Document:

EX-10.8c

 Exhibit 10.8c     

AMENDMENT NUMBER ONE TO CREDIT AGREEMENT 
 THIS AMENDMENT NUMBER ONE TO CREDIT AGREEMENT (this “Amendment”), dated as of June 18, 2013, is by and among SOLARCITY CORPORATION, a Delaware corporation (the
“Borrower”), the Lenders party hereto, and BANK OF AMERICA, N.A., as Administrative Agent (“Administrative Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed
thereto in the Inventory Credit Agreement. 
 W I T N E S S E T H 

WHEREAS, the Borrower, certain banks and financial institutions from time to time party thereto as lenders (the
“Lenders”), and the Administrative Agent, are parties to that certain Credit Agreement dated as of March 8, 2012 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Inventory
Credit Agreement”); 
 WHEREAS, the Borrower has requested that the Required Lenders amend certain provisions of
the Inventory Credit Agreement; and 
 WHEREAS, the Required Lenders are willing to make such amendments to the Inventory
Credit Agreement, in accordance with and subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

AMENDMENTS TO INVENTORY CREDIT AGREEMENT 
 1.1 Amendment to Section 1.1. The definition of “Debt Service Coverage Ratio set forth in Section 1.01 of the Inventory Credit Agreement is hereby amended and restated in its
entirety to read as follows: 
 “Debt Service Coverage Ratio” means, for a given date of determination,
with respect to Borrower, the ratio of: (a) for the trailing 12-month period then ending on the most recent fiscal quarter end available (i) EBITDA, less (ii) Maintenance Capital Expenditures, to (b) cash Interest Charges, for
the trailing 12-month period then ending on the most recent fiscal quarter end available. 

 ARTICLE II 
 CONDITIONS TO EFFECTIVENESS 
 2.1 Closing Conditions. This
Amendment shall become effective as of the date hereof upon satisfaction of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent): 

(a) Executed Amendment. The Administrative Agent shall have received a copy of this Amendment duly executed by the Borrower, the
Required Lenders and the Administrative Agent. 
 (b) Default. No Default or Event of Default shall exist. 

(c) Fees and Expenses. The Administrative Agent shall have received from the Borrower, for the account of each Lender that
executes and delivers a signature page hereto to the Administrative Agent by 5:00 p.m. (EST) on or before June [    ], 2013 (each such Lender, a “Consenting Lender”, and collectively, the “Consenting
Lenders”), an amendment fee in an amount equal to 10 basis points on the aggregate Revolving Commitments of such Consenting Lender (prior to giving effect to this Amendment). 

ARTICLE III 

MISCELLANEOUS 
 3.1 Amended Terms. On and after the Amendment Effective Date, all references to the Inventory Credit Agreement in each of the Loan Documents shall hereafter mean the Inventory Credit
Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Inventory Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms. 

3.2 Representations and Warranties of the Borrower. The Borrower represents and warrants as follows: 

(a) It has taken all necessary action to authorize the execution, delivery and performance of this Amendment. 

(b) This Amendment has been duly executed and delivered by the Borrower and constitutes the Borrower’s legal, valid
and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

(c) The representations and warranties set forth in Article V of the Credit Agreement are true and correct in all
material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date hereof (except for those which
expressly relate to an earlier date). 

  
 2 

 (d) No consent, approval, authorization or order of, or filing, registration
or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by the Borrower of this Amendment, other than those which have been duly obtained. 

(e) Immediately before and after giving effect to this Amendment, no event has occurred and is continuing which
constitutes a Default or an Event of Default. 
 (f) The Collateral Documents continue to create a valid security
interest in, and Lien upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Collateral Documents and prior to all Liens other
than Permitted Liens. 
 (g) The Obligations are not reduced or modified by this Amendment and are not subject to
any offsets, defenses or counterclaims. 
 3.3 Reaffirmation of Obligations. The Borrower hereby ratifies the
Inventory Credit Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Inventory Credit Agreement applicable to it and (b) that it is responsible for the observance and full performance of its respective
Obligations. 
 3.4 Loan Document. This Amendment shall constitute a Loan Document under the terms of the
Inventory Credit Agreement. 
 3.5 Expenses. The Borrower agrees to pay all reasonable costs and expenses of the
Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s legal counsel. 

