Document:

Exhibit

Exhibit 10.37

FOURTH AMENDMENT TO  
SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

This FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of November 30, 2018 (this “Amendment”), is entered into among the undersigned in connection with that certain Second Amended and Restated Credit Agreement, dated as of March 27, 2018, among Sunrun Hera Portfolio 2015-A, LLC, a Delaware limited liability company, as Borrower (the “Borrower”), the financial institutions as Lenders from time to time party thereto (the “Lenders”), and Investec Bank PLC, as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”) and as Issuing Bank (in such capacity, the “Issuing Bank”) (as in effect prior to the date hereof, the “Credit Agreement” and as amended by this Amendment, the “Amended Credit Agreement”). Capitalized terms which are used but not otherwise defined herein shall have the meanings ascribed to such terms in the Amended Credit Agreement and the rules of construction set forth in Section 1.02 of the Credit Agreement apply to this Amendment. 
W I T N E S S E T H
WHEREAS, the Borrower wishes to make, and the undersigned wish to agree to make, certain amendments to the Credit Agreement as provided herein.
NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
I.Amendments to the Credit Agreement.  Subject to the satisfaction of the conditions set forth in Article II below, the following amendments to the Credit Agreement are hereby accepted and agreed by the parties hereto:
1.    Amendment to Section 1.01.  The following defined term in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
““Exhibit S Effective Date” means November 30, 2018.”    
2.    Amendment to Section 6.13(j).  Section 6.13(j) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(j)    From and after the Exhibit S Effective Date, the provisions set forth in Exhibit S shall be deemed to replace this Section 6.13 in its entirety.”
3.    Amendment to Exhibit S.  Exhibit S to the Credit Agreement is hereby replaced in its entirety with Schedule I to this Amendment.
II.    Conditions Precedent to Effectiveness.  The amendments contained in Article I shall not be effective until the date (such date, the “Amendment Effective Date”) that:

1.    the Administrative Agent shall have received copies of this Amendment executed by the Borrower and the Required Lenders, and acknowledged by the Administrative Agent; and
2.    the Borrower shall have paid all fees, costs and expenses of the Administrative Agent and the Lenders incurred in connection with the execution and delivery of this Amendment (including third-party fees and out-of-pocket expenses of the Lenders’ counsel and other advisors or consultants retained by the Administrative Agent). 
III.    Representations and Warranties. The Borrower represents and warrants to each Agent and each Lender Party that the following statements are true, correct and complete in all respects as of the Amendment Effective Date:
1.    Power and Authority; Authorization.  The Borrower has all requisite power and authority to execute, deliver and perform its obligations under this Amendment and the Borrower has all requisite power and authority to perform its obligations under the Amended Credit Agreement.  The Borrower has duly authorized, executed and delivered this Amendment.
2.    Enforceability.  Each of this Amendment and the Amended Credit Agreement is a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except to the extent that enforceability may be limited by (i) applicable bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the enforcement of creditors’ rights, (ii) the effect of general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) or (iii) implied covenants of good faith and fair dealing.  
3.    Credit Agreement Representations and Warranties. Each of the representations and warranties set forth in the Credit Agreement (with respect to the Borrower) is true and correct in all respects both before and after giving effect to this Amendment, except to the extent that any such representation and warranty relates solely to any earlier date, in which case such representation and warranty is true and correct in all respects as of such earlier date.
4.    Defaults. No event has occurred or is continuing as of the date hereof, or will result from the transactions contemplated hereby as of the date hereof, that would constitute an Event of Default or a Default.
IV.    Limited Amendment.  Except as expressly set forth herein, this Amendment shall not, by implication or otherwise, limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the other Secured Parties under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, and the Borrower acknowledges and agrees that each of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment.  From and after the Amendment Effective Date, all references to the Credit Agreement in any Loan Document shall, unless expressly provided otherwise, refer to the Amended Credit Agreement.

 

V.    Miscellaneous.
1.    Counterparts.  This Amendment may be executed in one or more duplicate counterparts and by facsimile or other electronic delivery and by different parties on different counterparts, each of which shall constitute an original, but all of which shall constitute a single document and when signed by all of the parties listed below shall constitute a single binding document.
2.    Severability.  In case any one or more of the provisions contained in this Amendment should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the parties hereto shall enter into good faith negotiations to replace the invalid, illegal or unenforceable provision.
3.    Governing Law, etc..  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK.  The provisions in Sections 12.08(b) through (d) and Section 12.09 of the Amended Credit Agreement shall apply, mutatis mutandis, to this Amendment and the parties hereto.
4.    Loan Document.  This Amendment shall be deemed to be a Loan Document for all purposes of the Amended Credit Agreement and each other Loan Document.
5.    Headings.  Paragraph headings have been inserted in this Amendment as a matter of convenience for reference only and it is agreed that such paragraph headings are not a part of this Amendment and shall not be used in the interpretation of any provision of this Amendment.
6.    Execution of Documents.  The undersigned Lenders hereby authorize and instruct the Administrative Agent to execute and deliver this Amendment.
 [Signature Pages Follow]

