Document:

tsla-ex105_124.htm

Exhibit 10.5

 

CONFIDENTIAL TREATMENT REQUESTED

Certain portions of this document have been omitted pursuant to a request for Confidential Treatment and, where applicable, have been marked with “[***]” to indicate where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

REQUIRED GROUP AGENT ACTION NO. 34

This REQUIRED GROUP AGENT ACTION NO. 34 (this “Action”), dated as of May 15, 2017 (the “Effective Date”), is entered into by and among Megalodon Solar, LLC, a Delaware limited liability company (“Borrower”), Bank of America, N.A., as the Administrative Agent (“Administrative Agent”), the Collateral Agent for the Secured Parties (“Collateral Agent”) and each of Bank of America, N.A. (“BA Agent”), Credit Suisse AG, New York Branch (“CS Agent”), Deutsche Bank AG, New York Branch (“DB Agent”), ING Capital LLC (“ING Agent”), KeyBank National Association (“KB Agent”), National Bank of Arizona (“NBAZ Agent”), Silicon Valley Bank (“SVB Agent”) and CIT Bank, N.A. (“CIT Agent” and collectively with BA Agent, CS Agent, DB Agent, ING Agent, KB Agent, NBAZ Agent and SVB Agent, the “Group Agents”), as Group Agents party to the Loan Agreement, dated as of May 4, 2015 (as amended, the “Loan Agreement”), by and among the Borrower, Administrative Agent, Collateral Agent, the Group Agents, the Lenders and the other parties from time to time party thereto.  As used in this Action, capitalized terms which are not defined herein shall have the meanings ascribed to such terms in the Loan Agreement.

A.The Borrower has requested the Required Group Agents to provide their consent to the addition and inclusion to the Loan Agreement and the other Financing Documents of (the “Subject Fund Transactions”) [***] (“[***]”), as a Subject Fund, and [***] (“[***]”), as a Borrower Subsidiary Party (collectively, [***] and [***], the “New Entities”);

B.The Required Group Agents are willing to provide their consent to the Subject Fund Transactions on the terms and subject to the conditions set forth in this Action; and

C.The Borrower, the Required Group Agents, the Administrative Agent and the Collateral Agent desire to amend the Loan Agreement as set forth herein.

			
	
 
	
 
	
Required Group Agent Action No. 34

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows:

Section 1.Amendments to the Loan Agreement.  Subject to the prior satisfaction of the conditions precedent described in Section 3 hereof, the Loan Agreement will be amended as follows (clauses (a) – (d) below, collectively, the “Loan Agreement Amendments”):

(a)Schedule 1.1(b) to the Loan Agreement shall be amended by amending and restating the table therein in its entirety as follows:

 

		
	
Partnership Managing Member / Lessor Managing Member / Borrower Subsidiary (Other Non-Financed Structure)
	
Equity Interests Owned as of date related Partnership or Lessor Partnership becomes a Subject Fund

	
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(b)Appendix 1 of the Loan Agreement shall be amended and restated as set forth in Exhibit 1 attached hereto; 

(c)Appendix 4 of the Loan Agreement shall be amended and restated as set forth in Exhibit 2 attached hereto; and

(d)Appendix 5 of the Loan Agreement shall be amended and restated as set forth in Exhibit 3 attached hereto.

Section 2.Consents.  Subject to the prior satisfaction of the conditions precedent described in Section 3 hereof:

(a)the Required Group Agents consent to the Loan Agreement Amendments, with acknowledgement by each of the Administrative Agent and the Collateral Agent; 

(b)the Administrative Agent and the Required Group Agents consent to the Subject Fund Transactions pursuant to and in accordance with Section 2.10(a) of the Loan Agreement;

			
	
 
	
2
	
Required Group Agent Action No. 34

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

(c)the Required Group Agents and the Administrative Agent hereby consent and agree that the deadline for delivery of the audited fiscal year 2016 financial statements of  the Borrower, each Managing Member and the [***] pursuant to Sections 5.3(f)(A), (C), and (D) of the Loan Agreement is hereby extended to May 31, 2017; and

(d)the Required Group Agents and the Administrative Agent hereby consent and agree that the deadline for delivery of the unaudited financial statements of SolarCity for the first fiscal quarter of 2017 pursuant to Section 5.3(e)(B) of the Loan Agreement is hereby extended to June 15, 2017.