3.6 Further Assurances. The Borrower agrees to promptly take such action, upon the request of the Administrative Agent, as
is necessary to carry out the intent of this Amendment. 
 3.7 Entirety. This Amendment and the other Loan
Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 

3.8 Counterparts; Telecopy. This Amendment may be executed in any number of counterparts, each of which when so executed
and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment or any other document required to be delivered hereunder, by fax
transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. Without limiting the foregoing, upon the request of any party, such fax transmission
or e-mail transmission shall be promptly followed by such manually executed counterpart. 

  
 3 

 3.9 No Actions, Claims, Etc. As of the date hereof, the Borrower hereby
acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative
Agent’s or the Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Inventory Credit Agreement on or prior to the date
hereof. 
 3.10 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 3.11 Successors and Assigns. This Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 3.12 Consent
to Jurisdiction; Service of Process; Waiver of Jury Trial. The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 11.14 and 11.15 of the Inventory Credit Agreement are hereby incorporated by
reference, mutatis mutandis. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 4 

 IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the
date first above written. 
  

							
	BORROWER:	 		 	SOLARCITY CORPORATION,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Lyndon Rive

		 		 	Name:	 	Lyndon Rive
		 		 	Title:	 	Chief Executive Officer

							
	ADMINISTRATIVE AGENT:	 		 	BANK OF AMERICA, N.A.,
		 		 	in its capacity as Administrative Agent
				
		 		 	By:	 	 /s/ Dora Brown

		 		 	Name:	 	Dora Brown
		 		 	Title:	 	Vice President

					
	LENDERS:	 	BANK OF AMERICA, N.A.,
		 	as a Lender
			
		 	By:	 	 /s/ Thomas R. Sullivan

		 	Name:	 	Thomas R. Sullivan
		 	Title:	 	Senior Vice President

 
			
	GOLDMAN SACHS BANK USA,
	as a Lender
		
	By:	 	 /s/ Michelle Latzoni

	Name:	 	Michelle Latzoni
	Title:	 	Authorized Signatory

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as a Lender
		
	By:	 	 /s/ Mikhail Faybusovich, /s/ Tyler R. Smith

	Name:	 	Mikhail Faybusovich, Tyler R. Smith
	Title:	 	Authorized SignatoryEX-10.10a

 Exhibit 10.10a 
 October 12, 2012 
 SolarCity Corporation 

3055 Clearview Way 
 San Mateo, CA 94127

  

	 	RE:	Consent to Revision of Post-Closing Requirements and Schedule 5.21(g)(ii) of the Revolving Credit Agreement 

Ladies and Gentlemen: 
 Reference is made to
that certain Credit Agreement dated as of September 10, 2012 (the “Revolving Credit Agreement”) among SolarCity Corporation, a Delaware corporation (“Borrower”), the guarantors thereunder, the Lenders
thereunder (“Revolving Lenders”), Bank of America, N.A., as administrative agent (in such capacity, “Revolving Facility Agent”), and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger
and sole book manager. 
 Pursuant to Section 6.18(e) of the Revolving Credit Agreement, Borrower is required to provide evidence the UCC
financing statement recorded with the Delaware Secretary of State on March 19, 2009 with the filing number 90892031, naming Duvera Billing Services, LLC as the secured party thereunder and Borrower as the debtor thereunder (the “Duvera
Lien”), has been properly terminated within 60 days of the Closing Date. Borrower informed Revolving Facility Agent and the Revolving Lenders that in connection with the Duvera Lien, certain obligations relating to performance based
incentives by the California Solar Initiative Program remain outstanding and are secured by the Duvera Lien. Accordingly, Borrower has requested Section 6.18(e) of the Revolving Credit Agreement be deleted in its entirety. 

Pursuant to Section 5.21(g) of the Revolving Credit Agreement, Borrower is required to list each location where any personal property Collateral is
located at any premises owned or leased by a Loan Party with a Collateral value in excess of $1,000,000. Borrower identified, in part (D) of Schedule 5.21(g)(ii), the Cranbury Township warehouse as containing inventory in excess of
$1,000,000 but subsequent to the Closing Date determined such warehouse contains inventory below such threshold. Borrower also informed the Revolving Lenders of additional corrections to Schedule 5.21(g)(ii). Accordingly, Borrower has requested
that Schedule 5.21(g)(ii) of the Revolving Credit Agreement be deleted in its entirety and replaced with the Schedule 5.21(g)(ii) attached hereto. 
 Revolving Facility Agent and Revolving Lenders (by their acceptance and agreement below) hereby (i) consent and authorize the deletion of Section 6.18(e) of the Revolving Credit Agreement in its
entirety; and (ii) consent and authorize the deletion of Schedule 5.21(g)(ii) of the Revolving Credit Agreement in its entirety and replacement with Schedule 5.21(g)(ii) attached hereto. 