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their duly authorized officers as of the day and year first above written.
SUNRUN HERA PORTFOLIO 2015-A, LLC,
 
as Borrower
By:  Sunrun Hera Portfolio 2015-B, LLC
Its:   Sole Member
By:  Sunrun Hera Holdco 2015, LLC
Its:   Sole Member
By:  Sunrun Inc.
Its:   Sole Member

By: /s/ Robert Komin, Jr.    
Name: Robert Komin, Jr.
Title: Chief Financial Officer

[Signature Page to Fourth Amendment (2nd A&R AF Credit Agreement)]

INVESTEC BANK PLC, 
as Administrative Agent
By: /s/ Andrew Nosworthy    
Name: Andrew Nosworthy
Title: Authorized Signatory
By: /s/ Stefan Rattensperger    
Name: Stefan Rattensperger
Title: Authorized Signatory

[Signature Page to Fourth Amendment (2nd A&R AF Credit Agreement)]

INVESTEC BANK PLC, 
as Issuing Bank
By: /s/ Andrew Nosworthy    
Name: Andrew Nosworthy
Title: Authorized Signatory
By: /s/ Stefan Rattensperger    
Name: Stefan Rattensperger
Title: Authorized Signatory

[Signature Page to Fourth Amendment (2nd A&R AF Credit Agreement)]

INVESTEC BANK PLC, 
as Lender
By: /s/ Andrew Nosworthy    
Name: Andrew Nosworthy
Title: Authorized Signatory
By: /s/ Stefan Rattensperger    
Name: Stefan Rattensperger
Title: Authorized Signatory

[Signature Page to Fourth Amendment (2nd A&R AF Credit Agreement)]

KEYBANK NATIONAL ASSOCIATION, 
as Lender
By: /s/ Lisa A. Ryder    
Name: Lisa A. Ryder
Title: Senior Vice President

[Signature Page to Fourth Amendment (2nd A&R AF Credit Agreement)]

SUNTRUST BANK, 
as Lender
By: /s/ Brian Guffin    
Name: Brian Guffin
Title: Managing Director

[Signature Page to Fourth Amendment (2nd A&R AF Credit Agreement)]

SILICON VALLEY BANK, 
as Lender

By:     /s/ Chaitali (“Tai”) Pimputkar    
Name: Chaitali (“Tai”) Pimputkar
Title: Vice President II

[Signature Page to Fourth Amendment (2nd A&R AF Credit Agreement)]

SUNRUN GAIA PORTFOLIO 2016-A, LLC,
 
as Lender
By:  Sunrun Gaia Holdco 2016, LLC
Its:   Sole Member
By:  Sunrun Inc.
Its:   Sole Member

By:     /s/ Robert Komin, Jr.    
Name: Robert Komin, Jr.
Title: Chief Financial Officer

[Signature Page to Fourth Amendment (2nd A&R AF Credit Agreement)]

ABN AMRO CAPITAL USA LLC, 
as Lender
By: /s/ Paul Snow    
Name: Paul Snow
Title: Director
By: /s/ John  Sullivan    
Name: John Sullivan
Title: Managing Director

[Signature Page to Fourth Amendment (2nd A&R AF Credit Agreement)]

BANKUNITED, N.A., 
as Lender

By: /s/ Justin P. Allbright    
Name: Justin P. Allbright
Title: Senior Vice President

[Signature Page to Fourth Amendment (2nd A&R AF Credit Agreement)]

EAST WEST BANK, 
as Lender
By: /s/ Christopher Simeone    
Name: Christopher Simeone
Title: First Vice President

[Signature Page to Fourth Amendment (2nd A&R AF Credit Agreement)]

Schedule I

[see attached]

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.
            
Exhibit S
Form of Updated Insurance Provisions
Section 6.13 Maintenance of Insurance.
(a)Until the Debt Termination Date, the Borrower shall procure and maintain or cause to be procured and maintained by the applicable Operator or Manager pursuant to the applicable Tax Equity Documents, and provide the Administrative Agent with acceptable evidence (in form and substance reasonably satisfactory to the Administrative Agent in consultation with the Insurance Consultant) of the existence of the types and amounts of insurance required to be maintained pursuant to the applicable Tax Equity Documents. In the event that the Tax Equity Documents do not establish guidelines for minimum levels of insurance and/or there are no underlying Tax Equity Documents, as would be the case for Wholly Owned Opcos, the Borrower shall procure and maintain or cause to be procured and maintained by the applicable Operator or Manager (i) insurance of the types and amounts that are consistent with prudent industry practices for residential PV solar portfolios similar in size, location and exposure; (ii) insurance in form and substance satisfactory to the Required Lenders in consultation with the Insurance Consultant (including any recommendations of  the Insurance Consultant for amendments in existing and/or proposed insurance coverages); and (iii) provide the Administrative Agent with acceptable evidence (in form and substance reasonably satisfactory to the Administrative Agent in consultation with the Insurance Consultant) of the existence of the types and amounts of insurance required (including any recommendations of the Insurance Consultant for amendments in existing and/or proposed insurance coverages). The types and amounts of insurance required pursuant to this Section 6.13(a) shall be referred to insurance policies required pursuant to collectively as the “Insurance Policies”.