Section 3.Conditions Precedent.  This Action shall be effective upon the satisfaction of the following conditions precedent:

(a)The Administrative Agent shall have received counterparts of this Action, executed and delivered by each of the other parties hereto.

(b)The Administrative Agent shall have received a certificate of the Borrower dated as of the Effective Date signed by a Responsible Officer of the Borrower (i) making the Tax Equity Representations with respect to [***] and (ii) certifying that each representation and warranty of the Borrower contained in Article 4 of the Loan Agreement is true and correct in all material respects as of the Effective Date (unless such representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all material respects as of such earlier date) other than those representations and warranties that are modified by materiality by their own terms, which shall be true and correct in all respects as of the Effective Date (unless such representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all respects as of such earlier date).

(c)The Borrower shall have delivered or caused to be delivered to the Administrative Agent a Tax Equity Required Consent from [***] in connection with the Subject Fund Transactions.

(d)Each of the Administrative Agent and each Group Agent shall have received an opinion, dated no earlier than the Effective Date, of Wilson Sonsini Goodrich & Rosati, counsel to the Loan Parties, the Borrower Subsidiary Parties and SolarCity, in form and substance reasonably acceptable to the Administrative Agent, the Collateral Agent and the Majority Group Agents, with respect to the Subject Fund Transactions.

(e)Each of the Administrative Agent and each Group Agent shall have received opinions, dated no earlier than the Effective Date, of Proskauer Rose LLP, special bankruptcy counsel to the Loan Parties, the Borrower Subsidiary Parties and SolarCity, each in form and substance reasonably acceptable to the Administrative Agent, the Collateral Agent and the Majority Group Agents, with respect to the Subject Fund Transactions.

(f)The Administrative Agent and the Collateral Agent shall have received (i) searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each of the New Entities and the Borrower and each jurisdiction where a filing would need to be made in order to perfect the security interest of the Collateral Agent (for the benefit of the Secured 

			
	
 
	
3
	
Required Group Agent Action No. 34

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

Parties) in the Collateral in respect of the New Entities (the “New Collateral”), (ii) copies of the financing statements on file in such jurisdictions and evidence that no liens exist on the New Collateral pledged by [***] and the Borrower other than Permitted Liens of the type set forth in clauses (b), (c) or (d) of the definition thereof and (iii) copies of tax lien, judgment and bankruptcy searches in such jurisdictions.

(g)The Collateral Agent shall have received all documentation in connection with the New Collateral, including (i) a Joinder Agreement in the form attached as Exhibit C to the Security Agreement, executed by each of [***], the Collateral Agent and the Borrower, dated as of the Effective Date, (ii) a Joinder Agreement in the form attached as Exhibit B-1 to the CADA, executed by each of [***], the Collateral Agent and the Borrower, dated as of the Effective Date, (iii) a Joinder Agreement in the form attached as Exhibit C to the Borrower Subsidiary Party Security Agreement, executed by each of [***] and the Collateral Agent, dated as of the Effective Date and (iv) any other data, documentation, analysis or report reasonably requested by the Administrative Agent with respect to the New Entities.

(h)(i) The UCC financing statements relating to the New Collateral shall have been duly filed in each office and in each jurisdiction where required in order to create and perfect the first priority Lien and security interest set forth in the Collateral Documents (as supplemented and as such term is defined in the Loan Agreement, as amended) and (ii) the Borrower shall have properly delivered or caused to be delivered to the Collateral Agent all New Collateral in which the Lien and security interest described above is permitted to be perfected by possession or control, including delivery of original certificates representing all issued and outstanding Equity Interests in [***] and the pledged interests in [***] pursuant to the Borrower Subsidiary Party Security Agreement, along with the applicable blank transfer powers and proxies.

(i)Each of the other conditions precedent as set forth in Section 3.4 of the Loan Agreement shall have been satisfied with respect to the Subject Fund Transactions.

(j)The Administrative Agent shall have received for its own account all costs and expenses described in Section 6 of this Action, for which invoices have been presented in connection herewith.

Section 4.Reference to and Effect on Financing Documents. Each of the Loan Agreement and the other Financing Documents is and shall remain unchanged and in full force and effect, and, except as expressly set forth herein, nothing contained in this Action shall, by implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Administrative Agent or any of the other Secured Parties, or shall alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in each of the Loan Agreement and any other Financing Document. This Action shall also constitute a “Financing Document” for all purposes of the Loan Agreement and the other Financing Documents.