The consents set forth above shall be effective only in this specific instance and for the specific purpose for which it is given, and this consent shall
not entitle Borrower to any other or further 

 
consent or waiver in any similar or other circumstances. The consent set forth above shall be limited precisely as written and shall not be deemed to (a) be a waiver or modification of any
other term or condition of the Revolving Credit Agreement or any other Loan Document (as defined in the Revolving Credit Agreement) or (b) prejudice any right or remedy which Revolving Facility Agent or Revolving Lenders may now have or may
have in the future under or in connection with the Revolving Credit Agreement or any Loan Document (as defined in the Revolving Credit Agreement). 
 This letter agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of
which shall together constitute one and the same instrument. Delivery of an executed counterpart of this letter agreement by telefacsimile or other electronic transmission shall be equally as effective as delivery of an original executed counterpart
of this letter agreement. Any party delivering an executed counterpart of this letter agreement by telefacsimile or other electronic transmission shall also deliver an original executed counterpart of this letter agreement, but the failure to do so
shall not affect the validity, enforceability or binding effect of this letter agreement. 
 Please acknowledge your receipt of this letter
agreement and acceptance of the foregoing terms and conditions by signing and dating the enclosed counterpart of this letter agreement where indicated below and returning the same to the undersigned as soon as possible. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 2 

 If the foregoing is in accordance with your understanding, please sign and return this
letter agreement to us. 
  

			
	 BANK OF AMERICA, N.A., as
 Administrative Agent

		
	By:	 	  /s/ Rosanne Parsill

		 	Rosanne Parsill
		 	Vice President, Agency Management

 Consent Letter - Revolving Credit Agreement 

			
	ACCEPTED AND AGREED TO
	AS OF THE DATE FIRST ABOVE WRITTEN:
	
	 BANK OF AMERICA, N.A.,
 as Revolving Lender

		
	By:	 	  /s/ John R. Dauphin

	Name:	 	John R. Dauphin
	Title:	 	Vice President

 Consent Letter - Revolving Credit Agreement 

			
	 BRIDGE BANK, NATIONAL ASSOCIATION,

	 as a Revolving Lender

		
	By:	 	  /s/ Molly Hendry

	Name:	 	Molly Hendry
	Title:	 	Vice President

 Consent Letter - Revolving Credit Agreement 

			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as a Revolving Lender
		
	By:	 	  /s/ Bill O’Daly

	Name:	 	Bill O’Daly
	Title:	 	Director
		
	By:	 	  /s/ Tyler R. Smith

	Name:	 	Tyler R. Smith
	Title:	 	Associate

 Consent Letter - Revolving Credit Agreement 

			
	SOLARCITY CORPORATION
		
	By:	 	  /s/ Robert Kelly

	Name:	 	Robert Kelly
	Title:	 	Chief Financial Officer

 Consent Letter - Revolving Credit Agreement 

 SCHEDULE 5.21(g)(ii) 
 Other Properties 
 (A) 

 

									
	 Address
	  	 County
	  	 Leased or
 owned
	  	 If leased, name of

lessor
	  	 To the extent owned,

approximate fair market
value of such property

	 3055 Clearview Way

San Mateo, CA 94402
	  	San Mateo	  	Leased	  	[Lessor]	  	N/A
					
	 2855 Campus Drive

San Mateo, CA 94403
	  	San Mateo	  	Leased	  	[Lessor]	  	N/A

 (B) 
  

											
	 Location
	  	 Address
	  	County	  	Leased
or owned	  	If leased, name of
lessor	 	To the extent owned,
approximate fair
market value of such
property
	Washington, DC	  	575 7th Street, NW Suite 400 Washington, DC 20004	  	District of Columbia	  	Leased	  	[Lessor]	 	N/A

 (C) 
  

											
	 Location
	  	 Address
	  	 County
	  	 Leased
or owned
	  	 If leased, name of
lessor
	  	 To the extent owned,
approximate
fair
market value of such
property

	Dewey	  	3600 State Route 69 Dewey, AZ 86327	  	Yavapai	  	Leased	  	[Lessor]	  	N/A
						
