Document:

Exhibit 10.1

 

WAIVER AND CONSENT AGREEMENT

 

January 19,
2016

 

Silicon Valley Bank

2400 Hanover Street

Palo Alto, California
94304 

Attn:    Ms. Carley Brandt

 

		Re:	Loan Arrangement Between Silicon Valley Bank (“Bank”) and 

Real Goods Energy Tech, Inc., et al.

 

Dear Ms. Brandt:

 

Reference is made to
that certain loan arrangement by and among Bank, REAL GOODS ENERGY TECH, INC. (“Real Goods Energy”),
REAL GOODS TRADING CORPORATION (“Real Goods Trading”), ALTERIS RENEWABLES, INC., a Delaware corporation
(“Alteris”) and REAL GOODS SYNDICATED, INC. (“Syndicated”), MERCURY ENERGY, INC.
(“Mercury”), REAL GOODS SOLAR, INC. – MERCURY SOLAR (“Mercury Solar”), ELEMENTAL
ENERGY, LLC (“Elemental”), and SUNETRIC MANAGEMENT LLC (“Sunetric”, and together
with Real Goods Energy, Real Goods Trading, Alteris, Syndicated, Mercury, Mercury Solar and Elemental, individually and collectively,
jointly and severally, the “Borrower”). Borrower’s obligations under the Loan Agreement are guarantied
by REAL GOODS SOLAR, INC. (the “Guarantor”, and together with Borrower, jointly, severally, and collectively,
the “Obligors”). Further reference is made to that certain Non-Recourse Loan Document Sale and Assignment Agreement
of even date herewith (the “Assignment”) by and between Bank and SOLAR SOLUTIONS AND DISTRIBUTION, LLC
(“Assignee”). Capitalized terms used herein and not otherwise defined here will have the meanings given to
them in the Assignment.

 

Bank has been asked
to assign, convey and transfer the Assigned Interest to Assignee pursuant to the terms of the Assignment, and Bank has agreed to
do so, but only if Obligors consent to the Assignment in writing and waive and release all claims that Obligors may have against
Bank (if any). Accordingly, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Obligors
agree as follows:

 

1.          Consent
to Assignment. Each of the Obligors hereby: (a) consents to the Assignment; and (b) confirms and agrees that the Assignment
complies fully with the requirements of the Loan Documents regarding assignment and that neither Assignor nor Assignee need to
obtain any consents from, or take any further action with respect to, Obligors to effectuate such assignment, and if any such consents
or further action are or were required, each of the Obligors hereby waives all such requirements.

 

     

     

    

 

2.          Waiver
and Release. Each of the Obligors hereby acknowledges and agrees that it has no offsets, defenses, causes of action, suits,
damages, claims, or counterclaims against Bank, SVB Financial Group, or their respective officers, directors, employees, attorneys,
representatives, shareholders, predecessors, successor, and assigns (collectively, the “Bank Released Parties”)
with respect to, in connection with, or arising from, the Loan Agreement, the other Loan Documents, the Assignment, any contracts,
promises, commitments or other agreements to provide, arrange for, or obtain loans or other financial accommodations to or for
Obligors, or otherwise, and that if any of the Obligors now has, or ever did have, any offsets, defenses, causes of action, suits,
damages, claims, or counterclaims against one or more of the Bank Released Parties, whether known or unknown, at law or in equity,
from the beginning of the world through this date and through the time of execution of this Agreement, all of them are hereby expressly
WAIVED, and each of the Obligors hereby RELEASES the Bank Released Parties from any liability therefor.

 

3.          Entire
Agreement. This letter agreement shall be binding upon Obligors and their respective employees, representatives, successors,
and assigns, and shall inure to the benefit of Bank and the Bank Released Parties. This letter agreement and all documents, instruments,
and agreements executed in connection herewith incorporate all of the discussions and negotiations between Bank and Obligors, either
expressed or implied, concerning the matters included herein and in such other documents, instruments and agreements, any statute,
custom, or usage to the contrary notwithstanding. No such discussions or negotiations shall limit, modify, or otherwise affect
the provisions hereof. No modification, amendment, or waiver of any provision of this letter agreement, or any provision of any
other document, instrument, or agreement between Bank and Obligors shall be effective unless executed in writing by a duly authorized
officer of Bank.