Section 5.Incorporation by Reference.  Sections 10.5 (Entire Agreement), 10.6 (Governing Law), 10.7 (Severability), 10.8 (Headings), 10.11 (Waiver of Jury Trial), 10.12 (Consent to Jurisdiction), 10.14 (Successors and Assigns) and 10.16 (Binding Effect; Counterparts) of the Loan Agreement are hereby incorporated by reference herein, mutatis mutandis.

			
	
 
	
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Required Group Agent Action No. 34

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

Section 6.Expenses. The Borrower agrees to reimburse the Administrative Agent in accordance with Section 10.4(b) of the Loan Agreement for its reasonable and documented out-of-pocket expenses in connection with this Action, including reasonable and documented fees and out-of-pocket expenses of legal counsel.

Section 7.Construction. The rules of interpretation specified in Section 1.2 of the Loan Agreement also apply to this Action, mutatis mutandis.

[Signature Pages Follow]

			
	
 
	
5
	
Required Group Agent Action No. 34

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

IN WITNESS WHEREOF, the parties hereto have caused this Action to be duly executed by their respective authorized officers as of the day and year first written above.

 

		
	
MEGALODON SOLAR, LLC,

as Borrower

	
 

	
By:
	
/s/ Lyndon Rive

	
Name:
	
Lyndon Rive

	
Title:
	
President

	
 
	
 

	
BANK OF AMERICA, N.A.,

as a Group Agent

	
 

	
By:
	
/s/ Spencer Hunsberger

	
Name:
	
Spencer Hunsberger

	
Title:
	
Director

	
 
	
 

	
CIT BANK, N.A.,

as a Group Agent

	
 

	
By:
	
/s/ Joseph Gyurindak

	
Name:
	
Joseph Gyurindak

	
Title:
	
Director

	
 

	
CREDIT SUISSE AG, NEW YORK BRANCH,

as a Group Agent

	
 

	
By:
	
/s/ Erin McCutcheon

	
Name:
	
Erin McCutcheon

	
Title:
	
Vice President

	
 
	
 

	
By:
	
/s/ Oliver Nisenson

	
Name:
	
Oliver Nisenson

	
Title:
	
Director

	
 
	
 

	
DEUTSCHE BANK AG, NEW YORK BRANCH,

	
as a Group Agent

	
 

	
By:
	
/s/ Birgit Brinda

	
Name:
	
Birgit Brinda

	
Title:
	
Director

	
 
	
 

	
By:
	
/s/ Rich Mauro

	
Name:
	
Rich Mauro

	
Title:
	
Vice President

	
 
	
 

[ Signature Page to Required Group Agent Action No. 34 ]

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

		
	

ING CAPITAL, LLC,

as a Group Agent

	
 

	
By:
	
/s/ Thomas Cantello

	
Name:
	
Thomas Cantello

	
Title:
	
Managing Director

	
 
	
 

	
By:
	
/s/ Mark Parrish

	
Name:
	
Mark Parrish

	
Title:
	
Vice President

	
 
	
 

	
KEYBANK NATIONAL ASSOCIATION,

as a Group Agent

	
 

	
By:
	
/s/ Benjamin C. Cooper

	
Name:
	
Benjamin C. Cooper

	
Title:
	
Vice President

	
 
	
 

	
National Bank of Arizona,

as a Group Agent

	
 

	
By:
	
/s/ Robert E. Cooper, Jr.

	
Name:
	
Robert E. Cooper, Jr.

	
Title:
	
Vice President

	
 
	
 

	
SILICON VALLEY BANK,

as a Group Agent

	
 

	
By:
	
/s/ Sayoji Goli

	
Name:
	
Sayoji Goli

	
Title:
	
Vice President

	
 

	
BANK OF AMERICA, N.A.

as Administrative Agent and Collateral Agent

	
 

	
By:
	
/s/ Darleen R. DiGrazia

	
Name:
	
Darleen R. DiGrazia

	
Title:
	
Vice President

 

 

[ Signature Page to Required Group Agent Action No. 34 ]

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

EXHIBIT 1

APPENDIX 1

ADVANCE RATE

The “Advance Rate” means

(i)           For a Subject Fund the following percentages:

 

	
Subject Fund
	
Advance Rate
	
Cash Sweep Fund or 
Non-Cash Sweep Fund

	
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Exhibit 1

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

(ii)           In respect of any Potential New Fund that becomes a Subject Fund, a percentage as shall be determined in accordance with this Appendix 1 following the completion of due diligence by the Administrative Agent, which by way of example shall be:

 

	
Advance Rate

	
For each Cash Sweep Fund, Non-Cash Sweep Fund and Other Structure, the Advance Rate will be the percentage determined for each System in such Subject Fund based on the “Type of Fund,” in accordance with the table below.