(b)With respect to all property insurance (including any  excess  or difference in conditions policies, if applicable) required pursuant to Section 6.13(a):

(i)    The Borrower, the  Relevant  Parties  and  each  of  their  members shall be included as either the “named insured” or an additional “named insured”.
(ii)    The Borrower hereby waives, and shall cause  the  Relevant Parties and each of their members to waive, any rights of subrogation against the Secured Parties and shall cause any such property Insurance Policies to include or be endorsed to include a similar waiver of subrogation in favor of the Secured Parties.
(iii)    The Secured Parties shall be included as additional insureds on all such property Insurance Policies insuring Wholly Owned Opcos.
(iv)    The Collateral Agent for the benefit of the Secured Parties shall  be named as the “sole” loss payee on all such Insurance Policies insuring Wholly

Owned Opcos pursuant to a lender loss payable endorsement acceptable to the Administrative Agent in consultation with the Insurance Consultant.
(i)To the extent commercially available, such Insurance Policies shall be endorsed to provide at least thirty (30) days’ prior written notice (or ten
(10) days’ prior notice if such cancellation is due to failure to pay premiums) of cancellation to the Administrative Agent. If such endorsement for notice of cancellation shall not be commercially available, the Borrower shall be obligated to provide the required written notice of cancellation to the Administrative Agent.
(c)With respect to all liability insurance required pursuant to Section 6.13(a):
(i)    Such Insurance Policies shall include the  Borrower,  the  Relevant Parties and each of their members as an additional “named insured”
(ii)    Such Insurance Policies shall include an endorsement to  the policy naming (or providing via blanket endorsements as required by written contract) the Administrative Agent, and the Lenders, and their respective permitted successors, assigns, members, directors, officers, employees, lenders, investors, representatives and Administrative Agents as additional insureds on a primary and non-contributory basis.
(iii)    The Borrower hereby waives, and shall cause the Relevant Parties and each of their members to waive, any rights of subrogation against the Secured Parties and shall cause any such liability Insurance Policies to include or be endorsed to include a similar waiver of subrogation in favor of the Secured Parties.
(iv)    Such Insurance Policies shall include a severability of interest or separation of insureds clause with no material exclusions for cross-liability clause (to the extent commercially available).
(v)    To the extent commercially available, such Insurance Policies shall be endorsed to provide at least thirty (30) days’ prior written notice (or ten
(10) days’ prior notice if such cancellation is due to failure to pay premiums) of cancellation to the Administrative Agent. If such endorsement for notice of cancellation shall not be commercially available, the Borrower shall be obligated to provide the required written notice of cancellation to the Administrative Agent.
(d)The Borrower, the Wholly Owned Opcos and/or the other Relevant Parties shall be responsible for covering or causing to be covered the costs of all insurance premiums and deductibles associated with the Insurance Policies.

(e)The Borrower and/or the Relevant Parties shall be obligated to request approval from the Administrative Agent for any material changes in the underlying insurance requirements established via the applicable Tax Equity Documents or as otherwise agreed for Wholly Owned Opcos or when the applicable Tax Equity Documents do not establish minimum levels of required insurance. In addition, The Borrower and/or the Relevant Parties shall be 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.
Exhibit S-2

obligated to provide written notice of any material changes in the Insurance Policies. For the purposes of this Section 6.13(e), a “material change” shall be [***]

(f)Prior to the Closing Date and once each calendar year thereafter in conjunction with the renewal or replacement of the Insurance Policies, the Borrower and Relevant Parties shall provide detailed evidence of insurance (in a form reasonably acceptable to the Administrative Agent, in consultation with the Insurance Consultant) including certificates of insurance and copies of applicable insurance binders and policies (if requested), as well as a statement from the Borrower and/or its authorized insurance representative confirming that such insurance is in compliance with the terms and conditions of this Section 6.13, is in full force and effect and all premiums then due have been paid or are not in arrears.

(g)No provision of this Agreement shall impose on the Administrative  Agent or any other Secured Party any duty or obligation to verify the existence or adequacy of the insurance coverage maintained by or on behalf of the Borrower, the Relevant Parties or their members, nor shall the Administrative Agent or any other Secured Party be responsible for any representations or warranties made by or on behalf of the Borrower, the Relevant Parties, their members or any other Person to any insurance agent or broker, insurance company or underwriter.