	Phoenix (North) Deer Valley	  	1725 West Williams Bldg E, Suites 56-60 Phoenix, AZ 85027	  	Maricopa	  	Leased	  	[Lessor]	  	N/A
						
	Phoenix (South)	  	 3834 E. Roeser Road
 Phoenix,
AZ 85040
	  	Maricopa	  	Leased	  	[Lessor]	  	N/A
						
	Phoenix (South)	  	5401 S. 37th St. Phoenix, AZ 85040	  	Maricopa	  	Leased	  	[Lessor]	  	N/A
						
	Tucson	  	4651 S. Butterfield, Suite 102 Tucson, AZ 85714	  	Pima	  	Leased	  	[Lessor]	  	N/A
						
	Bakersfield	  	 5206 Young Street, Suites C & D
 Bakersfield, CA 93311
	  	Kern	  	Leased	  	[Lessor]	  	N/A
						
	Berkeley	  	 1501 Eastshore Frontage Road

Berkeley, CA 94710
	  	Alameda	  	Leased	  	[Lessor]	  	N/A
						
	Foster City	  	 391 Foster City Blvd
 Foster
City, CA 94404
	  	San Mateo	  	Leased	  	[Lessor]	  	N/A
						
	Fresno	  	 2310 N. Larkin Ave
 Fresno, CA
93727
	  	Fresno	  	Leased	  	[Lessor]	  	N/A
						
	Los Angeles	  	 6334 Arizona Place
 Los
Angeles, CA 90045
	  	Los Angeles	  	Leased	  	[Lessor]	  	N/A
						
	Lancaster (Resi)	  	 249 East Avenue K8
 Bldg 2,
Units 109, 111 & 113 Lancaster, CA 93534
	  	Los Angeles	  	Leased	  	[Lessor]	  	N/A
						
	Pomona	  	 2896 Metropolitan Place

Pomona, CA 91767
	  	Los Angeles	  	Leased	  	[Lessor]	  	N/A
						
	Sacramento	  	2709 Academy Way, Suite 300 Sacramento, CA 95815	  	Sacramento	  	Leased	  	[Lessor]	  	N/A
						
	San Diego	  	 5183 Mercury Point
 San Diego,
CA 92111
	  	San Diego	  	Leased	  	[Lessor]	  	N/A

  
 -2-

											
	 Location
	  	 Address
	  	 County
	  	 Leased
or owned
	  	 If leased, name of
lessor
	  	 To the extent owned,
approximate
fair
market value of such
property

	Santa Ana	  	 2165 South Grand Ave
 Santa
Ana, CA 92705
	  	Orange	  	Leased	  	[Lessor]	  	N/A
						
	Temecula	  	42345 Avenida Alvarado, Suite B Temecula, CA 92590	  	Riverside	  	Leased	  	[Lessor]	  	N/A
						
	Torrance	  	 1347 West Storm Parkway
 Suites
E and F Torrance, CA 90501
	  	Los Angeles	  	Leased	  	[Lessor]	  	N/A
						
	Denver	  	 490 East 76th Ave, Unit 3A

Denver, CO 80229
	  	Adams	  	Leased	  	[Lessor]	  	N/A
						
	Parker	  	 15690 Parkerhouse Road
 Parker,
CO 80134
	  	Douglas	  	Leased	  	[Lessor]	  	N/A
						
	Rocky Hill	  	 714 Brook Street
 Rocky Hill,
CT 06067
	  	Hartford	  	Leased	  	[Lessor]	  	N/A
						
	Wethersfield	  	 61 Arrow Road, #202

Wethersfield, CT 06109
	  	Hartford	  	Leased	  	[Lessor]	  	N/A
						
	Mililani	  	 599 Kahelu Ave
 Mililani, HI
96789
	  	Honolulu	  	Leased	  	[Lessor]	  	N/A
						
	Marlborough	  	 24 St. Martin Drive
 Building
2, Unit 11 Marlborough, MA 01752
	  	Middlesex	  	Leased	  	[Lessor]	  	N/A
						
	Beltsville	  	9000 Virginia Manor Road, # 250 Beltsville, MD 20705	  	Prince George’s	  	Leased	  	[Lessor]	  	N/A
						
	Silver Spring	  	 2319 Stewart Ave
 Silver
Spring, MD 20910
	  	Montgomery	  	Leased	  	[Lessor]	  	N/A
						