	
Type of Fund
	
 
	
 
	
 

	
Cash Sweep Fund

(baseline: CB (see below))
	
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Non Cash Sweep
Fund

([***] baseline)
	
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Other Non-Financed Structure 

([***] baseline)
	
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Other Financed Structure
	
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“CB” or “Cash Sweep Fund Baseline” means, the lesser of (a) [***] and (b) the percentage obtained by dividing (i) the maximum amount of debt that can be fully supported by Net Cash Flows distributable to the Managing Member(s) of such Subject Fund assuming interest is accruing at the Default Rate when applying the ITC Downside Case to that particular Subject Fund and only that Subject Fund by (ii) the Discounted Solar Asset Balance of such Subject Fund.

“ITC Downside Case” means a scenario in which a 30% reduction in fair market value occurs in the first month that a Subject Fund is included in the Available Borrowing Base and the Aggregate Advance Model is adjusted to calculate the Net Cash Flows distributable to the Managing Member(s) of such Subject Fund in light of such reduction in fair market value and any applicable Cash Sweep Event (as defined in Appendix 7).

For avoidance of doubt, the amounts set forth in this clause (ii) are indicative subject to final determination by the Administrative Agent at the time such Subject Fund is included in the Available Borrowing Base;

(iii)           [Reserved].

(iv)           All PV Systems in any Watched Fund shall have an Advance Rate of [***] for purposes of calculating the Available Borrowing Base. For avoidance of doubt, this shall include any PV Systems in a Watched Fund that were financed in previous tranches and whose Net Cash Flows were incorporated in previous Available Borrowing Base calculations.

(v)           To the extent that, despite negotiating in good faith, the Administrative Agent and the Borrower cannot agree on the Advance Rate under clause (ii) of this Appendix 1, the Advance Rate 

Exhibit 1

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

determined by the Administrative Agent, acting at the direction of the Majority Group Agents, shall prevail.

 

Exhibit 1

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

EXHIBIT 2

APPENDIX 4

TAX EQUITY STRUCTURES, PARTNERSHIPS, LESSOR PARTNERSHIPS, LESSORS, SUBJECT FUNDS, MANAGING MEMBERS, FUNDED SUBSIDIARIES, LESSEES, CASH SWEEP DESIGNATIONS AND INVESTORS

 

	
Tax Equity Structure
	
Partnership / 
Lessor Partnership

(Subject Fund)
	
Partnership Managing Member / Lessor Partnership Managing Member
	
Funded Subsidiaries

(Subject Fund and Managing Member, if any)
	
Lessee
	
Full Cash-Sweep Fund, Partial Cash-Sweep Fund or Non-Cash Sweep Fund
	
Investor(s)

	
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Exhibit 2

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

EXHIBIT 3

APPENDIX 5

PROJECT DOCUMENTS

	
 
	
1.
	
[***] Subject Fund

	
 
	
•
	
Master Lease, dated as of [***], by and between [***] and [***].

	
 
	
•
	
Equity Capital Contribution Agreement, dated as of [***], by and among SolarCity, [***] and [***].

	
 
	
•
	
Amendment to Equity Capital Contribution Agreement, dated as of [***] (to add [***] as a Project State).

	
 
	
•
	
Operating Agreement of [***], dated as of [***], by and between [***] and [***].

	
 
	
•
	
Operating Agreement of [***], dated as of [***], by and among [On File with Administrative Agent], [***] and [***].

	
 
	
•
	
Second Amended and Restated Limited Liability Company Agreement of [***] dated as of [***], by [***].

	
 
	
•
	
Pass-Through Agreement, dated as of [***], by and between [***] and [***].

	
 
	
•
	
Guaranty, dated as of [***], from SolarCity in favor of [On File with Administrative Agent], [***] and [***]

	
 
	
2.
	
[***] Subject Fund

	
 
	
•
	
Master Lease, dated as of [***], by and between [***] and [***].

	
 
	
•
	
Equity Capital Contribution Agreement, dated as of [***], by and among SolarCity, [***] and [***].