(h)The Insurance Policies shall include coverage addressing [***] or, if the applicable Tax Equity Limited Liability Company Agreements requires (or required) greater coverage, such coverage as may be required by such Tax Equity Limited Liability Company Agreement for the related Opco, determined as follows:
(i)No later than sixty (60) days  after  the  “Completion  Deadline” or the “Second Installment Payment Deadline” (as applicable)  pursuant to such  Tax Equity Limited Liability Company Agreement for the related Opco and, with respect to any Wholly Owned Opcos, as applicable, (x) within sixty (60) days of the date of full deployment of the applicable Project Pool or (y) the date on which such Wholly Owned Opco is acquired or formed, the Borrower shall (A) cause EQECAT, Global Risk Myamoto, AIR-Worldwide, Risk Management Solutions Inc., Risk Placement Services, Inc. or another nationally recognized insurance or other applicable expert, reasonably approved by the Administrative Agent (in consultation with the Insurance Consultant), to perform a probable maximum loss
analysis (or analyses) satisfying the standard described above with respect to the Projects owned by such Opco or Wholly Owned Opco and (B) deliver a copy thereof to the Administrative Agent and, if requested, the Insurance Consultant;
(ii)For Opcos and/or Wholly Owned Opcos for which such probable maximum loss analysis required in connection with such “Completion Deadline” or such “Second Installment Payment Deadline” or full deployment of the applicable Project Pool, as applicable, has been performed on or prior to the date hereof, the applicable Insurance Policies will include coverage satisfying the standard described above; and

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.
Exhibit S-3

(iii)For Opcos and/or Wholly Owned Opcos for which such probable maximum loss analysis has not been performed on or prior to the date  such Opco or Wholly Owned Opco was formed or acquired, after such analysis is delivered pursuant to clause (i) above, the Administrative Agent, the Borrower and each of the applicable Relevant Parties shall review such probable maximum loss analysis (or analyses) and, the Borrower and the applicable Relevant Parties shall make appropriate adjustments (in consultation with, and with the prior written approval of, the Administrative Agent (in consultation with the Insurance Consultant)) to the types and amounts of insurance they maintain so as to satisfy the standard described above Section 6.13(a).

(i)    If at any time the Borrower determines in its reasonable judgment that any insurance (including the limits or deductibles thereof) required to be maintained by this Section 6.13 is not available on commercially reasonable terms due to prevailing conditions in the commercial insurance market at such time, then upon the written request of the Borrower together with a written report of the Borrower’s insurance broker or another independent insurance broker of nationally-recognized standing in the insurance industry (i) certifying that such insurance is not available on commercially reasonable terms (and, in any case where the required maximum coverage is not reasonably available, certifying as to the maximum amount which is so available), (ii) explaining in detail the basis for such broker’s conclusions (including but not limited to the cost of obtaining the required coverage(s) as well as the proposed alternative coverage(s)), and (iii) containing such other information as the Administrative Agent (in consultation with the Insurance Consultant) may reasonably request, the Administrative Agent may (after consultation with the Insurance Consultant) temporarily waive such requirement and only to the extent that the Borrower can demonstrate that such temporary waiver will not cause the Borrower or the Relevant Parties to be out of compliance with the insurance requirements that were established by the Required Lenders in consultation with the Insurance Consultant for Wholly Owned Opcos or the applicable Tax Equity Documents or that a  similar  waiver  has  been  obtained  under  such  Tax  Equity  Documents; provided, however, that the Required Lenders, may in its sole judgment, decline  to waive any such insurance requirement(s). At any  time  after  the  granting  of  any temporary waiver pursuant to this Section 6.13 but not more than once in any year, the Administrative Agent may request, and the Borrower shall furnish to the Administrative Agent within thirty (30) days after such request, an updated insurance report reasonably acceptable to the Administrative Agent (in consultation with the Insurance Consultant) from the Sponsor’s independent insurance broker. Any waiver granted pursuant to this Section 6.13 shall expire,without further action by any party, immediately upon (A) such waived insurance requirement becoming available on commercially reasonable terms, as reasonably determined by the Administrative Agent, (in consultation with the Insurance Consultant) or (B) failure of the Borrower to deliver an updated insurance report pursuant to clause (ii) above.without further action by any party, immediately upon (A) such waived insurance requirement becoming available on commercially reasonable terms, as reasonably determined by the Administrative Agent, (in consultation with the Insurance Consultant) or (B) failure of the Borrower to deliver an updated insurance report pursuant to clause (ii) above.

