 (p) holding itself out to the public as a legal entity separate and distinct from any other
Person, including the Members; 
 (q) correcting any known misunderstanding regarding its separate identity; 

(r) not forming, acquiring or holding any subsidiaries (except as contemplated by the Customer Agreements or Transaction Documents); and

 (s) not identifying itself as a department or division of any Member or any of such Member’s respective officers and
Affiliates. 
 The failure of the Company to comply with any of the foregoing provisions of this Section 8.6 shall not affect the
status of the Company as a separate legal Person or the limited liability of the Members, or their respective Affiliates. 

ARTICLE IX 

TRANSFERS AND INDEMNIFICATION 
 Section 9.1. Transfers. 
 Each Member may only sell, transfer, assign,
convey, pledge, mortgage, encumber, hypothecate or otherwise dispose of all or any part of its Membership Interests or any interest, rights or obligations with respect thereto, directly or indirectly (including through a Change of Member Control)
(any such action, a “Transfer”) in compliance with this ARTICLE IX. Any attempted Transfer that does not comply with this ARTICLE IX shall be null and void and of no force or effect whatsoever. 

Section 9.2. Conditions Applicable to All Transfers. 

Except as otherwise provided in this ARTICLE IX, all Transfers of Membership Interests must satisfy the following conditions:

 (a) The transferring Member must give notice of the proposed Transfer to each of the Members not less than ten
(10) calendar days prior to the effective date of the proposed Transfer; 
 (b) The transferring Member and the prospective
transferee each execute, acknowledge and deliver to the Company such instruments of transfer and assignment with respect to such Transfer and such other instruments as are reasonably satisfactory in form and substance to the other Members to effect
such Transfer and confirm the transferor’s intention that the transferee become a Member in its place with respect to the Membership Interests so transferred, and the prospective transferee makes representations and warranties substantially
similar to the representations and warranties set forth in Section 3.11 (taking into account differences between the corporate forms of the transferor and transferee) and makes the covenants set forth in Section 3.12 as of
the date of such Transfer that had been made or agreed to by the transferring Member; 

  
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 (c) The transferee executes, adopts and acknowledges this Agreement, and executes such other
agreements as the Managing Member may reasonably deem necessary or appropriate to confirm the undertaking of the transferee to be bound by the terms of this Agreement and to assume the obligations of the transferor under this Agreement (to the
extent the transferor is to be released from such obligations); 
 (d) The Transfer will not violate any securities laws or any
other applicable federal or state laws or the order of any court having jurisdiction over the Company or any of its assets, or any Project; 
 (e) In the case of a Transfer during the Recapture Period, the Transfer will not cause (i) the Company to terminate under Section 708(b)(1)(B) of the Code, unless the transferor has indemnified
the other Members against any adverse tax effects in a manner acceptable to the other Members; (ii) the restrictions on use of Company losses in Section 470 of the Code to apply to the Company or the Members; (iii) the assets of the
Company to turn wholly or partly into “tax-exempt use property” within the meaning of Section 168(h) of the Code; or (iv) the assets of the Company to become subject wholly or partly to the alternative depreciation system in
Section 168(g) of the Code; 
 (f) The Transfer will not cause the Company to be classified as a corporation for federal
income tax purposes; 
 (g) The Transfer shall not relieve the transferring Member of its obligation to make Capital
Contributions pursuant to Section 4.1, and the Transfer will not be made to a Restricted Transferee; 
 (h) The
Transfer will not be made to a Prohibited Transferee; and 
 (i) The Transfer will not result in any recapture, loss or
disallowance of all or a portion of a Tax Credit. 
 Section 9.3. Certain Permitted Transfers. 

Except as otherwise provided in this Section 9.3, notwithstanding Section 9.2, the following Transfers (the
“Permitted Transfers”) may be made at any time and from time to time, without restriction and without notice to, approval of, filing with, consent by, or other action of or by, any Member or other Person, so long as, in the case of
a Transfer by a Class B Member, such Transfer does not result, and is not reasonably expected to result, in any recapture, loss or disallowance of all or a portion of a Tax Credit: 

(a) The grant of any security interest in any Membership Interest pursuant to any pledge or security agreement any Member may enter into
with lenders; provided, however, that the requirements in Section 9.2(a), Section 9.2(d), Section 9.2(e), Section 9.2(f) and Section 9.2(h) shall be satisfied in respect of
any such grant of a security interest; 
 (b) Any Transfer in connection with any foreclosure or other exercise of remedies in
respect of any Membership Interest subject to a security interest referred to in Section 9.3(a); provided, however, that the requirements in Sections 9.2(a) through 9.2(f) and Section 9.2(h)
shall be satisfied in respect of any such Transfer; 

  
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 (c) Any Transfer to a non-Member Affiliate in accordance with Section 9.4;
provided, however, that the requirements in Section 9.2(b), Section 9.2(c), Section 9.2(d), Section 9.2(e), Section 9.2(f) and Section 9.2(h) shall be satisfied in
respect of any such Transfer; 
 (d) A sale of Class A Membership Interests pursuant to Section 9.4 of this
Agreement; and 
 (e) Any Transfer of a Class A Membership Interest by Investor after the Recapture Period;
provided, that the requirements in Section 9.2(a) through Section 9.2(d) and in Section 9.2(f) through Section 9.2(h) shall be satisfied. 

No Permitted Transfer shall release the transferring Member from any liabilities to the Company or the other Members arising prior to or in connection
with such Permitted Transfer. 
 Section 9.4. Purchase Option. 

(a) The Class B Member (or any Affiliate of a Class B Member designated by it) shall have the right, at any time within one hundred
eighty (180) days after the Flip Date, to acquire all (but not less than all) of the Class A Membership Interests (the “Purchase Option”), upon giving the Class A Member thirty (30) calendar days’ prior
written notice of an election to exercise the Purchase Option (the “Exercise Notice”). Any Exercise Notice, if given, may be revoked by the Class B Member by written notice to the Class A Member at any time; provided
that if the Exercise Notice is so revoked, the Class B Member shall reimburse the Class A Member for all of the Class A Member’s incurred costs and expenses (including the costs of any appraisal referred to in
Section 9.4(b) and the reasonable legal counsel fees and disbursements) incurred by the Class A Member in connection with such Exercise Notice being given and the Class A Member’s activities related thereto. 

(b) The consideration for the Transfer of the Class A Membership Interests to the Class B Member pursuant to the Purchase Option
during the period referred to in Section 9.4(a) (such amount, the “Option Purchase Price”) will be the higher of: (i) the fair market value of the Class A Membership Interests as of the Flip Date as agreed by
the Class A Member and the Class B Member or, if they are unable to agree, by appraisal conducted by an appraiser selected jointly by the Class A Member and the Class B Member (or, if they are unable to agree upon a single appraiser within
fifteen (15) days, by appraisal in accordance with the Appraisal Method, which shall be final and binding on all Members), and (ii) $***. 
 (c) If the Purchase Option is exercised, the closing of such Transfer shall occur on the Business Day that is (i) sixty (60) calendar days after the applicable Exercise Notice is given or
(ii) such later date as may be required to obtain any applicable consents or approvals or satisfy any reporting or waiting period under any Applicable Laws. 

  

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 (d) If the Purchase Option is exercised, at the closing of the Transfer, (i) the Class
B Member shall pay the consideration described in Section 9.4(b) (by wire transfer of immediately available United States dollars to such United States bank accounts as the Class A Member may designate in a written notice to the
Class B Member no later than five (5) Business Days prior to the closing date for the Transfer pursuant to the Purchase Option), and (ii) the Class A Member shall take the following actions: (A) the Class A Member shall
Transfer to the Class B Member, all right, title and interest in and to the Class A Membership Interests, free and clear of all Liens other than Permitted Encumbrances; (B) the Class A Member shall be deemed to have made the
representations on Schedule 9 attached hereto to such Class B Member and the Company; and (C) the Class A Member shall take all such further actions and execute, acknowledge and deliver all such further documents that are
necessary to effectuate the Transfer of the Class A Membership Interests contemplated by this Section 9.4. Upon the closing of such Transfer, (1) all of such Class A Member’s obligations and liabilities associated
with the Class A Membership Interests that are the subject of such Transfer will terminate except those obligations and liabilities accrued through the date of such closing, (2) the Class A Member shall have no further rights as a
Member, and (3) all the rights, obligations and liabilities associated with the Class A Membership Interests that are the subject of such Transfer shall become the rights, obligations and liabilities of each Person acquiring such
Class A Membership Interests. The Class B Member will pay all reasonable costs and expenses incurred by the Class A Member in connection with the Transfer, including reasonable attorneys’ fees and the amount of any sales, use, realty
transfer or similar Taxes payable in connection with such Transfer; provided, however, that the obligation of the Class B Member to pay such expenses pursuant to this sentence shall not exceed $***. 

(e) The Class B Member may transfer its rights set forth in this Section 9.4 to any of its Affiliates. 

Section 9.5. Regulatory and Other Authorizations and Consents. 

(a) In connection with any Transfer pursuant to Section 9.4 and any Transfer of Class A Membership Interests (the
“Designated Transfers”), each Member involved shall use all commercially reasonable efforts to obtain all authorizations, consents, orders and approvals of, give all notices to and make all filings with, all Governmental Authorities
and third parties that may be or become necessary for the Designated Transfers, and its execution and delivery of, and the performance of its obligations under, this Agreement or other Transaction Documents in connection with any such Designated
Transfer, and will cooperate fully with the other Members in promptly seeking to obtain all such authorizations, consents, orders and approvals, giving such notices and making such filings, including the provision to such third parties and
Governmental Authorities of such financial statements and other publicly available financial information with respect to such Member, as such third parties or Governmental Authorities may reasonably request; provided, however, that no
Member involved shall have any obligation to pay any consideration to obtain any such consents. In addition, the Members involved shall keep each other reasonably apprised of their efforts to obtain necessary consents and waivers from third parties
or Governmental Authorities and the responses of such third parties and Governmental Authorities to requests to provide such consents and waivers. 

  

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 (b) Without limiting the generality of Section 9.5(a), each Member shall make
such filings as may be required under the HSR Act, the Federal Power Act and any state Applicable Laws relating to the ownership or control of the Projects. 
 (i) To the extent required by the HSR Act, each Member involved in a Designated Transfer shall (A) file or cause to be filed, as promptly as practicable but in no event later than the fifteenth
Business Day after the delivery of any Exercise Notice, as applicable, with the Federal Trade Commission and the United States Department of Justice, all reports and other documents required to be filed by such Member under the HSR Act concerning
the Designated Transfer and (B) promptly comply with or cause to be complied with any requests by the Federal Trade Commission or the United States Department of Justice for additional information concerning the Designated Transfer, in each
case so that the initial 30-day waiting period applicable under the HSR Act shall expire as soon as practicable. Each Member involved in a Designated Transfer agrees to request, and to cooperate with the other Members involved in requesting, early
termination of any applicable waiting period under the HSR Act. The Class B Member, if involved in a Designated Transfer, shall be responsible for the filing fees incurred by all Members involved in the Designated Transfer in connection with
the initial filings required by the HSR Act in connection with the Designated Transfer. Except as expressly provided in the prior sentence with respect to filing fees, each Member involved in a Designated Transfer will be responsible for its own
fees and expenses, including any fees and expenses of counsel, accountants or other professional advisors. 

(ii) To the extent required by the Federal Power Act, each Member involved in a Designated Transfer shall as promptly as
practicable but, in the event of a Transfer pursuant to Section 9.4 no later than the tenth Business Day after the delivery of any Exercise Notice, provide to the Company, the Managing Member and/or the acquiror as applicable,
information needed for such entity to file an application for approval of the Designated Transfer under Section 203 of the Federal Power Act. To the extent required by the regulations of FERC, within thirty (30) days of a Designated
Transfer, the transferee of the Membership Interests, or at the request and the sole cost and expense of such transferee the Company, shall file with FERC a Notice of Self-Recertification of any Projects larger than one (1) MW, aggregated
within one (1) mile, including a completed FERC Form 556. 
 Section 9.6. Admission. 

Any transferee of all or part of any Membership Interests pursuant to a Transfer made in accordance with this Agreement shall be admitted
to the Company as a substitute Member upon its execution of a counterpart to this Agreement. 
 Section 9.7. Security
Interest Consent. 
 If the Class B Member grants a security interest in any Class B Membership Interest in compliance with
Section 9.3(a), upon request by such Class B Member, each Class A Member will execute and deliver to any person holding such security interest (for itself and for the benefit of other lenders) such acknowledgments, consents or other
instruments as such person 

  
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may reasonably request to confirm that such grant and any foreclosure or other exercise of remedies in respect of such Class B Membership Interest constitutes a Permitted Transfer under this
Agreement. If any Class A Member grants a security interest in any Class A Membership Interest in compliance with this Agreement, upon request by such Class A Member, the Class B Member will execute and deliver to any person holding
such security interest (for itself and for the benefit of other lenders) such acknowledgments, consents or other instruments as such person may reasonably request to confirm that such grant and any foreclosure or other exercise of remedies in
respect of such Class A Membership Interest constitutes a Permitted Transfer under this Agreement. 
 Section 9.8.
Indemnity. 
 (a) The Class B Member agrees to indemnify, defend and hold harmless the Investor Indemnified Parties from
and against any and all Investor Indemnified Costs, and the Class A Member agrees to indemnify, defend and hold harmless the Sponsor Indemnified Parties from and against any and all Sponsor Indemnified Costs; provided, however,
that except with respect to Investor Indemnified Costs or Sponsor Indemnified Costs resulting from fraud, gross negligence or willful misconduct, or with respect to Taxes, in no event will any Class A Member’s or Class B Member’s
aggregate obligation to indemnify the Indemnified Parties hereunder exceed the Maximum Liability. 
 (b) No claim for
indemnification may be made with respect to any Indemnified Costs (other than with respect to Taxes, fraud, gross negligence, willful misconduct or failure to pay any amount due to Indemnified Parties under any Transaction Document) until the
aggregate amount of such Indemnified Costs sought by (or previously sought by) the Sponsor Indemnified Parties or the Investor Indemnified Parties, as applicable, under this Agreement and all other Transaction Documents exceeds $***; provided
that once such threshold amount of claims has been reached, then the relevant Indemnified Party and its Affiliates shall have the right to be indemnified with respect to all such claims, including amounts that were not previously paid because such
threshold had not been reached; provided, further, that once such threshold has been reached, no individual claim or claims below $*** may be presented for indemnification, but individual claims that are less than such amount may be
aggregated for the purpose of satisfying such threshold, and all claims outstanding at the end of each Fiscal Year may be presented for indemnification without regard to the amount thereof. Claims for indemnification under this Agreement and the
other Transaction Documents shall not be duplicative of one another and shall not allow for duplicative recoveries. 
 (c) An
Indemnified Party shall give written notice to the Indemnifying Party within ten (10) Business Days after it has actual knowledge of commencement or assertion of any Third Party Claim in respect of which the Indemnified Party may seek
indemnification under this Section 9.8. Such notice shall state the nature and basis of such Third Party Claim and the events and the amounts thereof to the extent known. Any failure to so notify the Indemnifying Party shall not relieve
the Indemnifying Party from any liability that the Indemnifying Party may have to the Indemnified Party under this ARTICLE IX, except to the extent the failure to give such notice materially and adversely prejudices the Indemnifying
Party. In case any such action, proceeding or claim is brought against an Indemnified Party, so long as the Indemnifying Party 

  

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has acknowledged in writing to the Indemnified Party that it is liable for such Third Party Claim pursuant to this Section 9.8, the Indemnifying Party shall be entitled to participate
in and, unless in the reasonable judgment of the Indemnified Party a conflict of interests between it and the Indemnifying Party may exist in respect of such Third Party Claim or such Third Party Claim entails a material risk of criminal penalties
or civil fines or non-monetary sanctions being imposed on the Indemnified Party (a “Third Party Penalty Claim”), to assume the defense thereof, with counsel selected by the Indemnifying Party and reasonably satisfactory to the
Indemnified Party, and after notice from the Indemnifying Party to the Indemnified Party of its election so to assume the defense thereof, except as otherwise provided herein, the Indemnifying Party shall not be liable to the Indemnified Party for
any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation or defending such portion of such Third Party Penalty Claim; provided the parties agree that
the handling of any Tax contests involving the Company will be governed by Section 7.7. 
 (d) In the event that
(i) the Indemnifying Party advises an Indemnified Party that the Indemnifying Party will not contest a claim for indemnification hereunder, (ii) the Indemnifying Party fails, within twenty (20) Business Days of receipt of any
indemnification notice to notify, in writing, such Indemnified Party of its election to defend, settle or compromise, at its sole cost and expense, any such Third Party Claim (or discontinues its defense at any time after it commences such defense)
or (iii) in the reasonable judgment of the Indemnified Party, a conflict of interests between it and the Indemnifying Party exists in respect of such Third Party Claim or the action or claim is a Third Party Penalty Claim, then the Indemnified
Party may, at its option, defend, settle or otherwise compromise or pay such action or claim or Third Party Claim, in each case at the sole cost and expense of the Indemnifying Party. In any event, unless and until the Indemnifying Party elects in
writing to assume and does so assume the defense of any such claim, proceeding or action, the Indemnifying Party shall be liable for the Indemnified Party’s reasonable costs and expenses arising out of the defense, settlement or compromise of
any such action, claim or proceeding. The Indemnified Party shall cooperate to the extent commercially reasonable with the Indemnifying Party in connection with any negotiation or defense of any such action or claim by the Indemnifying Party. The
Indemnifying Party shall keep the Indemnified Party fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. 
 (e) If the Indemnifying Party elects to defend any such action or claim, then the Indemnified Party shall be entitled to participate in such defense with counsel of its choice at its sole cost and expense
unless otherwise specified herein; provided that any such participation of the Indemnified Party shall be at the Indemnifying Party’s sole cost and expense to the extent such participation relates to a Third Party Penalty Claim. If the
Indemnifying Party does not assume such defense, the Indemnified Party shall keep the Indemnifying Party apprised at all times as to the status of the defense; provided, however, that the failure to keep the Indemnifying Party so
informed shall not affect the obligations of the Indemnifying Party hereunder. Except as otherwise provided by Section 9.8(d), the Indemnifying Party shall not be liable for any settlement of any action, claim or proceeding effected
without its written consent; provided, however, that the Indemnifying Party shall not unreasonably withhold, delay or condition any such consent. Notwithstanding anything in this Section 9.8 to the contrary, the
Indemnifying Party shall not, without the Indemnified Party’s prior written consent, (i) settle or compromise 

  
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any claim or consent to entry of judgment in respect thereof which involves any condition other than payment of money by the Indemnified Party, (ii) settle or compromise any claim or consent
to entry of judgment in respect thereof without first demonstrating to the Indemnified Party the ability to pay such claim or judgment, or (iii) settle or compromise any claim or consent to entry of judgment in respect thereof that does not
include, as an unconditional term thereof, the giving by the claimant or the plaintiff to the Indemnified Party, a full and complete release from all liability in respect of such claim. 

(f) If the amount of any Indemnified Costs, at any time after the making of an indemnity payment in respect thereof, is reduced by
recovery, settlement or otherwise under any insurance coverage (excluding any proceeds from self insurance or flow through insurance policies) or under any claim, recovery, settlement or payment by or against any other entity, the amount of such
reduction, less any costs, expenses or premiums incurred in connection therewith, must promptly be repaid by the Indemnified Party to the Indemnifying Party net of any Taxes imposed upon the Indemnified Party in respect of such amounts (but taking
into account any Tax benefit the Indemnified Party receives as a result of such payment). Upon making any indemnity payment (other than any indemnity payment relating to Taxes), the Indemnifying Party will, to the extent of such indemnity payment,
be subrogated to all rights of the Indemnified Party against any third party, except third parties that provide insurance coverage to the Indemnified Party or its Affiliates, in respect of the Indemnified Costs to which the indemnity payment
relates. Without limiting the generality or effect of any other provision hereof, each such Indemnified Party and the Indemnifying Party shall duly execute upon request all instruments reasonably necessary to evidence and perfect the above described
subrogation rights, and otherwise cooperate in the prosecution of such claims at the direction of the Indemnifying Party. Nothing in this Section 9.8 will be construed to require any Member to obtain or maintain any insurance coverage.

 (g) For Tax reporting purposes, to the maximum extent permitted by Applicable Law, each party will agree to treat all amounts
paid under any of the provisions of this ARTICLE IX as an adjustment to the Capital Contribution made by Investor in exchange for its Class A Membership Interests or the Capital Contribution made by Sponsor Sub in exchange for its
Class B Membership Interests (or otherwise as a non-taxable reimbursement, contribution or return of capital, as the case may be). To the extent any such indemnification payment is includable as income of the Indemnified Party or its Affiliates
as determined by agreement of the parties or, if there is no agreement, by an opinion of a nationally-recognized Tax counsel reasonably selected by the Indemnified Party that such amount is *** includable as income of the recipient or its
Affiliates, the amount of the payment shall be increased by the amount of any federal income Tax required to be paid by the Indemnified Party or its Affiliates on the receipt or accrual of the indemnification payment, including, for this purpose,
the amount of any such Tax required to be paid by the Indemnified Party or its Affiliates on the receipt or accrual of the additional amount required to be added to such payment pursuant to this Section 9.8(g), assuming full taxability
at the Corporate Tax Rate. Any payment made under this ARTICLE IX shall be reduced by the present value (as determined on the basis of a discount rate equal to 15% per annum and the same assumptions about taxability and tax rates)
of any federal income tax benefit to be realized by the Indemnified Party or its Affiliate by reason of the facts and circumstances giving rise to such indemnification. 

  

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 Section 9.9. No Duplication. 

Any liability for indemnification under this ARTICLE IX shall be determined without duplication of recovery. Without limiting
the generality of the prior sentence, if a statement of facts, condition or event constitutes a breach of more than one representation, warranty, covenant or agreement which is subject to the indemnification obligation in Section 9.8 or
under another Transaction Document, only one recovery of Indemnified Costs per Indemnified Party shall be allowed. 

Section 9.10. Survival. 
 All representations, warranties, covenants and obligations made or undertaken by a party hereto in any Transaction Document shall survive until the final date for any assertion of claims as forth in
Section 9.11, if and as applicable, or as otherwise provided in the Transaction Documents. 
 Section 9.11.
Final Date for Assertion of Indemnity Claims. 
 All claims by an Indemnified Party for indemnification pursuant to this
ARTICLE IX resulting from breaches of representations or warranties in ARTICLE III shall be forever barred unless the other party is notified within twenty-four (24) months after the date such representation or
warranty was made; provided that, notwithstanding the foregoing, the representations and warranties in Section 3.11(a)(viii), Section 3.11(b), Section 3.11(c)(x), or Section 3.11(c)(xi) shall
survive until six (6) months following the expiration of the applicable statute of limitations (taking into account any waivers or extensions thereof); provided, further, that if written notice of a claim for indemnification has
been given by an Indemnified Party on or prior to the last day of the respective foregoing period, then the obligation of the other party to indemnify such Indemnified Party pursuant to this ARTICLE IX shall survive with respect to such
claim until such claim is finally resolved. 
 Section 9.12. Reasonable Steps to Mitigate. 

Each Indemnified Party will take, at the Indemnifying Party’s own reasonable cost and expense, all reasonable commercial steps
identified by Indemnifying Party to the Indemnified Parties to mitigate all Indemnified Costs (other than any such Indemnified Costs with respect to Taxes), which steps may include availing itself of any defenses, limitations, rights of
contribution, claims against third Persons and other rights at law or equity. The Indemnified Parties will provide such evidence and documentation of the nature and extent of the Indemnified Costs as may be reasonably requested by the Indemnifying
Party. 
 Section 9.13. Net of Insurance Benefits. 