	Cherry Hill	  	 1930 East Marlton Pike
 Cherry
Hill, NJ 08003
	  	Camden	  	Leased	  	[Lessor]	  	N/A

  
 -3-

											
	 Location
	  	 Address
	  	 County
	  	 Leased
or owned
	  	 If leased, name of
lessor
	  	 To the extent owned,
approximate
fair
market value of such
property

	Colonie	  	 12 Petra Lane
 Colonie, NY
12205
	  	Albany	  	Leased	  	[Lessor]	  	N/A
						
	Albany	  	 6 Vatrano Road
 Albany, NY
12205
	  	Albany	  	Leased	  	[Lessor]	  	N/A
						
	Brooklyn	  	 155 Water St
 2nd Floor, Unit
3
 Brooklyn, NY 11201
	  	Kings	  	Leased	  	[Lessor]	  	N/A
						
	Portland	  	 6132 NE 112th Avenue
 Portland,
OR 97220
	  	Multnomah	  	Leased	  	[Lessor]	  	N/A
						
	Broomall	  	 800 Parkway Blvd
 Broomall, PA
19008
	  	Delaware	  	Leased	  	[Lessor]	  	N/A
						
	Dallas	  	 10430 Shady Trail, Suite 108

Dallas, TX 75220
	  	Dallas	  	Leased	  	[Lessor]	  	N/A
						
	Mississauga	  	 6690 Goreway Drive

Mississauga, ON L4V 1S6 Canada
	  	Ontario (province)	  	Leased	  	[Lessor]	  	
						
	Chandler	  	 235 S. 56th Street
 Chandler,
AZ 85226
	  	Maricopa	  	Leased	  	[Lessor]	  	N/A
						
	Hayward	  	 23541 Eichler St
 Hayward, CA
94545 2816 W. Winton Hayward, CA 945451
	  	Alameda	  	Leased	  	[Lessor]	  	N/A
						
	Rancho Cucamonga	  	 12200 Arrow Route
 Rancho
Cucamonga, CA 91739
	  	San Bernardino	  	Leased	  	[Lessor]	  	N/A

  
 -4-

											
	 Location
	  	 Address
	  	 County
	  	 Leased
or owned
	  	 If leased, name of
lessor
	  	 To the extent owned,
approximate
fair
market value of such
property

	Allentown	  	 7542 Morris Court
 Allentown,
PA 18106
 7566 Morris Court
 Allentown,
PA 181061
	  	Lehigh	  	Leased	  	[Lessor]	  	N/A
						
	Westchester	  	 203 Ridgewood Drive
 Elmsford,
NY 10523
	  	Westchester	  	Leased	  	[Lessor]	  	N/A
						
	Honolulu	  	 933 N. Nimitz Hwy
 Honolulu, HI
96817
	  	Honolulu	  	Leased	  	[Lessor]	  	N/A
						
	Cranbury Township	  	 9 Corporate Drive
 Cranbury
Township, NJ 08512
	  	Middlesex	  	Leased	  	[Lessor]	  	N/A

 (D)2 
  

											
	 Location
	  	 Address
	  	 County
	  	 Leased
or owned
	  	
If leased, name of
lessor
	  	 To the extent owned,
approximate
fair
market value of such
property

	Hayward	  	 23541 Eichler St
 Hayward, CA
94545
 2816 W. Winton Hayward, CA 945451
	  	Alameda	  	Leased	  	[Lessor]	  	N/A
						
	Rancho Cucamonga	  	 12200 Arrow Route
 Rancho
Cucamonga, CA 91739
	  	San Bernardino	  	Leased	  	[Lessor]	  	N/A
						
	Allentown	  	 7542 Morris Court
 Allentown,
PA 18106
 7566 Morris Court
 Allentown,
PA 1810611
	  	Lehigh	  	Leased	  	[Lessor]	  	N/A
						
	Elmsford	  	 203 Ridgewood Drive
 Elmsford,
NY 10523
	  	Westchester	  	Leased	  	[Lessor]	  	N/A
						
	Mililani	  	 599 Kahelu Ave
 Mililani, HI
96789
	  	Honolulu	  	Leased	  	[Lessor]	  	N/A

  

	1 	 This location is used to hold overflow inventory from the primary location. 

	2 	 Information provided for warehouses that hold more than $1 million in Collateral. 

  
 -5-

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