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.
Exhibit S-4Exhibit

Exhibit 10.38

AMENDMENT NO. 6 TO THE CREDIT AGREEMENT
THIS AMENDMENT NO. 6 TO THE CREDIT AGREEMENT, dated as of November 14, 2018 (this “Amendment”), is entered into by and among SUNRUN INC., a Delaware corporation (“Sunrun”), AEE SOLAR, INC., a California corporation (“AEE Solar”), SUNRUN SOUTH LLC, a Delaware limited liability company (“Sunrun South”), and SUNRUN INSTALLATION SERVICES INC., a Delaware corporation (“Sunrun Installation Services” and, together with Sunrun, AEE Solar and Sunrun South, each, a “Borrower” and, collectively, the “Borrowers”), CLEAN ENERGY EXPERTS, LLC, a California limited liability company (“CEE” and, together with the Borrowers, each, a “Loan Party” and, collectively, the “Loan Parties”), and each of the Persons identified as a “Lender” on the signature pages hereto (each, a “Lender”) and acknowledged by CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as the Administrative Agent (the “Administrative Agent”).
RECITALS
WHEREAS, the Borrowers entered into the Credit Agreement, dated as of April 1, 2015 (as amended from time to time, the “Credit Agreement”), by and among the Borrowers, CEE, as a Guarantor, the Administrative Agent, the Lenders party thereto, Silicon Valley Bank, as the Collateral Agent, and Credit Suisse Securities (USA) LLC, as the Lead Arranger and Book Runner;
WHEREAS, pursuant to Section 11.01 of the Credit Agreement, no amendment to the Credit Agreement is effective unless executed by the Borrowers or the applicable Loan Party, as the case may be, and at least two (2) Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders and acknowledged by the Administrative Agent;
WHEREAS, this Amendment is not otherwise prohibited by Section 11.01 of the Credit Agreement;
WHEREAS, the Lenders party to this Amendment have Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders under the Credit Agreement;
WHEREAS, the Borrowers and the Lenders party hereto desire to amend the Credit Agreement on the terms set forth herein; and
WHEREAS, the Administrative Agent, by execution of this Amendment is providing its acknowledgement required under Section 11.01 of the Credit Agreement; 
NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

CPAM: 33259190.6

ARTICLE 1
DEFINITIONS
1.01    Definitions.  Capitalized terms not otherwise defined herein shall have the meanings set forth in the Credit Agreement.
1.02    Rules of Interpretation.  The rules of interpretation set forth in Section 1.02 of the Credit Agreement shall apply to this Amendment.  Solely for purposes of convenience, an amendment to an existing provision of the Credit Agreement is shown in this Amendment with the text that is deleted from the provision (indicated textually in the same manner as the following example: deleted text) and the text that is added to the provision (indicated textually in the same manner as the following example: double-underlined text).
ARTICLE 2 
AMENDMENTS
2.01    Amendments to Definitions.
(a)      The definition of “Backlever Financing” set forth in Section 1.01 of the Credit Agreement is hereby deleted in its entirety and replaced with the following text:
“Backlever Financing” means Indebtedness for borrowed money incurred by an Excluded Subsidiary where (i) such Indebtedness is made pursuant to an accounts receivable financing, a factoring facility or other similar financing; (ii) such Indebtedness is incurred only with respect to Projects that have been Tranched or have been contributed or sold to such Excluded Subsidiary; (iii) any of the Loan Parties does not guaranty the payment of debt service for such Indebtedness; and (iv) the Person providing the financing for such Indebtedness maintains no interest in, right or title to any Available Take-Out (other than a Backlever Financing).
(b)      The definitions of “Beneficial Ownership Certification” and “Beneficial Ownership Regulation” are hereby inserted into Section 1.01 of the Credit Agreement in the appropriate alphabetical order:
“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
(c)      The definition of “Disposition” or “Dispose” set forth in Section 1.01 of the Credit Agreement is hereby deleted in its entirety and replaced with the following text:
“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback Transaction) of any property (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights 

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and claims associated therewith.  For the avoidance of doubt, an Investment permitted under Section 7.03 shall not constitute a Disposition.
(d)      The definition of “Excluded Subsidairies” set forth in Section 1.01 of the Credit Agreement is hereby deleted in its entirety and replaced with the following text:
“Excluded Subsidiaries” means (i) those direct or indirect subsidiaries of Sunrun (a) in which Sunrun owns Equity Interests of less than fifty-one percent (51%), (b) that own, lease or finance (or any Subsidiary that is formed for such purpose) no assets other than specific Projects and related assets that are financed as a pool in a manner that is non-recourse to any of the Loan Parties (other than  with respect to Guarantees of certain limited obligations of the Excluded Subsidiaries to which such Excluded Subsidiaries are party and which are not in respect of Indebtedness for borrowed money),pursuant to a guarantee permitted pursuant to Section 7.02(i)) or (c) whose sole assets consist (x) of Equity Interests in Excluded Subsidiaries of the type described in the foregoing clause (b) or (y) direct or indirect interests in any other Excluded Subsidiaries of the type described in subclause (x) of this clause (c), or (d) created for or encumbered by SREC Transactions, and in the case of those subsidiaries described in clause (b), where either (A) committed financing or equity contribution proceeds are included in the calculation of Available Take-Out or (B)only to the extent of any remaining Tax Equity Commitments have been fully deployed and which Tax Equityor Backlever Financing Commitments are no longer included in the calculation of Available Take-Out, or (ii) any existing or future acquired or formed Immaterial Subsidiary.
(e)      The definition of “Project Back-Log” set forth in Section 1.01 of the Credit Agreement is hereby deleted in its entirety and replaced with the following text:
“Project Back-Log” means, as of a given date of determination, all originated Projects (excluding cash sale Projects) that have achieved Sunrun Sign-off as of such date of determination, as set forth in the Back-Log Spreadsheet; provided that Projects shall be removed from the Project Back-Log once Tax Equity Commitments have been drawn for that Project and the Project is sold to a Tax Equity Partnership or has otherwise been sold or contributed to an Excluded Subsidiary. 
2.02    Amendment to Section 6.02(l). Section 6.02(l) of the Credit Agreement is hereby deleted in its entirety and replaced with the following text:
(l)    Additional Information.  Subject to Section 6.10(b), promptly, (i) such additional information regarding the business, financial, legal or corporate affairs of any Borrower or any Subsidiary thereof, or compliance with the terms of the Loan Documents, as the Administrative Agent, the Collateral Agent or any Lender may from time to time reasonably request; or (ii) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” requirements under the PATRIOT Act or other applicable anti-money laundering laws.