All Indemnified Costs shall be net of insurance recoveries from insurance policies of the Company to the extent that any proceeds of such
policies, less any costs, expenses or premiums incurred by the Company in connection therewith, are distributed by Company to the 

  
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Indemnified Party; provided, however, such amount shall account for any costs or expenses incurred by the Indemnified Party in connection with obtaining insurance proceeds with
respect to any breach or nonperformance hereunder. 
 Section 9.14. No Consequential Damages. 

Indemnified Costs shall not include, and an Indemnifying Party shall have no obligation to indemnify any Indemnified Party for or in
respect of, any consequential, special, incidental, exemplary, statutory, or punitive damages of any nature including but not limited to damages for lost profits or revenues or the loss of use of such profits or revenues (other than in each case
revenues from Customer Agreements, Government Incentives or sales of RECs), increased costs of purchasing or providing equipment, materials, labor, services, debt service fees or penalties, or damages for lost opportunities; provided,
however, that a loss, disallowance or recapture of, or inability to claim Tax Credits or other adverse tax consequences shall not be treated as consequential, special, incidental, exemplary, statutory, or punitive damages for purposes of this
Agreement. 
 Section 9.15. Payment of Indemnification Claims. 

All claims for indemnification shall be paid by the Indemnifying Party in immediately available funds in U.S. dollars. Any undisputed
portion of an indemnification claim shall be paid promptly by the Indemnifying Party to the Indemnified Parties involved. An Indemnifying Party may dispute any portion of an indemnification claim, provided, however, that such disputed
indemnification claim shall be paid promptly by the Indemnifying Party to the Indemnified Party together with interest at a rate equal to 5% per annum upon the final determination of the payable amount of the claim (if any) by a court of
competent jurisdiction. 
 ARTICLE X 
 DISSOLUTION AND WINDING-UP 
 Section 10.1. Events of
Dissolution. 
 The Company shall be dissolved upon the first to occur of the following: 

(a) the written consent of each of the Members to dissolve the Company, but only on the effective date of dissolution specified by the
Members in such writing at the time of such consent; 
 (b) entry of a decree of judicial dissolution under Section 18-802
of the Act; 
 (c) the issuance of a final, nonappealable court order which makes it unlawful for the business of the Company to
be carried on; or 
 (d) the termination of the legal existence of the last remaining Member of the Company or the occurrence of
any other event which terminates the continued membership of the last remaining Member of the Company unless the Company is continued in a manner permitted by this Agreement or the Act. 

  
 Limited
Liability Company Agreement of 
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 Section 10.2. Distribution of Assets. 

(a) The Members hereby appoint the Managing Member to act as the liquidator upon the occurrence of one of the events in
Section 10.1. Upon the occurrence of such an event, the liquidator will proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The liquidator may sell, and will use
commercially reasonable efforts to obtain the best possible price for, any or all Company property, including to Members. In no event, without the approval of Members by Required Majority Vote, will a sale to a Member be for an amount that is less
than fair market value (determined by the Appraisal Method if the Members (by Required Majority Vote) are unable to agree on the fair market value). 
 (b) The liquidator will first pay, satisfy or discharge from Company funds all of the debts, liabilities and obligations of the Company (including all expenses incurred in liquidation), including Member
Loans, or otherwise make adequate provision for payment and discharge thereof (including the establishment of a cash escrow fund for contingent, conditional or unmatured liabilities in such amount and for such term as the liquidator may reasonably
determine) in the order of priority as provided by law. 
 (c) All assets of the Company will be treated as if sold, and the
gain or loss treated as realized on those assets will be allocated first to Members with deficits in their Capital Accounts (in the ratio of the deficits if more than one Member’s Capital Account is in deficit) to eliminate the deficits.

 (d) Remaining gain or loss will be allocated next among the Class A Members in an effort to set the Capital Account of
each Class A Member at a level that will allow it to reach an Internal Rate of Return equal to ***% out of the liquidating distributions if such Internal Rate of Return has not already been achieved and, thereafter, in the ratio as provided in
Section 5.1(b). Notwithstanding subsections (c) and (d), the Class B Member will be allocated at least ***%, and the Class A Member will be allocated at least ***%, of any gain or loss at liquidation.

 (e) After the allocations in subsections (c) and (d) have been made, cash and property will be
distributed to Members pro rata in the amount of the positive balances in their Capital Accounts by the end of the Fiscal Year in which the liquidation occurs (or, if later, within ninety (90) calendar days after such liquidation). 

(f) The distribution of cash and property to a Member in accordance with the provisions of this Section 10.2 constitutes a
complete return to the Member of its Capital Contributions and a complete distribution to the Member on its Membership Interests in the Company of all the Company’s property and constitutes a compromise to which all Members have consented
within the meaning of Section 18-502(b) of the Act. If the assets of the Company remaining after the payment or discharge of the debts and liabilities of the Company are insufficient to return Capital Contributions of each Member, such Member
shall have no recourse against the Company or any other Member. 

  

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 Limited Liability Company Agreement of 

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 Section 10.3. Certificate of Cancellation. 

(a) When all debts, liabilities and obligations have been paid and discharged or adequate provisions have been made therefor and all of
the remaining property and assets have been distributed to the Members, a certificate of cancellation shall be executed and filed by the liquidator with the Secretary of State of the State of Delaware, which certificate shall set forth the
information required by Section 18-203 of the Act. 
 (b) Upon the filing of the certificate of cancellation, the existence
of the Company shall cease. 
 (c) All costs and expenses in fulfilling the obligations under this Section 10.3
shall be borne by the Company. 
 Section 10.4. In-Kind Distributions. There shall be no distribution of assets of
the Company in-kind without a prior Required Majority Vote approving such distribution. 
 ARTICLE XI 

MISCELLANEOUS 
 Section 11.1. Notices. 
 Unless otherwise provided herein, any offer,
acceptance, election, approval, consent, certification, request, waiver, notice or other communication required or permitted to be given hereunder (each referred to as a “Notice”), shall be in writing and delivered (a) in
person, (b) by registered or certified mail with postage prepaid and return receipt requested, (c) by recognized overnight courier service with charges prepaid or (d) by facsimile or electronic mail transmission, directed to the
intended recipient at the address of such Member set forth on Schedule 4.2(d) attached hereto (as applicable) or at such other address as any Member hereafter may designate to the others in accordance with a Notice under this
Section 11.1. A Notice or other communication will be deemed delivered on the earliest to occur of (i) its actual receipt when delivered in person, (ii) the fifth Business Day following its deposit in registered or certified
mail, with postage prepaid, and return receipt requested, (iii) the second Business Day following its deposit with a recognized overnight courier service or (iv) the date of receipt of a facsimile or electronic mail or, if such date of
receipt is not a Business Day, the next Business Day following such date of receipt, provided the sender can and does provide evidence of successful transmission. Any Notice or other communication received on a day that is not a Business Day or
later than 5:00 p.m., New York, New York time, on a Business Day shall be deemed to be received on the next Business Day. 

Section 11.2. Amendment. 
 Except for an amendment of Schedule 4.2(d) hereto in accordance with the terms of this Agreement, an amendment of Annex I in accordance with Section 3.1(a), and a
Transfer of Membership Interests and the admission of a new Member in accordance with the terms of this Agreement, this Agreement may be changed, modified or amended only by an instrument in writing duly executed by Members representing a Required
Majority Vote; provided, that any amendment of this Agreement after the Flip Date shall not materially impair the rights of the Class A Member unless the Class A Member has consented to such amendment. 

  
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Liability Company Agreement of 
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 Section 11.3. Partition. 

Each of the Members hereby irrevocably waives, to the extent it may lawfully do so, any right that such Member may have to maintain any
action for partition with respect to the Company property. 
 Section 11.4. Waivers and Modifications. 

Any consent or waiver, express, implied or deemed, to or of any breach or default by any Person in the performance by that Person of its
obligations with respect to the Company or any action inconsistent with this Agreement is not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect
to the Company or any other such action. Failure on the part of a Person to insist in any one or more instances upon strict performance of any provisions of this Agreement, to take advantage of any of its rights hereunder, or to declare any Person
in default with respect to the Company, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that Person or its rights with respect to that default until the applicable statute of
limitations period has lapsed. All waivers and consents hereunder shall be in writing duly executed by Members representing a Required Majority Vote of the Members affected by such waiver or consent and shall be delivered to the other Members in the
manner set forth in Section 11.1. 
 Section 11.5. Severability. 

Except as otherwise provided in the succeeding sentence, every term and provision of this Agreement is intended to be severable, and if
any term or provision of this Agreement is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the legality or validity of the remainder of this Agreement. The preceding sentence shall be of no force or
effect if the consequence of enforcing the remainder of this Agreement without such illegal or invalid terms or provision would be to cause any party to this Agreement to lose the benefit of its economic bargain. 

Section 11.6. Successors; No Third-Party Beneficiaries. 

This Agreement is binding on and inures to the benefit of the Members and their respective heirs, legal representatives, successors and
permitted assigns. Nothing in this Agreement shall provide any benefit to any third party (other than the Company) or entitle any third party (other than the Company) to any claim, cause of action, remedy or right of any kind, it being the intent of
the Members that this Agreement shall not be construed as a third-party beneficiary contract. To the full extent permitted by law, no creditor or other third party having dealings with the Company shall have the right to pursue any other right or
remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and permitted
assigns. None of the rights of the Members herein set forth to make Capital Contributions or loans to the Company shall be deemed an asset of the Company for any purpose by any creditor or other third party. 

  
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Liability Company Agreement of 
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 Section 11.7. Entire Agreement. 

This Agreement, including the schedules attached hereto or incorporated herein by reference, constitutes the entire agreement of the
Members with respect to the matters covered herein. This Agreement supersedes all prior agreements and oral understandings among the parties hereto with respect to such matters. 

Section 11.8. Governing Law. 
 This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, excluding any conflict of laws rule or principle that might refer the governance or construction of
this Agreement to the law of another jurisdiction. 
 Section 11.9. Further Assurances. 

In connection with this Agreement and the transactions contemplated hereby, each Member shall execute and deliver any additional
documents and instruments and perform any additional acts that may be reasonably required or useful to carry out the intent and purpose of this Agreement and as are not inconsistent with the terms hereof. 

Section 11.10. Counterparts. 
 This Agreement may be executed in any number of counterparts, each of which may be delivered by facsimile transmission or electronically in .PDF format and each of which shall be an original but all of
which together will constitute one instrument, binding upon all parties hereto, notwithstanding that all of such parties may not have executed the same counterpart. 
 Section 11.11. Dispute Resolution. 
 (a) This
Section 11.11 shall apply to any dispute arising under or related to this Agreement (whether arising in contract, tort or otherwise, and whether arising at law or in equity), including (i) any dispute regarding the construction,
interpretation, performance, validity or enforceability of any provision of this Agreement or whether any Person is in compliance with, or breach of, any provisions of this Agreement, and (ii) the applicability of this Section 11.11
to a particular dispute. Notwithstanding the foregoing, this Section 11.11 shall not apply to any matters that, pursuant to the provisions of this Agreement, are to be resolved by a vote of the Members (including through the Managing
Member). Any dispute to which this Section 11.11 applies is referred to herein as a “Dispute.” With respect to a particular Dispute, each Member that is a party to such Dispute is referred to herein as a
“Disputing Member.” 
 (b) If a Dispute arises, the Disputing Members shall attempt to resolve such Dispute
through the following procedure: (i) first, the representatives of each of the Disputing Members shall promptly meet (whether by phone or in person) in a good faith attempt to resolve the Dispute; (ii) second, if the Dispute is still
unresolved after twenty (20) calendar days 

  
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following the commencement of the negotiations described Section 11.11(b)(i), then the designated executive officer of each Disputing Member shall meet (whether by phone or in person)
in a good faith attempt to resolve the Dispute; and (iii) third, if the Dispute is still unresolved after ten (10) calendar days following the commencement of the negotiations described in clause (ii), then any Disputing Member
may take such Dispute to litigation. 
 (c) If any Member raises a Dispute with respect to the Managing Member’s Internal
Rate of Return calculation, such Disputing Member shall notify the Managing Member and the other Members not more than thirty (30) days after such Disputing Member has received the applicable Internal Rate of Return calculation notice. In such
event, the Members and the Managing Member shall consider the issues raised or in Dispute and discuss such issues with each other and attempt to reach a mutually satisfactory agreement. If notice of Dispute is not given by any Member within such
period, each calculation in the Internal Rate of Return will be final and binding on the Member. If the Dispute as to the Managing Member’s calculations is not promptly resolved within ten (10) Business Days of such notification of the
Dispute, the Members and the Managing Member shall each promptly present their interpretations to an Independent Accounting Firm, and shall instruct the Independent Accounting Firm to determine the correct amount of the calculations in dispute (if
applicable, in accordance with the methodology set forth in Section 6.5 or Section 7.1) and to resolve the dispute promptly, but in no event more than twenty (20) Business Days after having the dispute submitted to it.
The Independent Accounting Firm will make a determination as to each of the items in dispute, which must be (i) in writing, (ii) furnished to each Member and the Managing Member and (iii) made in accordance with this Agreement, and
which determination, absent manifest error, will be conclusive and binding on all Members. Each Member shall use reasonable efforts to cause the Independent Accounting Firm to render its decision as soon as reasonably practicable, including by
promptly complying with all reasonable requests by the Independent Accounting Firm for information, books, records and similar items. In the event the Independent Accounting Firm determines that any of the calculations in dispute were incorrect such
that distributions to the Class A Members were reduced by more than ***% over a period of one Fiscal Year or longer, the fees and expenses of the Independent Accounting Firm shall be borne by the Class B Members (pro rata in proportion to
their Percentage Interests). In all other cases the fees and expenses of the Independent Accounting Firm shall be borne by the Disputing Member disputing any of the calculations (if more than one, pro rata in proportion to their Percentage
Interests). 
 (d) Notwithstanding the foregoing, any Disputes under this Section 11.11 shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of law. The Members hereby irrevocably submit to the non-exclusive jurisdiction of any state or federal court in the State of New York with
respect to any action or proceeding arising out of or relating to any such Dispute. Each Member hereto irrevocably and unconditionally waives trial by jury in any action, suit or proceeding relating to a Dispute and for any counterclaim with respect
thereto. 
 Section 11.12. Confidentiality and Publicity. 

(a) Confidential Information. The Members shall, and shall cause their Affiliates and their respective stockholders, members,
Subsidiaries and Representatives to, hold 

  

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 Limited Liability Company Agreement of 

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confidential all information they may have or obtain concerning Sponsor Sub, Sponsor, Investor, the Company, and their respective assets, business, operations or prospects or this Agreement (the
“Confidential Information”); provided, however, that Confidential Information shall not include information that (i) becomes generally available to the public other than as a result of a disclosure by a Member or
any of its Representatives, or (ii) becomes available to a Member or any of its Representatives on a nonconfidential basis prior to its disclosure by the Company or its Representatives. In addition, each Member hereby acknowledges its
obligations under the United States federal securities laws. 
 (b) Legally Compelled Disclosure. Confidential
Information may be disclosed (i) as required or requested to be disclosed by a Member or any of its Affiliates or their respective stockholders, members, Subsidiaries or Representatives as a result of any Applicable Laws or rule or regulation
of any stock exchange, the National Association of Insurance Commissioners or other regulatory authority having jurisdiction over such Member, or (ii) as required or requested by the IRS in connection with the PV System or Tax Credits relating
thereto, including in connection with a request for any private letter ruling, any determination letter or any audit. If a party becomes compelled by legal or administrative process to disclose any Confidential Information, such party shall, to the
extent permitted by Applicable Laws, provide the other Members with prompt Notice so that the other Members may seek a protective order or other appropriate remedy or waive compliance with the non-disclosure provisions of this
Section 11.12 with respect to the information required to be disclosed. If such protective order or other remedy is not obtained, or such other Members waive compliance with the non-disclosure provisions of this Section 11.12
with respect to the information required to be disclosed, the first party shall furnish only that portion of such information that it is advised, by opinion of counsel, is legally required to be furnished and shall exercise reasonable efforts, at
the other Members’ expense, to obtain reliable assurance that confidential treatment will be accorded such information, including, in the case of disclosures to the IRS described in clause (ii) above, to obtain reliable assurance
that, to the maximum extent permitted by Applicable Laws, such information will not be made available for public inspection pursuant to Section 6110 of the Code. 
 (c) Disclosure to Representatives. Notwithstanding the foregoing, a Member may disclose Confidential Information received by it to its employees, consultants, legal counsel, lenders, potential
lenders, investors, potential investors (subject to Section 11.12(d)), agents or other Representatives who have a need to know such information; provided that such Member informs each such Person who has access to the Confidential
Information of the confidential nature of such Confidential Information, the terms of this Agreement, and that such terms apply to them. The Members shall ensure that each such Person complies with the terms of this Agreement and that any
Confidential Information received by such Member is kept confidential. 
 (d) Other Permitted Disclosures. Nothing herein
shall be construed as prohibiting a party hereunder from using such Confidential Information in connection with (i) any claim against another Member hereunder, (ii) any exercise by a party hereunder of any of its rights hereunder, or
(iii) a disposition by a Member of all or a portion of its Membership Interest or a disposition of an equity interest in such Member or its Affiliates, provided that such potential purchaser shall have entered into a confidentiality
agreement with respect to Confidential Information on customary terms used in confidentiality agreements in connection with corporate acquisitions before any such information may be disclosed. 

  
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Liability Company Agreement of 
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 (e) Publicity. Prior to any Member (other than Investor or its Affiliates) making a
public announcement respecting the Company or any Project that references Investor or any of its Affiliates (for the avoidance of doubt, for purposes of this Agreement, Sponsor shall not be treated as an Affiliate of Investor), such Member shall
have obtained the prior written consent of Investor. 
 Section 11.13. Joint Efforts. 

To the full extent permitted by law, neither this Agreement nor any ambiguity or uncertainty herein will be construed against any of the
parties hereto, whether under any rule of construction or otherwise. On the contrary, this Agreement has been prepared by the joint efforts of the respective attorneys for, and has been reviewed by, each of the parties hereto. 

Section 11.14. Specific Performance. 
 The Members agree that irreparable damage will result if this Agreement is not performed in accordance with its terms, and the Members agree that any damages available at law for a breach of this
Agreement would not be an adequate remedy. Therefore, to the full extent permitted by law, the provisions hereof and the obligations of the Members hereunder shall be enforceable in a court of equity, or other tribunal with jurisdiction, by a decree
of specific performance, and appropriate injunctive relief may be applied for and granted in connection therewith. Such remedies and all other remedies provided for in this Agreement shall, however, be cumulative and not exclusive and shall be in
addition to any other remedies that a Member may have under this Agreement, at law or in equity. 
 Section 11.15.
Survival. 
 Subject to Section 9.11, all indemnities and reimbursement obligations made pursuant to this
Agreement shall survive dissolution and liquidation of the Company until expiration of the longest applicable statute of limitations (including extensions and waivers) with respect to the matter for which a Person would be entitled to be indemnified
or reimbursed, as the case may be. 
 Section 11.16. Recourse Only to Member. 

The sole recourse of the Company for performance of the obligations of any Member hereunder shall be against such Member and its assets
and not against any assets or property of any present or future stockholder, partner, member, officer, employee, servant, executive, director, agent, authorized representative or Affiliate of such Member. 

  
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Liability Company Agreement of 
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 Section 11.17. Costs, Expenses, Fees. 

Except as otherwise provided in Section 9.4 and Section 9.5, each Member shall be responsible for its own costs
and expenses in connection with the Transaction Documents; provided that Class B Member shall reimburse Investor for up to $*** of any out-of-pocket transaction costs and expenses (including legal fees) actually incurred by Investor in
connection with the transactions contemplated under the Transaction Documents (in addition to Class B Member’s obligations under Section 9.4 and Section 9.5). 

[Remainder of this page intentionally left blank.] 

  

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 Limited Liability Company Agreement of 

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 IN WITNESS WHEREOF, the parties, each a Member, have caused this Limited Liability Company
Agreement to be signed by their respective duly authorized officers as of the date first above written. 
  

					
	VIVINT SOLAR REBECCA MANAGER, LLC
		
	By:	 	 /s/ Paul Dickson

		 	Name:	 	Paul Dickson
		 	Title:	 	Vice President of Operations
	
	BLACKSTONE HOLDINGS I L.P.
	By:	 	Blackstone Holdings I/II GP Inc.,
		 	its General Partner
		
	By:	 	 /s/ Laurance A. Tosi

		 	Name:	 	Laurance A. Tosi
		 	Title:	 	CFO

 Limited Liability Company Agreement of Vivint Solar Rebecca Project Company, LLC 

 Annex I 

Members and Membership Interests 
  

									
	 Class A Member
	  	Number of Class A
Membership Interests Owned	 	  	Percentage of Class A
Membership Interests Owned	 
	 Blackstone Holdings I L.P.

c/o The Blackstone Group L.P.

345 Park Avenue
 New York, New York 10154
 Attn: John Finley

Fax: 212-583-5749

John.Finley@Blackstone.com
  

Chaim Miller
 Chaim.Miller@Blackstone.com
  
 Joe Rocco
 Joe.Rocco@Blackstone.com

 

Treasury-Operations@Blackstone.com
	  	 	100	  	  	 	100	% 

  

									
	 Class B Member
	  	Number of Class B
Membership Interests Owned	 	  	Percentage of Class B
Membership Interests Owned	 
	 Vivint Solar Rebecca Manager, LLC,

c/o Vivint Solar, Inc.

4931 N 300 W
 Provo, UT 84604
 Attn: Thomas Plagemann, Exec. VP of
Capital Markets
 E-Mail: thomas.plagemann@vivintsolar.com

Fax: (801) 229-7727
	  	 	100	  	  	 	100	% 

 Schedule 4.2(d) 

Initial Capital Accounts 
  

									
	 Member Name and Address
	  	Capital Account Balance	 	  	Percentage Interest	 
	 Blackstone Holdings I L.P.

c/o The Blackstone Group L.P.

345 Park Avenue
 New York, New York 10154
 Attn: John Finley

Fax: 212-583-5749

John.Finley@Blackstone.com
  

Chaim Miller
 Chaim.Miller@Blackstone.com
  
 Joe Rocco
 Joe.Rocco@Blackstone.com

 

Treasury-Operations@Blackstone.com
	  	$	***	  	  	 	***	% 
			
	 Vivint Solar Rebecca Manager, LLC,

c/o Vivint Solar, Inc.

4931 N 300 W
 Provo, UT 84604
 Attn: Thomas Plagemann, Exec. VP of
Capital Markets
 E-Mail: thomas.plagemann@vivintsolar.com

Fax: (801) 229-7727
	  	$	***	  	  	 	***	% 

  

	***	Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. 

 Schedule 9 

Transfer Representations and Warranties 
 (a) [The Class A Member] is a [—] duly organized, validly existing and in good standing under the laws of
[—] and has all requisite [—] power and authority to reconvey the Class A Membership Interests as contemplated by the Agreement. 