	
 
	
•
	
Amendment to Equity Capital Contribution Agreement, dated as of [***] (to add [***] as a Project State) by and among SolarCity, [***] and [***].

	
 
	
•
	
First Amendment to Equity Capital Contribution Agreement, dated as of [***], by and among SolarCity, [***] and [***].

	
 
	
•
	
Operating Agreement of [***], dated as of [***], by and between [***] and [***].

	
 
	
•
	
Operating Agreement of [***], dated as of [***], by and between [On File with Administrative Agent] and [***].

	
 
	
•
	
Second Amended and Restated Limited Liability Company Agreement of [***] dated as of [***], by Megalodon Solar, LLC.

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

	
 
	
•
	
Pass-Through Agreement, dated as of [***], by and between [***] and [***].

	
 
	
•
	
Guaranty, dated as of [***], from SolarCity in favor of [On File with Administrative Agent] and [***].

	
 
	
3.
	
[***] Subject Fund

	
 
	
•
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
•
	
Contribution Agreement (Systems), dated as of [***], by and among [***], [***], Megalodon Solar, LLC and [***].

	
 
	
•
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
•
	
Administrative Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
4.
	
[***] Subject Fund

	
 
	
•
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
•
	
Second Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
•
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
•
	
Asset Management Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
•
	
Master Purchase and Equity Capital Contribution Agreement, dated as of [***], by and among SolarCity Corporation, [***], [***] and [On File with Administrative Agent].

	
 
	
•
	
Amendment Agreement, dated as of [***], by and among SolarCity Corporation, [***], [***] and [On File with Administrative Agent].

	
 
	
•
	
Guaranty, dated as of [***], by SolarCity Corporation in favor of [On File with Administrative Agent].

	
 
	
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Accession Agreement, dated as of [***], by and among SolarCity Corporation, [***] and [***]. 

	
 
	
•
	
SREC Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

	
 
	
5.
	
[***] Subject Fund

	
 
	
•
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
•
	
Amendment No. 1 to Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
•
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
•
	
Maintenance Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
•
	
Administrative Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
•
	
Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
•
	
Guaranty, dated as of [***], by SolarCity Corporation in favor of [On File with Administrative Agent].

	
 
	
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Accession Agreement, dated as of [***], by and among [***], SolarCity Corporation and [***].

	
 
	
•
	
SREC Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
6.
	
[***] Subject Fund

	
 
	
•
	
Master Lease Agreement, dated as of [***], by and between [***] and [***].

	
 
	
•
	
Omnibus Amendment No. 1 and Consent, dated as of [***], by and among SolarCity Corporation, [***] and [***], as acknowledged by [***] and [On File with Administrative Agent].

	
 
	
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Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
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Independent Manager Agreement, dated as of [***], by and among [***], [***] and [***].

	
 
	
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Security Agreement, dated as of [***], by and between [***] and [***].

	
 
	
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Depositary Agreement, dated as of [***], by and between [***] and [***]. 

	
 
	
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Guaranty, dated as of [***], by SolarCity Corporation in favor of [On File with Administrative Agent].

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

	
 
	
•
	
UCC-1, filed [***], designating [***], as “[***]”, and [***], as “[***]”.

	
 
	
•
	
Each Contribution Agreement entered into by and among SolarCity Corporation, [***] and the other parties thereto.

	
 
	
•
	
Each Assignment and Assumption Agreement entered into by and between [***] and [***].

	
 
	
7.
	
[***] Subject Fund

	
 
	
•
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
•
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
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Maintenance Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
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Administrative Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
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Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
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Guaranty, dated as of [***], by SolarCity Corporation in favor of [***] and [On File with Administrative Agent].

	
 
	
•
	
Transition Manager Agreement, dated as of [***], by and among [***], SolarCity Corporation, [On File with Administrative Agent] and [***].

	
 
	
8.
	
[***] Subject Fund

	
 
	
•
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
•
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
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Maintenance Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
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Administrative Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
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SREC Services Agreement, dated as of [***], by and between SolarCity Corporation and [***].

	
 
	
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Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity Corporation and [***].

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.

 

	
 
	
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Guaranty, dated as of [***], by SolarCity Corporation in favor of [On File with Administrative Agent].

	
 
	
9.
	
[***] Subject Fund

	
 
	
•
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
•
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
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Maintenance Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
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Administrative Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
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Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
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Guaranty, dated as of [***], from SolarCity in favor of [On File with Administrative Agent].