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2.03    Amendment to Section 6.03. Section 6.03 of the Credit Agreement is hereby deleted in its entirety and replaced with the following text:
(a)    Promptly, but in any event within three (3) Business Days of obtaining knowledge thereof, notify the Administrative Agent and each Lender of the occurrence of any Default; and
(b)    Promptly, but in any event within four (4) Business Days of obtaining knowledge thereof, notify the Administrative Agent and each Lender of:
(i)    any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect; and
(ii)    any time that a Loan Party or any Subsidiary has given to, or received from, a counterparty to a Tax Equity Commitment or Backlever Financing formal written notice under the documents governing the applicable Tax Equity Commitments or Backlever Financing stating that a default or event of default has occurred and is continuing thereunder, or has knowledge of the occurrence and continuation of such default or event of default but has not given such formal written notice; provided that such counterparty would have the right to cease funding, and has not waived such right to cease funding, if such default or event of default remains uncured.; and
(c)    Promptly, but in any event within two (2) Business Days of the occurrence thereof, notify the Administrative Agent and each Lender of any change in the information provided in the Beneficial Ownership Certificate that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification.
Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a Responsible Officer of the applicable Borrower setting forth details of the occurrence referred to therein and to the extent applicable, stating what action such Borrower has taken and proposes to take with respect thereto.  Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.
2.04    Amendment to Section 7.01(i).  Section 7.01(i) of the Credit Agreement is hereby deleted in its entirety and replaced with the following text:
(i)    Liens securing Indebtedness permitted under (x) Section 7.02(c);(i), provided that (i) such Liens do not at any time encumber any property, assets or revenues other than the property, assets or revenues financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair market value at the time of the acquisition, whichever is lower, of the property being acquired on the date of acquisition and (y) under Section 7.02(c)(ii), provided that such Liens do not at any time encumber any property other than property, assets or revenues that are the subject of the applicable repo transaction;
2.05    Amendment to Section 7.02(c).  Section 7.02(c) of the Credit Agreement is hereby deleted in its entirety and replaced with the following text:

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(c)    Indebtedness (i) in respect of Capitalized Leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital assets within the limitations set forth in Section 7.01(i) or (ii) in respect of any repo transaction with respect to Indebtedness of an Excluded Subsidiary; provided, however, that the aggregate principal amount of all Indebtedness of the Loan Parties incurred in reliance on this clause (c) and clause (p) below at any time outstanding shall not exceed $40,000,000;
2.06    Amendment to Section 7.02(i).  Section 7.02(i) of the Credit Agreement is hereby deleted in its entirety and replaced with the following text:
(i)    any Borrower’s limited guarantees, indemnification obligations and obligations to make capital contributions to or repurchase assets of the Excluded Subsidiaries (including Equity Interests of Excluded Subsidiaries) as required under the documents evidencing the Tax Equity Commitments, Backlever Financing, SREC Transactions, or System Refinancing, as the case may be, so long as (i) such limited guarantees, indemnification and capital contribution obligations are not made in respect of obligations to repay debt for borrowed money and, (ii) if any Borrower is required to make a payment or contribution in connection with such obligations, after giving effect to such payment or contribution on a Pro Forma Basis, (x) the Loan Parties shall be in compliance with each of the financial covenants set forth in Section 7.11 and (y) no Borrowing Base Deficiency shall exist.; 
2.07    Amendment to Section 7.03(i).  Section 7.03(i) of the Credit Agreement is hereby deleted in its entirety and replaced with the following text:
(i)    Investments (x) in Excluded Subsidiaries or in Tax Equity Investors that would meet the requirements of clause (b) of the “Excluded Subsidiaries” definition if such Tax Equity Investors were deemed Excluded Subsidiaries (including any subsidiaries of such Tax Equity Investors created in connection with any tax equity transaction), in each case, in accordance with the applicable  Tax Equity Documentstax equity transaction, Backlever Financing or System Refinancing, as the case may be, in the ordinary course of business, (y) in Excluded Subsidiaries of PV Systems which are in operation as collateral to secure accounts receivable financing in which the net proceeds (after deduction of reasonable fees and expenses) are distributed to any Borrower or (z) in Excluded Subsidiaries as permitted pursuant to any repurchase of assets permitted by Section 7.02(i);
ARTICLE 3 
REPRESENTATIONS AND WARRANTIES
Each Loan Party represents and warrants to each of the Lenders and the Administrative Agent, on the date hereof, that the following statements are true and correct:
3.01    Existence.  Such Loan Party is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization.
3.02    Power and Authority.  Such Loan Party has the requisite power and authority to execute and deliver this Amendment.