(b) [The Class A Member] owns directly [100%] of the Company’s outstanding Class A Membership Interests to the extent that
is what it was sold under the [Agreement] [other transfer documentation]. 
 (c) [The Class A Member] has absolute record
and beneficial ownership and title to all of the Membership Interests held by [the Class A Member] to the extent that is what it was sold under the [Agreement] [other transfer documentation], free and clear of any Liens except Permitted
Encumbrances. 
 (d) The assignment effecting the Transfer of the Class A Membership Interests from [the Class A
Member] to [the Class B Member] has been duly and validly executed and delivered by [the Class A Member] and constitutes [the Class A Member’s] legal, valid and binding obligation, enforceable against it in accordance with its terms
(subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium and similar laws from time to time in effect relating to the rights and remedies of creditors as well as to general principles of equity whether considered at
law or in equity). 
 (e) Neither the execution, delivery and performance by [the Class A Member] of the assignment
effecting the Transfer of the Class A Membership Interests from [the Class A Member] to [the Class B Member] nor the consummation of the transactions contemplated thereby will (i) conflict with or result in any breach of any provision
of the organizational documents of [the Class A Member]; (ii) violate or conflict with (or give rise to any right of termination, cancellation or acceleration under) any of the terms, conditions or provisions of any contract or other
instrument or obligation that [the Class A Member] is a party to or by which [the Class A Member] is bound; or (iii) violate any Applicable Laws or any material license, franchise, permit or other authorization applicable to or
affecting [the Class A Member] or any of its respective assets. 
 (f) No declaration, filing or registration with, or
notice to, or authorization, consent or approval of any Governmental Authority or any other Person that has not been made or obtained on or before the date hereof is necessary for the execution, delivery and performance by [the Class A Member]
of the assignment effecting the Transfer of the Class A Membership Interests from [the Class A Member] to [the Class B Member] or the consummation by any such Person of the transactions contemplated thereby. 

 Exhibit A 

Certificate of Membership Interest 
 See attached 

 CERTIFICATE OF CLASS [A/B] MEMBERSHIP INTEREST 

 

					
	 Certificate
 No. [A/B]-[ — ]
	  	 Vivint Solar Rebecca Project Company, LLC,

a Delaware limited liability company
	  	 Class [A/B]
 Membership Interests

 The Class [A/B] Membership Interests represented by this Certificate of Class [A/B] Membership
Interest (this “Certificate”) and the Class [A/B] Membership Interests evidenced hereby shall constitute a “security” within the meaning of, and governed by, (i) Article 8 of the Uniform Commercial Code
(including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes
the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995. 

THIS CERTIFIES THAT [ — ], a [ —
] [ — ], is the registered holder of [ — ] Class [A/B] Membership Interests of Vivint Solar Rebecca Project Company, LLC, a Delaware limited
liability company (the “Company”), representing 100% of the Class [A/B] Membership Interests in the Company. 

IN WITNESS WHEREOF, the duly authorized officers of the Company have executed this Certificate as of this      day of
            , 2014. 
  

									
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 	Name:
					
		 	Title:	 		 		 	Title:

 THE CLASS [A/B] MEMBERSHIP INTERESTS REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER ANY
SECURITIES LAW AND THE TRANSFERABILITY OF SUCH CLASS [A/B] MEMBERSHIP INTERESTS IS RESTRICTED. SUCH CLASS [A/B] MEMBERSHIP INTERESTS MAY NOT BE SOLD, OFFERED FOR SALE, ASSIGNED OR TRANSFERRED, NOR WILL ANY ASSIGNEE, VENDEE, TRANSFEREE OR ENDORSEE
THEREOF BE RECOGNIZED AS HAVING ACQUIRED ANY SUCH CLASS [A/B] MEMBERSHIP INTERESTS BY THE ISSUER FOR ANY PURPOSES, UNLESS (I) A REGISTRATION UNDER THE SECURITIES ACT OF 1933 (AS AMENDED) WITH RESPECT TO SUCH CLASS [A/B] MEMBERSHIP INTERESTS SHALL
THEN BE IN EFFECT AND SUCH TRANSFER HAS BEEN QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS, OR (II) SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION AND QUALIFICATION REQUIREMENTS. 
 ADDITIONALLY, NO CLASS [A/B] MEMBERSHIP INTERESTS REPRESENTED BY THIS INSTRUMENT MAY BE SOLD, ASSIGNED OR OTHERWISE TRANSFERRED EXCEPT AS PROVIDED IN THE LIMITED LIABILITY COMPANY AGREEMENT OF THE
COMPANY, COPIES OF WHICH ARE ON FILE IN THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON REQUEST AND WITHOUT CHARGE TO ANY HOLDER. 
  

 
 

 
 For Value
Received,                     hereby sell(s), assign(s) and transfer(s) unto
                                         
            Class [A/B] Membership Interests represented by the within Certificate, and do(es) hereby irrevocably constitute and appoint
                                         
                                        Attorney to
transfer the said Class [A/B] Membership Interests on the books of the within named Company with full power of substitution in the premises. 
  

					
		 	Dated:	 	  

			
		 	By:	 	  

 Exhibit B 

Base Case Model 
 See attached 

 Exhibit C 

Insurance 

Coverage: 
 The Company shall procure
and maintain in full force and effect the following minimum insurance coverages, at its sole expense, as set forth below. All such insurance carried shall be placed with such insurers having a minimum A.M. Best rating of A-IX, and be in such form,
with such other terms, conditions, limits and deductibles (subject to the minimum insurance coverages below): 
 (A) All Risk Property
Insurance. The Company shall maintain all risk property insurance covering against physical loss or damage to the Projects, including fire and extended coverage. Such insurance coverage shall cover each and every component of the Project, per
policy terms and conditions. Such insurance coverage shall be written on a full replacement cost basis, shall include an agreed amount endorsement waiving any coinsurance penalty, and shall include expediting expense coverage in an amount not less
than $50,000. Such insurance coverage may be subject to deductibles not to exceed $250,000 for each and every occurrence. 
 (B) Commercial
General Liability. The Company shall maintain third party liability insurance coverage written on an occurrence basis with a limit of liability of not less than $1,000,000. Such insurance shall include coverage for premises/operations, pollution
arising out of hostile fire, contractual liability, independent contractors, products/completed operations, property damage and personal injury liability. 
 (C) Workers’ Compensation/Employer’s Liability. If the Company has any employees, the Company shall maintain Workers’ Compensation insurance in accordance with statutory provisions
covering accidental injury, illness or death of any such employee while at work or in the scope of his or her employment with the Company, and Employer’s Liability insurance in an amount not less than $1,000,000. Exclusions for occupational
disease shall be limited to employers’ liability only. 
 (D) Business Auto. If applicable, the Company shall maintain Business Auto
insurance covering owned, non-owned, leased, hired or borrowed vehicles of the Company, if any, against bodily injury or property damage. Such insurance coverage shall have a combined single limit of liability of not less than $1,000,000.

 (E) Excess/Umbrella Liability. The Company shall maintain Excess/Umbrella Liability insurance written on an occurrence basis and
providing coverage limits in excess of the primary limits applying under policies described in subsections (B), (C) (employers’ liability only), and (D) above. Such insurance coverage shall have a limit of liability of not less
than $10,000,000. Such insurance coverage shall include a drop down provision in the event of exhaustion of underlying limits or aggregates and apply on a following form basis to the primary coverage. 

 Endorsements: 
 The Company shall cause its insurance coverages to be endorsed as follows (all such endorsements with respect to the Class A Member to be as of the Effective Date): 

(A) Each Class A Member shall be an additional insured and Loss Payee with respect to the Property All Risk and any other applicable First Party
insurance. Each Class A Member shall be additional insured with respect to the General Liability, Automobile and Umbrella Liability policies. 
 (B) Such other endorsements, or independent instruments, furnished to each Class A Member, will provide that (i) the insurance companies will give each Class A Member at least ten
(10) calendar days prior written notice, in the case of nonpayment of premiums, or thirty (30) calendar days prior written notice, in all other cases, before any such policy or policies of insurance shall be canceled, (ii) in as much
as the liability policies are written to cover more than one insured, all terms, conditions, insuring agreements and endorsements of the liability policies, with the exception of the limits of liability and products completed operations, shall
operate in the same manner as if there were a separate policy covering each insured, (iii) such insurance is primary without right of contribution of any other insurance carried by or on behalf of each Class A Member with respect to its
interests as such in the Project and (iv) coverage shall not be cancelled except after thirty (30) calendar days’ prior written notice, or ten (10) days’ prior written notice in the event of cancellation for nonpayment of
premium, has been given to the each Class A Member. 
 General: 
 In the event any property insurance (including the limits or deductibles thereof) hereby required to be maintained, other than insurance required by law to be maintained, shall not be available and
commercially feasible in the commercial insurance market, no Class A Member shall unreasonably withhold their agreement to waive such requirement to the extent the maintenance thereof is not so available; provided, however, that:
(i) the Company shall first request any such waiver in writing ten (10) Business Days prior to the policy renewal, which request shall be accompanied by written reports prepared by the Company’s insurance broker certifying that such
property insurance is not reasonably available and commercially feasible in the commercial insurance market for projects of similar type and capacity (and, in any case where the required amount is not so available, certifying as to the maximum
amount which is so available) and explaining in detail the basis for such conclusions, such insurance advisers and the form and substance of such reports to be reasonably acceptable to the Class A Member; (ii) at any time after the
granting of any such waiver, the Class A Member may request, and the Company shall furnish to the Class A Member within fifteen (15) calendar days after such request, supplemental reports reasonably acceptable to the Class A
Member from such insurance advisers updating their prior reports and reaffirming such conclusion; (iii) any such waiver shall be effective only so long as such property insurance shall not be available and commercially feasible in the
commercial insurance market, it being understood that the failure of the Company to timely furnish any such supplemental report shall be conclusive evidence that such waiver is no longer effective because such condition no longer exists, but that
such failure is not the only way to establish such nonexistence; and (iv) the Company shall procure such property insurance coverage as is then available to the Company on commercially reasonable terms. 

 Exhibit D 

Form of Note 
  

			
	$[        ]	  	[            ], 20[    ]
		  	New York, New York

 FOR VALUE RECEIVED, Vivint Solar Rebecca Project Company, LLC, a Delaware limited liability company (the
“Company”), hereby promises to pay to [        ] (the “Member”), into [INSERT ACCOUNT INFORMATION], the principal sum of $[AMOUNT EQUAL TO THE MEMBER LOAN] as a Member Loan
made by the Member to the Company pursuant to the Limited Liability Company Agreement of the Company dated as of February [    ], 2014, by and between Blackstone Holdings I L.P. and Vivint Solar Rebecca Manager, LLC (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “LLC Agreement”), in lawful money of the United States of America and in immediately available funds, on the dates and in the principal amounts provided
in the LLC Agreement and on the schedule attached hereto, and to pay interest on the unpaid principal amount of each such Member Loan, into such account, in like money and funds, for the period commencing on the date of such Member Loan until such
Member Loan shall be paid in full, at the rate per annum and on the dates provided in the LLC Agreement and on the schedule attached hereto (unless such interest is compounded to the principal amount of the Member Loan in accordance with
Section 4.3(b) of the LLC Agreement). 
 The date, amount, and interest rate of each Member Loan made by the Member to the
Company, and each payment made on account of the principal thereof, shall be recorded by the Member on its books and, prior to any transfer of this Note, endorsed by the Member on the schedule attached hereto or any continuation thereof,
provided that the failure of the Member to make any such recordation or endorsement shall not affect the obligations of the Company to make a payment when due of any amount owing under the LLC Agreement or hereunder in respect of the Member
Loans made by the Member. 
 This Note evidences Member Loans made by the Member under the LLC Agreement. Terms used but not
defined in this Note have the respective meanings assigned to them in the LLC Agreement. 
 This Note shall be governed by, and
construed in accordance with, the law of the State of New York. 
 [SIGNATURE PAGE FOLLOWS] 

 
			
	VIVINT SOLAR REBECCA PROJECT COMPANY, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Schedule of Member Loans 
 This Note evidences Member Loans made under the within-described LLC Agreement to the Company, on the dates, in the principal amounts, bearing interest at the rates
set forth below and subject to the payments, prepayments and compounding set forth below: 
  

									
	 Date
	  	Principal
Amount of
Loan	  	Interest Rate	  	Amount Paid,
Prepaid, or
Compounded	  	Notation
Made byEX-10.38

 Exhibit 10.38 
 *** 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 

Execution 

DEVELOPMENT, EPC AND PURCHASE AGREEMENT 
 by and among 
 VIVINT SOLAR DEVELOPER, LLC 

a Delaware limited liability company 
 and 
 VIVINT SOLAR, INC. 

a Delaware corporation 
 and 
 VIVINT SOLAR REBECCA PROJECT COMPANY, LLC 

a Delaware limited liability company 
 Dated as of February 13, 2014 

  
 Development,
EPC and Purchase Agreement 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 DEFINED TERMS
	  	 	1	 
	 1.1
	  	Defined Terms.	  	 	1	 
	 1.2
	  	Capitalized Terms.	  	 	10	  
	 1.3
	  	Construction.	  	 	10	 
		
	 ARTICLE 2 PURCHASE OF PROJECTS
	  	 	10	 
			
	 2.1
	  	Presentation and Review of Tranches; Purchase.	  	 	10	 
	 2.2
	  	Completion of Purchased Systems.	  	 	13	 
	 2.3
	  	Conditions Precedent to the Obligations of Purchaser.	  	 	16	 
	 2.4
	  	Conditions Precedent to the Obligations of a Seller.	  	 	18	 
	 2.5
	  	Conditions Precedent to the Obligations of Both Parties.	  	 	18	 
		
	 ARTICLE 3 REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	19	 
			
	 3.1
	  	Representations, Warranties and Covenants of Sellers.	  	 	19	 
	 3.2
	  	Representations and Warranties of Purchaser.	  	 	25	  
	 3.3
	  	No Other Seller Representations.	  	 	25	 
	 3.4
	  	Defects Warranty.	  	 	26	 
	 3.5
	  	Insurance.	  	 	26	 
		
	 ARTICLE 4 TERMINATION
	  	 	26	 
			
	 4.1
	  	Termination.	  	 	26	 
	 4.2
	  	Procedure and Effect of Termination.	  	 	27	 
	 4.3
	  	Indemnification by Seller.	  	 	28	  
	 4.4
	  	Indemnification by Purchaser.	  	 	29	 
	 4.5
	  	LIMITATION OF LIABILITY.	  	 	29	 
	 4.6
	  	Indemnification Procedures.	  	 	30	 
		
	 ARTICLE 5 DISPUTE RESOLUTION
	  	 	31	  
			
	 5.1
	  	Good Faith Negotiations.	  	 	31	  
	 5.2
	  	SUBMISSION TO JURISDICTION	  	 	31	 
		
	 ARTICLE 6 GENERAL PROVISIONS
	  	 	31	 
			
	 6.1
	  	Exhibits and Schedules.	  	 	31	 
	 6.2
	  	Amendment, Modification and Waiver.	  	 	31	 
	 6.3
	  	Severability.	  	 	32	  
	 6.4
	  	Expenses.	  	 	32	 

  

Development, EPC and Purchase Agreement 

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 6.5
	  	Parties in Interest.	  	 	32	 
	 6.6
	  	Notices.	  	 	32	 
	 6.7
	  	Counterparts.	  	 	34	 
	 6.8
	  	Entire Agreement.	  	 	34	 
	 6.9
	  	Governing Law.	  	 	34	 
	 6.10
	  	Public Announcements.	  	 	35	 
	 6.11
	  	Assignment.	  	 	35	 
	 6.12
	  	Relationship of Parties.	  	 	35	 
	 6.13
	  	Successors and Assigns.	  	 	35	 
	 6.14
	  	Access.	  	 	35	 
	 6.15
	  	Purchaser Member Authorization.	  	 	36	 

  

Development, EPC and Purchase Agreement 

  
 -ii-

			
	Schedules:	  	
		
	Schedule 1	  	List of Purchased Systems and Associated Customer Agreements
	Schedule 2	  	Form of Tranche Presentation Certificate
	Schedule 3	  	Forms of Customer Agreements
		  	 California – Versions 2.6 and 2.8

		  	 Hawaii – Versions 2.6 and 2.8

		  	 Maryland – Versions 2.6 and 2.8

		  	 Massachusetts – Versions 2.6 and 2.8

		  	 New Jersey – Versions 2.6 and 2.8

		  	 New York – Versions 2.6 and 2.8

		  	 Washington, D.C. – Versions 2.6 and 2.8

	Schedule 4	  	Form of Bill of Sale and Assignment
	Schedule 5	  	Form of Closing Request
	Schedule 6	  	Form of Transfer Notice
	Schedule 7	  	Form of Deficient Project and Cancelled Project Report
	Schedule 8	  	Form of Change Order Report
	Schedule 9	  	Form of Substitution Report
	Schedule 10	  	Form of True-Up Report
	Schedule 11	  	Form of Completion Certificate
	Schedule 12	  	Performance Tests
	Schedule 13	  	Approved Suppliers
	Schedule 14	  	Insurance Requirements

  

Development, EPC and Purchase Agreement 

  
 -iii-

 DEVELOPMENT, EPC AND PURCHASE AGREEMENT 

This DEVELOPMENT, EPC AND PURCHASE AGREEMENT is made and entered into as of February 13, 2014 (the “Effective
Date”), by and among Vivint Solar Developer, LLC, a Delaware limited liability company (“VSD”), Vivint Solar, Inc., a Delaware corporation (“VSI”, together with VSD, the “Sellers” and each
a “Seller”), and Vivint Solar Rebecca Project Company, LLC, a Delaware limited liability company (“Purchaser”). The use of “Party” herein means each Seller or Purchaser, and
“Parties” means the Sellers and Purchaser. 
 RECITALS 

1. Each Seller is in the business of providing photovoltaic systems for use on residential properties. 

2. Each Seller is experienced in the design, engineering, equipment procurement, installation, commissioning, construction and testing of
such photovoltaic systems. 
 3. Purchaser desires to purchase, and each Seller desires to sell, such photovoltaic systems for
installation and use on residential properties on the terms and subject to the conditions described herein. 
 4. Purchaser
desires that each Seller design, engineer, procure, install, commission, construct and performance test the photovoltaic systems on a turnkey, fixed-price basis, and each Seller desires to perform such services. 

5. In order to facilitate such purchases and the design, engineering, equipment procurement, installation, commissioning, construction
and testing of such photovoltaic systems, the Parties wish to enter into this Agreement covering the period commencing on the date of this Agreement and ending at the expiration of the Term (defined below). 

NOW THEREFORE, in consideration of the respective representations, warranties, covenants, agreements and conditions hereinafter set
forth, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree as follows: 

AGREEMENT 
 ARTICLE 1 
 DEFINED TERMS 

1.1 Defined Terms. 
 As used herein, the following terms have the following meanings: 

“Accepted Project” is defined in Section 2.1(d). 

“Affiliate” means, with respect to any Person, a Person that directly, or indirectly through one or more intermediaries,
Controls, is Controlled by or is under common Control with the Person specified; provided, however, that Purchaser and Investor shall not be considered Affiliates of a Seller or Sponsor for purposes of this Agreement. 

  
 Development,
EPC and Purchase Agreement 

 “Agreement” means this Development, EPC and Purchase Agreement, together
with all schedules and exhibits hereto, as amended, restated, supplemented or otherwise modified from time to time. 

“Applicable Laws” means all applicable laws of any Governmental Authority, including, without limitation, laws relating
to consumer leasing and protection and any ordinances, judgments, decrees, injunctions, writs and orders or like actions of any Governmental Authority and rules and regulations of any federal, regional, state, county, municipal or other Governmental
Authority. 
 “Appraisal” is defined in Section 2.3(h). 

“Appraisal Deficiency Notice” means an official promulgation or written notification from the Internal Revenue Service
that would have the effect of lowering the fair market value of, or Purchaser’s tax basis in, any Project. 

“Assets” means, with respect to any Person, all right, title and interest of such Person in land, properties, buildings,
improvements, fixtures, foundations, assets and rights of any kind, whether tangible or intangible, real, personal or mixed, including contracts, equipment, systems, books and records, proprietary rights, intellectual property, Permits, rights under
or pursuant to all warranties, representations and guarantees, cash, accounts receivable, deposits and prepaid expenses. 

“Base Case Model” is defined in the LLC Agreement. 

“Bill of Sale” is defined in Section 2.1(g). 

“Business Day” means any day other than Saturday, Sunday and any other day on which banks in New York are authorized to
be closed. 
 “Cancelled Project” means a PV System (a) that a Seller has removed from the Tranche due to
a delay in the completion schedule or other reasons or (b) for which the related Customer Agreement is cancelled or terminated, in each case, before such PV System is Placed in Service, but after such PV System has been Purchased by Purchaser.

 “Capital Contribution” is defined in the LLC Agreement. 

“Change Order” is defined in Section 2.2(e). 

“Change Order Credit” is defined in Section 2.2(e). 

“Change Order Debit” is defined in Section 2.2(e). 

“Change Order Report” is defined in Section 2.2(e). 

“Closing Request” is defined in Section 2.1(f). 

  

Development, EPC and Purchase Agreement 

  
 2 

 “Code” means the Internal Revenue Code of 1986, as amended, or any
successor federal tax statute. 
 “Completion Certificate” means a certificate signed by an authorized officer
of Seller in substantially the form of Schedule 11. 
 “Completion Deadline” means December 31, 2014.

 “Control” means, with respect to a Person, the possession, directly or indirectly, of the power to direct or
cause the direction of such Person’s management or policies, whether through the ownership of voting securities, by contract or otherwise. 
 “Customer Agreement” means, in respect of each PV System, a power purchase agreement with a Host Customer in one of the forms attached to Schedule 3 applicable to the Project State
where such Host Customer is located, together with all other agreements, instruments and documents incorporated therein by the terms thereof (or such other form as is approved in writing by Investor), except for any immaterial deviations from such
form that do not affect the rights and obligations of the parties thereto. 
 “Deduction Loss” is defined in
Section 4.3(c). 
 “Deficient Project” means an Accepted Project which is not a Cancelled Project
but for which the PV System for such Project is not Placed in Service by the Completion Deadline. 
 “Deficient Project
and Cancelled Project Report” is defined in Section 2.2(d). 
 “Dispute” is defined in
Section 5.1. 
 “Effective Date” is defined in the preamble. 

“Environmental Law” means all Applicable Laws pertaining to the environment, human health or safety, or natural
resources, including, but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. § 9601 et seq.), the Superfund Amendments and Reauthorization Act of 1986, the Emergency Planning
and Community Right to Know Act (42 U.S.C. §§ 11001 et seq.), the Resource Conservation and Recovery Act of 1976 (42 U.S.C. §§ 6901 et seq.), the Hazardous and Solid Waste Amendments Act of 1984, the Clean Air Act (42
U.S.C. §§ 7401 et seq.), the Federal Water Pollution Control Act (also known as the Clean Water Act) (33 U.S.C. §§ 1251 et seq.), the Toxic Substances Control Act (15 U.S.C. §§ 2601 et seq.), the Safe Drinking Water Act
(42 U.S.C. §§ 300f et seq.), the Endangered Species Act (16 U.S.C. §§ 1531 et seq.), the Migratory Bird Treaty Act (16 U.S.C. §§ 703 et seq.), the Bald Eagle Protection Act (16 U.S.C. §§ 668 et seq.), the Oil
Pollution Act of 1990 (33 U.S.C. §§ 2701 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. §§ 1801 et seq.), and the Occupational Safety and Health Act of 1970, to the extent that it relates to the handling of
and exposure to hazardous or toxic materials or similar substances, and any similar or analogous state and local statutes or regulations promulgated thereunder, and decisional law of any Governmental Authority, as each of the foregoing may be
amended or supplemented from time to time in the future, in each case to the extent applicable with respect to the property or operation to which application of the term “Environmental Law” relates. 