	
 
	
10.
	
[***] Subject Fund

	
 
	
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Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [On File with Administrative Agent].

	
 
	
•
	
Amended and Restated Limited Liability Company Agreement of [***], dated as of [***], by Megalodon Solar, LLC.

	
 
	
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Maintenance Services Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
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Asset Management Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
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Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

	
 
	
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Capital Modification Rights Agreement, dated [***], by and among SolarCity, [***] and [On File with Administrative Agent].

	
 
	
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Guaranty, dated as of [***], from [***] in favor of [***] and [On File with Administrative Agent].

	
 
	
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Guaranty, dated as of [***], from [On File with Administrative Agent] in favor of [***].

Exhibit 3

 

[***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.tsla-ex106_119.htm

Exhibit 10.6

REQUIRED GROUP AGENT ACTION NO. 35

This REQUIRED GROUP AGENT ACTION NO. 35 (this “Action”), dated as of June 15, 2017, is entered into by and among Megalodon Solar, LLC, a Delaware limited liability company (“Borrower”), Bank of America, N.A., as the Administrative Agent (“Administrative Agent”) and as the Collateral Agent for the Secured Parties (“Collateral Agent”) and each of Bank of America, N.A. (“BA Agent”), Credit Suisse AG, New York Branch (“CS Agent”), Deutsche Bank AG, New York Branch (“DB Agent”), ING Capital LLC (“ING Agent”), KeyBank National Association (“KB Agent”), National Bank of Arizona (“NBAZ Agent”), Silicon Valley Bank (“SVB Agent”) and CIT Bank, N.A. (“CIT Agent” and collectively with BA Agent, CS Agent, DB Agent, ING Agent, KB Agent, NBAZ Agent and SVB Agent, the “Group Agents”), as Group Agents party to the Loan Agreement, dated as of May 4, 2015 (as amended, the “Loan Agreement”), by and among the Borrower, the Administrative Agent, the Collateral Agent, the Group Agents, the Lenders and the other parties from time to time party thereto.  As used in this Action, capitalized terms which are not defined herein shall have the meanings ascribed to such terms in the Loan Agreement.

A.Pursuant to the Loan Agreement, the Lenders have agreed to extend credit to the Borrower, in each case pursuant to the terms and subject to the conditions set forth in the Financing Documents.

B.Pursuant to Required Group Agent Action No. 34, dated as of May 15, 2017, by and among the parties hereto (“GAA 34”), the Borrower requested and the Group Agents consented to extend the deadline for delivery of the audited fiscal year 2016 financial statements of the Borrower and each Managing Member pursuant to Sections 5.3(f)(A) and (C) of the Loan Agreement to May 31, 2017, subject to the conditions therein (the “Prior Consent”).

C.The Borrower has requested that the Required Group Agents provide their consent to the extension of the deadline for satisfying the requirements of the Prior Consent as required under GAA 34 to July 31, 2017 (the “Extension”).

D.The Required Group Agents are willing to provide their consent to the Extension on the terms and subject to the conditions set forth in this Action.

Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows:

Section 1.Consent.  Subject to the satisfaction of the conditions precedent described in Section 2 hereof, each Agent and Lender party hereto, by its signature below, agrees to the Extension and to deem the requirements of Section 5.3(f) of the Loan Agreement satisfied in whole for the fiscal year ended 2016 upon receipt of audited fiscal year 2016 financial statements of the Borrower and each Managing Member, in each case, to the satisfaction of the Administrative Agent. 

 

Required Group Agent Action No. 35

 

 

Section 2.Effectiveness.  This Action shall be effective upon the receipt by the Administrative Agent of counterparts of this Action, executed and delivered by each of the other parties hereto.

Section 3.Representations and Warranties.  The Borrower hereby represents and warrants as of the Effective Date:

(a)the Borrower has duly authorized, executed and delivered this Action, and none the Borrower’s execution and delivery hereof nor the performance hereof (i) will be in conflict with or result in a breach of the Borrower’s Organizational Documents, (ii) will materially violate any other Legal Requirement applicable to or binding on the Borrower or any of its respective properties, (iii) will result in any breach of or constitute any default under, or result in or require the creation of any Lien (other than Permitted Liens) upon any of the Collateral under any agreement or instrument to which it is a party or by which the Borrower or any of the Collateral may be bound or affected, or (iv) will require the consent or approval of any Person, which has not already been obtained;

(b)this Action is a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and subject to general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law);

(c)no Bankruptcy Event has occurred with respect to SolarCity; and

(d)no Material Adverse Effect has occurred or is continuing since the immediately preceding Borrowing Date, and, to the Borrower’s Knowledge, no event or circumstance exists that could reasonably be expected to result in a Material Adverse Effect.