 

4.          Counterpart.
This letter agreement may be executed in multiple counterparts, each of which will constitute an original, but all of which when
taken together will constitute a single contract. The delivery of an executed counterpart of a signature page of this letter agreement
by email will be effective as delivery of a manually executed counterpart of this letter agreement. 

 

[remainder of page intentionally blank]

 

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This letter agreement
shall be construed in accordance with the laws of the State of New York, is intended to take effect as a sealed instrument, and
has been executed by Obligors after consultation with independent counsel of its own selection, and is executed as of the date
first set forth above.

 

	 	 	Very truly yours,	 
	 	 	 	 
	REAL GOODS ENERGY TECH, INC.	 	REAL GOODS SYNDICATED, INC.	 
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	Name: Dennis Lacey	 	Name: Dennis Lacey	 
	Title: Chief Executive Officer	 	Title: Chief Executive Officer	 
	 	 	 	 	 	 
	REAL GOODS ENERGY TRADING CORPORATION	 	ALTERIS RENEWABLES, INC.	 
	 	 	 	By:	 	 
	By:	 	 	Name: Dennis Lacey	 
	Name: Dennis Lacey	 	Title: Chief Executive Officer	 
	Title: Chief Executive Officer	 	 	 	 
	 	 	 	 	 	 
	MERCURY ENERGY, INC.	 	ELEMENTAL ENERGY, LLC	 
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	Name: Dennis Lacey	 	Name: Dennis Lacey	 
	Title: Chief Executive Officer	 	Title: Chief Executive Officer	 
	 	 	 	 	 	 
	REAL GOODS SOLAR, INC. - MERCURY SOLAR	 	SUNETRIC MANAGEMENT LLC	 
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	Name: Dennis Lacey	 	Name: Dennis Lacey	 
	Title: Chief Executive Officer	 	Title: Chief Executive Officer	 
	 	 	 	 	 	 
	REAL GOODS SOLAR, INC.	 	 	 	 
	By:	 	 	 	 	 
	Name: Dennis Lacey	 	 	 	 
	Title: Chief Executive Officer	 	 	 	 

 

Signature Page to Waiver and Consent
AgreementExhibit 10.2

 

LOAN MODIFICATION AND WAIVER AGREEMENT

 

This Loan Modification
and Waiver Agreement (this “Loan Modification Agreement”) is entered into as of January 19, 2016 (the “Effective
Date”), by and among (i) SOLAR SOLUTIONS
AND DISTRIBUTION, LLC, a Colorado limited liability company (“Lender”), and (ii) REAL GOODS ENERGY TECH,
INC., a Colorado corporation (“Real Goods Energy”), ALTERIS RENEWABLES, INC., a Delaware corporation (“Alteris”)
and REAL GOODS SYNDICATED, INC., a Delaware corporation (“Syndicated”), MERCURY ENERGY, INC., a Delaware corporation
(“Mercury”), REAL GOODS SOLAR, INC. – MERCURY SOLAR, a New York corporation (“Mercury Solar”), ELEMENTAL
ENERGY, LLC, a Hawaii limited liability company (“Elemental”), and SUNETRIC MANAGEMENT LLC, a Delaware limited liability
company (“Sunetric”, and together with Real Goods Energy, Alteris, Syndicated, Mercury, Mercury Solar and Elemental,
individually and collectively, jointly and severally, the “Borrower”).

 

1.          ACKNOWLEDGEMENT
AND WAIVER. Borrower acknowledges that it is currently in default under the Loan Agreement (the “Loan Agreement”)
being purchased by Lender from Silicon Valley Bank (“SVB”) under the Non-recourse Loan Document Sale and Assignment
Agreement (the “Loan Sale Agreement”) of even date herewith by its failure to comply with the financial covenant contained
in Section 6.9 of the Loan Agreement (the “Existing Default”). Lender hereby waives Borrower’s Existing Default.
In addition, Lender hereby acknowledges that any unpaid fees due to Lender under the existing Loan Agreement, as amended, have
been paid or have otherwise been waived as of the date hereof.