  

Development, EPC and Purchase Agreement 

  
 3 

 “FERC” means the Federal Energy Regulatory Commission or any successor
agency. 
 “FICO® Score” means a score based on the credit risk rating system established and maintained by
the Fair Isaac Corporation. 
 “Final Determination” means the earliest to occur of: (a) a decision,
judgment, decree or other order by any court of competent jurisdiction, which decision, judgment, decree or other order has become final after all allowable appeals (other than appeals to the United States Supreme Court) by either party to the
action have been exhausted or the time for filing such appeals has expired, (b) a closing agreement entered into (i) under Section 7121 of the Code or any other settlement agreement entered into in connection with an administrative or
judicial proceeding and (ii) with the written consent of a Seller (such consent not to be unreasonably withheld, conditioned or delayed), (c) the expiration of the time for instituting suit with respect to the claimed deficiency, or
(d) the expiration of the time for instituting a claim for refund, or if such a claim was filed, the expiration of the time for instituting suit with respect thereto. 
 “GAAP” means (a) generally accepted accounting principles in the United States of America as in effect from time to time, consistently applied; or (b) upon mutual agreement of
the Parties, internationally recognized generally accepted accounting principles, consistently applied. 
 “Governmental
Authority” means any foreign, federal, state, local or other governmental, regulatory or administrative agency, court, commission, department, board, or other governmental subdivision, legislature, rulemaking board, court, tribunal,
arbitrating body or other governmental authority having jurisdiction or effective control over a Seller, Purchaser, their respective Affiliates or any Project. 
 “Government Incentive” means a payment, including, without limitation, a payment in respect of any performance-based incentive or rebates, by a utility, electric distribution company or
federal, state or local Governmental Authority or quasi-governmental agency, and any extension of the program (including by converting the program into a refundable tax credit or tax refund program), in each case as an inducement to a utility
customer, solar company or installer to install or use solar equipment, except that neither (a) Tax Credits and depreciation deductions for U.S. federal income tax purposes nor (b) any credits or payments available under any Host
Customer’s utility’s “net metering” program for energy generated by the applicable Project that are reserved to such Host Customer under the applicable Customer Agreement shall be considered Government Incentives. 

“Host Customer” means a residential customer under a Customer Agreement whose property where the PV System is installed
is located in a Project State. 
 “Indemnifying Party” is defined in Section 4.6. 

“Indemnitee” is defined in Section 4.6. 

“In-Service Date” has the meaning assigned to that term in the applicable Customer Agreement. 

  

Development, EPC and Purchase Agreement 

  
 4 

 “Installation” is defined in Section 2.2(a). 

“Investor” is defined in the LLC Agreement. 
 “Investor Contribution Cap” is defined in the LLC Agreement. 

“Knowledge of Investor” means the actual knowledge, after due inquiry, as of the Effective Date and each Purchase Date,
of one or more of the following persons (together with any successor person holding the same title or the functional equivalent without supplanting or replacing any of the following persons, whose actual knowledge after due inquiry shall remain
“Knowledge”) holding the following titles at Investor: Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer and General Counsel. 
 “Knowledge of a Seller” or “Knowledge of such Seller” means with respect to a Seller, the actual knowledge, after due inquiry, as of the Effective Date and each Purchase
Date, of one or more of the following persons holding the following titles at such Seller: Greg Butterfield (Chief Executive Officer and President), Brendon Merkley (Chief Operating Officer), Paul Dickson (Vice President of Finance), and Dan Black
(General Counsel); provided, however, that for matters relating to a Host Customer, “Knowledge” shall be limited to the representations and warranties made by such Host Customer in Customer Agreements without such Seller
undertaking further inquiry or due diligence, unless any one of the persons described above has actual knowledge that a representation or warranty is untrue. 
 “kW” means kilowatt. 
 “Lien” means any lien,
security interest, mortgage, hypothecation, encumbrance or other restriction on title or property interest. 
 “LLC
Agreement” means that certain Limited Liability Company Agreement of Vivint Solar Rebecca Project Company, LLC, a Delaware limited liability company, made and entered into as of the date hereof, as amended, restated, supplemented or
otherwise modified from time to time. 
 “Loss” means any claim, demand, suit, loss, liability, damage,
obligation, payment, cost, fee, Tax, penalty or expense (including, without limitation, the cost and expense of any action, suit, proceeding, assessment, judgment, settlement or compromise relating thereto and reasonable attorneys’ fees and
reasonable disbursements in connection therewith). 
 “Maintenance Services Agreement” means that certain
Maintenance Services Agreement, dated as of the date hereof, between MSA Provider and Purchaser. 
 “Managing
Member” is defined in the LLC Agreement. 
 “Material Adverse Change” means, with respect to any
Person, a fact, event or circumstance that, alone or when taken with other events or conditions occurring or existing concurrently with such event or condition, (a) has or is reasonably expected to have a material

  

Development, EPC and Purchase Agreement 

  
 5 

 
adverse effect on the business, operations, condition (financial or otherwise), assets, liabilities or properties of such Person, (b) has or is reasonably expected to have any material
adverse effect on the validity or enforceability of the Transaction Documents, (c) materially impairs or is reasonably expected to materially impair the ability of such Person to meet or perform its obligations under the Transaction Documents,
or (d) has or is reasonably expected to have any material adverse effect on such Person’s rights under the Transaction Documents. 
 “Minimum Credit Criteria” means (a) a FICO® Score for an individual Host Customer of *** or greater from Equifax, TransUnion, Experian or other nationally-recognized consumer
rating agency, and (b) after giving effect to all Purchases under this Agreement (i) ***% of the Customer Agreements are with Host Customers, including Host Customers of all Projects proposed to be included in the applicable Tranche, that
have a FICO® Score *** from Equifax, TransUnion, Experian or other nationally-recognized consumer rating agency and (ii) *** all Host Customers, including Host Customers of all Projects proposed to be included in the applicable Tranche,
***. 
 “MW” means megawatt. 
 “MSA Provider” is defined in the LLC Agreement. 
 “Net
Purchase Price” is defined in Section 2.1(f). 
 “Non-Accepted Project” is defined in
Section 2.1(d). 
 “Ordinary Course of Business” means the ordinary conduct of business consistent
with custom and practice for residential rooftop distributed solar electricity generation businesses in the United States (including with respect to quantity and frequency). 
 “Party” or “Parties” is defined in the preamble. 

“Performance Test” means each and every test required under the Customer Agreement as a requirement for achieving the
In-Service Date, as more particularly described in Schedule 12. 
 “Permit” means any permit, franchise,
lease, order, license, notice, certification, approval, exemption, qualification, right or authorization from or registration, notice or filing with any Governmental Authority. 

“Permitted Liens” means (a) liens for taxes not yet due or that are being contested in good faith by appropriate
proceedings, to the extent adequate reserves have been made consistent with GAAP, (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, employees’, contractors’, operators’, vendors’
or other similar liens or charges securing the payment of expenses not yet due and payable that are incurred in the Ordinary Course of Business, (c) liens securing obligations or duties (other than Indebtedness) to any Governmental Authority
arising in the Ordinary Course of Business (including under licenses and permits held by the Purchaser and under all Applicable Laws and orders of any Governmental Authority), (d) easements, rights-of-way, restrictions (including zoning
restrictions), covenants, licenses, 
  

	***	Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. 

 

 Development, EPC and Purchase Agreement 

  
 6 

 
encroachments, protrusions and other similar charges or encumbrances on or with respect to real property that do not secure Indebtedness of Purchaser or its Affiliates or materially interfere
with the ownership, installation or operation of the Projects in the Ordinary Course of Business, (e) liens incurred or deposits made in the Ordinary Course of Business in connection with workers’ compensation, unemployment or other social
security or to secure performance of statutory obligations, surety bonds, performance bonds and other similar obligations and (f) any other liens agreed to in writing by Managing Member and Investor. 

“Person” means any individual, partnership, limited liability company, joint venture, corporation, trust, unincorporated
organization, or governmental entity or any department or agency thereof. 
 “Placed in Service” is defined in
the LLC Agreement. 
 “Placed in Service Date” in respect of a PV System means the date such PV System is
Placed in Service. 
 “Project” means a PV System installed or to be installed, and used or to be used to
generate electricity for sale to a Host Customer under a Customer Agreement as contemplated under this Agreement, associated rights under the applicable Customer Agreement, and all other related rights to the extent applicable thereto, including,
without limitation, all parts and manufacturer’s warranties and rights to access Host Customer data, and all Permits and Real Property Rights necessary for the operation of the PV System and the sale of electricity pursuant to the related
Customer Agreement, and all rights pursuant to any related Government Incentives and RECs. 
 “Project States”
means California, Hawaii, Maryland, Massachusetts, New Jersey, New York, and Washington, D.C. 
 “Prudent Industry
Standards” means the practices, methods, equipment, specifications and standards of safety, as the same may change from time to time, as are used or approved by a significant portion of the residential rooftop distributed solar electric
generation industry operating in the applicable Project States in residential rooftop distributed solar electric generating systems or facilities of a type and size similar to the Projects as good, safe and prudent engineering practices in
connection with the design, construction, operation, maintenance, repair and use of electrical and other equipment, facilities and improvements of such residential rooftop distributed solar electric generating system or facility, with commensurate
standards of safety, performance, dependability, efficiency and economy, in each case in light of the facts known and circumstances existing at the time any decision is made or action is taken, that would be expected to accomplish the desired result
in a manner materially consistent with Applicable Law, Permits, codes, and equipment manufacturer’s recommendations. 

“Purchase” means each purchase of a PV System pursuant to Section 2.1(b). 

“Purchase Date” means the date on which the System Purchase Price is due for a particular PV System. 

  

Development, EPC and Purchase Agreement 

  
 7 

 “Purchased Systems” means all PV Systems purchased by Purchaser from a
Seller pursuant to Section 2.1. 
 “Purchaser” is defined in the preamble. 

“Purchaser Indemnified Parties” is defined in Section 4.3(a). 

“PV System” means a residentially hosted roof-top solar electric generating system, including photovoltaic panels,
racks, wiring and other electrical devices, conduits, weatherproof housings, hardware, one or more inverters, remote monitoring systems, connectors, meters, disconnects and over current devices. 

“Qualified Appraiser” means Marshall & Stevens Inc. or a nationally recognized third-party appraiser that
(a) is qualified to appraise independent electric generating businesses, (b) has been engaged in the appraisal or business valuation and consulting business for no fewer than five (5) years, (c) is not an Affiliate of either
Purchaser or any Seller, and (d) is mutually agreed upon by both the applicable Seller and Purchaser. 
 “Real
Property Rights” is defined in Section 3.1(o). 
 “RECs” is defined in the LLC Agreement.

 “Refund Credit” means any of the (a) Change Order Credit and (b) Removed Project Credit.

 “Removed Project Credit” is defined in Section 2.2(d). 

“Replacement Appraisal” is defined in Section 2.3(h). 

“Review Period” is defined in Section 2.1(d). 

“Seller” or “Sellers” is defined in the preamble. 

“Seller Indemnified Parties” is defined in Section 4.4. 

“Sponsor” is defined in the LLC Agreement. 
 “Sponsor Guaranty” means that certain Guaranty, dated as of the date hereof, by Vivint Solar, Inc. in favor of Purchaser and Investor. 

“STC DC” means standard test conditions direct current. 

“Substituted Project” is defined in Section 2.2(d). 

“Substituted Project Review Period” is defined in Section 2.2(f). 

“Substitution Report” means a report substantially in the form of Schedule 9, for each affected Tranche, that
(a) indicates which Deficient Projects and Cancelled Projects are proposed to be replaced with Substituted Projects, (b) describes any increase or decrease in system size pursuant to each change or substitution, (c) describes any
increase or decrease in the tax bases or fair market values of Projects pursuant to each such change and (d) lists all Substituted Projects. 

  

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 “System Purchase Price” is defined in Section 2.1(e).

 “Tax” or “Taxes” (and with correlative meaning, “Taxable” and
“Taxing”) is defined in the LLC Agreement. 
 “Tax Credit Loss” is defined in
Section 4.3(c). 
 “Tax Credits” is defined in the LLC Agreement. 

“Tax Loss” is defined in Section 4.3(c). 

“Tax Savings” is defined in Section 4.3(d). 

“Term” means the period commencing on the Effective Date and ending upon termination pursuant to ARTICLE 4.

 “Tranche” is defined in Section 2.1(c). 

“Tranche Presentation Certificate” means a list of PV Systems, substantially in the form of Schedule 2, that are
being presented as part of a Tranche, including, for each Project: (a) the Host Customer, (b) the address of the PV System, (c) the kW size of each PV System to be installed, (d) the System Purchase Price for a Project and
(e) the FICO® Score for the Host Customer from any nationally recognized consumer rating agency. 

“Transaction Documents” means this Agreement, the LLC Agreement, the Maintenance Services Agreement, the Sponsor
Guaranty, any Transfer Notice executed and delivered pursuant to this Agreement, any subcontract entered into by a Seller under Section 2.2(a) of this Agreement and any Bill of Sale executed and delivered pursuant to this Agreement.

 “Transfer Notice” is defined in Section 2.1(g). 

“True-Up Base Case Model” is defined in Section 2.2(h). 

“True-Up Report” is defined in Section 2.2(h). 

“VSD” is defined in the preamble. 
 “VSH Entities” means V Solar Holdings, Inc., a Delaware corporation, and its direct and indirect subsidiaries. 
 “VSI” is defined in the preamble. 
 “Warranty”
is defined in Section 3.4. 

  

Development, EPC and Purchase Agreement 

  
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 1.2 Capitalized Terms. 

Capitalized terms used but not defined in this Agreement have the same meaning as in the LLC Agreement. 

1.3 Construction. 
 Unless the context otherwise requires, the singular shall include the plural, the masculine shall include the feminine and neuter, and vice versa. The term “includes” or “including”
shall mean “including without limitation”. The terms “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including
all of the schedules and exhibits hereto and certificates delivered hereunder) and not to any particular provision of this Agreement. References to a section, article, exhibit or schedule shall mean a section, article, exhibit or schedule to this
Agreement, and reference to a given agreement or instrument shall be a reference to that agreement or instrument as amended, restated, supplemented or otherwise modified through the date as of which such reference is made. 

ARTICLE 2 

PURCHASE OF PROJECTS 
 2.1 Presentation and Review of Tranches; Purchase. 
 (a)
General. Each Seller shall present proposed Tranches of Projects to Purchaser in the manner described in Section 2.1(c). As set out in Section 2.1(d), Purchaser shall have the Review Period to review the Projects after
which each Seller shall present a Closing Request to add the Accepted Projects to the applicable part of Schedule 1. Concurrently with the presentation of each Closing Request, each Seller shall provide Purchaser with copies of the closing
documents listed in Section 2.1(g) for the Projects identified in the Closing Request. 
 (b) Purchase.
During the Term and subject to the terms and conditions hereof, Purchaser shall purchase from each Seller, subject to the provisions of Section 2.2 and Section 2.3, all right, title and interest of such Seller in each Project
described in the applicable part of Schedule 1 (which Schedule 1 shall be updated by such Seller after each Purchase Date, including to remove any Deficient Projects and Cancelled Projects, reflect any Change Orders and add any
Substituted Projects). The consummation of the purchase of each Project in a Tranche and the payment of the System Purchase Price of each such Project shall take place pursuant to this Agreement on expiration of the applicable Review Period, subject
to all of the conditions in Section 2.3 and Section 2.4 for such Project having been satisfied. 
 (c)
Presentation of Tranches. Not more frequently than once each calendar month between the Effective Date and May 15, 2014, a Seller shall present a Tranche Presentation Certificate to Purchaser listing Projects that are reasonably expected
to satisfy the conditions in Section 2.3 on the Purchase Date for such tranche (such collection of Projects, a “Tranche”). 
 (d) Purchaser’s Review of Tranches. Upon Purchaser’s receipt of a Tranche Presentation Certificate, Purchaser shall respond within ten (10) Business Days (the “Review
Period”) regarding its review of the Projects proposed to be included in the Tranche and whether it agrees that such Projects are reasonably expected to satisfy the conditions in Section 2.3.

  

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Purchaser shall purchase each Project that Purchaser approves in writing (an “Accepted Project”) within five (5) Business Days following the end of the Review Period. A
Project shall automatically be deemed an Accepted Project unless Purchaser informs the applicable Seller in writing prior to the expiration of the Review Period that the Project is being rejected (each such rejected Project, a “Non-Accepted
Project”); provided, however, that Purchaser shall have no discretion to reject any Project that satisfies all of the conditions in Section 2.3. Upon receipt by a Seller of any such notice of a Non-Accepted
Project, such Seller shall have until the day that is three (3) Business Days prior to the Purchase Date for the Tranche to notify Purchaser in writing that such Seller has cured all deficiencies in the relevant Non-Accepted Project or to
demonstrate that such Project satisfies all of the conditions in Section 2.3, in each case to the written satisfaction of Purchaser, upon which such Non-Accepted Project shall become an Accepted Project to be included in such Tranche;
provided that, following the cure of any deficiency, such Seller instead may present any such Non-Accepted Project again in a future Tranche. 
 (e) Determination of System Purchase Price. The price for each Project (the “System Purchase Price”) purchased under this Agreement shall be indicated in each Seller’s Tranche
Presentation Certificate. The System Purchase Price shall equal the price calculated by multiplying (i) the dollar-per-watt direct current as established in the most recent Appraisal applicable to the Project State where the Project is located,
subject to Section 2.3(h), and (ii) the STC DC nameplate rating of the PV System for such Project. The purchase price for the Tranche shall be the aggregate of the System Purchase Prices for all Accepted Projects in the Tranche;
provided, however, that in no event shall Purchaser be obligated to make a purchase hereunder that causes the total Capital Contributions of the Investor to exceed the Investor Contribution Cap. The System Purchase Price for each
Project shall be paid in cash by Purchaser on each Purchase Date as described in Section 2.1(g). 
 (f) Closing
Request. A Seller, or the Sellers, as applicable, shall send a notice in the form of Schedule 5 (a “Closing Request”) that shall list the Projects that will be purchased on the Purchase Date, the System Purchase Price for
each Project, the aggregate of the System Purchase Prices for all the Projects in the Tranche payable on the Purchase Date, and the aggregate amount of Change Orders in respect of all Purchased Systems to date (including a notation identifying the
Change Orders that were not previously incorporated into the calculation of the Net Purchase Price for prior Purchase Dates) and shall also specifically indicate the net amount, after taking into account any outstanding Refund Credit, payable on the
Purchase Date (the “Net Purchase Price”). 
 (g) Closing. Subject to satisfaction of the conditions set
forth in Section 2.3, on each Purchase Date, the Net Purchase Price for the Projects in the Tranche purchased on such Purchase Date shall be payable by Purchaser to the applicable Seller. On the Purchase Date, the applicable Seller shall
deliver or cause to be delivered to Purchaser the following documents for each Tranche: 
 (1) a notice
substantially in the form of Schedule 6 (the “Transfer Notice”) associated with the Projects in each such Tranche; 
 (2) the Bill of Sale and Assignment substantially in the form of Schedule 4 (the “Bill of Sale”); 

  

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 (3) a revised Schedule 1 adding any new Accepted Projects purchased
on the Purchase Date and the associated Customer Agreements and, if applicable, removing any Cancelled Projects or Deficient Projects, reflecting any Change Orders and adding any Substituted Projects; 

(4) a copy of the duly executed Customer Agreement for each Project in such Tranche; 

(5) any Permits required for the construction of each Project in such Tranche; and 

(6) a certificate of non-foreign status from such Seller meeting the requirements of Treasury Regulation
Section 1.1445-2(b)(2) and dated as of the Purchase Date. 
 (h) Title. Subject to Section 2.2, on each
Purchase Date, a Seller sells, conveys, assigns, transfers and delivers unto Purchaser all of such Seller’s right, title and interest in, to and under the Projects being purchased on such date (whether or not complete and including the Customer
Agreements that are part thereof), and Purchaser purchases and assumes all of such Seller’s right, title, interest in and obligations with respect to such Projects (including the Customer Agreements that are part thereof). Notwithstanding the
foregoing, a Seller shall remain liable for all of Purchaser’s obligations under each Customer Agreement until the In-Service Date thereunder. 
 (i) Risk of Loss. From and after the Purchase Date for an Accepted Project, all risk of loss or damage to such Project shall be borne by Purchaser; provided, that the passing of the risk of
loss shall not, in any respect, excuse a Seller from completing installation of any Project or performing any of its obligations under the Transaction Documents to which such Seller is a party or relieve such Seller of its obligations to reimburse
Purchaser for losses resulting from the actions of such Seller, its Affiliates or its subcontractors. If any Accepted Project becomes a Deficient Project or Cancelled Project, all risk of loss or damage to such Project shall pass back to such Seller
and, if the Customer Agreements related thereto have not been terminated, such Customer Agreements shall be reassigned to such Seller by Purchaser. 
 (j) Sales. Provided that Purchaser is not in default under any Transaction Document, and subject to the terms and conditions hereof, the Sellers shall sell Projects that meet the criteria in
Section 2.3 to Purchaser under this Agreement; provided, however, that this provision shall in no way obligate the Sellers to sell to Purchaser, or otherwise restrict the Sellers from pursuing alternative transactions in
respect of, any specific solar energy generation system, including any PV Systems that do not meet the criteria in Section 2.3 or as to which the conditions in Section 2.4 have not been satisfied. 

(k) Information to Purchaser. After the Purchase of a Project (including without limitation any Project purchased from VSI), VSD
hereby agrees, at no cost to Purchaser, to: 
 (1) provide Purchaser with access via VSD’s web portal to the information
regarding such Project in the possession of VSD or any VSH Entity, which will 

  

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include, as such information becomes available, among other things, descriptions of installation services performed by VSD or any VSH Entity, follow-up activities, if any, materials, serial
numbers and other information relevant to Provider’s maintenance activities; and 
 (2) provide such information regarding
such Project as is reasonably requested by Purchaser and available to VSD or the VSH Entities or that VSD or the VSH Entities are able to obtain through the use of commercially reasonable efforts (it being understood that such information will not
include information regarding the maintenance or operation of Projects after their applicable In-Service Dates, to which VSD shall provide access pursuant to clause (k)(1)). 

(l) Transfer of RECs and Government Incentives. Commencing on each Purchase Date, all RECs and Government Incentives associated
with the installation, ownership, use or operation of each PV System being purchased by Purchaser on such Purchase Date shall be, as between the applicable Seller and Purchaser and to the extent transferable pursuant to Applicable Laws, part of such
Seller’s rights related to the Project that are transferred to Purchaser. 
 2.2 Completion of Purchased Systems.

 A Seller shall complete the installation of each applicable Purchased System that was purchased by Purchaser from such
Seller as follows: 
 (a) PV System Installation. Such Seller shall procure the materials and take such other steps as
are required to install, test and complete such PV System and shall cause such PV System to be Placed in Service (the foregoing steps collectively being referred to herein as “Installation”) without further compensation or
reimbursement from Purchaser. Installation of each PV System by such Seller shall be consistent with the applicable Customer Agreement, all manufacturer and design specifications and warranties relating to the relevant PV System, Prudent Industry
Standards and all Applicable Laws and material Permits. Such Seller shall be authorized to enter into subcontracts for the performance of its obligations herein, provided that any such subcontract shall be on commercially reasonable terms and
shall expressly provide for (i) the assignment of the warranty rights thereunder to Purchaser and (ii) the assignment of the entire contract to Purchaser upon a default of such Seller hereunder or thereunder. Such Seller shall remain
liable for the compliance in full of its obligations hereunder regardless of whether they may have been subcontracted or not. Such Seller shall pay all amounts owed to its subcontractors and vendors in connection with the Installation of each PV
System on a timely basis and shall hold Purchaser harmless against any claims asserted by such parties whether before or after the transfer of title to the Purchaser. Within five (5) Business Days after a breach or default by a Seller or any of
its Affiliates, or after acquiring Knowledge of such Seller of a breach or default of any other Person, under any subcontract relating to one or more Purchased Systems, such Seller shall provide Purchaser written notice of such breach or default.