Section 4.Reference to and Effect on Financing Documents.  Each of the Loan Agreement and the other Financing Documents is and shall remain unchanged and in full force and effect, and, except as expressly set forth herein, nothing contained in this Action shall, by implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Administrative Agent or any of the other Secured Parties, or shall alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in each of the Loan Agreement and any other Financing Document.  This Action shall also constitute a “Financing Document” for all purposes of the Loan Agreement and the other Financing Documents.

Section 5.Incorporation by Reference.  Sections 10.5 (Entire Agreement), 10.6 (Governing Law), 10.7 (Severability), 10.8 (Headings), 10.11 (Waiver of Jury Trial), 10.12 (Consent to Jurisdiction; Service of Process), 10.14 (Successors and Assigns) and 10.16 (Binding Effect; Counterparts) of the Loan Agreement are hereby incorporated by reference herein, mutatis mutandis.

 

			
	
 
	
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Required Group Agent Action No. 35

 

 

Section 6.Expenses.  The Borrower agrees to reimburse the Administrative Agent in accordance with Section 10.4(b) of the Loan Agreement for its reasonable and documented out-of-pocket expenses in connection with this Action, including reasonable and documented fees and out-of-pocket expenses of legal counsel.

Section 7.Construction.  The rules of interpretation specified in Section 1.2 of the Loan Agreement also apply to this Action, mutatis mutandis.

[Signature Pages Follow]

 

 

 

			
	
 
	
3
	
Required Group Agent Action No. 35

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Action to be duly executed by their respective authorized officers as of the day and year first written above.

 

		
	
MEGALODON SOLAR, LLC,

as Borrower

	
 

	
By:
	
/s/ Radford Small

	
Name:
	
Radford Small

	
Title:
	
Treasurer

	
 
	
 

	
BANK OF AMERICA, N.A.,

as a Group Agent

	
 

	
By:
	
/s/ Spencer Hunsberger

	
Name:
	
Spencer Hunsberger

	
Title:
	
Director

	
 
	
 

	
CIT BANK, N.A.,

as a Group Agent

	
 

	
By:
	
/s/ Joseph Gyurindak

	
Name:
	
Joseph Gyurindak

	
Title:
	
Director

	
 

	
CREDIT SUISSE AG, NEW YORK BRANCH,

as a Group Agent

	
 

	
By:
	
/s/ Patrick Duggan

	
Name:
	
Patrick Duggan

	
Title:
	
Associate

	
 
	
 

	
By:
	
/s/ Michael Eaton

	
Name:
	
Michael Eaton

	
Title:
	
Associate

	
 
	
 

	

ING CAPITAL, LLC,

as a Group Agent

	
 

	
By:
	
/s/ Thomas Cantello

	
Name:
	
Thomas Cantello

	
Title:
	
Managing Director

	
 
	
 

	
By:
	
/s/ Mark Parrish

	
Name:
	
Mark Parrish

	
Title:
	
Vice President

	
 
	
 

[Signature Page to Required Group Agent Action No. 35]

 

		
	
KEYBANK NATIONAL ASSOCIATION,

as a Group Agent

	
 

	
By:
	
/s/ Benjamin C. Cooper

	
Name:
	
Benjamin C. Cooper

	
Title:
	
Vice President

	
 
	
 

	
National Bank of Arizona,

as a Group Agent

	
 

	
By:
	
/s/Craig Robb

	
Name:
	
Craig Robb

	
Title:
	
Executive Vice President

	
 
	
 

	
SILICON VALLEY BANK,

as a Group Agent

	
 

	
By:
	
/s/ Sayoji Goli

	
Name:
	
Sayoji Goli

	
Title:
	
Vice President

	
 

	
BANK OF AMERICA, N.A.

as Administrative Agent and Collateral Agent

	
 

	
By:
	
/s/ Darleen R. DiGrazia

	
Name:
	
Darleen R. DiGrazia

	
Title:
	
Vice President

 

[Signature Page to Required Group Agent Action No. 35]

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