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3.03    Due Authorization.  The execution, delivery and performance of this Amendment have been duly authorized by all necessary corporate or limited liability company action on the part of such Loan Party.  The applicable resolutions of such Loan Party authorize the execution, delivery and performance of this Amendment by such Loan Party and are in full force and effect without modification or amendment. 
3.04    Binding Obligation.  This Amendment has been duly executed and delivered by such Loan Party, and this Amendment and the Credit Agreement, as amended by this Amendment, constitute the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with the terms of this Amendment and the Credit Agreement, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.
3.05    No Default or Event of Default.  As of the date hereof, no event has occurred and is continuing or would result from the consummation of the amendments contemplated by this Amendment that would constitute a Default or an Event of Default.
3.06    Representations and Warranties.  The representations and warranties of the Borrowers and each other Loan Party contained in the Credit Agreement or any other Loan Document, are (i) with respect to representations and warranties that contain a materiality qualification, true and correct in all respects, and (ii) with respect to representations and warranties that do not contain a materiality qualification, true and correct in all material respects, in each case, on and as of the date hereof (or if such representations and warranties expressly relate to an earlier date, as of such earlier date), and the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement are deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively.
3.07    No Borrowing Base Deficiency or NYGB Borrowing Base Deficiency.  No Borrowing Base Deficiency or NYGB Borrowing Base Deficiency exists as of the date hereof.
3.08    Material Adverse Effect.  No Material Adverse Effect has occurred or is continuing since the date of the last audited financial statements furnished pursuant to Section 6.01(a) of the Credit Agreement.
3.09    Beneficial Ownership.  The information included in the Beneficial Ownership Certificate is true and correct in all respects.
ARTICLE 4
CONDITIONS PRECEDENT
4.01    Conditions Precedent to Effectiveness.  The amendments contained in Article 2 of this Amendment shall not be effective until the date (such date, the “Amendment Effective Date”) that the following conditions precedent have been satisfied or waived by the Required Lenders:
(a)      The Administrative Agent shall have received copies of this Amendment executed by the Borrower and the applicable Lenders, and acknowledged by the Administrative Agent.

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(b)      The Borrowers shall have paid all fees, costs and expenses of the Administrative Agent and the Lenders incurred in connection with the execution and delivery of this Amendment (including fees and out-of-pocket expenses of the counsel and other advisors or consultants retained by the Administrative Agent).
(c)      The Administrative Agent shall have received a certificate of a Responsible Officer of each Loan Party dated the Amendment Effective Date, in form and substance acceptable to the Administrative Agent, attaching and certifying as true, correct and complete: (i) the Organization Documents of each Loan Party (which, to the extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority), (ii) the resolutions or other authorizations of the governing body of each Loan Party certified as being in full force and effect on the Amendment Effective Date, authorizing the execution, delivery and performance of this Amendment and any instruments or agreements required hereunder, (iii) a certificate of good standing, existence or its equivalent of each Loan Party certified as of a recent date by the appropriate Governmental Authority and (iv) the incumbency (including specimen signatures) of the Responsible Officers of each Loan Party.
(d)      The Administrative Agent shall have received an opinion or opinions of counsel for the Loan Parties, dated the Amendment Effective Date and addressed to the Administrative Agent and the Lenders, in form and substance acceptable to the Administrative Agent.
(e)      The Administrative Agent shall have received at least three Business Days prior to the Amendment Effective Date from any Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation a Beneficial Ownership Certification in relation to such Borrower.
ARTICLE 5
GENERAL PROVISIONS
5.01    Notices.  All notices and other communications given or made pursuant hereto shall be made as provided in the Credit Agreement.
5.02    Severability.  In case any one or more of the provisions contained in this Amendment should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the parties hereto shall enter into good faith negotiations to replace the invalid, illegal or unenforceable provision.
5.03    Headings.  Section headings have been inserted in this Amendment as a matter of convenience for reference only and it is agreed that such paragraph headings are not a part of this Amendment and shall not be used in the interpretation of any provision of this Amendment.
5.04    Governing Law.  This Amendment shall be governed by and construed in accordance with the law of the State of New York.