 (b) Completion Certificate. On or before the tenth Business Day of each calendar month, the Sellers, as applicable,
shall deliver to Purchaser a Completion Certificate listing all such PV Systems that were Placed in Service in the prior month. If a 

  

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Purchased System is not Placed in Service by the Completion Deadline, then such PV System shall become a Deficient Project subject to Section 2.2(d). Concurrently with the delivery of
the Completion Certificate, the Sellers, as applicable, shall also deliver to Purchaser a copy of the form of warranty issued by each manufacturer or supplier of panels, inverters or racking (to the extent not previously provided to Purchaser) that
satisfies the requirements of Section 3.4. 
 (c) Performance Tests. Each Seller shall perform the
Performance Tests for each Purchased System that was purchased by Purchaser from such Seller under this Agreement. Such Seller’s technical personnel (or, when applicable, the installer or manufacturer’s personnel, with such Seller’s
supervision) shall operate the PV Systems during the Performance Tests. If a PV System fails to pass the Performance Tests, then such Seller shall take corrective actions and repeat the Performance Tests until such PV System successfully completes
the Performance Tests or the Completion Deadline, whichever occurs first. 
 (d) Deficient Projects and Cancelled
Projects. A Seller shall remove any Accepted Projects Purchased by Purchaser from it and included in a Tranche that are Deficient Projects or Cancelled Projects. A Seller shall revise and update the applicable portion of Schedule 1 to
remove such Deficient Projects and Cancelled Projects. A Seller shall either (i) provide a credit to Purchaser toward the purchase of additional PV Systems in a subsequent Tranche in the amount of the aggregate of the System Purchase Prices for
such Deficient Projects and Cancelled Projects (the “Removed Project Credit”) to be applied in connection with payment of the aggregate of the System Purchase Prices of a Tranche in the Closing Request for that Tranche, which
Removed Project Credit shall be calculated in a report, substantially in the form of Schedule 7, describing the Deficient Projects and Cancelled Projects not previously reported (the “Deficient Project and Cancelled Project
Report”) or (ii) substitute another PV System that meets all of the conditions in Section 2.3 (a “Substituted Project”) for any Deficient Project or Cancelled Project that was previously Purchased by
Purchaser (and not otherwise previously reported in a prior Substitution Report or a Deficient Project and Cancelled Project Report) by delivering a Substitution Report in accordance with Section 2.2(f); provided that any such
substitution shall occur no later than the Completion Deadline. For the avoidance of doubt, all right, title and interest in and to any Cancelled Project or Deficient Project removed from the Tranche shall pass back to such Seller. Notwithstanding
anything to the contrary contained herein, in connection with any substitution of any Substituted Project for any Cancelled Project or Deficient Project, the applicable Seller and Purchaser shall cooperate in good faith to execute any documents and
to take such other actions as may be necessary or advisable to carry out the intent of this Section 2.2. 
 (e)
Change Orders Under Customer Agreements. Following the relevant Purchase Date and prior to the Placed in Service Date of any PV System, a Seller may agree to change orders under or amendments to the Customer Agreement relating to the size,
layout or design of such PV System (a “Change Order”). A Seller may agree to Change Orders in its sole discretion. A Seller shall deliver to Purchaser a report, substantially in the form of Schedule 8 (a “Change Order
Report”), describing the economic impact of all Change Orders through the date of such Change Order Report and previously not reported in a Closing Request. The Change Order Report will (A) identify all Change Orders agreed to through
the date of the Change Order Report and not previously reported in a Closing Request, (B) describe any increase or decrease in system size pursuant to each such Change Order, and (C) describe any

  

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increase or decrease in System Purchase Price as a consequence of each such Change Order. If the Change Order Report indicates that the aggregate System Purchase Prices for all Projects that were
subject to Change Orders have resulted in a net credit balance (the “Change Order Credit”) or debit balance to Purchaser (the “Change Order Debit”), such Seller may (i) pay such credit or debit by including the
Change Order Credit or the Change Order Debit in the subsequent Closing Request or (ii) in the case of a Change Order Credit, substitute one or more Substituted Projects in accordance with Section 2.2(f) (each of which Substituted
Projects shall meet the conditions for PV Systems under Section 2.3); provided that any such substitution shall occur no later than the Completion Deadline. Such Seller shall revise Schedule 1 to reflect the
information relating to the Change Order; provided further, that in no event will Purchaser be obligated to make a payment hereunder that causes the total Capital Contributions of the Investor in connection with Purchased Systems to
exceed the Investor Contribution Cap. 
 (f) Substitution Report. A Seller shall provide written notice of any proposed
Substituted Project to Purchaser in the Substitution Report, and Purchaser shall have a period of ten (10) days (the “Substituted Project Review Period”) from receipt of the Substitution Report to confirm that the conditions in
Section 2.3 have been met with respect to each such proposed Substituted Project. Each such proposed Substituted Project shall be deemed accepted unless Purchaser informs such Seller in writing within the applicable Substituted Project
Review Period that any such proposed Substituted Project is rejected; provided, however, that Purchaser shall have no discretion to reject any Project that satisfies all of the conditions in Section 2.3. The Purchase Date
for the Substituted Projects purchased under this Section 2.2(f) shall be the expiration of the applicable Substituted Project Review Period or, if such date is not a Business Day, then the first Business Day following the expiration of
the applicable Substituted Project Review Period. On the Purchase Date for the Substituted Projects, all right, title and interest in and to any Substituted Project shall pass to Purchaser and such Seller shall revise and update Schedule 1 to
reflect the relevant Substituted Project information (as shown in the Substitution Report). 
 (g) [Reserved]

 (h) True-Up Report. No later than twenty (20) Business Days following the Completion Deadline, VSD shall
deliver to Purchaser a true-up report that contains the information specified in Schedule 10 (the “True-Up Report”) and a revised Base Case Model that reflects the information in the True-Up Report (the “True-Up Base
Case Model”). If the True-Up Report indicates that the aggregate of the System Purchase Prices for all Purchased Systems has left a net credit balance or debit balance, such balance, plus 5% interest thereon accruing from the date the
Party owed the credit effectively advanced the amounts now being credited, shall be paid in cash to the applicable Sellers by Purchaser or to Purchaser by VSD (on behalf of both Sellers), whichever is appropriate, within ten (10) calendar days
after issuance of the True-Up Report; provided, however, that (i) no True-Up Report will include information on, or require a payment in connection with, any Deficient Projects, Cancelled Projects or Change Orders to the extent a
Refund Credit has already been utilized or a Substituted Project has been substituted therefor, and (ii) in no event will Purchaser be obligated to make a payment hereunder that causes the total Capital Contributions of the Investor in
connection with Purchased Systems to exceed the Investor Contribution Cap. 

  

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 2.3 Conditions Precedent to the Obligations of Purchaser. 

The obligations of Purchaser to consummate the Purchase of the Projects comprising a Tranche shall be subject to the satisfaction by a
Seller (or Sellers, as applicable), of each of the following conditions precedent with respect to such Projects: 
 (a) Each of
the representations and warranties of such Seller in Section 3.1 and *** that is qualified as to materiality or by Material Adverse Change shall be true and correct, and such representations that are not so qualified shall be true and
correct in all material respects, in each case as of the relevant Purchase Date; 
 (b) Each of such Seller *** has performed
or complied with all obligations and covenants required by this Agreement *** to be performed or complied with by it at or prior to the relevant Purchase Date, except where such failure to perform or comply would not reasonably be expected to
adversely affect in a material manner all of the Projects taken as a whole, Seller ***; 
 (c) Such Seller has delivered to
Purchaser a Closing Request and a Transfer Notice with respect to the Purchase of the applicable Tranche; 
 (d) Such Seller
has executed and delivered the Bill of Sale; 
 (e) Such Seller shall have delivered an updated Base Case Model for the
applicable Tranche; 
 (f) The Tax Credit is in effect and is reasonably expected to be available as of the anticipated Placed
in Service Dates for each Project comprising the Tranche in an amount equal to 30% of the applicable System Purchase Price; 

(g) Prior to the initial Purchase Date, Purchaser has received an opinion from counsel to such Seller as to the enforceability of each
of the Transaction Documents to which such Seller is a party and as to such other corporate matters as are customarily included in similar opinions, each such opinion in form and substance reasonably satisfactory to Purchaser; 

(h) Purchaser has received appraisals from the Qualified Appraiser, in form and substance reasonably satisfactory to Purchaser (each
such appraisal, an “Appraisal”), and which are dated no earlier than six (6) months prior to the applicable Purchase Date, showing the fair market value of new photovoltaic systems of the kind as, and in the State of the United
States of America of, the PV Systems being purchased on the relevant Purchase Date under this Agreement expressed in terms of dollars per watt of installed capacity; provided, that notwithstanding anything to the contrary in this clause
(h), (i) in the event that Purchaser, such Seller or one of their Affiliates receives an Appraisal Deficiency Notice, (A) the System Purchase Price for each Project comprising the applicable Tranche shall be determined in a manner
consistent with such Appraisal Deficiency Notice until such time as Purchaser has received a new Appraisal from the Qualified Appraiser in form and substance satisfactory to 

  

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Purchaser (a “Replacement Appraisal”), and (B) upon acceptance of such Replacement Appraisal, the System Purchase Price for any such Project purchased after such acceptance
shall thereafter be determined in accordance with Section 2.1(e) using such Replacement Appraisal, and (ii) in the event that Purchaser notifies such Seller that it requires an additional Appraisal, (A) such additional
Appraisal will be at the Purchaser’s expense, (B) the Purchaser shall be entitled to exercise the right to request such additional Appraisals no more often than every six (6) months, (C) such Appraisal will be done by the
Qualified Appraiser and (D) as a condition to Purchaser’s obligation to purchase Projects under this Agreement following such request, Purchaser shall have received such Appraisal from the Qualified Appraiser, in form and substance
reasonably satisfactory to the Purchaser, which shall be used to determine the System Purchase Price in accordance with Section 2.1(e) unless and until such additional Appraisal is replaced by a Replacement Appraisal; 

(i) All manufacturer’s warranties in respect of the PV System for each Project comprising the Tranche are transferable, and will be
transferred, to Purchaser upon Purchase of such Project; 
 (j) The PV System for each Project has not been “placed in
service” as that term is used in Sections 48 and 168 of the Code; 
 (k) Such Seller shall certify to Purchaser in the
Transfer Notice that such Seller reasonably expects the PV System for such Project to be Placed in Service by the Completion Deadline; 
 (l) Such Seller shall certify to Purchaser in the Transfer Notice that such Seller has complied with all other applicable provisions of this Agreement and that such Seller and its Affiliates have complied
with each applicable Customer Agreement, except as would not reasonably be expected to adversely affect in a material manner all of the Projects taken as a whole; 
 (m) A Customer Agreement for the PV System for such Project is in effect in the applicable form attached to Schedule 3; 
 (n) The Host Customers meet the Minimum Credit Criteria, and each Host Customer’s FICO® Score has been delivered to the Investor; 

(o) Each Host Customer for such Project is located in a Project State, and the address of each such Host Customer has been delivered to
Investor; 
 (p) No material default or event of default of such Seller *** has occurred and is continuing under any
Transaction Document; 
 (q) No Host Customer is described in Code Section 50(b)(3) or (4); 

(r) Assuming that all of the Projects in the same Tranche as such Project are sold to the Purchaser and Placed in Service, the aggregate
amount of all Capital Contributions of Investor to Purchaser, including all Capital Contributions to be made by 

  

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Investor to Purchaser on the Purchase Date with respect to such Tranche and made by Investor to Purchaser prior to the Purchase Date for such Project, will not exceed the Investor Contribution
Cap; 
 (s) Such Seller shall have made available to Purchaser, via such Seller’s web portal, on which site the following
shall be delivered: 
 (1) a copy of the site plan and CAD designs used for the Projects; and 

(2) a copy of the executed Customer Agreement for such Project; and 

(t) The insurance that is required to be procured and maintained pursuant to Section 8.2(b)(i) of the LLC Agreement shall have been
procured and shall be in full force and effect. 
 2.4 Conditions Precedent to the Obligations of a Seller.

 The obligations of a Seller to consummate the Purchase of each Project comprising a Tranche shall be subject to the
satisfaction by Purchaser of each of the following conditions precedent for such Project: 
 (a) Each of the representations
and warranties of Purchaser in Section 3.2 that is qualified as to materiality or by Material Adverse Change shall be true and correct, and such representations that are not so qualified shall be true and correct in all material
respects, in each case as of the relevant Purchase Date; 
 (b) All consents, approvals and filings then required to be
obtained or made by Purchaser to execute, deliver and perform the Transaction Documents to which it is a party shall have been obtained or made and shall be in full force and effect as of the relevant Purchase Date; 

(c) Purchaser has executed and delivered the Bill of Sale; and 

(d) The Tax Credits are in effect and are reasonably expected to remain in effect as of the anticipated Placed in Service Date for the
PV System for such Project. 
 2.5 Conditions Precedent to the Obligations of Both Parties. 

The obligations of Purchaser and a Seller, or the Sellers, as applicable, to consummate the Purchase of a Tranche of Projects shall be
subject to the satisfaction of each of the following conditions precedent for such Tranche: 
 (a) Orders. No temporary
restraining order, preliminary or permanent injunction or other legally binding award, judgment, decree, ruling, verdict or other decision issued by any Governmental Authority applicable directly to a Party, its business or properties, or the
transactions contemplated hereby shall be in effect that (i) impairs, restrains, prohibits, adversely alters or invalidates the Installation or operation of such Tranche of Projects, any of the Transaction Documents or material Permits, or the
applicable Customer Agreement, in each case 

  

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which would be reasonably expected to adversely affect in a material manner such Tranche of Projects taken as a whole or (ii) enjoins, prohibits or otherwise prevents the consummation of the
transactions contemplated hereby. 
 (b) Proceedings. No claims, disputes, governmental investigations, suits, actions
(including, without limitation, non-judicial real or personal property foreclosure actions), arbitrations, legal, administrative or other proceedings of any nature, domestic or foreign, criminal or civil, at law or in equity, shall have been
instituted or threatened in writing and remain pending, in each case that has a reasonable likelihood of success, that (i) seek (A) to impair, restrain, prohibit, adversely alter or invalidate the Installation or operation of the Projects,
any of the Transaction Documents or material Permits, or the applicable Customer Agreement or (B) to prohibit the operation of the Projects in accordance with the applicable Customer Agreement, in each case which would adversely affect in a
material manner such Tranche of Projects taken as a whole or (ii) does or would enjoin, prohibit or otherwise prevent, or seek to enjoin, prohibit or otherwise prevent the consummation of the transactions contemplated hereby. 

(c) Laws. No Applicable Law shall have been enacted or shall be deemed applicable to the transactions contemplated by this
Agreement that makes the consummation of such transactions illegal. 
 ARTICLE 3 

REPRESENTATIONS, WARRANTIES AND COVENANTS 
 3.1 Representations, Warranties and Covenants of Sellers. 
 Each
Seller represents, warrants and covenants to Purchaser as follows as of the Effective Date and each Purchase Date with respect to the Projects to be purchased from such Seller on such Purchase Date (for the avoidance of doubt on a Purchase Date
Seller makes such representations, warranties and covenants only if Purchaser purchases any Project from such Seller on such Purchase Date) that: 
 (a) Organization and Good Standing. Such Seller is a limited liability company or a corporation, as applicable, duly formed, validly existing and in good standing under the laws of the State of
Delaware and has all requisite power and authority to own, lease and operate its business as currently conducted. Such Seller is duly qualified to do business and is in good standing under the laws of each jurisdiction that its business, as
currently being conducted, shall require it to be so qualified, except where the failure to be so qualified would not reasonably be expected to adversely affect in a material manner all of the Projects taken as a whole or such Seller. 

(b) Authorization, Execution and Enforceability. Such Seller has full power and authority to execute and deliver the Transaction
Documents and the Customer Agreements to which it is a party and to consummate the transactions contemplated thereby. The execution and delivery by such Seller of the Transaction Documents and Customer Agreements to which it is a party and the
consummation by such Seller of the transactions contemplated thereby have been duly and validly authorized by all necessary company or corporate action 

  

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required on the part of such Seller, and such Transaction Documents and Customer Agreements have been duly and validly executed and delivered by such Seller. Each of the Transaction Documents and
the Customer Agreements to which such Seller is a party constitutes the legal, valid and binding agreement of such Seller, enforceable against such Seller in accordance with its terms, except as enforcement may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at law). 

(c) No Violation. The execution and delivery by such Seller and its Affiliates of the Transaction Documents and the Customer
Agreements do not, and the performance by such Seller and its Affiliates of their obligations hereunder and thereunder, as applicable, shall not (i) violate any laws, statutes, rules, regulations, ordinances, judgments, settlements, orders,
decrees, injunctions and writs of any Governmental Authority having jurisdiction, (ii) conflict with or cause a breach of any provision in the charter, bylaws or other organizational document of such Seller or such Affiliates, as applicable, or
(iii) cause a breach of, constitute a default under, cause the acceleration of, create in any counterparty the right to accelerate, terminate, modify or cancel, or require any authorization, consent, waiver or approval under any contract, note,
bond, mortgage, indenture, agreement, license, intellectual property licenses or rights, instrument, decree, judgment or other arrangement to which such Seller or such Affiliates are parties or under which such Seller or such Affiliates are bound or
to which any of their Assets is subject (or result in the imposition of a Lien upon any such Assets), except in the case of clause (i) or clause (iii) as would not, individually or in the aggregate, would not reasonably be
expected to adversely affect in a material manner all of the Projects taken as a whole or such Seller. 
 (d) No
Consent. All consents, approvals and filings then required to be obtained or made by such Seller and its Affiliates to execute, deliver and perform the Transaction Documents and Customer Agreements to which they are parties have been obtained or
made and are in full force and effect, except where the failure to obtain or make such consents, approvals or filings would not reasonably be expected to adversely affect in a material manner all of the Projects taken as a whole or Seller.

 (e) Legal Proceedings. There are no pending or, to the Knowledge of such Seller, threatened claims, disputes,
governmental investigations, suits, actions (including, without limitation, non-judicial real or personal property foreclosure actions), arbitrations, legal, administrative or other proceedings of any nature, domestic or foreign, criminal or civil,
at law or in equity, by or against or otherwise affecting such Seller or any Purchased System that would reasonably be expected to adversely affect in a material manner all of the Projects taken as a whole or such Seller, provided that the
foregoing representation, as it relates to legal proceedings involving a Host Customer, is made only to the Knowledge of such Seller. 
 (f) Transaction Documents and Customer Agreements. 
 (1) None of such
Seller, *** or, to the Knowledge of such Seller, any other party to a Transaction Document has breached any provision of, or defaulted under the terms of, any Transaction Document that remains uncured and no event or circumstance has

  

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occurred that would, with the passage of time, result in such a breach or default, except where any such breach or default would not adversely affect in a material manner all of the Projects
taken as a whole or such Seller. The consummation of the transactions contemplated by this Agreement would not give any party to any Transaction Document the right to terminate or alter the terms of such contract or a right to claim damages
thereunder. 
 (2) The Customer Agreement for each of the Projects included in the applicable Tranche is in full force and
effect, and neither such Seller nor, to the Knowledge of such Seller, the relevant Host Customer has breached any provision of, or defaulted under the terms of, the underlying Customer Agreement that remains uncured and no event or circumstance has
occurred that would, with the passage of time, result in such a breach or default, except where any such breach or default would not adversely affect in a material manner all of the Projects taken as a whole or such Seller. None of Sellers or any of
the VSH Entities is a party to any contract, instrument, commitment, agreement or other legally binding arrangement with any Host Customer in relation to PV Systems other than the Customer Agreements to which such Host Customer is a party.

 (g) Taxes. 
 (1) All the components of each Purchased System constitute “energy property” within the meaning of Section 48(a)(3)(A)(i) of the Code. 

(2) None of such Projects has been “placed in service” within the meaning of Sections 48 and 168 of the Code. No Person has
claimed with respect to such Projects or any property that is part of such Projects, on any Tax return, any depreciation or amortization deductions. The total fair market value of any previously used property included in each Purchased System will
not be more than twenty percent (20%) of the total value of such Purchased System. 
 (3) No Person has applied for any
grant under Section 1603 of the American Recovery and Reinvestment Tax Act of 2009, as amended, with respect to any asset of such Projects. 
 (4) The fair market value of each Purchased System is equal to at least the installed capacity of such Purchased System in watts multiplied by the amount per watt set forth in the Appraisal for the
Project State where such Purchased System is located with respect to the Tranche that includes such Purchased System. 
 (5)
Such Seller shall, and shall cause its Affiliates to, report in all documents, filings and accounting statements that the amount realized on the sale of a Project to Purchaser is the System Purchase Price for such Project. 

(6) Neither such Seller nor any of its Affiliates has received an Appraisal Deficiency Notice on or prior to the Effective Date.

 (7) No Host Customer is described in Sections 50(b)(3) or (4) of the Code. 

  

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 (8) No Person has requested or received, with respect to any Purchased System, any
permission to operate or similar form, Permit or other document. 
 (9) No Purchased System is “tax-exempt bond financed
property” within the meaning of Section 168(g) of the Code. 
 (10) Each Purchased System is in a Project State.

 (h) Compliance with Applicable Laws. Such Seller and each of its subcontractors engaged pursuant to
Section 2.2(a) of this Agreement is in compliance with all Applicable Laws with respect to developing, constructing, leasing, installing, operating and maintaining such Projects and the entering into, and performance of obligations
under, any Customer Agreement associated with a Project included in the applicable Tranche, except where the failure to be in compliance would not adversely affect in a material manner all of the Projects taken as a whole, such Seller or
Purchaser’s (or any of its direct or indirect equity owner’s) ability to claim Tax Credits equal to 30% of the System Purchase Price and depreciation or amortization deductions on such Project. 

(i) New Goods and Services. All equipment, parts and materials furnished in connection with each PV System for such Projects
shall be new, unused and undamaged. 
 (j) Information. The written information (i) furnished by such Seller *** to
Purchaser and Investor, their respective consultants, advisors and attorneys, and the Qualified Appraiser in the Transaction Documents or any other certificates or reports delivered pursuant to the terms of this Agreement, or (ii) posted on
https://bxftp.watchdox.com or https://investor.vivintsolar.com, in each case in connection with such Projects (including, without limitation, information provided in each Completion Certificate) or the transactions contemplated by the Transaction
Documents, is true, complete and correct in all material respects and does not omit any material information necessary to make such information not adversely misleading when taken as a whole in light of the circumstances under which it is provided.

 (k) Permits. All material Permits required under the Customer Agreement or otherwise to install, test and use the PV
System for such Project to generate electricity for sale to the Host Customer have been obtained apart from a letter from the local utility authorizing parallel operation and such other Permits that are of a ministerial nature and are not required
to be obtained prior to the Purchase Date under Applicable Law. Neither such Seller nor any of its Affiliates has received written notice from any Governmental Authority regarding any revocation, withdrawal, suspension, cancellation or termination
of any Permit, except where such revocation, withdrawal, suspension, cancellation or termination would not adversely affect in a material manner all of the Projects taken as a whole, such Seller or Purchaser’s (or any of its direct or indirect
equity owner’s) ability to claim Tax Credits equal to 30% of the System Purchase Price for such Project and depreciation or amortization on such Project. 