 

2.          MODIFICATIONS
TO LOAN AGREEMENT. The Loan Agreement shall be amended by deleting the financial covenants set forth in Section 6.9. The Parties
acknowledge and agree that Lender has agreed amend and restate the Loan Agreement to reflect the terms set forth in the LOI executed
between Borrower and Lender on December 17th, 2015 (the "LOI") on or prior to January 22, 2016 (and without
an expiration of the LOI on January 15th as set forth therein). The parties will work in good faith to amend and restate
the Loan Agreement on or before January 22, 2016 and as between the parties will agree to treat the Loan Agreement as amended by
the LOI terms as of the date hereof. The LOI does not include the exclusive and definitive terms of the amendment, and such definitive
terms shall be agreed upon in connection with such amendment. In addition, the parties acknowledge that any inventory in which
another vendor has a first lien purchase money security interest shall be excluded from the Borrowing Base calculations. The parties
further acknowledge that Lender will put a $12,292 reserve on the Borrowing Base calculation with respect to the tax liens filed
in California until such filings shall be released, and in connection therewith, any default under the terms of the Loan Agreement
with respect to such filings is waived by the Lender.

 

3.          TEMPORARY
TRANSITION OF ACCOUNTS. Concurrent with the execution of this Loan Modification Agreement and the Loan Sale Agreement, (i)
Borrower shall instruct SVB to establish the daily automatic transfer of all amounts deposited in Borrower’s current cash
collateral account (Account # 3300980194) into Borrower’s operating account
(Account # 3300980096) (collectively, the “Accounts”); (ii) Borrower
will instruct SVB to close Borrower’s lock box with SVB and forward all mail to Paul Anderson, General Counsel, RGS Energy,
Real Goods Solar, Inc., 833 W. South Boulder Road, Louisville, CO 80027, 303-222-8344; (iii) Borrower will request credentials
for Lender to view Borrower’s accounts with SVB and approve wire transfers and ACH transfers out of the SVB operating account;
(iv) Borrower will provide Lender with an SVB Account statement at the end of each business day (defined as after 4 PM EST) showing
the deposits into Borrower’s collateral account (the “Daily Deposits”) until Lender has received online credentials
for Borrower’s SVB accounts; (v) by 11 AM EST of each business day, Borrower will transfer the all Daily Deposits amounts
out of Borrower’s SVB operating account and into a dedicated account established by Lender at Wells Fargo Bank (the “Lender
Account”); and (vi) Borrower, Lender, and SVB shall execute a DACA for the Accounts in the form attached hereto as Exhibit
A and SVB shall implement the terms thereof immediately following Lender’s acquisition of the Loan Agreement. The temporary
transition of accounts as described above shall not be changed or terminated unless Borrower and Lender each agree to any changes
in writing.

 

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4.          PERMANENT
ACCOUNT STRUCTURE. The parties agree to work together as expeditiously as possible to establish the following account structure
for funds provided by Lender under the Loan Agreement: (i) all of Borrower’s receivables will be deposited into a restricted
account of Borrower ("Borrower's Collateral Account") with Wells Fargo Bank (“WF”) where such restricted
account will be a “one way” account allowing for deposits to be made and restricted to transfer funds only to the Lenders
Account; (ii) each business day, all funds in Borrower's Collateral Account will automatically be transferred to the Lender Account
and, so long as no Event of Default (where such Events of Default are defined in the Amended and Restated Loan Agreement) has occurred
and is ongoing, Borrower's Operating Funds shall be automatically transferred to Borrower's operating account at WF ("Borrower's
Operating Account"). Borrower, Lender, and WF shall execute a DACA for the Accounts in the form attached hereto as Exhibit
A and WF shall implement the terms immediately thereafter. Lender shall use the funds transferred to the Lender Account to pay
down the draw portion of the Revolving Line. To the extent any amounts which are automatically transferred to the Lender Account
are in excess of the amounts owed on the Revolving Line, such amounts shall be transferred to Borrower's Operating Account within
one business day of such automatic transfer. Lender agrees not to use the Lender Account for any activity unrelated to the Loan
Agreement and shall at all times maintain a balance in Lender Account that equals or exceeds the undrawn portion of the Revolving
Line. Lender shall in no event provide a security interest or other Lien in, or otherwise give a third party control of, Lender's
Account to any Person, and Lender acknowledges and agrees that all amounts deposited into the Lender Account in excess of the amounts
owed to Lender on the Revolving Line shall be held in trust on behalf of Borrower until such amounts are transferred to Borrower's
Operating Account. The parties acknowledge that Borrower would not have entered into this arrangement without Lender's agreement
to hold such excess amounts in trust on Borrower's behalf and to transfer such excess amounts to Borrower's Operating Account and
that Borrower shall be entitled to specific performance and other equitable relief by way of injunction in respect of a proven
breach by Lender of any this paragraph 4.