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5.05    Counterparts.  This Amendment may be signed in any number of counterparts and each counterpart shall represent a fully executed original as if signed by all of the parties listed below.
5.06    Ratification.  Except as amended hereby, the Credit Agreement and the other Loan Documents remain in full force and effect.
5.07    Amended Terms.  On and after the date hereof, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Lenders, the Administrative Agent, the Collateral Agent or the Arranger under, the Credit Agreement or any other Loan Document.  Nothing contained in this Amendment shall be construed as a substitution or novation of the obligations of the Loan Parties outstanding under the Credit Agreement or instruments securing the same, which obligations shall remain in full force and effect, except to the extent that the terms thereof are modified by this Amendment.  Nothing expressed or implied in this Amendment shall be construed as a release or other discharge of the Loan Parties from any of their obligations or liabilities under the Credit Agreement or any other Loan Document.
5.08    Loan Document.  This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.
5.09    Costs and Expenses; Indemnification; Reimbursement.  The parties hereto agree that this Amendment is subject to the costs and expenses, indemnification, reimbursement and related provisions set forth in Section 11.04 of the Credit Agreement. 
5.10    Submission to Jurisdiction; Waiver of Venue; Service of Process; Waiver of Jury Trial.  The submission to jurisdiction, waiver of venue, service of process and waiver of jury trial provisions set forth in Sections 11.14(b), (c) and (d) and 11.15 of the Credit Agreement, respectively, are hereby incorporated by reference, mutatis mutandis.
5.11    Reaffirmation of Guarantees and Security Interests.  Each Loan Party hereby (a) affirms and confirms its guarantees, pledges, grants and other undertakings under the Credit Agreement, the Security Agreement and the other Loan Documents to which it is a party, and (b) agrees that all guarantees, pledges, grants and other undertakings thereunder shall continue to be in full force and effect and shall accrue to the benefit of the Secured Parties, including the Lenders.
[SIGNATURE PAGES FOLLOW]

8

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first set forth above.

	
			
	BORROWERS:
	SUNRUN INC.,  
a Delaware corporation

	 
	By:         /s/ Robert Komin, Jr.      

	 
	Name: Robert Komin, Jr.

	 
	Title: Chief Financial Officer

	 
	 

	 
	 

	 
	AEE SOLAR, INC.,  
a California corporation

	 
	By:         /s/ Robert Komin, Jr.      

	 
	Name: Robert Komin, Jr.

	 
	Title: Chief Financial Officer

	 
	 

	 
	 

	 
	SUNRUN SOUTH LLC,  
a Delaware limited liability company

	 
	By:         /s/ Robert Komin, Jr.      

	 
	Name: Robert Komin, Jr.

	 
	Title: Chief Financial Officer

	 
	 

	 
	 

	 
	SUNRUN INSTALLATION SERVICES INC.,  
a Delaware corporation

	 
	By:         /s/ Jeanna Steele      

	 
	Name: Jeanna Steele

	 
	Title: Secretary

	 
	 

	 
	 

	GUARANTOR:
	CLEAN ENERGY EXPERTS, LLC,  
a California limited liability company

	 
	By:         /s/ Lynn Jurich      

	 
	Name: Lynn Jurich

	 
	Title: President

[Signature Page to Amendment No. 6 – Credit Agreement]
 

	
			
	 
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

	 
	as Administrative Agent and Lender

	 
	By:         /s/ Mikhail Faybusovich      

	 
	Name: Mikhail Faybusovich

	 
	Title: Authorized Signatory

	 
	By:         /s/ Michael Del Genio      

	 
	Name: Michael Del Genio

	 
	Title: Authorized Signatory

[Signature Page to Amendment No. 6 – Credit Agreement]

	
			
	 
	MORGAN STANLEY SENIOR FUNDING, INC., 
as Lender

	 
	By:         /s/ Christopher Winthrop      

	 
	Name: Christopher Winthrop

	 
	Title: Authorized Signatory

[Signature Page to Amendment No. 6 – Credit Agreement]

	
			
	 
	ROYAL BANK OF CANADA,
as Lender

	 
	By:         /s/ Frank Lambrinos     

	 
	Name: Frank Lambrinos

	 
	Title: Authorized Signatory

[Signature Page to Amendment No. 6 – Credit Agreement]

	
			
	 
	KEYBANK NATIONAL ASSOCIATION,
as Lender

	 
	By:         /s/ Richard Gerling     

	 
	Name: Richard Gerling

	 
	Title: Senior Vice President

[Signature Page to Amendment No. 6 – Credit Agreement]

	
			
	 
	NY GREEN BANK,
a division of the New York State Energy Research & Development Authority,  
as Lender

	 
	By:         /s/ Alfred Griffin     

	 
	Name: Alfred Griffin

	 
	Title: President

[Signature Page to Amendment No. 6 – Credit Agreement] 

	
			
	 
	HOMESTREET BANK,
as Lender

	 
	By:         /s/ D.B. Westbrook       

	 
	Name: D.B.  Westbrook

	 
	Title: Senior Vice President

[Signature Page to Amendment No. 6 – Credit Agreement]

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