  

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 (l) Warranties. As of the date each PV System for such Projects is Placed in
Service, all warranties relating to such PV System from any manufacturer of any part thereof shall be in full force and effect in all material respects and shall have been assigned to Purchaser. The Bill of Sale effectively assigns all of the rights
of such Seller and its Affiliates in, to and under all warranties relating to such PV System to Purchaser. 
 (m) Title;
Personal Property. Such Seller has good title to, and is the owner of, each such Project, and each such Project is free and clear of all Liens of any third Person, other than Permitted Liens. Legal title and ownership of each such Project shall,
on the applicable Purchase Date, upon consummation of the Purchase thereof pursuant to this Agreement, pass to and remain with Purchaser, free and clear of all Liens (other than Permitted Liens). All Permitted Liens have been released on or before
the applicable Placed in Service Date. 
 (n) Intellectual Property. Such Seller owns or has a valid license to all
intellectual property that is reasonably necessary to install, operate and maintain such Projects, which licenses, pursuant to this Agreement, shall be transferred to Purchaser upon Purchase of the relevant Projects. The Bill of Sale effectively
assigns all of the rights of such Seller in such licenses to Purchaser. To the Knowledge of such Seller, there are no pending or threatened claims, actions, judicial or other adversary proceedings, disputes or disagreements concerning any item of
such intellectual property that would adversely affect in a material manner such Projects taken as a whole or such Seller. 

(o) Real Property Rights. All of such Seller’s real property rights and other rights with respect to Host Customers’
real property contained in the Customer Agreements for such Projects (the “Real Property Rights”) are sufficient for the full performance and enforcement of all of such Seller’s rights, remedies and obligations with respect to
such Projects (including under the Customer Agreements for such Projects), and such Seller has not been informed in writing by any owner or lessor of the real property associated with such Real Property Rights that such Seller is in breach of its
obligations relating to such Real Property Rights or that such Real Property Rights have been challenged or terminated. 
 (p)
Environmental Matters. Except for matters that have not adversely affected in a material manner all of the Projects taken as a whole or Seller, (i) such Seller is, at all times has been, and reasonably expects to continue to be, in
compliance with all Environmental Laws, (ii) to the Knowledge of such Seller, no such Project is in violation of Environmental Laws and (iii) such Seller has not received written notice from any Governmental Authority of an actual or
potential violation of or liability under any Environmental Laws with respect to any Project. Such Seller shall indemnify and hold Purchaser harmless from any expenses, damages or amounts payable, including to the Host Customer, as a result of a
breach of any Environmental Law by such Seller related to the Purchased Systems or the Installation thereof. 
 (q) No
Condemnation. No condemnation is pending or threatened with respect to any such Project, or any portion thereof material to the ownership or operation of any such Project, and no unrepaired casualty exists with respect to any such Project or any
portion thereof material to the ownership or operation of any such Project or the sale of electricity therefrom. 

  

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 (r) Energy Regulatory Matters. 

(1) The sale of each such Project to Purchaser will not (A) cause Purchaser, the Investor or any of their direct or
indirect owners to become subject to, or not exempt from, regulation under the Federal Power Act or the Public Utility Holding Company Act of 2005, (B) require the approval of any Governmental Authority pursuant to state or local law, or
(C) cause Purchaser, the Investor or any of their direct or indirect owners to become subject to, or not exempt from, regulation as a “public utility”, “electric utility” or similar designation under state or local law.

 (2) The PV System for each such Project is a qualifying facility pursuant to 18 C.F.R. § 292.101(b)(1)
and a qualifying small power production facility pursuant to 18 C.F.R. § 292.203(a) of FERC’s regulations and has or will have, together with all other PV Systems of all such Projects located within a mile of each such Project, a power
production capacity of no more than twenty (20) MW (AC) and, to the extent required under FERC regulations to preserve such status, such Seller shall have filed or will file with FERC a notice of self-certification, or have obtained or will
obtain from FERC an order granting certification, with respect to such status. 
 (s) DISCLAIMERS. EXCEPT AS OTHERWISE
AGREED BY A SELLER (INCLUDING IN SECTION 3.4) AND EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS ARTICLE 3, ANY TRANSFER NOTICE DELIVERED PURSUANT TO THIS AGREEMENT, AND THE OTHER TRANSACTION DOCUMENTS, THE PV SYSTEMS
ARE BEING DELIVERED BY SUCH SELLER TO PURCHASER “AS IS, WHERE IS” AND SUCH SELLER EXPRESSLY DISCLAIMS ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXPRESS OR IMPLIED, AS TO LIABILITIES, OPERATIONS OF THE PV SYSTEMS OR PROJECTS,
VALUE OR QUALITY OF THE PV SYSTEMS OR PROJECTS OR THE PROSPECTS (FINANCIAL AND OTHERWISE), RISKS AND OTHER INCIDENTS OF THE PV SYSTEMS OR PROJECTS. EXCEPT AS OTHERWISE AGREED BY SUCH SELLER AND EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES SET FORTH
IN THIS ARTICLE 3, ANY TRANSFER NOTICE DELIVERED PURSUANT TO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, SUCH SELLER SPECIFICALLY DISCLAIMS ANY REPRESENTATION OR WARRANTY OF MERCHANTABILITY, USAGE, SUITABILITY OR FITNESS FOR ANY
PARTICULAR PURPOSE WITH RESPECT TO SUCH SELLER OR THE PV SYSTEMS OR PROJECTS, OR ANY PART THEREOF. 

  

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 3.2 Representations and Warranties of Purchaser. 

Purchaser represents and warrants, with respect to itself, to each Seller as follows as of the Effective Date: 

(a) Organization, Good Standing, Etc. Purchaser is a limited liability company duly formed, validly existing and in good standing
under the laws of the State of Delaware, and has the requisite limited liability company power and authority to own, lease and operate its properties and to carry on its business as being conducted on the date hereof. 

(b) Authority. Purchaser has the requisite power and authority to enter into this Agreement and the other Transaction Documents
to which it is a party, to perform its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby or thereby. This Agreement (assuming due authorization, execution and delivery by Sellers) constitutes, and upon
execution and delivery by Purchaser of the other Transaction Documents to which it is a party the Transaction Documents shall constitute, the valid and binding obligations of Purchaser, enforceable against it in accordance with their respective
terms, subject to the effects of bankruptcy, insolvency, reorganization, moratorium and similar laws affecting enforcement of creditors’ rights and remedies generally and to general principles of equity. 

(c) No Violation. The execution and delivery by Purchaser of this Agreement and the other Transaction Documents to which
Purchaser is a party do not, and the performance by Purchaser of Purchaser’s obligations hereunder and thereunder shall not, (i) violate any laws, statutes, rules, regulations, ordinances, judgments, settlements, orders, decrees,
injunctions and writs of any Governmental Authority having jurisdiction over Purchaser, (ii) conflict with or cause a breach of any provision in the charter, bylaws or other organizational document of Purchaser, or (iii) cause a breach of,
constitute a default under, cause the acceleration of, create in any party the right to accelerate, terminate, modify or cancel, or require any authorization, consent, waiver or approval under any contract, license, instrument, decree, judgment or
other arrangement to which Purchaser is a party or under which it is bound or to which any of its Assets are subject (or result in the imposition of a Lien upon any such Assets) except (in the case of this clause (iii)) for any that would not
materially impair or be reasonably expected to materially impair the ability of Purchaser to meet or perform its obligations under the Transaction Documents. 
 (d) Legal Proceedings. There is no pending or, to Knowledge of Investor, threatened litigation, claim, action, suit, proceeding or governmental investigation against Purchaser or which seeks the
issuance of an order restraining, enjoining or otherwise prohibiting or making illegal the consummation of any of the transactions contemplated by this Agreement, other than any such instance that would not materially impair or be reasonably
expected to materially impair the ability of Purchaser to meet or perform its obligations under the Transaction Documents. 

3.3 No Other Seller Representations. 
 Without limiting the foregoing, except with respect to the representations and warranties of each Seller set forth in ARTICLE 3 or expressly set forth as representations and warranties in the other
Transaction Documents, no Seller makes any representation or warranty in this Agreement with respect to Purchaser’s eligibility to claim Tax Credits. Purchaser specifically acknowledges that no representation or warranty has been made by any
Seller about the accuracy of any projections, estimates or budgets, future revenues, future results from operations, future cash flows, the future condition of the Projects or any assets of such Seller or Purchaser, or the future financial condition
of such Seller or Purchaser. 

  

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 3.4 Defects Warranty. 

Each Seller warrants, with respect to each Project purchased by Purchaser under this Agreement from such Seller, that such Seller’s
installation of the PV System for such Project shall be free from material defects in design of workmanship as of the date of installation for a period of *** from the date of installation (the “Warranty”); provided,
however, that this Warranty shall not include any warranty statements beyond the scope of this Warranty. Upon a breach of the Warranty, the applicable Seller will, upon notice from Purchaser or Host Customer of a valid Warranty claim, at such
Seller’s sole option, either repair or replace any defective parts or construction. Such Seller shall have reasonable access to the applicable Project site to the extent permitted by the Customer Agreements, as necessary to perform its Warranty
obligations under this Agreement. All costs for the removal, replacement and reinstallation of all equipment and materials necessary to gain access to defective PV Systems and any other costs relating to corrective or remedial action shall be
borne by the applicable Seller. This Warranty applies solely to the PV Systems and does not include (x) roof repair or maintenance or (y) site work, including but not limited to, grading and landscape maintenance, if applicable;
provided, however, the applicable Seller shall, at its expense, repair any damage to the roof or Project site caused by such Seller, its Affiliates or its subcontractors. Panels, inverters and racking for each Project shall be procured
from the approved vendors listed on Schedule 13 unless otherwise reasonably consented in writing by Investor (provided that no such approval or consent of Investor shall be required with respect to vendors from whom any equipment other
than panels, inverters and racking is procured). Either (a) the warranties for panels, inverters and racking shall by their terms run to the benefit of the Person that owns such equipment or the solar system into which such equipment is
incorporated or (b) VSD or VSI, as applicable, shall transfer or cause to be transferred the warranties for panels, inverters and racking by such manufacturers to Purchaser (which for panels shall be at least twenty (20) years from the
date of installation and for inverters and racking shall be at least ten (10) years from the date of installation). Except as expressly set forth in this Section 3.4, neither Seller is providing any warranty with respect to any
panels, inverters, racking or any other component of any Project. 
 3.5 Insurance. Each Seller will procure and
maintain or cause to be procured and maintained, at its sole cost and expense, insurance substantially in the types and amounts listed in Schedule 14 attached hereto covering the activities of its employees and representatives in connection
with this Agreement. 
 ARTICLE 4 
 TERMINATION 
 4.1 Termination. 

(a) The obligations to purchase and sell PV Systems under this Agreement shall automatically terminate on the earlier of (i) the
Completion Deadline and (ii) the date on which any change in Applicable Laws takes effect that amends the Code so as to eliminate or reduce the value of the Tax Credit, but only to the extent such change in Applicable Laws would affect Projects
to be sold pursuant to this Agreement after such date. For the avoidance of doubt, no such termination shall diminish, terminate or suspend the Parties’ other rights and obligations under this Agreement. 

  

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 (b) Without limiting a Seller’s or Purchaser’s ability to exercise any right or
remedy to which it is entitled hereunder or under any of the Transaction Documents, this Agreement may be terminated prior to the first Purchase Date: 
 (1) if a Seller or Purchaser voluntarily commences bankruptcy, insolvency, reorganization, stay, moratorium or similar debtor-relief proceedings, or makes an assignment for the benefit of creditors, by
Purchaser or a Seller, as applicable; 
 (2) if insolvency, receivership, reorganization, bankruptcy, or similar proceedings
shall have been commenced against a Seller or Purchaser and such proceedings remain undismissed or unstayed for a period of sixty (60) calendar days, by Purchaser or a Seller, as applicable; 

(3) by a Seller or Purchaser, upon twenty (20) Business Days’ prior written notice to Purchaser or a Seller or the Sellers, as
applicable, in the event a Seller or the Sellers, as applicable (with respect to a termination by Purchaser) or Purchaser (with respect to a termination by the Sellers) is in material breach of a representation, warranty, covenant or agreement
contained in this Agreement, and such breach has not been cured during such twenty (20) Business Day period and such breach would reasonably be expected to result in a Material Adverse Change on the non-defaulting Party; provided,
however, that the Party (or the Parties, as applicable) seeking termination pursuant to this subsection (b)(3) is (or are, as applicable) not in breach in any material respects of its (or their, as applicable) representations,
warranties, covenants or agreements contained in this Agreement; 
 (4) automatically and without further action by any Party
on the date on which the LLC Agreement is terminated; and 
 (5) by the mutual written consent of the Sellers and Purchaser.

 4.2 Procedure and Effect of Termination. 

(a) The Party desiring to terminate this Agreement pursuant to Section 4.1 shall give written notice of such termination to
the other Parties in accordance with Section 6.6, specifying the provision pursuant to which such termination is effected. 
 (b) If this Agreement is terminated pursuant to Section 4.1(b) by a Seller, Purchaser, or all Parties then this Agreement shall be terminated in its entirety as of the date of such termination
with no liability on the part of any Party hereto; provided, however, that (i) the agreements contained in this Section 4.2, ARTICLE 5 and ARTICLE 6 shall survive the termination and (ii) no such
termination shall relieve any Party of any liability or damages resulting from any breach by that Party of this Agreement or affect the rights of the other Parties to indemnification for such breach nor shall any such termination relieve any Party
of any obligations that arose pursuant to this Agreement prior to such termination. 

  

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 4.3 Indemnification by Seller. 

(a) VSD shall defend, indemnify and hold harmless Purchaser, its respective members, the Affiliates of each, and its and their
respective officers, directors, employees and agents (“Purchaser Indemnified Parties”) from and against (i) any Losses (other than Tax Losses), to the extent arising out of or in connection with (A) the negligence, fraud
or willful misconduct of Sellers, their Affiliates or their subcontractors or (B) any breach by Sellers of any of their representations, warranties or covenants in this Agreement or the other Transaction Documents and (ii) any Losses
(other than Tax Losses) from third party claims or demands arising under or relating to any Seller’s performance or nonperformance under this Agreement; provided, however, in no event will any Seller be responsible for any such
Losses to the extent caused by Purchaser’s gross negligence or willful misconduct. 
 (b) From and after the applicable
Purchase Date, VSD will indemnify, defend and hold harmless Purchaser Indemnified Parties from any claims or liens (other than Permitted Liens) brought or filed in connection with the Projects that were purchased from the Sellers. VSD will discharge
any such claim or lien within thirty (30) days after becoming aware of such claim or lien. Failure to so discharge shall entitle the Purchaser to pay such claim or lien and seek reimbursement from VSD for such discharged claim or lien, or to
set off the amounts owed to VSD hereunder or ***. 
 (c) If as a result of the breach or inaccuracy of any representation or
warranty set forth herein or the breach of any covenant herein any Purchaser Indemnified Party for U.S. federal income tax purposes shall lose the benefit of, shall not have the right to claim, shall suffer a disallowance or deferral of, shall
suffer a delay in claiming, shall be required to recapture or shall not claim (as the result of a Final Determination or a written opinion of independent counsel selected by Purchaser and reasonably acceptable to a Seller that there is not at least
a “more likely than not” position for such claim) all or any portion of the Tax Credits (a “Tax Credit Loss”) or cost recovery (depreciation) deductions (a “Deduction Loss” and, together with a Tax Credit
Loss, a “Tax Loss”) assumed in the Base Case Model, then VSD shall pay to Purchaser the amount determined pursuant to Section 4.3(d) hereof. 
 (d) (1) If a Tax Loss as defined in Section 4.3(c) hereof shall occur, then VSD shall pay to Purchaser (i) in the case of a Tax Credit Loss, the amount, if any, of the Tax Credit lost,
disallowed or recaptured reduced by any Tax Savings arising as a result of the Tax Credit Loss, (ii) in the case of a Deduction Loss, the amount, if any, by which the sum of the present values as of the date of the indemnity payment of the
additional U.S. federal income taxes payable by each Purchaser Indemnified Party as a result of such Deduction Loss (computed using a discount rate of 15%) exceeds any Tax Savings arising as a result of the Deduction Loss, (iii) the amount of
any U.S. federal interest, penalties, fines or additions to tax payable by each Purchaser Indemnified Party, and (iv) the net amount of any additional U.S. federal income Taxes payable by each Purchaser Indemnified Party, if any, as the result
of (A) the inclusion of any payment made pursuant to this Section 4.3(d) in taxable income or (B) the increase in any Tax Loss as a result of any payment made pursuant to this Section 4.3. As used herein,
“Tax Savings” shall mean the sum of the present values as of the date of the indemnity payment of the reductions in the U.S. federal income taxes payable by each Purchaser Indemnified Party as a result of the Tax Credit Loss or
Deduction Loss, as the case may be (computed using a discount rate of 15%). 

  

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 (2) For Tax reporting purposes, to the maximum extent permitted by the Code, each Party
will agree to treat all amounts paid pursuant to this Section 4.3 as a non-taxable reimbursement of System Purchase Price. To the extent any such payment is includable as income of a Purchaser Indemnified Party as determined as a result
of a Final Determination, by agreement of the Parties or, if there is no Final Determination or agreement, by an opinion of a nationally-recognized Tax counsel selected by the Purchaser Indemnified Party and reasonably acceptable to VSD that such
amount is *** includable as income of the Purchaser Indemnified Party, the amount of the payment shall be increased by the amount of any U.S. federal income tax required to be paid by the Purchaser Indemnified Party upon the receipt or accrual of
the payment. For purposes of calculating the amount of the U.S. federal income taxes required to be paid by each Purchaser Indemnified Party as a result of an amount paid pursuant to this Section 4.3, including for purposes of
determining the U.S. federal income tax required to be paid if a payment pursuant to this Section 4.3 is includable as income of a Purchaser Indemnified Party (and, in each case, any resulting Tax Savings), (A) each Purchaser
Indemnified Party shall be deemed to have paid or to be required to pay U.S. federal income taxes for the relevant periods at the maximum marginal rates generally applicable to corporations in the taxable years in question and (B) it will be
assumed that each Purchaser Indemnified Party will have sufficient taxable income to fully utilize on a current basis any tax benefits resulting from a Tax Loss or the events giving rise thereto. 

(3) Any payment due to Purchaser from VSD pursuant to this Section 4.3 shall be paid within twenty (20) days after
receipt by a Seller of a written demand therefor accompanied by a written statement describing in reasonable detail such Tax Loss and the computation of the amount so payable. 
 4.4 Indemnification by Purchaser. 
 Purchaser shall defend,
indemnify and hold harmless each Seller, its Affiliates and its and their respective members, officers, directors, employees and agents (“Seller Indemnified Parties”) from and against (i) any Losses to the extent arising out of
or in connection with (A) the negligence, fraud or willful misconduct of Purchaser or (B) any breach by Purchaser of any of its representations, warranties or covenants in this Agreement or the other Transaction Documents and (ii) any
Losses from third-party claims or demands arising under or relating to Purchaser’s performance or nonperformance of Purchaser’s obligations under this Agreement; provided, however, in no event will Purchaser be responsible
for any such Losses of a Seller to the extent caused by such Seller’s gross negligence or willful misconduct. 
 4.5
LIMITATION OF LIABILITY. 
 EXCEPT AS MAY BE EXPRESSLY PROVIDED HEREIN AND EXCEPT FOR INDEMNIFIED THIRD PARTY CLAIMS
PURSUANT TO SECTION 4.3 OR SECTION 4.4, AS APPLICABLE, IN NO EVENT WILL PURCHASER OR ANY SELLER BE LIABLE TO THE SELLERS OR PURCHASER, AS APPLICABLE, UNDER THIS AGREEMENT OR OTHERWISE FOR CONSEQUENTIAL, SPECIAL, INCIDENTAL, EXEMPLARY,
STATUTORY, OR PUNITIVE DAMAGES ARISING OUT OF OR RELATED TO THIS AGREEMENT; PROVIDED THAT A LOSS OR INABILITY TO CLAIM TAX CREDITS OR 

  

	***	Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. 

 

 Development, EPC and Purchase Agreement 

  
 29 

 
OTHER ADVERSE TAX CONSEQUENCES SHALL NOT BE TREATED AS CONSEQUENTIAL, SPECIAL, INCIDENTAL, EXEMPLARY, STATUTORY, OR PUNITIVE DAMAGES. IN ADDITION, WHETHER ANY ACTION OR CLAIM IS BASED ON
WARRANTY, CONTRACT, TORT OR OTHERWISE, UNDER NO CIRCUMSTANCES SHALL THE TOTAL LIABILITY OF PURCHASER OR THE TOTAL AGGREGATE LIABILITY OF BOTH SELLERS ARISING OUT OF OR RELATED TO THIS AGREEMENT EXCEED *** ; PROVIDED THAT SUCH LIMITATION SHALL
NOT APPLY TO REDUCE ANY PARTY’S OBLIGATION TO INDEMNIFY ANOTHER PARTY (A) TO THE EXTENT OF THE PROCEEDS OF INSURANCE OTHERWISE PAYABLE TO THE INDEMNIFYING PARTY, OR (B) FOR LOSSES CAUSED BY THE GROSS NEGLIGENCE, FRAUD OR WILLFUL
MISCONDUCT OF THE INDEMNIFYING PARTY. 
 4.6 Indemnification Procedures. 

Except with respect to Taxes, each of a Seller’s obligations in Section 4.3 and Purchaser’s obligations in
Section 4.4 above (each of a Seller and Purchaser, as applicable, the “Indemnifying Party”) with respect to any third party claim are contingent upon the Seller Indemnified Parties or the Purchaser Indemnified Parties
(each, as applicable, the “Indemnitee”), promptly notifying the Indemnifying Party in writing of such claim and promptly tendering the control of the defense and settlement of any such claim to the Indemnifying Party at the
Indemnifying Party’s expense and with the Indemnifying Party’s choice of counsel. In connection with the foregoing, the indemnification obligation of Indemnifying Party to the Indemnitee shall be reduced if and to the extent the
failure of an Indemnitee to provide such notice and tender of control actually prejudices the outcome of any such claim; provided that the foregoing shall not apply so long as the Managing Member of Purchaser is an Affiliate of a Seller. The
Indemnitee shall also cooperate with the Indemnifying Party, at the Indemnifying Party’s expense, in defending or settling such claim and the Indemnitee may join in defense with counsel of its choice at its own expense. An Indemnifying Party
may not, without the prior written consent (such consent not to be unreasonably withheld) of an Indemnitee, settle, compromise or consent to the entry of any judgment regarding a third party claim, the defense of which has been assumed by the
Indemnifying Party unless such settlement, compromise or consent (a) does not contain any admission or statement suggesting any wrongdoing or liability on behalf of the Indemnitee; and (b) does not contain any equitable order, judgment or
term that in any manner affects, restrains or interferes with the business of the Indemnitee or any of the Indemnitee’s Affiliates. An Indemnitee may not settle, compromise or consent to the entry of any judgment regarding any third party claim
for which indemnification is sought and the defense of which has not been assumed by the Indemnifying Party, without the prior written consent of the Indemnifying Party, such consent not to be unreasonably withheld or delayed. 

  

	***	Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. 

 

 Development, EPC and Purchase Agreement 

  
 30 

 ARTICLE 5 
 DISPUTE RESOLUTION 
 5.1 Good Faith Negotiations. 