 

5.          TRANSFERS
FROM FUTURE FINANCINGS. Borrower agrees to instruct the escrow agent in Borrower’s upcoming financing to make payments
to Lender in accordance with section II(m) of the LOI and in connection therewith Lender consents to the financing and the related
actions as described in the Hudson term sheet dated December 29, 2015.

 

6.          RELEASE.
Each of the Borrowers hereby acknowledges and agrees that as of the date hereof it has no offsets, defenses, causes of action,
suits, damages, claims, or counterclaims against Lender, or their respective officers, directors, employees, attorneys, representatives,
shareholders, predecessors, successor, and assigns (collectively, the “Released Parties”) with respect to, in connection
with, or arising from, the Loan Agreement, the other Loan Documents, the Assignment, any contracts, promises, commitments or other
agreements to provide, arrange for, or obtain loans or other financial accommodations to or for Borrowers, or otherwise, and that
if any of the Borrowers now has, or ever did have, any offsets, defenses, causes of action, suits, damages, claims, or counterclaims
against one or more of the Bank Released Parties, whether known or unknown, at law or in equity, from the beginning of the world
through this date and through the time of execution of this Agreement, all of them are hereby expressly WAIVED, and each of the
Obligors hereby RELEASES the Released Parties from any liability therefor.

 

7.          FUNDING
OF BORROWING REQUESTS. Lender further agrees that following the date hereof, Lender shall promptly fund Borrower's borrowing
requests in accordance with the terms of the Loan Agreement as modified by the terms set forth in the LOI.

 

8.          COUNTERSIGNATURE.
This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Lender.

 

[Signature page follows.]

 

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This Loan Modification
Agreement is executed as of the date first written above.

 

	REAL GOODS ENERGY TECH, INC.	 	REAL GOODS SYNDICATED, INC.
	 	 	 
	By:	 	 	By:	 
	Name: Dennis Lacey	 	Name: Dennis Lacey
	Title: Chief Executive Officer	 	Title: Chief Executive Officer
	 	 	 
	 	 	ALTERIS RENEWABLES, INC.
	 	 	 
	 	 	By:	 
	 	 	Name: Dennis Lacey
	 	 	Title: Chief Executive Officer
	 	 	 
	MERCURY ENERGY, INC.	 	ELEMENTAL ENERGY, LLC
	 	 	 
	By:	 	 	By:	 
	Name: Dennis Lacey	 	Name: Dennis Lacey
	Title: Chief Executive Officer	 	Title: Chief Executive Officer
	 	 	 
	REAL GOODS SOLAR, INC. - MERCURY SOLAR	 	SUNETRIC MANAGEMENT LLC
	 	 	 
	By:	 	 	By:	 
	Name: Dennis Lacey	 	Name: Dennis Lacey
	Title: Chief Executive Officer	 	Title: Chief Executive Officer

 

LENDER:

 

SOLAR SOLUTIONS AND
DISTRIBUTION, LLC

 

By___________________________________

Name:________________________________

Title:_________________________________

 

Acknowledgment and Agreement:

 

The undersigned ratifies, confirms and
reaffirms, all and singular, the terms and conditions of a certain Second Amended and Restated Unconditional Guaranty and a certain
Second Amended and Restated Security Agreement, each dated as of June 6, 2014, and each document executed in connection therewith,
and acknowledges, confirms and agrees that the Second Amended and Restated Unconditional Guaranty, Second Amended and Restated
Security Agreement and each document executed in connection therewith shall remain in full force and effect and shall in no way
be limited by the execution of this Loan Modification Agreement, or any other documents, instruments and/or agreements executed
and/or delivered in connection herewith.

 

REAL GOODS SOLAR, INC.

 

By:________________________________

Name: Dennis Lacey

Title: Chief Executive
Officer

 

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Eligible Inventory includes inventory accepted
by Seller as eligible based on a monthly Review of Buyers Inventory. Seller agrees to include up to 75% of all inventory purchased
by Buyer from Seller or Seller’s affiliates in the borrowing base.

 

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