In the event that any question, dispute, difference or claim arises out of or in connection with this Agreement, including any question
regarding its existence, validity, performance or termination (a “Dispute”), of which a Seller (or the Sellers, as applicable) or Purchaser has provided notice to Purchaser or a Seller or the Sellers, as applicable, senior
management personnel from such Seller (or Sellers, as applicable) and Purchaser shall meet and diligently attempt in good faith to resolve the Dispute within a period of thirty (30) calendar days following one Party’s written request to
the other Party for such a meeting. If, however, a Seller (or the Sellers, as applicable) or Purchaser refuses or fails to so meet, or the Dispute is not resolved by negotiation, then Purchaser or a Seller (or the Sellers as applicable), may pursue
such remedies available to it (or them as applicable) at law or in equity, subject to the provisions of this Agreement, including Section 5.2. 
 5.2 SUBMISSION TO JURISDICTION. 
 THE PARTIES HEREBY IRREVOCABLY
SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT IN NEW YORK WITH RESPECT TO ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY
ACTION, SUIT OR PROCEEDING RELATING TO A DISPUTE AND FOR ANY COUNTERCLAIM WITH RESPECT THERETO. EACH PARTY HEREBY AUTHORIZES AND ACCEPTS SERVICE OF PROCESS SUFFICIENT FOR PERSONAL JURISDICTION IN ANY ACTION AGAINST IT AS CONTEMPLATED BY THIS
SECTION 5.2 BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, POSTAGE PREPAID, TO ITS ADDRESS FOR THE GIVING OF NOTICES AS SET FORTH IN SECTION 6.6. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS
IN ANY OTHER MANNER PERMITTED BY LAW. 
 ARTICLE 6 
 GENERAL PROVISIONS 
 6.1 Exhibits and Schedules. 

All Exhibits and Schedules attached hereto are incorporated herein by reference. 

6.2 Amendment, Modification and Waiver. 
 This Agreement may not be amended or modified except by an instrument in writing signed by the Party against which enforcement of such amendment or modification is sought. Any failure of Seller or
Purchaser to comply with any obligation, covenant, agreement or condition contained herein may be waived only if set forth in an instrument in writing signed by the Party to be bound thereby, but such waiver or failure to insist upon strict
compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any other failure. 
 Each Party’s rights and remedies under this Agreement are intended to be distinct, separate and cumulative and no such right or remedy therein or herein mentioned, whether exercised by such Party or
not, is intended to be an exclusion or a waiver of any of the others. 

  

Development, EPC and Purchase Agreement 

  
 31 

 6.3 Severability. 

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Applicable Law or
public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated herein are not affected in any manner materially
adverse to any Party. 
 6.4 Expenses. 
 Each Party shall be responsible for all of its own legal costs, fees and expenses in connection with the transactions contemplated by this Agreement and the other Transaction Documents to which it is a
party; provided, that VSD shall reimburse Investor for up to $*** of any out-of-pocket transaction costs and expenses (including legal fees) actually incurred by Investor in connection with the transactions contemplated hereunder, regardless
of whether such transaction occurs, and VSD shall make such reimbursement payment by the earlier of (a) ten (10) Business Days after Investor provides VSD with written evidence of Investor’s incurrence of any such costs and expenses
and (b) the first Purchase Date. 
 6.5 Parties in Interest. 

This Agreement shall be binding upon and, except as provided below, inure solely to the benefit of each Party and their successors and
assigns, and nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Agreement. 

6.6 Notices. 
 All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally, by a nationally recognized overnight courier, by facsimile, or by electronic mail
transmission or mailed by registered or certified mail (return receipt requested) to the Parties at the following addresses (or at such other address for a Party as shall be specified by like notice): 

 

	 	(a)	If to VSD, to: 

 Vivint Solar
Developer, LLC 
 4931 N 300 W 
 Provo, UT 84604 
 Attn: Thomas Plagemann, Exec. VP of Capital Markets

 Facsimile: (801) 229-7727 
 Email: thomas.plagemann@vivintsolar.com 
 With copies to: 

Vivint Solar Developer, LLC 
 4931 N 300 W 
 Provo, UT 84604 

Attn: C. Dan Black, General Counsel 
 Facsimile: (801) 765-5746 
 Email: dblack@vivintsolar.com 

  

	***	Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. 

 

 Development, EPC and Purchase Agreement 

  
 32 

	 	(b)	If to VSI, to: 

 Vivint Solar,
Inc. 
 4931 N 300 W 
 Provo, UT 84604 
 Attn: Thomas Plagemann, Exec. VP of Capital Markets 

Facsimile: (801) 229-7727 
 Email: thomas.plagemann@vivintsolar.com 
 With copies to 

Vivint Solar, Inc. 
 4931 N 300 W 
 Provo, UT 84604 

Attn: C. Dan Black, General Counsel 
 Facsimile: (801) 765-5746 
 Email: dblack@vivintsolar.com 

 

	 	(c)	If to Purchaser, to: 

 Vivint
Solar Rebecca Project Company, LLC 
 4931 N 300 W 
 Provo, UT 84604 
 Attn: Thomas Plagemann, Exec. VP of Capital Markets 

Facsimile: (801) 229-7727 
 Email: thomas.plagemann@vivintsolar.com 
 With copies to: 

Vivint Solar, Inc. 
 4931 N 300 W 
 Provo, UT 84604 

Attn: C. Dan Black, General Counsel 
 Facsimile: (801) 765-5746 
 Email: dblack@vivintsolar.com 

Blackstone Holdings I L.P. 
 c/o The Blackstone Group L.P. 
 345 Park Avenue 

New York, New York 10154 
 Attn: John Finley 
 Facsimile: (212) 583-5749 

Email: John.Finley@Blackstone.com 

  

Development, EPC and Purchase Agreement 

  
 33 

 and 
 Attn: Chaim Miller 
 Email: Chaim.Miller@Blackstone.com 

and 
 Attn: Joe
Rocco 
 Email: Joe.Rocco@Blackstone.com 
 and 
 Email: Treasury-Operations@Blackstone.com 

All notices and other communications given in accordance herewith shall be deemed given (i) on the date of delivery, if hand delivered, (ii) on
the date of receipt, if faxed or sent by electronic mail, or if such date is not a Business Day, the next Business Day following the date of receipt, provided sender can and does provide evidence of successful transmission, (iii) on the
fifth Business Day after the date of mailing, if mailed by registered or certified mail, return receipt requested, or (iv) on the second Business Day after the date of sending, if sent by a nationally recognized overnight courier;
provided that a notice given in accordance with this Section 6.6 but received on any day other than a Business Day or after 5:00 pm New York, New York time, on a Business Day in the place of receipt shall be deemed given on the
next Business Day in that place. 
 6.7 Counterparts. 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

 6.8 Entire Agreement. 
 This Agreement constitutes the entire agreement among the Parties and supersedes all prior agreements, letters of intent and understandings, both written and oral, among the Parties with respect to the
subject matter hereof. 
 6.9 Governing Law. 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE
AND TO BE PERFORMED IN THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING RELATING TO A DISPUTE HEREUNDER AND FOR ANY COUNTERCLAIM WITH RESPECT THERETO. 

  

Development, EPC and Purchase Agreement 

  
 34 

 6.10 Public Announcements. 

Except for statements made or press releases issued pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934 or as
otherwise required by law, neither the Sellers nor Purchaser shall issue, or permit any of their respective Affiliates to issue, any press release or otherwise make any public statements with respect to this Agreement or the transactions
contemplated hereby without the prior written consent of the other Party; provided that the Sellers shall not make any public announcement regarding this Agreement which has not been approved in writing by the Investor. 

6.11 Assignment. 
 This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party shall assign this Agreement
without the prior written consent of the other Parties, in its sole discretion; provided that a Seller and Purchaser may each assign this Agreement and any rights or obligations hereunder to any of its respective lenders as collateral
security (and each of the Sellers and Purchaser hereby agrees to execute a third-party consent and direct agreement with such lender in connection therewith); provided, further that, notwithstanding anything to the contrary in this
Agreement, at any time, without the prior written consent of Purchaser or Investor, VSI may assign any or all of its rights and obligations under this Agreement to VSD so long as VSD has all of the Permits required to perform the Installation,
warranty and other services in Hawaii required by this Agreement, and immediately upon such assignment, VSI shall be automatically released of all of its obligations and liabilities under this Agreement to the extent of such assignment (except that,
for the avoidance of doubt, no such assignment by VSI shall satisfy, modify or reduce its obligations under the Sponsor Guaranty). Any attempted assignment of this Agreement other than in strict accordance with this Section 6.11 shall be
null and void and of no force or effect. 
 6.12 Relationship of Parties. 

This Agreement does not constitute a joint venture, association or partnership between the Parties. No express or implied term, provision
or condition of this Agreement shall create, or shall be deemed to create, an agency, joint venture, partnership or any fiduciary relationship between the Parties. 
 6.13 Successors and Assigns. 
 This Agreement shall inure to the
benefit of each Party and each Party’s successors and permitted assigns, and shall be binding upon and enforceable against each Party and each Party’s successors and permitted assigns. 

6.14 Access. 
 Purchaser hereby grants each Seller and its authorized agents, employees and subcontractors the right to access any Purchased Project for the purpose of such Seller performing its obligations under this
Agreement. Each Seller hereby accepts such access rights and access rights granted pursuant to the applicable Customer Agreement and further accepts the 

  

Development, EPC and Purchase Agreement 

  
 35 

 
conditions at the site of each Purchased Project as they exist and acknowledges that Purchaser has no obligation to grant such Seller additional access rights or to change the conditions at such
Project site. Such access rights granted pursuant to this Agreement will automatically expire immediately upon the termination or expiration of this Agreement. 
 6.15 Purchaser Member Authorization. 
 Notwithstanding anything in
this Agreement to the contrary, Purchaser and each Seller hereby agree and acknowledge that, with respect to any direction, consent or approval described in this Agreement that Purchaser may provide that is governed by Section 8.3 of the
LLC Agreement, a Seller shall not take any such direction of Purchaser or act under this Agreement unless Purchaser represents to such Seller in writing that the required member consents under such Section 8.3 of the LLC Agreement have
been obtained. 
 [Remainder of page intentionally left blank] 

  

Development, EPC and Purchase Agreement 

  
 36 

 IN WITNESS WHEREOF, each Party hereto has caused this Agreement to be signed on its behalf
as of the date first written above. 
  

			
	SELLERS:
	
	 VIVINT SOLAR DEVELOPER, LLC,
 a Delaware limited liability company

		
	By:	 	 /s/ Paul Dickson

	Name:	 	Paul Dickson
	Title:	 	Vice President of Operations
	
	 VIVINT SOLAR, INC.,

a Delaware corporation

		
	By:	 	 /s/ Paul Dickson

	Name:	 	Paul Dickson
	Title:	 	Vice President of Operations
	
	PURCHASER:
	
	 VIVINT SOLAR REBECCA PROJECT COMPANY, LLC,
 a Delaware limited liability company

		
	By:	 	 /s/ Paul Dickson

	Name:	 	Paul Dickson
	Title:	 	Vice President of Operations

  
 Development,
EPC and Purchase Agreement 

 Schedule 1 
 List of Purchased Systems and Associated Customer Agreements 
 Part I.
VSD Purchased Systems and Associated Customer Agreements 
  

													
	 No.
	  	Job ID	  	Host
Customer	  	Host Address	  	Description of PV
System
(Size and Cost)	  	Purchase Date	  	Installation Date
(or expected
Installation
Date)
	 1.
	  		  		  		  		  		  	
	 2.
	  		  		  		  		  		  	
	 3.
	  		  		  		  		  		  	
	 4.
	  		  		  		  		  		  	
	 5.
	  		  		  		  		  		  	
	 6.
	  		  		  		  		  		  	
	 7.
	  		  		  		  		  		  	
	 8.
	  		  		  		  		  		  	
	 9.
	  		  		  		  		  		  	
	 10.
	  		  		  		  		  		  	
	 11.
	  		  		  		  		  		  	
	 12.
	  		  		  		  		  		  	
	 13.
	  		  		  		  		  		  	
	 14.
	  		  		  		  		  		  	
	 15.
	  		  		  		  		  		  	

  
 Development,
EPC and Purchase Agreement 

 Part II. VSI Purchased Systems and Associated Customer Agreements 

 

													
	 No.
	  	Job ID	  	Host
Customer	  	Host Address	  	Description of PV
System
(Size and Cost)	  	Purchase Date	  	Installation Date
(or expected
Installation
Date)
	 1.
	  		  		  		  		  		  	
	 2.
	  		  		  		  		  		  	
	 3.
	  		  		  		  		  		  	
	 4.
	  		  		  		  		  		  	
	 5.
	  		  		  		  		  		  	
	 6.
	  		  		  		  		  		  	
	 7.
	  		  		  		  		  		  	
	 8.
	  		  		  		  		  		  	
	 9.
	  		  		  		  		  		  	
	 10.
	  		  		  		  		  		  	
	 11.
	  		  		  		  		  		  	
	 12.
	  		  		  		  		  		  	
	 13.
	  		  		  		  		  		  	
	 14.
	  		  		  		  		  		  	
	 15.
	  		  		  		  		  		  	

  
 Development,
EPC and Purchase Agreement 

 Schedule 2 
 Form of Tranche Presentation Certificate 
 TRANCHE PRESENTATION
CERTIFICATE 
 This Tranche Presentation Certificate, dated
                    , is issued pursuant to Section 2.1(c) of the Development, EPC and Purchase Agreement, dated as of February 13, 2014
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”), by and among Vivint Solar Developer, LLC, Vivint Solar, Inc. and Vivint Solar Rebecca Project Company, LLC
(“Purchaser”). Capitalized terms used but not defined herein have the same meaning as in the Agreement. 

[Vivint Solar Developer, LLC][Vivint Solar, Inc.] (“Seller”) hereby requests acceptance of this Tranche in the amount
described in item (iv) below and certifies that, with respect to all Projects constituting this Tranche (the “Tranche Projects”): 
  

	 	(i)	each Tranche Project meets all applicable conditions set forth in Section 2.1 of the Agreement, and Seller reasonably expects each Tranche Project to meet all
conditions set forth in Section 2.3 of the Agreement on the Purchase Date for such Tranche Project; 

  

	 	(ii)	(A) all representations and warranties of Seller set forth in Section 3.1 of the Agreement and of Seller and *** in the *** are true and correct as of the date
hereof, (B) Seller reasonably expects that such representations and warranties shall be true and correct as of the Purchase Date for such Tranche Projects, (C) Seller and *** have complied with all of the covenants and other obligations in
the Agreement and *** with which they are required to comply at or prior to the date hereof and (D) Seller reasonably expects that they will have complied with all of the covenants and other obligations in the Agreement and *** with which
Seller and *** are required to comply at or prior to the Purchase Date for such Tranche Projects; 

  

	 	(iii)	the name and address of each potential Host Customer, the size of each Tranche Project to be installed at such Host Customer’s property, and the System Purchase
Price for each Tranche Project is set forth on Schedule 1 hereto; 

  

	 	(iv)	the aggregate System Purchase Price for all of the Tranche Projects is         Dollars
($        ); 

  

	 	(v)	the FICO® Score for each Host Customer of the Tranche Projects is set forth on Schedule 1 hereto; 

 

	 	(vi)	the status of construction with respect to each Tranche Project is set forth on Schedule 1 hereto; 

  

	***	Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. 

 

 Development, EPC and Purchase Agreement 

	 	(vii)	Attached hereto as Annex 1 is a copy of the Base Case Model updated to reflect the Tranche Projects; 

 

	 	(viii)	fully executed copies of each Customer Agreement included with each Tranche Project will be made available by Seller to Purchaser via electronic transmission;

  

	 	(ix)	copies of the manufacturer’s warranties to the equipment used or to be used in the each of the Tranche Projects have been delivered to Purchaser by Seller; and

  

	 	(x)	Seller will deliver all information and documents requested by Purchaser pursuant to this Tranche Presentation Certificate. 

 

			
	Seller:
	
	[VIVINT SOLAR DEVELOPER, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	]
	
	[VIVINT SOLAR, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	]

  
 Development,
EPC and Purchase Agreement 

 Schedule 1 to Tranche Presentation Certificate1 
  

																																					
	 Job
ID
	  	Host
Customer
Name	  	Address	  	System
Purchase
Price	  	Projected
ITC	  	Appraisal	  	PV
System
Size
(KW)	  	FICO®
Score	  	Gross
Capital
Contribution	  	Removed
Project
Credit	  	Change
Order
Debit	  	Projected
Capital
Contribution
for Tranche	  	Projected
Capital
Contribution
from
Investor	  	Projected
Capital
Contribution
from
Managing
Member	  	Structural
Engineer	  	CAD
Drawing	  	PPA	  	Performance
Test	  	Construction
Status
(Installation
Date)
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	

  

	1 	Sellers shall transmit each version of Schedule 1 electronically to Investor and with such transmission shall include the data set forth on Schedule 1 in Excel format.

  
 Development,
EPC and Purchase Agreement 

 Annex 1 
 Updated Base Case Model 
 [See attached] 

  
 Development,
EPC and Purchase Agreement 

 Schedule 3 
 Forms of Customer Agreements 
 [See attached] 

  
 Development,
EPC and Purchase Agreement 

 Schedule 4 
 Form of Bill of Sale and Assignment 
 BILL OF SALE AND ASSIGNMENT

 This BILL OF SALE AND ASSIGNMENT is made and entered into as of
[                    ], by and between Vivint Solar Rebecca Project Company, LLC, a Delaware limited liability company
(“Purchaser”), and [Vivint Solar Developer, LLC, a Delaware limited liability company][Vivint Solar, Inc., a Delaware corporation] (“Seller”). Purchaser and Seller are referred to collectively herein as the
“Parties”. All capitalized terms not otherwise defined herein shall have the meanings set forth in the Development, EPC and Purchase Agreement dated as of February 13, 2014, by and among, Purchaser, [Vivint Solar Developer,
LLC][Vivint Solar, Inc.] and Seller (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”). 
 RECITALS 
 WHEREAS, pursuant to the Agreement, Seller agreed to sell, and
Purchaser agreed to purchase, Projects for an amount of consideration equal to the System Purchase Price of each Project. 

WHEREAS, it is the Parties’ intention to reflect the transfer of the Projects that may be purchased by Purchaser from Seller
pursuant to Section 2.1 of the Agreement, including without limitation the transfer of the PV Systems comprising such Projects, warranties related thereto, associated Customer Agreements and related rights thereto, and related Permits,
Government Incentives and RECs, by the execution and delivery of this Bill of Sale and Assignment. 
 WHEREAS, the Parties now
desire to carry out the intent and purpose of the Agreement by Seller’s execution and delivery to Purchaser of this Bill of Sale and Assignment as evidence of the sale, conveyance, assignment, transfer and delivery to Purchaser of any and all
Purchased Systems and the assignment of the associated Customer Agreements and related rights. 
 NOW, THEREFORE, in
consideration of the covenants, promises and representations set forth herein and in the Agreement and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 1. Seller does hereby, effective from and after the date hereof, sell, convey, assign, transfer and deliver unto Purchaser
all of Seller’s right, title and interest in, to and under the Projects identified on the Closing Request attached hereto as Annex 1 (the “Purchased Projects”), to Purchaser and its successors and assigns for their
exclusive use and benefit forever, and free and clear of all Liens other than Permitted Liens. Purchaser hereby purchases and assumes all of Seller’s right, title and interest in and obligations with respect to each of such Projects, including
without limitation any warranties arising in connection with the PV Systems for such Projects, on the date hereof, and Purchaser hereby assumes all of Seller’s rights and obligations under each Customer Agreement and Permit included as part of
such Projects, all as consistent with the Agreement. For the avoidance of doubt, the transfers of rights under this paragraph 1 do not include a license to use any proprietary monitoring intellectual property of Vivint Solar, Inc. 

  
 Development,
EPC and Purchase Agreement 

 2. Each Party shall reasonably cooperate with the other Party, execute and deliver, or cause
to be executed and delivered, all such other instruments and take all such other actions as a Party may reasonably be requested to take at any time after the date hereof in order to effectuate the provisions and purposes of this Bill of Sale and
Assignment and the Agreement and the transactions contemplated hereby and thereby, to vest title in the Purchased Projects more effectively in Purchaser, and to put Purchaser in exclusive possession and absolute and total control of the Purchased
Projects. 
 3. Seller hereby constitutes and appoints Purchaser and its successors and assigns, the true and lawful attorney of
Seller, with full power of substitution for Seller and in its name and stead or otherwise, for the benefit of Purchaser and its successors and assigns, to take the following actions in relation to the Purchased Projects: 

(a) to demand and receive from time to time any and all Purchased Projects hereby sold, conveyed, assigned, transferred and delivered and
give receipts and releases for and in respect of the same and any part thereof; 
 (b) to institute and prosecute in the name of
and at the expense of Seller or otherwise, but for the benefit of Purchaser, any and all proceedings at law, in equity or otherwise, which Purchaser may deem proper in order to collect, assert or enforce any claim, right or title of any kind in and
to the Purchased Projects hereby given, transferred, sold, conveyed, assigned and delivered, and to defend or compromise any and all actions, suits or proceedings in respect of any of the Purchased Projects; and 

(c) to do all such acts and things in relation to the Purchased Projects as Purchaser shall deem advisable. 

4. Seller hereby declares that the appointment made and the powers hereby granted are coupled with an interest and are and shall be
irrevocable by Seller in any manner and for any reason. 
 5. Each of the Parties shall use its commercially reasonable efforts
to take, or cause to be taken, all appropriate action, do or cause to be done all things necessary, proper or advisable under applicable laws, and execute and deliver such documents and other papers, as may be required to carry out the provisions of
this Bill of Sale and Assignment and consummate and make effective the transactions contemplated by this Bill of Sale and Assignment. 
 6. Each of the Parties acknowledges and agrees that neither the representations and warranties nor the rights and remedies of the Parties under the Agreement shall be deemed to be enlarged, modified or
altered in any way by this Bill of Sale and Assignment (but each of such representations and warranties shall apply to this Bill of Sale and Assignment), and, to the extent there shall arise a conflict between this Bill of Sale and Assignment and
the Agreement, the Agreement shall control. 

  
 Development,
EPC and Purchase Agreement 

 7. This Bill of Sale and Assignment shall bind and shall inure to the benefit of the
respective Parties and their assigns, transferees and successors. 
 8. This Bill of Sale and Assignment shall be construed and
enforced in accordance with the laws of the State of New York. 
 9. This Bill of Sale and Assignment 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. 
 [Remainder of page intentionally left blank] 

  
 Development,
EPC and Purchase Agreement 

 IN WITNESS WHEREOF, this Bill of Sale and Assignment has been duly executed and delivered by a duly
authorized representative of each of the Parties as of the date first above written. 
  

			
	SELLER:
	
	[VIVINT SOLAR DEVELOPER, LLC,a Delaware limited liability company
		
	By:	 	  

	Name:	 	
	Title:	 	]
	
	 [VIVINT SOLAR, INC.,

a Delaware corporation

		
	By:	 	  

	Name:	 	
	Title:	 	]
	
	PURCHASER:
	
	 VIVINT SOLAR REBECCA PROJECT COMPANY, LLC,
 a Delaware limited liability company

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Development,
EPC and Purchase Agreement 

 ANNEX 1 
 Closing Request 
 [To be attached] 

  
 Development,
EPC and Purchase Agreement 

 Schedule 5 
 Form of Closing Request 
 CLOSING REQUEST 

This Closing Request, dated
                    , is issued pursuant to Section 2.1 of the Development, EPC and Purchase Agreement, dated as of February 13, 2014 (as
amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”), by and among Vivint Solar Developer, LLC, Vivint Solar, Inc. and Vivint Solar Rebecca Project Company, LLC
(“Purchaser”). Capitalized terms used but not defied herein shall have the same meaning as in the Agreement. 

1. [Vivint Solar Developer, LLC][Vivint Solar, Inc.] (“Seller”) hereby notifies Purchaser that the Purchase Date for the
Tranche described in the Tranche Presentation Certificate, dated as of [DATE of Tranche Presentation Certificate], is [DATE]. Such Purchase Date is at least two (2) Business Days after the date of this Closing Request and no earlier than five (5)
Business Days after the end of the Review Period for such Tranche. 
 2. Attached hereto as Schedule 1 is a list of all
Accepted Projects that will be included in such Tranche, which includes the System Purchase Price for each such Project. Simultaneously with Seller’s delivery of this Closing Request to Purchaser, Seller has electronically transmitted to
Investor the data set forth on Schedule 1 in Excel format. 
 3. The aggregate of the System Purchase Prices for all of
the Accepted Projects in the Tranche is $[—]. 
 4. Credits and Refunds:

 a. [The Removed Project Credit specified in the Deficient Project and Cancelled Project Report dated [DATE],
which has not been applied to System Purchase Prices for any other Tranche and is being applied to the aggregate of the System Purchase Prices for the Tranche hereof, is $[—]]. 

b. [The Change Order Credit specified in the Change Order Report dated [DATE], which has not been applied to System
Purchase Prices for any other Tranche and is being applied to the aggregate of the System Purchase Prices for the Tranche hereof, is $[—]]. 

c. [The Change Order Debit specified in the Change Order Report dated [DATE], which has not been applied to System
Purchase Prices for any other Tranche and is being applied to the aggregate of the System Purchase Prices for the Tranche hereof, is $[—]]. 

d. [The total Refund Credit being applied is $[Insert sum of Removed Project Credit and Change Order Credit less Change
Order Debit].] 
  

 Development, EPC and Purchase Agreement 

 5. Change Orders: 

 

	 	a.	The aggregate change in kW size due to Change Orders between the Effective Date and the date hereof is [—] kW, and
the aggregate change in kW size due to Change Orders for which a Change Order Credit is being applied to the aggregate of the System Purchase Prices for the Tranche hereof is [—] kW.

  

	 	b.	The aggregate amount of kW for which a System Purchase Price (including with respect to any Projects set forth in this Closing Request) has been paid in accordance with
Section 2.1 of the Agreement as of the date hereof (adjusted for Deficient Projects, Cancelled Projects and Substituted Projects in accordance with Section 2.2(d) and Section 2.2(f)) is
[—] kW. 

  

	 	6.	On the Purchase Date, the Net Purchase Price of $[Insert the amount in Section 3 minus the amount in Section 4(d)] shall be wired by Purchaser to the
following account: 

 [INSERT BANK ACCOUNT INFORMATION] 

 

			
	Seller:
	
	[VIVINT SOLAR DEVELOPER, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	]
	
	[VIVINT SOLAR, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	]

  
 Development,
EPC and Purchase Agreement 

 Schedule 1 to Closing Request 

LIST OF ACCEPTED PROJECTS TO BE INCLUDED IN TRANCHE 

 

													
	 Job ID
	  	Host Customer	  	Address	  	Title of
Agreement	  	System
Size	  	System Purchase
Price	  	Net Purchase
Price
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	

  
 Development,
EPC and Purchase Agreement 

 Schedule 6 
 Form of Transfer Notice 
 TRANSFER NOTICE 

This Transfer Notice, dated                     (the
“Transfer Notice Date”), is issued pursuant to the Development, EPC and Purchase Agreement, dated as of February 13, 2014 (as amended, amended and restated, supplemented or otherwise modified from time to time the
“Agreement”), by and among Vivint Solar Developer, LLC, Vivint Solar, Inc. and Vivint Solar Rebecca Project Company, LLC (“Purchaser”). Capitalized terms have the same meaning as in the Agreement. 

The undersigned, a duly elected executive officer of [Vivint Solar Developer, LLC][Vivint Solar, Inc.] (“Seller”), hereby certifies to
Purchaser as follows: 
  

	 	1.	The undersigned is a duly elected executive officer of Seller currently holding the title below his or her signature and printed name. 

 

	 	2.	Seller reasonably believes each of the Projects described on the attached Schedule 1 will be Placed in Service no later than the Completion Deadline.

  

	 	3.	The undersigned has reviewed each of the conditions precedent to consummate a Purchase of each of the Projects described on the attached Schedule 1, and each
such condition precedent has been satisfied. 

  

	 	4.	Seller has complied with the applicable provisions of the Agreement and each applicable Customer Agreement, except as would not reasonably be expected to adversely
affect in a material manner all of the Projects taken as a whole or Seller. 

  

	 	5.	The information in Schedule 1 is complete and accurate. Simultaneously with Seller’s delivery of this Transfer Notice to Purchaser, Seller has
electronically transmitted to Investor the data set forth on Schedule 1 in Excel format. 

  

			
	SELLER:
	
	 [VIVINT SOLAR DEVELOPER, LLC,
 a Delaware limited liability company

		
	By:	 	  

	Name:	 	
	Title:	 	]

  

 Development, EPC and Purchase Agreement 

			
	[VIVINT SOLAR, INC.,
	a Delaware corporation
		
	By:	 	  

	Name:	 	
	Title:	 	]

  
 Development,
EPC and Purchase Agreement 

 Schedule 1 to Transfer Notice 

 

																																					
	 Job
ID
	  	Host
Customer
Name	  	Address	  	System
Purchase
Price	  	Projected
ITC	  	Appraisal	  	PV
System
Size
(KW)	  	FICO®
Score	  	Gross
Capital
Contribution	  	Removed
Project
Credit	  	Change
Order
Debit	  	Projected
Capital
Contribution
for Tranche	  	Projected
Capital
Contribution
from
Investor	  	Projected
Capital
Contribution
from
Managing
Member	  	Structural
Engineer	  	CAD
Drawing	  	Site
Photo	  	Performance
Test	  	Construction
Status
(Installation
Date)
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	

  
 Development,
EPC and Purchase Agreement 

 Schedule 7 
 Form of Deficient Project and Cancelled Project Report 
 DEFICIENT
PROJECT AND CANCELLED PROJECT REPORT 
 This Deficient Project and Cancelled Project Report, dated
                    , is issued pursuant to Section 2.2(d) of the Development, EPC and Purchase Agreement, dated as of February 13, 2014
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”), by and among Vivint Solar Developer, LLC, Vivint Solar, Inc. and Vivint Solar Rebecca Project Company, LLC
(“Purchaser”). Capitalized terms used but not defined herein have the same meanings as in the Agreement. 
 [Vivint Solar
Developer, LLC][Vivint Solar, Inc.] (“Seller”) hereby notifies Purchaser that (i) each of the PV Systems described on the attached Schedule A are Deficient Projects or Cancelled Projects (the “Removed
Projects”), and (ii) the aggregate System Purchase Price for the Removed Projects identified on Schedule A results in a credit balance to Purchaser in the amount of $[—] (the
“Removed Project Credit”) and Purchaser shall receive a credit in the amount of the Removed Project Credit [in the Closing Request dated [DATE]][in the True-Up Report]. 
 Each of the Removed Projects shall be removed from Schedule 1 to the Agreement, and all right, title and interest in and to, and all risk of loss or damage to, the Removed Projects shall pass back to
Seller. A revised Schedule 1 to the Agreement is attached hereto as Schedule B. 
 Simultaneously with Seller’s delivery of this
Deficient Project and Cancelled Project Report to Purchaser, Seller has electronically transmitted to Investor the data set forth on Schedule A and Schedule B in Excel format. 

 

			
	Seller:
	
	[VIVINT SOLAR DEVELOPER, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	]
	
	[VIVINT SOLAR, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	]

  
 Development,
EPC and Purchase Agreement 

 Schedule A to Deficient Project and Cancelled Project Report 

List of Removed Projects 
  

													
	 Job ID
	  	Host Customer	  	Address	  	Title of
Agreement	  	System
Size	  	System Purchase
Price	  	Net Purchase
Price
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	

  
 Development,
EPC and Purchase Agreement 

 Schedule 8 
 Form of Change Order Report 
 CHANGE ORDER REPORT 

This Change Order Report, dated
                    , is issued pursuant to Section 2.2(e) of the Development, EPC and Purchase Agreement, dated as of February 13, 2014
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”), by and among Vivint Solar Developer, LLC, Vivint Solar, Inc. and Vivint Solar Rebecca Project Company, LLC
(“Purchaser”). Capitalized terms used but not defined herein have the same meanings as in the Agreement. 

Schedule A hereto (i) identifies all Change Orders through the date of this Change Order Report that have not previously been
reported in a Closing Request, (ii) describes any increases or decreases in the system size pursuant to each such Change Order and (iii) describes any increases or decreases in the System Purchase Price pursuant to each such Change Order
identified. 
 [Vivint Solar Developer, LLC][Vivint Solar, Inc.] (“Seller”) hereby notifies Purchaser that the
increases and decreases in the System Purchase Price for each Project affected by the Change Orders identified on Schedule A results in a [net credit balance to Purchaser in the amount of
$[—] (the “Change Order Credit”)][net debit balance to Purchaser in the amount of $[—] (the “Change Order
Debit”)], and Purchaser shall receive a [credit][debit] in the amount of the [Change Order Credit][Change Order Debit] in the [Closing Request dated [—]][True-Up Report]. 

The revised system sizes and System Purchase Price for each Project affected by such Change Orders shall be deemed to be the system size
and system cost for such Project listed on Schedule 1 to the Agreement, and Seller shall revise Schedule 1 to reflect such information. A revised Schedule 1 to the Agreement is attached hereto as Schedule B. 

Simultaneously with Seller’s delivery of this Change Order Report to Purchaser, Seller has electronically transmitted to Investor
the data set forth on Schedule A and Schedule B in Excel format. 
  

			
	Seller:
	
	[VIVINT SOLAR DEVELOPER, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	]

  
 Development,
EPC and Purchase Agreement 

			
	[VIVINT SOLAR, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	]

  
 Development,
EPC and Purchase Agreement 

 Schedule 9 
 Form of Substitution Report 
 SUBSTITUTION REPORT 

This Substitution Report, dated
                    , is issued pursuant to Section 2.2(f) of the Development, EPC and Purchase Agreement, dated as of February 13, 2014
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”), by and among Vivint Solar Developer, LLC, Vivint Solar, Inc. and Vivint Solar Rebecca Project Company, LLC
(“Purchaser”). Capitalized terms used but not defined herein have the same meanings as in the Agreement. [Vivint Solar Developer, LLC][Vivint Solar, Inc.] is hereinafter referred to as “Seller”. 

1. Schedule 1 hereto is the Change Order Report describing the economic impact of all Change Orders agreed to through the
date of the Change Order Report and not previously reported in a prior Substitution Report or Closing Request. 
 2.
Schedule 2 hereto identifies all Accepted Projects in the Tranche that were determined to be Deficient Projects or Cancelled Projects through the date of this Substitution Report (including the System Purchase Prices therefor under the
original Closing Request) and not previously reported in a prior Substitution Report or Closing Request. 
 3. Schedule 3
lists all Projects that are substituted for the above-referenced Deficient Projects and Cancelled Projects and in connection with any Change Orders that decrease the system sizes of any Projects (“Substituted Projects”) and the
System Purchase Prices thereof. Purchaser shall have a Substituted Project Review Period of ten (10) days to confirm the conditions under Section 2.3 of the Agreement have been met with respect to the Substituted Projects. Each Substituted
Project shall be a Non-Accepted Project unless Purchaser informs Seller in writing by the end of the Substituted Project Review Period that a proposed Substituted Project is an Accepted Project. The Purchase Date for the Substituted Projects that
become Accepted Projects shall be the expiration of the applicable Substituted Project Review Period or, if such expiration does not occur on a Business Day, the first Business Day following such expiration. 

4. A revised Schedule 1 to the Agreement is attached hereto as Schedule 4. 

5. A revised Schedule 1 to the applicable Transfer Notice is attached hereto as Schedule 5. 

6. A Closing Request for the Substituted Projects is being delivered by Seller to Purchaser concurrently with this Substitution Report. A
Bill of Sale and Assignment and a Transfer Notice each dated the date of the Purchase Date of the Substituted Projects included in this Substitution Report shall be delivered by Seller to the Purchaser with respect to such Substituted Projects.

 7. Simultaneously with Seller’s delivery of this Substitution Report to Purchaser, Seller has electronically transmitted
to Investor the data set forth on Schedules 1 through 5 in Excel format. 

  
 Development,
EPC and Purchase Agreement 

			
	Seller:
	
	[VIVINT SOLAR DEVELOPER, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	]
	
	[VIVINT SOLAR, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	]

  
 Development,
EPC and Purchase Agreement 

 Schedule 10 
 Form of True-Up Report 
 TRUE-UP REPORT 

This True-Up Report, dated
                    , is issued pursuant to Section 2.2(h) of the Development, EPC and Purchase Agreement, dated as of February 13, 2014
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”), by and among Vivint Solar Developer, LLC (“VSD”), Vivint Solar, Inc. (“VSI”, together with
VSD, the “Sellers”) and Vivint Solar Rebecca Project Company, LLC (“Purchaser”). Capitalized terms used but not defined herein have the same meanings as in the Agreement. 

Part A of Schedule 1 hereto (i) identifies all Change Orders, (ii) describes any increases or decreases in the system
size pursuant to each such Change Order and (iii) describes any increases or decreases in the System Purchase Price of the PV Systems pursuant to each such Change Order identified. 

Part B of Schedule 1 hereto identifies all Deficient Projects and Cancelled Projects (including the System Purchase Price thereof
under the original Closing Request). 
 Part C of Schedule 1 hereto lists all Projects that were substituted for the
above-referenced Deficient Projects and Cancelled Projects which decrease the system sizes of any Projects (“Substituted Projects”) and the System Purchase Price thereof. 

Part D of Schedule 1 hereto lists the total amounts that were netted out of or added to a System Purchase Price on a Purchase Date
as set forth in a Closing Request to take into account the prior payment from Purchaser to a Seller associated with the related Deficient Project, Cancelled Project or Change Order being credited, debited or refunded on such related Purchase Date.

 Part E of Schedule 1 hereto is a copy of the True-Up Base Case Model. 

The Sellers hereby notify Purchaser that the increases and decreases in the System Purchase Price for each Project affected by the
Changes Orders, Deficient Projects, Cancelled Projects and/or Substituted Projects, as applicable, identified on Schedule 1 hereto results in a net credit balance in favor of [Purchaser][the Sellers] in the amount of $[—][,including a net credit balance in favor of Purchaser from VSD in the amount of $[—] and a net credit balance in favor of Purchaser from VSI in the
amount of $[—][, including a net credit balance in favor of VSD in the amount of $[—] and a net credit balance in favor of VSI in the amount of
$[—]]. [VSD shall on its own behalf and on VSI’s behalf pay Purchaser][Each Seller hereby requests that Purchaser distributes to such Seller] in cash such amount within ten (10) days
after the date of this True-Up Report. 
 A revised Schedule 1 to the Agreement reflecting the revised system sizes and System
Purchase Price for each Project affected by such Change Orders, Deficient Projects, Cancelled Projects and/or Substituted Projects, as applicable, is attached hereto, and the revised system size and system cost for each such Project shall be deemed
to be the system size and system cost listed on Schedule 1 to the Closing Request for each such Project. 

  
 Development,
EPC and Purchase Agreement 

 Each Seller certifies that the applicable information in Schedule 1 is complete and
accurate. Simultaneously with Seller’s delivery of this True-Up Report to Purchaser, Seller has electronically transmitted to Investor the data set forth on Schedules 1 through 5 in Excel format. 

 

			
	Sellers:
	
	VIVINT SOLAR DEVELOPER, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	VIVINT SOLAR, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Development,
EPC and Purchase Agreement 

 Schedule 11 
 Form of Completion Certificate 
 COMPLETION CERTIFICATE 

This Completion Certificate, dated
                    , is issued pursuant to Section 2.2(b) of the Development, EPC and Purchase Agreement, dated as of February 13, 2014
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”), by and among Vivint Solar Developer, LLC, Vivint Solar, Inc. and Vivint Solar Rebecca Project Company, LLC
(“Purchaser”). Capitalized terms used but not defined herein have the same meaning as in the Agreement. 
 The
undersigned, being the                     of [Vivint Solar Developer, LLC][Vivint Solar, Inc.] (the “Seller”), does hereby certify
that he/she is duly authorized to certify and does hereby certify on behalf of the Seller as follows: 
 1. Each of the
representations and warranties of Seller in Section 3.1 of the Agreement and [of Seller or *** in any ***] that is qualified as to materiality or by Material Adverse Change is true and correct, and such representations that are not so qualified
is true and correct in all material respects, in each case as of the date hereof; 
 2. The information provided in Schedule
1 attached hereto is complete and accurate as of the date hereof. Simultaneously with Seller’s delivery of this Completion Certificate to Purchaser, Seller has electronically transmitted to Investor the data set forth on Schedule 1
in Excel format. 
 3. Seller certifies that (i) installation of the Projects described on the attached Schedule 1
(the “Completed Systems”) was completed on the dates set forth therein, (ii) each Completed System passed the Performance Tests and was Placed in Service on the respective dates stated in Schedule 1 (each date a
“Completion Date”), (iii) each Completed System passed inspection by the appropriate government building inspector on the respective dates stated in Schedule 1 (each date an “Inspection Date”) and the
local electric utility where each Completed System is located sent a written communication with respect to each Completed System dated as of the respective dates stated in Schedule 1 authorizing parallel operation (each date a
“Utility Approval Date”), (iv) all permits, governmental authorizations and other local utility approvals required for the installation and operation of each Completed System have been received, (v) prior to being Placed
in Service, title to, and control over, each Completed System has been conveyed to Purchaser, (vi) each Completed System has been supplying electricity on a regular and continuous basis to the Host Customer under the applicable Customer
Agreement since the respective dates stated on Schedule 1 (each date a “Commercial Operation Date”), which are no earlier than the dates on which the respective Completed Systems were Placed in Service, (vii) all
warranties relating to the Completed System from any manufacturer of any part thereof are in full force and effect, (viii) each Completed System is in working order, and (ix) the system cost for each Completed System is as stated on
Schedule 1. 

  

	***	Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. 

 

 Development, EPC and Purchase Agreement 

			
	Seller:
	
	[VIVINT SOLAR DEVELOPER, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	]
	
	[VIVINT SOLAR, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	]

  
 Development,
EPC and Purchase Agreement 

 Schedule 1 to Completion Certificate 

 

																	
	 Job ID
	  	Host
Customer Name	  	Address	  	PV System
Size	  	Completion Date	  	Inspection
Date	  	Utility
Approval
Date	  	Commercial
Operation
Date	  	System
Purchase
Price
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	

  
 Development,
EPC and Purchase Agreement 

 Schedule 12 
 Performance Tests 
 Upon completion of installation, the applicable Seller will run the
system for 5 minutes and measure power output (peak kW energy production) at the inverter during such time. Each Performance Test will be successfully completed if the power output reading at the inverter matches the seasonally-adjusted and
weather-adjusted expected output of the PV System. 

  
 Development,
EPC and Purchase Agreement 

 Schedule 13 
 Approved Suppliers 
 Racking 

 

	•	 	 Zep Solar, Inc. 

  

	•	 	 Mounting Solutions 

  

	•	 	 Ecofasten 

  

	•	 	 Ecolibrium 

 Inverters

  

	•	 	 Enphase Energy, Inc. 

  

	•	 	 SMA 

  

	•	 	 SolarEdge 

 Panels

  

	•	 	 Trina Solar 

  

	•	 	 Yingli Green Energy Americas, Inc. 

  

	•	 	 Canadian Solar, Inc. 

  

	•	 	 SolarWorld 

  

	•	 	 ReneSola Ltd. 

  
 Development,
EPC and Purchase Agreement 

 Schedule 14 
 Insurance Requirements 
 Each Seller, at its sole cost, and before commencement of the work
or service to be performed under the Agreement, shall procure and maintain the following coverages with insurers rated by A.M. Best as A-IX or higher: 
  

	 	1.1	WORKERS’ COMPENSATION AND EMPLOYERS’ LIABILITY 

  

	 	1.1.1	Workers’ compensation and basic employers’ liability insurance for all employees in accordance with Applicable Law, with a minimum limit of $1,000,000.

  

	 	1.2	COMMERCIAL GENERAL LIABILITY 

  

	 	1.2.1	Comprehensive or commercial general liability insurance written on an occurrence basis with a combined single limit of at least $1,000,000 per occurrence and $2,000,000
in the aggregate, including premises and operations liability, owners’ and contractors’ protective, products and completed operations liability, blanket contractual liability, personal injury liability, bodily injury and “broad
form” property damage coverage, blanket contractual liability, completed operations, explosion and collapse hazard coverage. The insurance shall cover all of such Seller’s operations. 

 

	 	1.3	BUSINESS AUTO 

  

	 	1.3.1	Comprehensive automobile liability insurance with bodily injury, death and property damage with combined single limits of at least $1,000,000 per occurrence covering
vehicles owned, hired or non-owned. 

  

	 	1.4	PROPERTY INSURANCE 

  

	 	1.4.1	Property insurance covering such Seller’s tools and equipment. 

  

	 	1.5	BUILDER’S RISK INSURANCE 

  

	 	1.5.1	Builder’s Risk Insurance – Installation Floater with a coverage limit of $25,000 per job site, $250,000 per occurrence and $5,000,000 in the aggregate shall
be written on an all-risk, replacement cost basis. 

  

	 	1.6	ADDITIONAL INSURANCE PROVISIONS 

  

	 	1.6.1	Such Seller shall provide Purchaser with a certificate of insurance, properly completed and signed by an authorized insurance company representative, before the
commencement of work or service. 

  
 Development,
EPC and Purchase Agreement 

	 	1.6.2	Such Seller’s Commercial General Liability and Business Automobile Liability policies shall name Purchaser, its members and Affiliates, and their respective
officers, agents, representatives and employees as additional insureds for work performed under or incidental to this Agreement. 

  

	 	1.6.3	Commercial General Liability, including products and completed operations, shall be maintained for a minimum of three (3) years following the completion of work or
service contemplated in this Agreement. 

  

	 	1.6.4	The limits of insurance or applicable deductibles shall not limit the liability of such Seller or relieve such Seller of any liability or financial responsibility.

  

	 	1.6.5	Any deductible or self-insured retention shall be the responsibility of such Seller. 

 

	 	1.6.6	Such insurance as is afforded by any policies contemplated by this Agreement for the benefit of Purchaser shall be primary and non-contributory as respects any claims,
losses or liability arising directly or indirectly from such Seller’s operations. 

  

	 	1.6.7	In the event and for so long as any property insurance (including the limits or deductibles thereof) hereby required by this Schedule 14 to be maintained, other than
insurance required by law to be maintained, shall not be available on commercially reasonable terms in the commercial insurance market, Purchaser shall not unreasonably withhold its agreement to waive such requirement to the extent the maintenance
thereof is not so available or, to the extent applicable, may allow such Seller to obtain the best available property insurance comparable to the requirements of this Schedule 14 on commercially reasonable terms then available in the commercial
insurance market. 

  
 Development,
EPC and Purchase Agreement

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